Supplemental Operating & Financial Data

Q3 2021

-

risks and uncertainties affecting the general economic climate and conditions, which in turn may have a negative effect on the fundamentals of the Company’s business and the financial condition of the Company’s tenants and residents;

-

the value of the Company’s real estate assets, which may limit the Company’s ability to dispose of assets at attractive prices or obtain or maintain debt financing secured by our properties or on an unsecured basis;

-

the extent of any tenant bankruptcies or of any early lease terminations;

-

the Company’s ability to lease or re-lease space at current or anticipated rents;

-

changes in the supply of and demand for the Company’s properties;

-

changes in interest rate levels and volatility in the securities markets;

-

the Company’s ability to complete construction and development activities on time and within budget, including without limitation obtaining regulatory permits and the availability and cost of materials, labor and equipment;

-

forward-looking financial and operational information, including information relating to future development projects, potential acquisitions or dispositions, leasing activities, capitalization rates and projected revenue and income;

-

changes in operating costs;

-

the Company’s ability to obtain adequate insurance, including coverage for terrorist acts;

-

the Company’s credit worthiness and the availability of financing on attractive terms or at all, which may adversely impact our ability to pursue acquisition and development opportunities and refinance existing debt and the Company’s future interest expense;

-

changes in governmental regulation, tax rates and similar matters; and

-

other risks associated with the development and acquisition of properties, including risks that the development may not be completed on schedule, that the tenants or residents will not take occupancy or pay rent, or that development or operating costs may be greater than anticipated.

§

96.5% occupancy in operating multifamily portfolio as of October 24, 2021, 2.7% above pre-pandemic levels and up from 92.3% in the second quarter

§

Three lease-up properties launched earlier this year were above 95% leased as of October 24, 2021

§

Two Waterfront office assets, totaling approximately 1.8 million square feet, are under contract for a combined sales price of $590 million

§

$5 million annual run-rate saving anticipated from the end of 2021 onwards as a result of internal reorganization

§





Three Months Ended

Three Months Ended



September 30, 2021

June 30, 2021

September 30, 2021

June 30, 2021

Net Income / (Loss) per Diluted Share

($0.33)

($0.81)

Key Portfolio Stats

Core FFO Per Diluted Share(1)

$0.17

$0.15

Multifamily Portfolio

Weighted Average - Diluted Shares(2)

99,975,082

99,872,946

Operating Units

5,825

5,825

Total Equity

$2.2 billion

$2.3 billion

% Physical Occupancy

96.4%

92.3%

Total Debt

$2.4 billion

$2.4 billion

Average Rent per Unit

$2,930

$2,914

Total Capitalization

$4.6 billion

$4.7 billion

In-Construction Units

1,616

1,616

Debt-to-Undepreciated Assets

46.3%

44.6%

Land Bank Units(3)

8,407

8,510

Net Debt

$2.3 billion

$2.3 billion

Office Portfolio

Annualized Adjusted EBITDA(1)

$153,166

$152,597

Square Feet of Office Space

5.1 million

5.3 million

Net Debt-to-Adjusted EBITDA

15.2x

15.1x

Consolidated In-Service Properties

8

9



% Leased Office

73.5%

74.7%



% Commenced Occupancy

70.5%

71.9%



Cash Rental Rate Roll-Up(4)

N/A

(13.1%)



GAAP Rental Rate Roll-Up(4)

N/A

(9.0%)



Average In-Place Rent per Square Foot

$40.95

$40.72

1.

See “Information About FFO, Core FFO, AFFO, NOI, Adjusted EBITDA & EBITDAre”. FFO is calculated in accordance with the definition of the National Association of Real Estate Investment Trusts (NAREIT).

2.

Includes any outstanding preferred units presented on a converted basis into common units, noncontrolling interests in consolidated joint ventures and redeemable noncontrolling interests.

3.

850 of the 8,407 units in the Land Bank are associated with sites where the Company does not own the site, but rather has the options to acquire land for development.

4.

Cash Rental Rate Roll-Up is the change in starting rent for applicable signed lease transactions in the period compared to the last month’s rent for the prior space leased. GAAP Rental Rate Roll-Up is the change in average monthly rent for applicable signed lease transactions in the period compared to the average monthly rent for the prior space leased.



Real Estate Portfolio

Other Assets



Operating Multifamily NOI (Q3 Annualized)(1)

Total

At Share

Cash and Cash Equivalents

$23,308

New Jersey Waterfront

$72,928

$62,365

Restricted Cash

19,809

Massachusetts

19,992

19,992

Other Assets

239,976

Other

15,612

9,634

Subtotal Other Assets

$283,093

Total Operating Multifamily NOI

$108,532

$91,992

In-Construction Properties(2) (Stabilized NOI)

55,002

47,682

Liabilities

Waterfront Office (Q3 Annualized)

88,996

88,996

Other(3) (Q3 Annualized)

16,569

12,175

Total Debt - Multifamily

$1,812,663

Total NOI

$269,099

$240,846

Total Debt - Office

400,000



Revolving Credit Facility

174,000

Office Sales / Land Value

Unamortized Deferred Financing Costs

(11,716)



Other Liabilities

194,459

Gross Proceeds from Office Sale(4)

$25,250

Subtotal Liabilities

$2,569,406

Estimated Value of Land

553,823



Other Considerations





Rockpoint Interest

$466,365



Preferred Equity / LP Interest

52,324





Outstanding Shares





Common Shares (Outstanding as of September 30, 2021)

99,968,787



Fully Diluted Shares

99,975,082



1.

Please see Operating Portfolio – Multifamily details for breakdown.

2.

See In-Construction Portfolio details for costs.

3.

Includes retail, hotel and suburban office. Offices at Crystal Lake in West Orange, NJ, was sold during the quarter and is not included.

4.

Includes 4 Gatehall Drive, which was sold on October 20, 2021.



Transaction Activity

$ in thousands (incl. per unit values) except per SF



Transaction

Number of

Percentage

Gross Asset

Price per



Location

Date

Buildings

SF

Leased

Value(1)

SF



Q1 2021 Dispositions

100 Overlook Center

Princeton, NJ

01/14/21

1

149,600

94.0%

$38,000

$254

Metropark portfolio

Edison & Iselin, NJ

03/24/21

4

926,656

91.2%

254,000

274

Total Q1 2021 Dispositions

5

1,076,256

91.6%

$292,000

$271



Q2 2021 Dispositions(2)

Short Hills portfolio

Short Hills, NJ

04/20/21

4

828,413

82.0%

$255,000

$308

Red Bank portfolio

Red Bank, NJ

06/11/21

5

639,490

68.1%

84,000

131

Wegman's Retail Center

Hanover, NJ

06/30/21

4

151,488

100.0%

46,000

304

Total Q2 2021 Dispositions

13

1,619,391

78.2%

$385,000

$238



Q3 2021 Dispositions(3)

7 Giralda Farms

Madison, NJ

07/26/21

1

236,674

60.1%

$29,000

$123

Total Q3 2021 Dispositions

1

236,674

60.1%

$29,000

$123



Q4 2021 Dispositions to Date

4 Gatehall Drive

Parsippany, NJ

10/20/21

1

248,480

40.9%

$25,250

$102

Total Q4 2021 Dispositions to Date

1

248,480

40.9%

$25,250

$102

1.

Acquisitions list gross purchase prices at 100% ownership level; dispositions list gross sales proceeds at 100% ownership level.

2.

On April 29, 2021, the Company completed the sale of its 50% interest in 12 Vreeland, 1 office building in Florham Park, NJ, totaling 139,750 square feet, for a gross sales price of $2.0 million.

3.

On September 1, 2021, the Company completed the sale of its 31.25% interest in Offices at Crystal Lake in West Orange, NJ, totaling 106,345 square feet, for a gross sales price of $1.9 million.



Same Store Performance

$ in thousands (unaudited)

Multifamily Same Store(1)



Three Months Ended September 30,

Nine Months Ended September 30,

Sequential



2021

2020

Change

%  

2021

2020

Change

%  

Q3 2021

Q2 2021

Change

%  

Total Property Revenues (GAAP)

($5,045)

Real Estate Taxes

Payroll

Repairs & Maintenance

Utilities

Insurance

Marketing

Management Fees & Other

Total Property Expenses

Same Store GAAP NOI(2)

($8,129)

Total Units

-

-

-

-

-

-

% Ownership

-

-

-

-

-

-

% Occupied - Quarter End

-

-

-



Office Same Store(3)



Three Months Ended September 30,

Nine Months Ended September 30,



2021

2020

Change

%  

2021

2020

Change

%  

Total Property Revenues (GAAP)

($773)

($2,933)

Real Estate Taxes

Utilities

Operating Services

Total Property Expenses

Same Store GAAP NOI(4)

($1,611)

Less: straight-lining of rents adj. and FAS 141

Same Store Cash NOI

Total Properties

–

–

–

–

Total Square Footage

–

–

–

–

% Leased - Quarter End

1.

Values represent the Company’s pro rata ownership of operating portfolio.

2.

Aggregate property-level revenue over the given period; less: operating expense, real estate taxes and utilities over the same period for the same store portfolio.

3.

Office Same Store includes all In-Service Waterfront assets and excludes Harborside 1 as it was removed from service in Q4 2019.

4.

The aggregate sum of: property-level revenue, straight-line and ASC 805 adjustments over the given time period; less: operating expense, real estate taxes and utilities over the same period for the same store portfolio.



Balance Sheet

$ in thousands (unaudited)

ASSETS

September 30, 2021

December 31, 2020

Rental property

Land and leasehold interests

Buildings and improvements

Tenant improvements

Furniture, fixtures and equipment

Land and improvements held for development

Development and construction in progress



Less – accumulated depreciation and amortization



Rental property held for sale, net

Net Investment in Rental Property

Cash and cash equivalents

Restricted cash

Investments in unconsolidated joint ventures

Unbilled rents receivable, net

Deferred charges, goodwill and other assets, net(1)(2)

Accounts receivable

Total Assets

LIABILITIES & EQUITY

Senior unsecured notes, net

–

Unsecured revolving credit facility and term loans

Mortgages, loans payable and other obligations, net

Dividends and distributions payable

Accounts payable, accrued expenses and other liabilities

Rents received in advance and security deposits

Accrued interest payable

Total Liabilities

Commitments and contingencies

Redeemable noncontrolling interests

Total Stockholders’/Members Equity

Noncontrolling interests in subsidiaries:

Operating Partnership

Consolidated joint ventures

Total Noncontrolling Interests in Subsidiaries

Total Equity

Total Liabilities and Equity

1.

Includes mark-to-market lease intangible net assets of $45,291 and mark-to-market lease intangible net liabilities of $25,034 as of Q3 2021.

2.

Includes Prepaid Expenses and Other Assets attributable to Roseland of $13,782 as follows: (i) deposits of $6,549, (ii) other receivables of $3,115, (iii) other prepaids/assets of $1,803, and (iv) prepaid taxes of $2,315.



Income Statement - Quarterly Comparison

$ in thousands, except per share amounts (unaudited)



Q3 2021

Q3 2020

REVENUES

All Operations

Less: Disc. Ops

Total



Revenue from leases:



Base rents

($930)



Escalations and recoveries from tenants



Real estate services

–



Parking income



Hotel income

–



Other income



Total revenues

($1,018)

EXPENSES



Real estate taxes



Utilities



Operating services



Real estate service expenses

–



General and administrative(1)



Dead deal and transaction-related costs

–



Depreciation and amortization



Property impairments

–

–

–



Land and other impairments

–



Total expenses

Operating Income (expense)

OTHER (EXPENSE) INCOME



Interest expense

–



Interest and other investment income (loss)

–



Equity in earnings (loss) of unconsolidated joint ventures

–



Realized and unrealized gains (losses) on disposition

–



Gain on sale from unconsolidated joint ventures

–

–



Total other income (expense)

Income from continuing operations



Income from discontinued operations

–



Realized gains (losses) on disposition

–



Total discontinued operations

–

Net Income

–



Noncontrolling interest in consolidated joint ventures

–



Noncontrolling interests in Operating Partnership from continuing operations

–



Noncontrolling interests in Operating Partnership in discontinued operations

–



Redeemable noncontrolling interest

–

Net income (loss) available to common shareholders

($28,314)

–

($28,314)

($42,208)

Basic earnings per common share:

Net income (loss) available to common shareholders

($0.33)

($0.49)

Diluted earnings per common share:

Net income (loss) available to common shareholders

($0.33)

($0.49)

Basic weighted average shares outstanding

Diluted weighted average shares outstanding

1.

General and administrative includes $1.7 million of General and administrative – property level which is also included in multifamily NOI.



Income Statement - Year-to-Date Comparison

$ in thousands, except per share amounts (unaudited)



Nine Months Ended September 30, 2021

Nine Months Ended September 30, 2020

REVENUES

All Operations

Less: Disc. Ops

Total

All Operations

Less: Disc. Ops

Total



Revenue from leases:



Base rents

($26,135)

($102,631)



Escalations and recoveries from tenants



Real estate services

–

–



Parking income



Hotel income

–

–



Other income



Total revenues

($28,501)

($112,563)

EXPENSES



Real estate taxes



Utilities



Operating services



Real estate service expenses

–

–



General and administrative(1)



Dead deal and transaction-related costs

–

–



Depreciation and amortization



Property impairments

–

–



Land and other impairments

–

–



Total expenses

Operating Income (expense)

OTHER (EXPENSE) INCOME



Interest expense



Interest and other investment income (loss)

–



Equity in earnings (loss) of unconsolidated joint ventures

–

–



Realized gains (losses) and unrealized losses on disposition



Gain on sale of land/other

–

–



Gain on sale from unconsolidated joint ventures

–

–

–

–



Gain (loss) from early extinguishment of debt, net

–

–

–

–



Total other income (expense)

Income from continuing operations



Income from discontinued operations

–

–



Realized gains (losses) on disposition

–

–



Total discontinued operations

–

–

Net Income

–

–



Noncontrolling interest in consolidated joint ventures

–

–



Noncontrolling interests in Operating Partnership of income from continuing operations

–

–



Noncontrolling interests in Operating Partnership in discontinued operations

–

–



Redeemable noncontrolling interest

–

–

Net income (loss) available to common shareholders

($92,770)

–

($92,770)

($117,019)

–

($117,019)

Basic earnings per common share:

Net income (loss) available to common shareholders

($1.08)

($1.37)

Diluted earnings per common share:

Net income (loss) available to common shareholders

($1.08)

($1.37)

Basic weighted average shares outstanding

Diluted weighted average shares outstanding

1.

General and administrative includes $4.5 million of General and administrative – property level which is also included in multifamily NOI.



FFO & Core FFO

$ in thousands except per share and ratios (unaudited)



Three Months Ended September 30,

Nine Months Ended September 30,



2021

2020

2021

2020

Net income (loss) available to common shareholders

($28,314)

($42,208)

($92,770)

($117,019)

Add (deduct):  Noncontrolling interest in Operating Partnership

Noncontrolling interests in discontinued operations

Real estate-related depreciation and amortization on continuing operations(1)

Real estate-related depreciation and amortization on discontinued operations

Property impairments on continuing operations

–

–

Property impairments on discontinued operations

–

–

–

Impairment of unconsolidated joint venture investment (included in Equity in earnings)

–

–

–

Gain on sale from unconsolidated joint ventures

–

–

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

–

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

Funds from operations(2)

($26,303)



Add/(Deduct):

(Gain)/Loss from extinguishment of debt, net

–

–

–

Dead deal and other post-sale items in Other income

–

–

–

Dead deal and transaction-related costs

Land and other impairments

Loan receivable loss allowance

–

–

Gain on disposition of developable land

–

–

–

CEO and related management changes costs

–

–

–

Severance/separation costs on management restructuring

Reporting system conversion costs

–

–

–

Proxy fight costs

–

–

Core FFO



Diluted weighted average shares/units outstanding(7)



Funds from operations per share-diluted

($0.27)

Core Funds from Operations per share/unit-diluted

Dividends declared per common share



AFFO & Adjusted EBITDA

$ in thousands, except per share amounts and ratios (unaudited)



Three Months Ended September 30,

Nine Months Ended September 30,



2021

2020

2021

2020

Core FFO (calculated on previous page)

Add (Deduct) Non-Cash Items:

Straight-line rent adjustments(3)

Amortization of market lease intangibles, net(4)

Amortization of lease inducements

Amortization of stock compensation

Non-real estate depreciation and amortization

Amortization of debt discount/(premium) and mark-to-market, net

–

Amortization of deferred financing costs

Deduct:

Non-incremental revenue generating capital expenditures:

      Building improvements

      Tenant improvements and leasing commissions(5)

Tenant improvements and leasing commissions on space vacant for more than one year

Core AFFO(2)



Core FFO (calculated on previous page)



Deduct:

Equity in earnings (loss) of unconsolidated joint ventures, net

Equity in earnings share of depreciation and amortization

Add-back:

Interest expense

Recurring JV distributions

Income (loss) in noncontrolling interest in consolidated joint ventures

Redeemable noncontrolling interest

Income tax expense

Adjusted EBITDA



Net debt at period end(6)

Net debt to Adjusted EBITDA

15.2x

12.1x

14.7x

12.1x



EBITDAre - Quarterly Comparison    

$ in thousands (unaudited)



Three Months Ended September 30,



2021

2020

Net Income (loss) available to common shareholders

($28,314)

($42,208)

Add/(Deduct):

Noncontrolling interest in operating partnership

Noncontrolling interest in discontinued operations

Noncontrolling interest in consolidated joint ventures(a)

Redeemable noncontrolling interest

Interest expense

Income tax expense

Depreciation and amortization

Deduct:

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

–

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

(Gain)/loss on sale from unconsolidated joint ventures

–

Equity in (earnings) loss of unconsolidated joint ventures

Add:

Property Impairments

–

Company's share of property NOI's in unconsolidated joint ventures(1)

EBITDAre

Add:

Severance/Separation costs on management restructuring

Dead deal and other post-sale items in Other income

Land and other impairments

Loan receivable loss allowance

–

Proxy fight costs

–

Adjusted EBITDAre

(a) Noncontrolling interests in consolidated joint ventures:

BLVD 425

BLVD 401

Port Imperial Garage South

Port Imperial Retail South

Other consolidated joint ventures

Net losses in noncontrolling interests

Depreciation in noncontrolling interest in consolidated JV's

Funds from operations - noncontrolling interest in consolidated JV's

Interest expense in noncontrolling interest in consolidated JV's

Net operating income before debt service in consolidated JV's



Debt Summary & Maturity Schedule

$ in thousands



%

Weighted Average

Weighted Average



Balance

of Total

Interest Rate(1)

Maturity in Years

Fixed Rate Debt

Fixed Rate Secured Debt

$1,686,595

70.7%

3.72%

5.49



Variable Rate Debt

Variable Rate Secured Debt

700,068

29.3%

3.36%

2.64

Totals / Weighted Average

$2,386,663

100.0%

3.61%

4.65

Unamortized Deferred Financing Costs

(11,716)

Total Consolidated Debt, net

$2,374,947

Partners’ Share

(74,789)

CLI Share of Total Consolidated Debt, net(2)

$2,300,158



Unconsolidated Secured Debt

CLI Share

353,289

53.3%

3.97%

6.12

Partners’ Share

309,218

46.7%

3.97%

6.12

Total Unconsolidated Secured Debt

$662,507

100.0%

3.97%

6.12

1.

The actual weighted average LIBOR rate for the Company’s outstanding variable rate debt was 0.11 percent as of September 30, 2021, plus the applicable spread.

2.

Minority interest share of consolidated debt is comprised of $33.7 million at BLVD 425, $30.1 million at BLVD 401, $9.8 million at Port Imperial South Garage, and $1.1 million at Port Imperial South Retail.



Unconsolidated Joint Ventures

$ in thousands



Physical

CLI's Nominal

Q3 2021

Total

CLI Share

CLI Share

Property

Units

Occupancy

Ownership(1)

NOI(2)

Debt

of Q3 NOI

of Debt



Multifamily

Urby Harborside

762

96.9%

85.0%

$3,597

$191,805

$3,057

$163,034

RiverTrace at Port Imperial

316

95.9%

22.5%

1,508

82,000

339

18,450

Capstone at Port Imperial

360

83.9%

40.0%

1,989

103,954

796

41,582

Riverpark at Harrison

141

97.2%

45.0%

258

30,192

116

13,586

Metropolitan at 40 Park

130

93.8%

25.0%

893

42,567

223

10,642

Metropolitan Lofts

59

100.0%

50.0%

274

18,200

137

9,100

Station House

378

91.8%

50.0%

1,570

93,789

785

46,895

Subtotal - Multifamily

2,146

93.6%

54.9%

$10,089

$562,507

$5,453

$303,289



Retail/Hotel

Hyatt Regency Jersey City

351

68.4%

50.0%

$1,516

$100,000

$758

$50,000

Total Operating

$11,605

$662,507

$6,211

$353,289



Other Unconsolidated JVs

$213

–

$72

–

Total Unconsolidated JVs

$11,818

$662,507

$6,283

$353,289

1.

Amounts represent the Company’s share based on ownership percentage. 

2.

The sum of property-level revenue, straight-line and ASC 805 adjustments; less: operating expense, real estate taxes and utilities.



Operating Portfolio - Multifamily

$ in thousands, except per home



Operating Highlights



Average

Average



Percentage

Percentage

Revenue

Revenue



Rentable

Avg.

Year

Occupied

Occupied

per Home

per Home

NOI

NOI

NOI

Debt



Location

Ownership

Apartments

SF

Size

Complete

Q3 2021

Q2 2021

Q3 2021

Q2 2021

Q3 2021

Q2 2021

YTD 2021

Balance



New Jersey Waterfront

Liberty Towers

Jersey City, NJ

100.0%

648 

602,210 

929 

2003

97.1%

92.6%

$3,156

$3,284

$3,327

$3,176

$9,536

$265,000

BLVD 425

Jersey City, NJ

74.3%

412 

369,515 

897 

2003

96.6%

87.6%

2,989

3,092

1,965

1,531

4,970

131,000

BLVD 475

Jersey City, NJ

100.0%

523 

475,459 

909 

2011

96.2%

86.6%

3,074

3,181

2,328

1,984

6,284

165,000

BLVD 401

Jersey City, NJ

74.3%

311 

273,132 

878 

2016

94.9%

93.9%

3,121

3,135

1,658

1,690

4,891

117,000

Soho Lofts

Jersey City, NJ

100.0%

377 

449,067 

1,191 

2017

96.8%

92.8%

3,665

3,800

2,123

1,926

5,923

160,000

Urby Harborside

Jersey City, NJ

85.0%

762 

474,476 

623 

2017

96.9%

93.0%

3,119

2,776

3,597

3,682

11,143

191,805

RiverHouse 11

Weehawken, NJ

100.0%

295 

250,591 

849 

2018

96.9%

93.6%

3,404

3,349

1,726

1,984

5,546

100,000

RiverTrace at Port Imperial

West New York, NJ

22.5%