JERSEY CITY, N.J., Aug. 2, 2017 /PRNewswire/ -- Mack-Cali Realty
Corporation (NYSE: CLI) today reported its results for the second
quarter 2017.
SECOND QUARTER 2017 HIGHLIGHTS
- Achieved Funds from Operations per diluted share of
$0.60 and Core Funds from Operations
growth of 9.1% to $0.60 for the
quarter;
- Net loss of $0.44 per diluted
share for the quarter (including the effect of net losses from
property sales of $0.39 per
share);
- Increased Adjusted Funds from Operations by 114.2% to
$42.2 million for the quarter ended
June 30, 2017, as compared to
$19.7 million for the comparable
period in 2016;
- Increased rental rates by 17.7% on a GAAP basis and 6.6% on a
cash basis at its Core/Waterfront/Flex properties;
- Leased 728,246 square feet;
- Increased Roseland percent
leased to 97.9%, up from 97.5% for the first quarter;
- Urby achieved 78% lease-up in five months at average rents of
$57.50 per square foot;
- Chase II achieved 91% lease-up in seven months at average rents
of $27.36 per square foot;
- Quarry Place achieved 58% lease-up in seven months at average
rents of $43.20 per square foot;
- Increased quarterly common stock dividend to $0.20 per share; and
- Updated 2017 FFO guidance of $2.18 to
$2.28 per diluted share, a decrease of $0.09 at the midpoint.
Michael J. DeMarco, chief
executive officer, commented "Solid quarter on all operating
fronts. We have made great progress on the lease-up of our
completed multifamily properties and on our office sales
program. Renewal spreads and lease costs are strong in our
office segment. Tour activity has also been high.
However, our only concern has been that tenants are taking longer
to commit to new leases, which is causing a delay in filling up
space that we projected for 2017. We expect this to be corrected in
the next two quarters."
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, 2017 amounted
to $(37.3) million, or $(0.44) per share, as compared to $48.4 million, or $0.54 per share, for the quarter ended
June 30, 2016. For the six months
ended June 30, 2017, net income
(loss) to common shareholders equaled $(17.5) million, or $(0.33) per share, as compared to $110.6 million, or $1.23 per share, for the same period last
year. Included in net income (loss) for the quarter and six
months ended June 30, 2017 was
$(39.0) million and $(33.4) million, respectively, of net losses from
dispositions.
Funds from Operations (FFO) for the quarter ended June 30, 2017 amounted to $60.5 million, or $0.60 per share, as compared to $64.1 million, or $0.64 per share, for the quarter ended
June 30, 2016. For the six months
ended June 30, 2017, FFO equaled
$116.3 million, or $1.16 per share, as compared to $112.3 million, or $1.12 per share, for the same period last
year.
For the second quarter 2017, Core FFO was $0.60 per share. The quarter's Core FFO per share
increased 9.1 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 $22.5 million to $42.2
million for the quarter ended June
30, 2017, as compared to $19.7
million for the comparable period in 2016.
OPERATING HIGHLIGHTS
Mack-Cali's consolidated Core,
Waterfront and Flex properties were 89.9 percent leased at
June 30, 2017, as compared to 90.4
percent leased at March 31, 2017 and
90.6 percent leased at December 31,
2016.
For the quarter ended June 30,
2017, the Company executed 48 leases at its consolidated
in-service commercial portfolio totaling 728,246 square feet. Of
these totals, 18 percent were for new leases and 82 percent were
for lease renewals and other tenant retention transactions. Rental
rate roll up for second quarter 2017 transactions in the Company's
Core, Waterfront and Flex properties was 6.6 percent on a cash
basis and 17.7 percent on a GAAP basis.
RECENT TRANSACTIONS
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 June 30, 2017, the Company
had a debt-to-undepreciated assets ratio of 47.5 percent compared
to 43.8 percent at March 31, 2017 and
40.3 percent at June 30, 2016. Net
debt to EBITDA for the quarter ended June
30, 2017 was 8.3 times compared to 8.5 times for the quarter
ended March 31, 2017. The
Company had an interest coverage ratio of 3.5 times for the quarter
ended June 30, 2017 compared to 3.8
times for the quarter ended March 31,
2017 and 3.4 times for the quarter ended June 30, 2016.
DIVIDENDS
In June 2017, the Company's Board
of Directors declared an increased quarterly cash dividend of
$0.20 per common share (indicating an
annual rate of $0.80 per common
share) for the second quarter 2017, which was paid on July 14, 2017 to shareholders of record as of
July 6, 2017. This was an increase of
33.3 percent over the prior quarter and the first increased
dividend since 2006. The Company's Core FFO dividend payout
ratio for the quarter was 33.2 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 (loss)
available to common shareholders
|
$
|
(0.38)
|
-
|
$
|
(0.28)
|
Add
(deduct):
|
|
Real estate-related
depreciation and amortization on continuing operations
|
2.15
|
Redemption value
adjustment to redeemable noncontrolling interests
|
0.21
|
Realized (gains)
losses and unrealized losses on disposition of rental property,
net
|
0.33
|
Gain on sale of
investment in unconsolidated joint ventures
|
(0.13)
|
Funds from
operations
|
$
|
2.18
|
-
|
$
|
2.28
|
This updated guidance reflects a decrease of $0.09 per diluted share from the Company's
previously provided funds from operations guidance midpoint,
primarily as a result of lower leasing starts ($0.06) and increased debt reduction in lieu of
office acquisitions ($0.03) projected
for the second half of the year. 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
August 3, 2017 at 8:30 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=5260386
The live conference call is also accessible by calling (323)
794-2130 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
August 3, 2017 through
August 3, 2018.
A replay of the call will also be accessible August 3, 2017 through August 10, 2017 by calling (719) 457-0820 and
using the pass code, 2716622.
Copies of Mack-Cali's Form 10-Q
and Supplemental Operating and Financial Data are available on
Mack-Cali's website, as
follows:
Second Quarter 2017 Form 10-Q:
https://www.mack-cali.com/media/1047483/2ndquarter10q17.pdf
Second Quarter 2017 Supplemental Operating and Financial
Data:
https://www.mack-cali.com/media/1047489/2ndquartersp17.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 multifamily 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 multifamily 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
|
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
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
REVENUES
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
Base rents
|
$
|
133,017
|
|
$
|
124,223
|
|
$
|
254,272
|
|
$
|
250,610
|
Escalations and
recoveries from tenants
|
|
15,951
|
|
|
14,110
|
|
|
31,070
|
|
|
29,071
|
Real estate
services
|
|
5,767
|
|
|
6,469
|
|
|
12,232
|
|
|
13,281
|
Parking
income
|
|
5,052
|
|
|
3,532
|
|
|
9,281
|
|
|
6,688
|
Other
income
|
|
2,979
|
|
|
893
|
|
|
5,798
|
|
|
2,500
|
Total revenues
|
|
162,766
|
|
|
149,227
|
|
|
312,653
|
|
|
302,150
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
Real estate
taxes
|
|
21,217
|
|
|
22,418
|
|
|
42,309
|
|
|
45,644
|
Utilities
|
|
10,357
|
|
|
10,953
|
|
|
21,771
|
|
|
24,531
|
Operating
services
|
|
27,092
|
|
|
24,024
|
|
|
54,183
|
|
|
50,756
|
Real estate services
expenses
|
|
5,899
|
|
|
6,211
|
|
|
12,169
|
|
|
13,057
|
General and
administrative
|
|
12,491
|
|
|
12,755
|
|
|
24,083
|
|
|
25,004
|
Acquisition-related
|
|
-
|
|
|
2,039
|
|
|
-
|
|
|
2,039
|
Depreciation and
amortization
|
|
57,762
|
|
|
43,459
|
|
|
105,393
|
|
|
86,522
|
Total expenses
|
|
134,818
|
|
|
121,859
|
|
|
259,908
|
|
|
247,553
|
Operating
income
|
|
27,948
|
|
|
27,368
|
|
|
52,745
|
|
|
54,597
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER (EXPENSE)
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
(24,943)
|
|
|
(22,932)
|
|
|
(45,264)
|
|
|
(47,925)
|
Interest and other
investment income (loss)
|
|
122
|
|
|
146
|
|
|
596
|
|
|
(523)
|
Equity in earnings
(loss) of unconsolidated joint ventures
|
|
(3,298)
|
|
|
(614)
|
|
|
(3,349)
|
|
|
(2,168)
|
Gain on change of
control of interests
|
|
-
|
|
|
5,191
|
|
|
-
|
|
|
15,347
|
Realized gains
(losses) and unrealized losses on disposition of rental property,
net
|
|
(38,954)
|
|
|
27,117
|
|
|
(33,448)
|
|
|
85,717
|
Gain on sale of
investment in unconsolidated joint venture
|
|
-
|
|
|
5,670
|
|
|
12,563
|
|
|
5,670
|
Gain (loss) from
extinguishment of debt, net
|
|
-
|
|
|
12,420
|
|
|
(239)
|
|
|
12,420
|
Total other income (expense)
|
|
(67,073)
|
|
|
26,998
|
|
|
(69,141)
|
|
|
68,538
|
Net income
(loss)
|
|
(39,125)
|
|
|
54,366
|
|
|
(16,396)
|
|
|
123,135
|
Noncontrolling
interest in consolidated joint ventures
|
|
181
|
|
|
(311)
|
|
|
418
|
|
|
395
|
Noncontrolling
interest in Operating Partnership
|
|
4,296
|
|
|
(5,662)
|
|
|
2,001
|
|
|
(12,946)
|
Redeemable
noncontrolling interest
|
|
(2,682)
|
|
|
-
|
|
|
(3,474)
|
|
|
-
|
Net income (loss)
available to common shareholders
|
$
|
(37,330)
|
|
$
|
48,393
|
|
$
|
(17,451)
|
|
$
|
110,584
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share:
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
available to common shareholders
|
$
|
(0.44)
|
|
$
|
0.54
|
|
$
|
(0.33)
|
|
$
|
1.23
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
per common share:
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
available to common shareholders
|
$
|
(0.44)
|
|
$
|
0.54
|
|
$
|
(0.33)
|
|
$
|
1.23
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted
average shares outstanding
|
|
90,011
|
|
|
89,740
|
|
|
89,983
|
|
|
89,731
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted
average shares outstanding
|
|
100,370
|
|
|
100,401
|
|
|
100,354
|
|
|
100,359
|
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,
|
|
|
2017
|
|
|
|
2016
|
|
|
|
2017
|
|
|
|
2016
|
|
Net income (loss)
available to common shareholders
|
$
|
(37,330)
|
|
|
$
|
48,393
|
|
|
$
|
(17,451)
|
|
|
$
|
110,584
|
|
Add (deduct):
Noncontrolling interest in Operating Partnership
|
|
(4,296)
|
|
|
|
5,662
|
|
|
|
(2,001)
|
|
|
|
12,946
|
|
Real estate-related
depreciation and amortization on continuing operations
(a)
|
|
63,156
|
|
|
|
48,042
|
|
|
|
114,913
|
|
|
|
95,501
|
|
Gain on sale of
investment in unconsolidated joint venture
|
|
-
|
|
|
|
(5,670)
|
|
|
|
(12,563)
|
|
|
|
(5,670)
|
|
Gain on change of
control of interests
|
|
-
|
|
|
|
(5,191)
|
|
|
|
-
|
|
|
|
(15,347)
|
|
Realized gains and
unrealized losses on disposition of rental property, net
|
|
38,954
|
|
|
|
(27,117)
|
|
|
|
33,448
|
|
|
|
(85,717)
|
|
Funds from
operations (b)
|
$
|
60,484
|
|
|
$
|
64,119
|
|
|
$
|
116,346
|
|
|
$
|
112,297
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted
average shares/units outstanding (c)
|
|
100,370
|
|
|
|
100,401
|
|
|
|
100,354
|
|
|
|
100,359
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds from operations
per share/unit-diluted
|
$
|
0.60
|
|
|
$
|
0.64
|
|
|
$
|
1.16
|
|
|
$
|
1.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared
per common share
|
$
|
0.20
|
|
|
$
|
0.15
|
|
|
$
|
0.35
|
|
|
$
|
0.30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend payout
ratio:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core Funds from
operations-diluted
|
|
33.19
|
%
|
|
|
27.39
|
%
|
|
|
30.13
|
%
|
|
|
28.93
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
Information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-incremental
revenue generating capital expenditures:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Building
improvements
|
$
|
3,303
|
|
|
$
|
4,138
|
|
|
$
|
8,272
|
|
|
$
|
8,506
|
|
Tenant improvements &
leasing commissions (d)
|
$
|
8,150
|
|
|
$
|
16,271
|
|
|
$
|
12,115
|
|
|
$
|
26,809
|
|
Tenant improvements
& leasing commissions on space vacant for more than a
year
|
$
|
4,956
|
|
|
$
|
13,470
|
|
|
$
|
12,116
|
|
|
$
|
29,931
|
|
Straight-line rent
adjustments (e)
|
$
|
3,240
|
|
|
$
|
4,592
|
|
|
$
|
6,253
|
|
|
$
|
6,953
|
|
Amortization of
(above)/below market lease intangibles, net (f)
|
$
|
2,187
|
|
|
$
|
276
|
|
|
$
|
3,764
|
|
|
$
|
445
|
|
Non real estate
depreciation and amortization
|
$
|
349
|
|
|
$
|
187
|
|
|
$
|
726
|
|
|
$
|
411
|
|
Amortization of
deferred financing costs
|
$
|
1,175
|
|
|
$
|
1,180
|
|
|
$
|
2,278
|
|
|
$
|
2,349
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Includes the
Company's share from unconsolidated joint ventures and adjustments
for noncontrolling interest, of $5,742 and $4,768 for the three
months ended June 30, 2017 and 2016, respectively, and $10,245 and
$9,389 for the six months ended June 30, 2017 and 2016,
respectively. Excludes non-real estate-related depreciation
and amortization of $349 and $187 for the three months ended June
30, 2017 and 2016, respectively, and $726 and $411 for the six
months ended June 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 (10,359 and
10,499 shares for the three months ended June 30, 2017 and 2016,
respectively, and 10,371 and 10,504 for the six months ended June
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 $307 and
$(20) for the three months ended June 30, 2017 and 2016,
respectively, and $295 and $149 for the six months ended June 30,
2017 and 2016, respectively.
|
(f)
|
Includes the
Company's share from unconsolidated joint ventures of $80 and $95
for the three months ended June 30, 2017 and 2016, respectively,
and $175 and $190 for the six months ended June 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
|
|
Six Months
Ended
|
|
June
30,
|
|
June
30,
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
Net income (loss)
available to common shareholders
|
$
|
(0.44)
|
|
$
|
0.54
|
|
$
|
(0.33)
|
|
$
|
1.23
|
Add (deduct): Real
estate-related depreciation and amortization on continuing
operations (a)
|
|
0.63
|
|
|
0.48
|
|
|
1.15
|
|
|
0.95
|
Redemtion value
adjustment to redeemable noncontrolling interests
|
|
0.03
|
|
|
-
|
|
|
0.15
|
|
|
-
|
Gain on sale of
investment in unconsolidated joint venture
|
|
-
|
|
|
(0.06)
|
|
|
(0.13)
|
|
|
(0.06)
|
Gain on change of
control of interests
|
|
-
|
|
|
(0.05)
|
|
|
-
|
|
|
(0.15)
|
Realized (gains)
losses and unrealized losses on disposition of rental property,
net
|
|
0.39
|
|
|
(0.27)
|
|
|
0.33
|
|
|
(0.85)
|
Noncontrolling
interest/rounding adjustment
|
|
(0.01)
|
|
|
-
|
|
|
(0.01)
|
|
|
-
|
Funds from
operations (b)
|
$
|
0.60
|
|
$
|
0.64
|
|
$
|
1.16
|
|
$
|
1.12
|
|
|
|
|
|
|
|
|
|
|
|
|
Add/(Deduct):
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition-related
costs
|
|
-
|
|
$
|
0.02
|
|
|
-
|
|
$
|
0.02
|
Dead deal
costs
|
|
-
|
|
|
0.01
|
|
|
-
|
|
|
0.01
|
Mark-to-market
interest rate swap
|
|
-
|
|
|
-
|
|
|
-
|
|
|
0.01
|
(Gain)/Loss from
extinguishment of debt
|
|
-
|
|
|
(0.12)
|
|
|
-
|
|
|
(0.12)
|
Core
FFO
|
$
|
0.60
|
|
$
|
0.55
|
|
$
|
1.16
|
|
$
|
1.04
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted
average shares/units outstanding (c)
|
|
100,370
|
|
|
100,401
|
|
|
100,354
|
|
|
100,359
|
(a)
|
Includes the
Company's share from unconsolidated joint ventures of $0.06 and
$0.05 for the three months ended June 30, 2017 and 2016,
respectively, and $0.10 and $0.09 for the six months ended June 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 (10,359 and
10,499 shares for the three months ended June 30, 2017 and 2016,
respectively, and 10,371 and 10,504 for the six months ended June
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)
|
|
|
|
June
30,
|
|
|
December
31,
|
Assets
|
|
2017
|
|
|
2016
|
Rental
property
|
|
|
|
|
|
Land and
leasehold interests
|
$
|
721,753
|
|
$
|
661,335
|
Buildings and
improvements
|
|
3,998,971
|
|
|
3,758,210
|
Tenant
improvements
|
|
344,108
|
|
|
364,092
|
Furniture,
fixtures and equipment
|
|
27,985
|
|
|
21,230
|
|
|
5,092,817
|
|
|
4,804,867
|
Less – accumulated
depreciation and amortization
|
|
(1,131,799)
|
|
|
(1,332,073)
|
|
|
3,961,018
|
|
|
3,472,794
|
Rental property held
for sale, net
|
|
292,243
|
|
|
39,743
|
Net investment in
rental property
|
|
4,253,261
|
|
|
3,512,537
|
Cash and cash
equivalents
|
|
21,719
|
|
|
31,611
|
Investments in
unconsolidated joint ventures
|
|
315,110
|
|
|
320,047
|
Unbilled rents
receivable, net
|
|
105,547
|
|
|
101,052
|
Deferred charges,
goodwill and other assets, net
|
|
316,984
|
|
|
267,950
|
Restricted
cash
|
|
56,167
|
|
|
53,952
|
Accounts receivable,
net of allowance for doubtful accounts of $1,145 and
$1,335
|
|
7,706
|
|
|
9,617
|
|
|
|
|
|
|
Total
assets
|
$
|
5,076,494
|
|
$
|
4,296,766
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
Senior unsecured
notes, net
|
$
|
818,294
|
|
$
|
817,355
|
Unsecured revolving
credit facility and term loans
|
|
770,388
|
|
|
634,069
|
Mortgages, loans
payable and other obligations, net
|
|
1,361,537
|
|
|
888,585
|
Dividends and
distributions payable
|
|
20,684
|
|
|
15,327
|
Accounts payable,
accrued expenses and other liabilities
|
|
177,801
|
|
|
159,874
|
Rents received in
advance and security deposits
|
|
53,939
|
|
|
46,442
|
Accrued interest
payable
|
|
9,199
|
|
|
8,427
|
Total
liabilities
|
|
3,211,842
|
|
|
2,570,079
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interests
|
|
206,026
|
|
|
-
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
Mack-Cali Realty
Corporation stockholders' equity:
|
|
|
|
|
|
Common stock, $0.01
par value, 190,000,000 shares authorized,
|
|
|
|
|
|
89,913,919 and
89,696,713 shares outstanding
|
|
899
|
|
|
897
|
Additional paid-in
capital
|
|
2,566,997
|
|
|
2,576,473
|
Dividends in excess
of net earnings
|
|
(1,101,099)
|
|
|
(1,052,184)
|
Accumulated other
comprehensive income
|
|
1,872
|
|
|
1,985
|
Total
Mack-Cali Realty Corporation stockholders' equity
|
|
1,468,669
|
|
|
1,527,171
|
|
|
|
|
|
|
Noncontrolling
interests in subsidiaries:
|
|
|
|
|
|
Operating
Partnership
|
|
170,510
|
|
|
178,570
|
Consolidated joint
ventures
|
|
19,447
|
|
|
20,946
|
Total noncontrolling
interests in subsidiaries
|
|
189,957
|
|
|
199,516
|
|
|
|
|
|
|
Total
equity
|
|
1,658,626
|
|
|
1,726,687
|
|
|
|
|
|
|
Total liabilities
and equity
|
$
|
5,076,494
|
|
$
|
4,296,766
|
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SOURCE Mack-Cali Realty Corporation