Mack-Cali Realty Corporation Reports Second Quarter 2019 Results – iCrowdNewswire
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Aug 8, 2019 6:20 AM ET

Mack-Cali Realty Corporation Reports Second Quarter 2019 Results


Mack-Cali Realty Corporation Reports Second Quarter 2019 Results

iCrowd Newswire - Aug 8, 2019

JERSEY CITY, N.J.,- Mack-Cali Realty Corporation (NYSE: CLI) today reported its results for the second quarter 2019.

SECOND QUARTER 2019 HIGHLIGHTS

Michael J. DeMarco, Chief Executive Officer stated, “It was an excellent quarter for us in transactions involving financings, sales, acquisitions, equity raise, the Autograph Hotel opening, and in the multifamily business overall. The suburban portfolio is active with pockets of real strength. The waterfront has slowed in activity, which we largely attribute to New Jersey incentive program not being renewed. We expect the program will be reinstated shortly. We have started our next round of dispositions for early 2020, and our substantial construction portfolio is on time and on budget. Lastly, we are committed to our waterfront strategy, and our investors in the upcoming quarters can expect us to make substantial progress in executing that strategy fully. I look forward to discussing our results on the call on Thursday at 8:30 a.m.

FINANCIAL HIGHLIGHTS

* All per share amounts presented below are on a diluted basis.

Net income (loss) available to common shareholders for the quarter ended June 30, 2019 amounted to $(22.1) million, or $(0.43) per share, as compared to $(1.3) million, or $(0.05) per share, for the quarter ended June 30, 2018.    For the six months ended June 30, 2019, net income available to common shareholders equaled $222.4 million, or $2.24 per share, as compared to $41.8 million, or $0.39 per share, for the same period last year.  The change in net income per share for the current quarter was driven by a non-cash redemption value adjustment as a result of the follow-on Rockpoint investment, as well as the loss of earnings associated with the Company’s $791 million in asset sales over the last 12 months, and incremental costs associated with its proxy fight of approximately $0.04 per diluted share.  The net loss was offset by incremental leasing in both the office and residential portfolios.

Funds from operations (FFO) for the quarter ended June 30, 2019 amounted to $32.9 million, or $0.33 per share, as compared to $43.4 million, or $0.43 per share, for the quarter ended June 30 , 2018. For the six months ended June 30, 2019, FFO equaled $72.5 million, or $0.72 per share, as compared to $78.7 million, or $0.78 per share, for the same period last year.

For the second quarter 2019, Core FFO was $40.0 million, or $0.40 per share, as compared to $45.2 million, or $0.45 per share for the same period last year. For the six months ended June 30, 2019, Core FFO equaled $80.9 million, or $0.80per share, as compared to $95.8 million, or $0.95 per share, for the same period last year.

OPERATING HIGHLIGHTS

Office

Mack-Cali’s consolidated Core office properties were 79.8 percent leased at June 30, 2019, as compared to 80.9 percent leased at March 31, 2019 and 83.2 percent leased at June 30, 2018 excluding the flex portfolio.

Second quarter 2019 same-store GAAP revenues for the office portfolio declined by 0.1 percent while same-store GAAP NOI fell by 0.6 percent from the same period in 2018. Second quarter 2019 same store cash revenues for the office portfolio declined by 4.3 percent while same store cash NOI fell by 7.3 percent from 2018. Same store cash revenues and same store cash NOI exclude straight-line rent and FAS 141 adjustments. Second quarter 2019 office same store real estate tax expense was down 8.3 percent from 2018, primarily due to favorable tax savings in Jersey City and other key locations.

For the quarter ended June 30, 2019, the Company executed 18 leases at its consolidated in-service commercial portfolio, totaling 226,646 square feet. Of these totals, eight leases for 71,214 square feet (31.4 percent) were for new leases and ten leases for 155,432 square feet (68.6 percent) were lease renewals and other tenant retention transactions, including a lease extension and renewal for Ferraro U.S.A.

Rental rate roll-up for the Core portfolio for second quarter 2019 transactions was 8.7 percent on a cash basis and 17.7 percent on a GAAP basis. Rental rate roll-up in the second quarter 2019 for new transactions was 9.1 percent on a cash basis and 17.6 percent on a GAAP basis; and for renewals and other tenant retention transactions was 7.6 percent on a cash basis and 17.8 percent on a GAAP basis. 

Multifamily

Roseland’s comparative stabilized operating portfolio was 97.7 percent leased (97.6 percent, excluding Front Street) at June 30, 2019, as compared to 96.3 percent at March 31, 2019. Same-store revenues increased by 4.4 percent while same-store net operating income increased by 5.1 percent for the second quarter 2019. With the stabilization of 1,212 units delivered in 2018, coupled with an active construction portfolio of 1,947 units and the recent hotel opening in Port Imperial, we envision continued growth in the Roseland portfolio and cash flow contribution.

Front Street, a 365-unit community in Worcester, Massachusetts achieved stabilization in the second quarter 2019 and is currently 99.5 percent leased.

TRANSACTION ACTIVITY

For the second quarter 2019, the Company completed a number of acquisitions, financings and non-core asset sales including the following:

BALANCE SHEET/CAPITAL MARKETS

As of June 30, 2019, the Company had a debt-to-undepreciated assets ratio of 42.7 percent compared to 45.3 percent at December 31, 2018 and 44.6 percent at June 30, 2018. Net debt to adjusted EBITDA for the quarter ended June 30, 2019was 9.5x compared to 9.3x for the quarter ended December 31, 2018.  The Company’s interest coverage ratio was 2.9x for the quarter ended June 30, 2019, compared to 3.1x for the quarter ended December 31, 2018.

DIVIDEND

In June 2019, 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 second quarter 2019, which was paid on July 12, 2019 to shareholders of record as of July 2, 2019.

GUIDANCE AND OUTLOOK

The Company is narrowing its Core FFO to $1.58 – $1.66 per diluted share for full year 2019 from its original Core FFO guidance of $1.57 – $1.67 per diluted share as follows:

   

Full Year

 
   

2019 Range

 

Net income (loss) available to common shareholders

$

3.02

$

3.10

 

Add (deduct):

   

Real estate-related depreciation and amortization on continuing operations

 

1.01

 

Redemption value adjustment to redeemable noncontrolling interest

 

0.22

 

Property impairments

 

0.06

 

Gain on change of control of interests

 

(0.14)

 

Gain on sale of investment in unconsolidated joint venture

 

(0.01)

 

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

 

(2.66)

 

Gain (loss) on early extinguishment of debt, net

 

(0.02)

 

Severance and separation costs

 

0.02

 

Management contract termination costs

 

0.01

 

Land impairments

 

0.02

 

Proxy fight costs

 

0.04

 

New payroll tax consulting costs

 

0.01

 

Core FFO

$

1.58

$

1.66

 

2019 Guidance Assumptions

($ in millions)

 

Revised

 

Low

 

High

Office Occupancy (year-end % leased)

79%

 

83%

Office Same Store GAAP NOI Growth

(6)%

 

(2)%

Office Same Store Cash NOI Growth

(12)%

 

(8)%

Multifamily Same Store NOI Growth

1.75%

 

3.25%

Straight-Line Rent Adjustment & FAS 141 Mark-to-Market Rent Adjustment

$17

 

$25

Dispositions (Excluding Flex)

$165

 

$235

Base Building Capex

$8

 

$13

Leasing Capex

$66

 

$94

G&A (Net of Severance Costs)

$46

 

$50

Interest Expense

$95

 

$103

Topic 842

$2.5

 

$3.5

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 August  8, 2019 at 8:30 a.m. Eastern Time, which will be broadcast live via the Internet at: 
https://edge.media-server.com/mmc/p/y8wt9xro

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 10:30 a.m. Eastern Time on August  8, 2019.

A replay of the call will also be accessible August  8, 2019 through August 15, 2019 by calling (719) 457-0820 and using the pass code, 5043183.

Copies of Mack-Cali’s second quarter 2019 Form 10-Q and Supplemental Operating and Financial Data are available on Mack-Cali’s website, as follows:

Second Quarter 2019 Form 10-Q: 
http://investors.mack-cali.com/sec-filings

Second Quarter 2019 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 in Operating Partnership, 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 certain risks, trends 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,

(732) 590-1589   

(732) 590-1035  

Corporate Communications and Investor Relations

[email protected]   

[email protected]    

(732) 590-1025

   

[email protected]

Mack-Cali Realty Corporation

Consolidated Statements of Operations

(In thousands, except per share amounts) (unaudited)

 
 

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

REVENUES

 

2019

   

2018

   

2019

   

2018

Revenue from leases

$

116,784

 

$

113,885

 

$

239,799

 

$

239,578

Real estate services

 

3,530

   

4,074

   

7,372

   

8,735

Parking income

 

5,563

   

5,757

   

10,504

   

11,084

Hotel income

 

2,094

   

   

2,377

   

Other income

 

2,490

   

2,873

   

4,658

   

6,159

    Total revenues

 

130,461

   

126,589

   

264,710

   

265,556

                       

EXPENSES

                     

Real estate taxes

 

16,597

   

17,966

   

33,674

   

36,327

Utilities

 

7,456

   

7,555

   

17,907

   

20,059

Operating services

 

26,161

   

22,939

   

51,123

   

48,557

Real estate services expenses

 

3,979

   

4,360

   

8,245

   

9,296

Leasing personnel costs

 

542

   

   

1,284

   

General and administrative

 

16,427

   

13,455

   

29,020

   

29,540

Depreciation and amortization

 

49,352

   

41,413

   

97,398

   

82,710

Property impairments

 

5,802

   

   

5,802

   

Land impairments

 

2,499

   

   

2,499

   

    Total expenses

 

128,815

   

107,688

   

246,952

   

226,489

                       

OTHER (EXPENSE) INCOME

                     

Interest expense

 

(23,515)

   

(18,999)

   

(48,289)

   

(39,074)

Interest and other investment income (loss)

 

515

   

641

   

1,339

   

1,769

Equity in earnings (loss) of unconsolidated joint ventures

 

(88)

   

(52)

   

(769)

   

1,520

Gain on change of control of interests

 

   

   

13,790

   

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

 

255

   

1,010

   

268,364

   

59,196

Gain on disposition of developable land

 

270

   

   

270

   

Gain on sale of investment in unconsolidated joint venture

 

   

   

903

   

Gain (loss) from extinguishment of debt, net

 

588

   

   

1,899

   

(10,289)

    Total other income (expense)

 

(21,975)

   

(17,400)

   

237,507

   

13,122

Net income (loss)

 

(20,329)

   

1,501

   

255,265

   

52,189

Noncontrolling interest in consolidated joint ventures

 

847

   

95

   

2,095

   

125

Noncontrolling interest in Operating Partnership

 

2,434

   

142

   

(25,246)

   

(4,741)

Redeemable noncontrolling interest

 

(5,006)

   

(2,989)

   

(9,673)

   

(5,788)

Net income (loss) available to common shareholders

$

(22,054)

 

$

(1,251)

 

$

222,441

 

$

41,785

                       

Basic earnings per common share:

                     

Net income (loss) available to common shareholders

$

(0.43)

 

$

(0.05)

 

$

2.24

 

$

0.39

                       

Diluted earnings per common share:

                     

Net income (loss) available to common shareholders

$

(0.43)

 

$

(0.05)

 

$

2.24

 

$

0.39

                       

Basic weighted average shares outstanding

 

90,533

   

90,330

   

90,516

   

90,297

                       

Diluted weighted average shares outstanding

 

100,523

   

100,598

   

100,825

   

100,607

Mack-Cali Realty Corporation

Statements of Funds from Operations

(in thousands, except per share/unit amounts) (unaudited)

 
 

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

   

2019

     

2018

     

2019

     

2018

 

Net income (loss) available to common shareholders

$

(22,054)

   

$

(1,251)

   

$

222,441

   

$

41,785

 

Add (deduct): Noncontrolling interest in Operating Partnership

 

(2,434)

     

(142)

     

25,246

     

4,741

 

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

 

51,865

     

45,781

     

102,033

     

91,383

 

Property impairments

 

5,802

             

5,802

     

 

Gain on change of control of interests

 

     

     

(13,790)

     

 

Gain on sale of investment in unconsolidated joint venture

 

     

     

(903)

     

 

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

 

(255)

     

(1,010)

     

(268,364)

     

(59,196)

 

Funds from operations (b)

$

32,924

   

$

43,378

   

$

72,465

   

$

78,713

 
                               

Add/(Deduct):

                             

(Gain)/loss from extinguishment of debt, net

 

(588)

     

     

(1,899)

     

10,289

 

Severance/separation costs on management restructuring

 

     

1,795

     

1,562

     

6,847

 

Management contract termination costs

 

     

     

1,021

     

 

Land impairments

 

2,499

     

     

2,499

     

 

Gain on disposition of developable land

 

(270)

     

     

(270)

     

 

Proxy fight costs

 

4,171

     

     

4,171

     

 

New payroll tax consulting costs

 

1,313

     

     

1,313

     

 

Core FFO

$

40,049

   

$

45,173

   

$

80,862

   

$

95,849

 
                               

Diluted weighted average shares/units outstanding (c)

 

100,523

     

100,598

     

100,825

     

100,607

 
                               

Funds from operations per share/unit-diluted

$

0.33

   

$

0.43

   

$

0.72

   

$

0.78

 
                               

Core funds from operations per share/unit diluted

$

0.40

   

$

0.45

   

$

0.80

   

$

0.95

 
                               

Dividends declared per common share

$

0.20

   

$

0.20

   

$

0.40

   

$

0.40

 
                               

Dividend payout ratio:

                             

     Core Funds from operations-diluted

 

50.20

%

   

44.54

%

   

49.88

%

   

41.99

%

                               

Supplemental Information:

                             

Non-incremental revenue generating capital expenditures:

                             

     Building improvements

$

383

   

$

723

   

$

3,315

   

$

2,389

 

     Tenant improvements & leasing commissions (d)

$

4,800

   

$

17,939

   

$

12,731

   

$

22,407

 

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

$

4,216

   

$

6,851

   

$

7,698

   

$

14,546

 

Straight-line rent adjustments (e)

$

4,052

   

$

(249)

   

$

6,907

   

$

2,493

 

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

$

1,058

   

$

1,313

   

$

2,095

   

$

3,443

 

Amortization of stock compensation

$

2,218

   

$

783

   

$

4,228

   

$

3,440

 

Amortization of lease inducements

$

279

   

$

258

   

$

583

   

$

552

 

Non real estate depreciation and amortization

$

511

   

$

536

   

$

1,050

   

$

1,047

 

Amortization of deferred financing costs

$

1,168

   

$

1,145

   

$

2,357

   

$

2,241

 

(a)

Includes the Company’s share from unconsolidated joint ventures of $3,025 and $4,903 for the three months ended June 30, 2019 and 2018, respectively, and $5,686 and $9,718 for the six months ended June 30, 2019 and 2018, respectively.  Excludes non-real estate-related depreciation and amortization of $511 and $535 for the three months ended June 30, 2019 and 2018, respectively, and $1,050 and $1,046 for the six months ended June 30, 2019 and 2018, 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 (9,866 and 10,213 shares for the three months ended June 30, 2019 and 2018, respectively, and 10,014 and 10,227 for the six months ended June 30, 2019 and 2018, 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 $5,410 and $2,099 for the three months ended June 30, 2019 and 2018, respectively, and $10,242 and $8,474 for the six months ended June 30, 2019 and 2018, respectively.  Also, includes the Company’s share from unconsolidated joint ventures of $(96) and $(256) for the three months ended June 30, 2019 and 2018, respectively, and $(325) and $(694) for the six months ended June 30, 2019 and 2018, respectively.

(f)

Includes the Company’s share from unconsolidated joint ventures of $0 and $27 for the three months ended June 30, 2019 and 2018, respectively, and $0 and $107 for the six months ended June 30, 2019 and 2018, respectively.

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

 

Six Months Ended

 

June 30,

 

June 30,

   

2019

   

2018

   

2019

   

2018

Net income (loss) available to common shareholders

$

(0.43)

 

$

(0.05)

 

$

2.24

 

$

0.39

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

 

0.52

   

0.46

   

1.01

   

0.91

Redemption value adjustment to redeemable noncontrolling interests

 

0.19

   

0.04

   

0.22

   

0.07

Property impairments

 

0.06

   

   

0.06

   

Gain on change of control of interests

 

   

   

(0.14)

   

Gain on sale of investment in unconsolidated joint venture

 

   

   

(0.01)

   

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

 

   

(0.01)

   

(2.66)

   

(0.59)

Noncontrolling interest/rounding adjustment

 

(0.01)

   

(0.01)

   

   

Funds from operations (b)

$

0.33

 

$

0.43

 

$

0.72

 

$

0.78

                       

Add/(Deduct):

                     

(Gain)/loss from extinguishment of debt, net

 

(0.01)

   

   

(0.02)

   

0.10

Severance/separation costs on management restructuring

 

   

0.02

   

0.02

   

0.07

Management contract termination costs

 

   

   

0.01

   

Land impairments

 

0.02

   

   

0.02

   

Proxy fight costs

 

0.04

   

   

0.04

   

New payroll tax consulting costs

 

0.01

   

   

0.01

   

Noncontrolling interest/rounding adjustment

 

0.01

   

   

   

Core FFO

$

0.40

 

$

0.45

 

$

0.80

 

$

0.95

                       

Diluted weighted average shares/units outstanding (c)

 

100,523

   

100,598

   

100,825

   

100,607

(a)

Includes the Company’s share from unconsolidated joint ventures of $0.04 and $0.05 for the three months ended June 30, 2019 and 2018, respectively, and $0.09 and $0.10 for the six months ended June 30, 2019 and 2018, 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 (9,866 and 10,213 shares for the three months ended June 30, 2019 and 2018, respectively, and 10,014 and 10,227 for the six months ended June 30, 2019 and 2018, respectively), plus dilutive Common Stock Equivalents (i.e. stock options).

Mack-Cali Realty Corporation

Consolidated Balance Sheets

(in thousands, except per share amounts) (unaudited)

 
   

June 30,

   

December 31,

Assets

 

2019

   

2018

Rental property

         

  Land and leasehold interests

$

916,807

 

$

807,236

  Buildings and improvements

 

4,358,948

   

4,109,797

  Tenant improvements

 

297,240

   

335,266

  Furniture, fixtures and equipment

 

67,004

   

53,718

   

5,639,999

   

5,306,017

Less – accumulated depreciation and amortization

 

(968,237)

   

(1,097,868)

   

4,671,762

   

4,208,149

Rental property held for sale, net

 

   

108,848

Net investment in rental property

 

4,671,762

   

4,316,997

Cash and cash equivalents

 

60,638

   

29,633

Restricted cash

 

17,892

   

19,921

Investments in unconsolidated joint ventures

 

215,957

   

232,750

Unbilled rents receivable, net

 

93,324

   

100,737

Deferred charges, goodwill and other assets, net

 

258,663

   

355,234

Accounts receivable, net of allowance for doubtful accounts of $1,319 and $1,108

 

9,476

   

5,372

           

Total assets

$

5,327,712

 

$

5,060,644

           

Liabilities and Equity

         

Senior unsecured notes, net

$

570,899

 

$

570,314

Unsecured revolving credit facility and term loans

 

424,180

   

790,939

Mortgages, loans payable and other obligations, net

 

1,692,563

   

1,431,398

Dividends and distributions payable

 

21,722

   

21,877

Accounts payable, accrued expenses and other liabilities

 

202,830

   

168,115

Rents received in advance and security deposits

 

34,467

   

41,244

Accrued interest payable

 

8,631

   

9,117

   Total liabilities

 

2,955,292

   

3,033,004

Commitments and contingencies

         
           

Redeemable noncontrolling interests

 

496,372

   

330,459

           

Equity:

         

Mack-Cali Realty Corporation stockholders’ equity:

         

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

         

90,553,357 and 90,320,306 shares outstanding

 

906

   

903

Additional paid-in capital

 

2,539,547

   

2,561,503

Dividends in excess of net earnings

 

(895,824)

   

(1,084,518)

Accumulated other comprehensive income (loss)

 

958

   

8,770

   Total Mack-Cali Realty Corporation stockholders’ equity

 

1,645,587

   

1,486,658

           

Noncontrolling interests in subsidiaries:

         

Operating Partnership

 

181,296

   

168,373

Consolidated joint ventures

 

49,165

   

42,150

Total noncontrolling interests in subsidiaries

 

230,461

   

210,523

           

Total equity

 

1,876,048

   

1,697,181

           

Total liabilities and equity

$

5,327,712

 

$

5,060,644



Contact Information:

Mack-Cali Realty Corporation








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