JERSEY CITY, N.J., Nov. 7, 2017 /PRNewswire/ -- Mack-Cali
Realty Corporation (NYSE: CLI) today reported its results for the
third quarter 2017.
THIRD QUARTER 2017 HIGHLIGHTS
- Achieved Funds from Operations and Core Funds from Operations
per diluted share of $0.57 for the
quarter;
- Reported net income of $0.39 per
diluted share for the quarter;
- Increased Adjusted Funds from Operations by 93.2% to
$39.6 million for the quarter ended
September 30, 2017, as compared to
$20.5 million for the comparable
period in 2016;
- Leased 747,562 square feet of office space and finished at
90.1% leased;
- Grew rental rates by 14.7% on a GAAP basis and 0.1% on a cash
basis;
- Improved Roseland percent
leased to 97.4%, up from 96.5% for the second quarter; 2017
deliveries of 1,000 units over 90% leased;
- Completed installation of new NY Waterway ferry at Harborside
which provides transportation to both midtown and WTC in six to
eight minutes;
- Completed $472 million of sales
through first nine months of 2017; expect to complete or sign
contracts for another $432 million of
sales to be on pace to finish the sales program by early 2018;
and
- Declared $0.20 per share
quarterly common stock dividend.
Michael J. DeMarco, chief
executive officer, commented "We produced another strong quarter of
operating results from both office and multifamily, and on our work
to complete our sales process. Our completed capital improvements
are getting great reaction from existing and prospective tenants
that will support future leasing results."
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, 2017
amounted to $38.1 million, or
$0.39 per share, as compared to
$(8.5) million, or $(0.10) per share, for the quarter ended
September 30, 2016. For the
nine months ended September 30, 2017,
net income (loss) to common shareholders equaled $20.6 million, or $0.06 per share, as compared to $102.0 million, or $1.13 per share, for the same period last
year.
Funds from Operations (FFO) for the quarter ended September 30, 2017 amounted to $57.8 million, or $0.57 per share, as compared to $59.9 million, or $0.60 per share, for the quarter ended
September 30, 2016. For the
nine months ended September 30, 2017,
FFO equaled $174.1 million, or
$1.73 per share, as compared to
$172.2 million, or $1.71 per share, for the same period last
year.
For the third quarter 2017, Core FFO was $0.57 per share.
Adjusted Funds from Operations (AFFO) increased by $19.1 million to $39.6
million for the quarter ended September 30, 2017, as compared to $20.5 million for the comparable period in
2016.
OPERATING HIGHLIGHTS
Mack-Cali's consolidated Core,
Waterfront and Flex properties were 90.1 percent leased at
September 30, 2017, as compared to
89.9 percent leased at June 30, 2017
and 90.6 percent leased at December 31,
2016.
For the quarter ended September 30,
2017, the Company executed 51 leases at its consolidated
in-service commercial portfolio totaling 747,562 square feet. Of
these totals, 20 percent were for new leases and 80 percent were
for lease renewals and other tenant retention transactions.
Rental rate roll up for third quarter 2017 transactions was 0.1
percent on a cash basis and 14.7 percent on a GAAP basis.
BALANCE SHEET/CAPITAL MARKETS
As of September 30, 2017, the
Company had a debt-to-undepreciated assets ratio of 46.2 percent
compared to 47.5 percent at June 30,
2017 and 42.4 percent at September
30, 2016. Net debt to EBITDA for the quarter
ended September 30, 2017 was 8.0
times compared to 8.3 times for the quarter ended June 30, 2017. The Company had an interest
coverage ratio of 3.4 times for the quarter ended September 30, 2017 compared to 3.5 times for the
quarter ended June 30, 2017 and 3.3
times for the quarter ended September 30,
2016.
DIVIDENDS
In September 2017, 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 2017, which was paid on October 13, 2017 to shareholders of record as of
October 3, 2017. The Company's Core
FFO dividend payout ratio for the quarter was 34.9 percent.
GUIDANCE/OUTLOOK
The Company provided updated net income and FFO per diluted
share guidance for the full year 2017, as follows:
|
|
Full
Year
|
|
|
2017
Range
|
Net income available
to common shareholders
|
$
|
0.02
|
-
|
$
|
0.06
|
Add
(deduct):
|
|
Real estate-related
depreciation and amortization on continuing operations
|
2.24
|
Redemption value
adjustment to redeemable noncontrolling interests
|
0.18
|
Realized (gains)
losses and unrealized losses on disposition of rental property,
net
|
0.02
|
Gain on sale of
investment in unconsolidated joint ventures
|
(0.23)
|
Funds from
operations
|
$
|
2.23
|
-
|
$
|
2.27
|
This updated 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 8, 2017 at 8:30 a.m. Eastern Time, which will be broadcast
live via the Internet at:
https://edge.media-server.com/m6/p/r9qpfzum
The live conference call is also accessible by calling (323)
794-2423 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 8, 2017.
A replay of the call will also be accessible November 8, 2017 through November 15, 2017 by calling (719) 457-0820 and
using the pass code, 8382926.
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 2017 Form 10-Q:
http://investors.mack-cali.com/sec-filings
Third Quarter 2017 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, 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
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.
|
|
|
|
Contact:
|
Michael J.
DeMarco
|
Anthony
Krug
|
Deidre
Crockett
|
|
Chief Executive
Officer
|
Chief Financial
Officer
|
Vice President,
Corporate Communications
|
|
(732)
590-1589
|
(732)
590-1030
|
and Investor
Relations
|
|
mdemarco@mack-cali.com
|
tkrug@mack-cali.com
|
(732)
590-1025
|
|
|
|
dcrockett@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
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
Base rents
|
$
|
128,643
|
|
$
|
129,523
|
|
$
|
382,915
|
|
$
|
380,133
|
Escalations and
recoveries from tenants
|
|
16,385
|
|
|
16,177
|
|
|
47,455
|
|
|
45,248
|
Real estate
services
|
|
5,748
|
|
|
6,650
|
|
|
17,980
|
|
|
19,931
|
Parking
income
|
|
5,766
|
|
|
3,443
|
|
|
15,047
|
|
|
10,131
|
Other
income
|
|
3,476
|
|
|
1,724
|
|
|
9,274
|
|
|
4,224
|
Total revenues
|
|
160,018
|
|
|
157,517
|
|
|
472,671
|
|
|
459,667
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
Real estate
taxes
|
|
21,300
|
|
|
20,606
|
|
|
63,609
|
|
|
66,250
|
Utilities
|
|
11,480
|
|
|
14,127
|
|
|
33,251
|
|
|
38,658
|
Operating
services
|
|
26,312
|
|
|
25,553
|
|
|
80,495
|
|
|
76,309
|
Real estate services
expenses
|
|
6,207
|
|
|
6,361
|
|
|
18,376
|
|
|
19,418
|
General and
administrative
|
|
13,140
|
|
|
14,007
|
|
|
37,223
|
|
|
39,011
|
Acquisition-related
costs
|
|
-
|
|
|
815
|
|
|
-
|
|
|
2,854
|
Depreciation and
amortization
|
|
52,375
|
|
|
48,117
|
|
|
157,768
|
|
|
134,639
|
Total expenses
|
|
130,814
|
|
|
129,586
|
|
|
390,722
|
|
|
377,139
|
Operating
income
|
|
29,204
|
|
|
27,931
|
|
|
81,949
|
|
|
82,528
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER (EXPENSE)
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
(25,634)
|
|
|
(24,233)
|
|
|
(70,898)
|
|
|
(72,158)
|
Interest and other
investment income (loss)
|
|
762
|
|
|
1,262
|
|
|
1,358
|
|
|
739
|
Equity in earnings
(loss) of unconsolidated joint ventures
|
|
(1,533)
|
|
|
21,790
|
|
|
(4,882)
|
|
|
19,622
|
Gain on change of
control of interests
|
|
-
|
|
|
-
|
|
|
-
|
|
|
15,347
|
Realized gains
(losses) and unrealized losses on disposition of
rental property, net
|
|
31,336
|
|
|
(17,053)
|
|
|
(2,112)
|
|
|
68,664
|
Gain on sale of
investment in unconsolidated joint venture
|
|
10,568
|
|
|
-
|
|
|
23,131
|
|
|
5,670
|
Gain (loss) from
extinguishment of debt, net
|
|
-
|
|
|
(19,302)
|
|
|
(239)
|
|
|
(6,882)
|
Total other income (expense)
|
|
15,499
|
|
|
(37,536)
|
|
|
(53,642)
|
|
|
31,002
|
Net income
(loss)
|
|
44,703
|
|
|
(9,605)
|
|
|
28,307
|
|
|
113,530
|
Noncontrolling
interest in consolidated joint ventures
|
|
447
|
|
|
65
|
|
|
865
|
|
|
460
|
Noncontrolling
interest in Operating Partnership
|
|
(4,413)
|
|
|
999
|
|
|
(2,412)
|
|
|
(11,947)
|
Redeemable
noncontrolling interest
|
|
(2,683)
|
|
|
-
|
|
|
(6,157)
|
|
|
-
|
Net income (loss)
available to common shareholders
|
$
|
38,054
|
|
$
|
(8,541)
|
|
$
|
20,603
|
|
$
|
102,043
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share:
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
available to common shareholders
|
$
|
0.39
|
|
$
|
(0.10)
|
|
$
|
0.06
|
|
$
|
1.14
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
per common share:
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
available to common shareholders
|
$
|
0.39
|
|
$
|
(0.10)
|
|
$
|
0.06
|
|
$
|
1.13
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted
average shares outstanding
|
|
90,023
|
|
|
89,755
|
|
|
89,997
|
|
|
89,739
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted
average shares outstanding
|
|
100,727
|
|
|
100,253
|
|
|
100,701
|
|
|
100,486
|
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,
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
Net income (loss)
available to common shareholders
|
$
|
38,054
|
|
$
|
(8,541)
|
|
$
|
20,603
|
|
$
|
102,043
|
Add (deduct):
Noncontrolling interest in Operating Partnership
|
|
4,413
|
|
|
(999)
|
|
|
2,412
|
|
|
11,947
|
Real estate-related
depreciation and amortization on continuing
operations (a)
|
|
57,231
|
|
|
52,371
|
|
|
172,144
|
|
|
147,872
|
Gain on sale of
investment in unconsolidated joint venture
|
|
(10,568)
|
|
|
-
|
|
|
(23,131)
|
|
|
(5,670)
|
Gain on change of
control of interests
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(15,347)
|
Realized gains and
unrealized losses on disposition of rental
property, net
|
|
(31,336)
|
|
|
17,053
|
|
|
2,112
|
|
|
(68,664)
|
Funds from
operations (b)
|
$
|
57,794
|
|
$
|
59,884
|
|
$
|
174,140
|
|
$
|
172,181
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted
average shares/units outstanding (c)
|
|
100,727
|
|
|
100,253
|
|
|
100,701
|
|
|
100,486
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds from operations
per share/unit-diluted
|
$
|
0.57
|
|
$
|
0.60
|
|
$
|
1.73
|
|
$
|
1.71
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared
per common share
|
$
|
0.20
|
|
$
|
0.15
|
|
$
|
0.55
|
|
$
|
0.45
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend payout
ratio:
|
|
|
|
|
|
|
|
|
|
|
|
Core Funds from
operations-diluted
|
|
34.86%
|
|
|
26.60%
|
|
|
31.76%
|
|
|
28.22%
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
Information:
|
|
|
|
|
|
|
|
|
|
|
|
Non-incremental
revenue generating capital expenditures:
|
|
|
|
|
|
|
|
|
|
|
|
Building
improvements
|
$
|
1,664
|
|
$
|
5,883
|
|
$
|
9,936
|
|
$
|
14,389
|
Tenant improvements &
leasing commissions (d)
|
$
|
5,110
|
|
$
|
8,208
|
|
$
|
17,225
|
|
$
|
35,017
|
Tenant improvements
& leasing commissions on space vacant
for more than a year
|
$
|
6,667
|
|
$
|
20,456
|
|
$
|
18,783
|
|
$
|
50,387
|
Straight-line rent
adjustments (e)
|
$
|
6,360
|
|
$
|
4,378
|
|
$
|
12,613
|
|
$
|
11,331
|
Amortization of
(above)/below market lease intangibles, net (f)
|
$
|
2,254
|
|
$
|
1,043
|
|
$
|
6,018
|
|
$
|
1,488
|
Non real estate
depreciation and amortization
|
$
|
505
|
|
$
|
305
|
|
$
|
1,231
|
|
$
|
717
|
Amortization of
deferred financing costs
|
$
|
1,184
|
|
$
|
1,234
|
|
$
|
3,462
|
|
$
|
3,583
|
|
|
|
(a)
|
Includes the
Company's share from unconsolidated joint ventures of $5,362 and
$4,559 for the three months ended September 30, 2017 and 2016,
respectively, and $15,607 and $13,948 for the nine months ended
September 30, 2017 and 2016, respectively. Excludes non-real
estate-related depreciation and amortization of $505 and $305 for
the three months ended September 30, 2017 and 2016, respectively,
and $1,231 and $717 for the nine months ended September 30, 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 (10,439 and
10,498 shares for the three months ended September 30, 2017 and
2016, respectively, and 10,394 and 10,502 for the nine months ended
September 30, 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 $673 and $362
for the three months ended September 30, 2017 and 2016,
respectively, and $968 and $511 for the nine months ended September
30, 2017 and 2016, respectively.
|
(f)
|
Includes the
Company's share from unconsolidated joint ventures of $81 and $95
for the three months ended September 30, 2017 and 2016,
respectively, and $256 and $285 for the nine months ended September
30, 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
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
Net income (loss)
available to common shareholders
|
$
|
0.39
|
|
$
|
(0.10)
|
|
$
|
0.06
|
|
$
|
1.13
|
Add (deduct): Real
estate-related depreciation and amortization on
continuing operations (a)
|
|
0.57
|
|
|
0.52
|
|
|
1.71
|
|
|
1.47
|
Redemption value
adjustment to redeemable noncontrolling interests
|
|
0.03
|
|
|
-
|
|
|
0.18
|
|
|
|
Gain on sale of
investment in unconsolidated joint venture
|
|
(0.10)
|
|
|
-
|
|
|
(0.23)
|
|
|
(0.06)
|
Gain on change of
control of interests
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(0.15)
|
Realized (gains)
losses and unrealized losses on disposition of rental
property, net
|
|
(0.31)
|
|
|
0.17
|
|
|
0.02
|
|
|
(0.68)
|
Noncontrolling
interest/rounding adjustment
|
|
(0.01)
|
|
|
0.01
|
|
|
(0.01)
|
|
|
-
|
Funds from
operations (b)
|
$
|
0.57
|
|
$
|
0.60
|
|
$
|
1.73
|
|
$
|
1.71
|
|
|
|
|
|
|
|
|
|
|
|
|
Add/(Deduct):
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition-related
costs
|
|
-
|
|
$
|
0.01
|
|
|
-
|
|
$
|
0.03
|
Dead deal
costs
|
|
-
|
|
|
-
|
|
|
-
|
|
|
0.01
|
Mark-to-market
interest rate swap
|
|
-
|
|
|
(0.01)
|
|
|
-
|
|
|
-
|
Net real estate tax
proceeds
|
|
-
|
|
|
(0.01)
|
|
|
-
|
|
|
(0.01)
|
Equity in earnings
from joint venture refinancing proceeds
|
|
-
|
|
|
(0.22)
|
|
|
-
|
|
|
(0.22)
|
(Gain)/Loss from
extinguishment of debt
|
|
-
|
|
|
0.19
|
|
|
-
|
|
|
0.07
|
Core
FFO
|
$
|
0.57
|
|
$
|
0.56
|
|
$
|
1.73
|
|
$
|
1.59
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted
average shares/units outstanding (c)
|
|
100,727
|
|
|
100,253
|
|
|
100,701
|
|
|
100,486
|
|
|
(a)
|
Includes the
Company's share from unconsolidated joint ventures of $0.06 and
$0.05 for the three months ended September 30, 2017 and 2016,
respectively, and $0.16 and $0.14 for the nine months ended
September 30, 2017 and 216, 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 (10,439 and
10,498 shares for the three months ended September 30, 2017 and
2016, respectively, and 10,394 and 10,502 for the nine months ended
September 30, 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)
|
|
|
|
September
30,
|
|
|
December
31,
|
Assets
|
|
2017
|
|
|
2016
|
Rental
property
|
|
|
|
|
|
Land and
leasehold interests
|
$
|
712,166
|
|
$
|
661,335
|
Buildings and
improvements
|
|
4,021,241
|
|
|
3,758,210
|
Tenant
improvements
|
|
344,465
|
|
|
364,092
|
Furniture,
fixtures and equipment
|
|
29,355
|
|
|
21,230
|
|
|
5,107,227
|
|
|
4,804,867
|
Less – accumulated
depreciation and amortization
|
|
(1,146,091)
|
|
|
(1,332,073)
|
|
|
3,961,136
|
|
|
3,472,794
|
Rental property held
for sale, net
|
|
116,958
|
|
|
39,743
|
Net investment in
rental property
|
|
4,078,094
|
|
|
3,512,537
|
Cash and cash
equivalents
|
|
88,789
|
|
|
31,611
|
Investments in
unconsolidated joint ventures
|
|
238,440
|
|
|
320,047
|
Unbilled rents
receivable, net
|
|
102,280
|
|
|
101,052
|
Deferred charges,
goodwill and other assets, net
|
|
439,864
|
|
|
267,950
|
Restricted
cash
|
|
40,473
|
|
|
53,952
|
Accounts receivable,
net of allowance for doubtful accounts of $1,320 and
$1,335
|
|
7,579
|
|
|
9,617
|
|
|
|
|
|
|
Total
assets
|
$
|
4,995,519
|
|
$
|
4,296,766
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
Senior unsecured
notes, net
|
$
|
818,764
|
|
$
|
817,355
|
Unsecured revolving
credit facility and term loans
|
|
671,838
|
|
|
634,069
|
Mortgages, loans
payable and other obligations, net
|
|
1,348,584
|
|
|
888,585
|
Dividends and
distributions payable
|
|
20,929
|
|
|
15,327
|
Accounts payable,
accrued expenses and other liabilities
|
|
182,929
|
|
|
159,874
|
Rents received in
advance and security deposits
|
|
46,355
|
|
|
46,442
|
Accrued interest
payable
|
|
16,776
|
|
|
8,427
|
Total
liabilities
|
|
3,106,175
|
|
|
2,570,079
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interests
|
|
209,070
|
|
|
-
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
Mack-Cali Realty
Corporation stockholders' equity:
|
|
|
|
|
|
Common stock, $0.01
par value, 190,000,000 shares authorized,
|
|
|
|
|
|
89,913,576 and
89,696,713 shares outstanding
|
|
899
|
|
|
897
|
Additional paid-in
capital
|
|
2,566,069
|
|
|
2,576,473
|
Dividends in excess
of net earnings
|
|
(1,081,028)
|
|
|
(1,052,184)
|
Accumulated other
comprehensive income
|
|
2,526
|
|
|
1,985
|
Total
Mack-Cali Realty Corporation stockholders' equity
|
|
1,488,466
|
|
|
1,527,171
|
|
|
|
|
|
|
Noncontrolling
interests in subsidiaries:
|
|
|
|
|
|
Operating
Partnership
|
|
172,809
|
|
|
178,570
|
Consolidated joint
ventures
|
|
18,999
|
|
|
20,946
|
Total noncontrolling
interests in subsidiaries
|
|
191,808
|
|
|
199,516
|
|
|
|
|
|
|
Total
equity
|
|
1,680,274
|
|
|
1,726,687
|
|
|
|
|
|
|
Total liabilities
and equity
|
$
|
4,995,519
|
|
$
|
4,296,766
|
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SOURCE Mack-Cali Realty Corporation