Cali Realty Corporation
Condensed Statements of Operations
Quarters Ended March 31, 1996 and 1995
(in thousands, except per share amounts)
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Quarter Ended March 31,
1996 1995
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Revenues $ 19,571 $ 13,872
Operating and other expense 7,580 5,474
Depreciation and amortization 3,294 2,832
Interest expense 2,569 1,641
Income before gain on sale of property,
minority interest & extraordinary item $ 6,128 $ 3,925
Gain on sale of property 5,658 -
Income before minority interest &
extraordinary item 11,786 3,925
Minority interest 1,812 836
Income before extraordinary item 9,974 3,03
Extraordinary item - loss on early
retirement of debt 475 (1) -
Net income $ 9,499 $ 3,039
Net income per common share:
Income before extraordinary item $ 0.66 $ 0.29
Extraordinary item - loss on early
retirement of debt (.03) -
Net income $ 0.63 $ 0.29
Dividends declared per common share $ 0.43 $ 0.40
Weighted average shares outstanding 15,146 10,473
(1) Shown net of minority interest's share of the extraordinary loss ($86.)
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Cali Realty Corporation
Statements of Funds from Operations and Cash Available for Distribution
Quarters Ended March 31, 1996 and 1995
(in thousands, except per share amounts)
_____________________________________________________________________________
Quarter Ended March 31,
1996 1995
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Income before minority interest,
gain on sale of property and
extraordinary item$ 6,128 $ 3,925
Add:
Real estate depreciation and amortization 3,020 2,370
Deduct:
Adjustment to rental income for straight
lining of rents (69) (34)
Funds from operations after adjustment for
straight lining of rents (1) 9,079 6,261
Deduct:
Non-incremental revenue generating
capital expenditures: Tenant improvements
and lease commissions 741 429
Capital improvements 187 159
Cash available for distribution $ 8,151 $ 5,673
Per Share/Unit:
Funds from operations (1) $ 0.51 $ 0.47
Cash available for distribution $ 0.46 $ 0.43
Dividend $ 0.43 $ 0.40
Weighted average shares/units outstanding (2) 17,897 13,307
Dividend payout ratios:
Funds from operations 83.78% 85.83%
Cash available for distribution 93.32% 94.72%
(1) Funds from operations for both periods are calculated in accordance
with the new National Association of Real Estate Investment Trusts
(NAREIT) definition.
(2) Assumes conversion of 2,751 (1996) 2,834 (1995) weighted average limited
partnership units in Cali Realty, L.P. to shares of Cali Realty Corporation.
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Cali Realty Corporation
Leasing Statistics
(For Quarter Ended March 31, 1996)
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Leased Area Rentable S.F. Percentage Leased
December 31, 1995 3,636,663 92.5%
1st quarter leasing-net 11,580
1st quarter acquisition/
disposition-net 13,929
March 31, 1996 3,662,172 94.0%
OFFICE SPACE
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First Quarter Leasing Activity:
Number Weighted Average Average Term
of Leases Rentable S.F. Base Rent (Years)
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New Leases:
First generation space 1 1,015 $ 17.00 4.9
Second generation space 8 20,806 $ 20.50 3.9
Total new leasing: 9 21,821
Renewals & extensions: 7 22,953 $ 20.08 3.6
Total leasing: 16 44,774
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Capital Expenditures: Tenant Improvements Leasing Commissions Total
Second Generation Space
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Expend. committed-1st qtr. (1) $174,529 (2) $169,893 $344,422
Rentable s.f. leased-1st qtr. 43,759 43,759 43,759
Cap ex. committed per r.s.f. $ 3.99 $ 3.88 $ 7.87
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Cali Realty Corporation
Leasing Statistics
(For Quarter Ended March 31, 1996)(continued)
OFFICE/FLEX SPACE
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First Quarter Leasing Activity:
Number of Weighted Average Average Term
Leases Rentable S.F. Base Net Rent (Years)
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New leases:
First generation space 1 967 $10.07 5.0
Second generation space 1 3,600 $10.07 5.0
Total new leasing: 2 4,567
Renewals & extensions: 2 14,972 $ 9.50 3.0
Total leasing: 4 19,539
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Capital Expenditures: Tenant Improvements Leasing Commissions Total
Second Generation Space
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Expend. committed-1st qtr.(1) $ 22,843 (2) $ 15,775 $ 38,618
Rentable s.f. leased-1st qtr. 18,572 18,572 18,572
Cap ex. committed per r.s.f. $ 1.23 $ 0.85 $ 2.08
(1) Represents amounts committed not necessarily expended during period.
(2) Equals estimated workletter costs, net of estimated profit and overhead.
LEASE RENEWALS
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Number of Leases Rentable S.F.
Leases expiring - 1st quarter 13 50,792
Leases renewed - 1st quarter 8 35,984
Renewal percentage per r.s.f. 62% 71%
Expiring in future periods and
renewed in 1st quarter
(Included in totals above) 3 8,321
Executive Vice President and Chief Financial Officer
Mack-Cali Realty Corporation
T: 732.590.1000
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