Veris Residential, Inc. · NYSE:VRE
Veris Residential — Mack-Cali Realty — Investor Presentation (June 2013)
25 slides from Veris Residential's investor presentation, Jun 6, 2013
Slide 1: Mack-Cali Realty Corporation
ao: ae MAck-CALr Raley Corporation
Slide 2: Disclosures regarding forward looking statements
Disclosures regarding forward looking statements This presentation includes forward-looking statements about us, our properties and our business strategies. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E o
Slide 3: 2012 Was a Defining Year for Mack-Cali
2012 Was a DEFINING YEAR for Mack-Cali Two prongs of real estate and capital allocation Strategic diversification into multi-family residential, acquired Roseland Property Company–the Northeast’s premier luxury multi-family developer, owner, and manager Mack-Cali continues to be the office landlord
Slide 4: Strategic Benefits–Multi-Family Diversification
Strategic Benefits–Multi-Family Diversification Qualitative Positions Mack-Cali as a premier owner of multi-family, as well as office properties in Northeast markets Mack-Cali’s public market access enhances and provides flexibility to grow the Roseland multi-family platform Enhances recognized, dom
Slide 5: 2012-2013 Property Sales
2012-2013 Property Sales 2012 Moorestown Corporate Center 224, 228, and 232 Strawbridge Drive Moorestown, NJ November 222,258 sf Price: $19.9M Mack-Cali Montvale I 95 Chestnut Ridge Road Montvale, NJ July 47,700 sf Price: $4.2M 2013 (through May) 51 Imclone Drive Branchburg, NJ May 63,213 sf Price:
Slide 6: Mack-Cali Realty Corporation—At-a-Glance
Mack-Cali Realty Corporation—At-a-Glance One of the largest REITs 273 properties located in the Northeast 30.5 million square feet 264 class A office and office/flex properties Nine operating luxury multi-family properties; over 3,000 units Land bank to develop approximately 10 million square feet o
Slide 7: Strategy
Strategy Long-term office leases with high-credit quality tenants Continue capital allocation and strategic diversification into the multi-family residential sector Dominant player in high barrier-to-entry markets in the Northeast and Mid-Atlantic regions Conservative financial policies Strong balan
Slide 8: Premier Office Properties and Multi-Family Communities in Key Northeast and Mid-Atlantic Markets
Premier Office Properties and Multi-Family Communities in Key Northeast and Mid-Atlantic Markets Marbella, Jersey City, NJ Multi-Family Community 11 Martine Avenue Westchester Financial Center White Plains, NY Office Property Mack-Cali Centre IV 61 South Paramus Road, Paramus, NJ Office Property Alt
Slide 9: Dominant Player in Northeast
Dominant Player in Northeast Holdings from Washington, D.C. to Boston High quality properties in high barrier-to-entry markets Scarce land/limited new construction Attractive land bank Premier locations, including the Jersey City Waterfront and other transit-oriented locations This map represents Ma
Slide 10: Let's Delve into the 2012 Roseland Transaction
Let’s Delve into the 2012 Roseland Transaction Roseland Properties, L.L.C. Acquired the real estate development and management businesses of Roseland in October 2012 for approximately $134.6 million A premier multi-family residential community owner, developer, and operator in Northeast Acquired int
Slide 11: Preferred Provider of Office Space and Multi-Family Properties
Preferred Provider of Office Space and Multi-Family Properties Exceptional properties “Tenants First” philosophy/long-term tenant relationships Attentive, on-site property management Sustainability Environmentally friendly materials and practices Green tenant fit-outs ENERGY STAR designations Recycl
Slide 12: Commercial Projects Under Development
Commercial Projects Under Development 14 Sylvan Way, Mack-Cali Business Campus Parsippany, NJ Wyndham Worldwide Corporate Headquarters Mack-Cali Business Campus Parsippany, NJ Three-story, approximately 203,000-sf class A office build-to-suit building pre-leased for over 15 years Adjacent to the 250
Slide 13: Multi-Family Projects Under Development
Multi-Family Projects Under Development RiverParc at Port Imperial, Weehawken, NJ In joint venture with The Prudential Insurance Company of America. RiverParc is a 10-story, 280-unit luxury multi-family community. The Highlands at Overlook Ridge, Malden, MA In joint venture with a fund advised by UB
Slide 14: Approved Multi-Family Development Project in Construction Drawing Phase
Approved Multi-Family Development Project in Construction Drawing Phase Project known as Harborside URL™ (Urban Ready Living™) Jersey City Waterfront Luxury Multi-Family Rental Tower Joint venture with Ironstate Development Corporation Phase 1: 69-story tower built on a parking and retail pedestal 7
Slide 15: Mack-Cali's Sustainability Efforts
Mack-Cali’s Sustainability Efforts Mack-Cali recycles over 35 tons of materials, which are diverted from landfills, each year. - Paper - Plastics - Newspapers - Computer monitors - Batteries - Lightbulbs - Energy-efficient lighting and controls - Replace inefficient lighting fixtures with more energ
Slide 16: Mack-Cali's Achievements in Sustainability
Mack-Cali’s Achievements in Sustainability LEED EB:OM Silver Certification 105 Eisenhower Parkway Eisenhower/280 Corporate Center Roseland, NJ 8 Campus Drive Mack-Cali Business Campus Parsippany, NJ Liberty Corner Corporate Center 106 Allen Road Basking Ridge, NJ 125 Broad Street New York, NY Mack-C
Slide 17: 2013 Multi-Family Acquisitions
2013 Multi-Family Acquisitions Alterra at Overlook Ridge 1A and 1B Luxury multi-family properties contain 722 rental units in the master planned community of Overlook Ridge in Revere and Malden, Massachusetts. Acquired Alterra 1A in January and 1B in April. Crystal House Acquired in joint venture wi
Slide 18: Committed to Maintaining Conservative Financial Profile
Committed to Maintaining Conservative Financial Profile Investment-grade ratings Strong BBB objective Strong balance sheet High percentage of unencumbered assets Ample availability on credit facility Moderate leverage and strong coverage ratios Manageable upcoming term debt maturities
Slide 19: Recent Financing Activity
Recent Financing Activity 2013 Financing Transactions Completed the sale of $275 million of 3.15 percent senior unsecured notes due May 2023 2012 Financing Transactions Completed the sale of $250 million of 2.50 percent senior unsecured 5 year notes due 2017 Completed the sale of $300 million of 4.5
Slide 20: Maintains Conservative Financial Ratios
Maintains Conservative Financial Ratios Total market equity $2.9 billion Total debt $2.3 billion Total market capitalization $5.2 billion Unencumbered sf 80.7% Debt-to-undepreciated assets 38.1% Interest coverage 3.1x Fixed charge coverage 2.7x * Data current as of March 31, 2013
Slide 21: Impressive Long-Term Investment
Impressive Long-Term Investment Total return since Mack-Cali IPO (8/31/94 through 3/31/13). Sources: Company data; S&P. 500.8% 369.2% 0% 50% 100% 150% 200% 250% 300% 350% 400% 450% 500% 550% Mack-Cali S&P 500
Slide 22: Summary
Summary Complete platform with full array of office and multi-family expertise Strategic diversification into the multi-family residential sector Sale of non-core assets and reinvesting in high quality multi-family operating assets and development opportunities Strong portfolio performance Solid lea
Slide 23: Roseland Summary Metrics
Roseland Summary Metrics
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Slide 25: Mack-Cali Realty Corporation
ao: ae MAck-CALr Raley Corporation