Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 02, 2020 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2020 | |
Entity Central Index Key | 0000924901 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | Mack-Cali Realty Corporation | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Entity File Number | 1-13274 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 22-3305147 | |
Entity Address, Address Line One | Harborside 3, 210 Hudson St. | |
Entity Address, Address Line Two | Ste. 400 | |
Entity Address, City or Town | Jersey City | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07311 | |
City Area Code | 732 | |
Local Phone Number | 590-1010 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | CLI | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 90,712,389 | |
Mack-Cali Realty LP [Member] | ||
Entity Central Index Key | 0001067063 | |
Entity Registrant Name | Mack-Cali Realty, L.P. | |
Entity File Number | 333-57103 | |
Entity Filer Category | Large Accelerated Filer |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Rental property | ||
Land and leasehold interests | $ 641,962 | $ 653,231 |
Buildings and improvements | 3,669,960 | 3,361,435 |
Tenant improvements | 163,900 | 163,299 |
Furniture, fixtures and equipment | 78,558 | 78,716 |
Gross investment in rental property | 4,554,380 | 4,256,681 |
Less - accumulated depreciation and amortization | (627,995) | (558,617) |
Total investment in rental property | 3,926,385 | 3,698,064 |
Real estate held for sale, net | 714,404 | 966,497 |
Net investment in rental property | 4,640,789 | 4,664,561 |
Cash and cash equivalents | 22,872 | 25,589 |
Restricted cash | 14,507 | 15,577 |
Investments in unconsolidated joint ventures | 194,779 | 209,091 |
Unbilled rents receivable, net | 86,818 | 95,686 |
Deferred charges, goodwill and other assets, net | 220,194 | 275,102 |
Accounts receivable | 10,784 | 7,192 |
Total assets | 5,190,743 | 5,292,798 |
LIABILITIES AND EQUITY | ||
Senior unsecured notes, net | 572,360 | 571,484 |
Unsecured revolving credit facility and term loans | 156,000 | 329,000 |
Mortgages, loans payable and other obligations, net | 2,167,522 | 1,908,034 |
Dividends and distributions payable | 1,537 | 22,265 |
Accounts payable, accrued expenses and other liabilities | 205,637 | 209,510 |
Rents received in advance and security deposits | 36,575 | 39,463 |
Accrued interest payable | 15,642 | 10,185 |
Total liabilities | 3,155,273 | 3,089,941 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 511,352 | 503,382 |
Mack-Cali Realty Corporation stockholders' equity: | ||
Common stock, $0.01 par value, 190,000,000 shares authorized, 90,712,055 and 90,595,176 shares outstanding | 907 | 906 |
Additional paid-in capital | 2,531,122 | 2,535,440 |
Dividends in excess of net earnings | (1,195,909) | (1,042,629) |
Accumulated other comprehensive income (loss) | (18) | |
Total Mack-Cali Realty Corporation stockholders' equity | 1,336,120 | 1,493,699 |
Noncontrolling interests in subsidiaries: | ||
Operating Partnership | 142,469 | 158,480 |
Consolidated joint ventures | 45,529 | 47,296 |
Total noncontrolling interests in subsidiaries | 187,998 | 205,776 |
Total equity | 1,524,118 | 1,699,475 |
Total liabilities and equity | 5,190,743 | 5,292,798 |
Mack-Cali Realty LP [Member] | ||
Rental property | ||
Land and leasehold interests | 641,962 | 653,231 |
Buildings and improvements | 3,669,960 | 3,361,435 |
Tenant improvements | 163,900 | 163,299 |
Furniture, fixtures and equipment | 78,558 | 78,716 |
Gross investment in rental property | 4,554,380 | 4,256,681 |
Less - accumulated depreciation and amortization | (627,995) | (558,617) |
Total investment in rental property | 3,926,385 | 3,698,064 |
Real estate held for sale, net | 714,404 | 966,497 |
Net investment in rental property | 4,640,789 | 4,664,561 |
Cash and cash equivalents | 22,872 | 25,589 |
Restricted cash | 14,507 | 15,577 |
Investments in unconsolidated joint ventures | 194,779 | 209,091 |
Unbilled rents receivable, net | 86,818 | 95,686 |
Deferred charges, goodwill and other assets, net | 220,194 | 275,102 |
Accounts receivable | 10,784 | 7,192 |
Total assets | 5,190,743 | 5,292,798 |
LIABILITIES AND EQUITY | ||
Senior unsecured notes, net | 572,360 | 571,484 |
Unsecured revolving credit facility and term loans | 156,000 | 329,000 |
Mortgages, loans payable and other obligations, net | 2,167,522 | 1,908,034 |
Dividends and distributions payable | 1,537 | 22,265 |
Accounts payable, accrued expenses and other liabilities | 205,637 | 209,510 |
Rents received in advance and security deposits | 36,575 | 39,463 |
Accrued interest payable | 15,642 | 10,185 |
Total liabilities | 3,155,273 | 3,089,941 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 511,352 | 503,382 |
Mack-Cali Realty Corporation stockholders' equity: | ||
General Partner, 90,712,055 and 90,595,176 common units outstanding | 1,268,493 | 1,427,568 |
Limited partners, 9,672,558 and 9,612,064 common units/LTIPs outstanding | 210,096 | 224,629 |
Accumulated other comprehensive income (loss) | (18) | |
Total Mack-Cali Realty, L.P. partners' capital | 1,478,589 | 1,652,179 |
Noncontrolling interests in subsidiaries: | ||
Noncontrolling interests in consolidated joint ventures | 45,529 | 47,296 |
Total equity | 1,524,118 | 1,699,475 |
Total liabilities and equity | $ 5,190,743 | $ 5,292,798 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 190,000,000 | 190,000,000 |
Common stock, shares outstanding | 90,712,055 | 90,595,176 |
Mack-Cali Realty LP [Member] | ||
General Partner common units outstanding | 90,712,055 | 90,595,176 |
Limited partners common units outstanding | 9,672,558 | 9,612,064 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
REVENUES | ||||
Revenue from leases | $ 65,849,000 | $ 72,538,000 | $ 201,091,000 | $ 224,947,000 |
Total revenues | 77,650,000 | 87,390,000 | 232,357,000 | 264,261,000 |
EXPENSES | ||||
Real estate taxes | 10,816,000 | 11,151,000 | 32,326,000 | 33,813,000 |
Utilities | 3,598,000 | 4,402,000 | 10,564,000 | 14,605,000 |
Operating services | 18,942,000 | 18,109,000 | 50,639,000 | 52,821,000 |
Real estate services expenses | 3,300,000 | 3,905,000 | 10,106,000 | 12,150,000 |
General and administrative | 28,945,000 | 12,571,000 | 62,005,000 | 42,836,000 |
Depreciation and amortization | 31,670,000 | 32,605,000 | 92,807,000 | 96,110,000 |
Property impairments | 36,582,000 | 36,582,000 | ||
Land and other impairments | 1,292,000 | 2,589,000 | 23,401,000 | 5,088,000 |
Total expenses | 135,145,000 | 85,332,000 | 318,430,000 | 257,423,000 |
OTHER (EXPENSE) INCOME | ||||
Interest expense | (20,265,000) | (22,129,000) | (61,795,000) | (67,817,000) |
Interest and other investment income (loss) | 3,000 | 188,000 | 42,000 | 1,526,000 |
Equity in earnings (loss) of unconsolidated joint ventures | 1,373,000 | (113,000) | (281,000) | (882,000) |
Gain on change of control of interests | 13,790,000 | |||
Realized gains (losses) and unrealized losses on disposition of rental property, net | (34,666,000) | (7,915,000) | 233,698,000 | |
Gain on disposition of developable land | 296,000 | 4,813,000 | 566,000 | |
Gain on sale of investment in unconsolidated joint venture | 903,000 | |||
Gain from extinguishment of debt, net | 0 | (98,000) | 0 | 1,801,000 |
Total other income (expense) | (18,889,000) | (56,522,000) | (65,136,000) | 183,585,000 |
Income (loss) from continuing operations | (76,384,000) | (54,464,000) | (151,209,000) | 190,423,000 |
Discontinued operations: | ||||
Income from discontinued operations | 19,491,000 | 8,506,000 | 63,213,000 | 24,686,000 |
Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net | 15,775,000 | (10,063,000) | (23,900,000) | (15,865,000) |
Total discontinued operations, net | 35,266,000 | (1,557,000) | 39,313,000 | 8,821,000 |
Net income (loss) | (41,118,000) | (56,021,000) | (111,896,000) | 199,244,000 |
Noncontrolling interests in consolidated joint ventures | 895,000 | 405,000 | 1,900,000 | 2,500,000 |
Noncontrolling interests in Operating Partnership of income from continuing operations | 7,874,000 | 6,005,000 | 16,166,000 | (18,191,000) |
Noncontrolling interests in Operating Partnership in discontinued operations | (3,388,000) | 154,000 | (3,776,000) | (896,000) |
Redeemable noncontrolling interests | (6,471,000) | (6,471,000) | (19,413,000) | (16,144,000) |
Net income (loss) available to common shareholders | $ (42,208,000) | $ (55,928,000) | $ (117,019,000) | $ 166,513,000 |
Basic earnings per common share: | ||||
Income (loss) from continuing operations | $ (0.84) | $ (0.63) | $ (1.76) | $ 1.50 |
Discontinued operations | 0.35 | (0.02) | 0.39 | 0.09 |
Net income (loss) available to common shareholders | (0.49) | (0.65) | (1.37) | 1.59 |
Diluted earnings per common share: | ||||
Income (loss) from continuing operations | (0.84) | (0.63) | (1.76) | 1.50 |
Discontinued operations | 0.35 | (0.02) | 0.39 | 0.09 |
Net income (loss) available to common shareholders | $ (0.49) | $ (0.65) | $ (1.37) | $ 1.59 |
Basic weighted average shares outstanding | 90,671 | 90,584 | 90,639 | 90,539 |
Diluted weighted average shares outstanding | 100,307 | 100,560 | 100,235 | 100,802 |
Real Estate Services [Member] | ||||
REVENUES | ||||
Total revenues | $ 2,876,000 | $ 3,411,000 | $ 8,624,000 | $ 10,783,000 |
Parking Income [Member] | ||||
REVENUES | ||||
Total revenues | 4,033,000 | 5,716,000 | 12,332,000 | 16,097,000 |
Hotel Income [Member] | ||||
REVENUES | ||||
Total revenues | 893,000 | 3,325,000 | 3,290,000 | 5,702,000 |
Other Income [Member] | ||||
REVENUES | ||||
Total revenues | 3,999,000 | 2,400,000 | 7,020,000 | 6,732,000 |
Mack-Cali Realty LP [Member] | ||||
REVENUES | ||||
Revenue from leases | 65,849,000 | 72,538,000 | 201,091,000 | 224,947,000 |
Total revenues | 77,650,000 | 87,390,000 | 232,357,000 | 264,261,000 |
EXPENSES | ||||
Real estate taxes | 10,816,000 | 11,151,000 | 32,326,000 | 33,813,000 |
Utilities | 3,598,000 | 4,402,000 | 10,564,000 | 14,605,000 |
Operating services | 18,942,000 | 18,109,000 | 50,639,000 | 52,821,000 |
Real estate services expenses | 3,300,000 | 3,905,000 | 10,106,000 | 12,150,000 |
General and administrative | 28,945,000 | 12,571,000 | 62,005,000 | 42,836,000 |
Depreciation and amortization | 31,670,000 | 32,605,000 | 92,807,000 | 96,110,000 |
Property impairments | 36,582,000 | 36,582,000 | ||
Land and other impairments | 1,292,000 | 2,589,000 | 23,401,000 | 5,088,000 |
Total expenses | 135,145,000 | 85,332,000 | 318,430,000 | 257,423,000 |
OTHER (EXPENSE) INCOME | ||||
Interest expense | (20,265,000) | (22,129,000) | (61,795,000) | (67,817,000) |
Interest and other investment income (loss) | 3,000 | 188,000 | 42,000 | 1,526,000 |
Equity in earnings (loss) of unconsolidated joint ventures | 1,373,000 | (113,000) | (281,000) | (882,000) |
Gain on change of control of interests | 13,790,000 | |||
Realized gains (losses) and unrealized losses on disposition of rental property, net | (34,666,000) | (7,915,000) | 233,698,000 | |
Gain on disposition of developable land | 296,000 | 4,813,000 | 566,000 | |
Gain on sale of investment in unconsolidated joint venture | 903,000 | |||
Gain from extinguishment of debt, net | (98,000) | 1,801,000 | ||
Total other income (expense) | (18,889,000) | (56,522,000) | (65,136,000) | 183,585,000 |
Income (loss) from continuing operations | (76,384,000) | (54,464,000) | (151,209,000) | 190,423,000 |
Discontinued operations: | ||||
Income from discontinued operations | 19,491,000 | 8,506,000 | 63,213,000 | 24,686,000 |
Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net | 15,775,000 | (10,063,000) | (23,900,000) | (15,865,000) |
Total discontinued operations, net | 35,266,000 | (1,557,000) | 39,313,000 | 8,821,000 |
Net income (loss) | (41,118,000) | (56,021,000) | (111,896,000) | 199,244,000 |
Noncontrolling interests in consolidated joint ventures | 895,000 | 405,000 | 1,900,000 | 2,500,000 |
Redeemable noncontrolling interests | (6,471,000) | (6,471,000) | (19,413,000) | (16,144,000) |
Net income (loss) available to common shareholders | $ (46,694,000) | $ (62,087,000) | $ (129,409,000) | $ 185,600,000 |
Basic earnings per common share: | ||||
Income (loss) from continuing operations | $ (0.84) | $ (0.63) | $ (1.76) | $ 1.50 |
Discontinued operations | 0.35 | (0.02) | 0.39 | 0.09 |
Net income (loss) available to common shareholders | (0.49) | (0.65) | (1.37) | 1.59 |
Diluted earnings per common share: | ||||
Income (loss) from continuing operations | (0.84) | (0.63) | (1.76) | 1.50 |
Discontinued operations | 0.35 | (0.02) | 0.39 | 0.09 |
Net income (loss) available to common shareholders | $ (0.49) | $ (0.65) | $ (1.37) | $ 1.59 |
Basic weighted average units outstanding | 100,307 | 100,560 | 100,235 | 100,607 |
Diluted weighted average units outstanding | 100,307 | 100,560 | 100,235 | 100,802 |
Mack-Cali Realty LP [Member] | Real Estate Services [Member] | ||||
REVENUES | ||||
Total revenues | $ 2,876,000 | $ 3,411,000 | $ 8,624,000 | $ 10,783,000 |
Mack-Cali Realty LP [Member] | Parking Income [Member] | ||||
REVENUES | ||||
Total revenues | 4,033,000 | 5,716,000 | 12,332,000 | 16,097,000 |
Mack-Cali Realty LP [Member] | Hotel Income [Member] | ||||
REVENUES | ||||
Total revenues | 893,000 | 3,325,000 | 3,290,000 | 5,702,000 |
Mack-Cali Realty LP [Member] | Other Income [Member] | ||||
REVENUES | ||||
Total revenues | $ 3,999,000 | $ 2,400,000 | $ 7,020,000 | $ 6,732,000 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net income (loss) | $ (41,118) | $ (56,021) | $ (111,896) | $ 199,244 |
Other comprehensive income (loss): | ||||
Net unrealized gain (loss) on derivative instruments for interest rate swaps | (878) | (16) | (9,953) | |
Comprehensive income (loss) | (41,118) | (56,899) | (111,912) | 189,291 |
Comprehensive (income) loss attributable to noncontrolling interests in consolidated joint ventures | 895 | 405 | 1,900 | 2,500 |
Comprehensive (income) loss attributable to redeemable noncontrolling interests | (6,471) | (6,471) | (19,413) | (16,144) |
Comprehensive (income) loss attributable to noncontrolling interests in Operating Partnership | 4,486 | 6,246 | 12,424 | (18,127) |
Comprehensive income (loss) attributable to common shareholders | (42,208) | (56,719) | (117,001) | 157,520 |
Mack-Cali Realty LP [Member] | ||||
Net income (loss) | (41,118) | (56,021) | (111,896) | 199,244 |
Other comprehensive income (loss): | ||||
Net unrealized gain (loss) on derivative instruments for interest rate swaps | (878) | (16) | (9,953) | |
Comprehensive income (loss) | (41,118) | (56,899) | (111,912) | 189,291 |
Comprehensive (income) loss attributable to noncontrolling interests in consolidated joint ventures | 895 | 405 | 1,900 | 2,500 |
Comprehensive (income) loss attributable to redeemable noncontrolling interests | (6,471) | (6,471) | (19,413) | (16,144) |
Comprehensive income (loss) attributable to common shareholders | $ (46,694) | $ (62,965) | $ (129,425) | $ 175,647 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Equity - USD ($) shares in Thousands, $ in Thousands | Mack-Cali Realty LP [Member]General Partner Common Units [Member] | Mack-Cali Realty LP [Member]Limited Partner Common Units/Vested LTIP Units [Member] | Mack-Cali Realty LP [Member]General Partner Common Unitholders [Member] | Mack-Cali Realty LP [Member]Limited Partner Common Unitholders [Member] | Mack-Cali Realty LP [Member]Noncontrolling Interest In Consolidated Joint Ventures [Member] | Mack-Cali Realty LP [Member]Accumulated Other Comprehensive Income (Loss) [Member] | Mack-Cali Realty LP [Member] | General Partner Common Unitholders [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Dividends In Excess Of Net Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests In Subsidiaries [Member] | Total |
Balance, value at Dec. 31, 2018 | $ 903 | $ 2,561,503 | $ (1,084,518) | $ 8,770 | $ 210,523 | $ 1,697,181 | ||||||||
Balance, shares at Dec. 31, 2018 | 90,320 | |||||||||||||
Balance, value at Dec. 31, 2018 | $ 1,413,497 | $ 232,764 | $ 42,150 | $ 8,770 | $ 1,697,181 | |||||||||
Balance, units at Dec. 31, 2018 | 90,320 | 10,229 | ||||||||||||
Net income (loss) | 166,513 | 19,087 | 13,644 | 199,244 | 166,513 | 32,731 | 199,244 | |||||||
Common stock dividends | (54,282) | (54,282) | ||||||||||||
Common unit distributions | (54,282) | (6,417) | (60,699) | $ (54,282) | (6,417) | (6,417) | ||||||||
Redeemable noncontrolling interests | (22,936) | (2,541) | (16,144) | (41,621) | $ (22,936) | $ (18,685) | $ (41,621) | |||||||
Change in noncontrolling interests in consolidated joint ventures | (1,958) | 9,110 | 7,152 | |||||||||||
Increase in noncontrolling interest, shares | (1,958) | 9,110 | 7,152 | |||||||||||
Vested LTIP units, shares | 68 | |||||||||||||
Redemption of common units for common stock, value | 705 | (705) | 705 | $ 1 | $ 704 | $ (705) | ||||||||
Redemption of common units for common stock, shares | 38 | (20) | 38 | |||||||||||
Redemption of common units, value | (1,665) | (5,030) | (6,695) | (1,665) | (1,665) | (5,030) | $ (6,695) | |||||||
Redemption of common units, shares | (304) | |||||||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, value | 31 | 31 | 31 | 31 | ||||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, shares | 2 | 2 | ||||||||||||
Directors' deferred compensation plan, value | 238 | 238 | 238 | $ 2 | 236 | 238 | ||||||||
Directors' deferred compensation plan, shares | 194 | 194 | ||||||||||||
Stock compensation, value | $ (2) | 490 | 5,561 | 6,051 | 490 | 5,561 | 6,051 | |||||||
Cancellation of unvested LTIP units, value | 2,819 | (2,889) | (70) | 2,819 | (2,889) | (70) | ||||||||
Cancellation of unvested LTIP units, shares | (2) | |||||||||||||
Other comprehensive income (loss) | (390) | (960) | (8,603) | (9,953) | (8,993) | (390) | (8,603) | (960) | (9,953) | |||||
Rebalancing of ownership percentage between parent and subsidiaries | 1,641 | 1,641 | (1,641) | |||||||||||
Balance, value at Sep. 30, 2019 | $ 906 | 2,538,046 | (969,858) | 167 | 221,598 | 1,790,859 | ||||||||
Balance, shares at Sep. 30, 2019 | 90,552 | |||||||||||||
Balance, value at Sep. 30, 2019 | 1,503,062 | 238,870 | 48,760 | 167 | 1,790,859 | |||||||||
Balance, units at Sep. 30, 2019 | 90,552 | 9,973 | ||||||||||||
Balance, value at Jun. 30, 2019 | $ 906 | 2,539,547 | (895,824) | 958 | 230,461 | 1,876,048 | ||||||||
Balance, shares at Jun. 30, 2019 | 90,553 | |||||||||||||
Balance, value at Jun. 30, 2019 | 1,580,023 | 245,902 | 49,165 | 958 | 1,876,048 | |||||||||
Balance, units at Jun. 30, 2019 | 90,553 | 9,976 | ||||||||||||
Net income (loss) | (55,928) | (6,159) | 6,066 | (56,021) | (55,928) | (93) | (56,021) | |||||||
Common stock dividends | (18,106) | (18,106) | ||||||||||||
Common unit distributions | (18,106) | (2,360) | (20,466) | (18,106) | (2,360) | (2,360) | ||||||||
Redeemable noncontrolling interests | (3,025) | (334) | (6,471) | (9,830) | (3,025) | (6,805) | (9,830) | |||||||
Redemption of common units for common stock, value | 0 | |||||||||||||
Redemption of common units for common stock, shares | 0 | |||||||||||||
Redemption of common units, value | (65) | (65) | (65) | (65) | ||||||||||
Redemption of common units, shares | (3) | |||||||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, value | 10 | 10 | 10 | 10 | ||||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, shares | 1 | 1 | ||||||||||||
Directors' deferred compensation plan, value | 81 | 81 | 81 | 81 | 81 | |||||||||
Directors' deferred compensation plan, shares | 0 | |||||||||||||
Stock compensation, value | 7 | 1,973 | 1,980 | 7 | 1,973 | 1,980 | ||||||||
Stock compensation, shares | (2) | (2) | ||||||||||||
Other comprehensive income (loss) | (87) | (791) | (878) | (791) | (791) | (87) | (878) | |||||||
Rebalancing of ownership percentage between parent and subsidiaries | 1,426 | 1,426 | (1,426) | |||||||||||
Balance, value at Sep. 30, 2019 | $ 906 | 2,538,046 | (969,858) | 167 | 221,598 | 1,790,859 | ||||||||
Balance, shares at Sep. 30, 2019 | 90,552 | |||||||||||||
Balance, value at Sep. 30, 2019 | 1,503,062 | 238,870 | 48,760 | 167 | 1,790,859 | |||||||||
Balance, units at Sep. 30, 2019 | 90,552 | 9,973 | ||||||||||||
Balance, value at Dec. 31, 2019 | $ 906 | 2,535,440 | (1,042,629) | (18) | 205,776 | 1,699,475 | ||||||||
Balance, shares at Dec. 31, 2019 | 90,595 | |||||||||||||
Balance, value at Dec. 31, 2019 | 1,427,568 | 224,629 | 47,296 | (18) | 1,699,475 | |||||||||
Balance, units at Dec. 31, 2019 | 90,595 | 9,612 | ||||||||||||
Net income (loss) | (117,019) | (12,390) | 17,513 | (111,896) | (117,019) | 5,123 | (111,896) | |||||||
Common stock dividends | (36,261) | (36,261) | ||||||||||||
Common unit distributions | (36,261) | (3,509) | (39,770) | (36,261) | (3,509) | (3,509) | ||||||||
Redeemable noncontrolling interests | (7,207) | (763) | (19,413) | (27,383) | (7,207) | (20,176) | (27,383) | |||||||
Change in noncontrolling interests in consolidated joint ventures | 133 | 133 | 133 | 133 | ||||||||||
Vested LTIP units, shares | 160 | |||||||||||||
Redemption of common units for common stock, value | ||||||||||||||
Redemption of common units for common stock, shares | ||||||||||||||
Redemption of common units, value | (2,170) | (2,170) | (2,170) | (2,170) | ||||||||||
Redemption of common units, shares | (100) | |||||||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, value | 39 | 39 | 39 | 39 | ||||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, shares | 3 | 3 | ||||||||||||
Directors' deferred compensation plan, value | $ 61 | 215 | 215 | 215 | $ 1 | 214 | 215 | |||||||
Directors' deferred compensation plan, shares | 61 | |||||||||||||
Stock compensation, value | $ 53 | 1,158 | 4,534 | 5,692 | 1,158 | 4,534 | 5,692 | |||||||
Stock compensation, shares | 53 | |||||||||||||
Cancellation of unvested LTIP units, value | (201) | (201) | (201) | (201) | ||||||||||
Other comprehensive income (loss) | (34) | 18 | (16) | 18 | 18 | (34) | (16) | |||||||
Rebalancing of ownership percentage between parent and subsidiaries | 1,478 | 1,478 | (1,478) | |||||||||||
Balance, value at Sep. 30, 2020 | $ 907 | 2,531,122 | (1,195,909) | 187,998 | 1,524,118 | |||||||||
Balance, shares at Sep. 30, 2020 | 90,712 | |||||||||||||
Balance, value at Sep. 30, 2020 | 1,268,493 | 210,096 | 45,529 | 1,524,118 | ||||||||||
Balance, units at Sep. 30, 2020 | 90,712 | 9,672 | ||||||||||||
Balance, value at Jun. 30, 2020 | $ 906 | 2,533,686 | (1,135,559) | 194,463 | 1,593,496 | |||||||||
Balance, shares at Jun. 30, 2020 | 90,597 | |||||||||||||
Balance, value at Jun. 30, 2020 | 1,330,531 | 216,541 | 46,424 | 1,593,496 | ||||||||||
Balance, units at Jun. 30, 2020 | 90,597 | 9,586 | ||||||||||||
Net income (loss) | (42,208) | (4,486) | 5,576 | (41,118) | (42,208) | 1,090 | (41,118) | |||||||
Common stock dividends | (18,142) | (18,142) | ||||||||||||
Common unit distributions | (18,142) | |||||||||||||
Common unit distributions | (18,142) | (2,029) | (20,171) | (2,029) | (2,029) | |||||||||
Redeemable noncontrolling interests | (2,167) | (230) | (6,471) | (8,868) | (2,167) | (6,701) | (8,868) | |||||||
Change in noncontrolling interests in consolidated joint ventures | ||||||||||||||
Vested LTIP units, shares | 88 | |||||||||||||
Redemption of common units for common stock, value | ||||||||||||||
Redemption of common units for common stock, shares | (2) | |||||||||||||
Redemption of common units, value | (29) | (29) | (29) | (29) | ||||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, value | 9 | 9 | 9 | 9 | ||||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, shares | 1 | 1 | ||||||||||||
Directors' deferred compensation plan, value | 76 | 76 | 76 | $ 1 | 75 | 76 | ||||||||
Directors' deferred compensation plan, shares | 61 | 61 | ||||||||||||
Stock compensation, value | 394 | 329 | 723 | 394 | 329 | 723 | ||||||||
Stock compensation, shares | 53 | 53 | ||||||||||||
Cancellation of unvested LTIP units, value | ||||||||||||||
Cancellation of unvested LTIP units, shares | ||||||||||||||
Other comprehensive income (loss) | ||||||||||||||
Rebalancing of ownership percentage between parent and subsidiaries | $ (875) | (875) | 875 | |||||||||||
Balance, value at Sep. 30, 2020 | $ 907 | $ 2,531,122 | $ (1,195,909) | $ 187,998 | $ 1,524,118 | |||||||||
Balance, shares at Sep. 30, 2020 | 90,712 | |||||||||||||
Balance, value at Sep. 30, 2020 | $ 1,268,493 | $ 210,096 | $ 45,529 | $ 1,524,118 | ||||||||||
Balance, units at Sep. 30, 2020 | 90,712 | 9,672 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income (loss) | $ (41,118) | $ (56,021) | $ (111,896) | $ 199,244 | |||||||
Net (income) loss from discontinued operations | (35,266) | 1,557 | (39,313) | (8,821) | |||||||
Income (loss) from continuing operations | (76,384) | (54,464) | (151,209) | 190,423 | |||||||
Adjustments to reconcile net income (loss) to net cash provided by Operating activities: | |||||||||||
Depreciation and amortization, including related intangible assets | 90,198 | 93,385 | |||||||||
Depreciation and amortization on discontinued operations | 4,223 | 50,775 | |||||||||
Amortization of directors deferred compensation stock units | 215 | 238 | |||||||||
Amortization of stock compensation | 5,692 | 6,051 | |||||||||
Amortization of deferred financing costs | 3,158 | 3,478 | |||||||||
Amortization of debt discount and mark-to-market | (711) | (711) | |||||||||
Equity in (earnings) loss of unconsolidated joint ventures | (1,373) | 113 | 281 | 882 | |||||||
Distributions of cumulative earnings from unconsolidated joint ventures | 4,734 | 5,520 | |||||||||
Gain on change of control of interests | (13,790) | ||||||||||
Realized (gains) losses and unrealized losses on disposition of rental property, net | 7,915 | (233,698) | |||||||||
Realized (gains) losses and unrealized losses on disposition of discontinued operations, net | 23,900 | 413 | |||||||||
Gain on disposition of developable land | (296) | (4,813) | (566) | ||||||||
Property impairments on continuing operations | 36,582 | 36,582 | |||||||||
Property impairments on discontinued operations | 11,696 | ||||||||||
Land and other impairments | 23,401 | 8,844 | |||||||||
Gain on sale of investments in unconsolidated joint ventures | (903) | ||||||||||
(Gain)Loss from extinguishment of debt | (1,801) | ||||||||||
Changes in operating assets and liabilities: | |||||||||||
Decrease (increase) in unbilled rents receivable, net | 750 | (5,597) | |||||||||
Increase in deferred charges, goodwill and other assets | (4,309) | (13,469) | |||||||||
Increase in accounts receivable, net | (5,732) | (567) | |||||||||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | (2,784) | 20,165 | |||||||||
Decrease in rents received in advance and security deposits | (1,441) | (23) | |||||||||
Increase in accrued interest payable | 5,471 | 6,445 | |||||||||
Net cash flows provided by operating activities - continuing operations | 7,398 | 60,550 | |||||||||
Net cash flows provided by operating activities - discontinuing operations | 69,190 | 60,357 | |||||||||
Net cash provided by operating activities | 76,588 | 120,907 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Rental property acquisitions and related intangibles | (16,214) | (901,108) | |||||||||
Rental property additions and improvements | (123,785) | (79,842) | |||||||||
Development of rental property and other related costs | (227,509) | (155,251) | |||||||||
Proceeds from the sales of rental property | 16,455 | 637,982 | |||||||||
Proceeds from the sale of investments in unconsolidated joint ventures | 4,039 | ||||||||||
Repayment of notes receivable | 333 | 46,430 | |||||||||
Investment in unconsolidated joint ventures | (1,664) | (8,859) | |||||||||
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 11,960 | 4,977 | |||||||||
Net cash used in investing activities - continuing operations | (340,424) | (451,632) | |||||||||
Net cash provided by (used in) investing activities - discontinuing operations | 257,462 | (84,449) | |||||||||
Net cash used in investing activities | (82,962) | (536,081) | |||||||||
CASH FLOW FROM FINANCING ACTIVITIES | |||||||||||
Borrowings from revolving credit facility | 191,000 | 489,000 | |||||||||
Repayment of revolving credit facility | (364,000) | (398,000) | |||||||||
Repayment of senior unsecured notes | (395,000) | ||||||||||
Proceeds from mortgages and loans payable | 258,483 | 764,583 | |||||||||
Repayment of mortgages, loans payable and other obligations | (298) | (97,215) | |||||||||
Acquisition of noncontrolling interests | (5,017) | ||||||||||
Issuance of redeemable noncontrolling interests, net | 145,000 | ||||||||||
Common unit redemptions | (2,170) | ||||||||||
Payment of financing costs | (668) | (7,003) | |||||||||
(Contributions) Distributions to noncontrolling interests | 133 | (407) | |||||||||
Payment of dividends and distributions | (79,895) | (75,918) | |||||||||
Net cash provided by financing activities | 2,585 | 420,023 | |||||||||
Net (decrease) increase in cash and cash equivalents | (3,789) | 4,849 | |||||||||
Cash, cash equivalents and restricted cash, beginning of period | [1] | 41,168 | 49,554 | $ 49,554 | |||||||
Cash, cash equivalents and restricted cash, end of period | 37,379 | [2] | 54,403 | [2] | 37,379 | [2] | 54,403 | [2] | 41,168 | [1] | |
Mack-Cali Realty LP [Member] | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income (loss) | (41,118) | (56,021) | (111,896) | 199,244 | |||||||
Net (income) loss from discontinued operations | (35,266) | 1,557 | (39,313) | (8,821) | |||||||
Income (loss) from continuing operations | (76,384) | (54,464) | (151,209) | 190,423 | |||||||
Adjustments to reconcile net income (loss) to net cash provided by Operating activities: | |||||||||||
Depreciation and amortization, including related intangible assets | 90,198 | 93,385 | |||||||||
Depreciation and amortization on discontinued operations | 4,223 | 50,775 | |||||||||
Amortization of directors deferred compensation stock units | 215 | 238 | |||||||||
Amortization of stock compensation | 5,692 | 6,051 | |||||||||
Amortization of deferred financing costs | 3,158 | 3,478 | |||||||||
Amortization of debt discount and mark-to-market | (711) | (711) | |||||||||
Equity in (earnings) loss of unconsolidated joint ventures | (1,373) | 113 | 281 | 882 | |||||||
Distributions of cumulative earnings from unconsolidated joint ventures | 4,734 | 5,520 | |||||||||
Gain on change of control of interests | (13,790) | ||||||||||
Realized (gains) losses and unrealized losses on disposition of rental property, net | 7,915 | (233,698) | |||||||||
Realized (gains) losses and unrealized losses on disposition of discontinued operations, net | 23,900 | 413 | |||||||||
Gain on disposition of developable land | (296) | (4,813) | (566) | ||||||||
Property impairments on continuing operations | 36,582 | 36,582 | |||||||||
Property impairments on discontinued operations | 11,696 | ||||||||||
Land and other impairments | 23,401 | 8,844 | |||||||||
Gain on sale of investments in unconsolidated joint ventures | (903) | ||||||||||
(Gain)Loss from extinguishment of debt | (1,801) | ||||||||||
Changes in operating assets and liabilities: | |||||||||||
Decrease (increase) in unbilled rents receivable, net | 750 | (5,597) | |||||||||
Increase in deferred charges, goodwill and other assets | (4,309) | (13,469) | |||||||||
Increase in accounts receivable, net | (5,732) | (567) | |||||||||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | (2,784) | 20,165 | |||||||||
Decrease in rents received in advance and security deposits | (1,441) | (23) | |||||||||
Increase in accrued interest payable | 5,471 | 6,445 | |||||||||
Net cash flows provided by operating activities - continuing operations | 7,398 | 60,550 | |||||||||
Net cash flows provided by operating activities - discontinuing operations | 69,190 | 60,357 | |||||||||
Net cash provided by operating activities | 76,588 | 120,907 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Rental property acquisitions and related intangibles | (16,214) | (901,108) | |||||||||
Rental property additions and improvements | (123,785) | (79,842) | |||||||||
Development of rental property and other related costs | (227,509) | (155,251) | |||||||||
Proceeds from the sales of rental property | 16,455 | 637,982 | |||||||||
Proceeds from the sale of investments in unconsolidated joint ventures | 4,039 | ||||||||||
Repayment of notes receivable | 333 | 46,430 | |||||||||
Investment in unconsolidated joint ventures | (1,664) | (8,859) | |||||||||
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 11,960 | 4,977 | |||||||||
Net cash used in investing activities - continuing operations | (340,424) | (451,632) | |||||||||
Net cash provided by (used in) investing activities - discontinuing operations | 257,462 | (84,449) | |||||||||
Net cash used in investing activities | (82,962) | (536,081) | |||||||||
CASH FLOW FROM FINANCING ACTIVITIES | |||||||||||
Borrowings from revolving credit facility | 191,000 | 489,000 | |||||||||
Repayment of revolving credit facility | (364,000) | (398,000) | |||||||||
Repayment of senior unsecured notes | (395,000) | ||||||||||
Proceeds from mortgages and loans payable | 258,483 | 764,583 | |||||||||
Repayment of mortgages, loans payable and other obligations | (298) | (97,215) | |||||||||
Acquisition of noncontrolling interests | (5,017) | ||||||||||
Issuance of redeemable noncontrolling interests, net | 145,000 | ||||||||||
Common unit redemptions | (2,170) | ||||||||||
Payment of financing costs | (668) | (7,003) | |||||||||
(Contributions) Distributions to noncontrolling interests | 133 | (407) | |||||||||
Payment of dividends and distributions | (79,895) | (75,918) | |||||||||
Net cash provided by financing activities | 2,585 | 420,023 | |||||||||
Net (decrease) increase in cash and cash equivalents | (3,789) | 4,849 | |||||||||
Cash, cash equivalents and restricted cash, beginning of period | [1] | 41,168 | 49,554 | 49,554 | |||||||
Cash, cash equivalents and restricted cash, end of period | $ 37,379 | [2] | $ 54,403 | [2] | $ 37,379 | [2] | $ 54,403 | [2] | $ 41,168 | [1] | |
[1] | Includes Restricted Cash of $ 15,577 and $ 19,921 as of December 31, 2019 and 2018, respectively. | ||||||||||
[2] | Includes Restricted Cash of $ 14,507 and $ 19,635 as of September 30, 2020 and 2019, respectively. |
Consolidated Statements Of Ca_2
Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Restricted cash | $ 14,507 | $ 15,577 | $ 19,635 | $ 19,921 |
Mack-Cali Realty LP [Member] | ||||
Restricted cash | $ 14,507 | $ 15,577 | $ 19,635 | $ 19,921 |
Organization And Basis Of Prese
Organization And Basis Of Presentation | 9 Months Ended |
Sep. 30, 2020 | |
Organization And Basis Of Presentation [Line Items] | |
Organization And Basis Of Presentation | 1. ORGANIZATION AND BASIS OF PRESENTATION Organization Mack-Cali Realty Corporation, a Maryland corporation, together with its subsidiaries (collectively, the “General Partner”) is a fully-integrated self-administered, self-managed real estate investment trust (“REIT”). The General Partner controls Mack-Cali Realty, L.P., a Delaware limited partnership, together with its subsidiaries (collectively, the “Operating Partnership”), as its sole general partner and owned a 90.4 and 90.4 percent common unit interest in the Operating Partnership as of September 30, 2020 and December 31, 2019, respectively. The General Partner’s business is the ownership of interests in and operation of the Operating Partnership and all of the General Partner’s expenses are incurred for the benefit of the Operating Partnership. The General Partner is reimbursed by the Operating Partnership for all expenses it incurs relating to the ownership and operation of the Operating Partnership. The Operating Partnership conducts the business of providing leasing, management, acquisition, development and tenant-related services for its General Partner. The Operating Partnership, through its operating divisions and subsidiaries, including the Mack-Cali property-owning partnerships and limited liability companies, is the entity through which all of the General Partner’s operations are conducted. Unless stated otherwise or the context requires, the “Company” refers to the General Partner and its subsidiaries, including the Operating Partnership and its subsidiaries. As of September 30, 2020, the Company owned or had interests in 59 real estate properties (the “Properties”). The Properties are comprised of 29 office buildings totaling approximately 8.7 million square feet and leased to approximately 225 tenants (which include two buildings, aggregating approximately 0.2 million square feet owned by unconsolidated joint ventures in which the Company has investment interests), 22 multi-family properties, totaling 6,850 apartment units (which include seven properties aggregating 2,611 apartment units owned by unconsolidated joint ventures in which the Company has investment interests), four parking/retail properties totaling approximately 108,000 square feet (which include a building aggregating 51,000 square feet owned by unconsolidated joint ventures in which the Company has investment interests), three hotels containing 723 rooms (one of which is owned by an unconsolidated joint venture in which the Company has an investment interest) and a parcel of land leased to a third party. The Properties are located in four states in the Northeast, plus the District of Columbia. On December 19, 2019, the Company announced that its Board had determined to sell the Company’s entire suburban New Jersey office portfolio totaling approximately 6.6 million square feet (collectively, the “Suburban Office Portfolio”). As the decision to sell the Suburban Office Portfolio represented a strategic shift in the Company’s operations, the portfolio’s results are being classified as discontinued operations for all periods presented herein. See Note 7: Discontinued Operations. BASIS OF PRESENTATION The accompanying consolidated financial statements include all accounts of the Company, its majority-owned and/or controlled subsidiaries, which consist principally of the Operating Partnership and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any. See Note 2: Significant Accounting Policies – Investments in Unconsolidated Joint Ventures, for the Company’s treatment of unconsolidated joint venture interests. Intercompany accounts and transactions have been eliminated. Accounting Standards Codification (“ASC”) 810, Consolidation, provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and substantially all of the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the variable interest entity’s performance: and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. On January 1, 2016, the Company adopted accounting guidance under ASC 810, Consolidation, modifying the analysis it must perform to determine whether it should consolidate certain types of legal entities. The guidance does not amend the existing disclosure requirements for variable interest entities or voting interest model entities. The guidance, however, modified the requirements to qualify under the voting interest model. Under the revised guidance, the Operating Partnership will be a variable interest entity of the parent company, Mack-Cali Realty Corporation. As the Operating Partnership is already consolidated in the balance sheets of Mack-Cali Realty Corporation, the identification of this entity as a variable interest entity has no impact on the consolidated financial statements of Mack-Cali Realty Corporation. There were no other legal entities qualifying under the scope of the revised guidance that were consolidated as a result of the adoption. As of September 30, 2020 and December 31, 2019, the Company’s investments in consolidated real estate joint ventures, which are variable interest entities in which the Company is deemed to be the primary beneficiary, other than Roseland Residential, L.P. (See Note 15: Redeemable Noncontrolling Interests – Rockpoint Transaction), have total real estate assets of $ 493.1 million and $ 503.1 million, respectively, mortgages of $ 284.2 million and $ 283.7 million, respectively, and other liabilities of $ 21 million and $ 18.9 million, respectively. The financial statements have been prepared in conformity with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are based on management’s historical experience that are believed to be reasonable at the time. However, because future events and their effects cannot be determined with certainty, the determination of estimates requires the exercise of judgment. Actual results could differ from those estimates. Certain reclassifications have been made to prior period amounts in order to conform with current period presentation, primarily related to classification of certain properties as discontinued operations. During the second quarter of 2020, the Company’s management recorded an out-of-period adjustment relating to Land and other impairments expense, which was understated for the period ended December 31, 2019. Management concluded that this error was not material to the Company’s consolidated financial statements for any of the current or prior periods. The adjustment is reflected herein as a $ 2.5 million increase to Land and other impairments expense in the Company’s consolidated statements of operations for the nine month period ended September 30, 2020, and a corresponding decrease in Real estate held for sale, net, in the Company’s balance sheets as of September 30, 2020. |
Mack-Cali Realty LP [Member] | |
Organization And Basis Of Presentation [Line Items] | |
Organization And Basis Of Presentation | 1. ORGANIZATION AND BASIS OF PRESENTATION Organization Mack-Cali Realty Corporation, a Maryland corporation, together with its subsidiaries (collectively, the “General Partner”) is a fully-integrated self-administered, self-managed real estate investment trust (“REIT”). The General Partner controls Mack-Cali Realty, L.P., a Delaware limited partnership, together with its subsidiaries (collectively, the “Operating Partnership”), as its sole general partner and owned a 90.4 and 90.4 percent common unit interest in the Operating Partnership as of September 30, 2020 and December 31, 2019, respectively. The General Partner’s business is the ownership of interests in and operation of the Operating Partnership and all of the General Partner’s expenses are incurred for the benefit of the Operating Partnership. The General Partner is reimbursed by the Operating Partnership for all expenses it incurs relating to the ownership and operation of the Operating Partnership. The Operating Partnership conducts the business of providing leasing, management, acquisition, development and tenant-related services for its General Partner. The Operating Partnership, through its operating divisions and subsidiaries, including the Mack-Cali property-owning partnerships and limited liability companies, is the entity through which all of the General Partner’s operations are conducted. Unless stated otherwise or the context requires, the “Company” refers to the General Partner and its subsidiaries, including the Operating Partnership and its subsidiaries. As of September 30, 2020, the Company owned or had interests in 59 real estate properties (the “Properties”). The Properties are comprised of 29 office buildings totaling approximately 8.7 million square feet and leased to approximately 225 tenants (which include two buildings, aggregating approximately 0.2 million square feet owned by unconsolidated joint ventures in which the Company has investment interests), 22 multi-family properties, totaling 6,850 apartment units (which include seven properties aggregating 2,611 apartment units owned by unconsolidated joint ventures in which the Company has investment interests), four parking/retail properties totaling approximately 108,000 square feet (which include a building aggregating 51,000 square feet owned by unconsolidated joint ventures in which the Company has investment interests), three hotels containing 723 rooms (one of which is owned by an unconsolidated joint venture in which the Company has an investment interest) and a parcel of land leased to a third party. The Properties are located in four states in the Northeast, plus the District of Columbia. On December 19, 2019, the Company announced that its Board had determined to sell the Company’s entire suburban New Jersey office portfolio totaling approximately 6.6 million square feet (collectively, the “Suburban Office Portfolio”). As the decision to sell the Suburban Office Portfolio represented a strategic shift in the Company’s operations, the portfolio’s results are being classified as discontinued operations for all periods presented herein. See Note 7: Discontinued Operations. BASIS OF PRESENTATION The accompanying consolidated financial statements include all accounts of the Company, its majority-owned and/or controlled subsidiaries, which consist principally of the Operating Partnership and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any. See Note 2: Significant Accounting Policies – Investments in Unconsolidated Joint Ventures, for the Company’s treatment of unconsolidated joint venture interests. Intercompany accounts and transactions have been eliminated. Accounting Standards Codification (“ASC”) 810, Consolidation, provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and substantially all of the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the variable interest entity’s performance: and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. On January 1, 2016, the Company adopted accounting guidance under ASC 810, Consolidation, modifying the analysis it must perform to determine whether it should consolidate certain types of legal entities. The guidance does not amend the existing disclosure requirements for variable interest entities or voting interest model entities. The guidance, however, modified the requirements to qualify under the voting interest model. Under the revised guidance, the Operating Partnership will be a variable interest entity of the parent company, Mack-Cali Realty Corporation. As the Operating Partnership is already consolidated in the balance sheets of Mack-Cali Realty Corporation, the identification of this entity as a variable interest entity has no impact on the consolidated financial statements of Mack-Cali Realty Corporation. There were no other legal entities qualifying under the scope of the revised guidance that were consolidated as a result of the adoption. As of September 30, 2020 and December 31, 2019, the Company’s investments in consolidated real estate joint ventures, which are variable interest entities in which the Company is deemed to be the primary beneficiary, other than Roseland Residential, L.P. (See Note 15: Redeemable Noncontrolling Interests – Rockpoint Transaction), have total real estate assets of $ 493.1 million and $ 503.1 million, respectively, mortgages of $ 284.2 million and $ 283.7 million, respectively, and other liabilities of $ 21 million and $ 18.9 million, respectively. The financial statements have been prepared in conformity with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are based on management’s historical experience that are believed to be reasonable at the time. However, because future events and their effects cannot be determined with certainty, the determination of estimates requires the exercise of judgment. Actual results could differ from those estimates. Certain reclassifications have been made to prior period amounts in order to conform with current period presentation, primarily related to classification of certain properties as discontinued operations. During the second quarter of 2020, the Company’s management recorded an out-of-period adjustment relating to Land and other impairments expense, which was understated for the period ended December 31, 2019. Management concluded that this error was not material to the Company’s consolidated financial statements for any of the current or prior periods. The adjustment is reflected herein as a $ 2.5 million increase to Land and other impairments expense in the Company’s consolidated statements of operations for the nine month period ended September 30, 2020, and a corresponding decrease in Real estate held for sale, net, in the Company’s balance sheets as of September 30, 2020. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Significant Accounting Policies [Line Items] | |
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES Rental Property Rental properties are stated at cost less accumulated depreciation and amortization. Costs directly related to the acquisition, development and construction of rental properties are capitalized. The Company adopted Financial Accounting Standards Board (“FASB”) guidance Accounting Standards Update (“ASU”) 2017-01 on January 1, 2017, which revises the definition of a business and is expected to result in more transactions to be accounted for as asset acquisitions and significantly limit transactions that would be accounted for as business combinations. Where an acquisition has been determined to be an asset acquisition, acquisition-related costs are capitalized. Capitalized development and construction costs include pre-construction costs essential to the development of the property, development and construction costs, interest, property taxes, insurance, salaries and other project costs incurred during the period of development. Capitalized development and construction salaries and related costs approximated $ 0.4 million and $ 0.5 million for the three months ended September 30, 2020 and 2019, respectively, and $ 1.3 million and $ 1.6 million for the nine months ended September 30, 2020 and 2019, respectively. Ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. Fully-depreciated assets are removed from the accounts. Included in net investment in rental property as of September 30, 2020 and December 31, 2019 is real estate and building and tenant improvements not in service, as follows (dollars in thousands) : September 30, December 31, 2020 2019 Land held for development (including pre-development costs, if any) (a)(c) $ 356,017 $ 388,702 Development and construction in progress, including land (b)(d) 683,303 464,110 Total $ 1,039,320 $ 852,812 (a) Includes predevelopment and infrastructure costs included in buildings and improvements of $ 147.7 million and $ 156.5 million as of September 30, 2020 and December 31, 2019, respectively. (b) Includes land of $ 84.0 million and $ 96.6 million as of September 30, 2020 and December 31, 2019, respectively. (c) Includes $ 35.5 million of land and $ 9.7 million of building and improvements pertaining to assets held for sale at September 30, 2020 (d) Includes $ 0.5 million of land and $ 1.0 million of building and improvements pertaining to assets held for sale at September 30, 2020 The Company considers a construction project as substantially completed and held available for occupancy upon the substantial completion of improvements, but no later than one year from cessation of major construction activity (as distinguished from activities such as routine maintenance and cleanup). If portions of a rental project are substantially completed and occupied by tenants or residents, or held available for occupancy, and other portions have not yet reached that stage, the substantially completed portions are accounted for as a separate project. The Company allocates costs incurred between the portions under construction and the portions substantially completed and held available for occupancy, primarily based on a percentage of the relative commercial square footage or multi-family units of each portion, and capitalizes only those costs associated with the portion under construction. Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: Leasehold interests Remaining lease term Buildings and improvements 5 to 40 years Tenant improvements The shorter of the term of the related lease or useful life Furniture, fixtures and equipment 5 to 10 years Upon acquisition of rental property, the Company estimates the fair value of acquired tangible assets, consisting of land, building and improvements, and identified intangible assets and liabilities assumed, generally consisting of the fair value of (i) above and below-market leases, (ii) in-place leases and (iii) tenant relationships. For asset acquisitions, the Company allocates the purchase price to the assets acquired and liabilities assumed based on their relative fair values. The Company records goodwill or a gain on bargain purchase (if any) if the net assets acquired/liabilities assumed differ from the purchase consideration of a business combination transaction. In estimating the fair value of the tangible and intangible assets acquired, the Company considers information obtained about each property as a result of its due diligence and marketing and leasing activities, and utilizes various valuation methods, such as estimated cash flow projections utilizing appropriate discount and capitalization rates, estimates of replacement costs net of depreciation, and available market information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The capitalized above-market lease values are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. Other intangible assets acquired include amounts for in-place lease values and tenant relationship values, which are based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the respective tenant. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. Characteristics considered by management in valuing tenant relationships include the nature and extent of the Company’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals. The values of in-place leases are amortized to expense over the remaining initial terms of the respective leases. The values of tenant relationship intangibles are amortized to expense over the anticipated life of the relationships or leases. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s rental properties held for use may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment. The criteria considered by management, depending on the type of property, may include reviewing low leased percentages, significant near-term lease expirations, current and historical operating and/or cash flow losses, construction cost overruns and/or other factors, including those that might impact the Company’s intent and ability to hold the property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the property over its estimated holding period is less than the carrying value of the property. If there are different possible scenarios for a property, the Company will take a probability-weighted approach to estimating future cash flow scenarios. To the extent impairment has occurred, the impairment loss is measured as the excess of the carrying value of the property over the fair value of the property. The Company’s estimates of aggregate future and stabilized cash flows expected to be generated and estimated fair values for each property are based on a number of assumptions, including, but not limited to, estimated holding periods, market capitalization rates and discount rates, if applicable. For developable land holdings, an estimated per-unit market value assumption is also considered based on development rights for the land. These assumptions are generally based on management’s experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, food, beverage and lodging demands, and costs to operate each property. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved, and actual losses or impairments may be realized in the future. Real Estate Held for Sale and Discontinued Operations When assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the sales price, net of selling costs, of such assets. The Company generally considers assets (as identified by their disposal groups) to be held for sale when the transaction has received appropriate corporate authority, it is probable to be sold within the following 12 months, and there are no significant contingencies relating to a sale. If, in management’s opinion, the estimated net sales price, net of selling costs, of the disposal groups which have been identified as held for sale is less than the carrying value of the assets, a valuation allowance (which is recorded as unrealized losses on disposition of rental property) is established. In the absence of an executed sales agreement with a set sales price, management’s estimate of the net sales price may be based on a number of assumptions, including but not limited to the Company’s estimates of future and stabilized cash flows, market capitalization rates and discount rates, if applicable. For developable land holdings, an estimated per-unit market value assumption is also considered based on development rights for the land. In addition, the Company classifies assets held for sale or sold as discontinued operations if the disposal groups represent a strategic shift that will have a major effect on the Company’s operations and financial results. For any disposals qualifying as discontinued operations, the assets and their results are presented in discontinued operations in the financial statements for all periods presented. See Note 7: Discontinued Operations. If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell an asset previously classified as held for sale, the asset is reclassified as held and used. An asset that is reclassified is measured and recorded individually at the lower of (a) its carrying value before the asset was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the asset been continuously classified as held and used, or (b) the fair value at the date of the subsequent decision not to sell. Investments in Unconsolidated Joint Ventures The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. The Company applies the equity method by initially recording these investments at cost, as Investments in Unconsolidated Joint Ventures, subsequently adjusted for equity in earnings and cash contributions and distributions. The outside basis portion of the Company’s joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Generally, the Company would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Company has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Company only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses. If the venture subsequently makes distributions and the Company does not have an implied or actual commitment to support the operations of the venture, the Company will not record a basis less than zero, rather such amounts will be recorded as equity in earnings of unconsolidated joint ventures. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying value of the investment over the value of the investment. The Company’s estimates of value for each investment (particularly in real estate joint ventures) are based on a number of assumptions including but not limited to estimates of future and stabilized cash flows, market capitalization rates and discount rates, if applicable. These assumptions are based on management's experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the values estimated by management in its impairment analyses may not be realized, and actual losses or impairment may be realized in the future . See Note 4: Investments in Unconsolidated Joint Ventures. Cash and Cash Equivalents All highly liquid investments with an original maturity of three months or less when purchased are considered to be cash equivalents. Deferred Financing Costs Costs incurred in obtaining financing are capitalized and amortized over the term of the related indebtedness. Deferred financing costs are presented in the balance sheet as a direct deduction from the carrying value of the debt liability to which they relate, except deferred financing costs related to the revolving credit facility, which are presented in deferred charges, goodwill and other assets. In all cases, amortization of such costs is included in interest expense and was $ 1,074,000 and $ 1,121,000 for the three months ended September 30, 2020 and 2019, respectively, $ 3,158,000 and $ 3,478,000 for the nine months ended September 30, 2020 and 2019, respectively. If a financing obligation is extinguished early, any unamortized deferred financing costs are written off and included in gains (losses) from extinguishment of debt. The gains (losses) from extinguishment of debt, net, of zero and $( 0.1 ) million for the three months ended September 30, 2020 and 2019, respectively, contained unamortized deferred financing costs which were written off (as non-cash transactions) amounting to zero and $ 285,000 , respectively. Included in the gains (losses) from extinguishment of debt, net, of zero and $ 1.8 million for the nine months ended September 30, 2020 and 2019, respectively, were unamortized deferred financing costs which were written off (as non-cash transactions) amounting to zero and $ 285,000 , respectively. Deferred Leasing Costs/Leasing Personnel Costs Costs incurred in connection with successfully executed commercial and residential leases were capitalized and amortized on a straight-line basis over the terms of the related leases and included in depreciation and amortization. Unamortized deferred leasing costs were charged to amortization expense upon early termination of the lease. Certain employees of the Company are compensated for providing leasing services to the Properties. Upon the adoption of ASC 842 on January 1, 2019, the Company no longer capitalizes such costs, and includes such leasing personnel costs in General and administrative expense in the Company’s Consolidated Statements of Operations, which amounted to $ 2,128,000 and $ 534,000 for the three months ended September 30, 2020 and 2019, respectively, and $ 3,829,000 and $ 1,818,000 for the nine months ended September 30, 2020 and 2019, respectively. Goodwill Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Goodwill is allocated to various reporting units, as applicable. Each of the Company’s segments consists of a reporting unit. Goodwill is not amortized. Management performs an annual impairment test for goodwill during the fourth quarter and between annual tests, management evaluates the recoverability of goodwill whenever events or changes in circumstances indicate that the carrying value of goodwill may not be fully recoverable. In its impairment tests of goodwill, management first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If, based on this assessment, management determines that the fair value of the reporting unit is not less than its carrying value, then performing the additional two-step impairment test is unnecessary. If the carrying value of goodwill exceeds its fair value, an impairment charge is recognized. Derivative Instruments The Company measures derivative instruments, including certain derivative instruments embedded in other contracts, at fair value and records them as an asset or liability, depending on the Company’s rights or obligations under the applicable derivative contract. For derivatives designated and qualifying as fair value hedges, the changes in the fair value of both the derivative instrument and the hedged item are recorded in earnings. For derivatives designated as cash flow hedges, the effective portions of the derivative are reported in other comprehensive income (“OCI”) and are subsequently reclassified into earnings when the hedged item affects earnings. Changes in fair value of derivative instruments not designated as hedging and ineffective portions of hedges are recognized in earnings in the affected period. Revenue Recognition Revenue from leases includes fixed base rents under leases, which are recognized on a straight-line basis over the terms of the respective leases. Unbilled rents receivable represents the cumulative amount by which straight-line rental revenue exceeds rents currently billed in accordance with the lease agreements. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed-rate renewal options for below-market leases. The capitalized above-market lease values for acquired properties are amortized as a reduction of revenue from leases over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to revenue from leases over the remaining initial terms plus the terms of any below-market fixed-rate renewal options of the respective leases. The Company elected a practical expedient for its rental properties (as lessor) to avoid separating non-lease components that otherwise would need to be accounted for under the recently-adopted revenue accounting guidance (such as tenant reimbursements of property operating expenses) from the associated lease component since (1) the non-lease components have the same timing and pattern of transfer as the associated lease component and (2) the lease component, if accounted for separately, would be classified as an operating lease; this enables the Company to account for the combination of the lease component and non-lease components as an operating lease since the lease component is the predominant component of the combined components. Due to the Company’s adoption of the practical expedient discussed above to not separate non-lease component revenue from the associated lease component, the Company is aggregating revenue from its lease components and non-lease components (comprised predominantly of tenant operating expense reimbursements) into the line entitled “Revenue from leases.” Revenue from leases also includes reimbursements and recoveries from tenants received from tenants for certain costs as provided in the lease agreements. These costs generally include real estate taxes, utilities, insurance, common area maintenance and other recoverable costs. See Note 14: Tenant Leases. Real estate services revenue includes property management, development, construction and leasing commission fees and other services, and payroll and related costs reimbursed from clients. Fee income derived from the Company’s unconsolidated joint ventures (which are capitalized by such ventures) are recognized to the extent attributable to the unaffiliated ownership interests. Parking income is comprised of income from parking spaces leased to tenants and others. Hotel income includes all revenue generated from hotel properties. Other income includes income from tenants for additional services arranged for by the Company and income from tenants for early lease terminations. All bad debt expense is being recorded as a reduction of the corresponding revenue account starting on January 1, 2019. Management performs a detailed review of amounts due from tenants for collectability based on factors affecting the billings and status of individual tenants. The factors considered by management in determining which individual tenant’s revenues are affected include the age of the receivable, the tenant’s payment history, the nature of the charges, any communications regarding the charges and other related information. Management’s estimate of bad debt write-off’s requires management to exercise judgment about the timing, frequency and severity of collection losses, which affects the revenue recorded. Income and Other Taxes The General Partner has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “IRS Code”). As a REIT, the General Partner generally will not be subject to corporate federal income tax on net income that it currently distributes to its shareholders, provided that the General Partner satisfies certain organizational and operational requirements including the requirement to distribute at least 90 percent of its REIT taxable income (determined by excluding any net capital gains) to its shareholders. If and to the extent the General Partner retains and does not distribute any net capital gains, the General Partner will be required to pay federal, state and local taxes, as applicable, on such net capital gains at the rate applicable to capital gains of a corporation. The Operating Partnership is a partnership, and, as a result, all income and losses of the partnership are allocated to the partners for inclusion in their respective tax returns. Accordingly, no provision or benefit for income taxes has been made in the accompanying financial statements. The General Partner has elected to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (each a “TRS”). In general, a TRS of the General Partner may perform additional services for tenants of the Company and generally may engage in any real estate or non-real estate related business (except for the operation or management of health care facilities or lodging facilities or the providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal income tax. The General Partner has conducted business through its TRS entities for certain property management, development, construction and other related services, as well as to hold a joint venture interest in a hotel and other matters. The deferred tax asset balance at September 30, 2020 amounted to $ 18.5 million which has been fully reserved through a valuation allowance. New tax reform legislation enacted in late 2017 reduced the corporate tax rate to 21 percent, effective January 1, 2018. Consequently, the Company’s deferred tax assets were re-measured to reflect the reduction in the future U.S. corporate income tax rate as of the enactment date. As a result, the Company recorded a decrease related to its deferred tax assets of $ 5.3 million and a decrease to the associated valuation allowance of $ 5.3 million at December 31, 2017. If the General Partner fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate tax rates. The Company is subject to certain state and local taxes. Pursuant to the amended provisions related to uncertain tax provisions of ASC 740, Income Taxes, the Company recognized no material adjustments regarding its tax accounting treatment. The Company expects to recognize interest and penalties related to uncertain tax positions, if any, as income tax expense, which is included in general and administrative expense. In the normal course of business, the Company or one of its subsidiaries is subject to examination by federal, state and local jurisdictions in which it operates, where applicable. As of September 30, 2020, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are generally from the year 2015 forward. Earnings Per Share or Unit The Company presents both basic and diluted earnings per share or unit (“EPS or EPU”). Basic EPS or EPU excludes dilution and is computed by dividing net income available to common shareholders or unitholders by the weighted average number of shares or units outstanding for the period. Diluted EPS or EPU reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS or EPU from continuing operations amount. Shares or units whose issuance is contingent upon the satisfaction of certain conditions shall be considered outstanding and included in the computation of diluted EPS or EPU as follows (i) if all necessary conditions have been satisfied by the end of the period (the events have occurred), those shares or units shall be included as of the beginning of the period in which the conditions were satisfied (or as of the date of the grant, if later) or (ii) if all necessary conditions have not been satisfied by the end of the period, the number of contingently issuable shares or units included in diluted EPS or EPU shall be based on the number of shares or units, if any, that would be issuable if the end of the reporting period were the end of the contingency period (for example, the number of shares or units that would be issuable based on current period earnings or period-end market price) and if the result would be dilutive. Those contingently issuable shares or units shall be included in the denominator of diluted EPS or EPU as of the beginning of the period (or as of the date of the grant, if later). Dividends and Distributions Payable On September 30, 2020, the Company announced that its Board of Directors was suspending its common dividends and distributions attributable to the third and fourth quarters 2020. As the Company’s management estimated that as of September 2020 it had satisfied its dividends obligations as a REIT on taxable income expected for 2020, the Board made the strategic decision to suspend its common dividends and distributions for the remainder of 2020 in an effort to provide greater financial flexibility during the pandemic and to retain incremental capital to support leasing initiatives at its Harborside commercial office properties on the Jersey City waterfront. The dividends and distributions payable at September 30, 2020 represent amounts payable on unvested LTIP units. The dividends and distributions payable at December 31, 2019 represents dividends payable to common shareholders ( 90,595,197 shares) and distributions payable to noncontrolling interests unitholders of the Operating Partnership ( 9,488,794 common units and 1,949,601 vested and unvested LTIP units) for all such holders of record as of January 3, 2020 with respect to the fourth quarter 2019. The fourth quarter 2019 common stock dividends and unit distributions of $ 0.20 per common share (total of $ 18.1 million), common unit (total of $ 1.9 million) and LTIP unit (total of $ 0.4 million) were approved by the General Partner’s Board of Directors on December 17, 2019 and paid on January 10, 2020 . Costs Incurred For Stock Issuances Costs incurred in connection with the Company’s stock issuances are reflected as a reduction of additional paid - in capital. Stock Compensation The Company accounts for stock compensation in accordance with the provisions of ASC 718, Compensation-Stock Compensation. These provisions require that the estimated fair value of restricted stock (“Restricted Stock Awards”), performance share units, long-term incentive plan awards and stock options at the grant date be amortized ratably into expense over the appropriate vesting period. For unvested securities that are forfeited prior to the measurement period being complete, the Company elected to account for forfeiture of employee awards as they occur. The Company recorded stock compensation expense of $ 723,000 and $ 1,980,000 for the three months ended September 30, 2020 and 2019, respectively, and $ 5,692,000 and $ 6,051,000 for the nine months ended September 30, 2020 and 2019, respectively. Other Comprehensive Income (Loss) Other comprehensive income (loss) includes items that are recorded in equity, such as effective portions of derivatives designated as cash flow hedges or unrealized holding gains or losses on marketable securities available for sale. Redeemable Noncontrolling Interests The Company evaluates the terms of the partnership units issued in accordance with the FASB’s Distinguishing Liabilities from Equity guidance. Units which embody an unconditional obligation requiring the Company to redeem the units for cash after a specified or determinable date (or dates) or upon the occurrence of an event that is not solely within the control of the issuer are determined to be contingently redeemable under this guidance and are included as Redeemable noncontrolling interests and classified within the mezzanine section between Total liabilities and Stockholders’ equity on the Company’s Consolidated Balance Sheets. The carrying amount of the redeemable noncontrolling interests will be changed by periodic accretions, so that the carrying amount will equal the estimated future redemption value at the redemption date. Fair Value Hierarchy The standard Fair Value Measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observ |
Mack-Cali Realty LP [Member] | |
Significant Accounting Policies [Line Items] | |
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES Rental Property Rental properties are stated at cost less accumulated depreciation and amortization. Costs directly related to the acquisition, development and construction of rental properties are capitalized. The Company adopted Financial Accounting Standards Board (“FASB”) guidance Accounting Standards Update (“ASU”) 2017-01 on January 1, 2017, which revises the definition of a business and is expected to result in more transactions to be accounted for as asset acquisitions and significantly limit transactions that would be accounted for as business combinations. Where an acquisition has been determined to be an asset acquisition, acquisition-related costs are capitalized. Capitalized development and construction costs include pre-construction costs essential to the development of the property, development and construction costs, interest, property taxes, insurance, salaries and other project costs incurred during the period of development. Capitalized development and construction salaries and related costs approximated $ 0.4 million and $ 0.5 million for the three months ended September 30, 2020 and 2019, respectively, and $ 1.3 million and $ 1.6 million for the nine months ended September 30, 2020 and 2019, respectively. Ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. Fully-depreciated assets are removed from the accounts. Included in net investment in rental property as of September 30, 2020 and December 31, 2019 is real estate and building and tenant improvements not in service, as follows (dollars in thousands) : September 30, December 31, 2020 2019 Land held for development (including pre-development costs, if any) (a)(c) $ 356,017 $ 388,702 Development and construction in progress, including land (b)(d) 683,303 464,110 Total $ 1,039,320 $ 852,812 (a) Includes predevelopment and infrastructure costs included in buildings and improvements of $ 147.7 million and $ 156.5 million as of September 30, 2020 and December 31, 2019, respectively. (b) Includes land of $ 84.0 million and $ 96.6 million as of September 30, 2020 and December 31, 2019, respectively. (c) Includes $ 35.5 million of land and $ 9.7 million of building and improvements pertaining to assets held for sale at September 30, 2020 (d) Includes $ 0.5 million of land and $ 1.0 million of building and improvements pertaining to assets held for sale at September 30, 2020 The Company considers a construction project as substantially completed and held available for occupancy upon the substantial completion of improvements, but no later than one year from cessation of major construction activity (as distinguished from activities such as routine maintenance and cleanup). If portions of a rental project are substantially completed and occupied by tenants or residents, or held available for occupancy, and other portions have not yet reached that stage, the substantially completed portions are accounted for as a separate project. The Company allocates costs incurred between the portions under construction and the portions substantially completed and held available for occupancy, primarily based on a percentage of the relative commercial square footage or multi-family units of each portion, and capitalizes only those costs associated with the portion under construction. Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: Leasehold interests Remaining lease term Buildings and improvements 5 to 40 years Tenant improvements The shorter of the term of the related lease or useful life Furniture, fixtures and equipment 5 to 10 years Upon acquisition of rental property, the Company estimates the fair value of acquired tangible assets, consisting of land, building and improvements, and identified intangible assets and liabilities assumed, generally consisting of the fair value of (i) above and below-market leases, (ii) in-place leases and (iii) tenant relationships. For asset acquisitions, the Company allocates the purchase price to the assets acquired and liabilities assumed based on their relative fair values. The Company records goodwill or a gain on bargain purchase (if any) if the net assets acquired/liabilities assumed differ from the purchase consideration of a business combination transaction. In estimating the fair value of the tangible and intangible assets acquired, the Company considers information obtained about each property as a result of its due diligence and marketing and leasing activities, and utilizes various valuation methods, such as estimated cash flow projections utilizing appropriate discount and capitalization rates, estimates of replacement costs net of depreciation, and available market information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The capitalized above-market lease values are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. Other intangible assets acquired include amounts for in-place lease values and tenant relationship values, which are based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the respective tenant. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. Characteristics considered by management in valuing tenant relationships include the nature and extent of the Company’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals. The values of in-place leases are amortized to expense over the remaining initial terms of the respective leases. The values of tenant relationship intangibles are amortized to expense over the anticipated life of the relationships or leases. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s rental properties held for use may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment. The criteria considered by management, depending on the type of property, may include reviewing low leased percentages, significant near-term lease expirations, current and historical operating and/or cash flow losses, construction cost overruns and/or other factors, including those that might impact the Company’s intent and ability to hold the property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the property over its estimated holding period is less than the carrying value of the property. If there are different possible scenarios for a property, the Company will take a probability-weighted approach to estimating future cash flow scenarios. To the extent impairment has occurred, the impairment loss is measured as the excess of the carrying value of the property over the fair value of the property. The Company’s estimates of aggregate future and stabilized cash flows expected to be generated and estimated fair values for each property are based on a number of assumptions, including, but not limited to, estimated holding periods, market capitalization rates and discount rates, if applicable. For developable land holdings, an estimated per-unit market value assumption is also considered based on development rights for the land. These assumptions are generally based on management’s experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, food, beverage and lodging demands, and costs to operate each property. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved, and actual losses or impairments may be realized in the future. Real Estate Held for Sale and Discontinued Operations When assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the sales price, net of selling costs, of such assets. The Company generally considers assets (as identified by their disposal groups) to be held for sale when the transaction has received appropriate corporate authority, it is probable to be sold within the following 12 months, and there are no significant contingencies relating to a sale. If, in management’s opinion, the estimated net sales price, net of selling costs, of the disposal groups which have been identified as held for sale is less than the carrying value of the assets, a valuation allowance (which is recorded as unrealized losses on disposition of rental property) is established. In the absence of an executed sales agreement with a set sales price, management’s estimate of the net sales price may be based on a number of assumptions, including but not limited to the Company’s estimates of future and stabilized cash flows, market capitalization rates and discount rates, if applicable. For developable land holdings, an estimated per-unit market value assumption is also considered based on development rights for the land. In addition, the Company classifies assets held for sale or sold as discontinued operations if the disposal groups represent a strategic shift that will have a major effect on the Company’s operations and financial results. For any disposals qualifying as discontinued operations, the assets and their results are presented in discontinued operations in the financial statements for all periods presented. See Note 7: Discontinued Operations. If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell an asset previously classified as held for sale, the asset is reclassified as held and used. An asset that is reclassified is measured and recorded individually at the lower of (a) its carrying value before the asset was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the asset been continuously classified as held and used, or (b) the fair value at the date of the subsequent decision not to sell. Investments in Unconsolidated Joint Ventures The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. The Company applies the equity method by initially recording these investments at cost, as Investments in Unconsolidated Joint Ventures, subsequently adjusted for equity in earnings and cash contributions and distributions. The outside basis portion of the Company’s joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Generally, the Company would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Company has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Company only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses. If the venture subsequently makes distributions and the Company does not have an implied or actual commitment to support the operations of the venture, the Company will not record a basis less than zero, rather such amounts will be recorded as equity in earnings of unconsolidated joint ventures. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying value of the investment over the value of the investment. The Company’s estimates of value for each investment (particularly in real estate joint ventures) are based on a number of assumptions including but not limited to estimates of future and stabilized cash flows, market capitalization rates and discount rates, if applicable. These assumptions are based on management's experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the values estimated by management in its impairment analyses may not be realized, and actual losses or impairment may be realized in the future . See Note 4: Investments in Unconsolidated Joint Ventures. Cash and Cash Equivalents All highly liquid investments with an original maturity of three months or less when purchased are considered to be cash equivalents. Deferred Financing Costs Costs incurred in obtaining financing are capitalized and amortized over the term of the related indebtedness. Deferred financing costs are presented in the balance sheet as a direct deduction from the carrying value of the debt liability to which they relate, except deferred financing costs related to the revolving credit facility, which are presented in deferred charges, goodwill and other assets. In all cases, amortization of such costs is included in interest expense and was $ 1,074,000 and $ 1,121,000 for the three months ended September 30, 2020 and 2019, respectively, $ 3,158,000 and $ 3,478,000 for the nine months ended September 30, 2020 and 2019, respectively. If a financing obligation is extinguished early, any unamortized deferred financing costs are written off and included in gains (losses) from extinguishment of debt. The gains (losses) from extinguishment of debt, net, of zero and $( 0.1 ) million for the three months ended September 30, 2020 and 2019, respectively, contained unamortized deferred financing costs which were written off (as non-cash transactions) amounting to zero and $ 285,000 , respectively. Included in the gains (losses) from extinguishment of debt, net, of zero and $ 1.8 million for the nine months ended September 30, 2020 and 2019, respectively, were unamortized deferred financing costs which were written off (as non-cash transactions) amounting to zero and $ 285,000 , respectively. Deferred Leasing Costs/Leasing Personnel Costs Costs incurred in connection with successfully executed commercial and residential leases were capitalized and amortized on a straight-line basis over the terms of the related leases and included in depreciation and amortization. Unamortized deferred leasing costs were charged to amortization expense upon early termination of the lease. Certain employees of the Company are compensated for providing leasing services to the Properties. Upon the adoption of ASC 842 on January 1, 2019, the Company no longer capitalizes such costs, and includes such leasing personnel costs in General and administrative expense in the Company’s Consolidated Statements of Operations, which amounted to $ 2,128,000 and $ 534,000 for the three months ended September 30, 2020 and 2019, respectively, and $ 3,829,000 and $ 1,818,000 for the nine months ended September 30, 2020 and 2019, respectively. Goodwill Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Goodwill is allocated to various reporting units, as applicable. Each of the Company’s segments consists of a reporting unit. Goodwill is not amortized. Management performs an annual impairment test for goodwill during the fourth quarter and between annual tests, management evaluates the recoverability of goodwill whenever events or changes in circumstances indicate that the carrying value of goodwill may not be fully recoverable. In its impairment tests of goodwill, management first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If, based on this assessment, management determines that the fair value of the reporting unit is not less than its carrying value, then performing the additional two-step impairment test is unnecessary. If the carrying value of goodwill exceeds its fair value, an impairment charge is recognized. Derivative Instruments The Company measures derivative instruments, including certain derivative instruments embedded in other contracts, at fair value and records them as an asset or liability, depending on the Company’s rights or obligations under the applicable derivative contract. For derivatives designated and qualifying as fair value hedges, the changes in the fair value of both the derivative instrument and the hedged item are recorded in earnings. For derivatives designated as cash flow hedges, the effective portions of the derivative are reported in other comprehensive income (“OCI”) and are subsequently reclassified into earnings when the hedged item affects earnings. Changes in fair value of derivative instruments not designated as hedging and ineffective portions of hedges are recognized in earnings in the affected period. Revenue Recognition Revenue from leases includes fixed base rents under leases, which are recognized on a straight-line basis over the terms of the respective leases. Unbilled rents receivable represents the cumulative amount by which straight-line rental revenue exceeds rents currently billed in accordance with the lease agreements. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed-rate renewal options for below-market leases. The capitalized above-market lease values for acquired properties are amortized as a reduction of revenue from leases over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to revenue from leases over the remaining initial terms plus the terms of any below-market fixed-rate renewal options of the respective leases. The Company elected a practical expedient for its rental properties (as lessor) to avoid separating non-lease components that otherwise would need to be accounted for under the recently-adopted revenue accounting guidance (such as tenant reimbursements of property operating expenses) from the associated lease component since (1) the non-lease components have the same timing and pattern of transfer as the associated lease component and (2) the lease component, if accounted for separately, would be classified as an operating lease; this enables the Company to account for the combination of the lease component and non-lease components as an operating lease since the lease component is the predominant component of the combined components. Due to the Company’s adoption of the practical expedient discussed above to not separate non-lease component revenue from the associated lease component, the Company is aggregating revenue from its lease components and non-lease components (comprised predominantly of tenant operating expense reimbursements) into the line entitled “Revenue from leases.” Revenue from leases also includes reimbursements and recoveries from tenants received from tenants for certain costs as provided in the lease agreements. These costs generally include real estate taxes, utilities, insurance, common area maintenance and other recoverable costs. See Note 14: Tenant Leases. Real estate services revenue includes property management, development, construction and leasing commission fees and other services, and payroll and related costs reimbursed from clients. Fee income derived from the Company’s unconsolidated joint ventures (which are capitalized by such ventures) are recognized to the extent attributable to the unaffiliated ownership interests. Parking income is comprised of income from parking spaces leased to tenants and others. Hotel income includes all revenue generated from hotel properties. Other income includes income from tenants for additional services arranged for by the Company and income from tenants for early lease terminations. All bad debt expense is being recorded as a reduction of the corresponding revenue account starting on January 1, 2019. Management performs a detailed review of amounts due from tenants for collectability based on factors affecting the billings and status of individual tenants. The factors considered by management in determining which individual tenant’s revenues are affected include the age of the receivable, the tenant’s payment history, the nature of the charges, any communications regarding the charges and other related information. Management’s estimate of bad debt write-off’s requires management to exercise judgment about the timing, frequency and severity of collection losses, which affects the revenue recorded. Income and Other Taxes The General Partner has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “IRS Code”). As a REIT, the General Partner generally will not be subject to corporate federal income tax on net income that it currently distributes to its shareholders, provided that the General Partner satisfies certain organizational and operational requirements including the requirement to distribute at least 90 percent of its REIT taxable income (determined by excluding any net capital gains) to its shareholders. If and to the extent the General Partner retains and does not distribute any net capital gains, the General Partner will be required to pay federal, state and local taxes, as applicable, on such net capital gains at the rate applicable to capital gains of a corporation. The Operating Partnership is a partnership, and, as a result, all income and losses of the partnership are allocated to the partners for inclusion in their respective tax returns. Accordingly, no provision or benefit for income taxes has been made in the accompanying financial statements. The General Partner has elected to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (each a “TRS”). In general, a TRS of the General Partner may perform additional services for tenants of the Company and generally may engage in any real estate or non-real estate related business (except for the operation or management of health care facilities or lodging facilities or the providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal income tax. The General Partner has conducted business through its TRS entities for certain property management, development, construction and other related services, as well as to hold a joint venture interest in a hotel and other matters. The deferred tax asset balance at September 30, 2020 amounted to $ 18.5 million which has been fully reserved through a valuation allowance. New tax reform legislation enacted in late 2017 reduced the corporate tax rate to 21 percent, effective January 1, 2018. Consequently, the Company’s deferred tax assets were re-measured to reflect the reduction in the future U.S. corporate income tax rate as of the enactment date. As a result, the Company recorded a decrease related to its deferred tax assets of $ 5.3 million and a decrease to the associated valuation allowance of $ 5.3 million at December 31, 2017. If the General Partner fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate tax rates. The Company is subject to certain state and local taxes. Pursuant to the amended provisions related to uncertain tax provisions of ASC 740, Income Taxes, the Company recognized no material adjustments regarding its tax accounting treatment. The Company expects to recognize interest and penalties related to uncertain tax positions, if any, as income tax expense, which is included in general and administrative expense. In the normal course of business, the Company or one of its subsidiaries is subject to examination by federal, state and local jurisdictions in which it operates, where applicable. As of September 30, 2020, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are generally from the year 2015 forward. Earnings Per Share or Unit The Company presents both basic and diluted earnings per share or unit (“EPS or EPU”). Basic EPS or EPU excludes dilution and is computed by dividing net income available to common shareholders or unitholders by the weighted average number of shares or units outstanding for the period. Diluted EPS or EPU reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS or EPU from continuing operations amount. Shares or units whose issuance is contingent upon the satisfaction of certain conditions shall be considered outstanding and included in the computation of diluted EPS or EPU as follows (i) if all necessary conditions have been satisfied by the end of the period (the events have occurred), those shares or units shall be included as of the beginning of the period in which the conditions were satisfied (or as of the date of the grant, if later) or (ii) if all necessary conditions have not been satisfied by the end of the period, the number of contingently issuable shares or units included in diluted EPS or EPU shall be based on the number of shares or units, if any, that would be issuable if the end of the reporting period were the end of the contingency period (for example, the number of shares or units that would be issuable based on current period earnings or period-end market price) and if the result would be dilutive. Those contingently issuable shares or units shall be included in the denominator of diluted EPS or EPU as of the beginning of the period (or as of the date of the grant, if later). Dividends and Distributions Payable On September 30, 2020, the Company announced that its Board of Directors was suspending its common dividends and distributions attributable to the third and fourth quarters 2020. As the Company’s management estimated that as of September 2020 it had satisfied its dividends obligations as a REIT on taxable income expected for 2020, the Board made the strategic decision to suspend its common dividends and distributions for the remainder of 2020 in an effort to provide greater financial flexibility during the pandemic and to retain incremental capital to support leasing initiatives at its Harborside commercial office properties on the Jersey City waterfront. The dividends and distributions payable at September 30, 2020 represent amounts payable on unvested LTIP units. The dividends and distributions payable at December 31, 2019 represents dividends payable to common shareholders ( 90,595,197 shares) and distributions payable to noncontrolling interests unitholders of the Operating Partnership ( 9,488,794 common units and 1,949,601 vested and unvested LTIP units) for all such holders of record as of January 3, 2020 with respect to the fourth quarter 2019. The fourth quarter 2019 common stock dividends and unit distributions of $ 0.20 per common share (total of $ 18.1 million), common unit (total of $ 1.9 million) and LTIP unit (total of $ 0.4 million) were approved by the General Partner’s Board of Directors on December 17, 2019 and paid on January 10, 2020 . Costs Incurred For Stock Issuances Costs incurred in connection with the Company’s stock issuances are reflected as a reduction of additional paid - in capital. Stock Compensation The Company accounts for stock compensation in accordance with the provisions of ASC 718, Compensation-Stock Compensation. These provisions require that the estimated fair value of restricted stock (“Restricted Stock Awards”), performance share units, long-term incentive plan awards and stock options at the grant date be amortized ratably into expense over the appropriate vesting period. For unvested securities that are forfeited prior to the measurement period being complete, the Company elected to account for forfeiture of employee awards as they occur. The Company recorded stock compensation expense of $ 723,000 and $ 1,980,000 for the three months ended September 30, 2020 and 2019, respectively, and $ 5,692,000 and $ 6,051,000 for the nine months ended September 30, 2020 and 2019, respectively. Other Comprehensive Income (Loss) Other comprehensive income (loss) includes items that are recorded in equity, such as effective portions of derivatives designated as cash flow hedges or unrealized holding gains or losses on marketable securities available for sale. Redeemable Noncontrolling Interests The Company evaluates the terms of the partnership units issued in accordance with the FASB’s Distinguishing Liabilities from Equity guidance. Units which embody an unconditional obligation requiring the Company to redeem the units for cash after a specified or determinable date (or dates) or upon the occurrence of an event that is not solely within the control of the issuer are determined to be contingently redeemable under this guidance and are included as Redeemable noncontrolling interests and classified within the mezzanine section between Total liabilities and Stockholders’ equity on the Company’s Consolidated Balance Sheets. The carrying amount of the redeemable noncontrolling interests will be changed by periodic accretions, so that the carrying amount will equal the estimated future redemption value at the redemption date. Fair Value Hierarchy The standard Fair Value Measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observ |
Recent Transactions
Recent Transactions | 9 Months Ended |
Sep. 30, 2020 | |
Recent Transactions [Line Items] | |
Recent Transactions | 3. RECENT TRANSACTIONS Properties Commencing Initial Operations The following property commenced initial operations during the nine months ended September 30, 2020 (dollars in thousands) : Total In Service Property # of Development Date Property Location Type Apartment Units Costs Incurred 03/01/20 Emery at Overlook Ridge (a) Malden, MA Multi-Family 271 $ 78,539 Totals 271 $ 78,539 (a) The Emery at Overlook Ridge property consists of a total of 326 multi-family units. Of this amount, the remaining 55 multi-family units were placed in service in October 2020. Consolidation On March 12, 2020, the Company, acquired its equity partner's 80 percent interest in Port Imperial North Retail L.L.C., a ground floor retail space totaling 30,745 square feet located at Port Imperial, West New York, New Jersey for $ 13.3 million in cash (funded through borrowing under the Company’s unsecured credit facility.) The results of the transaction increased the Company’s interest to 100 percent. Upon the acquisition, the Company consolidated the MC Roseland North Retail L.L.C. joint venture, a voting interest entity. As an acquisition of the remaining interests in the venture which owns the Port Imperial North Retail L.L.C., the Company accounted for the transaction as an asset acquisition under a cost accumulation model, no gain on change of control of interest was recognized in consolidation, resulting in total consolidated net assets of $ 15.0 million, which are allocated as follows: Port Imperial North Retail L.L.C. Land and leasehold interests $ 4,305 Buildings and improvements and other assets, net 8,912 In-place lease values (a) 1,503 Above/Below market lease value, net (a) 313 Net assets recorded upon consolidation $ 15,033 (a) In-place and below market lease values are being amortized over a weighted-average term of 7.5 years. Real Estate Held for Sale/Discontinued Operations/Dispositions On December 19, 2019, the Company announced that its Board had determined to sell the Company’s entire suburban New Jersey office portfolio totaling approximately 6.6 million square feet, which excludes the Company’s office portfolio in Jersey City and Hoboken, New Jersey, (collectively, the “Suburban Office Portfolio”). As the decision to sell the Suburban Office Portfolio represented a strategic shift in the Company’s operations, the portfolio’s results are being classified as discontinued operations for all periods presented herein. See Note 7: Discontinued Operations. In late 2019 through September 30, 2020, the Company completed the sale of 16 of these suburban office properties, totaling 2.6 million square feet, for net sales proceeds of $ 294.8 million. As of September 30, 2020, the Company has identified as held for sale the remaining 21 office properties (comprised of 12 identified disposal groups) in the Suburban Office Portfolio, totaling four million square feet (of which the Company currently has 10 properties totaling 1.9 million square feet under contract for sale for aggregate gross proceeds of $ 407.5 million). I n October 2020, the Company completed the sale of one of the properties held for sale, which was a 98,500 square foot office property, for gross proceeds of $ 7.5 million. See Note 7: Discontinued Operations. The Company plans to complete the sale of its remaining Suburban Office Portfolio properties in late 2020 and early 2021, and to use the available sales proceeds to pay down its corporate-level, unsecured indebtedness. However, the Company cannot predict whether or to what extent the timing of these sales and the expected amount and use of proceeds may be impacted by the ongoing coronavirus pandemic (“COVID-19”). After the completion of the Suburban Office Portfolio sales, the Company’s holdings will consist of its waterfront class A office portfolio and its multi-family rental portfolio, and related development projects and land holdings. Additionally, the Company also identified a retail pad leased to others and several developable land parcels as held for sale as of September 30, 2020. The properties are located in Parsippany, Madison, Short Hills, Edison and Red Bank, New Jersey. As a result of recent sales contract amendments and after considering the current market conditions as a result of the challenging economic climate with the current worldwide COVID-19 pandemic, the Company determined that the carrying value of 10 of the remaining held for sale properties (comprised of five disposal groups), several land parcels held for sale and two developable land parcels classified as held and used was not expected to be recovered from estimated net sales proceeds, and accordingly, during the three and nine months ended September 30, 2020, recognized an unrealized loss allowance of zero and $ 41.2 million ( zero and $ 33.3 million of which are from discontinued operations), respectively, for the properties and land impairments of $ 1.3 million and $ 23.4 million, respectively. As of September 30, 2020, the Company determined that a 566,215 square foot office property located in Hoboken, New Jersey was no longer being held for sale and that it would continue to own and operate this property. The property had originally been classified as held for sale as of June 30, 2020. The reclassified property had an aggregate book value of $ 194.4 million, net of accumulated depreciation of $ 25.4 million (and catch-up depreciation and amortization expense of $ 3.8 million reflecting expense for the period from the date the property was originally held for sale through the date it was no longer held for sale, which was recorded at that date). The following table summarizes the real estate held for sale, net, and other assets and liabilities (dollars in thousands) : Suburban Other Office Assets Portfolio (a) Held for Sale Total Land $ 104,884 $ 84,180 $ 189,064 Building & Other 862,486 40,290 902,776 Less: Accumulated depreciation ( 219,857 ) ( 7,991 ) ( 227,848 ) Less: Cumulative unrealized losses on property held for sale ( 105,448 ) ( 44,140 ) ( 149,588 ) Real estate held for sale, net $ 642,065 $ 72,339 $ 714,404 Suburban Other Office Assets Other assets and liabilities Portfolio (a) Held for Sale Total Unbilled rents receivable, net (b) $ 22,207 $ 2,048 $ 24,255 Deferred charges, net (b) 21,536 773 22,309 Total intangibles, net (b) 26,208 - 26,208 Total deferred charges & other assets, net 50,413 789 51,202 Mortgages & loans payable, net (b) 123,738 - 123,738 Total below market liability (b) 7,092 - 7,092 Accounts payable, accrued exp & other liability 20,564 255 20,819 Unearned rents/deferred rental income (b) 4,565 203 4,768 (a) Classified as discontinued operations at September 30, 2020 for all periods presented. See Note 7: Discontinued Operations. (b) Expected to be removed with the completion of the sales. The Company disposed of the following office properties during the nine months ended September 30, 2020 (dollars in thousands) : Discontinued Operations: Realized Realized Gains Gains Rentable Net Net (losses)/ (losses)/ Disposition # of Square Property Sales Carrying Unrealized Unrealized Date Property/Address Location Bldgs. Feet/Units Type Proceeds Value Losses, net Losses, net 03/17/20 One Bridge Plaza Fort Lee, New Jersey 1 200,000 Office $ 35,065 $ 17,743 $ - $ 17,322 07/22/20 3 Giralda Farms (a) Madison, New Jersey 1 141,000 Office 7,510 9,534 - ( 2,024 ) 09/15/20 Morris portfolio (b) Parsippany and Madison, New Jersey 10 1,448,420 Office 155,116 175,772 - ( 20,656 ) 09/18/20 325 Columbia Turnpike Florham Park, New Jersey 1 168,144 Office 24,276 8,020 - 16,256 09/24/20 9 Campus Drive (c) Parsippany, New Jersey 1 156,945 Office 20,678 22,162 - ( 1,484 ) Sub-total 14 2,114,509 242,645 233,231 - 9,414 Unrealized losses on real estate held for sale ( 7,915 ) ( 33,314 ) Totals 14 2,114,509 $ 242,645 $ 233,231 $ ( 7,915 ) $ ( 23,900 ) (a) The Company recorded valuation allowances of $ 2.0 million on the property while it was held for sale during the nine months ended September 30, 2020 and of $ 16.7 million during the year ended December 31, 2019. (b) The Company recorded valuation allowances of $ 21.6 million on the properties while they were held for sale during the nine months ended September 30, 2020 and of $ 32.5 million during the year ended December 31, 2019. (c) The Company recorded a valuation allowance of $ 3.5 million on this property during the year ended December 31, 2019. The Company disposed of the following developable land holdings during the nine months ended September 30, 2020 (dollars in thousands): Realized Gains Net Net (losses)/ Disposition Sales Carrying Unrealized Date Property Address Location Proceeds Value Losses, net 01/03/20 230 & 250 Half Mile Road Middletown, New Jersey $ 7,018 $ 2,969 $ 4,049 03/27/20 Capital Office Park land Greenbelt, Maryland 8,974 8,210 764 Totals $ 15,992 $ 11,179 $ 4,813 Impairments on Properties Held and Used The Company determined that, due to the shortening of its expected period of ownership and a s a result of the adverse effect the COVID-19 pandemic has had, and continues to have, on its hotel operations, the Company evaluated the recoverability of the carrying values of its hotel properties and determined that it was necessary to reduce the carrying values of its two hotel assets located in Weehawken, New Jersey to their estimated fair values. Accordingly, the Company recorded an impairment charge of $36.6 million at September 30, 2020, which is included in property impairments on the consolidated statement of operations for the three and nine months ended September 30, 2020. |
Mack-Cali Realty LP [Member] | |
Recent Transactions [Line Items] | |
Recent Transactions | 3. RECENT TRANSACTIONS Properties Commencing Initial Operations The following property commenced initial operations during the nine months ended September 30, 2020 (dollars in thousands) : Total In Service Property # of Development Date Property Location Type Apartment Units Costs Incurred 03/01/20 Emery at Overlook Ridge (a) Malden, MA Multi-Family 271 $ 78,539 Totals 271 $ 78,539 (a) The Emery at Overlook Ridge property consists of a total of 326 multi-family units. Of this amount, the remaining 55 multi-family units were placed in service in October 2020. Consolidation On March 12, 2020, the Company, acquired its equity partner's 80 percent interest in Port Imperial North Retail L.L.C., a ground floor retail space totaling 30,745 square feet located at Port Imperial, West New York, New Jersey for $ 13.3 million in cash (funded through borrowing under the Company’s unsecured credit facility.) The results of the transaction increased the Company’s interest to 100 percent. Upon the acquisition, the Company consolidated the MC Roseland North Retail L.L.C. joint venture, a voting interest entity. As an acquisition of the remaining interests in the venture which owns the Port Imperial North Retail L.L.C., the Company accounted for the transaction as an asset acquisition under a cost accumulation model, no gain on change of control of interest was recognized in consolidation, resulting in total consolidated net assets of $ 15.0 million, which are allocated as follows: Port Imperial North Retail L.L.C. Land and leasehold interests $ 4,305 Buildings and improvements and other assets, net 8,912 In-place lease values (a) 1,503 Above/Below market lease value, net (a) 313 Net assets recorded upon consolidation $ 15,033 (a) In-place and below market lease values are being amortized over a weighted-average term of 7.5 years. Real Estate Held for Sale/Discontinued Operations/Dispositions On December 19, 2019, the Company announced that its Board had determined to sell the Company’s entire suburban New Jersey office portfolio totaling approximately 6.6 million square feet, which excludes the Company’s office portfolio in Jersey City and Hoboken, New Jersey, (collectively, the “Suburban Office Portfolio”). As the decision to sell the Suburban Office Portfolio represented a strategic shift in the Company’s operations, the portfolio’s results are being classified as discontinued operations for all periods presented herein. See Note 7: Discontinued Operations. In late 2019 through September 30, 2020, the Company completed the sale of 16 of these suburban office properties, totaling 2.6 million square feet, for net sales proceeds of $ 294.8 million. As of September 30, 2020, the Company has identified as held for sale the remaining 21 office properties (comprised of 12 identified disposal groups) in the Suburban Office Portfolio, totaling four million square feet (of which the Company currently has 10 properties totaling 1.9 million square feet under contract for sale for aggregate gross proceeds of $ 407.5 million). I n October 2020, the Company completed the sale of one of the properties held for sale, which was a 98,500 square foot office property, for gross proceeds of $ 7.5 million. See Note 7: Discontinued Operations. The Company plans to complete the sale of its remaining Suburban Office Portfolio properties in late 2020 and early 2021, and to use the available sales proceeds to pay down its corporate-level, unsecured indebtedness. However, the Company cannot predict whether or to what extent the timing of these sales and the expected amount and use of proceeds may be impacted by the ongoing coronavirus pandemic (“COVID-19”). After the completion of the Suburban Office Portfolio sales, the Company’s holdings will consist of its waterfront class A office portfolio and its multi-family rental portfolio, and related development projects and land holdings. Additionally, the Company also identified a retail pad leased to others and several developable land parcels as held for sale as of September 30, 2020. The properties are located in Parsippany, Madison, Short Hills, Edison and Red Bank, New Jersey. As a result of recent sales contract amendments and after considering the current market conditions as a result of the challenging economic climate with the current worldwide COVID-19 pandemic, the Company determined that the carrying value of 10 of the remaining held for sale properties (comprised of five disposal groups), several land parcels held for sale and two developable land parcels classified as held and used was not expected to be recovered from estimated net sales proceeds, and accordingly, during the three and nine months ended September 30, 2020, recognized an unrealized loss allowance of zero and $ 41.2 million ( zero and $ 33.3 million of which are from discontinued operations), respectively, for the properties and land impairments of $ 1.3 million and $ 23.4 million, respectively. As of September 30, 2020, the Company determined that a 566,215 square foot office property located in Hoboken, New Jersey was no longer being held for sale and that it would continue to own and operate this property. The property had originally been classified as held for sale as of June 30, 2020. The reclassified property had an aggregate book value of $ 194.4 million, net of accumulated depreciation of $ 25.4 million (and catch-up depreciation and amortization expense of $ 3.8 million reflecting expense for the period from the date the property was originally held for sale through the date it was no longer held for sale, which was recorded at that date). The following table summarizes the real estate held for sale, net, and other assets and liabilities (dollars in thousands) : Suburban Other Office Assets Portfolio (a) Held for Sale Total Land $ 104,884 $ 84,180 $ 189,064 Building & Other 862,486 40,290 902,776 Less: Accumulated depreciation ( 219,857 ) ( 7,991 ) ( 227,848 ) Less: Cumulative unrealized losses on property held for sale ( 105,448 ) ( 44,140 ) ( 149,588 ) Real estate held for sale, net $ 642,065 $ 72,339 $ 714,404 Suburban Other Office Assets Other assets and liabilities Portfolio (a) Held for Sale Total Unbilled rents receivable, net (b) $ 22,207 $ 2,048 $ 24,255 Deferred charges, net (b) 21,536 773 22,309 Total intangibles, net (b) 26,208 - 26,208 Total deferred charges & other assets, net 50,413 789 51,202 Mortgages & loans payable, net (b) 123,738 - 123,738 Total below market liability (b) 7,092 - 7,092 Accounts payable, accrued exp & other liability 20,564 255 20,819 Unearned rents/deferred rental income (b) 4,565 203 4,768 (a) Classified as discontinued operations at September 30, 2020 for all periods presented. See Note 7: Discontinued Operations. (b) Expected to be removed with the completion of the sales. The Company disposed of the following office properties during the nine months ended September 30, 2020 (dollars in thousands) : Discontinued Operations: Realized Realized Gains Gains Rentable Net Net (losses)/ (losses)/ Disposition # of Square Property Sales Carrying Unrealized Unrealized Date Property/Address Location Bldgs. Feet/Units Type Proceeds Value Losses, net Losses, net 03/17/20 One Bridge Plaza Fort Lee, New Jersey 1 200,000 Office $ 35,065 $ 17,743 $ - $ 17,322 07/22/20 3 Giralda Farms (a) Madison, New Jersey 1 141,000 Office 7,510 9,534 - ( 2,024 ) 09/15/20 Morris portfolio (b) Parsippany and Madison, New Jersey 10 1,448,420 Office 155,116 175,772 - ( 20,656 ) 09/18/20 325 Columbia Turnpike Florham Park, New Jersey 1 168,144 Office 24,276 8,020 - 16,256 09/24/20 9 Campus Drive (c) Parsippany, New Jersey 1 156,945 Office 20,678 22,162 - ( 1,484 ) Sub-total 14 2,114,509 242,645 233,231 - 9,414 Unrealized losses on real estate held for sale ( 7,915 ) ( 33,314 ) Totals 14 2,114,509 $ 242,645 $ 233,231 $ ( 7,915 ) $ ( 23,900 ) (a) The Company recorded valuation allowances of $ 2.0 million on the property while it was held for sale during the nine months ended September 30, 2020 and of $ 16.7 million during the year ended December 31, 2019. (b) The Company recorded valuation allowances of $ 21.6 million on the properties while they were held for sale during the nine months ended September 30, 2020 and of $ 32.5 million during the year ended December 31, 2019. (c) The Company recorded a valuation allowance of $ 3.5 million on this property during the year ended December 31, 2019. The Company disposed of the following developable land holdings during the nine months ended September 30, 2020 (dollars in thousands): Realized Gains Net Net (losses)/ Disposition Sales Carrying Unrealized Date Property Address Location Proceeds Value Losses, net 01/03/20 230 & 250 Half Mile Road Middletown, New Jersey $ 7,018 $ 2,969 $ 4,049 03/27/20 Capital Office Park land Greenbelt, Maryland 8,974 8,210 764 Totals $ 15,992 $ 11,179 $ 4,813 Impairments on Properties Held and Used The Company determined that, due to the shortening of its expected period of ownership and a s a result of the adverse effect the COVID-19 pandemic has had, and continues to have, on its hotel operations, the Company evaluated the recoverability of the carrying values of its hotel properties and determined that it was necessary to reduce the carrying values of its two hotel assets located in Weehawken, New Jersey to their estimated fair values. Accordingly, the Company recorded an impairment charge of $36.6 million at September 30, 2020, which is included in property impairments on the consolidated statement of operations for the three and nine months ended September 30, 2020. |
Investments In Unconsolidated J
Investments In Unconsolidated Joint Ventures | 9 Months Ended |
Sep. 30, 2020 | |
Investments In Unconsolidated Joint Ventures [Line Items] | |
Investments In Unconsolidated Joint Ventures | 4. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES As of September 30, 2020, the Company had an aggregate investment of approximately $ 194.8 million in its equity method joint ventures. The Company formed these ventures with unaffiliated third parties, or acquired interests in them, to develop or manage primarily office and multi-family rental properties, or to acquire land in anticipation of possible development of office and multi-family rental properties. As of September 30, 2020, the unconsolidated joint ventures owned: two office properties aggregating approximately 0.2 million square feet, seven multi-family properties totaling 2,611 apartments units, a retail property aggregating approximately 51,000 square feet, a 351 -room hotel, a development project for up to approximately 360 apartments units; and interests and/or rights to developable land parcels able to accommodate up to 2,560 apartments units. The Company’s unconsolidated interests range from 20 percent to 85 percent subject to specified priority allocations in certain of the joint ventures. The amounts reflected in the following tables (except for the Company’s share of equity in earnings) are based on the historical financial information of the individual joint ventures. The Company does not record losses of the joint ventures in excess of its investment balances unless the Company is liable for the obligations of the joint venture or is otherwise committed to provide financial support to the joint venture. The outside basis portion of the Company’s investments in joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Unless otherwise noted below, the debt of the Company’s unconsolidated joint ventures generally is non-recourse to the Company, except for customary exceptions pertaining to such matters as intentional misuse of funds, environmental conditions, and material misrepresentations. The Company has agreed to guarantee repayment of a portion of the debt of its unconsolidated joint ventures. As of September 30, 2020, such debt had a total borrowing capacity of up to $ 304.0 million of which the Company agreed to guarantee up to $ 33.2 million. As of September 30, 2020, the outstanding balance of such debt totaled $ 255.6 million of which $ 28.4 million was guaranteed by the Company. The Company performed management, leasing, development and other services for the properties owned by the unconsolidated joint ventures and recognized $ 0.6 million and $ 0.6 million for such services in the three months ended September 30, 2020 and 2019, respectively. The Company had $ 0.3 million and $ 0.6 million in accounts receivable due from its unconsolidated joint ventures as of September 30, 2020 and December 31, 2019, respectively. Included in the Company’s investments in unconsolidated joint ventures as of September 30, 2020 are three unconsolidated development joint ventures, which are VIEs for which the Company is not the primary beneficiary. These joint ventures are primarily established to develop real estate property for long-term investment and were deemed VIEs primarily based on the fact that the equity investment at risk was not sufficient to permit the entities to finance their activities without additional financial support. The initial equity contributed to these entities was not sufficient to fully finance the real estate construction as development costs are funded by the partners throughout the construction period. The Company determined that it was not the primary beneficiary of these VIEs based on the fact that the Company has shared control of these entities along with the entity’s partners and therefore does not have controlling financial interests in these VIEs. The Company’s aggregate investment in these VIEs was approximately $ 110.2 million as of September 30, 2020. The Company’s maximum exposure to loss as a result of its involvement with these VIEs is estimated to be approximately $ 143.4 million, which includes the Company’s current investment and estimated future funding commitments/guarantees of approximately $ 33.2 million. The Company has not provided financial support to these VIEs that it was not previously contractually required to provide. In general, future costs of development not financed through third parties will be funded with capital contributions from the Company and its outside partners in accordance with their respective ownership percentages. The following is a summary of the Company's unconsolidated joint ventures as of September 30, 2020 and December 31, 2019 (dollars in thousands) : Property Debt Number of Company's Carrying Value As of September 30, 2020 Apartment Units Effective September 30, December 31, Maturity Interest Entity / Property Name or Rentable SF Ownership % (a) 2020 2019 Balance Date Rate Multi-family Metropolitan and Lofts at 40 Park (b) (c) 189 units 25.00 % $ 3,746 $ 7,257 $ 60,767 (d) (d) RiverTrace at Port Imperial 316 units 22.50 % 6,808 7,463 82,000 11/10/26 3.21 % Crystal House (e) 825 units 25.00 % 26,844 28,823 161,500 07/01/27 L+2.72 % PI North - Riverwalk C (f) 360 units 40.00 % 35,946 35,527 63,628 12/06/21 L+2.75 % Riverpark at Harrison (g) 141 units 45.00 % 787 1,015 30,192 07/01/35 3.19 % Station House 378 units 50.00 % 33,860 35,676 95,576 07/01/33 4.82 % Urby at Harborside (h) 762 units 85.00 % 74,847 79,790 192,000 08/01/29 5.197 % PI North - Land (b) (i) 836 potential units 20.00 % 1,678 1,678 - - - Liberty Landing 850 potential units 50.00 % 337 337 - - - Hillsborough 206 160,000 sf 50.00 % 1,962 1,962 - - - Office 12 Vreeland Road 139,750 sf 50.00 % 4,196 3,846 (j) 5,008 07/01/23 2.87 % Offices at Crystal Lake 106,345 sf 31.25 % 3,668 3,521 2,733 11/01/23 4.76 % Other Riverwalk Retail (k) 30,745 sf 20.00 % - 1,467 - - - Hyatt Regency Hotel Jersey City 351 rooms 50.00 % - - 100,000 10/01/26 3.668 % Other (l) 100 729 - - - Totals: $ 194,779 $ 209,091 $ 793,404 (a) Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable. (b) The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the Company is not expected to meaningfully participate in the venture's cash flows in the near term. (c) Through the joint venture, the Company also owns a 25 percent interest in a 50,973 square feet retail building ("Shops at 40 Park") and a 50 percent interest in a 59 -unit, five story multi-family rental property ("Lofts at 40 Park"). (d) Property debt balance consists of: (i) an interest only loan, collateralized by the Metropolitan at 40 Park, refinanced on September 18, 2020, with a balance of $ 36,500 , bears interest at LIBOR + 2.85 percent, matures in October 2023 ; (ii) an amortizable loan, collateralized by the Shops at 40 Park, with a balance of $ 6,067 , bears interest at LIBOR + 2.25 percent and matures in October 2021 ; (iii) an interest only loan, collateralized by the Lofts at 40 Park, with a balance of $ 18,200 , which bears interest at LIBOR + 1.5 percent and matures in January 2023 . (e) Included in this is the Company's unconsolidated 50 percent interest in a vacant land to accommodate the development of approximately 738 additional approved units. On June 26, 2020, the loan was refinanced with a borrowing amount of $ 161,500 . (f) The venture has a construction loan with a maximum borrowing amount of $ 112,000 , of which the Company has guaranteed 10 percent of the principal outstanding. (g) On June 10, 2020, the loan was refinanced with a borrowing amount of $ 30,192 . (h) The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines. (i) The Company owns a 20 percent residual interest in undeveloped land parcels: parcels 6, I, and J that can accommodate the development of 836 apartment units. The Company has guaranteed $ 22 million of the principal outstanding debt. (j) At December 31, 2019, the Company evaluated the recoverability of the carrying value of certain investments in unconsolidated joint venture, being considered for sale in the short or medium term. The Company determined that due to tenant turnover, lease-up assumptions, along with the Company's plans to exit its investment, it was necessary to reduce the carrying value of the investment to its estimated fair value. Accordingly, the Company recorded an impairment charge of $ 3.7 million at December 31, 2019. (k) On March 12, 2020, the Company acquired its equity partner's 80 percent interest and increased ownership to 100 percent. See Note 3: Recent Transactions - Consolidation. (l) The Company owns other interests in various unconsolidated joint ventures, including interests in assets previously owned and interest in ventures whose businesses are related to its core operations. These ventures are not expected to significantly impact the Company's operations in the near term. The following is a summary of the Company’s equity in earnings (loss) of unconsolidated joint ventures for the three and nine months ended September 30, 2020 and 2019 (dollars in thousands) : Three Months Ended Nine Months Ended September 30, September 30, Entity / Property Name 2020 2019 2020 2019 Multi-family Metropolitan at 40 Park $ ( 276 ) $ ( 135 ) $ ( 611 ) $ ( 333 ) RiverTrace at Port Imperial ( 3 ) 47 130 137 Crystal House ( 257 ) ( 117 ) ( 598 ) ( 526 ) PI North - Riverwalk C / Land ( 102 ) ( 79 ) ( 340 ) ( 211 ) Marbella II (b) - - - ( 15 ) Riverpark at Harrison ( 62 ) ( 34 ) ( 186 ) ( 159 ) Station House ( 677 ) ( 392 ) ( 1,816 ) ( 1,486 ) Urby at Harborside 1,924 (c) ( 240 ) 1,915 (c) ( 989 ) Liberty Landing - - - - Hillsborough 206 - - - - Office Red Bank (d) - - - 8 12 Vreeland Road 92 125 350 282 Offices at Crystal Lake 72 36 147 65 Other Riverwalk Retail (e) - ( 21 ) ( 11 ) ( 63 ) Hyatt Regency Hotel Jersey City 412 750 363 2,388 Other 250 ( 53 ) 376 20 Company's equity in earnings (loss) of unconsolidated joint ventures (a) $ 1,373 $ ( 113 ) $ ( 281 ) $ ( 882 ) (a) Amounts are net of amortization of basis differences of $ 143 and $ 156 for the three months ended September 30, 2020 and 2019, respectively. (b) On January 31, 2019, the Company acquired one of its equity partner's 50 percent interest and as a result, increased its ownership from 24.27 percent subordinated interest to 74.27 percent controlling interest, and ceased applying the equity method of accounting at such time. (c) Includes $ 2.6 million of the Company's share of the venture's income from its sale of an economic urban tax credit certificate from the State of New Jersey to a third party. The venture has an agreement to sell tax credits to a third party over the next seven years for $ 3 million per year for a total of $ 21 million. The sales are subject to the venture obtaining the tax credits from the State of New Jersey each year and transferring the tax credit certificate to the buyer each year. (d) On February 28, 2019, the Company sold its 50 percent interest to its partner and realized a gain of $ 0.9 million. (e) On March 12, 2020, the Company acquired its equity partner's 80 percent interest and increased ownership to 100 percent. See Note 3: Recent Transactions - Consolidation. |
Mack-Cali Realty LP [Member] | |
Investments In Unconsolidated Joint Ventures [Line Items] | |
Investments In Unconsolidated Joint Ventures | 4. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES As of September 30, 2020, the Company had an aggregate investment of approximately $ 194.8 million in its equity method joint ventures. The Company formed these ventures with unaffiliated third parties, or acquired interests in them, to develop or manage primarily office and multi-family rental properties, or to acquire land in anticipation of possible development of office and multi-family rental properties. As of September 30, 2020, the unconsolidated joint ventures owned: two office properties aggregating approximately 0.2 million square feet, seven multi-family properties totaling 2,611 apartments units, a retail property aggregating approximately 51,000 square feet, a 351 -room hotel, a development project for up to approximately 360 apartments units; and interests and/or rights to developable land parcels able to accommodate up to 2,560 apartments units. The Company’s unconsolidated interests range from 20 percent to 85 percent subject to specified priority allocations in certain of the joint ventures. The amounts reflected in the following tables (except for the Company’s share of equity in earnings) are based on the historical financial information of the individual joint ventures. The Company does not record losses of the joint ventures in excess of its investment balances unless the Company is liable for the obligations of the joint venture or is otherwise committed to provide financial support to the joint venture. The outside basis portion of the Company’s investments in joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Unless otherwise noted below, the debt of the Company’s unconsolidated joint ventures generally is non-recourse to the Company, except for customary exceptions pertaining to such matters as intentional misuse of funds, environmental conditions, and material misrepresentations. The Company has agreed to guarantee repayment of a portion of the debt of its unconsolidated joint ventures. As of September 30, 2020, such debt had a total borrowing capacity of up to $ 304.0 million of which the Company agreed to guarantee up to $ 33.2 million. As of September 30, 2020, the outstanding balance of such debt totaled $ 255.6 million of which $ 28.4 million was guaranteed by the Company. The Company performed management, leasing, development and other services for the properties owned by the unconsolidated joint ventures and recognized $ 0.6 million and $ 0.6 million for such services in the three months ended September 30, 2020 and 2019, respectively. The Company had $ 0.3 million and $ 0.6 million in accounts receivable due from its unconsolidated joint ventures as of September 30, 2020 and December 31, 2019, respectively. Included in the Company’s investments in unconsolidated joint ventures as of September 30, 2020 are three unconsolidated development joint ventures, which are VIEs for which the Company is not the primary beneficiary. These joint ventures are primarily established to develop real estate property for long-term investment and were deemed VIEs primarily based on the fact that the equity investment at risk was not sufficient to permit the entities to finance their activities without additional financial support. The initial equity contributed to these entities was not sufficient to fully finance the real estate construction as development costs are funded by the partners throughout the construction period. The Company determined that it was not the primary beneficiary of these VIEs based on the fact that the Company has shared control of these entities along with the entity’s partners and therefore does not have controlling financial interests in these VIEs. The Company’s aggregate investment in these VIEs was approximately $ 110.2 million as of September 30, 2020. The Company’s maximum exposure to loss as a result of its involvement with these VIEs is estimated to be approximately $ 143.4 million, which includes the Company’s current investment and estimated future funding commitments/guarantees of approximately $ 33.2 million. The Company has not provided financial support to these VIEs that it was not previously contractually required to provide. In general, future costs of development not financed through third parties will be funded with capital contributions from the Company and its outside partners in accordance with their respective ownership percentages. The following is a summary of the Company's unconsolidated joint ventures as of September 30, 2020 and December 31, 2019 (dollars in thousands) : Property Debt Number of Company's Carrying Value As of September 30, 2020 Apartment Units Effective September 30, December 31, Maturity Interest Entity / Property Name or Rentable SF Ownership % (a) 2020 2019 Balance Date Rate Multi-family Metropolitan and Lofts at 40 Park (b) (c) 189 units 25.00 % $ 3,746 $ 7,257 $ 60,767 (d) (d) RiverTrace at Port Imperial 316 units 22.50 % 6,808 7,463 82,000 11/10/26 3.21 % Crystal House (e) 825 units 25.00 % 26,844 28,823 161,500 07/01/27 L+2.72 % PI North - Riverwalk C (f) 360 units 40.00 % 35,946 35,527 63,628 12/06/21 L+2.75 % Riverpark at Harrison (g) 141 units 45.00 % 787 1,015 30,192 07/01/35 3.19 % Station House 378 units 50.00 % 33,860 35,676 95,576 07/01/33 4.82 % Urby at Harborside (h) 762 units 85.00 % 74,847 79,790 192,000 08/01/29 5.197 % PI North - Land (b) (i) 836 potential units 20.00 % 1,678 1,678 - - - Liberty Landing 850 potential units 50.00 % 337 337 - - - Hillsborough 206 160,000 sf 50.00 % 1,962 1,962 - - - Office 12 Vreeland Road 139,750 sf 50.00 % 4,196 3,846 (j) 5,008 07/01/23 2.87 % Offices at Crystal Lake 106,345 sf 31.25 % 3,668 3,521 2,733 11/01/23 4.76 % Other Riverwalk Retail (k) 30,745 sf 20.00 % - 1,467 - - - Hyatt Regency Hotel Jersey City 351 rooms 50.00 % - - 100,000 10/01/26 3.668 % Other (l) 100 729 - - - Totals: $ 194,779 $ 209,091 $ 793,404 (a) Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable. (b) The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the Company is not expected to meaningfully participate in the venture's cash flows in the near term. (c) Through the joint venture, the Company also owns a 25 percent interest in a 50,973 square feet retail building ("Shops at 40 Park") and a 50 percent interest in a 59 -unit, five story multi-family rental property ("Lofts at 40 Park"). (d) Property debt balance consists of: (i) an interest only loan, collateralized by the Metropolitan at 40 Park, refinanced on September 18, 2020, with a balance of $ 36,500 , bears interest at LIBOR + 2.85 percent, matures in October 2023 ; (ii) an amortizable loan, collateralized by the Shops at 40 Park, with a balance of $ 6,067 , bears interest at LIBOR + 2.25 percent and matures in October 2021 ; (iii) an interest only loan, collateralized by the Lofts at 40 Park, with a balance of $ 18,200 , which bears interest at LIBOR + 1.5 percent and matures in January 2023 . (e) Included in this is the Company's unconsolidated 50 percent interest in a vacant land to accommodate the development of approximately 738 additional approved units. On June 26, 2020, the loan was refinanced with a borrowing amount of $ 161,500 . (f) The venture has a construction loan with a maximum borrowing amount of $ 112,000 , of which the Company has guaranteed 10 percent of the principal outstanding. (g) On June 10, 2020, the loan was refinanced with a borrowing amount of $ 30,192 . (h) The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines. (i) The Company owns a 20 percent residual interest in undeveloped land parcels: parcels 6, I, and J that can accommodate the development of 836 apartment units. The Company has guaranteed $ 22 million of the principal outstanding debt. (j) At December 31, 2019, the Company evaluated the recoverability of the carrying value of certain investments in unconsolidated joint venture, being considered for sale in the short or medium term. The Company determined that due to tenant turnover, lease-up assumptions, along with the Company's plans to exit its investment, it was necessary to reduce the carrying value of the investment to its estimated fair value. Accordingly, the Company recorded an impairment charge of $ 3.7 million at December 31, 2019. (k) On March 12, 2020, the Company acquired its equity partner's 80 percent interest and increased ownership to 100 percent. See Note 3: Recent Transactions - Consolidation. (l) The Company owns other interests in various unconsolidated joint ventures, including interests in assets previously owned and interest in ventures whose businesses are related to its core operations. These ventures are not expected to significantly impact the Company's operations in the near term. The following is a summary of the Company’s equity in earnings (loss) of unconsolidated joint ventures for the three and nine months ended September 30, 2020 and 2019 (dollars in thousands) : Three Months Ended Nine Months Ended September 30, September 30, Entity / Property Name 2020 2019 2020 2019 Multi-family Metropolitan at 40 Park $ ( 276 ) $ ( 135 ) $ ( 611 ) $ ( 333 ) RiverTrace at Port Imperial ( 3 ) 47 130 137 Crystal House ( 257 ) ( 117 ) ( 598 ) ( 526 ) PI North - Riverwalk C / Land ( 102 ) ( 79 ) ( 340 ) ( 211 ) Marbella II (b) - - - ( 15 ) Riverpark at Harrison ( 62 ) ( 34 ) ( 186 ) ( 159 ) Station House ( 677 ) ( 392 ) ( 1,816 ) ( 1,486 ) Urby at Harborside 1,924 (c) ( 240 ) 1,915 (c) ( 989 ) Liberty Landing - - - - Hillsborough 206 - - - - Office Red Bank (d) - - - 8 12 Vreeland Road 92 125 350 282 Offices at Crystal Lake 72 36 147 65 Other Riverwalk Retail (e) - ( 21 ) ( 11 ) ( 63 ) Hyatt Regency Hotel Jersey City 412 750 363 2,388 Other 250 ( 53 ) 376 20 Company's equity in earnings (loss) of unconsolidated joint ventures (a) $ 1,373 $ ( 113 ) $ ( 281 ) $ ( 882 ) (a) Amounts are net of amortization of basis differences of $ 143 and $ 156 for the three months ended September 30, 2020 and 2019, respectively. (b) On January 31, 2019, the Company acquired one of its equity partner's 50 percent interest and as a result, increased its ownership from 24.27 percent subordinated interest to 74.27 percent controlling interest, and ceased applying the equity method of accounting at such time. (c) Includes $ 2.6 million of the Company's share of the venture's income from its sale of an economic urban tax credit certificate from the State of New Jersey to a third party. The venture has an agreement to sell tax credits to a third party over the next seven years for $ 3 million per year for a total of $ 21 million. The sales are subject to the venture obtaining the tax credits from the State of New Jersey each year and transferring the tax credit certificate to the buyer each year. (d) On February 28, 2019, the Company sold its 50 percent interest to its partner and realized a gain of $ 0.9 million. (e) On March 12, 2020, the Company acquired its equity partner's 80 percent interest and increased ownership to 100 percent. See Note 3: Recent Transactions - Consolidation. |
Deferred Charges, Goodwill And
Deferred Charges, Goodwill And Other Assets, Net | 9 Months Ended |
Sep. 30, 2020 | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Deferred Charges, Goodwill And Other Assets, Net | 5. DEFERRED CHARGES, GOODWILL AND OTHER ASSETS, NET September 30, December 31, (dollars in thousands) 2020 2019 Deferred leasing costs $ 118,496 $ 142,424 Deferred financing costs - unsecured revolving credit facility (a) 5,559 5,559 124,055 147,983 Accumulated amortization ( 51,815 ) ( 59,522 ) Deferred charges, net 72,240 88,461 Notes receivable (b) 1,292 1,625 In-place lease values, related intangibles and other assets, net 72,665 86,092 Goodwill (c) 2,945 2,945 Right of use assets (d) 22,604 22,604 Prepaid expenses and other assets, net (e) 48,448 73,375 Total deferred charges, goodwill and other assets, net (f) $ 220,194 $ 275,102 (a) Deferred financing costs related to all other debt liabilities (other than for the unsecured revolving credit facility) are netted against those debt liabilities for all periods presented. See Note 2: Significant Accounting Policies – Deferred Financing Costs. (b) Includes as of September 30, 2020 and December 31, 2019, respectively, an interest-free note receivable with a net present value of $ 1.3 million and $ 1.6 million which matures in April 2023 . The Company believes this balance is fully collectible. (c) All goodwill is attributable to the Company’s Multi-family Real Estate and Services segment. (d) Balance recorded starting in 2019, pursuant to the Company’s adoption of ASU 2016-02 (Topic 842). This amount has a corresponding liability of $ 23.8 million, which is included in Accounts payable, accrued expense and other liabilities. See Note 13: Commitments and Contingencies – Ground Lease agreements for further details. (e) Includes as of September 30, 2020 and December 31, 2019, zero and $ 28.1 million, respectively, of funds available with the Company’s qualified intermediary. (f) Includes as of September 30, 2020 and December 31, 2019, $ 50.4 million and $ 68.6 million, respectively, for properties classified as discontinued operations. DERIVATIVE FINANCIAL INSTRUMENTS Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. During the year ended December 31, 2019, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. As of September 30, 2020, the Company did no t have any outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk During 2019, in connection with the paydown of the Company’s outstanding term loans, the Company terminated interest rate swaps with the corresponding notional amount. These paydowns resulted in the Company accelerating the reclassification of gains from other comprehensive income to earnings as a result of the hedged forecasted transactions no longer being probable to occur, amounting to $ 0.1 million and $ 1.9 million for the three and nine months ended September 30, 2019. No additional amounts were recorded for the three and nine months ended September 30, 2020. The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next 12 months, the Company estimates no additional amount to be reclassified to interest expense. The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statement of Operations for the nine months ending September 30, 2020 and 2019 (dollars in thousands) : Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI on Derivative Location of Gain or (Loss) Reclassified from Accumulated OCI into Income Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative and Reclassification for Forecasted Transactions No Longer Probable of Occurring) Total Amount of Interest Expense presented in the consolidated statements 2020 2019 2020 2019 2020 2019 2020 2019 Three months ended September 30, Interest rate swaps $ - $ ( 195 ) Interest expense $ - $ 551 Interest and other investment income (loss) $ - $ 132 $ ( 20,265 ) $ ( 22,129 ) Nine months ended September 30, Interest rate swaps $ - $ ( 4,608 ) Interest expense $ 16 $ 3,419 $ - $ 1,926 $ ( 61,795 ) $ ( 67,817 ) Credit-risk-related Contingent Features The Company had agreements with each of its derivative counterparties that contained a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness was accelerated by the lender due to the Company's default on the indebtedness. As of September 30, 2020, the Company did no t have any outstanding derivatives. |
Mack-Cali Realty LP [Member] | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Deferred Charges, Goodwill And Other Assets, Net | 5. DEFERRED CHARGES, GOODWILL AND OTHER ASSETS, NET September 30, December 31, (dollars in thousands) 2020 2019 Deferred leasing costs $ 118,496 $ 142,424 Deferred financing costs - unsecured revolving credit facility (a) 5,559 5,559 124,055 147,983 Accumulated amortization ( 51,815 ) ( 59,522 ) Deferred charges, net 72,240 88,461 Notes receivable (b) 1,292 1,625 In-place lease values, related intangibles and other assets, net 72,665 86,092 Goodwill (c) 2,945 2,945 Right of use assets (d) 22,604 22,604 Prepaid expenses and other assets, net (e) 48,448 73,375 Total deferred charges, goodwill and other assets, net (f) $ 220,194 $ 275,102 (a) Deferred financing costs related to all other debt liabilities (other than for the unsecured revolving credit facility) are netted against those debt liabilities for all periods presented. See Note 2: Significant Accounting Policies – Deferred Financing Costs. (b) Includes as of September 30, 2020 and December 31, 2019, respectively, an interest-free note receivable with a net present value of $ 1.3 million and $ 1.6 million which matures in April 2023 . The Company believes this balance is fully collectible. (c) All goodwill is attributable to the Company’s Multi-family Real Estate and Services segment. (d) Balance recorded starting in 2019, pursuant to the Company’s adoption of ASU 2016-02 (Topic 842). This amount has a corresponding liability of $ 23.8 million, which is included in Accounts payable, accrued expense and other liabilities. See Note 13: Commitments and Contingencies – Ground Lease agreements for further details. (e) Includes as of September 30, 2020 and December 31, 2019, zero and $ 28.1 million, respectively, of funds available with the Company’s qualified intermediary. (f) Includes as of September 30, 2020 and December 31, 2019, $ 50.4 million and $ 68.6 million, respectively, for properties classified as discontinued operations. DERIVATIVE FINANCIAL INSTRUMENTS Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. During the year ended December 31, 2019, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. As of September 30, 2020, the Company did no t have any outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk During 2019, in connection with the paydown of the Company’s outstanding term loans, the Company terminated interest rate swaps with the corresponding notional amount. These paydowns resulted in the Company accelerating the reclassification of gains from other comprehensive income to earnings as a result of the hedged forecasted transactions no longer being probable to occur, amounting to $ 0.1 million and $ 1.9 million for the three and nine months ended September 30, 2019. No additional amounts were recorded for the three and nine months ended September 30, 2020. The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next 12 months, the Company estimates no additional amount to be reclassified to interest expense. The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statement of Operations for the nine months ending September 30, 2020 and 2019 (dollars in thousands) : Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI on Derivative Location of Gain or (Loss) Reclassified from Accumulated OCI into Income Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative and Reclassification for Forecasted Transactions No Longer Probable of Occurring) Total Amount of Interest Expense presented in the consolidated statements 2020 2019 2020 2019 2020 2019 2020 2019 Three months ended September 30, Interest rate swaps $ - $ ( 195 ) Interest expense $ - $ 551 Interest and other investment income (loss) $ - $ 132 $ ( 20,265 ) $ ( 22,129 ) Nine months ended September 30, Interest rate swaps $ - $ ( 4,608 ) Interest expense $ 16 $ 3,419 $ - $ 1,926 $ ( 61,795 ) $ ( 67,817 ) Credit-risk-related Contingent Features The Company had agreements with each of its derivative counterparties that contained a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness was accelerated by the lender due to the Company's default on the indebtedness. As of September 30, 2020, the Company did no t have any outstanding derivatives. |
Restricted Cash
Restricted Cash | 9 Months Ended |
Sep. 30, 2020 | |
Restricted Cash [Line Items] | |
Restricted Cash | 6. RESTRICTED CASH Restricted cash generally includes tenant and resident security deposits for certain of the Company’s properties, and escrow and reserve funds for debt service, real estate taxes, property insurance, capital improvements, tenant improvements, and leasing costs established pursuant to certain mortgage financing arrangements, and is comprised of the following (dollars in thousands) : September 30, December 31, 2020 2019 Security deposits $ 5,819 $ 5,677 Escrow and other reserve funds 8,688 9,900 Total restricted cash $ 14,507 $ 15,577 |
Mack-Cali Realty LP [Member] | |
Restricted Cash [Line Items] | |
Restricted Cash | 6. RESTRICTED CASH Restricted cash generally includes tenant and resident security deposits for certain of the Company’s properties, and escrow and reserve funds for debt service, real estate taxes, property insurance, capital improvements, tenant improvements, and leasing costs established pursuant to certain mortgage financing arrangements, and is comprised of the following (dollars in thousands) : September 30, December 31, 2020 2019 Security deposits $ 5,819 $ 5,677 Escrow and other reserve funds 8,688 9,900 Total restricted cash $ 14,507 $ 15,577 |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2020 | |
Discontinued Operations | 7. DISCONTINUED OPERATIONS On December 19, 2019, the Company announced that its Board had determined to sell the Company’s entire Suburban Office Portfolio totaling approximately 6.6 million square feet. As the decision to sell the Suburban Office Portfolio represented a strategic shift in the Company’s operations, the portfolio’s results are being classified as discontinued operations for all periods presented herein. In late 2019 through September 30, 2020, the Company completed the sale of 16 of these suburban office properties, totaling 2.6 million square feet, for net sales proceeds of $ 294.8 million. As of September 30, 2020, the Company has identified as held for sale the remaining 21 office properties (comprised of 12 identified disposal groups) in the Suburban Office Portfolio, totaling four million square feet (of which the Company currently has 10 properties totaling 1.9 million square feet under contract for sale for aggregate gross proceeds of $ 407.5 million). In October 2020, the Company completed the sale of one of the properties held for sale, which was a 98,500 square foot office property, for gross proceeds of $ 7.5 million. The Company plans to complete the sale of its remaining Suburban Office Portfolio properties in late 2020 and early 2021, and to use the available sales proceeds to pay down its corporate-level, unsecured indebtedness. However, the Company cannot predict whether or to what extent the timing of these sales and the expected amount and use of proceeds may be impacted by the ongoing coronavirus (“COVID-19”). After the completion of the Suburban Office Portfolio sales, the Company’s holdings will consist of its waterfront class A office portfolio and its multi-family rental portfolio, and related development projects and land holdings. As a result of recent sales contract amendments and after considering the current market conditions as a result of the challenging economic climate with the current worldwide COVID-19 pandemic, the Company determined that the carrying value of 10 of the remaining held for sale properties (comprised of five disposal groups) was not expected to be recovered from estimated net sales proceeds, and accordingly recognized an unrealized loss allowance of zero and $ 33.3 million during the three and nine months ended September 30, 2020, respectively. The following table summarizes income from discontinued operations and the related realized gains (losses) and unrealized losses on disposition of rental property and impairments, net, for the three and nine months ended September 30, 2020 and 2019 (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Total revenues $ 36,536 $ 44,493 $ 117,204 $ 132,332 Operating and other expenses ( 14,358 ) ( 17,733 ) ( 45,786 ) ( 52,900 ) Depreciation and amortization ( 1,366 ) ( 16,933 ) ( 4,271 ) ( 50,826 ) Interest expense ( 1,321 ) ( 1,321 ) ( 3,934 ) ( 3,920 ) Income from discontinued operations 19,491 8,506 63,213 24,686 Unrealized losses on disposition of rental property (a) - ( 10,063 ) ( 33,314 ) ( 15,865 ) Realized gains (losses) on disposition of rental property (b) 15,775 - 9,414 - Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net 15,775 ( 10,063 ) ( 23,900 ) ( 15,865 ) Total discontinued operations, net $ 35,266 $ ( 1,557 ) $ 39,313 $ 8,821 (a) Represents valuation allowances and impairment charges on properties classified as discontinued operations in 2020. (b) See Note 3: Real Estate Transactions – Dispositions for further information regarding properties sold and related gains (losses) . |
Mack-Cali Realty LP [Member] | |
Discontinued Operations | 7. DISCONTINUED OPERATIONS On December 19, 2019, the Company announced that its Board had determined to sell the Company’s entire Suburban Office Portfolio totaling approximately 6.6 million square feet. As the decision to sell the Suburban Office Portfolio represented a strategic shift in the Company’s operations, the portfolio’s results are being classified as discontinued operations for all periods presented herein. In late 2019 through September 30, 2020, the Company completed the sale of 16 of these suburban office properties, totaling 2.6 million square feet, for net sales proceeds of $ 294.8 million. As of September 30, 2020, the Company has identified as held for sale the remaining 21 office properties (comprised of 12 identified disposal groups) in the Suburban Office Portfolio, totaling four million square feet (of which the Company currently has 10 properties totaling 1.9 million square feet under contract for sale for aggregate gross proceeds of $ 407.5 million). In October 2020, the Company completed the sale of one of the properties held for sale, which was a 98,500 square foot office property, for gross proceeds of $ 7.5 million. The Company plans to complete the sale of its remaining Suburban Office Portfolio properties in late 2020 and early 2021, and to use the available sales proceeds to pay down its corporate-level, unsecured indebtedness. However, the Company cannot predict whether or to what extent the timing of these sales and the expected amount and use of proceeds may be impacted by the ongoing coronavirus (“COVID-19”). After the completion of the Suburban Office Portfolio sales, the Company’s holdings will consist of its waterfront class A office portfolio and its multi-family rental portfolio, and related development projects and land holdings. As a result of recent sales contract amendments and after considering the current market conditions as a result of the challenging economic climate with the current worldwide COVID-19 pandemic, the Company determined that the carrying value of 10 of the remaining held for sale properties (comprised of five disposal groups) was not expected to be recovered from estimated net sales proceeds, and accordingly recognized an unrealized loss allowance of zero and $ 33.3 million during the three and nine months ended September 30, 2020, respectively. The following table summarizes income from discontinued operations and the related realized gains (losses) and unrealized losses on disposition of rental property and impairments, net, for the three and nine months ended September 30, 2020 and 2019 (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Total revenues $ 36,536 $ 44,493 $ 117,204 $ 132,332 Operating and other expenses ( 14,358 ) ( 17,733 ) ( 45,786 ) ( 52,900 ) Depreciation and amortization ( 1,366 ) ( 16,933 ) ( 4,271 ) ( 50,826 ) Interest expense ( 1,321 ) ( 1,321 ) ( 3,934 ) ( 3,920 ) Income from discontinued operations 19,491 8,506 63,213 24,686 Unrealized losses on disposition of rental property (a) - ( 10,063 ) ( 33,314 ) ( 15,865 ) Realized gains (losses) on disposition of rental property (b) 15,775 - 9,414 - Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net 15,775 ( 10,063 ) ( 23,900 ) ( 15,865 ) Total discontinued operations, net $ 35,266 $ ( 1,557 ) $ 39,313 $ 8,821 (a) Represents valuation allowances and impairment charges on properties classified as discontinued operations in 2020. (b) See Note 3: Real Estate Transactions – Dispositions for further information regarding properties sold and related gains (losses) . |
Senior Unsecured Notes
Senior Unsecured Notes | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Line Items] | |
Senior Unsecured Notes | 8 . SENIOR UNSECURED NOTES A summary of the Company’s senior unsecured notes as of September 30, 2020 and December 31, 2019 is as follows (dollars in thousands) : September 30, December 31, Effective 2020 2019 Rate (1) 4.500 % Senior Unsecured Notes, due April 18, 2022 $ 300,000 $ 300,000 4.612 % 3.150 % Senior Unsecured Notes, due May 15, 2023 275,000 275,000 3.517 % Principal balance outstanding 575,000 575,000 Adjustment for unamortized debt discount ( 1,671 ) ( 2,170 ) Unamortized deferred financing costs ( 969 ) ( 1,346 ) Total senior unsecured notes, net $ 572,360 $ 571,484 (1) Includes the cost of terminated treasury lock agreements (if any), offering and other transaction costs and the discount/premium on the notes, as applicable. The terms of the Company’s senior unsecured notes include certain restrictions and covenants which require compliance with financial ratios relating to the maximum amount of debt leverage, the maximum amount of secured indebtedness, the minimum amount of debt service coverage and the maximum amount of unsecured debt as a percent of unsecured assets. The Company was in compliance with its debt covenants under the indenture relating to its senior unsecured notes as of September 30, 2020. |
Mack-Cali Realty LP [Member] | |
Debt Disclosure [Line Items] | |
Senior Unsecured Notes | 8 . SENIOR UNSECURED NOTES A summary of the Company’s senior unsecured notes as of September 30, 2020 and December 31, 2019 is as follows (dollars in thousands) : September 30, December 31, Effective 2020 2019 Rate (1) 4.500 % Senior Unsecured Notes, due April 18, 2022 $ 300,000 $ 300,000 4.612 % 3.150 % Senior Unsecured Notes, due May 15, 2023 275,000 275,000 3.517 % Principal balance outstanding 575,000 575,000 Adjustment for unamortized debt discount ( 1,671 ) ( 2,170 ) Unamortized deferred financing costs ( 969 ) ( 1,346 ) Total senior unsecured notes, net $ 572,360 $ 571,484 (1) Includes the cost of terminated treasury lock agreements (if any), offering and other transaction costs and the discount/premium on the notes, as applicable. The terms of the Company’s senior unsecured notes include certain restrictions and covenants which require compliance with financial ratios relating to the maximum amount of debt leverage, the maximum amount of secured indebtedness, the minimum amount of debt service coverage and the maximum amount of unsecured debt as a percent of unsecured assets. The Company was in compliance with its debt covenants under the indenture relating to its senior unsecured notes as of September 30, 2020. |
Unsecured Revolving Credit Faci
Unsecured Revolving Credit Facility And Term Loans | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Line Items] | |
Unsecured Revolving Credit Facility And Term Loans | 9. UNSECURED REVOLVING CREDIT FACILITY AND TERM LOANS On January 25, 2017, the Company entered into an amended revolving credit facility and new term loan agreement (“2017 Credit Agreement”) with a group of 13 lenders. Pursuant to the 2017 Credit Agreement, the Company refinanced its existing $ 600 million unsecured revolving credit facility (“2017 Credit Facility”) and entered into a new $ 325 million unsecured, delayed-draw term loan facility (“2017 Term Loan”). Effective March 6, 2018, the Company elected to determine its interest rate under the 2017 Credit Agreement and under the 2017 Term Loan using the defined leverage ratio option, resulting in an interest rate of London Inter-Bank Offered Rate (“LIBOR”) plus 130 basis points and LIBOR plus 155 basis points, respectively. The terms of the 2017 Credit Facility include: (1) a four year term ending in January 2021 , with two six month extension options, subject to the Company not being in default on the facility and with the payment of a fee of 7.5 basis points for each extension; (2) revolving credit loans may be made to the Company in an aggregate principal amount of up to $ 600 million (subject to increase as discussed below), with a sublimit under the 2017 Credit Facility for the issuance of letters of credit in an amount not to exceed $ 60 million (subject to increase as discussed below); (3) an interest rate, based on the Operating Partnership’s unsecured debt ratings from Moody’s or S&P, or, at the Operating Partnership’s option, if it no longer maintains a debt rating from Moody’s or S&P, or such debt ratings fall below Baa3 and BBB-, based on a defined leverage ratio; and (4) a facility fee, currently 25 basis points, payable quarterly based on the Operating Partnership’s unsecured debt ratings from Moody’s or S&P, or, at the Operating Partnership’s option, if it no longer maintains a debt rating from Moody’s or S&P or such debt ratings fall below Baa3 and BBB-, based on a defined leverage ratio. The Company’s unsecured debt is currently rated B1 by Moody’s and BB- by S&P. On September 30, 2020, the Company gave notice of its election to exercise the first option to extend the 2017 Credit Facility maturity date for a period of six months . Accordingly, the term of the 2017 Credit Facility will be extended to July 2021 , upon the Company’s payment of the 7.5 basis point extension fee by January 2021 . After electing to use the defined leverage ratio to determine the interest rate, the interest rates on outstanding borrowings, alternate base rate loans and the facility fee on the current borrowing capacity, payable quarterly in arrears, on the 2017 Credit Facility are currently based on the following total leverage ratio grid: Interest Rate - Applicable Interest Rate - Basis Points Applicable Above LIBOR for Basis Points Alternate Base Facility Fee Total Leverage Ratio Above LIBOR Rate Loans Basis Points < 45 % 125.0 25.0 20.0 ≥ 45 % and < 50 % 130.0 30.0 25.0 ≥ 50 % and < 55 % (current ratio) 135.0 35.0 30.0 ≥ 55 % 160.0 60.0 35.0 Prior to the election to use the defined leverage ratio option, the interest rates on outstanding borrowings, alternate base rate loans and the facility fee on the current borrowing capacity, payable quarterly in arrears, on the 2017 Credit Facility were based upon the Operating Partnership’s unsecured debt ratings, as follows: Interest Rate - Applicable Interest Rate - Basis Points Operating Partnership's Applicable Above LIBOR for Unsecured Debt Ratings: Basis Points Alternate Base Facility Fee Higher of S&P or Moody's Above LIBOR Rate Loans Basis Points No ratings or less than BBB-/Baa3 155.0 55.0 30.0 BBB- or Baa3 (interest rate based on Company's election through March 5, 2018) 120.0 20.0 25.0 BBB or Baa2 100.0 0.0 20.0 BBB+ or Baa1 90.0 0.0 15.0 A- or A3 or higher 87.5 0.0 12.5 The terms of the 2017 Term Loan included: (1) a three year term ending in January 2020 , with two one year extension options; (2) multiple draws of the term loan commitments may be made within 12 months of the effective date of the 2017 Credit Agreement up to an aggregate principal amount of $ 325 million (subject to increase as discussed below), with no requirement to be drawn in full; provided, that, if the Company does not borrow at least 50 percent of the initial term commitment from the term lenders (i.e. 50 percent of $ 325 million) on or before July 25, 2017, the amount of unused term loan commitments shall be reduced on such date so that, after giving effect to such reduction, the amount of unused term loan commitments is not greater than the outstanding term loans on such date; (3) a n interest rate, based on the Operating Partnership’s unsecured debt ratings from Moody’s or S&P, or, at the Operating Partnership’s option if it no longer maintains a debt rating from Moody’s or S&P or such debt ratings fall below Baa3 and BBB-, based on a defined leverage ratio; and (4) a term commitment fee on any unused term loan commitment during the first 12 months after the effective date of the 2017 Credit Agreement at a rate of 0.25 percent per annum on the sum of the average daily unused portion of the aggregate term loan commitments. On March 22, 2017, the Company drew the full $ 325 million available under the 2017 Term Loan. On March 29, 2017, the Company executed interest rate swap arrangements to fix LIBOR with an aggregate average rate of 1.6473 % for the swaps and a then aggregate fixed rate of 3.1973 % on borrowings under the 2017 Term Loan. During the year ended December 31, 2019, the Company prepaid the 2017 Term Loan (using a portion of the proceeds from a new mortgage loan collateralized by an office building located at 111 River Street and using borrowings under the Company’s unsecured revolving credit facility) and recorded a net loss of $ 173,000 from extinguishment of debt, as a result of a gain of $ 80,000 due to the early termination of part of the interest rate swap arrangements, and the write off of unamortized deferred financing costs and fees amounting to $ 253,000 as a result of the debt prepayment. After electing to use the defined leverage ratio to determine the interest rate, the interest rate under the 2017 Term Loan was based on the following total leverage ratio grid: Interest Rate - Applicable Interest Rate - Basis Points Applicable Above LIBOR for Basis Points Alternate Base Rate Total Leverage Ratio above LIBOR Loans < 45 % 145.0 45.0 ≥ 45 % and < 50 % 155.0 55.0 ≥ 50 % and < 55 % (current ratio) 165.0 65.0 ≥ 55 % 195.0 95.0 Prior to the election to use the defined leverage ratio option, the interest rate on the 2017 Term Loan was based upon the Operating Partnership's unsecured debt ratings, as follows: Interest Rate - Applicable Interest Rate - Basis Points Operating Partnership's Applicable Above LIBOR for Unsecured Debt Ratings: Basis Points Alternate Base Rate Higher of S&P or Moody's Above LIBOR Loans No ratings or less than BBB-/Baa3 185.0 85.0 BBB- or Baa3 (interest rate based on Company's election through March 5, 2018) 140.0 40.0 BBB or Baa2 115.0 15.0 BBB+ or Baa1 100.0 0.0 A- or A3 or higher 90.0 0.0 On up to four occasions at any time after the effective date of the 2017 Credit Agreement , the Company may elect to request (1) an increase to the existing revolving credit commitments (any such increase, the “New Revolving Credit Commitments”) and/or (2) the establishment of one or more new term loan commitments (the “New Term Commitments”, together with the 2017 Credit Commitments, the “Incremental Commitments”), by up to an aggregate amount not to exceed $ 350 million for all Incremental Commitments. The Company may also request that the sublimit for letters of credit available under the 2017 Credit Facility be increased to $ 100 million (without arranging any New Revolving Credit Commitments). No lender or letter of credit issued has any obligation to accept any Incremental Commitment or any increase to the letter of credit subfacility. There is no premium or penalty associated with full or partial prepayment of borrowings under the 2017 Credit Agreement. The 2017 Credit Agreement, which applies to both the 2017 Credit Facility and 2017 Term Loan, includes certain restrictions and covenants which limit, among other things the incurrence of additional indebtedness, the incurrence of liens and the disposition of real estate properties (to the extent that: (i) such property dispositions cause the Company to default on any of the financial ratios of the 2017 Credit Agreement (described below), or (ii) the property dispositions are completed while the Company is under an event of default under the 2017 Credit Agreement, unless, under certain circumstances, such disposition is being carried out to cure such default), and which require compliance with financial ratios relating to the maximum leverage ratio (60 percent), the maximum amount of secured indebtedness (40 percent), the minimum amount of fixed charge coverage (1.5 times), the maximum amount of unsecured indebtedness (60 percent), the minimum amount of unencumbered property interest coverage (2.0 times) and certain investment limitations (generally 15 percent of total capitalization). The 2017 Credit Agreement contains “change of control” provisions that permit the lenders to declare a default and require the immediate repayment of all outstanding borrowings under the 2017 Credit Facility. These change of control provisions, which have been an event of default under the agreements governing the Company’s revolving credit facilities since June 2000, are triggered if, among other things, a majority of the seats on the Board of Directors (other than vacant seats) become occupied by directors who were neither nominated by the Board Directors nor appointed by a majority of directors nominated by the Board of Directors. Furthermore, the agreements governing the Company's Senior Unsecured Notes include cross-acceleration provisions that would constitute an event of default requiring immediate repayment of the Notes if the change of control provisions under the 2017 Credit Facility are triggered and the lenders declare a default and exercise their rights under the 2017 Credit Facility and accelerate repayment of the outstanding borrowings thereunder. In addition, construction loans secured by two multi-family residential property development projects contain cross-acceleration provisions similar to those in the agreements governing the Notes for defaults by the Company. If these change of control provisions were triggered, the Company could seek a forbearance, waiver or amendment of the change of control provisions from the lenders, however there can be no assurance that the Company would be able to obtain such forbearance, waiver or amendment on acceptable terms or at all. If an event of default has occurred and is continuing, the entire outstanding balance under the 2017 Credit Agreement may (or, in the case of any bankruptcy event of default, shall) become immediately due and payable, and the Company will not make any excess distributions except to enable the General Partner to continue to qualify as a REIT under the IRS Code. Before it amended and restated its unsecured revolving credit facility in January 2017, the Company had a $ 600 million unsecured revolving credit facility with a group of 17 lenders that was scheduled to mature in July 2017 . The interest rate on outstanding borrowings (not electing the Company’s competitive bid feature) and the facility fee on the current borrowing capacity payable quarterly in arrears was based upon the Operating Partnership’s unsecured debt ratings at the time, as follows: Operating Partnership's Interest Rate - Unsecured Debt Ratings: Applicable Basis Points Facility Fee Higher of S&P or Moody's Above LIBOR Basis Points No ratings or less than BBB-/Baa3 170.0 35.0 BBB- or Baa3 (since January 2017 amendment) 130.0 30.0 BBB or Baa2 110.0 20.0 BBB+ or Baa1 100.0 15.0 A- or A3 or higher 92.5 12.5 In January 2016, the Company obtained a $ 350 million unsecured term loan (“2016 Term Loan”), which had been scheduled to mature in January 2019 with two one year extension options. On January 7, 2019, the Company exercised the first one year extension option with the payment of an extension fee of $ 0.5 million, which extended the maturity of the 2016 Term Loan to January 2020 . The interest rate for the term loan is based on the Operating Partnership’s unsecured debt ratings, or, at the Company's option, a defined leverage ratio. Effective March 6, 2018, the Company elected to determine its interest rate under the 2016 Term Loan using the defined leverage ratio option, resulting in an interest rate of LIBOR plus 155 basis points. The Company entered into interest rate swap arrangements to fix LIBOR for the duration of the term loan. Including costs, the current all-in fixed rate is 3.28 percent. The proceeds from the loan were used primarily to repay outstanding borrowings on the Company’s then existing unsecured revolving credit facility and to repay $ 200 million senior unsecured notes that matured on January 15, 2016 . During the year ended December 31, 2019, the Company prepaid the 2016 Term Loan (using a portion of the cash sales proceeds from the Flex portfolio sale, using the proceeds from a mortgage loan financing obtained on Soho Lofts Apartments and using a portion of the proceeds from a new mortgage loan collateralized by an office building located at 111 River Street), and recorded a gain of $ 2.1 million due to the early termination of part of the interest rate swap arrangements, as a result of the debt prepayment during the year ended December 31, 2019. Unamortized deferred financing costs and fees amounting to $ 242,000 pertaining to the 2016 Term Loan were written off during the year ended December 31, 2019. In summary, the Company recorded a net gain on extinguishment of debt of $ 1.6 million for the year ended December 31, 2019, as described above. After electing to use the defined leverage ratio to determine interest rate, the interest rate under the 2016 Term Loan was based on the following total leverage ratio grid: Interest Rate - Applicable Basis Total Leverage Ratio Points above LIBOR < 45 % 145.0 ≥ 45 % and < 50 % 155.0 ≥ 50 % and < 55 % (current ratio) 165.0 ≥ 55 % 195.0 Prior to the election to use the defined interest leverage ratio option, the interest rate on the 2016 Term Loan was based upon the Operating Partnership’s unsecured debt ratings, as follows: Operating Partnership's Interest Rate - Unsecured Debt Ratings: Applicable Basis Points Higher of S&P or Moody's Above LIBOR No ratings or less than BBB-/Baa3 185.0 BBB- or Baa3 (interest rate based on Company's election through March 5, 2018) 140.0 BBB or Baa2 115.0 BBB+ or Baa1 100.0 A- or A3 or higher 90.0 The terms of the 2016 Term Loan include certain restrictions and covenants which limit, among other things the incurrence of additional indebtedness, the incurrence of liens and the disposition of real estate properties (to the extent that: (i) such property dispositions cause the Company to default on any of the financial ratios of the term loan described below, or (ii) the property dispositions are completed while the Company is under an event of default under the term loan, unless, under certain circumstances, such disposition is being carried out to cure such default), and which require compliance with financial ratios relating to the maximum leverage ratio (60 percent), the maximum amount of secured indebtedness (40 percent), the minimum amount of fixed charge coverage (1.5 times), the maximum amount of unsecured indebtedness (60 percent), the minimum amount of unencumbered property interest coverage (2.0 times) and certain investment limitations (generally 15 percent of total capitalization). If an event of default has occurred and is continuing, the Company will not make any excess distributions except to enable the General Partner to continue to qualify as a REIT under the IRS Code. On August 30, 2018, the Company entered into an amendment to the 2017 Credit Agreement (the “2017 Credit Agreement Amendment”) and an amendment to the 2016 Term Loan (the “2016 Term Loan Amendment”). Each of the 2017 Credit Agreement Amendment and the 2016 Term Loan Amendment was effective as of June 30, 2018 and provided for the following material amendments to the terms of both the 2017 Credit Agreement and 2016 Term Loan: 1. The unsecured debt ratio covenant has been modified with respect to the measurement of the unencumbered collateral pool of assets in the calculation of such ratio for the period commencing July 1, 2018 and continuing until December 31, 2019 to allow the Operating Partnership to utilize the “as-is” appraised value of the properties known as ‘Harborside Plaza I’ and ‘Harborside Plaza V’ properties located in Jersey City, NJ in such calculation; and 2. A new covenant has been added that prohibits the Company from making any optional or voluntary payment, repayment, repurchase or redemption of any unsecured indebtedness of the Company (or any subsidiaries) that matures after January 25, 2022, at any time when any of the Total Leverage Ratio or the unsecured debt ratio covenants exceeds 60 percent (all as defined in the 2017 Credit Agreement and the 2016 Term Loan) or an appraisal is being used to determine the value of Harborside Plaza I and Harborside Plaza V for the unsecured debt ratio covenant. All other terms and conditions of the 2017 Credit Agreement and the 2016 Term Loan remained unchanged. The Company was in compliance with its debt covenants under its unsecured revolving credit facility as of September 30, 2020. As of September 30, 2020 and December 31, 2019, the Company’s borrowings under its unsecured credit facility totaled $ 156 million and $ 329 million, respectively. |
Mack-Cali Realty LP [Member] | |
Debt Disclosure [Line Items] | |
Unsecured Revolving Credit Facility And Term Loans | 9. UNSECURED REVOLVING CREDIT FACILITY AND TERM LOANS On January 25, 2017, the Company entered into an amended revolving credit facility and new term loan agreement (“2017 Credit Agreement”) with a group of 13 lenders. Pursuant to the 2017 Credit Agreement, the Company refinanced its existing $ 600 million unsecured revolving credit facility (“2017 Credit Facility”) and entered into a new $ 325 million unsecured, delayed-draw term loan facility (“2017 Term Loan”). Effective March 6, 2018, the Company elected to determine its interest rate under the 2017 Credit Agreement and under the 2017 Term Loan using the defined leverage ratio option, resulting in an interest rate of London Inter-Bank Offered Rate (“LIBOR”) plus 130 basis points and LIBOR plus 155 basis points, respectively. The terms of the 2017 Credit Facility include: (1) a four year term ending in January 2021 , with two six month extension options, subject to the Company not being in default on the facility and with the payment of a fee of 7.5 basis points for each extension; (2) revolving credit loans may be made to the Company in an aggregate principal amount of up to $ 600 million (subject to increase as discussed below), with a sublimit under the 2017 Credit Facility for the issuance of letters of credit in an amount not to exceed $ 60 million (subject to increase as discussed below); (3) an interest rate, based on the Operating Partnership’s unsecured debt ratings from Moody’s or S&P, or, at the Operating Partnership’s option, if it no longer maintains a debt rating from Moody’s or S&P, or such debt ratings fall below Baa3 and BBB-, based on a defined leverage ratio; and (4) a facility fee, currently 25 basis points, payable quarterly based on the Operating Partnership’s unsecured debt ratings from Moody’s or S&P, or, at the Operating Partnership’s option, if it no longer maintains a debt rating from Moody’s or S&P or such debt ratings fall below Baa3 and BBB-, based on a defined leverage ratio. The Company’s unsecured debt is currently rated B1 by Moody’s and BB- by S&P. On September 30, 2020, the Company gave notice of its election to exercise the first option to extend the 2017 Credit Facility maturity date for a period of six months . Accordingly, the term of the 2017 Credit Facility will be extended to July 2021 , upon the Company’s payment of the 7.5 basis point extension fee by January 2021 . After electing to use the defined leverage ratio to determine the interest rate, the interest rates on outstanding borrowings, alternate base rate loans and the facility fee on the current borrowing capacity, payable quarterly in arrears, on the 2017 Credit Facility are currently based on the following total leverage ratio grid: Interest Rate - Applicable Interest Rate - Basis Points Applicable Above LIBOR for Basis Points Alternate Base Facility Fee Total Leverage Ratio Above LIBOR Rate Loans Basis Points < 45 % 125.0 25.0 20.0 ≥ 45 % and < 50 % 130.0 30.0 25.0 ≥ 50 % and < 55 % (current ratio) 135.0 35.0 30.0 ≥ 55 % 160.0 60.0 35.0 Prior to the election to use the defined leverage ratio option, the interest rates on outstanding borrowings, alternate base rate loans and the facility fee on the current borrowing capacity, payable quarterly in arrears, on the 2017 Credit Facility were based upon the Operating Partnership’s unsecured debt ratings, as follows: Interest Rate - Applicable Interest Rate - Basis Points Operating Partnership's Applicable Above LIBOR for Unsecured Debt Ratings: Basis Points Alternate Base Facility Fee Higher of S&P or Moody's Above LIBOR Rate Loans Basis Points No ratings or less than BBB-/Baa3 155.0 55.0 30.0 BBB- or Baa3 (interest rate based on Company's election through March 5, 2018) 120.0 20.0 25.0 BBB or Baa2 100.0 0.0 20.0 BBB+ or Baa1 90.0 0.0 15.0 A- or A3 or higher 87.5 0.0 12.5 The terms of the 2017 Term Loan included: (1) a three year term ending in January 2020 , with two one year extension options; (2) multiple draws of the term loan commitments may be made within 12 months of the effective date of the 2017 Credit Agreement up to an aggregate principal amount of $ 325 million (subject to increase as discussed below), with no requirement to be drawn in full; provided, that, if the Company does not borrow at least 50 percent of the initial term commitment from the term lenders (i.e. 50 percent of $ 325 million) on or before July 25, 2017, the amount of unused term loan commitments shall be reduced on such date so that, after giving effect to such reduction, the amount of unused term loan commitments is not greater than the outstanding term loans on such date; (3) a n interest rate, based on the Operating Partnership’s unsecured debt ratings from Moody’s or S&P, or, at the Operating Partnership’s option if it no longer maintains a debt rating from Moody’s or S&P or such debt ratings fall below Baa3 and BBB-, based on a defined leverage ratio; and (4) a term commitment fee on any unused term loan commitment during the first 12 months after the effective date of the 2017 Credit Agreement at a rate of 0.25 percent per annum on the sum of the average daily unused portion of the aggregate term loan commitments. On March 22, 2017, the Company drew the full $ 325 million available under the 2017 Term Loan. On March 29, 2017, the Company executed interest rate swap arrangements to fix LIBOR with an aggregate average rate of 1.6473 % for the swaps and a then aggregate fixed rate of 3.1973 % on borrowings under the 2017 Term Loan. During the year ended December 31, 2019, the Company prepaid the 2017 Term Loan (using a portion of the proceeds from a new mortgage loan collateralized by an office building located at 111 River Street and using borrowings under the Company’s unsecured revolving credit facility) and recorded a net loss of $ 173,000 from extinguishment of debt, as a result of a gain of $ 80,000 due to the early termination of part of the interest rate swap arrangements, and the write off of unamortized deferred financing costs and fees amounting to $ 253,000 as a result of the debt prepayment. After electing to use the defined leverage ratio to determine the interest rate, the interest rate under the 2017 Term Loan was based on the following total leverage ratio grid: Interest Rate - Applicable Interest Rate - Basis Points Applicable Above LIBOR for Basis Points Alternate Base Rate Total Leverage Ratio above LIBOR Loans < 45 % 145.0 45.0 ≥ 45 % and < 50 % 155.0 55.0 ≥ 50 % and < 55 % (current ratio) 165.0 65.0 ≥ 55 % 195.0 95.0 Prior to the election to use the defined leverage ratio option, the interest rate on the 2017 Term Loan was based upon the Operating Partnership's unsecured debt ratings, as follows: Interest Rate - Applicable Interest Rate - Basis Points Operating Partnership's Applicable Above LIBOR for Unsecured Debt Ratings: Basis Points Alternate Base Rate Higher of S&P or Moody's Above LIBOR Loans No ratings or less than BBB-/Baa3 185.0 85.0 BBB- or Baa3 (interest rate based on Company's election through March 5, 2018) 140.0 40.0 BBB or Baa2 115.0 15.0 BBB+ or Baa1 100.0 0.0 A- or A3 or higher 90.0 0.0 On up to four occasions at any time after the effective date of the 2017 Credit Agreement , the Company may elect to request (1) an increase to the existing revolving credit commitments (any such increase, the “New Revolving Credit Commitments”) and/or (2) the establishment of one or more new term loan commitments (the “New Term Commitments”, together with the 2017 Credit Commitments, the “Incremental Commitments”), by up to an aggregate amount not to exceed $ 350 million for all Incremental Commitments. The Company may also request that the sublimit for letters of credit available under the 2017 Credit Facility be increased to $ 100 million (without arranging any New Revolving Credit Commitments). No lender or letter of credit issued has any obligation to accept any Incremental Commitment or any increase to the letter of credit subfacility. There is no premium or penalty associated with full or partial prepayment of borrowings under the 2017 Credit Agreement. The 2017 Credit Agreement, which applies to both the 2017 Credit Facility and 2017 Term Loan, includes certain restrictions and covenants which limit, among other things the incurrence of additional indebtedness, the incurrence of liens and the disposition of real estate properties (to the extent that: (i) such property dispositions cause the Company to default on any of the financial ratios of the 2017 Credit Agreement (described below), or (ii) the property dispositions are completed while the Company is under an event of default under the 2017 Credit Agreement, unless, under certain circumstances, such disposition is being carried out to cure such default), and which require compliance with financial ratios relating to the maximum leverage ratio (60 percent), the maximum amount of secured indebtedness (40 percent), the minimum amount of fixed charge coverage (1.5 times), the maximum amount of unsecured indebtedness (60 percent), the minimum amount of unencumbered property interest coverage (2.0 times) and certain investment limitations (generally 15 percent of total capitalization). The 2017 Credit Agreement contains “change of control” provisions that permit the lenders to declare a default and require the immediate repayment of all outstanding borrowings under the 2017 Credit Facility. These change of control provisions, which have been an event of default under the agreements governing the Company’s revolving credit facilities since June 2000, are triggered if, among other things, a majority of the seats on the Board of Directors (other than vacant seats) become occupied by directors who were neither nominated by the Board Directors nor appointed by a majority of directors nominated by the Board of Directors. Furthermore, the agreements governing the Company's Senior Unsecured Notes include cross-acceleration provisions that would constitute an event of default requiring immediate repayment of the Notes if the change of control provisions under the 2017 Credit Facility are triggered and the lenders declare a default and exercise their rights under the 2017 Credit Facility and accelerate repayment of the outstanding borrowings thereunder. In addition, construction loans secured by two multi-family residential property development projects contain cross-acceleration provisions similar to those in the agreements governing the Notes for defaults by the Company. If these change of control provisions were triggered, the Company could seek a forbearance, waiver or amendment of the change of control provisions from the lenders, however there can be no assurance that the Company would be able to obtain such forbearance, waiver or amendment on acceptable terms or at all. If an event of default has occurred and is continuing, the entire outstanding balance under the 2017 Credit Agreement may (or, in the case of any bankruptcy event of default, shall) become immediately due and payable, and the Company will not make any excess distributions except to enable the General Partner to continue to qualify as a REIT under the IRS Code. Before it amended and restated its unsecured revolving credit facility in January 2017, the Company had a $ 600 million unsecured revolving credit facility with a group of 17 lenders that was scheduled to mature in July 2017 . The interest rate on outstanding borrowings (not electing the Company’s competitive bid feature) and the facility fee on the current borrowing capacity payable quarterly in arrears was based upon the Operating Partnership’s unsecured debt ratings at the time, as follows: Operating Partnership's Interest Rate - Unsecured Debt Ratings: Applicable Basis Points Facility Fee Higher of S&P or Moody's Above LIBOR Basis Points No ratings or less than BBB-/Baa3 170.0 35.0 BBB- or Baa3 (since January 2017 amendment) 130.0 30.0 BBB or Baa2 110.0 20.0 BBB+ or Baa1 100.0 15.0 A- or A3 or higher 92.5 12.5 In January 2016, the Company obtained a $ 350 million unsecured term loan (“2016 Term Loan”), which had been scheduled to mature in January 2019 with two one year extension options. On January 7, 2019, the Company exercised the first one year extension option with the payment of an extension fee of $ 0.5 million, which extended the maturity of the 2016 Term Loan to January 2020 . The interest rate for the term loan is based on the Operating Partnership’s unsecured debt ratings, or, at the Company's option, a defined leverage ratio. Effective March 6, 2018, the Company elected to determine its interest rate under the 2016 Term Loan using the defined leverage ratio option, resulting in an interest rate of LIBOR plus 155 basis points. The Company entered into interest rate swap arrangements to fix LIBOR for the duration of the term loan. Including costs, the current all-in fixed rate is 3.28 percent. The proceeds from the loan were used primarily to repay outstanding borrowings on the Company’s then existing unsecured revolving credit facility and to repay $ 200 million senior unsecured notes that matured on January 15, 2016 . During the year ended December 31, 2019, the Company prepaid the 2016 Term Loan (using a portion of the cash sales proceeds from the Flex portfolio sale, using the proceeds from a mortgage loan financing obtained on Soho Lofts Apartments and using a portion of the proceeds from a new mortgage loan collateralized by an office building located at 111 River Street), and recorded a gain of $ 2.1 million due to the early termination of part of the interest rate swap arrangements, as a result of the debt prepayment during the year ended December 31, 2019. Unamortized deferred financing costs and fees amounting to $ 242,000 pertaining to the 2016 Term Loan were written off during the year ended December 31, 2019. In summary, the Company recorded a net gain on extinguishment of debt of $ 1.6 million for the year ended December 31, 2019, as described above. After electing to use the defined leverage ratio to determine interest rate, the interest rate under the 2016 Term Loan was based on the following total leverage ratio grid: Interest Rate - Applicable Basis Total Leverage Ratio Points above LIBOR < 45 % 145.0 ≥ 45 % and < 50 % 155.0 ≥ 50 % and < 55 % (current ratio) 165.0 ≥ 55 % 195.0 Prior to the election to use the defined interest leverage ratio option, the interest rate on the 2016 Term Loan was based upon the Operating Partnership’s unsecured debt ratings, as follows: Operating Partnership's Interest Rate - Unsecured Debt Ratings: Applicable Basis Points Higher of S&P or Moody's Above LIBOR No ratings or less than BBB-/Baa3 185.0 BBB- or Baa3 (interest rate based on Company's election through March 5, 2018) 140.0 BBB or Baa2 115.0 BBB+ or Baa1 100.0 A- or A3 or higher 90.0 The terms of the 2016 Term Loan include certain restrictions and covenants which limit, among other things the incurrence of additional indebtedness, the incurrence of liens and the disposition of real estate properties (to the extent that: (i) such property dispositions cause the Company to default on any of the financial ratios of the term loan described below, or (ii) the property dispositions are completed while the Company is under an event of default under the term loan, unless, under certain circumstances, such disposition is being carried out to cure such default), and which require compliance with financial ratios relating to the maximum leverage ratio (60 percent), the maximum amount of secured indebtedness (40 percent), the minimum amount of fixed charge coverage (1.5 times), the maximum amount of unsecured indebtedness (60 percent), the minimum amount of unencumbered property interest coverage (2.0 times) and certain investment limitations (generally 15 percent of total capitalization). If an event of default has occurred and is continuing, the Company will not make any excess distributions except to enable the General Partner to continue to qualify as a REIT under the IRS Code. On August 30, 2018, the Company entered into an amendment to the 2017 Credit Agreement (the “2017 Credit Agreement Amendment”) and an amendment to the 2016 Term Loan (the “2016 Term Loan Amendment”). Each of the 2017 Credit Agreement Amendment and the 2016 Term Loan Amendment was effective as of June 30, 2018 and provided for the following material amendments to the terms of both the 2017 Credit Agreement and 2016 Term Loan: 1. The unsecured debt ratio covenant has been modified with respect to the measurement of the unencumbered collateral pool of assets in the calculation of such ratio for the period commencing July 1, 2018 and continuing until December 31, 2019 to allow the Operating Partnership to utilize the “as-is” appraised value of the properties known as ‘Harborside Plaza I’ and ‘Harborside Plaza V’ properties located in Jersey City, NJ in such calculation; and 2. A new covenant has been added that prohibits the Company from making any optional or voluntary payment, repayment, repurchase or redemption of any unsecured indebtedness of the Company (or any subsidiaries) that matures after January 25, 2022, at any time when any of the Total Leverage Ratio or the unsecured debt ratio covenants exceeds 60 percent (all as defined in the 2017 Credit Agreement and the 2016 Term Loan) or an appraisal is being used to determine the value of Harborside Plaza I and Harborside Plaza V for the unsecured debt ratio covenant. All other terms and conditions of the 2017 Credit Agreement and the 2016 Term Loan remained unchanged. The Company was in compliance with its debt covenants under its unsecured revolving credit facility as of September 30, 2020. As of September 30, 2020 and December 31, 2019, the Company’s borrowings under its unsecured credit facility totaled $ 156 million and $ 329 million, respectively. |
Mortgages, Loans Payable And Ot
Mortgages, Loans Payable And Other Obligations | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Line Items] | |
Mortgages, Loans Payable And Other Obligations | 10. MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS The Company has mortgages, loans payable and other obligations which primarily consist of various loans collateralized by certain of the Company’s rental properties, land and development projects. As of September 30, 2020, 19 of the Company’s properties, with a total carrying value of approximately $ 2.8 billion and four of the Company’s land and development projects, with a total carrying value of approximately $ 645 million, are encumbered by the Company’s mortgages and loans payable. Payments on mortgages, loans payable and other obligations are generally due in monthly installments of principal and interest, or interest only. The Company was in compliance with its debt covenants under its mortgages and loans payable as of September 30, 2020. A summary of the Company’s mortgages, loans payable and other obligations as of September 30, 2020 and December 31, 2019 is as follows (dollars in thousands) : Effective September 30, December 31, Property/Project Name Lender Rate (a) 2020 2019 Maturity Monaco (b) The Northwestern Mutual Life Insurance Co. 3.15 % $ 165,537 $ 166,752 02/01/21 Port Imperial South 4/5 Retail American General Life & A/G PC 4.56 % 3,883 3,934 12/01/21 Port Imperial 4/5 Hotel (c) Fifth Third Bank LIBOR+ 3.40 % 94,000 74,000 04/09/22 Emery at Overlook Ridge (d) Fifth Third Bank LIBOR+ 2.50 % 56,207 24,064 05/16/22 Port Imperial South 9 (e) Bank of New York Mellon LIBOR+ 2.13 % 39,883 11,615 12/19/22 Portside 7 CBRE Capital Markets/FreddieMac 3.57 % 58,998 58,998 08/01/23 Short Hills Residential (f) People's United Bank LIBOR+ 2.15 % 33,088 9,431 03/26/23 250 Johnson Nationwide Life Insurance Company 3.74 % 43,000 43,000 08/01/24 Liberty Towers (g) American General Life Insurance Company 3.37 % 265,000 232,000 10/01/24 The Charlotte (h) QuadReal Finance LIBOR+ 2.70 % 126,560 5,144 12/01/24 Portside 5/6 (l) New York Life Insurance Company 4.56 % 97,000 97,000 03/10/26 Marbella New York Life Insurance Company 4.17 % 131,000 131,000 08/10/26 Marbella II New York Life Insurance Company 4.29 % 117,000 117,000 08/10/26 101 Hudson Wells Fargo CMBS 3.20 % 250,000 250,000 10/11/26 Worcester MUFG Union Bank LIBOR+ 1.84 % 63,000 63,000 12/10/26 Short Hills Portfolio (i) Wells Fargo CMBS 4.15 % 124,500 124,500 04/01/27 150 Main St. Natixis Real Estate Capital LLC 4.48 % 41,000 41,000 08/05/27 Port Imperial South 11 (l) The Northwestern Mutual Life Insurance Co. 4.52 % 100,000 100,000 01/10/29 Soho Lofts (j) New York Community Bank 3.77 % 160,000 160,000 07/01/29 Riverwatch Commons (j) New York Community Bank 3.79 % 30,000 30,000 07/01/29 111 River St. Athene Annuity and Life Company 3.90 % 150,000 150,000 09/01/29 Port Imperial South 4/5 Garage (k) American General Life & A/G PC 4.85 % 32,914 32,600 12/01/29 Principal balance outstanding 2,182,570 1,925,038 Unamortized deferred financing costs ( 15,048 ) ( 17,004 ) Total mortgages, loans payable and other obligations, net $ 2,167,522 $ 1,908,034 (a) Reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable. (b) This mortgage loan, which includes unamortized fair value adjustment of $ 0.5 million as of September 30, 2020, was assumed by the Company in April 2017 with the consolidation of all the interests in Monaco Towers. The Company has agreed to terms with the current lender to refinance the existing mortgage at or before maturity. (c) The loan required an initial debt service coverage test for quarter ended September 30, 2020. Subsequent to September 30, 2020, the Company executed an agreement moving the initial debt service coverage test to March 31, 2021. The Company has guaranteed $ 19.5 million of the outstanding principal, subject to certain conditions. (d) This construction loan has a maximum borrowing capacity of $ 62 million and provides, subject to certain conditions, one 18 month extension option with a fee of 25 basis points, of which the Company has guaranteed 15 percent of the outstanding principal, subject to certain conditions. (e) This construction loan has a maximum borrowing capacity of $ 92 million and provides, subject to certain conditions, one one year extension option with a fee of 15 basis points, of which the Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions. (f) This construction loan has a maximum borrowing capacity of $ 64 million and provides, subject to certain conditions, one 18 month extension option with a fee of 30 basis points, of which the Company has guaranteed 15 percent of the outstanding principal, subject to certain conditions. (g) In January 2020, the Company increased the size of the loan on Liberty Towers to $ 265 million, generating $ 33 million of additional proceeds. (h) This construction loan has a LIBOR floor of 2.0 percent, has a maximum borrowing capacity of $ 300 million and provides, subject to certain conditions, one one year extension option with a fee of 25 basis points. (i) Properties, which are collateral for this mortgage loan, were classified as held for sale as of December 31, 2019. (j) Effective rate reflects the first five years of interest payments at a fixed rate. Interest payments after that period ends are based on LIBOR plus 2.75 % annually. (k) The loan was modified to defer interest and principal payments for a six month period ending December 1, 2020 . As of September 30, 2020, deferred interest of $ 0.5 million has been added to the principal balance. (l) The Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions. CASH PAID FOR INTEREST AND INTEREST CAPITALIZED Cash paid for interest for the nine months ended September 30, 2020 and 2019 was $ 72,874,000 and $ 75,120,000 (of which $ 3,862,000 and $ 3,848,000 pertained to properties classified as discontinued operations), respectively. Interest capitalized by the Company for the nine months ended September 30, 2020 and 2019 was $ 18,658,000 and $ 14,315,000 , respectively (which amounts included $ 1,017,000 and $ 990,000 for the nine months ended September 30, 2020 and 2019, respectively, of interest capitalized on the Company’s investments in unconsolidated joint ventures which were substantially in development). SUMMARY OF INDEBTEDNESS As of September 30, 2020, the Company’s total indebtedness of $ 2,895,882,000 (weighted average interest rate of 3.66 percent) was comprised of $ 562,361,000 of unsecured revolving credit facility borrowings and other variable rate mortgage debt (weighted average rate of 2.83 percent) and fixed rate debt and other obligations of $ 2,333,521,000 (weighted average rate of 3.86 percent). As of December 31, 2019, the Company’s total indebtedness of $ 2,808,518,000 (weighted average interest rate of 3.81 percent) was comprised of $ 509,656,000 of unsecured revolving credit facility borrowings and other variable rate mortgage debt (weighted average rate of 3.54 percent) and fixed rate debt and other obligations of $ 2,298,862,000 (weighted average rate of 3.87 percent). |
Mack-Cali Realty LP [Member] | |
Debt Disclosure [Line Items] | |
Mortgages, Loans Payable And Other Obligations | 10. MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS The Company has mortgages, loans payable and other obligations which primarily consist of various loans collateralized by certain of the Company’s rental properties, land and development projects. As of September 30, 2020, 19 of the Company’s properties, with a total carrying value of approximately $ 2.8 billion and four of the Company’s land and development projects, with a total carrying value of approximately $ 645 million, are encumbered by the Company’s mortgages and loans payable. Payments on mortgages, loans payable and other obligations are generally due in monthly installments of principal and interest, or interest only. The Company was in compliance with its debt covenants under its mortgages and loans payable as of September 30, 2020. A summary of the Company’s mortgages, loans payable and other obligations as of September 30, 2020 and December 31, 2019 is as follows (dollars in thousands) : Effective September 30, December 31, Property/Project Name Lender Rate (a) 2020 2019 Maturity Monaco (b) The Northwestern Mutual Life Insurance Co. 3.15 % $ 165,537 $ 166,752 02/01/21 Port Imperial South 4/5 Retail American General Life & A/G PC 4.56 % 3,883 3,934 12/01/21 Port Imperial 4/5 Hotel (c) Fifth Third Bank LIBOR+ 3.40 % 94,000 74,000 04/09/22 Emery at Overlook Ridge (d) Fifth Third Bank LIBOR+ 2.50 % 56,207 24,064 05/16/22 Port Imperial South 9 (e) Bank of New York Mellon LIBOR+ 2.13 % 39,883 11,615 12/19/22 Portside 7 CBRE Capital Markets/FreddieMac 3.57 % 58,998 58,998 08/01/23 Short Hills Residential (f) People's United Bank LIBOR+ 2.15 % 33,088 9,431 03/26/23 250 Johnson Nationwide Life Insurance Company 3.74 % 43,000 43,000 08/01/24 Liberty Towers (g) American General Life Insurance Company 3.37 % 265,000 232,000 10/01/24 The Charlotte (h) QuadReal Finance LIBOR+ 2.70 % 126,560 5,144 12/01/24 Portside 5/6 (l) New York Life Insurance Company 4.56 % 97,000 97,000 03/10/26 Marbella New York Life Insurance Company 4.17 % 131,000 131,000 08/10/26 Marbella II New York Life Insurance Company 4.29 % 117,000 117,000 08/10/26 101 Hudson Wells Fargo CMBS 3.20 % 250,000 250,000 10/11/26 Worcester MUFG Union Bank LIBOR+ 1.84 % 63,000 63,000 12/10/26 Short Hills Portfolio (i) Wells Fargo CMBS 4.15 % 124,500 124,500 04/01/27 150 Main St. Natixis Real Estate Capital LLC 4.48 % 41,000 41,000 08/05/27 Port Imperial South 11 (l) The Northwestern Mutual Life Insurance Co. 4.52 % 100,000 100,000 01/10/29 Soho Lofts (j) New York Community Bank 3.77 % 160,000 160,000 07/01/29 Riverwatch Commons (j) New York Community Bank 3.79 % 30,000 30,000 07/01/29 111 River St. Athene Annuity and Life Company 3.90 % 150,000 150,000 09/01/29 Port Imperial South 4/5 Garage (k) American General Life & A/G PC 4.85 % 32,914 32,600 12/01/29 Principal balance outstanding 2,182,570 1,925,038 Unamortized deferred financing costs ( 15,048 ) ( 17,004 ) Total mortgages, loans payable and other obligations, net $ 2,167,522 $ 1,908,034 (a) Reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable. (b) This mortgage loan, which includes unamortized fair value adjustment of $ 0.5 million as of September 30, 2020, was assumed by the Company in April 2017 with the consolidation of all the interests in Monaco Towers. The Company has agreed to terms with the current lender to refinance the existing mortgage at or before maturity. (c) The loan required an initial debt service coverage test for quarter ended September 30, 2020. Subsequent to September 30, 2020, the Company executed an agreement moving the initial debt service coverage test to March 31, 2021. The Company has guaranteed $ 19.5 million of the outstanding principal, subject to certain conditions. (d) This construction loan has a maximum borrowing capacity of $ 62 million and provides, subject to certain conditions, one 18 month extension option with a fee of 25 basis points, of which the Company has guaranteed 15 percent of the outstanding principal, subject to certain conditions. (e) This construction loan has a maximum borrowing capacity of $ 92 million and provides, subject to certain conditions, one one year extension option with a fee of 15 basis points, of which the Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions. (f) This construction loan has a maximum borrowing capacity of $ 64 million and provides, subject to certain conditions, one 18 month extension option with a fee of 30 basis points, of which the Company has guaranteed 15 percent of the outstanding principal, subject to certain conditions. (g) In January 2020, the Company increased the size of the loan on Liberty Towers to $ 265 million, generating $ 33 million of additional proceeds. (h) This construction loan has a LIBOR floor of 2.0 percent, has a maximum borrowing capacity of $ 300 million and provides, subject to certain conditions, one one year extension option with a fee of 25 basis points. (i) Properties, which are collateral for this mortgage loan, were classified as held for sale as of December 31, 2019. (j) Effective rate reflects the first five years of interest payments at a fixed rate. Interest payments after that period ends are based on LIBOR plus 2.75 % annually. (k) The loan was modified to defer interest and principal payments for a six month period ending December 1, 2020 . As of September 30, 2020, deferred interest of $ 0.5 million has been added to the principal balance. (l) The Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions. CASH PAID FOR INTEREST AND INTEREST CAPITALIZED Cash paid for interest for the nine months ended September 30, 2020 and 2019 was $ 72,874,000 and $ 75,120,000 (of which $ 3,862,000 and $ 3,848,000 pertained to properties classified as discontinued operations), respectively. Interest capitalized by the Company for the nine months ended September 30, 2020 and 2019 was $ 18,658,000 and $ 14,315,000 , respectively (which amounts included $ 1,017,000 and $ 990,000 for the nine months ended September 30, 2020 and 2019, respectively, of interest capitalized on the Company’s investments in unconsolidated joint ventures which were substantially in development). SUMMARY OF INDEBTEDNESS As of September 30, 2020, the Company’s total indebtedness of $ 2,895,882,000 (weighted average interest rate of 3.66 percent) was comprised of $ 562,361,000 of unsecured revolving credit facility borrowings and other variable rate mortgage debt (weighted average rate of 2.83 percent) and fixed rate debt and other obligations of $ 2,333,521,000 (weighted average rate of 3.86 percent). As of December 31, 2019, the Company’s total indebtedness of $ 2,808,518,000 (weighted average interest rate of 3.81 percent) was comprised of $ 509,656,000 of unsecured revolving credit facility borrowings and other variable rate mortgage debt (weighted average rate of 3.54 percent) and fixed rate debt and other obligations of $ 2,298,862,000 (weighted average rate of 3.87 percent). |
Employee Benefit 401(k) Plans
Employee Benefit 401(k) Plans | 9 Months Ended |
Sep. 30, 2020 | |
Compensation And Retirement Disclosure [Line Items] | |
Employee Benefit 401(k) Plans | 11. EMPLOYEE BENEFIT 401(k) PLANS Employees of the General Partner, who meet certain minimum age and service requirements, are eligible to participate in the Mack-Cali Realty Corporation 401(k) Savings/Retirement Plan (the “401(k) Plan”). Eligible employees may elect to defer from one percent up to 60 percent of their annual compensation on a pre-tax basis to the 401(k) Plan, subject to certain limitations imposed by federal law. The amounts contributed by employees are immediately vested and non-forfeitable. The Company may make discretionary matching or profit sharing contributions to the 401(k) Plan on behalf of eligible participants in any plan year. Participants are always 100 percent vested in their pre-tax contributions and will begin vesting in any matching or profit sharing contributions made on their behalf after two years of service with the Company at a rate of 20 percent per year, becoming 100 percent vested after a total of six years of service with the Company. All contributions are allocated as a percentage of compensation of the eligible participants for the Plan year. The assets of the 401(k) Plan are held in trust and a separate account is established for each participant. A participant may receive a distribution of his or her vested account balance in the 401(k) Plan in a single sum or in installment payments upon his or her termination of service with the Company. Total expense recognized by the Company for the 401(k) Plan for the three months ended September 30, 2020 and 2019 was $ 199,000 and $ 212,000 , respectively, and $ 630,000 and $ 720,000 for the nine months ended September 30, 2020 and 2019, respectively. |
Mack-Cali Realty LP [Member] | |
Compensation And Retirement Disclosure [Line Items] | |
Employee Benefit 401(k) Plans | 11. EMPLOYEE BENEFIT 401(k) PLANS Employees of the General Partner, who meet certain minimum age and service requirements, are eligible to participate in the Mack-Cali Realty Corporation 401(k) Savings/Retirement Plan (the “401(k) Plan”). Eligible employees may elect to defer from one percent up to 60 percent of their annual compensation on a pre-tax basis to the 401(k) Plan, subject to certain limitations imposed by federal law. The amounts contributed by employees are immediately vested and non-forfeitable. The Company may make discretionary matching or profit sharing contributions to the 401(k) Plan on behalf of eligible participants in any plan year. Participants are always 100 percent vested in their pre-tax contributions and will begin vesting in any matching or profit sharing contributions made on their behalf after two years of service with the Company at a rate of 20 percent per year, becoming 100 percent vested after a total of six years of service with the Company. All contributions are allocated as a percentage of compensation of the eligible participants for the Plan year. The assets of the 401(k) Plan are held in trust and a separate account is established for each participant. A participant may receive a distribution of his or her vested account balance in the 401(k) Plan in a single sum or in installment payments upon his or her termination of service with the Company. Total expense recognized by the Company for the 401(k) Plan for the three months ended September 30, 2020 and 2019 was $ 199,000 and $ 212,000 , respectively, and $ 630,000 and $ 720,000 for the nine months ended September 30, 2020 and 2019, respectively. |
Disclosure Of Fair Value Of Ass
Disclosure Of Fair Value Of Assets And Liabilities | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Line Items] | |
Disclosure Of Fair Value Of Assets And Liabilities | 12. DISCLOSURE OF FAIR VALUE OF ASSETS AND LIABILITIES The following disclosure of estimated fair value was determined by management using available market information and appropriate valuation methodologies. However, considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on disposition of the assets and liabilities at September 30, 2020 and December 31, 2019. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Cash equivalents, receivables, notes receivables, accounts payable, and accrued expenses and other liabilities are carried at amounts which reasonably approximate their fair values as of September 30, 2020 and December 31, 2019. The fair value of the Company’s long-term debt, consisting of senior unsecured notes, unsecured term loans, an unsecured revolving credit facility and mortgages, loans payable and other obligations aggregated approximately $ 2,963,488,000 and $ 2,791,629,000 as compared to the book value of approximately $ 2,895,882,000 and $ 2,808,517,000 as of September 30, 2020 and December 31, 2019, respectively. The fair value of the Company’s long-term debt was categorized as a level 3 basis (as provided by ASC 820, Fair Value Measurements and Disclosures). The fair value was estimated using a discounted cash flow analysis valuation based on the borrowing rates currently available to the Company for loans with similar terms and maturities. The fair value of the mortgage debt and the unsecured notes was determined by discounting the future contractual interest and principal payments by a market rate. Although the Company has determined that the majority of the inputs used to value its derivative financial instruments fall within level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivative financial instruments utilize level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivative financial instruments. As a result, the Company has determined that its derivative financial instruments valuations in their entirety are classified in level 2 of the fair value hierarchy. The fair value measurements used in the evaluation of the Company’s rental properties are considered to be Level 3 valuations within the fair value hierarchy, as there are significant unobservable inputs. Inputs that were utilized in the fair value calculations include, but are not limited to estimated holding periods, discount rates, market capitalization rates, expected lease rental rates, room rental and food and beverage revenue rates, third party broker information and information from potential buyers, as applicable. Valuations of real estate identified as held for sale are based on estimated sale prices, net of estimated selling costs, of such property. In the absence of an executed sales agreement with a set sales price, management’s estimate of the net sales price may be based on a number of unobservable assumptions/inputs, including but not limited to the Company’s estimates of future and stabilized cash flows, market capitalization rates and discount rates, if applicable. For developable land, an estimated per-unit market value assumption is also considered based on development rights for the land. As of September 30, 2020, inputs and assumptions included Primary Valuation Unobservable Location Range of Description Techniques Inputs Type Rates Office properties held for sale on which the Company recognized impairment losses Discounted cash flows or sale prices per purchase and sale agreements Discount rates Suburban 7.5 % - 9.6 % Exit Capitalization rates Suburban 7.5 % - 9 % Market rental rates per square foot Suburban $ 26.00 - $ 50.00 Land properties held for sale on which the Company recognized impairment losses Developable units and market rate per unit or sale prices per purchase and sale agreements Market rates per residential unit Suburban $ 26,500 - $ 35,000 Market rates per square foot Suburban $ 15.00 - $ 25.00 Hotel properties on which the Company recognized impairment losses Income capitalization Discount rate Waterfront 10 % Exit Capitalization rate Waterfront 7.50 % The Company identified as held for sale 21 office properties (comprised of 12 disposal groups), a retail pad leased to others, several developable land parcels as held for sale and two developable land parcels classified as held and used as of September 30, 2020 with an aggregate carrying value of $ 714.4 million. As a result of recent sales contract amendments and after considering the current market conditions as a result of the challenging economic climate with the current worldwide COVID-19 pandemic, the Company determined that the carrying value of 10 of the remaining held for sale properties (comprised of five disposal groups) and several land parcels was not expected to be recovered from estimated net sales proceeds and accordingly recognized an unrealized loss allowance of $ 41.2 million during the nine months ended September 30, 2020, and land impairments of $ 1.3 million and $ 23.4 million during the three and nine months ended September 30, 2020, respectively. The Company determined that, due to the shortening of its expected period of ownership and a s a result of the adverse effect the COVID-19 pandemic has had, and continues to have, on its hotel operations, the Company evaluated the recoverability of the carrying values of its hotel properties and determined that it was necessary to reduce the carrying values of its two hotel assets located in Weehawken, New Jersey to their estimated fair values. Accordingly, the Company recorded an impairment charge of $ 36.6 million at September 30, 2020 which is included in property impairments on the consolidated statement of operations for the three and nine months ended September 30, 2020. Disclosure about fair value of assets and liabilities is based on pertinent information available to management as of September 30, 2020 and December 31, 2019. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since September 30, 2020 and current estimates of fair value may differ significantly from the amounts presented herein. The recent outbreak of COVID-19 worldwide has significantly slowed global economic activity and caused significant volatility in financial markets. As such, there is currently significant uncertainty around the breadth and duration of business disruptions related to COVID-19, as well as its impact on the U.S. economy. The current economic environment can and will be significantly adversely affected by many factors beyond the Company’s control. The extent to which COVID-19 impacts the Company’s fair value estimates in the future will depend on developments going forward, many of which are highly uncertain and cannot be predicted. In consideration of the magnitude of such uncertainties under the current climate, management has considered all available information at its properties and in the marketplace to provide its estimates as of September 30, 2020. |
Mack-Cali Realty LP [Member] | |
Fair Value Disclosures [Line Items] | |
Disclosure Of Fair Value Of Assets And Liabilities | 12. DISCLOSURE OF FAIR VALUE OF ASSETS AND LIABILITIES The following disclosure of estimated fair value was determined by management using available market information and appropriate valuation methodologies. However, considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on disposition of the assets and liabilities at September 30, 2020 and December 31, 2019. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Cash equivalents, receivables, notes receivables, accounts payable, and accrued expenses and other liabilities are carried at amounts which reasonably approximate their fair values as of September 30, 2020 and December 31, 2019. The fair value of the Company’s long-term debt, consisting of senior unsecured notes, unsecured term loans, an unsecured revolving credit facility and mortgages, loans payable and other obligations aggregated approximately $ 2,963,488,000 and $ 2,791,629,000 as compared to the book value of approximately $ 2,895,882,000 and $ 2,808,517,000 as of September 30, 2020 and December 31, 2019, respectively. The fair value of the Company’s long-term debt was categorized as a level 3 basis (as provided by ASC 820, Fair Value Measurements and Disclosures). The fair value was estimated using a discounted cash flow analysis valuation based on the borrowing rates currently available to the Company for loans with similar terms and maturities. The fair value of the mortgage debt and the unsecured notes was determined by discounting the future contractual interest and principal payments by a market rate. Although the Company has determined that the majority of the inputs used to value its derivative financial instruments fall within level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivative financial instruments utilize level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivative financial instruments. As a result, the Company has determined that its derivative financial instruments valuations in their entirety are classified in level 2 of the fair value hierarchy. The fair value measurements used in the evaluation of the Company’s rental properties are considered to be Level 3 valuations within the fair value hierarchy, as there are significant unobservable inputs. Inputs that were utilized in the fair value calculations include, but are not limited to estimated holding periods, discount rates, market capitalization rates, expected lease rental rates, room rental and food and beverage revenue rates, third party broker information and information from potential buyers, as applicable. Valuations of real estate identified as held for sale are based on estimated sale prices, net of estimated selling costs, of such property. In the absence of an executed sales agreement with a set sales price, management’s estimate of the net sales price may be based on a number of unobservable assumptions/inputs, including but not limited to the Company’s estimates of future and stabilized cash flows, market capitalization rates and discount rates, if applicable. For developable land, an estimated per-unit market value assumption is also considered based on development rights for the land. As of September 30, 2020, inputs and assumptions included Primary Valuation Unobservable Location Range of Description Techniques Inputs Type Rates Office properties held for sale on which the Company recognized impairment losses Discounted cash flows or sale prices per purchase and sale agreements Discount rates Suburban 7.5 % - 9.6 % Exit Capitalization rates Suburban 7.5 % - 9 % Market rental rates per square foot Suburban $ 26.00 - $ 50.00 Land properties held for sale on which the Company recognized impairment losses Developable units and market rate per unit or sale prices per purchase and sale agreements Market rates per residential unit Suburban $ 26,500 - $ 35,000 Market rates per square foot Suburban $ 15.00 - $ 25.00 Hotel properties on which the Company recognized impairment losses Income capitalization Discount rate Waterfront 10 % Exit Capitalization rate Waterfront 7.50 % The Company identified as held for sale 21 office properties (comprised of 12 disposal groups), a retail pad leased to others, several developable land parcels as held for sale and two developable land parcels classified as held and used as of September 30, 2020 with an aggregate carrying value of $ 714.4 million. As a result of recent sales contract amendments and after considering the current market conditions as a result of the challenging economic climate with the current worldwide COVID-19 pandemic, the Company determined that the carrying value of 10 of the remaining held for sale properties (comprised of five disposal groups) and several land parcels was not expected to be recovered from estimated net sales proceeds and accordingly recognized an unrealized loss allowance of $ 41.2 million during the nine months ended September 30, 2020, and land impairments of $ 1.3 million and $ 23.4 million during the three and nine months ended September 30, 2020, respectively. The Company determined that, due to the shortening of its expected period of ownership and a s a result of the adverse effect the COVID-19 pandemic has had, and continues to have, on its hotel operations, the Company evaluated the recoverability of the carrying values of its hotel properties and determined that it was necessary to reduce the carrying values of its two hotel assets located in Weehawken, New Jersey to their estimated fair values. Accordingly, the Company recorded an impairment charge of $ 36.6 million at September 30, 2020 which is included in property impairments on the consolidated statement of operations for the three and nine months ended September 30, 2020. Disclosure about fair value of assets and liabilities is based on pertinent information available to management as of September 30, 2020 and December 31, 2019. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since September 30, 2020 and current estimates of fair value may differ significantly from the amounts presented herein. The recent outbreak of COVID-19 worldwide has significantly slowed global economic activity and caused significant volatility in financial markets. As such, there is currently significant uncertainty around the breadth and duration of business disruptions related to COVID-19, as well as its impact on the U.S. economy. The current economic environment can and will be significantly adversely affected by many factors beyond the Company’s control. The extent to which COVID-19 impacts the Company’s fair value estimates in the future will depend on developments going forward, many of which are highly uncertain and cannot be predicted. In consideration of the magnitude of such uncertainties under the current climate, management has considered all available information at its properties and in the marketplace to provide its estimates as of September 30, 2020. |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments And Contingencies [Line Items] | |
Commitments And Contingencies | 13. COMMITMENTS AND CONTINGENCIES TAX ABATEMENT AGREEMENTS Pursuant to agreements with certain municipalities, the Company is required to make payments in lieu of property taxes (“PILOT”) on certain of its properties and has tax abatement agreements on other properties, as follows: The Harborside Plaza 4-A agreement with the City of Jersey City, as amended, which commenced in 2002, is for a term of 20 years. The annual PILOT is equal to two percent of Total Project Costs, as defined. Total Project Costs are $ 49.5 million. The PILOT totaled $ 264,000 and $ 226,000 for the three months ended September 30, 2020 and 2019, respectively, and $ 792,000 and $ 766,000 for the nine months ended September 30, 2020 and 2019, respectively. The Harborside Plaza 5 agreement, also with the City of Jersey City, as amended, which commenced in 2002, is for a term of 20 years. The annual PILOT is equal to two percent of Total Project Costs, as defined. Total Project Costs are $ 170.9 million. The PILOT totaled $ 1.1 million and $ 1.0 million for the three months ended September 30, 2020 and 2019, respectively and $ 3.2 million and $ 3.2 million for the nine months ended September 30, 2020 and 2019, respectively. The Port Imperial South 1/3 Garage development project agreement with the City of Weehawken has a term of five years beginning when the project is substantially complete, which occurred in the fourth quarter of 2015. The agreement provides that real estate taxes be paid at 100 percent on the land value of the project only over the five year period and allows for a phase in of real estate taxes on the building improvement value at zero percent in year one and 95 percent in years two through five. The Port Imperial Hotel development project agreement with the City of Weehawken is for a term of 15 years following substantial completion, which occurred in December 201 8. The annual PILOT is equal to two percent of Total Project Costs, as defined therein. The PILOT totaled $ 0.5 million and $ 0.5 million for the three months ended September 30, 2020 and 2019, respectively and $ 1.6 million and $ 0.6 million for the nine months ended September 30, 2020 and 2019, respectively. The Port Imperial South 11 development project agreement with the City of Weehawken is for a term of 15 years following substantial completion, which occurred in August 2018. The annual PILOT is equal to 10 percent of Gross Revenues, as defined therein. The PILOT totaled $ 0.3 million and $ 0.2 million for the three months ended September 30, 2020 and 2019, respectively and $ 0.9 million and $ 0.7 million for the nine months ended September 30, 2020 and 2019, respectively. The 111 River Realty agreement with the City of Hoboken, which commenced on October 1, 2001 expires in April 2022. The PILOT payment equaled $ 1.2 million annually through April 2017 and then increased to $ 1.4 million annually until expiration. The PILOT totaled $ 0.4 million and $ 0.4 million for the three months ended September 30, 2020 and 2019, respectively and $ 1.1 million and $ 1.0 million for the nine months ended September 30, 2020 and 2019, respectively. The Monaco Towers agreement with the City of Jersey City, which commenced in 2011, is for a term of 10 years. The annual PILOT is equal to 10 percent of gross revenues, as defined. The PILOT totaled $ 0.3 million and $ 0.5 million for the three months ended September 30, 2020 and 2019, respectively and $ 1.4 million and $ 1.6 million for the nine months ended September 30, 2020 and 2019, respectively. The Marbella II agreement with the City of Jersey City, which commenced in 2016, is for a term of 10 years. The annual PILOT is equal to 10 percent of gross revenues for years 1-4, 12 percent of gross revenues for years 5-8 and 14 percent of gross revenue for years 9-10, as defined therein. The PILOT totaled $ 0.2 million and $ 0.3 million for the three months ended September 30, 2020 and 2019, respectively and $ 0.8 million and $ 1 million for the nine months ended September 30, 2020 and for the period from acquisition (January 31, 2019) through September 30, 2019, respectively. The Port Imperial South Parcel 9 development project agreement with the City of Weehawken is for a term of 25 years following substantial completion, which is anticipated to occur in the first quarter 2021. The annual PILOT is equal to 11 percent of gross revenue for years 1-10, 12.5 percent for years 11-18 and 14 percent for years 19-25, as defined therein. The Port Imperial South Park Parcel development project agreement with the Township of Weehawken is for a term of 25 years following substantial completion. The annual PILOT is equal to 10 percent of Gross Revenues, as defined therein. At the conclusion of the above-referenced agreements, it is expected that the properties will be assessed by the municipality and be subject to real estate taxes at the then prevailing rates. LITIGATION The Company is a defendant in litigation arising in the normal course of its business activities. Management does not believe that the ultimate resolution of these matters will have a materially adverse effect upon the Company’s financial condition taken as whole. GROUND LEASE AGREEMENTS Future minimum rental payments under the terms of all non-cancelable ground leases under which the Company is the lessee, as of September 30, 2020 and December 31, 2019, are as follows (dollars in thousands) : As of September 30, 2020 Year Amount October 1 through December 31, 2020 $ 437 2021 1,750 2022 1,750 2023 1,756 2024 1,776 2025 through 2098 154,722 Total lease payments 162,191 Less: imputed interest ( 138,404 ) Total $ 23,787 As of December 31, 2019 Year Amount 2020 $ 1,750 2021 1,750 2022 1,750 2023 1,756 2024 1,776 2025 through 2098 154,722 Total lease payments 163,504 Less: imputed interest ( 139,748 ) Total $ 23,756 Ground lease expense incurred by the Company amounted to $ 473,000 and $ 640,000 for the three months ended September 30, 2020 and 2019, respectively, and $ 1.8 million and $ 1.2 million for the nine months ended September 30, 2020 and 2019, respectively. In conjunction with the adoption of ASU 2016-02 (Topic 842), starting on January 1, 2019, the Company capitalized operating leases, which had a balance of $ 22.6 million at September 30, 2020 for five ground leases. Such amount represents the net present value (“NPV”) of future payments detailed above. The incremental borrowing rates used to arrive at the NPV ranged from 5.637 percent to 7.618 percent for the remaining ground lease terms ranging from 6.25 years to 82.58 years. These rates were arrived at by adjusting the fixed rates of the Company’s mortgage debt with debt having terms approximating the remaining lease term of the Company’s ground leases and calculating notional rates for fully-collateralized loans. CONSTRUCTION PROJECTS The Company is developing a 313 -unit multi-family project known as Port Imperial South 9 at Port Imperial in Weehawken, New Jersey, which began construction in third quarter 2018. The construction project, which is estimated to cost $ 142.9 million, of which construction costs of $ 90.8 million have been incurred through September 30, 2020, is expected to be ready for occupancy in first quarter 2021 . The Company has funded $ 50.9 million as of September 30, 2020, and the remaining construction costs are expected to be funded from a $ 92 million construction loan (of which $ 39.9 million was drawn as of September 30, 2020). The Company is developing a 198 -unit multi-family project known as the Upton at Short Hills located in Short Hills, New Jersey, which began construction in fourth quarter 2018. The construction project, which is estimated to cost $ 99.4 million, of which $ 68.5 million has been incurred through September 30, 2020, is expected to be ready for occupancy in first quarter 2021 . The Company has funded $ 35.4 million of the construction costs, and the remaining construction costs are expected to be funded from a $ 64 million construction loan (of which $ 33.1 million was drawn as of September 30, 2020). The Company is developing a 750 -unit multi-family project at 25 Christopher Columbus in Jersey City, New Jersey, which began construction in first quarter 2019. The construction project, which is estimated to cost $ 469.5 million, of which $ 296.1 million has been incurred through September 30, 2020, is expected to be ready for occupancy in first quarter 2022 . The Company has funded $ 169.5 million of the construction costs, and the remaining construction costs are expected to be funded from a $ 300 million construction loan (of which $ 126.6 million was drawn as of September 30, 2020). MANAGEMENT CHANGES On July 24, 2020, the Company terminated Michael J. DeMarco as its Chief Executive Officer without cause, pursuant to his employment agreement and the associated equity award agreements he has with the Company. On August 8, 2020, the Company entered into a Consulting and Cooperating Agreement with Mr. DeMarco (the “Consulting Agreement”). Pursuant to the Consulting Agreement, in exchange for Mr. DeMarco’s providing certain consulting, cooperation, and transition services to the Company through December 31, 2020, Mr. DeMarco will be considered to have remained employed with the Company through the term of the Consulting Agreement solely for purposes of calculating the prorated vesting of outstanding time-based long-term incentive partnership units to which Mr. DeMarco is entitled upon his termination of employment with the Company. Mr. DeMarco is eligible to receive the severance payments and benefits upon such a termination without cause (outside of a change in control) described under the heading “Employment Contracts; Potential Payments Upon Termination or Change in Control—Michael J. DeMarco Employment Agreement,” “—Michael J. DeMarco Class AO LTIP Award Agreement,” and “—Long-Term Incentive Plan Award Agreements,” each as set forth in the Company’s definitive revised proxy statement filed with the Securities and Exchange Commission on June 16, 2020, which description is incorporated by reference herein, and taking into account Mr. DeMarco’s target bonus percentage of 175 % of base salary established for the year 2020. Effective as of July 25, 2020, the Board of Directors appointed MaryAnne Gilmartin, the Chair of the Company’s Board of Directors, as interim Chief Executive Officer of the Company. Ms. Gilmartin will continue to serve as Chair of the Board, but has resigned as a member of the Nominating & Corporate Governance Committee of the Board. Tammy K. Jones, a current director, has been appointed to serve as the lead independent director on the Board. In connection with Ms. Gilmartin’s appointment, the Company has entered into a letter agreement (the “Letter Agreement”) with MAG Partners 2.0 LLC (“MAG Partners”), an entity wholly owned by Ms. Gilmartin. Pursuant to the Letter Agreement, MAG Partners has agreed to make Ms. Gilmartin’s services available to the Company to serve as its interim Chief Executive Officer. The term of this arrangement and Ms. Gilmartin’s appointment as interim Chief Executive Officer (the “Term”) will continue until the earliest to occur of (i) the commencement of employment of a permanent Chief Executive Officer of the Company, (ii) a period of six months has elapsed, or an earlier or later date selected by the Board, and (iii) Ms. Gilmartin’s death or disability, or the termination of the arrangement by MAG Partners (including a resignation by Ms. Gilmartin of her appointment as interim Chief Executive Officer). Pursuant to the Letter Agreement, during the Term the Company will pay to MAG Partners a monthly fee of $ 150,000 , subject to proration for any partial month (but continuing for a minimum of three months following commencement of the Term if the Term is ended by the Board for any reason other than for “cause”). MAG Partners is also eligible to receive a one-time cash sign-on bonus of $ 300,000 and, unless the Term is ended by the Board for “cause,” a one-time completion bonus of $ 200,000 at the end of the Term (but no later than March 12, 2021). In addition, the Company has granted to MAG Partners fully vested stock options to purchase up to 230,000 shares of common stock with an exercise price of $ 14.39 per share, and up to 100,000 shares of common stock with an exercise price of $ 20.00 per share, pursuant to a Stock Option Agreement by and between MAG Partners and the Company (the “Option Agreement”). However, the options, and any shares received upon exercise, will terminate and be forfeited if the Board ends the Term for “cause” or MAG Partners terminates its arrangement with the Company (including a resignation by Ms. Gilmartin of her appointment as interim Chief Executive Officer, but excluding a termination because of a material breach of the arrangement by the Company or because Ms. Gilmartin has been appointed as the permanent Chief Executive Officer of the Company) before six months have elapsed, or if MAG Partners fails to comply with certain covenants in the Letter Agreement. 157,505 of the options have been granted subject to shareholder approval at the Company’s 2021 Annual Meeting of Stockholders; however, if a “change in control” transaction occurs before the date of such 2021 Annual Meeting, then such options would instead be canceled and cashed out upon such transaction for a value equal to their “spread value,” if any. During the Term, Ms. Gilmartin will not receive any additional fees or other compensation for her service (excluding equity previously granted) as a director on the Company’s Board or on the Roseland Residential Trust board of directors. However, the Company will reimburse MAG Partners for up to $ 10,000 in legal fees incurred in connection with negotiating the arrangements described above. In September 2020, the Company terminated without cause Nicholas Hilton, its Executive Vice President of Leasing, and Deidre Crockett, its Chief Administrative Officer, pursuant to their respective employment agreements and associated equity award agreements with the Company. During the third quarter 2020, the Company’s total costs incurred, net of LTIP forfeitures, related to the management restructuring activities discussed above, including the severance, separation and related costs for the departure of the Company’s former chief executive officer and other executive officers, as well as other terminated employees, amounted to $ 8.9 million ($ 8.2 million included in general and administrative expense, and $ 0.7 million included in the operating services). OTHER Through February 2016, the Company could not dispose of or distribute certain of its properties, which were originally contributed by certain unrelated common unitholders of the Operating Partnership, without the express written consent of such common unitholders, as applicable, except in a manner which did not result in recognition of any built-in-gain (which may result in an income tax liability) or which reimbursed the appropriate specific common unitholders for the tax consequences of the recognition of such built-in-gains (collectively, the “Property Lock-Ups”). Upon the expiration in February 2016 of the Property Lock-Ups, the Company is generally required to use commercially reasonable efforts to prevent any sale, transfer or other disposition of the subject properties from resulting in the recognition of built-in gain to the specific common unitholders, which include members of the Mack Group (which includes William L. Mack, a former director; David S. Mack, a former director; and Earle I. Mack, a former director), the Robert Martin Group, and the Cali Group (which includes John R. Cali, a former director). As of September 30, 2020, after the effects of tax-free exchanges on certain of the originally contributed properties, either wholly or partially, over time, 18 of the Company’s properties, as well as certain land and development projects, including properties classified as held for sale as of September 30, 2020, with an aggregate carrying value of approximately $ 1.6 billion, are subject to these conditions. In September 2020, the Company provided stay-on award agreements to 39 select employees, which provides them with the potential to receive compensation, in cash or Company stock, contingent upon remaining with the Company in good standing until the occurrence of certain corporate transactions, which have not been identified. The total potential cost of such awards is currently estimated to be up to approximately $ 5 million, including the potential issuance of 116,043 shares of the Company’s common stock. Such cash or stock awards would only be earned and payable if such transaction was identified and communicated to the employee within seven years of the agreement date, and all other conditions were satisfied. In September 2020, the General Partner's Board of Directors approved a discretionary reimbursement of approximately $ 6.1 million in fees and expenses incurred by Bow Street LLC in connection with its proxy solicitations in 2019 and 2020 that resulted in the election of Bow Street's nominees as directors of the General Partner at the 2019 and 2020 annual meetings of stockholders of the General Partner. The Board of Directors determined that the reimbursement was appropriate in light of the benefit to the General Partner and its stockholders of the refreshment of the Board of Directors that resulted from the proxy contests. The Company intends to reimburse this amount to Bow Street in three substantially equal payments in November 2020, January 2021 and April 2021, which the Company has recorded the $ 6.1 million as general and administrative expense for the three and nine months periods ended September 30, 2020. Bow Street is an affiliate of A. Akiva Katz, a director of the General Partner, who is a co-founder and managing partner of Bow Street. |
Mack-Cali Realty LP [Member] | |
Commitments And Contingencies [Line Items] | |
Commitments And Contingencies | 13. COMMITMENTS AND CONTINGENCIES TAX ABATEMENT AGREEMENTS Pursuant to agreements with certain municipalities, the Company is required to make payments in lieu of property taxes (“PILOT”) on certain of its properties and has tax abatement agreements on other properties, as follows: The Harborside Plaza 4-A agreement with the City of Jersey City, as amended, which commenced in 2002, is for a term of 20 years. The annual PILOT is equal to two percent of Total Project Costs, as defined. Total Project Costs are $ 49.5 million. The PILOT totaled $ 264,000 and $ 226,000 for the three months ended September 30, 2020 and 2019, respectively, and $ 792,000 and $ 766,000 for the nine months ended September 30, 2020 and 2019, respectively. The Harborside Plaza 5 agreement, also with the City of Jersey City, as amended, which commenced in 2002, is for a term of 20 years. The annual PILOT is equal to two percent of Total Project Costs, as defined. Total Project Costs are $ 170.9 million. The PILOT totaled $ 1.1 million and $ 1.0 million for the three months ended September 30, 2020 and 2019, respectively and $ 3.2 million and $ 3.2 million for the nine months ended September 30, 2020 and 2019, respectively. The Port Imperial South 1/3 Garage development project agreement with the City of Weehawken has a term of five years beginning when the project is substantially complete, which occurred in the fourth quarter of 2015. The agreement provides that real estate taxes be paid at 100 percent on the land value of the project only over the five year period and allows for a phase in of real estate taxes on the building improvement value at zero percent in year one and 95 percent in years two through five. The Port Imperial Hotel development project agreement with the City of Weehawken is for a term of 15 years following substantial completion, which occurred in December 201 8. The annual PILOT is equal to two percent of Total Project Costs, as defined therein. The PILOT totaled $ 0.5 million and $ 0.5 million for the three months ended September 30, 2020 and 2019, respectively and $ 1.6 million and $ 0.6 million for the nine months ended September 30, 2020 and 2019, respectively. The Port Imperial South 11 development project agreement with the City of Weehawken is for a term of 15 years following substantial completion, which occurred in August 2018. The annual PILOT is equal to 10 percent of Gross Revenues, as defined therein. The PILOT totaled $ 0.3 million and $ 0.2 million for the three months ended September 30, 2020 and 2019, respectively and $ 0.9 million and $ 0.7 million for the nine months ended September 30, 2020 and 2019, respectively. The 111 River Realty agreement with the City of Hoboken, which commenced on October 1, 2001 expires in April 2022. The PILOT payment equaled $ 1.2 million annually through April 2017 and then increased to $ 1.4 million annually until expiration. The PILOT totaled $ 0.4 million and $ 0.4 million for the three months ended September 30, 2020 and 2019, respectively and $ 1.1 million and $ 1.0 million for the nine months ended September 30, 2020 and 2019, respectively. The Monaco Towers agreement with the City of Jersey City, which commenced in 2011, is for a term of 10 years. The annual PILOT is equal to 10 percent of gross revenues, as defined. The PILOT totaled $ 0.3 million and $ 0.5 million for the three months ended September 30, 2020 and 2019, respectively and $ 1.4 million and $ 1.6 million for the nine months ended September 30, 2020 and 2019, respectively. The Marbella II agreement with the City of Jersey City, which commenced in 2016, is for a term of 10 years. The annual PILOT is equal to 10 percent of gross revenues for years 1-4, 12 percent of gross revenues for years 5-8 and 14 percent of gross revenue for years 9-10, as defined therein. The PILOT totaled $ 0.2 million and $ 0.3 million for the three months ended September 30, 2020 and 2019, respectively and $ 0.8 million and $ 1 million for the nine months ended September 30, 2020 and for the period from acquisition (January 31, 2019) through September 30, 2019, respectively. The Port Imperial South Parcel 9 development project agreement with the City of Weehawken is for a term of 25 years following substantial completion, which is anticipated to occur in the first quarter 2021. The annual PILOT is equal to 11 percent of gross revenue for years 1-10, 12.5 percent for years 11-18 and 14 percent for years 19-25, as defined therein. The Port Imperial South Park Parcel development project agreement with the Township of Weehawken is for a term of 25 years following substantial completion. The annual PILOT is equal to 10 percent of Gross Revenues, as defined therein. At the conclusion of the above-referenced agreements, it is expected that the properties will be assessed by the municipality and be subject to real estate taxes at the then prevailing rates. LITIGATION The Company is a defendant in litigation arising in the normal course of its business activities. Management does not believe that the ultimate resolution of these matters will have a materially adverse effect upon the Company’s financial condition taken as whole. GROUND LEASE AGREEMENTS Future minimum rental payments under the terms of all non-cancelable ground leases under which the Company is the lessee, as of September 30, 2020 and December 31, 2019, are as follows (dollars in thousands) : As of September 30, 2020 Year Amount October 1 through December 31, 2020 $ 437 2021 1,750 2022 1,750 2023 1,756 2024 1,776 2025 through 2098 154,722 Total lease payments 162,191 Less: imputed interest ( 138,404 ) Total $ 23,787 As of December 31, 2019 Year Amount 2020 $ 1,750 2021 1,750 2022 1,750 2023 1,756 2024 1,776 2025 through 2098 154,722 Total lease payments 163,504 Less: imputed interest ( 139,748 ) Total $ 23,756 Ground lease expense incurred by the Company amounted to $ 473,000 and $ 640,000 for the three months ended September 30, 2020 and 2019, respectively, and $ 1.8 million and $ 1.2 million for the nine months ended September 30, 2020 and 2019, respectively. In conjunction with the adoption of ASU 2016-02 (Topic 842), starting on January 1, 2019, the Company capitalized operating leases, which had a balance of $ 22.6 million at September 30, 2020 for five ground leases. Such amount represents the net present value (“NPV”) of future payments detailed above. The incremental borrowing rates used to arrive at the NPV ranged from 5.637 percent to 7.618 percent for the remaining ground lease terms ranging from 6.25 years to 82.58 years. These rates were arrived at by adjusting the fixed rates of the Company’s mortgage debt with debt having terms approximating the remaining lease term of the Company’s ground leases and calculating notional rates for fully-collateralized loans. CONSTRUCTION PROJECTS The Company is developing a 313 -unit multi-family project known as Port Imperial South 9 at Port Imperial in Weehawken, New Jersey, which began construction in third quarter 2018. The construction project, which is estimated to cost $ 142.9 million, of which construction costs of $ 90.8 million have been incurred through September 30, 2020, is expected to be ready for occupancy in first quarter 2021 . The Company has funded $ 50.9 million as of September 30, 2020, and the remaining construction costs are expected to be funded from a $ 92 million construction loan (of which $ 39.9 million was drawn as of September 30, 2020). The Company is developing a 198 -unit multi-family project known as the Upton at Short Hills located in Short Hills, New Jersey, which began construction in fourth quarter 2018. The construction project, which is estimated to cost $ 99.4 million, of which $ 68.5 million has been incurred through September 30, 2020, is expected to be ready for occupancy in first quarter 2021 . The Company has funded $ 35.4 million of the construction costs, and the remaining construction costs are expected to be funded from a $ 64 million construction loan (of which $ 33.1 million was drawn as of September 30, 2020). The Company is developing a 750 -unit multi-family project at 25 Christopher Columbus in Jersey City, New Jersey, which began construction in first quarter 2019. The construction project, which is estimated to cost $ 469.5 million, of which $ 296.1 million has been incurred through September 30, 2020, is expected to be ready for occupancy in first quarter 2022 . The Company has funded $ 169.5 million of the construction costs, and the remaining construction costs are expected to be funded from a $ 300 million construction loan (of which $ 126.6 million was drawn as of September 30, 2020). MANAGEMENT CHANGES On July 24, 2020, the Company terminated Michael J. DeMarco as its Chief Executive Officer without cause, pursuant to his employment agreement and the associated equity award agreements he has with the Company. On August 8, 2020, the Company entered into a Consulting and Cooperating Agreement with Mr. DeMarco (the “Consulting Agreement”). Pursuant to the Consulting Agreement, in exchange for Mr. DeMarco’s providing certain consulting, cooperation, and transition services to the Company through December 31, 2020, Mr. DeMarco will be considered to have remained employed with the Company through the term of the Consulting Agreement solely for purposes of calculating the prorated vesting of outstanding time-based long-term incentive partnership units to which Mr. DeMarco is entitled upon his termination of employment with the Company. Mr. DeMarco is eligible to receive the severance payments and benefits upon such a termination without cause (outside of a change in control) described under the heading “Employment Contracts; Potential Payments Upon Termination or Change in Control—Michael J. DeMarco Employment Agreement,” “—Michael J. DeMarco Class AO LTIP Award Agreement,” and “—Long-Term Incentive Plan Award Agreements,” each as set forth in the Company’s definitive revised proxy statement filed with the Securities and Exchange Commission on June 16, 2020, which description is incorporated by reference herein, and taking into account Mr. DeMarco’s target bonus percentage of 175 % of base salary established for the year 2020. Effective as of July 25, 2020, the Board of Directors appointed MaryAnne Gilmartin, the Chair of the Company’s Board of Directors, as interim Chief Executive Officer of the Company. Ms. Gilmartin will continue to serve as Chair of the Board, but has resigned as a member of the Nominating & Corporate Governance Committee of the Board. Tammy K. Jones, a current director, has been appointed to serve as the lead independent director on the Board. In connection with Ms. Gilmartin’s appointment, the Company has entered into a letter agreement (the “Letter Agreement”) with MAG Partners 2.0 LLC (“MAG Partners”), an entity wholly owned by Ms. Gilmartin. Pursuant to the Letter Agreement, MAG Partners has agreed to make Ms. Gilmartin’s services available to the Company to serve as its interim Chief Executive Officer. The term of this arrangement and Ms. Gilmartin’s appointment as interim Chief Executive Officer (the “Term”) will continue until the earliest to occur of (i) the commencement of employment of a permanent Chief Executive Officer of the Company, (ii) a period of six months has elapsed, or an earlier or later date selected by the Board, and (iii) Ms. Gilmartin’s death or disability, or the termination of the arrangement by MAG Partners (including a resignation by Ms. Gilmartin of her appointment as interim Chief Executive Officer). Pursuant to the Letter Agreement, during the Term the Company will pay to MAG Partners a monthly fee of $ 150,000 , subject to proration for any partial month (but continuing for a minimum of three months following commencement of the Term if the Term is ended by the Board for any reason other than for “cause”). MAG Partners is also eligible to receive a one-time cash sign-on bonus of $ 300,000 and, unless the Term is ended by the Board for “cause,” a one-time completion bonus of $ 200,000 at the end of the Term (but no later than March 12, 2021). In addition, the Company has granted to MAG Partners fully vested stock options to purchase up to 230,000 shares of common stock with an exercise price of $ 14.39 per share, and up to 100,000 shares of common stock with an exercise price of $ 20.00 per share, pursuant to a Stock Option Agreement by and between MAG Partners and the Company (the “Option Agreement”). However, the options, and any shares received upon exercise, will terminate and be forfeited if the Board ends the Term for “cause” or MAG Partners terminates its arrangement with the Company (including a resignation by Ms. Gilmartin of her appointment as interim Chief Executive Officer, but excluding a termination because of a material breach of the arrangement by the Company or because Ms. Gilmartin has been appointed as the permanent Chief Executive Officer of the Company) before six months have elapsed, or if MAG Partners fails to comply with certain covenants in the Letter Agreement. 157,505 of the options have been granted subject to shareholder approval at the Company’s 2021 Annual Meeting of Stockholders; however, if a “change in control” transaction occurs before the date of such 2021 Annual Meeting, then such options would instead be canceled and cashed out upon such transaction for a value equal to their “spread value,” if any. During the Term, Ms. Gilmartin will not receive any additional fees or other compensation for her service (excluding equity previously granted) as a director on the Company’s Board or on the Roseland Residential Trust board of directors. However, the Company will reimburse MAG Partners for up to $ 10,000 in legal fees incurred in connection with negotiating the arrangements described above. In September 2020, the Company terminated without cause Nicholas Hilton, its Executive Vice President of Leasing, and Deidre Crockett, its Chief Administrative Officer, pursuant to their respective employment agreements and associated equity award agreements with the Company. During the third quarter 2020, the Company’s total costs incurred, net of LTIP forfeitures, related to the management restructuring activities discussed above, including the severance, separation and related costs for the departure of the Company’s former chief executive officer and other executive officers, as well as other terminated employees, amounted to $ 8.9 million ($ 8.2 million included in general and administrative expense, and $ 0.7 million included in the operating services). OTHER Through February 2016, the Company could not dispose of or distribute certain of its properties, which were originally contributed by certain unrelated common unitholders of the Operating Partnership, without the express written consent of such common unitholders, as applicable, except in a manner which did not result in recognition of any built-in-gain (which may result in an income tax liability) or which reimbursed the appropriate specific common unitholders for the tax consequences of the recognition of such built-in-gains (collectively, the “Property Lock-Ups”). Upon the expiration in February 2016 of the Property Lock-Ups, the Company is generally required to use commercially reasonable efforts to prevent any sale, transfer or other disposition of the subject properties from resulting in the recognition of built-in gain to the specific common unitholders, which include members of the Mack Group (which includes William L. Mack, a former director; David S. Mack, a former director; and Earle I. Mack, a former director), the Robert Martin Group, and the Cali Group (which includes John R. Cali, a former director). As of September 30, 2020, after the effects of tax-free exchanges on certain of the originally contributed properties, either wholly or partially, over time, 18 of the Company’s properties, as well as certain land and development projects, including properties classified as held for sale as of September 30, 2020, with an aggregate carrying value of approximately $ 1.6 billion, are subject to these conditions. In September 2020, the Company provided stay-on award agreements to 39 select employees, which provides them with the potential to receive compensation, in cash or Company stock, contingent upon remaining with the Company in good standing until the occurrence of certain corporate transactions, which have not been identified. The total potential cost of such awards is currently estimated to be up to approximately $ 5 million, including the potential issuance of 116,043 shares of the Company’s common stock. Such cash or stock awards would only be earned and payable if such transaction was identified and communicated to the employee within seven years of the agreement date, and all other conditions were satisfied. In September 2020, the General Partner's Board of Directors approved a discretionary reimbursement of approximately $ 6.1 million in fees and expenses incurred by Bow Street LLC in connection with its proxy solicitations in 2019 and 2020 that resulted in the election of Bow Street's nominees as directors of the General Partner at the 2019 and 2020 annual meetings of stockholders of the General Partner. The Board of Directors determined that the reimbursement was appropriate in light of the benefit to the General Partner and its stockholders of the refreshment of the Board of Directors that resulted from the proxy contests. The Company intends to reimburse this amount to Bow Street in three substantially equal payments in November 2020, January 2021 and April 2021, which the Company has recorded the $ 6.1 million as general and administrative expense for the three and nine months periods ended September 30, 2020. Bow Street is an affiliate of A. Akiva Katz, a director of the General Partner, who is a co-founder and managing partner of Bow Street. |
Tenant Leases
Tenant Leases | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Line Items] | |
Tenant Leases | 14. TENANT LEASES The Properties are leased to tenants under operating leases with various expiration dates through 2036 . Substantially all of the commercial leases provide for annual base rents plus recoveries and escalation charges based upon the tenant’s proportionate share of and/or increases in real estate taxes and certain operating costs, as defined, and the pass - through of charges for electrical usage. Future minimum rentals to be received under non-cancelable commercial operating leases (excluding properties classified as discontinued operations) at September 30, 2020 and December 31, 2019 are as follows (dollars in thousands) : As of September 30, 2020 Year Amount October 1 through December 31, 2020 $ 30,118 2021 113,651 2022 109,705 2023 104,382 2024 92,537 2025 and thereafter 550,773 Total $ 1,001,166 As of December 31, 2019 Year Amount 2020 $ 115,418 2021 107,027 2022 103,417 2023 99,544 2024 88,082 2025 and thereafter 488,305 Total $ 1,001,793 Multi-family rental property residential leases are excluded from the above table as they generally expire within one year . |
Mack-Cali Realty LP [Member] | |
Leases [Line Items] | |
Tenant Leases | 14. TENANT LEASES The Properties are leased to tenants under operating leases with various expiration dates through 2036 . Substantially all of the commercial leases provide for annual base rents plus recoveries and escalation charges based upon the tenant’s proportionate share of and/or increases in real estate taxes and certain operating costs, as defined, and the pass - through of charges for electrical usage. Future minimum rentals to be received under non-cancelable commercial operating leases (excluding properties classified as discontinued operations) at September 30, 2020 and December 31, 2019 are as follows (dollars in thousands) : As of September 30, 2020 Year Amount October 1 through December 31, 2020 $ 30,118 2021 113,651 2022 109,705 2023 104,382 2024 92,537 2025 and thereafter 550,773 Total $ 1,001,166 As of December 31, 2019 Year Amount 2020 $ 115,418 2021 107,027 2022 103,417 2023 99,544 2024 88,082 2025 and thereafter 488,305 Total $ 1,001,793 Multi-family rental property residential leases are excluded from the above table as they generally expire within one year . |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests | 9 Months Ended |
Sep. 30, 2020 | |
Redeemable Noncontrolling Interest [Line Items] | |
Redeemable Noncontrolling Interests | 15. REDEEMABLE NONCONTROLLING INTERESTS The Company evaluates the terms of the partnership units issued in accordance with the FASB’s Distinguishing Liabilities from Equity guidance. Units which embody an unconditional obligation requiring the Company to redeem the units for cash after a specified or determinable date (or dates) or upon the occurrence of an event that is not solely within the control of the issuer are determined to be contingently redeemable under this guidance and are included as Redeemable noncontrolling interests and classified within the mezzanine section between Total liabilities and Stockholders’ equity on the Company’s Consolidated Balance Sheets. Convertible units for which the Company has the option to settle redemption amounts in cash or Common Stock are included in the caption Noncontrolling interests in subsidiaries within the equity section on the Company’s Consolidated Balance Sheet. Rockpoint Transaction On February 27, 2017, the Company, Roseland Residential Trust (“RRT”), the Company’s subsidiary through which the Company conducts its multi-family residential real estate operations, Roseland Residential, L.P. (“RRLP”), the operating partnership through which RRT conducts all of its operations, and certain other affiliates of the Company entered into a preferred equity investment agreement (the “Original Investment Agreement”) with certain affiliates of Rockpoint Group, L.L.C. (Rockpoint Group, L.L.C. and its affiliates, collectively, “Rockpoint”). The Original Investment Agreement provided for RRT to contribute property to RRLP in exchange for common units of limited partnership interests in RRLP (the “Common Units”) and for multiple equity investments by Rockpoint in RRLP from time to time for up to an aggregate of $ 300 million of preferred units of limited partnership interests in RRLP (the “Preferred Units”). The initial closing under the Original Investment Agreement occurred on March 10, 2017 for $ 150 million of Preferred Units and the parties agreed that the Company’s contributed equity value (“RRT Contributed Equity Value”), was $ 1.23 billion at closing. During the year ended December 31, 2018, a total additional amount of $ 105 million of Preferred Units were issued and sold to Rockpoint pursuant to the Original Investment Agreement. During the three months ended March 31, 2019, a total additional amount of $ 45 million of Preferred Units were issued and sold to Rockpoint pursuant to the Original Investment Agreement, which brought the Preferred Units to the full balance of $ 300 million . In addition, certain contributions of property to RRLP by RRT subsequent to the execution of the Original Investment Agreement resulted in RRT being issued approximately $ 46 million of Preferred Units and Common Units in RRLP prior to June 26, 2019. On June 26, 2019, the Company, RRT, RRLP, certain other affiliates of the Company and Rockpoint entered into an additional preferred equity investment agreement (the “Add On Investment Agreement”). The closing under the Add On Investment Agreement occurred on June 28, 2019. Pursuant to the Add On Investment Agreement, Rockpoint invested an additional $ 100 million in Preferred Units and the Company and RRT agreed to contribute to RRLP two additional properties located in Jersey City, New Jersey. The Company used the $ 100 million in proceeds received to repay outstanding borrowings under its unsecured revolving credit facility and other debt by June 30, 2019. In addition, Rockpoint has a right of first refusal to invest another $ 100 million in Preferred Units in the event RRT determines that RRLP requires additional capital prior to March 1, 2023 and, subject thereto, RRLP may issue up to approximately $ 154 million in Preferred Units to RRT or an affiliate so long as at the time of such funding RRT determines in good faith that RRLP has a valid business purpose to use such proceeds. Included in general and administrative expenses for the year ended December 31, 2019 were $ 371,000 in fees associated with the modifications of the Original Investment Agreement, which were made upon signing of the Add On Investment Agreement. Under the terms of the new transaction with Rockpoint, the cash flow from operations of RRLP will be distributable to Rockpoint and RRT as follows: first, to provide a 6 % annual return to Rockpoint and RRT on their capital invested in Preferred Units (the “Preferred Base Return”); second, 95.36 % to RRT and 4.64 % to Rockpoint until RRT has received a 6 % annual return (the “RRT Base Return”) on the equity value of the properties contributed by it to RRLP in exchange for Common Units (previously 95 % and 5 %, respectively, under the Original Investment Agreement), subject to adjustment in the event RRT contributes additional property to RRLP in the future; and third, pro rata to Rockpoint and RRT based on total respective capital invested in and contributed equity value of Preferred Units and Common Units (based on Rockpoint’s $ 400 million of invested capital at September 30, 2020, this pro rata distribution would be approximately 21.89 % to Rockpoint in respect of Preferred Units, 2.65 % to RRT in respect of Preferred Units and 75.46 % to RRT in respect of Common Units). RRLP’s cash flow from capital events will generally be distributable by RRLP to Rockpoint and RRT as follows: first, to Rockpoint and RRT to the extent there is any unpaid, accrued Preferred Base Return; second, as a return of capital to Rockpoint and to RRT in respect of Preferred Units; third, 95.36 % to RRT and 4.64 % to Rockpoint until RRT has received the RRT Base Return in respect of Common Units (previously 95 % and 5 %, respectively, under the Original Investment Agreement), subject to adjustment in the event RRT contributes additional property to RRLP in the future; fourth, 95.36 % to RRT and 4.64 % to Rockpoint until RRT has received a return of capital based on the equity value of the properties contributed by it to RRLP in exchange for Common Units (previously 95 % and 5 %, respectively, under the Original Investment Agreement), subject to adjustment in the event RRT contributes additional property to the capital of RRLP in the future; fifth, pro rata to Rockpoint and RRT based on respective total capital invested in and contributed equity value of Preferred and Common Units until Rockpoint has received an 11 % internal rate of return (based on Rockpoint’s $ 400 million of invested capital at September 30, 2020, this pro rata distribution would be approximately 21.89 % to Rockpoint in respect of Preferred Units, 2.65 % to RRT in respect of Preferred Units and 75.46 % to RRT in respect of Common Units); and sixth, to Rockpoint and RRT in respect of their Preferred Units based on 50 % of their pro rata shares described in “fifth” above and the balance to RRT in respect of its Common Units (based on Rockpoint’s $ 400 million of invested capital at September 30, 2020, this pro rata distribution would be approximately 10.947 % to Rockpoint in respect of Preferred Units, 1.325 % to RRT in respect of Preferred Units and 87.728 % to RRT in respect of Common Units). In general, RRLP may not sell its properties in taxable transactions, although it may engage in tax-deferred like-kind exchanges of properties or it may proceed in another manner designed to avoid the recognition of gain for tax purposes. In connection with the Add On Investment Agreement, on June 26, 2019, RRT increased the size of its board of trustees from six to seven persons, with five trustees being designated by the Company and two trustees being designated by Rockpoint. In addition, as was the case under the Original Investment Agreement, RRT and RRLP are required to obtain Rockpoint’s consent with respect to: debt financings in excess of a 65 % loan-to-value ratio; corporate level financings that are pari-passu or senior to the Preferred Units; new investment opportunities to the extent the opportunity requires an equity capitalization in excess of 10 % of RRLP’s NAV; new investment opportunities located in a Metropolitan Statistical Area where RRLP owns no property as of the previous quarter; declaration of bankruptcy of RRT; transactions between RRT and the Company, subject to certain limited exceptions; any equity granted or equity incentive plan adopted by RRLP or any of its subsidiaries; and certain matters relating to the Credit Enhancement Note (as defined below) between the Company and RRLP (other than ordinary course borrowings or repayments thereunder). Under a Discretionary Demand Promissory Note (the “Credit Enhancement Note”), the Company may provide periodic cash advances to RRLP. The Credit Enhancement Note provides for an interest rate equal to the London Inter-Bank Offered Rate plus fifty ( 50 ) basis points above the applicable interest rate under the Company’s unsecured revolving credit facility. The maximum aggregate principal amount of advances at any one time outstanding under the Credit Enhancement Note is limited to $ 50 million, an increase of $ 25 million from the prior transaction. RRT and RRLP also have agreed, as was the case under the Original Investment Agreement, to register the Preferred Units under certain circumstances in the future in the event RRT or RRLP becomes a publicly traded company. During the period commencing on June 28, 2019 and ending on March 1, 2023 (the “Lockout Period”), Rockpoint’s interest in the Preferred Units cannot be redeemed or repurchased, except in connection with (a) a sale of all or substantially all of RRLP or a sale of a majority of the then-outstanding interests in RRLP, in each case, which sale is not approved by Rockpoint, or (b) a spin-out or initial public offering of common stock of RRT, or distributions of RRT equity interests by the Company or its affiliates to shareholders or their respective parent interestholders (an acquisition pursuant clauses (a) or (b) above, an “Early Purchase”). RRT has the right to acquire Rockpoint’s interest in the Preferred Units in connection with an Early Purchase for a purchase price generally equal to (i) the amount that Rockpoint would receive upon the sale of the assets of RRLP for fair market value and a distribution of the net sale proceeds in accordance with (A) the capital event distribution priorities discussed above (in the case of certain Rockpoint Preferred Holders) and (B) the distribution priorities applicable in the case of a liquidation of RRLP (in the case of the other Rockpoint Preferred Holder), plus (ii) a make whole premium (such purchase price, the “Purchase Payment”). The make whole premium is an amount equal to (i) $ 173.5 million until December 28, 2020, or $ 198.5 million thereafter, less distributions theretofore made to Rockpoint with respect to its Preferred Base Return or any deficiency therein, plus (ii) $ 1.5 million less certain other distributions theretofore made to Rockpoint. The fair market value of RRLP’s assets is determined by a third party appraisal of the net asset value (“NAV”) of RRLP and the fair market value of RRLP’s assets, to be completed within ninety (90) calendar days of March 1, 2023 and annually thereafter. After the Lockout Period, either RRT may acquire from Rockpoint, or Rockpoint may sell to RRT, all, but not less than all, of Rockpoint’s interest in the Preferred Units (each, a “Put/Call Event”) for a purchase price equal to the Purchase Payment (determined without regard to the make whole premium and any related tax allocations). An acquisition of Rockpoint’s interest in the Preferred Units pursuant to a Put/Call Event is generally required to be structured as a purchase of the common equity in the applicable Rockpoint entities holding direct or indirect interests in the Preferred Units. Subject to certain exceptions, Rockpoint also has a right of first offer and a participation right with respect to other common equity interests of RRLP or any subsidiary of RRLP that may be offered for sale by RRLP or its subsidiaries from time to time. Upon a Put/Call Event, other than in the event of a sale of RRLP, Rockpoint may elect to convert all, but not less than all, of its Preferred Units to Common Units in RRLP. As such, the Preferred Units contain a substantive redemption feature that is outside of the Company’s control and accordingly, pursuant to ASC 480-1—S99-3A, the Preferred Units are classified in mezzanine equity measured based on the estimated future redemption value as of September 30, 2020. The Company determines the redemption value of these interests by hypothetically liquidating the estimated NAV of the RRT real estate portfolio including debt principal through the applicable waterfall provisions of the new transaction with Rockpoint. The estimation of NAV includes unobservable inputs that consider assumptions of market participants in pricing the underlying assets of RRLP. For properties under development, the Company applies a discount rate to the estimated future cash flows allocable to the Company during the period under construction and then applies a direct capitalization method to the estimated stabilized cash flows. For operating properties, the direct capitalization method is used by applying a capitalization rate to the projected net operating income. For developable land holdings, an estimated per-unit market value assumption is considered based on development rights for the land. Estimated future cash flows used in such analyses are based on the Company’s business plan for each respective property including capital expenditures, management’s views of market and economic conditions, and considers items such as current and future rental rates, occupancies and market transactions for comparable properties. The estimated future redemption value of the Preferred Units is approximately $ 480 million as of September 30, 2020. Preferred Units On February 3, 2017, the Operating Partnership issued 42,800 shares of a new class of 3.5 percent Series A Preferred Limited Partnership Units of the Operating Partnership (the “Series A Units”). The Series A Units were issued to the Company’s partners in the Plaza VIII & IX Associates L.L.C. joint venture that owns a development site adjacent to the Company’s Harborside property in Jersey City, New Jersey as non-cash consideration for their approximate 37.5 percent interest in the joint venture. Each Series A Unit has a stated value of $ 1,000 , pays dividends quarterly at an annual rate of 3.5 percent (subject to increase under certain circumstances), is convertible into 28.15 common units of limited partnership interests of the Operating Partnership beginning generally five years from the date of issuance, or an aggregate of up to 1,204,820 common units. The conversion rate was based on a value of $ 35.52 per common unit. The Series A Units have a liquidation and dividend preference senior to the common units and include customary anti-dilution protections for stock splits and similar events. The Series A Units are redeemable for cash at their stated value beginning five years from the date of issuance at the option of the holder. On February 28, 2017, the Operating Partnership authorized the issuance of 9,213 shares of a new class of 3.5 percent Series A-1 Preferred Limited Partnership Units of the Operating Partnership (the “Series A-1 Units”). 9,122 Series A-1 Units were issued on February 28, 2017 and an additional 91 Series A-1 Units were issued in April 2017 pursuant to acquiring additional interests in a joint venture that owns Monaco Towers in Jersey City, New Jersey. The Series A-1 Units were issued as non-cash consideration for the partner’s approximate 13.8 percent ownership interest in the joint venture. Each Series A-1 Unit has a stated value of $ 1,000 (the “Stated Value”), pays dividends quarterly at an annual rate equal to the greater of (x) 3.5 percent, or (y) the then-effective annual dividend yield on the General Partner’s common stock, and is convertible into 27.936 common units of limited partnership interests of the Operating Partnership beginning generally five years from the date of issuance, or an aggregate of up to 257,375 Common Units. The conversion rate was based on a value of $ 35.80 per common unit. The Series A-1 Units have a liquidation and dividend preference senior to the Common Units and include customary anti-dilution protections for stock splits and similar events. The Series A-1 Units are redeemable for cash at their stated value beginning five years from the date of issuance at the option of the holder. The Series A-1 Units are pari passu with the 42,800 3.5 % Series A Units issued on February 3, 2017. The following tables set forth the changes in Redeemable noncontrolling interests for the three months ended September 30, 2020 and 2019, respectively (dollars in thousands) : Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance at July 1, 2020 $ 52,324 $ 456,631 $ 508,955 Redeemable Noncontrolling Interests Issued - - - Net 52,324 456,631 508,955 Income Attributed to Noncontrolling Interests 455 6,016 6,471 Distributions ( 455 ) ( 6,016 ) ( 6,471 ) Redemption Value Adjustment - 2,397 2,397 Balance at September 30, 2020 $ 52,324 $ 459,028 $ 511,352 Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance at July 1, 2019 $ 52,324 $ 444,048 $ 496,372 Redeemable Noncontrolling Interests Issued - ( 67 ) ( 67 ) Net 52,324 443,981 496,305 Income Attributed to Noncontrolling Interests 455 6,016 6,471 Distributions ( 455 ) ( 6,016 ) ( 6,471 ) Redemption Value Adjustment - 3,814 3,814 Balance at September 30, 2019 $ 52,324 $ 447,795 $ 500,119 The following tables set forth the changes in Redeemable noncontrolling interests for the nine months ended September 30, 2020 and 2019, respectively (dollars in thousands) : Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance January 1, 2020 $ 52,324 $ 451,058 $ 503,382 Redeemable Noncontrolling Interests Issued - - - Net 52,324 451,058 503,382 Income Attributed to Noncontrolling Interests 1,365 18,048 19,413 Distributions ( 1,365 ) ( 18,048 ) ( 19,413 ) Redemption Value Adjustment - 7,970 7,970 Redeemable noncontrolling interests as of September 30, 2020 $ 52,324 $ 459,028 $ 511,352 Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance January 1, 2019 $ 52,324 $ 278,135 $ 330,459 Redeemable Noncontrolling Interests Issued (net of new issuance costs of $ 1.5 million) - 143,450 143,450 Net 52,324 421,585 473,909 Income Attributed to Noncontrolling Interests 1,365 14,779 16,144 Distributions ( 1,365 ) ( 14,779 ) ( 16,144 ) Redemption Value Adjustment (including value adjustment attributable to Add On Investment Agreement) - 26,210 26,210 Redeemable noncontrolling interests as of September 30, 2019 $ 52,324 $ 447,795 $ 500,119 |
Mack-Cali Realty LP [Member] | |
Redeemable Noncontrolling Interest [Line Items] | |
Redeemable Noncontrolling Interests | 15. REDEEMABLE NONCONTROLLING INTERESTS The Company evaluates the terms of the partnership units issued in accordance with the FASB’s Distinguishing Liabilities from Equity guidance. Units which embody an unconditional obligation requiring the Company to redeem the units for cash after a specified or determinable date (or dates) or upon the occurrence of an event that is not solely within the control of the issuer are determined to be contingently redeemable under this guidance and are included as Redeemable noncontrolling interests and classified within the mezzanine section between Total liabilities and Stockholders’ equity on the Company’s Consolidated Balance Sheets. Convertible units for which the Company has the option to settle redemption amounts in cash or Common Stock are included in the caption Noncontrolling interests in subsidiaries within the equity section on the Company’s Consolidated Balance Sheet. Rockpoint Transaction On February 27, 2017, the Company, Roseland Residential Trust (“RRT”), the Company’s subsidiary through which the Company conducts its multi-family residential real estate operations, Roseland Residential, L.P. (“RRLP”), the operating partnership through which RRT conducts all of its operations, and certain other affiliates of the Company entered into a preferred equity investment agreement (the “Original Investment Agreement”) with certain affiliates of Rockpoint Group, L.L.C. (Rockpoint Group, L.L.C. and its affiliates, collectively, “Rockpoint”). The Original Investment Agreement provided for RRT to contribute property to RRLP in exchange for common units of limited partnership interests in RRLP (the “Common Units”) and for multiple equity investments by Rockpoint in RRLP from time to time for up to an aggregate of $ 300 million of preferred units of limited partnership interests in RRLP (the “Preferred Units”). The initial closing under the Original Investment Agreement occurred on March 10, 2017 for $ 150 million of Preferred Units and the parties agreed that the Company’s contributed equity value (“RRT Contributed Equity Value”), was $ 1.23 billion at closing. During the year ended December 31, 2018, a total additional amount of $ 105 million of Preferred Units were issued and sold to Rockpoint pursuant to the Original Investment Agreement. During the three months ended March 31, 2019, a total additional amount of $ 45 million of Preferred Units were issued and sold to Rockpoint pursuant to the Original Investment Agreement, which brought the Preferred Units to the full balance of $ 300 million . In addition, certain contributions of property to RRLP by RRT subsequent to the execution of the Original Investment Agreement resulted in RRT being issued approximately $ 46 million of Preferred Units and Common Units in RRLP prior to June 26, 2019. On June 26, 2019, the Company, RRT, RRLP, certain other affiliates of the Company and Rockpoint entered into an additional preferred equity investment agreement (the “Add On Investment Agreement”). The closing under the Add On Investment Agreement occurred on June 28, 2019. Pursuant to the Add On Investment Agreement, Rockpoint invested an additional $ 100 million in Preferred Units and the Company and RRT agreed to contribute to RRLP two additional properties located in Jersey City, New Jersey. The Company used the $ 100 million in proceeds received to repay outstanding borrowings under its unsecured revolving credit facility and other debt by June 30, 2019. In addition, Rockpoint has a right of first refusal to invest another $ 100 million in Preferred Units in the event RRT determines that RRLP requires additional capital prior to March 1, 2023 and, subject thereto, RRLP may issue up to approximately $ 154 million in Preferred Units to RRT or an affiliate so long as at the time of such funding RRT determines in good faith that RRLP has a valid business purpose to use such proceeds. Included in general and administrative expenses for the year ended December 31, 2019 were $ 371,000 in fees associated with the modifications of the Original Investment Agreement, which were made upon signing of the Add On Investment Agreement. Under the terms of the new transaction with Rockpoint, the cash flow from operations of RRLP will be distributable to Rockpoint and RRT as follows: first, to provide a 6 % annual return to Rockpoint and RRT on their capital invested in Preferred Units (the “Preferred Base Return”); second, 95.36 % to RRT and 4.64 % to Rockpoint until RRT has received a 6 % annual return (the “RRT Base Return”) on the equity value of the properties contributed by it to RRLP in exchange for Common Units (previously 95 % and 5 %, respectively, under the Original Investment Agreement), subject to adjustment in the event RRT contributes additional property to RRLP in the future; and third, pro rata to Rockpoint and RRT based on total respective capital invested in and contributed equity value of Preferred Units and Common Units (based on Rockpoint’s $ 400 million of invested capital at September 30, 2020, this pro rata distribution would be approximately 21.89 % to Rockpoint in respect of Preferred Units, 2.65 % to RRT in respect of Preferred Units and 75.46 % to RRT in respect of Common Units). RRLP’s cash flow from capital events will generally be distributable by RRLP to Rockpoint and RRT as follows: first, to Rockpoint and RRT to the extent there is any unpaid, accrued Preferred Base Return; second, as a return of capital to Rockpoint and to RRT in respect of Preferred Units; third, 95.36 % to RRT and 4.64 % to Rockpoint until RRT has received the RRT Base Return in respect of Common Units (previously 95 % and 5 %, respectively, under the Original Investment Agreement), subject to adjustment in the event RRT contributes additional property to RRLP in the future; fourth, 95.36 % to RRT and 4.64 % to Rockpoint until RRT has received a return of capital based on the equity value of the properties contributed by it to RRLP in exchange for Common Units (previously 95 % and 5 %, respectively, under the Original Investment Agreement), subject to adjustment in the event RRT contributes additional property to the capital of RRLP in the future; fifth, pro rata to Rockpoint and RRT based on respective total capital invested in and contributed equity value of Preferred and Common Units until Rockpoint has received an 11 % internal rate of return (based on Rockpoint’s $ 400 million of invested capital at September 30, 2020, this pro rata distribution would be approximately 21.89 % to Rockpoint in respect of Preferred Units, 2.65 % to RRT in respect of Preferred Units and 75.46 % to RRT in respect of Common Units); and sixth, to Rockpoint and RRT in respect of their Preferred Units based on 50 % of their pro rata shares described in “fifth” above and the balance to RRT in respect of its Common Units (based on Rockpoint’s $ 400 million of invested capital at September 30, 2020, this pro rata distribution would be approximately 10.947 % to Rockpoint in respect of Preferred Units, 1.325 % to RRT in respect of Preferred Units and 87.728 % to RRT in respect of Common Units). In general, RRLP may not sell its properties in taxable transactions, although it may engage in tax-deferred like-kind exchanges of properties or it may proceed in another manner designed to avoid the recognition of gain for tax purposes. In connection with the Add On Investment Agreement, on June 26, 2019, RRT increased the size of its board of trustees from six to seven persons, with five trustees being designated by the Company and two trustees being designated by Rockpoint. In addition, as was the case under the Original Investment Agreement, RRT and RRLP are required to obtain Rockpoint’s consent with respect to: debt financings in excess of a 65 % loan-to-value ratio; corporate level financings that are pari-passu or senior to the Preferred Units; new investment opportunities to the extent the opportunity requires an equity capitalization in excess of 10 % of RRLP’s NAV; new investment opportunities located in a Metropolitan Statistical Area where RRLP owns no property as of the previous quarter; declaration of bankruptcy of RRT; transactions between RRT and the Company, subject to certain limited exceptions; any equity granted or equity incentive plan adopted by RRLP or any of its subsidiaries; and certain matters relating to the Credit Enhancement Note (as defined below) between the Company and RRLP (other than ordinary course borrowings or repayments thereunder). Under a Discretionary Demand Promissory Note (the “Credit Enhancement Note”), the Company may provide periodic cash advances to RRLP. The Credit Enhancement Note provides for an interest rate equal to the London Inter-Bank Offered Rate plus fifty ( 50 ) basis points above the applicable interest rate under the Company’s unsecured revolving credit facility. The maximum aggregate principal amount of advances at any one time outstanding under the Credit Enhancement Note is limited to $ 50 million, an increase of $ 25 million from the prior transaction. RRT and RRLP also have agreed, as was the case under the Original Investment Agreement, to register the Preferred Units under certain circumstances in the future in the event RRT or RRLP becomes a publicly traded company. During the period commencing on June 28, 2019 and ending on March 1, 2023 (the “Lockout Period”), Rockpoint’s interest in the Preferred Units cannot be redeemed or repurchased, except in connection with (a) a sale of all or substantially all of RRLP or a sale of a majority of the then-outstanding interests in RRLP, in each case, which sale is not approved by Rockpoint, or (b) a spin-out or initial public offering of common stock of RRT, or distributions of RRT equity interests by the Company or its affiliates to shareholders or their respective parent interestholders (an acquisition pursuant clauses (a) or (b) above, an “Early Purchase”). RRT has the right to acquire Rockpoint’s interest in the Preferred Units in connection with an Early Purchase for a purchase price generally equal to (i) the amount that Rockpoint would receive upon the sale of the assets of RRLP for fair market value and a distribution of the net sale proceeds in accordance with (A) the capital event distribution priorities discussed above (in the case of certain Rockpoint Preferred Holders) and (B) the distribution priorities applicable in the case of a liquidation of RRLP (in the case of the other Rockpoint Preferred Holder), plus (ii) a make whole premium (such purchase price, the “Purchase Payment”). The make whole premium is an amount equal to (i) $ 173.5 million until December 28, 2020, or $ 198.5 million thereafter, less distributions theretofore made to Rockpoint with respect to its Preferred Base Return or any deficiency therein, plus (ii) $ 1.5 million less certain other distributions theretofore made to Rockpoint. The fair market value of RRLP’s assets is determined by a third party appraisal of the net asset value (“NAV”) of RRLP and the fair market value of RRLP’s assets, to be completed within ninety (90) calendar days of March 1, 2023 and annually thereafter. After the Lockout Period, either RRT may acquire from Rockpoint, or Rockpoint may sell to RRT, all, but not less than all, of Rockpoint’s interest in the Preferred Units (each, a “Put/Call Event”) for a purchase price equal to the Purchase Payment (determined without regard to the make whole premium and any related tax allocations). An acquisition of Rockpoint’s interest in the Preferred Units pursuant to a Put/Call Event is generally required to be structured as a purchase of the common equity in the applicable Rockpoint entities holding direct or indirect interests in the Preferred Units. Subject to certain exceptions, Rockpoint also has a right of first offer and a participation right with respect to other common equity interests of RRLP or any subsidiary of RRLP that may be offered for sale by RRLP or its subsidiaries from time to time. Upon a Put/Call Event, other than in the event of a sale of RRLP, Rockpoint may elect to convert all, but not less than all, of its Preferred Units to Common Units in RRLP. As such, the Preferred Units contain a substantive redemption feature that is outside of the Company’s control and accordingly, pursuant to ASC 480-1—S99-3A, the Preferred Units are classified in mezzanine equity measured based on the estimated future redemption value as of September 30, 2020. The Company determines the redemption value of these interests by hypothetically liquidating the estimated NAV of the RRT real estate portfolio including debt principal through the applicable waterfall provisions of the new transaction with Rockpoint. The estimation of NAV includes unobservable inputs that consider assumptions of market participants in pricing the underlying assets of RRLP. For properties under development, the Company applies a discount rate to the estimated future cash flows allocable to the Company during the period under construction and then applies a direct capitalization method to the estimated stabilized cash flows. For operating properties, the direct capitalization method is used by applying a capitalization rate to the projected net operating income. For developable land holdings, an estimated per-unit market value assumption is considered based on development rights for the land. Estimated future cash flows used in such analyses are based on the Company’s business plan for each respective property including capital expenditures, management’s views of market and economic conditions, and considers items such as current and future rental rates, occupancies and market transactions for comparable properties. The estimated future redemption value of the Preferred Units is approximately $ 480 million as of September 30, 2020. Preferred Units On February 3, 2017, the Operating Partnership issued 42,800 shares of a new class of 3.5 percent Series A Preferred Limited Partnership Units of the Operating Partnership (the “Series A Units”). The Series A Units were issued to the Company’s partners in the Plaza VIII & IX Associates L.L.C. joint venture that owns a development site adjacent to the Company’s Harborside property in Jersey City, New Jersey as non-cash consideration for their approximate 37.5 percent interest in the joint venture. Each Series A Unit has a stated value of $ 1,000 , pays dividends quarterly at an annual rate of 3.5 percent (subject to increase under certain circumstances), is convertible into 28.15 common units of limited partnership interests of the Operating Partnership beginning generally five years from the date of issuance, or an aggregate of up to 1,204,820 common units. The conversion rate was based on a value of $ 35.52 per common unit. The Series A Units have a liquidation and dividend preference senior to the common units and include customary anti-dilution protections for stock splits and similar events. The Series A Units are redeemable for cash at their stated value beginning five years from the date of issuance at the option of the holder. On February 28, 2017, the Operating Partnership authorized the issuance of 9,213 shares of a new class of 3.5 percent Series A-1 Preferred Limited Partnership Units of the Operating Partnership (the “Series A-1 Units”). 9,122 Series A-1 Units were issued on February 28, 2017 and an additional 91 Series A-1 Units were issued in April 2017 pursuant to acquiring additional interests in a joint venture that owns Monaco Towers in Jersey City, New Jersey. The Series A-1 Units were issued as non-cash consideration for the partner’s approximate 13.8 percent ownership interest in the joint venture. Each Series A-1 Unit has a stated value of $ 1,000 (the “Stated Value”), pays dividends quarterly at an annual rate equal to the greater of (x) 3.5 percent, or (y) the then-effective annual dividend yield on the General Partner’s common stock, and is convertible into 27.936 common units of limited partnership interests of the Operating Partnership beginning generally five years from the date of issuance, or an aggregate of up to 257,375 Common Units. The conversion rate was based on a value of $ 35.80 per common unit. The Series A-1 Units have a liquidation and dividend preference senior to the Common Units and include customary anti-dilution protections for stock splits and similar events. The Series A-1 Units are redeemable for cash at their stated value beginning five years from the date of issuance at the option of the holder. The Series A-1 Units are pari passu with the 42,800 3.5 % Series A Units issued on February 3, 2017. The following tables set forth the changes in Redeemable noncontrolling interests for the three months ended September 30, 2020 and 2019, respectively (dollars in thousands) : Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance at July 1, 2020 $ 52,324 $ 456,631 $ 508,955 Redeemable Noncontrolling Interests Issued - - - Net 52,324 456,631 508,955 Income Attributed to Noncontrolling Interests 455 6,016 6,471 Distributions ( 455 ) ( 6,016 ) ( 6,471 ) Redemption Value Adjustment - 2,397 2,397 Balance at September 30, 2020 $ 52,324 $ 459,028 $ 511,352 Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance at July 1, 2019 $ 52,324 $ 444,048 $ 496,372 Redeemable Noncontrolling Interests Issued - ( 67 ) ( 67 ) Net 52,324 443,981 496,305 Income Attributed to Noncontrolling Interests 455 6,016 6,471 Distributions ( 455 ) ( 6,016 ) ( 6,471 ) Redemption Value Adjustment - 3,814 3,814 Balance at September 30, 2019 $ 52,324 $ 447,795 $ 500,119 The following tables set forth the changes in Redeemable noncontrolling interests for the nine months ended September 30, 2020 and 2019, respectively (dollars in thousands) : Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance January 1, 2020 $ 52,324 $ 451,058 $ 503,382 Redeemable Noncontrolling Interests Issued - - - Net 52,324 451,058 503,382 Income Attributed to Noncontrolling Interests 1,365 18,048 19,413 Distributions ( 1,365 ) ( 18,048 ) ( 19,413 ) Redemption Value Adjustment - 7,970 7,970 Redeemable noncontrolling interests as of September 30, 2020 $ 52,324 $ 459,028 $ 511,352 Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance January 1, 2019 $ 52,324 $ 278,135 $ 330,459 Redeemable Noncontrolling Interests Issued (net of new issuance costs of $ 1.5 million) - 143,450 143,450 Net 52,324 421,585 473,909 Income Attributed to Noncontrolling Interests 1,365 14,779 16,144 Distributions ( 1,365 ) ( 14,779 ) ( 16,144 ) Redemption Value Adjustment (including value adjustment attributable to Add On Investment Agreement) - 26,210 26,210 Redeemable noncontrolling interests as of September 30, 2019 $ 52,324 $ 447,795 $ 500,119 |
Mack-Cali Realty Corporation St
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital | 9 Months Ended |
Sep. 30, 2020 | |
Stockholders Equity [Line Items] | |
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital | 16. MACK-CALI REALTY CORPORATION STOCKHOLDERS’ EQUITY AND MACK-CALI REALTY, L.P.’S PARTNERS’ CAPITAL To maintain its qualification as a REIT, not more than 50 percent in value of the outstanding shares of the General Partner may be owned, directly or indirectly, by five or fewer individuals at any time during the last half of any taxable year of the General Partner, other than its initial taxable year (defined to include certain entities), applying certain constructive ownership rules. To help ensure that the General Partner will not fail this test, the General Partner’s Charter provides, among other things, certain restrictions on the transfer of common stock to prevent further concentration of stock ownership. Moreover, to evidence compliance with these requirements, the General Partner must maintain records that disclose the actual ownership of its outstanding common stock and demands written statements each year from the holders of record of designated percentages of its common stock requesting the disclosure of the beneficial owners of such common stock. Partners’ Capital in the accompanying consolidated financial statements relates to (a) General Partners’ capital consisting of common units in the Operating Partnership held by the General Partner, and (b) Limited Partners’ capital consisting of common units and LTIP units held by the limited partners. See Note 17: Noncontrolling Interests in Subsidiaries. The following table reflects the activity of the General Partner capital for the three and nine months ended September 30, 2020 and 2019, respectively (dollars in thousands) : Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Opening Balance $ 1,399,033 $ 1,645,587 $ 1,493,699 $ 1,486,658 Net income (loss) available to common shareholders ( 42,208 ) ( 55,928 ) ( 117,019 ) 166,513 Common stock distributions ( 18,142 ) ( 18,106 ) ( 36,261 ) ( 54,282 ) Redeemable noncontrolling interests ( 2,167 ) ( 3,025 ) ( 7,207 ) ( 22,936 ) Change in noncontrolling interests in consolidated joint ventures - - - ( 1,958 ) Redemption of common units for common stock - - - 705 Redemption of common units - - - ( 1,665 ) Shares issued under Dividend Reinvestment and Stock Purchase Plan 9 10 39 31 Directors' deferred compensation plan 76 81 215 238 Stock Compensation 394 7 1,158 490 Cancellation of unvested LTIP units - - - 2,819 Other comprehensive income (loss) - ( 791 ) 18 ( 8,993 ) Rebalancing of ownership percent between parent and subsidiaries ( 875 ) 1,426 1,478 1,641 Balance at September 30 $ 1,336,120 $ 1,569,261 $ 1,336,120 $ 1,569,261 Any transactions resulting in the issuance of additional common and preferred stock of the General Partner result in a corresponding issuance by the Operating Partnership of an equivalent amount of common and preferred units to the General Partner. SHARE/UNIT REPURCHASE PROGRAM In September 2012 , the Board of Directors of the General Partner renewed and authorized an increase to the General Partner ’s repurchase program (“Repurchase Program”). The General Partner has authorization to repurchase up to $ 150 million of its outstanding common stock under the renewed Repurchase Program, which it may repurchase from time to time in open market transactions at prevailing prices or through privately negotiated transactions. As of September 30, 2020, the General Partner has repurchased and retired 394,625 shares of its outstanding common stock for an aggregate cost of approximately $ 11 million (all of which occurred in the year ended December 31, 2012), with a remaining authorization under the Repurchase Program of $ 139 million. Concurrent with these repurchases, the General Partner sold to the Operating Partnership common units for approximately $ 11 million. DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN The General Partner has a Dividend Reinvestment and Stock Purchase Plan (the “DRIP”) which commenced in March 1999 under which approximately 5.5 million shares of the General Partner’s common stock have been reserved for future issuance. The DRIP provides for automatic reinvestment of all or a portion of a participant’s dividends from the General Partner’s shares of common stock. The DRIP also permits participants to make optional cash investments up to $ 5,000 a month without restriction and, if the Company waives this limit, for additional amounts subject to certain restrictions and other conditions set forth in the DRIP prospectus filed as part of the Company’s effective registration statement on Form S-3 filed with the SEC for the approximately 5.5 million shares of the General Partner’s common stock reserved for issuance under the DRIP. STOCK OPTION PLANS In May 2013, the General Partner established the 2013 Incentive Stock Plan (the “2013 Plan”) under which a total of 4,600,000 shares have been reserved for issuance. On June 5, 2015, in connection with employment agreements entered into with each of Messrs. Rudin and DeMarco, former chief executive officers (together, the “Executive Employment Agreements”), the Company granted options to purchase a total of 800,000 shares of the General Partner’s common stock, exercisable for a period of ten years with an exercise price equal to the closing price of the General Partner’s common stock on the grant date of $ 17.31 per share, with 400,000 of such options vesting in three equal annual installments commencing on the first anniversary of the grant date (“Time Vesting Options”) and fully vesting on June 5, 2018, and 400,000 of such options vesting if the General Partner’s common stock traded at or above $ 25.00 per share for 30 consecutive trading days while the executive is employed (“Price Vesting Options”), or on or before June 30, 2019, subject to certain conditions. The Price Vesting Options vested on July 5, 2016 on account of the price vesting condition being achieved. Pursuant to the Letter Agreement in connection with Ms. Gilmartin’s appointment as the Company’s interim Chief Executive Officer, the Company granted to MAG Partners fully vested stock options to purchase up to 230,000 shares of common stock with an exercise price of $ 14.39 per share, and up to 100,000 shares of common stock with an exercise price of $ 20.00 per share, pursuant to the Option Agreement. However, the options, and any shares received upon exercise, will terminate and be forfeited if the Board of Directors ends the Term for “cause” or MAG Partners terminates its arrangement with the Company (including a resignation by Ms. Gilmartin of her appointment as interim Chief Executive Officer, but excluding a termination because of a material breach of the arrangement by the Company or because Ms. Gilmartin has been appointed as the permanent Chief Executive Officer of the Company) before six months have elapsed, or if MAG Partners fails to comply with certain covenants in the Letter Agreement. 157,505 of the options have been granted subject to shareholder approval at the Company’s 2021 Annual Meeting of Stockholders; however, if a “change in control” transaction occurs before the date of such 2021 Annual Meeting, then such options would instead be canceled and cashed out upon such transaction for a value equal to their “spread value,” if any. See Note 13-Commitments and Contingencies. Information regarding the Company’s stock option plans is summarized below for the three months ended September 30, 2020 and 2019, respectively: Weighted Aggregate Average Intrinsic Shares Exercise Value Under Options Price $(000’s) Outstanding at July 1, 2020 800,000 $ 17.31 $ - Granted 172,495 14.39 Outstanding at September 30, 2020 ($ 14.39 - $ 17.31 ) 972,495 $ 16.79 $ - Options exercisable at September 30, 2020 972,495 Available for grant at September 30, 2020 717,155 Weighted Aggregate Average Intrinsic Shares Exercise Value Under Options Price $(000’s) Outstanding at July 1, 2019 800,000 $ 17.31 $ 4,784 Granted, Lapsed or Cancelled - - Outstanding at September 30, 2019 ($ 17.31 ) 800,000 $ 17.31 $ 3,480 Options exercisable at September 30, 2019 800,000 Available for grant at September 30, 2019 751,936 Information regarding the Company’s stock option plans is summarized below for the nine months ended September 30, 2020 and 2019, respectively: Weighted Aggregate Average Intrinsic Shares Exercise Value Under Options Price $(000’s) Outstanding at January 1, 2020 800,000 $ 17.31 $ - Granted 172,495 14.39 Outstanding at September 30, 2020 ($ 14.39 - $ 17.31 ) 972,495 $ 16.79 $ - Options exercisable at September 30, 2020 972,495 Available for grant at September 30, 2020 717,155 Weighted Aggregate Average Intrinsic Shares Exercise Value Under Options Price $(000’s) Outstanding at January 1, 2019 800,000 $ 17.31 $ 1,824 Granted, Lapsed or Cancelled - - Outstanding at September 30, 2019 ($ 17.31 ) 800,000 $ 17.31 $ 3,480 Options exercisable at September 30, 2019 800,000 Available for grant at September 30, 2019 751,936 The weighted average fair value of options granted during the three and nine months ended September 30, 2020 was $ 2.95 per option. The fair value of each option grant is estimated on the date of grant using the Black-Scholes model. The following weighted average assumptions are included in the Company’s fair value calculations of stock options granted during the three and nine ended September 30, 2020: Stock Options Expected life (in years) 5.3 Risk-free interest rate 0.41 % Volatility 31.0 % Dividend yield 2.7 % There were no stock options exercised under any stock option plans for the nine months ended September 30, 2020 and 2019, respectively. The Company has a policy of issuing new shares to satisfy stock option exercises. As of September 30, 2020 and December 31, 2019, the stock options outstanding had a weighted average remaining contractual life of approximately 3.9 and 5.4 years, respectively. The Company recognized stock options expense of $ 192,000 and zero for the three and nine months ended September 30, 2020 and 2019, respectively. AO LTIP UNITS (Appreciation-Only LTIP Units) Pursuant to the terms of the DeMarco employment agreement, the Company entered into an AO Long-Term Incentive Plan Award Agreement (the “AO LTIP Award Agreement”) with Mr. DeMarco on March 13, 2019 that provided for the grant to Mr. DeMarco of 625,000 AO LTIP Units. AO LTIP Units are a class of partnership interests in the Operating Partnership that are intended to qualify as “profits interests” for federal income tax purposes and generally only allow the recipient to realize value to the extent the fair market value of a share of Common Stock exceeds the threshold level set at the time the AO LTIP Units are granted, subject to any vesting conditions applicable to the award. The threshold level was fixed at $ 21.46 in the AO LTIP Award Agreement, the closing price of the Common Stock as reported on the New York Stock Exchange (the “NYSE”) on the date of grant. The value of vested AO LTIP Units is realized through conversion of the AO LTIP Units into common units of limited partnership interests of the Operating Partnership (the “Common Units”). The number of Common Units into which vested AO LTIP Units may be converted is determined based on the quotient of (i) the excess of the fair market value of the Common Stock on the conversion date over the threshold level designated at the time the AO LTIP Unit was granted (i.e., $ 21.46 ), divided by (ii) the fair market value of the Common Stock on the conversion date. AO LTIP Units, once vested, have a finite term during which they may be converted into Common Units, within ten years from the grant date of the AO LTIP Units or they are forfeited. In addition, the AO LTIP Units issued to Mr. DeMarco are subject to the following vesting conditions: (i) 250,000 of the AO LTIP Units shall vest and become exercisable on the earliest date on which the closing price of the Common Stock, as reported on the NYSE, or if the Common Stock is not then traded on the NYSE, then the closing price of the Common Stock on any other securities exchange on which the Common Stock is traded or quoted (the “Securities Market”), has been equal to or greater than $ 25.00 per share for at least 30 consecutive trading days, provided that such date occurs prior to March 13, 2023 (the “Outside Date”); (ii) an additional 250,000 of the AO LTIP Units shall vest and become exercisable on the earliest date on which the closing price of the Common Stock, as reported on the NYSE, or if the Common Stock is not then traded on the NYSE, then the closing price of the Common Stock on the Securities Market, has been equal to or greater than $ 28.00 per share for at least 30 consecutive trading days, provided that such date occurs prior to the Outside Date; and (iii) an additional 125,000 of the AO LTIP Units shall vest and become exercisable on the earliest date on which the closing price of the Common Stock, as reported on the NYSE, or if the Common Stock is not then traded on the NYSE, then the closing price of the Common Stock on the Securities Market, has been equal to or greater than $ 31.00 per share for at least 30 consecutive trading days, provided that such date occurs prior to the Outside Date. Mr. DeMarco will generally receive special income allocations in respect of an AO LTIP Unit equal to 10 percent (or such other percentage specified in the applicable award agreement) of the income allocated in respect of a Common Unit. Upon conversion of AO LTIP Units to Common Units, Mr. DeMarco will be entitled to receive in respect of each such AO LTIP Unit, on a per unit basis, a special cash distribution equal to 10 % (or such other percentage specified in the applicable award agreement) of the distributions received by a holder of an equivalent number of Common Units during the period from the grant date of the AO LTIP Units through the date of conversion. The Company has reserved shares of common stock under the 2013 Plan for issuance upon vesting and conversion of the AO LTIP Units in accordance with their terms and conditions. The weighted average fair value of the AO LTIP Units granted during the nine months ended September 30, 2019 was $ 3.98 per AO LTIP Unit. The fair value of each AO LTIP Unit grant is estimated on the date of grant using the Monte Carlo method. The following weighted average assumptions are included in the Company’s fair value calculations of AO LTIP Units granted during the nine months ended September 30, 2019: AO LTIP Units Expected life (in years) 5.5 - 6.0 Risk-free interest rate 2.6 % Volatility 29.0 % Dividend yield 3.5 % As of September 30, 2020, the Company had $ 1.5 million of total unrecognized compensation cost related to unvested AO LTIP Units granted under the Company’s stock compensation plans. That cost is expected to be recognized over a remaining weighted average period of 2.4 years. The Company recognized AO LTIP unit expense of $ 156,000 and $ 155,000 for the three months ended September 30, 2020 and 2019, respectively, and $ 466,000 and $ 342,000 for the nine months ended September 30, 2020 and 2019, respectively. RESTRICTED STOCK AWARDS The Company has issued stock awards (“Restricted Stock Awards”) to officers, certain other employees and non-employee members of the Board of Directors of the General Partner, which allow the holders to each receive a certain amount of shares of the General Partner’s common stock generally over a one year to seven year vesting period, of which 52,974 unvested shares were legally outstanding at September 30, 2020. Vesting of the Restricted Stock Awards issued is based on time and service. On June 5, 2015, in connection with the new executive employment agreements signed at that time, the Company granted a total of 37,550.54 Restricted Stock Awards, which were valued in accordance with ASC 718 – Stock Compensation, at their fair value. These awards vested equally over a three year period on each annual anniversary date of the grant date. All currently outstanding and unvested Restricted Stock Awards provided to the officers, certain other employees, and members of the Board of Directors of the General Partner were issued under the 2013 Plan. Information regarding the Restricted Stock Awards grant activity is summarized below for the three months ended September 30, 2020 and 2019, respectively: Weighted-Average Grant – Date Shares Fair Value Outstanding at July 1, 2020 17,076 $ 21.08 Vested ( 17,076 ) 21.08 Granted 52,974 15.29 Outstanding at September 30, 2020 52,974 $ 15.29 Weighted-Average Grant – Date Shares Fair Value Outstanding at July 1, 2019 26,136 $ 25.80 Cancelled ( 1,936 ) 25.83 Outstanding at September 30, 2019 24,200 $ 25.83 Information regarding the Restricted Stock Awards grant activity is summarized below for the nine months ended September 30, 2020 and 2019, respectively: Weighted-Average Grant – Date Shares Fair Value Outstanding at January 1, 2020 42,690 $ 21.08 Vested ( 42,690 ) 21.08 Granted 52,974 15.29 Outstanding at September 30, 2020 52,974 $ 15.29 Weighted-Average Grant – Date Shares Fair Value Outstanding at January 1, 2019 67,289 $ 22.43 Vested ( 41,153 ) 20.29 Cancelled ( 1,936 ) 25.83 Outstanding at September 30, 2019 24,200 $ 25.83 As of September 30, 2020, the Company had $ 0.6 million of total unrecognized compensation cost related to unvested Restricted Stock Awards granted under the Company’s stock compensation plans. PERFORMANCE SHARE UNITS On June 5, 2015, in connection with the new executive employment agreements signed at that time, the Company granted a total of 112,651.64 performance share units (“PSUs”) which was to vest from 0 to 150 percent of the number of PSUs granted based on the Company’s total shareholder return relative to a peer group of equity office REITs over a three year performance period starting from the grant date, each PSU evidencing the right to receive a share of the General Partner’s common stock upon vesting. The PSUs were also entitled to the payment of dividend equivalents in respect of vested PSUs in the form of additional PSUs. The PSUs were valued in accordance with ASC 718, Compensation - Stock Compensation, at their fair value on the grant date, utilizing a Monte-Carlo simulation to estimate the probability of the vesting conditions being satisfied. The PSUs vested at 100 percent on June 5, 2018 based on the calculation of the achievement of the Company’s total shareholder return, for which shares of the General Partner’s common stock were issued under the 2013 Plan. As of September 30, 2020, the Company had no unrecognized compensation cost as there are no unvested PSUs outstanding under the Company’s stock compensation plans. LONG-TERM INCENTIVE PLAN AWARDS On March 8, 2016, the Company granted Long-Term Incentive Plan (“LTIP”) awards to senior management of the Company, including the General Partner’s executive officers (the “2016 LTIP Awards”). All of the 2016 LTIP Awards were in the form of units in the Operating Partnership (“LTIP Units”) and constitute awards under the 2013 Plan. For Messrs. Rudin, DeMarco and Tycher, approximately 25 percent of the target 2016 LTIP Award was in the form of a time-based award that vested after three years on March 8, 2019 (the “2016 TBV LTIP Units”), and the remaining approximately 75 percent of the target 2016 LTIP Award was in the form of a performance-based award under a new Outperformance Plan (the “2016 OPP”) adopted by the General Partner’s Board of Directors consisting of a multi-year, performance-based equity compensation plan and related forms of award agreement (the “2016 PBV LTIP Units”). For all other executive officers, approximately 40 percent of the target 2016 LTIP Award was in the form of 2016 TBV LTIP Units and the remaining approximately 60 percent of the target 2016 LTIP Award was in the form of 2016 PBV LTIP Units. The 2016 TBV LTIP Units vested on March 8, 2019. The 2016 OPP was designed to align the interests of senior management to relative and absolute performance of the Company over a three year performance period from March 8, 2016 through March 7, 2019. Participants in the 2016 OPP would only earn the full awards if, over the three year performance period, the Company achieves a 50 percent absolute total stockholder return (“TSR”) and if the Company is in the 75th percentile of performance versus the NAREIT Office Index. As the targets for vesting were not achieved, the 2016 PBV LTIP Units did not vest and were forfeited. On April 4, 2017, the Company granted LTIP awards to senior management of the Company, including the General Partner’s executive officers (the “2017 LTIP Awards”). All of the 2017 LTIP Awards were in the form of LTIP Units and constitute awards under the 2013 Plan. For Messrs. DeMarco, Tycher and Rudin, approximately twenty-five percent ( 25 %) of the 2017 LTIP Award was in the form of a time-based award that vested after three years on April 4, 2020 (the “2017 TBV LTIP Units”), and the remaining approximately seventy-five percent ( 75 %) of the 2017 LTIP Award was in the form of a performance-based award under the Company’s Outperformance Plan (the “2017 OPP”) adopted by the General Partner’s Board of Directors, consisting of a multi-year, performance-based equity compensation plan and related forms of award agreement (the “2017 PBV LTIP Units”). For all other executive officers, approximately forty percent ( 40 %) of the 2017 LTIP Award was in the form of 2017 TBV LTIP Units and the remaining approximately sixty percent ( 60 %) of the 2017 LTIP Award was in the form of 2017 PBV LTIP Units. The 2017 TBV LTIP Units vested on April 4, 2020. The 2017 OPP was designed to align the interests of senior management to relative and absolute performance of the Company over a three year performance period from April 4, 2017 through April 3, 2020. Participants in the 2017 OPP will only earn the full awards if, over the three year performance period, the Company achieves a thirty-six percent ( 36 %) absolute TSR and if the Company is in the 75th percentile of performance as compared to the NAREIT office index. As the targets for vesting were not achieved, the 2017 PBV LTIP Units did not vest and were forfeited. On April 20, 2018, the Company granted LTIP awards to senior management of the Company, including the General Partner’s executive officers (the “2018 LTIP Awards”). All of the 2018 LTIP Awards were in the form of LTIP Units and constitute awards under the 2013 Plan. For Messrs. DeMarco and Tycher, approximately twenty-five percent ( 25 %) of the grant date fair value of the 2018 LTIP Award was in the form of a time-based award that vests after three years on April 20, 2021 (the “2018 TBV LTIP Units”), and the remaining approximately seventy-five percent ( 75 %) of the grant date fair value of the 2018 LTIP Award was in the form of a performance-based award under the Company’s Outperformance Plan (the “2018 OPP”) adopted by the General Partner’s Board of Directors, consisting of a multi-year, performance-based equity compensation plan and related forms of award agreement (the “2018 PBV LTIP Units”). For all other executive officers, approximately fifty percent ( 50 %) of the grant date fair value of the 2018 LTIP Award was in the form of 2018 TBV LTIP Units and the remaining approximately fifty percent ( 50 %) of the grant date fair value of the 2018 LTIP Award was in the form of 2018 PBV LTIP Units. The 2018 OPP was designed to align the interests of senior management to relative and absolute performance of the Company over a three year performance period from April 20, 2018 through April 19, 2021. Participants in the 2018 OPP will only earn the full awards if, over the three year performance period, the Company achieves a thirty-six percent ( 36 %) absolute TSR and if the Company’s TSR is in the 75th percentile of performance as compared to the office REITs in the NAREIT index. On March 22, 2019, the Company granted LTIP awards to senior management of the Company, including the General Partner’s executive officers (the “2019 LTIP Awards”). All of the 2019 LTIP Awards were in the form of LTIP Units and constitute awards under the 2013 Plan. For Mr. DeMarco, approximately 25 percent of the target 2019 LTIP Awards were in the form of time-based LTIP Units that vest after three years on March 22, 2022 (the “2019 TBV LTIP Units”), and the remaining approximately 75 percent of the grant date fair value of his 2019 LTIP Award will be in the form of performance-based LTIP Units under the Company’s Outperformance Plan (the “2019 OPP”) adopted by the General Partner’s Board of Directors, consisting of a multi-year, performance-based equity compensation plan and related forms of award agreement (the “2019 PBV LTIP Units”). For Messrs. Tycher, Smetana, Wagner, Cardoso and Hilton, fifty percent ( 50 %) of the grant date fair value of their respective 2019 LTIP Awards is in the form of 2019 TBV LTIP Units and the remaining fifty percent ( 50 %) of the grant date fair value of their respective 2019 LTIP Awards is in the form of 2019 PBV LTIP Units. Mr. DeBari, who was promoted to Chief Accounting Officer on March 13, 2019, received 100 percent of his 2019 LTIP Award in the form of 2019 TBV LTIP Units. The 2019 OPP was designed to align the interests of senior management to relative and absolute performance of the Company over a three year performance period from March 22, 2019 through March 21, 2022. Participants of performance-based awards in the 2019 OPP will only earn the full awards if, over the three year performance period, the Company achieves a thirty-six percent ( 36 %) absolute total stockholder return (“TSR”) and if the Company’s TSR is in the 75th percentile of performance as compared to the office REITs in the NAREIT index. On March 24, 2020, the Company granted LTIP awards to senior management of the Company, including the General Partner’s executive officers (the “2020 LTIP Awards”). All of the 2020 LTIP Awards were in the form of LTIP Units and constitute awards under the 2013 Plan. All of the target 2020 LTIP Awards were in the form of performance-based LTIP Units under the Company’s Outperformance Plan (the “2020 OPP”) adopted by the General Partner’s Board of Directors, consisting of a multi-year, performance-based equity compensation plan and related forms of award agreement (the “2020 PBV LTIP Units”). The 2020 OPP was designed to align the interests of senior management to relative and absolute performance of the Company over a three year performance period from March 24, 2020 through March 23, 2023. Participants of performance-based awards in the 2020 OPP will only earn the full awards if, over the three year performance period, the Company achieves a thirty-six percent ( 36 %) absolute total stockholder return (“TSR”) and if the Company’s TSR is in the 75th percentile of performance as compared to the REITs in the NAREIT index. LTIP Units will remain subject to forfeiture depending on the extent that the 2018 LTIP Awards, 2019 LTIP Awards and 2020 LTIP Awards vest. The number of LTIP Units to be issued initially to recipients of the 2018 PBV LTIP Awards, 2019 PBV LTIP Awards and 2020 PBV LTIP Awards is the maximum number of LTIP Units that may be earned under the awards. The number of LTIP Units that actually vest for each award recipient will be determined at the end of the performance measurement period. TSR for the Company and for the Index over the three year measurement period and other circumstances will determine how many LTIP Units vest for each recipient; if they are fewer than the number issued initially, the balance will be forfeited as of the performance measurement date. Prior to vesting, recipients of LTIP Units will be entitled to receive per unit distributions equal to one-tenth ( 10 percent) of the regular quarterly distributions payable on a Common Unit but will not be entitled to receive any special distributions. Distributions with respect to the other nine-tenths ( 90 percent) of regular quarterly distributions payable on a common unit will accrue but shall only become payable upon vesting of the LTIP Unit. After vesting of the 2018 TBV LTIP Units and 2019 TBV LTIP Units or the end of the measurement period for the 2018 PBV LTIP Units, 2019 PBV LTIP Units and 2020 PBV LTIP Units, the number of LTIP Units, both vested and unvested, will be entitled to receive distributions in an amount per unit equal to distributions, both regular and special, payable on a Common Unit. As a result of targets not being achieved or management and other personnel changes during the nine months ended September 30, 2020, the employees forfeited and cancelled 369,924 2017 LTIP Awards, 102,639 2018 LTIP Awards, 175,570 2019 LTIP Awards and 567,254 2020 LTIP Awards. As of September 30, 2020, a total of 11,155 2016 PBV LTIP Units, 75,578 2016 TBV LTIP Units, 21,492 2017 PBV LTIP Units, 76,705 2017 TBV LTIP Units, 542,651 2018 PBV LTIP Units, 177,179 2018 TBV LTIP Units, 249,058 2019 PBV LTIP Units, 140,995 2019 TBV LTIP Units, and 720,314 2020 PBV LTIP Units, net of LTIP Units forfeited and cancelled, were outstanding. The LTIP Units were valued in accordance with ASC 718 – Stock Compensation, at their fair value. The Company has reserved shares of common stock under the 2013 Plan for issuance upon vesting and conversion of the LTIP Units in accordance with their terms and conditions. As of September 30, 2020, the Company had $ 9.3 million of total unrecognized compensation cost related to unvested LTIP awards granted under the Company’s stock compensation plans. That cost is expected to be recognized over a weighted average period of 2.4 years. DEFERRED STOCK COMPENSATION PLAN FOR DIRECTORS The Amended and Restated Deferred Compensation Plan for Directors, which commenced January 1, 1999, allows non - employee directors of the Company to elect to defer up to 100 percent of their annual retainer fee into deferred stock units. The deferred stock units are convertible into an equal number of shares of common stock upon the directors’ termination of service from the Board of Directors or a change in control of the Company, as defined in the plan. Pursuant to the termination of service of five directors from the Board of Directors on June 12, 2019, the Company converted 193,949 deferred stock units into shares of common stock. Pursuant to the termination of service of two directors from the Board of Directors on June 12, 2020, the Company converted 61,277 deferred stock units into shares of common stock. Deferred stock units are credited to each director quarterly using the closing price of the Company’s common stock on the applicable dividend record date for the respective quarter. Each participating director’s account is also credited for an equivalent amount of deferred stock units based on the dividend rate for each quarter. During the three months ended September 30, 2020 and 2019, 5,952 and 3,724 deferred stock units were earned, respectively. During the nine months ended September 30, 2020 and 2019, respectively, 15,663 and 10,767 deferred stock units were earned, respectively. As of September 30, 2020 and December 31, 2019, there were 11,902 and 59,899 deferred stock units outstanding, respectively. EARNINGS PER SHARE/UNIT Basic EPS or EPU excludes dilution and is computed by dividing net income available to common shareholders or unitholders by the weighted average number of shares or units outstanding for the period. Diluted EPS or EPU reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. In the calculation of basic and diluted EPS and EPU, a redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders or unitholders is included in the calculation to arrive at the numerator of net income (loss) available to common shareholders or unitholders. The following information presents the Company’s results for the three and nine months ended September 30, 2020 and 2019 in accordance with ASC 260, Earnings Per Share (dollars in thousands, except per share amounts) : Mack-Cali Realty Corporation: Three Months Ended Nine Months Ended September 30, September 30, Computation of Basic EPS 2020 2019 2020 2019 Income (loss) from continuing operations $ ( 76,384 ) $ ( 54,464 ) $ ( 151,209 ) $ 190,423 Add (deduct): Noncontrolling interests in consolidated joint ventures 895 405 1,900 2,500 Add (deduct): Noncontrolling interests in Operating Partnership 7,874 6,005 16,166 ( 18,191 ) Add (deduct): Redeemable noncontrolling interests ( 6,471 ) ( 6,471 ) ( 19,413 ) ( 16,144 ) Add (deduct): Redemption value |
Mack-Cali Realty LP [Member] | |
Stockholders Equity [Line Items] | |
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital | 16. MACK-CALI REALTY CORPORATION STOCKHOLDERS’ EQUITY AND MACK-CALI REALTY, L.P.’S PARTNERS’ CAPITAL To maintain its qualification as a REIT, not more than 50 percent in value of the outstanding shares of the General Partner may be owned, directly or indirectly, by five or fewer individuals at any time during the last half of any taxable year of the General Partner, other than its initial taxable year (defined to include certain entities), applying certain constructive ownership rules. To help ensure that the General Partner will not fail this test, the General Partner’s Charter provides, among other things, certain restrictions on the transfer of common stock to prevent further concentration of stock ownership. Moreover, to evidence compliance with these requirements, the General Partner must maintain records that disclose the actual ownership of its outstanding common stock and demands written statements each year from the holders of record of designated percentages of its common stock requesting the disclosure of the beneficial owners of such common stock. Partners’ Capital in the accompanying consolidated financial statements relates to (a) General Partners’ capital consisting of common units in the Operating Partnership held by the General Partner, and (b) Limited Partners’ capital consisting of common units and LTIP units held by the limited partners. See Note 17: Noncontrolling Interests in Subsidiaries. The following table reflects the activity of the General Partner capital for the three and nine months ended September 30, 2020 and 2019, respectively (dollars in thousands) : Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Opening Balance $ 1,399,033 $ 1,645,587 $ 1,493,699 $ 1,486,658 Net income (loss) available to common shareholders ( 42,208 ) ( 55,928 ) ( 117,019 ) 166,513 Common stock distributions ( 18,142 ) ( 18,106 ) ( 36,261 ) ( 54,282 ) Redeemable noncontrolling interests ( 2,167 ) ( 3,025 ) ( 7,207 ) ( 22,936 ) Change in noncontrolling interests in consolidated joint ventures - - - ( 1,958 ) Redemption of common units for common stock - - - 705 Redemption of common units - - - ( 1,665 ) Shares issued under Dividend Reinvestment and Stock Purchase Plan 9 10 39 31 Directors' deferred compensation plan 76 81 215 238 Stock Compensation 394 7 1,158 490 Cancellation of unvested LTIP units - - - 2,819 Other comprehensive income (loss) - ( 791 ) 18 ( 8,993 ) Rebalancing of ownership percent between parent and subsidiaries ( 875 ) 1,426 1,478 1,641 Balance at September 30 $ 1,336,120 $ 1,569,261 $ 1,336,120 $ 1,569,261 Any transactions resulting in the issuance of additional common and preferred stock of the General Partner result in a corresponding issuance by the Operating Partnership of an equivalent amount of common and preferred units to the General Partner. SHARE/UNIT REPURCHASE PROGRAM In September 2012 , the Board of Directors of the General Partner renewed and authorized an increase to the General Partner ’s repurchase program (“Repurchase Program”). The General Partner has authorization to repurchase up to $ 150 million of its outstanding common stock under the renewed Repurchase Program, which it may repurchase from time to time in open market transactions at prevailing prices or through privately negotiated transactions. As of September 30, 2020, the General Partner has repurchased and retired 394,625 shares of its outstanding common stock for an aggregate cost of approximately $ 11 million (all of which occurred in the year ended December 31, 2012), with a remaining authorization under the Repurchase Program of $ 139 million. Concurrent with these repurchases, the General Partner sold to the Operating Partnership common units for approximately $ 11 million. DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN The General Partner has a Dividend Reinvestment and Stock Purchase Plan (the “DRIP”) which commenced in March 1999 under which approximately 5.5 million shares of the General Partner’s common stock have been reserved for future issuance. The DRIP provides for automatic reinvestment of all or a portion of a participant’s dividends from the General Partner’s shares of common stock. The DRIP also permits participants to make optional cash investments up to $ 5,000 a month without restriction and, if the Company waives this limit, for additional amounts subject to certain restrictions and other conditions set forth in the DRIP prospectus filed as part of the Company’s effective registration statement on Form S-3 filed with the SEC for the approximately 5.5 million shares of the General Partner’s common stock reserved for issuance under the DRIP. STOCK OPTION PLANS In May 2013, the General Partner established the 2013 Incentive Stock Plan (the “2013 Plan”) under which a total of 4,600,000 shares have been reserved for issuance. On June 5, 2015, in connection with employment agreements entered into with each of Messrs. Rudin and DeMarco, former chief executive officers (together, the “Executive Employment Agreements”), the Company granted options to purchase a total of 800,000 shares of the General Partner’s common stock, exercisable for a period of ten years with an exercise price equal to the closing price of the General Partner’s common stock on the grant date of $ 17.31 per share, with 400,000 of such options vesting in three equal annual installments commencing on the first anniversary of the grant date (“Time Vesting Options”) and fully vesting on June 5, 2018, and 400,000 of such options vesting if the General Partner’s common stock traded at or above $ 25.00 per share for 30 consecutive trading days while the executive is employed (“Price Vesting Options”), or on or before June 30, 2019, subject to certain conditions. The Price Vesting Options vested on July 5, 2016 on account of the price vesting condition being achieved. Pursuant to the Letter Agreement in connection with Ms. Gilmartin’s appointment as the Company’s interim Chief Executive Officer, the Company granted to MAG Partners fully vested stock options to purchase up to 230,000 shares of common stock with an exercise price of $ 14.39 per share, and up to 100,000 shares of common stock with an exercise price of $ 20.00 per share, pursuant to the Option Agreement. However, the options, and any shares received upon exercise, will terminate and be forfeited if the Board of Directors ends the Term for “cause” or MAG Partners terminates its arrangement with the Company (including a resignation by Ms. Gilmartin of her appointment as interim Chief Executive Officer, but excluding a termination because of a material breach of the arrangement by the Company or because Ms. Gilmartin has been appointed as the permanent Chief Executive Officer of the Company) before six months have elapsed, or if MAG Partners fails to comply with certain covenants in the Letter Agreement. 157,505 of the options have been granted subject to shareholder approval at the Company’s 2021 Annual Meeting of Stockholders; however, if a “change in control” transaction occurs before the date of such 2021 Annual Meeting, then such options would instead be canceled and cashed out upon such transaction for a value equal to their “spread value,” if any. See Note 13-Commitments and Contingencies. Information regarding the Company’s stock option plans is summarized below for the three months ended September 30, 2020 and 2019, respectively: Weighted Aggregate Average Intrinsic Shares Exercise Value Under Options Price $(000’s) Outstanding at July 1, 2020 800,000 $ 17.31 $ - Granted 172,495 14.39 Outstanding at September 30, 2020 ($ 14.39 - $ 17.31 ) 972,495 $ 16.79 $ - Options exercisable at September 30, 2020 972,495 Available for grant at September 30, 2020 717,155 Weighted Aggregate Average Intrinsic Shares Exercise Value Under Options Price $(000’s) Outstanding at July 1, 2019 800,000 $ 17.31 $ 4,784 Granted, Lapsed or Cancelled - - Outstanding at September 30, 2019 ($ 17.31 ) 800,000 $ 17.31 $ 3,480 Options exercisable at September 30, 2019 800,000 Available for grant at September 30, 2019 751,936 Information regarding the Company’s stock option plans is summarized below for the nine months ended September 30, 2020 and 2019, respectively: Weighted Aggregate Average Intrinsic Shares Exercise Value Under Options Price $(000’s) Outstanding at January 1, 2020 800,000 $ 17.31 $ - Granted 172,495 14.39 Outstanding at September 30, 2020 ($ 14.39 - $ 17.31 ) 972,495 $ 16.79 $ - Options exercisable at September 30, 2020 972,495 Available for grant at September 30, 2020 717,155 Weighted Aggregate Average Intrinsic Shares Exercise Value Under Options Price $(000’s) Outstanding at January 1, 2019 800,000 $ 17.31 $ 1,824 Granted, Lapsed or Cancelled - - Outstanding at September 30, 2019 ($ 17.31 ) 800,000 $ 17.31 $ 3,480 Options exercisable at September 30, 2019 800,000 Available for grant at September 30, 2019 751,936 The weighted average fair value of options granted during the three and nine months ended September 30, 2020 was $ 2.95 per option. The fair value of each option grant is estimated on the date of grant using the Black-Scholes model. The following weighted average assumptions are included in the Company’s fair value calculations of stock options granted during the three and nine ended September 30, 2020: Stock Options Expected life (in years) 5.3 Risk-free interest rate 0.41 % Volatility 31.0 % Dividend yield 2.7 % There were no stock options exercised under any stock option plans for the nine months ended September 30, 2020 and 2019, respectively. The Company has a policy of issuing new shares to satisfy stock option exercises. As of September 30, 2020 and December 31, 2019, the stock options outstanding had a weighted average remaining contractual life of approximately 3.9 and 5.4 years, respectively. The Company recognized stock options expense of $ 192,000 and zero for the three and nine months ended September 30, 2020 and 2019, respectively. AO LTIP UNITS (Appreciation-Only LTIP Units) Pursuant to the terms of the DeMarco employment agreement, the Company entered into an AO Long-Term Incentive Plan Award Agreement (the “AO LTIP Award Agreement”) with Mr. DeMarco on March 13, 2019 that provided for the grant to Mr. DeMarco of 625,000 AO LTIP Units. AO LTIP Units are a class of partnership interests in the Operating Partnership that are intended to qualify as “profits interests” for federal income tax purposes and generally only allow the recipient to realize value to the extent the fair market value of a share of Common Stock exceeds the threshold level set at the time the AO LTIP Units are granted, subject to any vesting conditions applicable to the award. The threshold level was fixed at $ 21.46 in the AO LTIP Award Agreement, the closing price of the Common Stock as reported on the New York Stock Exchange (the “NYSE”) on the date of grant. The value of vested AO LTIP Units is realized through conversion of the AO LTIP Units into common units of limited partnership interests of the Operating Partnership (the “Common Units”). The number of Common Units into which vested AO LTIP Units may be converted is determined based on the quotient of (i) the excess of the fair market value of the Common Stock on the conversion date over the threshold level designated at the time the AO LTIP Unit was granted (i.e., $ 21.46 ), divided by (ii) the fair market value of the Common Stock on the conversion date. AO LTIP Units, once vested, have a finite term during which they may be converted into Common Units, within ten years from the grant date of the AO LTIP Units or they are forfeited. In addition, the AO LTIP Units issued to Mr. DeMarco are subject to the following vesting conditions: (i) 250,000 of the AO LTIP Units shall vest and become exercisable on the earliest date on which the closing price of the Common Stock, as reported on the NYSE, or if the Common Stock is not then traded on the NYSE, then the closing price of the Common Stock on any other securities exchange on which the Common Stock is traded or quoted (the “Securities Market”), has been equal to or greater than $ 25.00 per share for at least 30 consecutive trading days, provided that such date occurs prior to March 13, 2023 (the “Outside Date”); (ii) an additional 250,000 of the AO LTIP Units shall vest and become exercisable on the earliest date on which the closing price of the Common Stock, as reported on the NYSE, or if the Common Stock is not then traded on the NYSE, then the closing price of the Common Stock on the Securities Market, has been equal to or greater than $ 28.00 per share for at least 30 consecutive trading days, provided that such date occurs prior to the Outside Date; and (iii) an additional 125,000 of the AO LTIP Units shall vest and become exercisable on the earliest date on which the closing price of the Common Stock, as reported on the NYSE, or if the Common Stock is not then traded on the NYSE, then the closing price of the Common Stock on the Securities Market, has been equal to or greater than $ 31.00 per share for at least 30 consecutive trading days, provided that such date occurs prior to the Outside Date. Mr. DeMarco will generally receive special income allocations in respect of an AO LTIP Unit equal to 10 percent (or such other percentage specified in the applicable award agreement) of the income allocated in respect of a Common Unit. Upon conversion of AO LTIP Units to Common Units, Mr. DeMarco will be entitled to receive in respect of each such AO LTIP Unit, on a per unit basis, a special cash distribution equal to 10 % (or such other percentage specified in the applicable award agreement) of the distributions received by a holder of an equivalent number of Common Units during the period from the grant date of the AO LTIP Units through the date of conversion. The Company has reserved shares of common stock under the 2013 Plan for issuance upon vesting and conversion of the AO LTIP Units in accordance with their terms and conditions. The weighted average fair value of the AO LTIP Units granted during the nine months ended September 30, 2019 was $ 3.98 per AO LTIP Unit. The fair value of each AO LTIP Unit grant is estimated on the date of grant using the Monte Carlo method. The following weighted average assumptions are included in the Company’s fair value calculations of AO LTIP Units granted during the nine months ended September 30, 2019: AO LTIP Units Expected life (in years) 5.5 - 6.0 Risk-free interest rate 2.6 % Volatility 29.0 % Dividend yield 3.5 % As of September 30, 2020, the Company had $ 1.5 million of total unrecognized compensation cost related to unvested AO LTIP Units granted under the Company’s stock compensation plans. That cost is expected to be recognized over a remaining weighted average period of 2.4 years. The Company recognized AO LTIP unit expense of $ 156,000 and $ 155,000 for the three months ended September 30, 2020 and 2019, respectively, and $ 466,000 and $ 342,000 for the nine months ended September 30, 2020 and 2019, respectively. RESTRICTED STOCK AWARDS The Company has issued stock awards (“Restricted Stock Awards”) to officers, certain other employees and non-employee members of the Board of Directors of the General Partner, which allow the holders to each receive a certain amount of shares of the General Partner’s common stock generally over a one year to seven year vesting period, of which 52,974 unvested shares were legally outstanding at September 30, 2020. Vesting of the Restricted Stock Awards issued is based on time and service. On June 5, 2015, in connection with the new executive employment agreements signed at that time, the Company granted a total of 37,550.54 Restricted Stock Awards, which were valued in accordance with ASC 718 – Stock Compensation, at their fair value. These awards vested equally over a three year period on each annual anniversary date of the grant date. All currently outstanding and unvested Restricted Stock Awards provided to the officers, certain other employees, and members of the Board of Directors of the General Partner were issued under the 2013 Plan. Information regarding the Restricted Stock Awards grant activity is summarized below for the three months ended September 30, 2020 and 2019, respectively: Weighted-Average Grant – Date Shares Fair Value Outstanding at July 1, 2020 17,076 $ 21.08 Vested ( 17,076 ) 21.08 Granted 52,974 15.29 Outstanding at September 30, 2020 52,974 $ 15.29 Weighted-Average Grant – Date Shares Fair Value Outstanding at July 1, 2019 26,136 $ 25.80 Cancelled ( 1,936 ) 25.83 Outstanding at September 30, 2019 24,200 $ 25.83 Information regarding the Restricted Stock Awards grant activity is summarized below for the nine months ended September 30, 2020 and 2019, respectively: Weighted-Average Grant – Date Shares Fair Value Outstanding at January 1, 2020 42,690 $ 21.08 Vested ( 42,690 ) 21.08 Granted 52,974 15.29 Outstanding at September 30, 2020 52,974 $ 15.29 Weighted-Average Grant – Date Shares Fair Value Outstanding at January 1, 2019 67,289 $ 22.43 Vested ( 41,153 ) 20.29 Cancelled ( 1,936 ) 25.83 Outstanding at September 30, 2019 24,200 $ 25.83 As of September 30, 2020, the Company had $ 0.6 million of total unrecognized compensation cost related to unvested Restricted Stock Awards granted under the Company’s stock compensation plans. PERFORMANCE SHARE UNITS On June 5, 2015, in connection with the new executive employment agreements signed at that time, the Company granted a total of 112,651.64 performance share units (“PSUs”) which was to vest from 0 to 150 percent of the number of PSUs granted based on the Company’s total shareholder return relative to a peer group of equity office REITs over a three year performance period starting from the grant date, each PSU evidencing the right to receive a share of the General Partner’s common stock upon vesting. The PSUs were also entitled to the payment of dividend equivalents in respect of vested PSUs in the form of additional PSUs. The PSUs were valued in accordance with ASC 718, Compensation - Stock Compensation, at their fair value on the grant date, utilizing a Monte-Carlo simulation to estimate the probability of the vesting conditions being satisfied. The PSUs vested at 100 percent on June 5, 2018 based on the calculation of the achievement of the Company’s total shareholder return, for which shares of the General Partner’s common stock were issued under the 2013 Plan. As of September 30, 2020, the Company had no unrecognized compensation cost as there are no unvested PSUs outstanding under the Company’s stock compensation plans. LONG-TERM INCENTIVE PLAN AWARDS On March 8, 2016, the Company granted Long-Term Incentive Plan (“LTIP”) awards to senior management of the Company, including the General Partner’s executive officers (the “2016 LTIP Awards”). All of the 2016 LTIP Awards were in the form of units in the Operating Partnership (“LTIP Units”) and constitute awards under the 2013 Plan. For Messrs. Rudin, DeMarco and Tycher, approximately 25 percent of the target 2016 LTIP Award was in the form of a time-based award that vested after three years on March 8, 2019 (the “2016 TBV LTIP Units”), and the remaining approximately 75 percent of the target 2016 LTIP Award was in the form of a performance-based award under a new Outperformance Plan (the “2016 OPP”) adopted by the General Partner’s Board of Directors consisting of a multi-year, performance-based equity compensation plan and related forms of award agreement (the “2016 PBV LTIP Units”). For all other executive officers, approximately 40 percent of the target 2016 LTIP Award was in the form of 2016 TBV LTIP Units and the remaining approximately 60 percent of the target 2016 LTIP Award was in the form of 2016 PBV LTIP Units. The 2016 TBV LTIP Units vested on March 8, 2019. The 2016 OPP was designed to align the interests of senior management to relative and absolute performance of the Company over a three year performance period from March 8, 2016 through March 7, 2019. Participants in the 2016 OPP would only earn the full awards if, over the three year performance period, the Company achieves a 50 percent absolute total stockholder return (“TSR”) and if the Company is in the 75th percentile of performance versus the NAREIT Office Index. As the targets for vesting were not achieved, the 2016 PBV LTIP Units did not vest and were forfeited. On April 4, 2017, the Company granted LTIP awards to senior management of the Company, including the General Partner’s executive officers (the “2017 LTIP Awards”). All of the 2017 LTIP Awards were in the form of LTIP Units and constitute awards under the 2013 Plan. For Messrs. DeMarco, Tycher and Rudin, approximately twenty-five percent ( 25 %) of the 2017 LTIP Award was in the form of a time-based award that vested after three years on April 4, 2020 (the “2017 TBV LTIP Units”), and the remaining approximately seventy-five percent ( 75 %) of the 2017 LTIP Award was in the form of a performance-based award under the Company’s Outperformance Plan (the “2017 OPP”) adopted by the General Partner’s Board of Directors, consisting of a multi-year, performance-based equity compensation plan and related forms of award agreement (the “2017 PBV LTIP Units”). For all other executive officers, approximately forty percent ( 40 %) of the 2017 LTIP Award was in the form of 2017 TBV LTIP Units and the remaining approximately sixty percent ( 60 %) of the 2017 LTIP Award was in the form of 2017 PBV LTIP Units. The 2017 TBV LTIP Units vested on April 4, 2020. The 2017 OPP was designed to align the interests of senior management to relative and absolute performance of the Company over a three year performance period from April 4, 2017 through April 3, 2020. Participants in the 2017 OPP will only earn the full awards if, over the three year performance period, the Company achieves a thirty-six percent ( 36 %) absolute TSR and if the Company is in the 75th percentile of performance as compared to the NAREIT office index. As the targets for vesting were not achieved, the 2017 PBV LTIP Units did not vest and were forfeited. On April 20, 2018, the Company granted LTIP awards to senior management of the Company, including the General Partner’s executive officers (the “2018 LTIP Awards”). All of the 2018 LTIP Awards were in the form of LTIP Units and constitute awards under the 2013 Plan. For Messrs. DeMarco and Tycher, approximately twenty-five percent ( 25 %) of the grant date fair value of the 2018 LTIP Award was in the form of a time-based award that vests after three years on April 20, 2021 (the “2018 TBV LTIP Units”), and the remaining approximately seventy-five percent ( 75 %) of the grant date fair value of the 2018 LTIP Award was in the form of a performance-based award under the Company’s Outperformance Plan (the “2018 OPP”) adopted by the General Partner’s Board of Directors, consisting of a multi-year, performance-based equity compensation plan and related forms of award agreement (the “2018 PBV LTIP Units”). For all other executive officers, approximately fifty percent ( 50 %) of the grant date fair value of the 2018 LTIP Award was in the form of 2018 TBV LTIP Units and the remaining approximately fifty percent ( 50 %) of the grant date fair value of the 2018 LTIP Award was in the form of 2018 PBV LTIP Units. The 2018 OPP was designed to align the interests of senior management to relative and absolute performance of the Company over a three year performance period from April 20, 2018 through April 19, 2021. Participants in the 2018 OPP will only earn the full awards if, over the three year performance period, the Company achieves a thirty-six percent ( 36 %) absolute TSR and if the Company’s TSR is in the 75th percentile of performance as compared to the office REITs in the NAREIT index. On March 22, 2019, the Company granted LTIP awards to senior management of the Company, including the General Partner’s executive officers (the “2019 LTIP Awards”). All of the 2019 LTIP Awards were in the form of LTIP Units and constitute awards under the 2013 Plan. For Mr. DeMarco, approximately 25 percent of the target 2019 LTIP Awards were in the form of time-based LTIP Units that vest after three years on March 22, 2022 (the “2019 TBV LTIP Units”), and the remaining approximately 75 percent of the grant date fair value of his 2019 LTIP Award will be in the form of performance-based LTIP Units under the Company’s Outperformance Plan (the “2019 OPP”) adopted by the General Partner’s Board of Directors, consisting of a multi-year, performance-based equity compensation plan and related forms of award agreement (the “2019 PBV LTIP Units”). For Messrs. Tycher, Smetana, Wagner, Cardoso and Hilton, fifty percent ( 50 %) of the grant date fair value of their respective 2019 LTIP Awards is in the form of 2019 TBV LTIP Units and the remaining fifty percent ( 50 %) of the grant date fair value of their respective 2019 LTIP Awards is in the form of 2019 PBV LTIP Units. Mr. DeBari, who was promoted to Chief Accounting Officer on March 13, 2019, received 100 percent of his 2019 LTIP Award in the form of 2019 TBV LTIP Units. The 2019 OPP was designed to align the interests of senior management to relative and absolute performance of the Company over a three year performance period from March 22, 2019 through March 21, 2022. Participants of performance-based awards in the 2019 OPP will only earn the full awards if, over the three year performance period, the Company achieves a thirty-six percent ( 36 %) absolute total stockholder return (“TSR”) and if the Company’s TSR is in the 75th percentile of performance as compared to the office REITs in the NAREIT index. On March 24, 2020, the Company granted LTIP awards to senior management of the Company, including the General Partner’s executive officers (the “2020 LTIP Awards”). All of the 2020 LTIP Awards were in the form of LTIP Units and constitute awards under the 2013 Plan. All of the target 2020 LTIP Awards were in the form of performance-based LTIP Units under the Company’s Outperformance Plan (the “2020 OPP”) adopted by the General Partner’s Board of Directors, consisting of a multi-year, performance-based equity compensation plan and related forms of award agreement (the “2020 PBV LTIP Units”). The 2020 OPP was designed to align the interests of senior management to relative and absolute performance of the Company over a three year performance period from March 24, 2020 through March 23, 2023. Participants of performance-based awards in the 2020 OPP will only earn the full awards if, over the three year performance period, the Company achieves a thirty-six percent ( 36 %) absolute total stockholder return (“TSR”) and if the Company’s TSR is in the 75th percentile of performance as compared to the REITs in the NAREIT index. LTIP Units will remain subject to forfeiture depending on the extent that the 2018 LTIP Awards, 2019 LTIP Awards and 2020 LTIP Awards vest. The number of LTIP Units to be issued initially to recipients of the 2018 PBV LTIP Awards, 2019 PBV LTIP Awards and 2020 PBV LTIP Awards is the maximum number of LTIP Units that may be earned under the awards. The number of LTIP Units that actually vest for each award recipient will be determined at the end of the performance measurement period. TSR for the Company and for the Index over the three year measurement period and other circumstances will determine how many LTIP Units vest for each recipient; if they are fewer than the number issued initially, the balance will be forfeited as of the performance measurement date. Prior to vesting, recipients of LTIP Units will be entitled to receive per unit distributions equal to one-tenth ( 10 percent) of the regular quarterly distributions payable on a Common Unit but will not be entitled to receive any special distributions. Distributions with respect to the other nine-tenths ( 90 percent) of regular quarterly distributions payable on a common unit will accrue but shall only become payable upon vesting of the LTIP Unit. After vesting of the 2018 TBV LTIP Units and 2019 TBV LTIP Units or the end of the measurement period for the 2018 PBV LTIP Units, 2019 PBV LTIP Units and 2020 PBV LTIP Units, the number of LTIP Units, both vested and unvested, will be entitled to receive distributions in an amount per unit equal to distributions, both regular and special, payable on a Common Unit. As a result of targets not being achieved or management and other personnel changes during the nine months ended September 30, 2020, the employees forfeited and cancelled 369,924 2017 LTIP Awards, 102,639 2018 LTIP Awards, 175,570 2019 LTIP Awards and 567,254 2020 LTIP Awards. As of September 30, 2020, a total of 11,155 2016 PBV LTIP Units, 75,578 2016 TBV LTIP Units, 21,492 2017 PBV LTIP Units, 76,705 2017 TBV LTIP Units, 542,651 2018 PBV LTIP Units, 177,179 2018 TBV LTIP Units, 249,058 2019 PBV LTIP Units, 140,995 2019 TBV LTIP Units, and 720,314 2020 PBV LTIP Units, net of LTIP Units forfeited and cancelled, were outstanding. The LTIP Units were valued in accordance with ASC 718 – Stock Compensation, at their fair value. The Company has reserved shares of common stock under the 2013 Plan for issuance upon vesting and conversion of the LTIP Units in accordance with their terms and conditions. As of September 30, 2020, the Company had $ 9.3 million of total unrecognized compensation cost related to unvested LTIP awards granted under the Company’s stock compensation plans. That cost is expected to be recognized over a weighted average period of 2.4 years. DEFERRED STOCK COMPENSATION PLAN FOR DIRECTORS The Amended and Restated Deferred Compensation Plan for Directors, which commenced January 1, 1999, allows non - employee directors of the Company to elect to defer up to 100 percent of their annual retainer fee into deferred stock units. The deferred stock units are convertible into an equal number of shares of common stock upon the directors’ termination of service from the Board of Directors or a change in control of the Company, as defined in the plan. Pursuant to the termination of service of five directors from the Board of Directors on June 12, 2019, the Company converted 193,949 deferred stock units into shares of common stock. Pursuant to the termination of service of two directors from the Board of Directors on June 12, 2020, the Company converted 61,277 deferred stock units into shares of common stock. Deferred stock units are credited to each director quarterly using the closing price of the Company’s common stock on the applicable dividend record date for the respective quarter. Each participating director’s account is also credited for an equivalent amount of deferred stock units based on the dividend rate for each quarter. During the three months ended September 30, 2020 and 2019, 5,952 and 3,724 deferred stock units were earned, respectively. During the nine months ended September 30, 2020 and 2019, respectively, 15,663 and 10,767 deferred stock units were earned, respectively. As of September 30, 2020 and December 31, 2019, there were 11,902 and 59,899 deferred stock units outstanding, respectively. EARNINGS PER SHARE/UNIT Basic EPS or EPU excludes dilution and is computed by dividing net income available to common shareholders or unitholders by the weighted average number of shares or units outstanding for the period. Diluted EPS or EPU reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. In the calculation of basic and diluted EPS and EPU, a redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders or unitholders is included in the calculation to arrive at the numerator of net income (loss) available to common shareholders or unitholders. The following information presents the Company’s results for the three and nine months ended September 30, 2020 and 2019 in accordance with ASC 260, Earnings Per Share (dollars in thousands, except per share amounts) : Mack-Cali Realty Corporation: Three Months Ended Nine Months Ended September 30, September 30, Computation of Basic EPS 2020 2019 2020 2019 Income (loss) from continuing operations $ ( 76,384 ) $ ( 54,464 ) $ ( 151,209 ) $ 190,423 Add (deduct): Noncontrolling interests in consolidated joint ventures 895 405 1,900 2,500 Add (deduct): Noncontrolling interests in Operating Partnership 7,874 6,005 16,166 ( 18,191 ) Add (deduct): Redeemable noncontrolling interests ( 6,471 ) ( 6,471 ) ( 19,413 ) ( 16,144 ) Add (deduct): Redemption value |
Noncontrolling Interests In Sub
Noncontrolling Interests In Subsidiaries | 9 Months Ended |
Sep. 30, 2020 | |
Noncontrolling Interest [Line Items] | |
Noncontrolling Interests In Subsidiaries | 17. NONCONTROLLING INTERESTS IN SUBSIDIARIES Noncontrolling interests in subsidiaries in the accompanying consolidated financial statements relate to (i) common units (“Common Units”) and LTIP units in the Operating Partnership, held by parties other than the General Partner (“Limited Partners”), and (ii) interests in consolidated joint ventures for the portion of such ventures not owned by the Company. The following table reflects the activity of noncontrolling interests for the three and nine months ended September 30, 2020 and 2019, respectively (dollars in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Opening Balance $ 194,463 $ 230,461 $ 205,776 $ 210,523 Net income 1,090 ( 93 ) 5,123 32,731 Unit distributions ( 2,029 ) ( 2,360 ) ( 3,509 ) ( 6,417 ) Redeemable noncontrolling interests ( 6,701 ) ( 6,805 ) ( 20,176 ) ( 18,685 ) Change in noncontrolling interests in consolidated joint ventures - - 133 9,110 Redemption of common units for common stock - - - ( 705 ) Redemption of common units ( 29 ) ( 65 ) ( 2,170 ) ( 5,030 ) Stock compensation 329 1,973 4,534 5,561 Cancellation of unvested LTIP units - - ( 201 ) ( 2,889 ) Other comprehensive income (loss) - ( 87 ) ( 34 ) ( 960 ) Rebalancing of ownership percentage between parent and subsidiaries 875 ( 1,426 ) ( 1,478 ) ( 1,641 ) Balance at September 30 $ 187,998 $ 221,598 $ 187,998 $ 221,598 Pursuant to ASC 810, Consolidation, on the accounting and reporting for noncontrolling interests and changes in ownership interests of a subsidiary , changes in a parent’s ownership interest (and transactions with noncontrolling interests unitholders in the subsidiary) while the parent retains its controlling interest in its subsidiary should be accounted for as equity transactions. The carrying value of the noncontrolling interests shall be adjusted to reflect the change in its ownership interest in the subsidiary, with the offset to equity attributable to the parent. Accordingly, as a result of equity transactions which caused changes in ownership percentages between Mack-Cali Realty Corporation stockholders’ equity and noncontrolling interests in the Operating Partnership that occurred during the nine months ended September 30, 2020, the Company has decreased noncontrolling interests in the Operating Partnership and increased additional paid-in capital in Mack-Cali Realty Corporation stockholders’ equity by approximately $ 1.5 million as of September 30, 2020. NONCONTROLLING INTERESTS IN OPERATING PARTNERSHIP (applicable only to General Partner) Common Units During the nine months ended September 30, 2020, the Company redeemed for cash 99,952 common units at their fair market value of $ 2.2 million. Certain individuals and entities own common units in the Operating Partnership. A common unit and a share of Common Stock of the General Partner have substantially the same economic characteristics in as much as they effectively share equally in the net income or loss of the Operating Partnership. Common unitholders have the right to redeem their common units, subject to certain restrictions. The redemption is required to be satisfied in shares of Common Stock, cash, or a combination thereof, calculated as follows: one share of the General Partner’s Common Stock, or cash equal to the fair market value of a share of the General Partner’s Common Stock at the time of redemption, for each common unit. The General Partner, in its sole discretion, determines the form of redemption of common units (i.e., whether a common unitholder receives Common Stock, cash, or any combination thereof). If the General Partner elects to satisfy the redemption with shares of Common Stock as opposed to cash, it is obligated to issue shares of its Common Stock to the redeeming unitholder. Regardless of the rights described above, the common unitholders may not put their units for cash to the General Partner or the Operating Partnership under any circumstances. When a unitholder redeems a common unit, noncontrolling interests in the Operating Partnership is reduced and Mack-Cali Realty Corporation Stockholders’ equity is increased. LTIP Units On March 8, 2016, the Company granted 2016 LTIP Awards to senior management of the Company, including the General Partner’s executive officers. On April 4, 2017, the Company granted 2017 LTIP Awards to senior management of the Company, including the General Partner’s executive officers. On April 20, 2018, the Company granted 2018 LTIP Awards to senior management of the Company, including the General Partner’s executive officers. On March 22, 2019, the Company granted 2019 LTIP Awards to senior management of the Company, including the General Partner’s executive officers. On March 24, 2020, the Company granted 2020 LTIP Awards to senior management of the Company, including the General Partner’s executive officers. All of the 2016 LTIP Awards, 2017 LTIP Awards, 2018 LTIP Awards, 2019 LTIP Awards and 2020 LTIP Awards are in the form of units in the Operating Partnership. See Note 16: Mack-Cali Realty Corporation Stockholders’ Equity and Mack-Cali Realty, L.P.’s Partners’ Capital – Long-Term Incentive Plan Awards. LTIP Units are designed to qualify as “profits interests” in the Operating Partnership for federal income tax purposes. As a general matter, the profits interests characteristics of the LTIP Units mean that initially they will not be economically equivalent in value to a common unit. If and when events specified by applicable tax regulations occur, LTIP Units can over time increase in value up to the point where they are equivalent to common units on a one-for-one basis. After LTIP Units are fully vested, and to the extent the special tax rules applicable to profits interests have allowed them to become equivalent in value to common units, LTIP Units may be converted on a one-for-one basis into common units. Common units in turn have a one-for-one relationship in value with shares of the General Partner’s common stock, and are redeemable on a one-for-one basis for cash or, at the election of the Company, shares of the General Partner’s common stock. AO LTIP Units (Appreciation-Only LTIP Units) On March 13, 2019, the Company granted 625,000 AO LTIP Units to Mr. DeMarco pursuant to the AO Long Term Incentive Plan Award Agreement. See Note 16: Mack-Cali Realty Corporation Stockholders’ Equity and Mack-Cali Realty, L.P.’s Partners’ Capital – AO LTIP Units (Appreciation-Only LTIP Units). AO LTIP Units are a class of partnership interests in the Operating Partnership that are intended to qualify as “profit interests” for federal income tax purposes and generally only allow the recipient to realize value to the extent the fair market value of a share of Common Stock exceeds the threshold level set at the time the AO LTIP Units are granted, subject to any vesting conditions applicable to the award. The value of vested AO LTIP Units is realized through conversion of the AO LTIP Units into Common Units. The number of Common Units into which vested AO LTIP Units may be converted is determined based on the quotient of (i) the excess of the fair market value of the Common Stock on the conversion date over the threshold level designated at the time the AO LTIP Unit was granted, divided by (ii) the fair market value of the Common Stock on the conversion date. AO LTIP Units, once vested, have a finite term during which they may be converted into Common Units, not in excess of ten years from the grant date of the AO LTIP Units. Unit Transactions The following tables set forth the changes in noncontrolling interests in subsidiaries which relate to the Common Units and LTIP Units in the Operating Partnership for the three months ended September 30, 2020 and 2019, respectively. Common Units/ Unvested LTIP Vested LTIP Units Units Outstanding at July 1, 2020 9,586,528 2,659,518 Issuance of LTIP units - - Redemption of common units ( 2,225 ) - Conversion of LTIP units for common units 2,225 - Vested LTIP units 86,030 ( 88,255 ) Cancellation of units - ( 833,198 ) Outstanding at September 30, 2020 9,672,558 1,738,065 Common Units/ Unvested LTIP Vested LTIP Units Units Balance at July 1, 2019 9,976,344 1,826,331 Issuance of LTIP units - - Redemption of common units for shares of common stock - - Redemption of common units ( 3,000 ) - Conversion of vested LTIP units to common units - - Vested LTIP units - - Cancellation of units - - Outstanding at September 30, 2019 9,973,344 1,826,331 The following tables set forth the changes in noncontrolling interests in subsidiaries which relate to the Common Units and LTIP Units in the Operating Partnership for the nine months ended September 30, 2020 and 2019, respectively. Common Units/ Unvested LTIP Vested LTIP Units Units Balance at January 1, 2020 9,612,064 1,826,331 Redemption of common units for shares of common stock - - Redemption of common units ( 99,952 ) Conversion of vested LTIP units to common units 6,655 Vested LTIP units 153,792 ( 160,447 ) Issuance of units - 1,287,568 Cancellation of units ( 1 ) ( 1,215,387 ) Balance at September 30, 2020 9,672,558 1,738,065 Common Units/ Unvested LTIP Vested LTIP Units Units Balance at January 1, 2019 10,229,349 1,707,106 Issuance of LTIP units - 565,623 Redemption of common units for shares of common stock ( 38,011 ) - Redemption of common units ( 304,638 ) - Conversion of vested LTIP units to common units 18,438 - Vested LTIP units 68,206 ( 86,644 ) Cancellation of unvested LTIP units - ( 359,754 ) Balance at September 30, 2019 9,973,344 1,826,331 Noncontrolling Interests Ownership in Operating Partnership As of September 30, 2020 and December 31, 2019, the noncontrolling interests common unitholders owned 9.6 percent and 9.6 percent of the Operating Partnership, respectively. NONCONTROLLING INTERESTS IN CONSOLIDATED JOINT VENTURES (applicable to General Partner and Operating Partnership) The Company consolidates certain joint ventures in which it has ownership interests. Various entities and/or individuals hold noncontrolling interests in these ventures. PARTICIPATION RIGHTS The Company’s interests in certain real estate projects ( one property and one potential future development) each provide for the initial distributions of net cash flow solely to the Company, and thereafter, other parties have participation rights in 50 percent of the excess net cash flow remaining after the distribution to the Company of the aggregate amount equal to the sum of: (a) the Company’s capital contributions, plus (b) an IRR of 10 percent per annum. |
Mack-Cali Realty LP [Member] | |
Noncontrolling Interest [Line Items] | |
Noncontrolling Interests In Subsidiaries | 17. NONCONTROLLING INTERESTS IN SUBSIDIARIES Noncontrolling interests in subsidiaries in the accompanying consolidated financial statements relate to (i) common units (“Common Units”) and LTIP units in the Operating Partnership, held by parties other than the General Partner (“Limited Partners”), and (ii) interests in consolidated joint ventures for the portion of such ventures not owned by the Company. The following table reflects the activity of noncontrolling interests for the three and nine months ended September 30, 2020 and 2019, respectively (dollars in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Opening Balance $ 194,463 $ 230,461 $ 205,776 $ 210,523 Net income 1,090 ( 93 ) 5,123 32,731 Unit distributions ( 2,029 ) ( 2,360 ) ( 3,509 ) ( 6,417 ) Redeemable noncontrolling interests ( 6,701 ) ( 6,805 ) ( 20,176 ) ( 18,685 ) Change in noncontrolling interests in consolidated joint ventures - - 133 9,110 Redemption of common units for common stock - - - ( 705 ) Redemption of common units ( 29 ) ( 65 ) ( 2,170 ) ( 5,030 ) Stock compensation 329 1,973 4,534 5,561 Cancellation of unvested LTIP units - - ( 201 ) ( 2,889 ) Other comprehensive income (loss) - ( 87 ) ( 34 ) ( 960 ) Rebalancing of ownership percentage between parent and subsidiaries 875 ( 1,426 ) ( 1,478 ) ( 1,641 ) Balance at September 30 $ 187,998 $ 221,598 $ 187,998 $ 221,598 Pursuant to ASC 810, Consolidation, on the accounting and reporting for noncontrolling interests and changes in ownership interests of a subsidiary , changes in a parent’s ownership interest (and transactions with noncontrolling interests unitholders in the subsidiary) while the parent retains its controlling interest in its subsidiary should be accounted for as equity transactions. The carrying value of the noncontrolling interests shall be adjusted to reflect the change in its ownership interest in the subsidiary, with the offset to equity attributable to the parent. Accordingly, as a result of equity transactions which caused changes in ownership percentages between Mack-Cali Realty Corporation stockholders’ equity and noncontrolling interests in the Operating Partnership that occurred during the nine months ended September 30, 2020, the Company has decreased noncontrolling interests in the Operating Partnership and increased additional paid-in capital in Mack-Cali Realty Corporation stockholders’ equity by approximately $ 1.5 million as of September 30, 2020. NONCONTROLLING INTERESTS IN OPERATING PARTNERSHIP (applicable only to General Partner) Common Units During the nine months ended September 30, 2020, the Company redeemed for cash 99,952 common units at their fair market value of $ 2.2 million. Certain individuals and entities own common units in the Operating Partnership. A common unit and a share of Common Stock of the General Partner have substantially the same economic characteristics in as much as they effectively share equally in the net income or loss of the Operating Partnership. Common unitholders have the right to redeem their common units, subject to certain restrictions. The redemption is required to be satisfied in shares of Common Stock, cash, or a combination thereof, calculated as follows: one share of the General Partner’s Common Stock, or cash equal to the fair market value of a share of the General Partner’s Common Stock at the time of redemption, for each common unit. The General Partner, in its sole discretion, determines the form of redemption of common units (i.e., whether a common unitholder receives Common Stock, cash, or any combination thereof). If the General Partner elects to satisfy the redemption with shares of Common Stock as opposed to cash, it is obligated to issue shares of its Common Stock to the redeeming unitholder. Regardless of the rights described above, the common unitholders may not put their units for cash to the General Partner or the Operating Partnership under any circumstances. When a unitholder redeems a common unit, noncontrolling interests in the Operating Partnership is reduced and Mack-Cali Realty Corporation Stockholders’ equity is increased. LTIP Units On March 8, 2016, the Company granted 2016 LTIP Awards to senior management of the Company, including the General Partner’s executive officers. On April 4, 2017, the Company granted 2017 LTIP Awards to senior management of the Company, including the General Partner’s executive officers. On April 20, 2018, the Company granted 2018 LTIP Awards to senior management of the Company, including the General Partner’s executive officers. On March 22, 2019, the Company granted 2019 LTIP Awards to senior management of the Company, including the General Partner’s executive officers. On March 24, 2020, the Company granted 2020 LTIP Awards to senior management of the Company, including the General Partner’s executive officers. All of the 2016 LTIP Awards, 2017 LTIP Awards, 2018 LTIP Awards, 2019 LTIP Awards and 2020 LTIP Awards are in the form of units in the Operating Partnership. See Note 16: Mack-Cali Realty Corporation Stockholders’ Equity and Mack-Cali Realty, L.P.’s Partners’ Capital – Long-Term Incentive Plan Awards. LTIP Units are designed to qualify as “profits interests” in the Operating Partnership for federal income tax purposes. As a general matter, the profits interests characteristics of the LTIP Units mean that initially they will not be economically equivalent in value to a common unit. If and when events specified by applicable tax regulations occur, LTIP Units can over time increase in value up to the point where they are equivalent to common units on a one-for-one basis. After LTIP Units are fully vested, and to the extent the special tax rules applicable to profits interests have allowed them to become equivalent in value to common units, LTIP Units may be converted on a one-for-one basis into common units. Common units in turn have a one-for-one relationship in value with shares of the General Partner’s common stock, and are redeemable on a one-for-one basis for cash or, at the election of the Company, shares of the General Partner’s common stock. AO LTIP Units (Appreciation-Only LTIP Units) On March 13, 2019, the Company granted 625,000 AO LTIP Units to Mr. DeMarco pursuant to the AO Long Term Incentive Plan Award Agreement. See Note 16: Mack-Cali Realty Corporation Stockholders’ Equity and Mack-Cali Realty, L.P.’s Partners’ Capital – AO LTIP Units (Appreciation-Only LTIP Units). AO LTIP Units are a class of partnership interests in the Operating Partnership that are intended to qualify as “profit interests” for federal income tax purposes and generally only allow the recipient to realize value to the extent the fair market value of a share of Common Stock exceeds the threshold level set at the time the AO LTIP Units are granted, subject to any vesting conditions applicable to the award. The value of vested AO LTIP Units is realized through conversion of the AO LTIP Units into Common Units. The number of Common Units into which vested AO LTIP Units may be converted is determined based on the quotient of (i) the excess of the fair market value of the Common Stock on the conversion date over the threshold level designated at the time the AO LTIP Unit was granted, divided by (ii) the fair market value of the Common Stock on the conversion date. AO LTIP Units, once vested, have a finite term during which they may be converted into Common Units, not in excess of ten years from the grant date of the AO LTIP Units. Unit Transactions The following tables set forth the changes in noncontrolling interests in subsidiaries which relate to the Common Units and LTIP Units in the Operating Partnership for the three months ended September 30, 2020 and 2019, respectively. Common Units/ Unvested LTIP Vested LTIP Units Units Outstanding at July 1, 2020 9,586,528 2,659,518 Issuance of LTIP units - - Redemption of common units ( 2,225 ) - Conversion of LTIP units for common units 2,225 - Vested LTIP units 86,030 ( 88,255 ) Cancellation of units - ( 833,198 ) Outstanding at September 30, 2020 9,672,558 1,738,065 Common Units/ Unvested LTIP Vested LTIP Units Units Balance at July 1, 2019 9,976,344 1,826,331 Issuance of LTIP units - - Redemption of common units for shares of common stock - - Redemption of common units ( 3,000 ) - Conversion of vested LTIP units to common units - - Vested LTIP units - - Cancellation of units - - Outstanding at September 30, 2019 9,973,344 1,826,331 The following tables set forth the changes in noncontrolling interests in subsidiaries which relate to the Common Units and LTIP Units in the Operating Partnership for the nine months ended September 30, 2020 and 2019, respectively. Common Units/ Unvested LTIP Vested LTIP Units Units Balance at January 1, 2020 9,612,064 1,826,331 Redemption of common units for shares of common stock - - Redemption of common units ( 99,952 ) Conversion of vested LTIP units to common units 6,655 Vested LTIP units 153,792 ( 160,447 ) Issuance of units - 1,287,568 Cancellation of units ( 1 ) ( 1,215,387 ) Balance at September 30, 2020 9,672,558 1,738,065 Common Units/ Unvested LTIP Vested LTIP Units Units Balance at January 1, 2019 10,229,349 1,707,106 Issuance of LTIP units - 565,623 Redemption of common units for shares of common stock ( 38,011 ) - Redemption of common units ( 304,638 ) - Conversion of vested LTIP units to common units 18,438 - Vested LTIP units 68,206 ( 86,644 ) Cancellation of unvested LTIP units - ( 359,754 ) Balance at September 30, 2019 9,973,344 1,826,331 Noncontrolling Interests Ownership in Operating Partnership As of September 30, 2020 and December 31, 2019, the noncontrolling interests common unitholders owned 9.6 percent and 9.6 percent of the Operating Partnership, respectively. NONCONTROLLING INTERESTS IN CONSOLIDATED JOINT VENTURES (applicable to General Partner and Operating Partnership) The Company consolidates certain joint ventures in which it has ownership interests. Various entities and/or individuals hold noncontrolling interests in these ventures. PARTICIPATION RIGHTS The Company’s interests in certain real estate projects ( one property and one potential future development) each provide for the initial distributions of net cash flow solely to the Company, and thereafter, other parties have participation rights in 50 percent of the excess net cash flow remaining after the distribution to the Company of the aggregate amount equal to the sum of: (a) the Company’s capital contributions, plus (b) an IRR of 10 percent per annum. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | |
Segment Reporting | 18. SEGMENT REPORTING The Company operates in two business segments: (i) commercial and other real estate and (ii) multi-family real estate and services. The Company provides leasing, property management, acquisition, development, construction and tenant-related services for its commercial and other real estate and multi-family real estate portfolio. The Company’s multi - family services business also provides similar services for third parties. The Company had no revenues from foreign countries recorded for the nine months ended September 30, 2020 and 2019. The Company had no long lived assets in foreign locations as of September 30, 2020 and December 31, 2019. The accounting policies of the segments are the same as those described in Note 2: Significant Accounting Policies, excluding depreciation and amortization. The Company evaluates performance based upon net operating income from the combined properties and operations in each of its real estate segments (commercial and other real estate and multi-family real estate and services). All properties classified as discontinued operations have been excluded. Selected results of operations for the three and nine months ended September 30, 2020 and 2019 and selected asset information as of September 30, 2020 and December 31, 2019 regarding the Company’s operating segments are as follows. Amounts for prior periods have been restated to conform to the current period segment reporting presentation (dollars in thousands) : Commercial Multi-family Corporate Total & Other Real Estate Real Estate & Services (d) & Other (e) Company Total revenues: Three months ended: September 30, 2020 $ 38,288 $ 37,658 $ 1,704 $ 77,650 September 30, 2019 40,211 46,453 726 87,390 Nine months ended: September 30, 2020 112,597 118,739 1,021 232,357 September 30, 2019 135,803 127,521 937 264,261 Total operating and interest expenses (a): Three months ended: September 30, 2020 $ 16,562 $ 26,772 $ 42,529 $ 85,863 September 30, 2019 18,200 23,989 29,890 72,079 Nine months ended: September 30, 2020 54,035 71,689 101,669 227,393 September 30, 2019 60,254 67,606 94,656 222,516 Equity in earnings (loss) of unconsolidated joint ventures: Three months ended: September 30, 2020 $ 493 $ 880 $ - $ 1,373 September 30, 2019 307 ( 420 ) - ( 113 ) Nine months ended: September 30, 2020 ( 1 ) ( 280 ) - ( 281 ) September 30, 2019 1,540 ( 2,422 ) - ( 882 ) Net operating income (loss) (b): Three months ended: September 30, 2020 $ 22,219 $ 11,766 $ ( 40,825 ) $ ( 6,840 ) September 30, 2019 22,318 22,044 ( 29,164 ) 15,198 Nine months ended: September 30, 2020 58,561 46,770 ( 100,648 ) 4,683 September 30, 2019 77,089 57,493 ( 93,719 ) 40,863 Total assets: September 30, 2020 $ 1,912,093 $ 3,265,827 $ 12,823 $ 5,190,743 December 31, 2019 2,178,321 3,079,409 35,068 5,292,798 Total long-lived assets (c): September 30, 2020 $ 1,714,697 $ 3,015,868 $ ( 12 ) $ 4,730,553 December 31, 2019 1,947,053 2,812,306 3,834 4,763,193 Total investments in unconsolidated joint ventures: September 30, 2020 $ 7,864 $ 186,915 $ - $ 194,779 December 31, 2019 7,367 201,724 - 209,091 (a) Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; real estate services expenses; general and administrative, acquisition related costs and interest expense (net of interest income). All interest expense, net of interest and other investment income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods. (b) Net operating income represents total revenues less total operating and interest expenses (as defined and classified in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the period. (c) Long-lived assets are comprised of net investment in rental property, unbilled rents receivable and goodwill. (d) Segment assets and operations were owned through a consolidated variable interest entity commencing in February 2018, and which also include the Company’s consolidated hotel operations. (e) Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense), as well as intercompany eliminations necessary to reconcile to consolidated Company totals. Mack-Cali Realty Corporation The following schedule reconciles net operating income to net income (loss) available to common shareholders (dollars in thousands) : Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Net operating income $ ( 6,840 ) $ 15,198 $ 4,683 $ 40,863 Add (deduct): Depreciation and amortization ( 31,670 ) ( 32,605 ) ( 92,807 ) ( 96,110 ) Land and other impairments ( 1,292 ) ( 2,589 ) ( 23,401 ) ( 5,088 ) Property impairments ( 36,582 ) - ( 36,582 ) - Gain on change of control of interests - - - 13,790 Realized gains (losses) and unrealized losses on disposition of rental property, net - ( 34,666 ) ( 7,915 ) 233,698 Gain on disposition of developable land - 296 4,813 566 Gain on sale of investment in unconsolidated joint venture - - - 903 Gain from extinguishment of debt, net - ( 98 ) - 1,801 Income (loss) from continuing operations ( 76,384 ) ( 54,464 ) ( 151,209 ) 190,423 Discontinued operations Income from discontinued operations 19,491 8,506 63,213 24,686 Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net 15,775 ( 10,063 ) ( 23,900 ) ( 15,865 ) Total discontinued operations, net 35,266 ( 1,557 ) 39,313 8,821 Net income (loss) ( 41,118 ) ( 56,021 ) ( 111,896 ) 199,244 Noncontrolling interests in consolidated joint ventures 895 405 1,900 2,500 Noncontrolling interests in Operating Partnership 7,874 6,005 16,166 ( 18,191 ) Noncontrolling interest in discontinued operations ( 3,388 ) 154 ( 3,776 ) ( 896 ) Redeemable noncontrolling interests ( 6,471 ) ( 6,471 ) ( 19,413 ) ( 16,144 ) Net income (loss) available to common shareholders $ ( 42,208 ) $ ( 55,928 ) $ ( 117,019 ) $ 166,513 Mack-Cali Realty, L.P. The following schedule reconciles net operating income to net income (loss) available to common unitholders (dollars in thousands) : Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Net operating income $ ( 6,840 ) $ 15,198 $ 4,683 $ 40,863 Add (deduct): Depreciation and amortization ( 31,670 ) ( 32,605 ) ( 92,807 ) ( 96,110 ) Land and other impairments ( 1,292 ) ( 2,589 ) ( 23,401 ) ( 5,088 ) Property impairments ( 36,582 ) - ( 36,582 ) - Gain on change of control of interests - - - 13,790 Realized gains (losses) and unrealized losses on disposition of rental property, net - ( 34,666 ) ( 7,915 ) 233,698 Gain on disposition of developable land - 296 4,813 566 Gain on sale of investment in unconsolidated joint venture - - - 903 Gain from extinguishment of debt, net - ( 98 ) - 1,801 Income (loss) from continuing operations ( 76,384 ) ( 54,464 ) ( 151,209 ) 190,423 Discontinued operations Income from discontinued operations 19,491 8,506 63,213 24,686 Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net 15,775 ( 10,063 ) ( 23,900 ) ( 15,865 ) Total discontinued operations, net 35,266 ( 1,557 ) 39,313 8,821 Net income (loss) ( 41,118 ) ( 56,021 ) ( 111,896 ) 199,244 Noncontrolling interests in consolidated joint ventures 895 405 1,900 2,500 Redeemable noncontrolling interests ( 6,471 ) ( 6,471 ) ( 19,413 ) ( 16,144 ) Net income (loss) available to common unitholders $ ( 46,694 ) $ ( 62,087 ) $ ( 129,409 ) $ 185,600 |
Mack-Cali Realty LP [Member] | |
Segment Reporting Information [Line Items] | |
Segment Reporting | 18. SEGMENT REPORTING The Company operates in two business segments: (i) commercial and other real estate and (ii) multi-family real estate and services. The Company provides leasing, property management, acquisition, development, construction and tenant-related services for its commercial and other real estate and multi-family real estate portfolio. The Company’s multi - family services business also provides similar services for third parties. The Company had no revenues from foreign countries recorded for the nine months ended September 30, 2020 and 2019. The Company had no long lived assets in foreign locations as of September 30, 2020 and December 31, 2019. The accounting policies of the segments are the same as those described in Note 2: Significant Accounting Policies, excluding depreciation and amortization. The Company evaluates performance based upon net operating income from the combined properties and operations in each of its real estate segments (commercial and other real estate and multi-family real estate and services). All properties classified as discontinued operations have been excluded. Selected results of operations for the three and nine months ended September 30, 2020 and 2019 and selected asset information as of September 30, 2020 and December 31, 2019 regarding the Company’s operating segments are as follows. Amounts for prior periods have been restated to conform to the current period segment reporting presentation (dollars in thousands) : Commercial Multi-family Corporate Total & Other Real Estate Real Estate & Services (d) & Other (e) Company Total revenues: Three months ended: September 30, 2020 $ 38,288 $ 37,658 $ 1,704 $ 77,650 September 30, 2019 40,211 46,453 726 87,390 Nine months ended: September 30, 2020 112,597 118,739 1,021 232,357 September 30, 2019 135,803 127,521 937 264,261 Total operating and interest expenses (a): Three months ended: September 30, 2020 $ 16,562 $ 26,772 $ 42,529 $ 85,863 September 30, 2019 18,200 23,989 29,890 72,079 Nine months ended: September 30, 2020 54,035 71,689 101,669 227,393 September 30, 2019 60,254 67,606 94,656 222,516 Equity in earnings (loss) of unconsolidated joint ventures: Three months ended: September 30, 2020 $ 493 $ 880 $ - $ 1,373 September 30, 2019 307 ( 420 ) - ( 113 ) Nine months ended: September 30, 2020 ( 1 ) ( 280 ) - ( 281 ) September 30, 2019 1,540 ( 2,422 ) - ( 882 ) Net operating income (loss) (b): Three months ended: September 30, 2020 $ 22,219 $ 11,766 $ ( 40,825 ) $ ( 6,840 ) September 30, 2019 22,318 22,044 ( 29,164 ) 15,198 Nine months ended: September 30, 2020 58,561 46,770 ( 100,648 ) 4,683 September 30, 2019 77,089 57,493 ( 93,719 ) 40,863 Total assets: September 30, 2020 $ 1,912,093 $ 3,265,827 $ 12,823 $ 5,190,743 December 31, 2019 2,178,321 3,079,409 35,068 5,292,798 Total long-lived assets (c): September 30, 2020 $ 1,714,697 $ 3,015,868 $ ( 12 ) $ 4,730,553 December 31, 2019 1,947,053 2,812,306 3,834 4,763,193 Total investments in unconsolidated joint ventures: September 30, 2020 $ 7,864 $ 186,915 $ - $ 194,779 December 31, 2019 7,367 201,724 - 209,091 (a) Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; real estate services expenses; general and administrative, acquisition related costs and interest expense (net of interest income). All interest expense, net of interest and other investment income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods. (b) Net operating income represents total revenues less total operating and interest expenses (as defined and classified in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the period. (c) Long-lived assets are comprised of net investment in rental property, unbilled rents receivable and goodwill. (d) Segment assets and operations were owned through a consolidated variable interest entity commencing in February 2018, and which also include the Company’s consolidated hotel operations. (e) Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense), as well as intercompany eliminations necessary to reconcile to consolidated Company totals. Mack-Cali Realty Corporation The following schedule reconciles net operating income to net income (loss) available to common shareholders (dollars in thousands) : Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Net operating income $ ( 6,840 ) $ 15,198 $ 4,683 $ 40,863 Add (deduct): Depreciation and amortization ( 31,670 ) ( 32,605 ) ( 92,807 ) ( 96,110 ) Land and other impairments ( 1,292 ) ( 2,589 ) ( 23,401 ) ( 5,088 ) Property impairments ( 36,582 ) - ( 36,582 ) - Gain on change of control of interests - - - 13,790 Realized gains (losses) and unrealized losses on disposition of rental property, net - ( 34,666 ) ( 7,915 ) 233,698 Gain on disposition of developable land - 296 4,813 566 Gain on sale of investment in unconsolidated joint venture - - - 903 Gain from extinguishment of debt, net - ( 98 ) - 1,801 Income (loss) from continuing operations ( 76,384 ) ( 54,464 ) ( 151,209 ) 190,423 Discontinued operations Income from discontinued operations 19,491 8,506 63,213 24,686 Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net 15,775 ( 10,063 ) ( 23,900 ) ( 15,865 ) Total discontinued operations, net 35,266 ( 1,557 ) 39,313 8,821 Net income (loss) ( 41,118 ) ( 56,021 ) ( 111,896 ) 199,244 Noncontrolling interests in consolidated joint ventures 895 405 1,900 2,500 Noncontrolling interests in Operating Partnership 7,874 6,005 16,166 ( 18,191 ) Noncontrolling interest in discontinued operations ( 3,388 ) 154 ( 3,776 ) ( 896 ) Redeemable noncontrolling interests ( 6,471 ) ( 6,471 ) ( 19,413 ) ( 16,144 ) Net income (loss) available to common shareholders $ ( 42,208 ) $ ( 55,928 ) $ ( 117,019 ) $ 166,513 Mack-Cali Realty, L.P. The following schedule reconciles net operating income to net income (loss) available to common unitholders (dollars in thousands) : Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Net operating income $ ( 6,840 ) $ 15,198 $ 4,683 $ 40,863 Add (deduct): Depreciation and amortization ( 31,670 ) ( 32,605 ) ( 92,807 ) ( 96,110 ) Land and other impairments ( 1,292 ) ( 2,589 ) ( 23,401 ) ( 5,088 ) Property impairments ( 36,582 ) - ( 36,582 ) - Gain on change of control of interests - - - 13,790 Realized gains (losses) and unrealized losses on disposition of rental property, net - ( 34,666 ) ( 7,915 ) 233,698 Gain on disposition of developable land - 296 4,813 566 Gain on sale of investment in unconsolidated joint venture - - - 903 Gain from extinguishment of debt, net - ( 98 ) - 1,801 Income (loss) from continuing operations ( 76,384 ) ( 54,464 ) ( 151,209 ) 190,423 Discontinued operations Income from discontinued operations 19,491 8,506 63,213 24,686 Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net 15,775 ( 10,063 ) ( 23,900 ) ( 15,865 ) Total discontinued operations, net 35,266 ( 1,557 ) 39,313 8,821 Net income (loss) ( 41,118 ) ( 56,021 ) ( 111,896 ) 199,244 Noncontrolling interests in consolidated joint ventures 895 405 1,900 2,500 Redeemable noncontrolling interests ( 6,471 ) ( 6,471 ) ( 19,413 ) ( 16,144 ) Net income (loss) available to common unitholders $ ( 46,694 ) $ ( 62,087 ) $ ( 129,409 ) $ 185,600 |
Significant Accounting Polici_2
Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2020 | |
Significant Accounting Policies [Line Items] | |
Rental Property | Rental Property Rental properties are stated at cost less accumulated depreciation and amortization. Costs directly related to the acquisition, development and construction of rental properties are capitalized. The Company adopted Financial Accounting Standards Board (“FASB”) guidance Accounting Standards Update (“ASU”) 2017-01 on January 1, 2017, which revises the definition of a business and is expected to result in more transactions to be accounted for as asset acquisitions and significantly limit transactions that would be accounted for as business combinations. Where an acquisition has been determined to be an asset acquisition, acquisition-related costs are capitalized. Capitalized development and construction costs include pre-construction costs essential to the development of the property, development and construction costs, interest, property taxes, insurance, salaries and other project costs incurred during the period of development. Capitalized development and construction salaries and related costs approximated $ 0.4 million and $ 0.5 million for the three months ended September 30, 2020 and 2019, respectively, and $ 1.3 million and $ 1.6 million for the nine months ended September 30, 2020 and 2019, respectively. Ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. Fully-depreciated assets are removed from the accounts. Included in net investment in rental property as of September 30, 2020 and December 31, 2019 is real estate and building and tenant improvements not in service, as follows (dollars in thousands) : September 30, December 31, 2020 2019 Land held for development (including pre-development costs, if any) (a)(c) $ 356,017 $ 388,702 Development and construction in progress, including land (b)(d) 683,303 464,110 Total $ 1,039,320 $ 852,812 (a) Includes predevelopment and infrastructure costs included in buildings and improvements of $ 147.7 million and $ 156.5 million as of September 30, 2020 and December 31, 2019, respectively. (b) Includes land of $ 84.0 million and $ 96.6 million as of September 30, 2020 and December 31, 2019, respectively. (c) Includes $ 35.5 million of land and $ 9.7 million of building and improvements pertaining to assets held for sale at September 30, 2020 (d) Includes $ 0.5 million of land and $ 1.0 million of building and improvements pertaining to assets held for sale at September 30, 2020 The Company considers a construction project as substantially completed and held available for occupancy upon the substantial completion of improvements, but no later than one year from cessation of major construction activity (as distinguished from activities such as routine maintenance and cleanup). If portions of a rental project are substantially completed and occupied by tenants or residents, or held available for occupancy, and other portions have not yet reached that stage, the substantially completed portions are accounted for as a separate project. The Company allocates costs incurred between the portions under construction and the portions substantially completed and held available for occupancy, primarily based on a percentage of the relative commercial square footage or multi-family units of each portion, and capitalizes only those costs associated with the portion under construction. Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: Leasehold interests Remaining lease term Buildings and improvements 5 to 40 years Tenant improvements The shorter of the term of the related lease or useful life Furniture, fixtures and equipment 5 to 10 years Upon acquisition of rental property, the Company estimates the fair value of acquired tangible assets, consisting of land, building and improvements, and identified intangible assets and liabilities assumed, generally consisting of the fair value of (i) above and below-market leases, (ii) in-place leases and (iii) tenant relationships. For asset acquisitions, the Company allocates the purchase price to the assets acquired and liabilities assumed based on their relative fair values. The Company records goodwill or a gain on bargain purchase (if any) if the net assets acquired/liabilities assumed differ from the purchase consideration of a business combination transaction. In estimating the fair value of the tangible and intangible assets acquired, the Company considers information obtained about each property as a result of its due diligence and marketing and leasing activities, and utilizes various valuation methods, such as estimated cash flow projections utilizing appropriate discount and capitalization rates, estimates of replacement costs net of depreciation, and available market information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The capitalized above-market lease values are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. Other intangible assets acquired include amounts for in-place lease values and tenant relationship values, which are based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the respective tenant. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. Characteristics considered by management in valuing tenant relationships include the nature and extent of the Company’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals. The values of in-place leases are amortized to expense over the remaining initial terms of the respective leases. The values of tenant relationship intangibles are amortized to expense over the anticipated life of the relationships or leases. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s rental properties held for use may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment. The criteria considered by management, depending on the type of property, may include reviewing low leased percentages, significant near-term lease expirations, current and historical operating and/or cash flow losses, construction cost overruns and/or other factors, including those that might impact the Company’s intent and ability to hold the property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the property over its estimated holding period is less than the carrying value of the property. If there are different possible scenarios for a property, the Company will take a probability-weighted approach to estimating future cash flow scenarios. To the extent impairment has occurred, the impairment loss is measured as the excess of the carrying value of the property over the fair value of the property. The Company’s estimates of aggregate future and stabilized cash flows expected to be generated and estimated fair values for each property are based on a number of assumptions, including, but not limited to, estimated holding periods, market capitalization rates and discount rates, if applicable. For developable land holdings, an estimated per-unit market value assumption is also considered based on development rights for the land. These assumptions are generally based on management’s experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, food, beverage and lodging demands, and costs to operate each property. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved, and actual losses or impairments may be realized in the future. |
Real Estate Held For Sale And Discontinued Operations | Real Estate Held for Sale and Discontinued Operations When assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the sales price, net of selling costs, of such assets. The Company generally considers assets (as identified by their disposal groups) to be held for sale when the transaction has received appropriate corporate authority, it is probable to be sold within the following 12 months, and there are no significant contingencies relating to a sale. If, in management’s opinion, the estimated net sales price, net of selling costs, of the disposal groups which have been identified as held for sale is less than the carrying value of the assets, a valuation allowance (which is recorded as unrealized losses on disposition of rental property) is established. In the absence of an executed sales agreement with a set sales price, management’s estimate of the net sales price may be based on a number of assumptions, including but not limited to the Company’s estimates of future and stabilized cash flows, market capitalization rates and discount rates, if applicable. For developable land holdings, an estimated per-unit market value assumption is also considered based on development rights for the land. In addition, the Company classifies assets held for sale or sold as discontinued operations if the disposal groups represent a strategic shift that will have a major effect on the Company’s operations and financial results. For any disposals qualifying as discontinued operations, the assets and their results are presented in discontinued operations in the financial statements for all periods presented. See Note 7: Discontinued Operations. If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell an asset previously classified as held for sale, the asset is reclassified as held and used. An asset that is reclassified is measured and recorded individually at the lower of (a) its carrying value before the asset was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the asset been continuously classified as held and used, or (b) the fair value at the date of the subsequent decision not to sell. |
Investments In Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. The Company applies the equity method by initially recording these investments at cost, as Investments in Unconsolidated Joint Ventures, subsequently adjusted for equity in earnings and cash contributions and distributions. The outside basis portion of the Company’s joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Generally, the Company would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Company has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Company only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses. If the venture subsequently makes distributions and the Company does not have an implied or actual commitment to support the operations of the venture, the Company will not record a basis less than zero, rather such amounts will be recorded as equity in earnings of unconsolidated joint ventures. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying value of the investment over the value of the investment. The Company’s estimates of value for each investment (particularly in real estate joint ventures) are based on a number of assumptions including but not limited to estimates of future and stabilized cash flows, market capitalization rates and discount rates, if applicable. These assumptions are based on management's experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the values estimated by management in its impairment analyses may not be realized, and actual losses or impairment may be realized in the future . See Note 4: Investments in Unconsolidated Joint Ventures. |
Cash And Cash Equivalents | Cash and Cash Equivalents All highly liquid investments with an original maturity of three months or less when purchased are considered to be cash equivalents. |
Deferred Financing Costs | Deferred Financing Costs Costs incurred in obtaining financing are capitalized and amortized over the term of the related indebtedness. Deferred financing costs are presented in the balance sheet as a direct deduction from the carrying value of the debt liability to which they relate, except deferred financing costs related to the revolving credit facility, which are presented in deferred charges, goodwill and other assets. In all cases, amortization of such costs is included in interest expense and was $ 1,074,000 and $ 1,121,000 for the three months ended September 30, 2020 and 2019, respectively, $ 3,158,000 and $ 3,478,000 for the nine months ended September 30, 2020 and 2019, respectively. If a financing obligation is extinguished early, any unamortized deferred financing costs are written off and included in gains (losses) from extinguishment of debt. The gains (losses) from extinguishment of debt, net, of zero and $( 0.1 ) million for the three months ended September 30, 2020 and 2019, respectively, contained unamortized deferred financing costs which were written off (as non-cash transactions) amounting to zero and $ 285,000 , respectively. Included in the gains (losses) from extinguishment of debt, net, of zero and $ 1.8 million for the nine months ended September 30, 2020 and 2019, respectively, were unamortized deferred financing costs which were written off (as non-cash transactions) amounting to zero and $ 285,000 , respectively. |
Deferred Leasing Costs/Leasing Personnel Costs | Deferred Leasing Costs/Leasing Personnel Costs Costs incurred in connection with successfully executed commercial and residential leases were capitalized and amortized on a straight-line basis over the terms of the related leases and included in depreciation and amortization. Unamortized deferred leasing costs were charged to amortization expense upon early termination of the lease. Certain employees of the Company are compensated for providing leasing services to the Properties. Upon the adoption of ASC 842 on January 1, 2019, the Company no longer capitalizes such costs, and includes such leasing personnel costs in General and administrative expense in the Company’s Consolidated Statements of Operations, which amounted to $ 2,128,000 and $ 534,000 for the three months ended September 30, 2020 and 2019, respectively, and $ 3,829,000 and $ 1,818,000 for the nine months ended September 30, 2020 and 2019, respectively. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Goodwill is allocated to various reporting units, as applicable. Each of the Company’s segments consists of a reporting unit. Goodwill is not amortized. Management performs an annual impairment test for goodwill during the fourth quarter and between annual tests, management evaluates the recoverability of goodwill whenever events or changes in circumstances indicate that the carrying value of goodwill may not be fully recoverable. In its impairment tests of goodwill, management first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If, based on this assessment, management determines that the fair value of the reporting unit is not less than its carrying value, then performing the additional two-step impairment test is unnecessary. If the carrying value of goodwill exceeds its fair value, an impairment charge is recognized. |
Derivative Instruments | Derivative Instruments The Company measures derivative instruments, including certain derivative instruments embedded in other contracts, at fair value and records them as an asset or liability, depending on the Company’s rights or obligations under the applicable derivative contract. For derivatives designated and qualifying as fair value hedges, the changes in the fair value of both the derivative instrument and the hedged item are recorded in earnings. For derivatives designated as cash flow hedges, the effective portions of the derivative are reported in other comprehensive income (“OCI”) and are subsequently reclassified into earnings when the hedged item affects earnings. Changes in fair value of derivative instruments not designated as hedging and ineffective portions of hedges are recognized in earnings in the affected period. |
Revenue Recognition | Revenue Recognition Revenue from leases includes fixed base rents under leases, which are recognized on a straight-line basis over the terms of the respective leases. Unbilled rents receivable represents the cumulative amount by which straight-line rental revenue exceeds rents currently billed in accordance with the lease agreements. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed-rate renewal options for below-market leases. The capitalized above-market lease values for acquired properties are amortized as a reduction of revenue from leases over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to revenue from leases over the remaining initial terms plus the terms of any below-market fixed-rate renewal options of the respective leases. The Company elected a practical expedient for its rental properties (as lessor) to avoid separating non-lease components that otherwise would need to be accounted for under the recently-adopted revenue accounting guidance (such as tenant reimbursements of property operating expenses) from the associated lease component since (1) the non-lease components have the same timing and pattern of transfer as the associated lease component and (2) the lease component, if accounted for separately, would be classified as an operating lease; this enables the Company to account for the combination of the lease component and non-lease components as an operating lease since the lease component is the predominant component of the combined components. Due to the Company’s adoption of the practical expedient discussed above to not separate non-lease component revenue from the associated lease component, the Company is aggregating revenue from its lease components and non-lease components (comprised predominantly of tenant operating expense reimbursements) into the line entitled “Revenue from leases.” Revenue from leases also includes reimbursements and recoveries from tenants received from tenants for certain costs as provided in the lease agreements. These costs generally include real estate taxes, utilities, insurance, common area maintenance and other recoverable costs. See Note 14: Tenant Leases. Real estate services revenue includes property management, development, construction and leasing commission fees and other services, and payroll and related costs reimbursed from clients. Fee income derived from the Company’s unconsolidated joint ventures (which are capitalized by such ventures) are recognized to the extent attributable to the unaffiliated ownership interests. Parking income is comprised of income from parking spaces leased to tenants and others. Hotel income includes all revenue generated from hotel properties. Other income includes income from tenants for additional services arranged for by the Company and income from tenants for early lease terminations. All bad debt expense is being recorded as a reduction of the corresponding revenue account starting on January 1, 2019. Management performs a detailed review of amounts due from tenants for collectability based on factors affecting the billings and status of individual tenants. The factors considered by management in determining which individual tenant’s revenues are affected include the age of the receivable, the tenant’s payment history, the nature of the charges, any communications regarding the charges and other related information. Management’s estimate of bad debt write-off’s requires management to exercise judgment about the timing, frequency and severity of collection losses, which affects the revenue recorded. |
Income And Other Taxes | Income and Other Taxes The General Partner has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “IRS Code”). As a REIT, the General Partner generally will not be subject to corporate federal income tax on net income that it currently distributes to its shareholders, provided that the General Partner satisfies certain organizational and operational requirements including the requirement to distribute at least 90 percent of its REIT taxable income (determined by excluding any net capital gains) to its shareholders. If and to the extent the General Partner retains and does not distribute any net capital gains, the General Partner will be required to pay federal, state and local taxes, as applicable, on such net capital gains at the rate applicable to capital gains of a corporation. The Operating Partnership is a partnership, and, as a result, all income and losses of the partnership are allocated to the partners for inclusion in their respective tax returns. Accordingly, no provision or benefit for income taxes has been made in the accompanying financial statements. The General Partner has elected to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (each a “TRS”). In general, a TRS of the General Partner may perform additional services for tenants of the Company and generally may engage in any real estate or non-real estate related business (except for the operation or management of health care facilities or lodging facilities or the providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal income tax. The General Partner has conducted business through its TRS entities for certain property management, development, construction and other related services, as well as to hold a joint venture interest in a hotel and other matters. The deferred tax asset balance at September 30, 2020 amounted to $ 18.5 million which has been fully reserved through a valuation allowance. New tax reform legislation enacted in late 2017 reduced the corporate tax rate to 21 percent, effective January 1, 2018. Consequently, the Company’s deferred tax assets were re-measured to reflect the reduction in the future U.S. corporate income tax rate as of the enactment date. As a result, the Company recorded a decrease related to its deferred tax assets of $ 5.3 million and a decrease to the associated valuation allowance of $ 5.3 million at December 31, 2017. If the General Partner fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate tax rates. The Company is subject to certain state and local taxes. Pursuant to the amended provisions related to uncertain tax provisions of ASC 740, Income Taxes, the Company recognized no material adjustments regarding its tax accounting treatment. The Company expects to recognize interest and penalties related to uncertain tax positions, if any, as income tax expense, which is included in general and administrative expense. In the normal course of business, the Company or one of its subsidiaries is subject to examination by federal, state and local jurisdictions in which it operates, where applicable. As of September 30, 2020, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are generally from the year 2015 forward. |
Earnings Per Share Or Unit | Earnings Per Share or Unit The Company presents both basic and diluted earnings per share or unit (“EPS or EPU”). Basic EPS or EPU excludes dilution and is computed by dividing net income available to common shareholders or unitholders by the weighted average number of shares or units outstanding for the period. Diluted EPS or EPU reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS or EPU from continuing operations amount. Shares or units whose issuance is contingent upon the satisfaction of certain conditions shall be considered outstanding and included in the computation of diluted EPS or EPU as follows (i) if all necessary conditions have been satisfied by the end of the period (the events have occurred), those shares or units shall be included as of the beginning of the period in which the conditions were satisfied (or as of the date of the grant, if later) or (ii) if all necessary conditions have not been satisfied by the end of the period, the number of contingently issuable shares or units included in diluted EPS or EPU shall be based on the number of shares or units, if any, that would be issuable if the end of the reporting period were the end of the contingency period (for example, the number of shares or units that would be issuable based on current period earnings or period-end market price) and if the result would be dilutive. Those contingently issuable shares or units shall be included in the denominator of diluted EPS or EPU as of the beginning of the period (or as of the date of the grant, if later). |
Dividends And Distributions Payable | Dividends and Distributions Payable On September 30, 2020, the Company announced that its Board of Directors was suspending its common dividends and distributions attributable to the third and fourth quarters 2020. As the Company’s management estimated that as of September 2020 it had satisfied its dividends obligations as a REIT on taxable income expected for 2020, the Board made the strategic decision to suspend its common dividends and distributions for the remainder of 2020 in an effort to provide greater financial flexibility during the pandemic and to retain incremental capital to support leasing initiatives at its Harborside commercial office properties on the Jersey City waterfront. The dividends and distributions payable at September 30, 2020 represent amounts payable on unvested LTIP units. The dividends and distributions payable at December 31, 2019 represents dividends payable to common shareholders ( 90,595,197 shares) and distributions payable to noncontrolling interests unitholders of the Operating Partnership ( 9,488,794 common units and 1,949,601 vested and unvested LTIP units) for all such holders of record as of January 3, 2020 with respect to the fourth quarter 2019. The fourth quarter 2019 common stock dividends and unit distributions of $ 0.20 per common share (total of $ 18.1 million), common unit (total of $ 1.9 million) and LTIP unit (total of $ 0.4 million) were approved by the General Partner’s Board of Directors on December 17, 2019 and paid on January 10, 2020 . |
Costs Incurred For Stock Issuances | Costs Incurred For Stock Issuances Costs incurred in connection with the Company’s stock issuances are reflected as a reduction of additional paid - in capital. |
Stock Compensation | Stock Compensation The Company accounts for stock compensation in accordance with the provisions of ASC 718, Compensation-Stock Compensation. These provisions require that the estimated fair value of restricted stock (“Restricted Stock Awards”), performance share units, long-term incentive plan awards and stock options at the grant date be amortized ratably into expense over the appropriate vesting period. For unvested securities that are forfeited prior to the measurement period being complete, the Company elected to account for forfeiture of employee awards as they occur. The Company recorded stock compensation expense of $ 723,000 and $ 1,980,000 for the three months ended September 30, 2020 and 2019, respectively, and $ 5,692,000 and $ 6,051,000 for the nine months ended September 30, 2020 and 2019, respectively. |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) Other comprehensive income (loss) includes items that are recorded in equity, such as effective portions of derivatives designated as cash flow hedges or unrealized holding gains or losses on marketable securities available for sale. |
Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests The Company evaluates the terms of the partnership units issued in accordance with the FASB’s Distinguishing Liabilities from Equity guidance. Units which embody an unconditional obligation requiring the Company to redeem the units for cash after a specified or determinable date (or dates) or upon the occurrence of an event that is not solely within the control of the issuer are determined to be contingently redeemable under this guidance and are included as Redeemable noncontrolling interests and classified within the mezzanine section between Total liabilities and Stockholders’ equity on the Company’s Consolidated Balance Sheets. The carrying amount of the redeemable noncontrolling interests will be changed by periodic accretions, so that the carrying amount will equal the estimated future redemption value at the redemption date. |
Fair Value Hierarchy | Fair Value Hierarchy The standard Fair Value Measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs). The following summarizes the fair value hierarchy: Level 1: Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices for identical assets and liabilities in markets that are inactive, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly, such as interest rates and yield curves that are observable at commonly quoted intervals and Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. |
Impact Of Recently-Issued Accounting Standards | Impact of Recently-Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (“ASU 2016-13”). The guidance introduces a new model for estimating credit losses for certain types of financial instruments, including trade and lease receivables, loans receivable, held-to-maturity debt securities, and net investments in direct financing leases, amongst other financial instruments. ASU 2016-13 also modifies the impairment model for available-for-sale debt securities and expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for losses. ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted. The adoption of ASU 2016-13 did not have a material impact on the Company’s consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”). The purpose of ASU 2017-12 is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The Company has adopted ASU 2017-12 on January 1, 2019. ASU 2017-12 requires a modified retrospective transition method which requires a cumulative effect of the change on the opening balance of each affected component of equity in the Company’s consolidated financial statements as of the date of adoption. Upon adoption the Company recorded a cumulative adjustment specifically related to the elimination of the requirement for separate measurement of hedge ineffectiveness. As a result, the Company recorded an opening balance adjustment as of January 1, 2019 to dividends in excess of net earnings of $ 0.4 million with a corresponding change to accumulated other comprehensive income (loss). In March 2020, the FASB issued ASU 2020-04 Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments provide practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance is optional and is effective between March 12, 2020 and December 31, 2022. The guidance may be elected over time as reference rate reform activities occur. The Company is currently in the process of evaluating the impact the adoption of ASU 2020-04 will have on the Company’s consolidated financial statements. In April 2020, the FASB issued a Staff Question-and-Answer (“Q&A”) to clarify whether lease concessions related to the effects of COVID-19 require the application of the lease modification guidance under the new lease standard, which was adopted on January 1, 2019. Under the new leasing standard, an entity would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant, which would be accounted for under the lease modification framework, or if the lease concession was under the enforceable rights and obligations that existed in the original lease, which would be accounted for outside the lease modification framework. The Q&A provides entities with the option to elect to account for lease concessions as though the enforceable rights and obligations existed in the original lease as long as the total cash flows from the modified lease are substantially similar to the cash flows in the original lease. The Company elected this option and therefore, to the extent that rent concession is granted as a deferral of payments but total payments are substantially the same, will account for the concession as if no change has been made to the original lease . |
Mack-Cali Realty LP [Member] | |
Significant Accounting Policies [Line Items] | |
Rental Property | Rental Property Rental properties are stated at cost less accumulated depreciation and amortization. Costs directly related to the acquisition, development and construction of rental properties are capitalized. The Company adopted Financial Accounting Standards Board (“FASB”) guidance Accounting Standards Update (“ASU”) 2017-01 on January 1, 2017, which revises the definition of a business and is expected to result in more transactions to be accounted for as asset acquisitions and significantly limit transactions that would be accounted for as business combinations. Where an acquisition has been determined to be an asset acquisition, acquisition-related costs are capitalized. Capitalized development and construction costs include pre-construction costs essential to the development of the property, development and construction costs, interest, property taxes, insurance, salaries and other project costs incurred during the period of development. Capitalized development and construction salaries and related costs approximated $ 0.4 million and $ 0.5 million for the three months ended September 30, 2020 and 2019, respectively, and $ 1.3 million and $ 1.6 million for the nine months ended September 30, 2020 and 2019, respectively. Ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. Fully-depreciated assets are removed from the accounts. Included in net investment in rental property as of September 30, 2020 and December 31, 2019 is real estate and building and tenant improvements not in service, as follows (dollars in thousands) : September 30, December 31, 2020 2019 Land held for development (including pre-development costs, if any) (a)(c) $ 356,017 $ 388,702 Development and construction in progress, including land (b)(d) 683,303 464,110 Total $ 1,039,320 $ 852,812 (a) Includes predevelopment and infrastructure costs included in buildings and improvements of $ 147.7 million and $ 156.5 million as of September 30, 2020 and December 31, 2019, respectively. (b) Includes land of $ 84.0 million and $ 96.6 million as of September 30, 2020 and December 31, 2019, respectively. (c) Includes $ 35.5 million of land and $ 9.7 million of building and improvements pertaining to assets held for sale at September 30, 2020 (d) Includes $ 0.5 million of land and $ 1.0 million of building and improvements pertaining to assets held for sale at September 30, 2020 The Company considers a construction project as substantially completed and held available for occupancy upon the substantial completion of improvements, but no later than one year from cessation of major construction activity (as distinguished from activities such as routine maintenance and cleanup). If portions of a rental project are substantially completed and occupied by tenants or residents, or held available for occupancy, and other portions have not yet reached that stage, the substantially completed portions are accounted for as a separate project. The Company allocates costs incurred between the portions under construction and the portions substantially completed and held available for occupancy, primarily based on a percentage of the relative commercial square footage or multi-family units of each portion, and capitalizes only those costs associated with the portion under construction. Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: Leasehold interests Remaining lease term Buildings and improvements 5 to 40 years Tenant improvements The shorter of the term of the related lease or useful life Furniture, fixtures and equipment 5 to 10 years Upon acquisition of rental property, the Company estimates the fair value of acquired tangible assets, consisting of land, building and improvements, and identified intangible assets and liabilities assumed, generally consisting of the fair value of (i) above and below-market leases, (ii) in-place leases and (iii) tenant relationships. For asset acquisitions, the Company allocates the purchase price to the assets acquired and liabilities assumed based on their relative fair values. The Company records goodwill or a gain on bargain purchase (if any) if the net assets acquired/liabilities assumed differ from the purchase consideration of a business combination transaction. In estimating the fair value of the tangible and intangible assets acquired, the Company considers information obtained about each property as a result of its due diligence and marketing and leasing activities, and utilizes various valuation methods, such as estimated cash flow projections utilizing appropriate discount and capitalization rates, estimates of replacement costs net of depreciation, and available market information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The capitalized above-market lease values are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. Other intangible assets acquired include amounts for in-place lease values and tenant relationship values, which are based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the respective tenant. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. Characteristics considered by management in valuing tenant relationships include the nature and extent of the Company’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals. The values of in-place leases are amortized to expense over the remaining initial terms of the respective leases. The values of tenant relationship intangibles are amortized to expense over the anticipated life of the relationships or leases. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s rental properties held for use may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment. The criteria considered by management, depending on the type of property, may include reviewing low leased percentages, significant near-term lease expirations, current and historical operating and/or cash flow losses, construction cost overruns and/or other factors, including those that might impact the Company’s intent and ability to hold the property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the property over its estimated holding period is less than the carrying value of the property. If there are different possible scenarios for a property, the Company will take a probability-weighted approach to estimating future cash flow scenarios. To the extent impairment has occurred, the impairment loss is measured as the excess of the carrying value of the property over the fair value of the property. The Company’s estimates of aggregate future and stabilized cash flows expected to be generated and estimated fair values for each property are based on a number of assumptions, including, but not limited to, estimated holding periods, market capitalization rates and discount rates, if applicable. For developable land holdings, an estimated per-unit market value assumption is also considered based on development rights for the land. These assumptions are generally based on management’s experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, food, beverage and lodging demands, and costs to operate each property. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved, and actual losses or impairments may be realized in the future. |
Real Estate Held For Sale And Discontinued Operations | Real Estate Held for Sale and Discontinued Operations When assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the sales price, net of selling costs, of such assets. The Company generally considers assets (as identified by their disposal groups) to be held for sale when the transaction has received appropriate corporate authority, it is probable to be sold within the following 12 months, and there are no significant contingencies relating to a sale. If, in management’s opinion, the estimated net sales price, net of selling costs, of the disposal groups which have been identified as held for sale is less than the carrying value of the assets, a valuation allowance (which is recorded as unrealized losses on disposition of rental property) is established. In the absence of an executed sales agreement with a set sales price, management’s estimate of the net sales price may be based on a number of assumptions, including but not limited to the Company’s estimates of future and stabilized cash flows, market capitalization rates and discount rates, if applicable. For developable land holdings, an estimated per-unit market value assumption is also considered based on development rights for the land. In addition, the Company classifies assets held for sale or sold as discontinued operations if the disposal groups represent a strategic shift that will have a major effect on the Company’s operations and financial results. For any disposals qualifying as discontinued operations, the assets and their results are presented in discontinued operations in the financial statements for all periods presented. See Note 7: Discontinued Operations. If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell an asset previously classified as held for sale, the asset is reclassified as held and used. An asset that is reclassified is measured and recorded individually at the lower of (a) its carrying value before the asset was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the asset been continuously classified as held and used, or (b) the fair value at the date of the subsequent decision not to sell. |
Investments In Unconsolidated Joint Ventures | Investments in Unconsolidated Joint Ventures The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. The Company applies the equity method by initially recording these investments at cost, as Investments in Unconsolidated Joint Ventures, subsequently adjusted for equity in earnings and cash contributions and distributions. The outside basis portion of the Company’s joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Generally, the Company would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Company has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Company only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses. If the venture subsequently makes distributions and the Company does not have an implied or actual commitment to support the operations of the venture, the Company will not record a basis less than zero, rather such amounts will be recorded as equity in earnings of unconsolidated joint ventures. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying value of the investment over the value of the investment. The Company’s estimates of value for each investment (particularly in real estate joint ventures) are based on a number of assumptions including but not limited to estimates of future and stabilized cash flows, market capitalization rates and discount rates, if applicable. These assumptions are based on management's experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the values estimated by management in its impairment analyses may not be realized, and actual losses or impairment may be realized in the future . See Note 4: Investments in Unconsolidated Joint Ventures. |
Cash And Cash Equivalents | Cash and Cash Equivalents All highly liquid investments with an original maturity of three months or less when purchased are considered to be cash equivalents. |
Deferred Financing Costs | Deferred Financing Costs Costs incurred in obtaining financing are capitalized and amortized over the term of the related indebtedness. Deferred financing costs are presented in the balance sheet as a direct deduction from the carrying value of the debt liability to which they relate, except deferred financing costs related to the revolving credit facility, which are presented in deferred charges, goodwill and other assets. In all cases, amortization of such costs is included in interest expense and was $ 1,074,000 and $ 1,121,000 for the three months ended September 30, 2020 and 2019, respectively, $ 3,158,000 and $ 3,478,000 for the nine months ended September 30, 2020 and 2019, respectively. If a financing obligation is extinguished early, any unamortized deferred financing costs are written off and included in gains (losses) from extinguishment of debt. The gains (losses) from extinguishment of debt, net, of zero and $( 0.1 ) million for the three months ended September 30, 2020 and 2019, respectively, contained unamortized deferred financing costs which were written off (as non-cash transactions) amounting to zero and $ 285,000 , respectively. Included in the gains (losses) from extinguishment of debt, net, of zero and $ 1.8 million for the nine months ended September 30, 2020 and 2019, respectively, were unamortized deferred financing costs which were written off (as non-cash transactions) amounting to zero and $ 285,000 , respectively. |
Deferred Leasing Costs/Leasing Personnel Costs | Deferred Leasing Costs/Leasing Personnel Costs Costs incurred in connection with successfully executed commercial and residential leases were capitalized and amortized on a straight-line basis over the terms of the related leases and included in depreciation and amortization. Unamortized deferred leasing costs were charged to amortization expense upon early termination of the lease. Certain employees of the Company are compensated for providing leasing services to the Properties. Upon the adoption of ASC 842 on January 1, 2019, the Company no longer capitalizes such costs, and includes such leasing personnel costs in General and administrative expense in the Company’s Consolidated Statements of Operations, which amounted to $ 2,128,000 and $ 534,000 for the three months ended September 30, 2020 and 2019, respectively, and $ 3,829,000 and $ 1,818,000 for the nine months ended September 30, 2020 and 2019, respectively. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Goodwill is allocated to various reporting units, as applicable. Each of the Company’s segments consists of a reporting unit. Goodwill is not amortized. Management performs an annual impairment test for goodwill during the fourth quarter and between annual tests, management evaluates the recoverability of goodwill whenever events or changes in circumstances indicate that the carrying value of goodwill may not be fully recoverable. In its impairment tests of goodwill, management first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If, based on this assessment, management determines that the fair value of the reporting unit is not less than its carrying value, then performing the additional two-step impairment test is unnecessary. If the carrying value of goodwill exceeds its fair value, an impairment charge is recognized. |
Derivative Instruments | Derivative Instruments The Company measures derivative instruments, including certain derivative instruments embedded in other contracts, at fair value and records them as an asset or liability, depending on the Company’s rights or obligations under the applicable derivative contract. For derivatives designated and qualifying as fair value hedges, the changes in the fair value of both the derivative instrument and the hedged item are recorded in earnings. For derivatives designated as cash flow hedges, the effective portions of the derivative are reported in other comprehensive income (“OCI”) and are subsequently reclassified into earnings when the hedged item affects earnings. Changes in fair value of derivative instruments not designated as hedging and ineffective portions of hedges are recognized in earnings in the affected period. |
Revenue Recognition | Revenue Recognition Revenue from leases includes fixed base rents under leases, which are recognized on a straight-line basis over the terms of the respective leases. Unbilled rents receivable represents the cumulative amount by which straight-line rental revenue exceeds rents currently billed in accordance with the lease agreements. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed-rate renewal options for below-market leases. The capitalized above-market lease values for acquired properties are amortized as a reduction of revenue from leases over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to revenue from leases over the remaining initial terms plus the terms of any below-market fixed-rate renewal options of the respective leases. The Company elected a practical expedient for its rental properties (as lessor) to avoid separating non-lease components that otherwise would need to be accounted for under the recently-adopted revenue accounting guidance (such as tenant reimbursements of property operating expenses) from the associated lease component since (1) the non-lease components have the same timing and pattern of transfer as the associated lease component and (2) the lease component, if accounted for separately, would be classified as an operating lease; this enables the Company to account for the combination of the lease component and non-lease components as an operating lease since the lease component is the predominant component of the combined components. Due to the Company’s adoption of the practical expedient discussed above to not separate non-lease component revenue from the associated lease component, the Company is aggregating revenue from its lease components and non-lease components (comprised predominantly of tenant operating expense reimbursements) into the line entitled “Revenue from leases.” Revenue from leases also includes reimbursements and recoveries from tenants received from tenants for certain costs as provided in the lease agreements. These costs generally include real estate taxes, utilities, insurance, common area maintenance and other recoverable costs. See Note 14: Tenant Leases. Real estate services revenue includes property management, development, construction and leasing commission fees and other services, and payroll and related costs reimbursed from clients. Fee income derived from the Company’s unconsolidated joint ventures (which are capitalized by such ventures) are recognized to the extent attributable to the unaffiliated ownership interests. Parking income is comprised of income from parking spaces leased to tenants and others. Hotel income includes all revenue generated from hotel properties. Other income includes income from tenants for additional services arranged for by the Company and income from tenants for early lease terminations. All bad debt expense is being recorded as a reduction of the corresponding revenue account starting on January 1, 2019. Management performs a detailed review of amounts due from tenants for collectability based on factors affecting the billings and status of individual tenants. The factors considered by management in determining which individual tenant’s revenues are affected include the age of the receivable, the tenant’s payment history, the nature of the charges, any communications regarding the charges and other related information. Management’s estimate of bad debt write-off’s requires management to exercise judgment about the timing, frequency and severity of collection losses, which affects the revenue recorded. |
Income And Other Taxes | Income and Other Taxes The General Partner has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “IRS Code”). As a REIT, the General Partner generally will not be subject to corporate federal income tax on net income that it currently distributes to its shareholders, provided that the General Partner satisfies certain organizational and operational requirements including the requirement to distribute at least 90 percent of its REIT taxable income (determined by excluding any net capital gains) to its shareholders. If and to the extent the General Partner retains and does not distribute any net capital gains, the General Partner will be required to pay federal, state and local taxes, as applicable, on such net capital gains at the rate applicable to capital gains of a corporation. The Operating Partnership is a partnership, and, as a result, all income and losses of the partnership are allocated to the partners for inclusion in their respective tax returns. Accordingly, no provision or benefit for income taxes has been made in the accompanying financial statements. The General Partner has elected to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (each a “TRS”). In general, a TRS of the General Partner may perform additional services for tenants of the Company and generally may engage in any real estate or non-real estate related business (except for the operation or management of health care facilities or lodging facilities or the providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal income tax. The General Partner has conducted business through its TRS entities for certain property management, development, construction and other related services, as well as to hold a joint venture interest in a hotel and other matters. The deferred tax asset balance at September 30, 2020 amounted to $ 18.5 million which has been fully reserved through a valuation allowance. New tax reform legislation enacted in late 2017 reduced the corporate tax rate to 21 percent, effective January 1, 2018. Consequently, the Company’s deferred tax assets were re-measured to reflect the reduction in the future U.S. corporate income tax rate as of the enactment date. As a result, the Company recorded a decrease related to its deferred tax assets of $ 5.3 million and a decrease to the associated valuation allowance of $ 5.3 million at December 31, 2017. If the General Partner fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate tax rates. The Company is subject to certain state and local taxes. Pursuant to the amended provisions related to uncertain tax provisions of ASC 740, Income Taxes, the Company recognized no material adjustments regarding its tax accounting treatment. The Company expects to recognize interest and penalties related to uncertain tax positions, if any, as income tax expense, which is included in general and administrative expense. In the normal course of business, the Company or one of its subsidiaries is subject to examination by federal, state and local jurisdictions in which it operates, where applicable. As of September 30, 2020, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are generally from the year 2015 forward. |
Earnings Per Share Or Unit | Earnings Per Share or Unit The Company presents both basic and diluted earnings per share or unit (“EPS or EPU”). Basic EPS or EPU excludes dilution and is computed by dividing net income available to common shareholders or unitholders by the weighted average number of shares or units outstanding for the period. Diluted EPS or EPU reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS or EPU from continuing operations amount. Shares or units whose issuance is contingent upon the satisfaction of certain conditions shall be considered outstanding and included in the computation of diluted EPS or EPU as follows (i) if all necessary conditions have been satisfied by the end of the period (the events have occurred), those shares or units shall be included as of the beginning of the period in which the conditions were satisfied (or as of the date of the grant, if later) or (ii) if all necessary conditions have not been satisfied by the end of the period, the number of contingently issuable shares or units included in diluted EPS or EPU shall be based on the number of shares or units, if any, that would be issuable if the end of the reporting period were the end of the contingency period (for example, the number of shares or units that would be issuable based on current period earnings or period-end market price) and if the result would be dilutive. Those contingently issuable shares or units shall be included in the denominator of diluted EPS or EPU as of the beginning of the period (or as of the date of the grant, if later). |
Dividends And Distributions Payable | Dividends and Distributions Payable On September 30, 2020, the Company announced that its Board of Directors was suspending its common dividends and distributions attributable to the third and fourth quarters 2020. As the Company’s management estimated that as of September 2020 it had satisfied its dividends obligations as a REIT on taxable income expected for 2020, the Board made the strategic decision to suspend its common dividends and distributions for the remainder of 2020 in an effort to provide greater financial flexibility during the pandemic and to retain incremental capital to support leasing initiatives at its Harborside commercial office properties on the Jersey City waterfront. The dividends and distributions payable at September 30, 2020 represent amounts payable on unvested LTIP units. The dividends and distributions payable at December 31, 2019 represents dividends payable to common shareholders ( 90,595,197 shares) and distributions payable to noncontrolling interests unitholders of the Operating Partnership ( 9,488,794 common units and 1,949,601 vested and unvested LTIP units) for all such holders of record as of January 3, 2020 with respect to the fourth quarter 2019. The fourth quarter 2019 common stock dividends and unit distributions of $ 0.20 per common share (total of $ 18.1 million), common unit (total of $ 1.9 million) and LTIP unit (total of $ 0.4 million) were approved by the General Partner’s Board of Directors on December 17, 2019 and paid on January 10, 2020 . |
Costs Incurred For Stock Issuances | Costs Incurred For Stock Issuances Costs incurred in connection with the Company’s stock issuances are reflected as a reduction of additional paid - in capital. |
Stock Compensation | Stock Compensation The Company accounts for stock compensation in accordance with the provisions of ASC 718, Compensation-Stock Compensation. These provisions require that the estimated fair value of restricted stock (“Restricted Stock Awards”), performance share units, long-term incentive plan awards and stock options at the grant date be amortized ratably into expense over the appropriate vesting period. For unvested securities that are forfeited prior to the measurement period being complete, the Company elected to account for forfeiture of employee awards as they occur. The Company recorded stock compensation expense of $ 723,000 and $ 1,980,000 for the three months ended September 30, 2020 and 2019, respectively, and $ 5,692,000 and $ 6,051,000 for the nine months ended September 30, 2020 and 2019, respectively. |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) Other comprehensive income (loss) includes items that are recorded in equity, such as effective portions of derivatives designated as cash flow hedges or unrealized holding gains or losses on marketable securities available for sale. |
Redeemable Noncontrolling Interests | Redeemable Noncontrolling Interests The Company evaluates the terms of the partnership units issued in accordance with the FASB’s Distinguishing Liabilities from Equity guidance. Units which embody an unconditional obligation requiring the Company to redeem the units for cash after a specified or determinable date (or dates) or upon the occurrence of an event that is not solely within the control of the issuer are determined to be contingently redeemable under this guidance and are included as Redeemable noncontrolling interests and classified within the mezzanine section between Total liabilities and Stockholders’ equity on the Company’s Consolidated Balance Sheets. The carrying amount of the redeemable noncontrolling interests will be changed by periodic accretions, so that the carrying amount will equal the estimated future redemption value at the redemption date. |
Fair Value Hierarchy | Fair Value Hierarchy The standard Fair Value Measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs). The following summarizes the fair value hierarchy: Level 1: Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices for identical assets and liabilities in markets that are inactive, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly, such as interest rates and yield curves that are observable at commonly quoted intervals and Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. |
Impact Of Recently-Issued Accounting Standards | Impact of Recently-Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (“ASU 2016-13”). The guidance introduces a new model for estimating credit losses for certain types of financial instruments, including trade and lease receivables, loans receivable, held-to-maturity debt securities, and net investments in direct financing leases, amongst other financial instruments. ASU 2016-13 also modifies the impairment model for available-for-sale debt securities and expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for losses. ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted. The adoption of ASU 2016-13 did not have a material impact on the Company’s consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”). The purpose of ASU 2017-12 is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The Company has adopted ASU 2017-12 on January 1, 2019. ASU 2017-12 requires a modified retrospective transition method which requires a cumulative effect of the change on the opening balance of each affected component of equity in the Company’s consolidated financial statements as of the date of adoption. Upon adoption the Company recorded a cumulative adjustment specifically related to the elimination of the requirement for separate measurement of hedge ineffectiveness. As a result, the Company recorded an opening balance adjustment as of January 1, 2019 to dividends in excess of net earnings of $ 0.4 million with a corresponding change to accumulated other comprehensive income (loss). In March 2020, the FASB issued ASU 2020-04 Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments provide practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance is optional and is effective between March 12, 2020 and December 31, 2022. The guidance may be elected over time as reference rate reform activities occur. The Company is currently in the process of evaluating the impact the adoption of ASU 2020-04 will have on the Company’s consolidated financial statements. In April 2020, the FASB issued a Staff Question-and-Answer (“Q&A”) to clarify whether lease concessions related to the effects of COVID-19 require the application of the lease modification guidance under the new lease standard, which was adopted on January 1, 2019. Under the new leasing standard, an entity would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant, which would be accounted for under the lease modification framework, or if the lease concession was under the enforceable rights and obligations that existed in the original lease, which would be accounted for outside the lease modification framework. The Q&A provides entities with the option to elect to account for lease concessions as though the enforceable rights and obligations existed in the original lease as long as the total cash flows from the modified lease are substantially similar to the cash flows in the original lease. The Company elected this option and therefore, to the extent that rent concession is granted as a deferral of payments but total payments are substantially the same, will account for the concession as if no change has been made to the original lease . |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Significant Accounting Policies [Line Items] | |
Schedule Of Rental Property Improvements | September 30, December 31, 2020 2019 Land held for development (including pre-development costs, if any) (a)(c) $ 356,017 $ 388,702 Development and construction in progress, including land (b)(d) 683,303 464,110 Total $ 1,039,320 $ 852,812 (a) Includes predevelopment and infrastructure costs included in buildings and improvements of $ 147.7 million and $ 156.5 million as of September 30, 2020 and December 31, 2019, respectively. (b) Includes land of $ 84.0 million and $ 96.6 million as of September 30, 2020 and December 31, 2019, respectively. (c) Includes $ 35.5 million of land and $ 9.7 million of building and improvements pertaining to assets held for sale at September 30, 2020 (d) Includes $ 0.5 million of land and $ 1.0 million of building and improvements pertaining to assets held for sale at September 30, 2020 |
Estimated Useful Lives Of Assets | Leasehold interests Remaining lease term Buildings and improvements 5 to 40 years Tenant improvements The shorter of the term of the related lease or useful life Furniture, fixtures and equipment 5 to 10 years |
Mack-Cali Realty LP [Member] | |
Significant Accounting Policies [Line Items] | |
Schedule Of Rental Property Improvements | September 30, December 31, 2020 2019 Land held for development (including pre-development costs, if any) (a)(c) $ 356,017 $ 388,702 Development and construction in progress, including land (b)(d) 683,303 464,110 Total $ 1,039,320 $ 852,812 (a) Includes predevelopment and infrastructure costs included in buildings and improvements of $ 147.7 million and $ 156.5 million as of September 30, 2020 and December 31, 2019, respectively. (b) Includes land of $ 84.0 million and $ 96.6 million as of September 30, 2020 and December 31, 2019, respectively. (c) Includes $ 35.5 million of land and $ 9.7 million of building and improvements pertaining to assets held for sale at September 30, 2020 (d) Includes $ 0.5 million of land and $ 1.0 million of building and improvements pertaining to assets held for sale at September 30, 2020 |
Estimated Useful Lives Of Assets | Leasehold interests Remaining lease term Buildings and improvements 5 to 40 years Tenant improvements The shorter of the term of the related lease or useful life Furniture, fixtures and equipment 5 to 10 years |
Recent Transactions (Tables)
Recent Transactions (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Real Estate Properties [Line Items] | |
Schedule Of Properties Which Commenced Initial Operations | Total In Service Property # of Development Date Property Location Type Apartment Units Costs Incurred 03/01/20 Emery at Overlook Ridge (a) Malden, MA Multi-Family 271 $ 78,539 Totals 271 $ 78,539 (a) The Emery at Overlook Ridge property consists of a total of 326 multi-family units. Of this amount, the remaining 55 multi-family units were placed in service in October 2020. |
Schedule Of Net Assets Recorded Upon Consolidation | Port Imperial North Retail L.L.C. Land and leasehold interests $ 4,305 Buildings and improvements and other assets, net 8,912 In-place lease values (a) 1,503 Above/Below market lease value, net (a) 313 Net assets recorded upon consolidation $ 15,033 (a) In-place and below market lease values are being amortized over a weighted-average term of 7.5 years. |
Schedule Of Real Estate Held For Sale/Discontinued Operations/Dispositions | Suburban Other Office Assets Portfolio (a) Held for Sale Total Land $ 104,884 $ 84,180 $ 189,064 Building & Other 862,486 40,290 902,776 Less: Accumulated depreciation ( 219,857 ) ( 7,991 ) ( 227,848 ) Less: Cumulative unrealized losses on property held for sale ( 105,448 ) ( 44,140 ) ( 149,588 ) Real estate held for sale, net $ 642,065 $ 72,339 $ 714,404 Suburban Other Office Assets Other assets and liabilities Portfolio (a) Held for Sale Total Unbilled rents receivable, net (b) $ 22,207 $ 2,048 $ 24,255 Deferred charges, net (b) 21,536 773 22,309 Total intangibles, net (b) 26,208 - 26,208 Total deferred charges & other assets, net 50,413 789 51,202 Mortgages & loans payable, net (b) 123,738 - 123,738 Total below market liability (b) 7,092 - 7,092 Accounts payable, accrued exp & other liability 20,564 255 20,819 Unearned rents/deferred rental income (b) 4,565 203 4,768 (a) Classified as discontinued operations at September 30, 2020 for all periods presented. See Note 7: Discontinued Operations. (b) Expected to be removed with the completion of the sales. |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |
Real Estate Properties [Line Items] | |
Schedule Of Disposed Properties | The Company disposed of the following office properties during the nine months ended September 30, 2020 (dollars in thousands) : Discontinued Operations: Realized Realized Gains Gains Rentable Net Net (losses)/ (losses)/ Disposition # of Square Property Sales Carrying Unrealized Unrealized Date Property/Address Location Bldgs. Feet/Units Type Proceeds Value Losses, net Losses, net 03/17/20 One Bridge Plaza Fort Lee, New Jersey 1 200,000 Office $ 35,065 $ 17,743 $ - $ 17,322 07/22/20 3 Giralda Farms (a) Madison, New Jersey 1 141,000 Office 7,510 9,534 - ( 2,024 ) 09/15/20 Morris portfolio (b) Parsippany and Madison, New Jersey 10 1,448,420 Office 155,116 175,772 - ( 20,656 ) 09/18/20 325 Columbia Turnpike Florham Park, New Jersey 1 168,144 Office 24,276 8,020 - 16,256 09/24/20 9 Campus Drive (c) Parsippany, New Jersey 1 156,945 Office 20,678 22,162 - ( 1,484 ) Sub-total 14 2,114,509 242,645 233,231 - 9,414 Unrealized losses on real estate held for sale ( 7,915 ) ( 33,314 ) Totals 14 2,114,509 $ 242,645 $ 233,231 $ ( 7,915 ) $ ( 23,900 ) (a) The Company recorded valuation allowances of $ 2.0 million on the property while it was held for sale during the nine months ended September 30, 2020 and of $ 16.7 million during the year ended December 31, 2019. (b) The Company recorded valuation allowances of $ 21.6 million on the properties while they were held for sale during the nine months ended September 30, 2020 and of $ 32.5 million during the year ended December 31, 2019. (c) The Company recorded a valuation allowance of $ 3.5 million on this property during the year ended December 31, 2019. The Company disposed of the following developable land holdings during the nine months ended September 30, 2020 (dollars in thousands): Realized Gains Net Net (losses)/ Disposition Sales Carrying Unrealized Date Property Address Location Proceeds Value Losses, net 01/03/20 230 & 250 Half Mile Road Middletown, New Jersey $ 7,018 $ 2,969 $ 4,049 03/27/20 Capital Office Park land Greenbelt, Maryland 8,974 8,210 764 Totals $ 15,992 $ 11,179 $ 4,813 |
Mack-Cali Realty LP [Member] | |
Real Estate Properties [Line Items] | |
Schedule Of Properties Which Commenced Initial Operations | Total In Service Property # of Development Date Property Location Type Apartment Units Costs Incurred 03/01/20 Emery at Overlook Ridge (a) Malden, MA Multi-Family 271 $ 78,539 Totals 271 $ 78,539 (a) The Emery at Overlook Ridge property consists of a total of 326 multi-family units. Of this amount, the remaining 55 multi-family units were placed in service in October 2020. |
Schedule Of Net Assets Recorded Upon Consolidation | Port Imperial North Retail L.L.C. Land and leasehold interests $ 4,305 Buildings and improvements and other assets, net 8,912 In-place lease values (a) 1,503 Above/Below market lease value, net (a) 313 Net assets recorded upon consolidation $ 15,033 (a) In-place and below market lease values are being amortized over a weighted-average term of 7.5 years. |
Schedule Of Real Estate Held For Sale/Discontinued Operations/Dispositions | Suburban Other Office Assets Portfolio (a) Held for Sale Total Land $ 104,884 $ 84,180 $ 189,064 Building & Other 862,486 40,290 902,776 Less: Accumulated depreciation ( 219,857 ) ( 7,991 ) ( 227,848 ) Less: Cumulative unrealized losses on property held for sale ( 105,448 ) ( 44,140 ) ( 149,588 ) Real estate held for sale, net $ 642,065 $ 72,339 $ 714,404 Suburban Other Office Assets Other assets and liabilities Portfolio (a) Held for Sale Total Unbilled rents receivable, net (b) $ 22,207 $ 2,048 $ 24,255 Deferred charges, net (b) 21,536 773 22,309 Total intangibles, net (b) 26,208 - 26,208 Total deferred charges & other assets, net 50,413 789 51,202 Mortgages & loans payable, net (b) 123,738 - 123,738 Total below market liability (b) 7,092 - 7,092 Accounts payable, accrued exp & other liability 20,564 255 20,819 Unearned rents/deferred rental income (b) 4,565 203 4,768 (a) Classified as discontinued operations at September 30, 2020 for all periods presented. See Note 7: Discontinued Operations. (b) Expected to be removed with the completion of the sales. |
Mack-Cali Realty LP [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |
Real Estate Properties [Line Items] | |
Schedule Of Disposed Properties | The Company disposed of the following office properties during the nine months ended September 30, 2020 (dollars in thousands) : Discontinued Operations: Realized Realized Gains Gains Rentable Net Net (losses)/ (losses)/ Disposition # of Square Property Sales Carrying Unrealized Unrealized Date Property/Address Location Bldgs. Feet/Units Type Proceeds Value Losses, net Losses, net 03/17/20 One Bridge Plaza Fort Lee, New Jersey 1 200,000 Office $ 35,065 $ 17,743 $ - $ 17,322 07/22/20 3 Giralda Farms (a) Madison, New Jersey 1 141,000 Office 7,510 9,534 - ( 2,024 ) 09/15/20 Morris portfolio (b) Parsippany and Madison, New Jersey 10 1,448,420 Office 155,116 175,772 - ( 20,656 ) 09/18/20 325 Columbia Turnpike Florham Park, New Jersey 1 168,144 Office 24,276 8,020 - 16,256 09/24/20 9 Campus Drive (c) Parsippany, New Jersey 1 156,945 Office 20,678 22,162 - ( 1,484 ) Sub-total 14 2,114,509 242,645 233,231 - 9,414 Unrealized losses on real estate held for sale ( 7,915 ) ( 33,314 ) Totals 14 2,114,509 $ 242,645 $ 233,231 $ ( 7,915 ) $ ( 23,900 ) (a) The Company recorded valuation allowances of $ 2.0 million on the property while it was held for sale during the nine months ended September 30, 2020 and of $ 16.7 million during the year ended December 31, 2019. (b) The Company recorded valuation allowances of $ 21.6 million on the properties while they were held for sale during the nine months ended September 30, 2020 and of $ 32.5 million during the year ended December 31, 2019. (c) The Company recorded a valuation allowance of $ 3.5 million on this property during the year ended December 31, 2019. The Company disposed of the following developable land holdings during the nine months ended September 30, 2020 (dollars in thousands): Realized Gains Net Net (losses)/ Disposition Sales Carrying Unrealized Date Property Address Location Proceeds Value Losses, net 01/03/20 230 & 250 Half Mile Road Middletown, New Jersey $ 7,018 $ 2,969 $ 4,049 03/27/20 Capital Office Park land Greenbelt, Maryland 8,974 8,210 764 Totals $ 15,992 $ 11,179 $ 4,813 |
Investments In Unconsolidated_2
Investments In Unconsolidated Joint Ventures (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Investments In Unconsolidated Joint Ventures [Line Items] | |
Summary Of Unconsolidated Joint Ventures | Property Debt Number of Company's Carrying Value As of September 30, 2020 Apartment Units Effective September 30, December 31, Maturity Interest Entity / Property Name or Rentable SF Ownership % (a) 2020 2019 Balance Date Rate Multi-family Metropolitan and Lofts at 40 Park (b) (c) 189 units 25.00 % $ 3,746 $ 7,257 $ 60,767 (d) (d) RiverTrace at Port Imperial 316 units 22.50 % 6,808 7,463 82,000 11/10/26 3.21 % Crystal House (e) 825 units 25.00 % 26,844 28,823 161,500 07/01/27 L+2.72 % PI North - Riverwalk C (f) 360 units 40.00 % 35,946 35,527 63,628 12/06/21 L+2.75 % Riverpark at Harrison (g) 141 units 45.00 % 787 1,015 30,192 07/01/35 3.19 % Station House 378 units 50.00 % 33,860 35,676 95,576 07/01/33 4.82 % Urby at Harborside (h) 762 units 85.00 % 74,847 79,790 192,000 08/01/29 5.197 % PI North - Land (b) (i) 836 potential units 20.00 % 1,678 1,678 - - - Liberty Landing 850 potential units 50.00 % 337 337 - - - Hillsborough 206 160,000 sf 50.00 % 1,962 1,962 - - - Office 12 Vreeland Road 139,750 sf 50.00 % 4,196 3,846 (j) 5,008 07/01/23 2.87 % Offices at Crystal Lake 106,345 sf 31.25 % 3,668 3,521 2,733 11/01/23 4.76 % Other Riverwalk Retail (k) 30,745 sf 20.00 % - 1,467 - - - Hyatt Regency Hotel Jersey City 351 rooms 50.00 % - - 100,000 10/01/26 3.668 % Other (l) 100 729 - - - Totals: $ 194,779 $ 209,091 $ 793,404 (a) Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable. (b) The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the Company is not expected to meaningfully participate in the venture's cash flows in the near term. (c) Through the joint venture, the Company also owns a 25 percent interest in a 50,973 square feet retail building ("Shops at 40 Park") and a 50 percent interest in a 59 -unit, five story multi-family rental property ("Lofts at 40 Park"). (d) Property debt balance consists of: (i) an interest only loan, collateralized by the Metropolitan at 40 Park, refinanced on September 18, 2020, with a balance of $ 36,500 , bears interest at LIBOR + 2.85 percent, matures in October 2023 ; (ii) an amortizable loan, collateralized by the Shops at 40 Park, with a balance of $ 6,067 , bears interest at LIBOR + 2.25 percent and matures in October 2021 ; (iii) an interest only loan, collateralized by the Lofts at 40 Park, with a balance of $ 18,200 , which bears interest at LIBOR + 1.5 percent and matures in January 2023 . (e) Included in this is the Company's unconsolidated 50 percent interest in a vacant land to accommodate the development of approximately 738 additional approved units. On June 26, 2020, the loan was refinanced with a borrowing amount of $ 161,500 . (f) The venture has a construction loan with a maximum borrowing amount of $ 112,000 , of which the Company has guaranteed 10 percent of the principal outstanding. (g) On June 10, 2020, the loan was refinanced with a borrowing amount of $ 30,192 . (h) The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines. (i) The Company owns a 20 percent residual interest in undeveloped land parcels: parcels 6, I, and J that can accommodate the development of 836 apartment units. The Company has guaranteed $ 22 million of the principal outstanding debt. (j) At December 31, 2019, the Company evaluated the recoverability of the carrying value of certain investments in unconsolidated joint venture, being considered for sale in the short or medium term. The Company determined that due to tenant turnover, lease-up assumptions, along with the Company's plans to exit its investment, it was necessary to reduce the carrying value of the investment to its estimated fair value. Accordingly, the Company recorded an impairment charge of $ 3.7 million at December 31, 2019. (k) On March 12, 2020, the Company acquired its equity partner's 80 percent interest and increased ownership to 100 percent. See Note 3: Recent Transactions - Consolidation. (l) The Company owns other interests in various unconsolidated joint ventures, including interests in assets previously owned and interest in ventures whose businesses are related to its core operations. These ventures are not expected to significantly impact the Company's operations in the near term. |
Summary Of Company's Equity In Earnings (Loss) Of Unconsolidated Joint Ventures | Three Months Ended Nine Months Ended September 30, September 30, Entity / Property Name 2020 2019 2020 2019 Multi-family Metropolitan at 40 Park $ ( 276 ) $ ( 135 ) $ ( 611 ) $ ( 333 ) RiverTrace at Port Imperial ( 3 ) 47 130 137 Crystal House ( 257 ) ( 117 ) ( 598 ) ( 526 ) PI North - Riverwalk C / Land ( 102 ) ( 79 ) ( 340 ) ( 211 ) Marbella II (b) - - - ( 15 ) Riverpark at Harrison ( 62 ) ( 34 ) ( 186 ) ( 159 ) Station House ( 677 ) ( 392 ) ( 1,816 ) ( 1,486 ) Urby at Harborside 1,924 (c) ( 240 ) 1,915 (c) ( 989 ) Liberty Landing - - - - Hillsborough 206 - - - - Office Red Bank (d) - - - 8 12 Vreeland Road 92 125 350 282 Offices at Crystal Lake 72 36 147 65 Other Riverwalk Retail (e) - ( 21 ) ( 11 ) ( 63 ) Hyatt Regency Hotel Jersey City 412 750 363 2,388 Other 250 ( 53 ) 376 20 Company's equity in earnings (loss) of unconsolidated joint ventures (a) $ 1,373 $ ( 113 ) $ ( 281 ) $ ( 882 ) (a) Amounts are net of amortization of basis differences of $ 143 and $ 156 for the three months ended September 30, 2020 and 2019, respectively. (b) On January 31, 2019, the Company acquired one of its equity partner's 50 percent interest and as a result, increased its ownership from 24.27 percent subordinated interest to 74.27 percent controlling interest, and ceased applying the equity method of accounting at such time. (c) Includes $ 2.6 million of the Company's share of the venture's income from its sale of an economic urban tax credit certificate from the State of New Jersey to a third party. The venture has an agreement to sell tax credits to a third party over the next seven years for $ 3 million per year for a total of $ 21 million. The sales are subject to the venture obtaining the tax credits from the State of New Jersey each year and transferring the tax credit certificate to the buyer each year. (d) On February 28, 2019, the Company sold its 50 percent interest to its partner and realized a gain of $ 0.9 million. (e) On March 12, 2020, the Company acquired its equity partner's 80 percent interest and increased ownership to 100 percent. See Note 3: Recent Transactions - Consolidation. |
Mack-Cali Realty LP [Member] | |
Investments In Unconsolidated Joint Ventures [Line Items] | |
Summary Of Unconsolidated Joint Ventures | Property Debt Number of Company's Carrying Value As of September 30, 2020 Apartment Units Effective September 30, December 31, Maturity Interest Entity / Property Name or Rentable SF Ownership % (a) 2020 2019 Balance Date Rate Multi-family Metropolitan and Lofts at 40 Park (b) (c) 189 units 25.00 % $ 3,746 $ 7,257 $ 60,767 (d) (d) RiverTrace at Port Imperial 316 units 22.50 % 6,808 7,463 82,000 11/10/26 3.21 % Crystal House (e) 825 units 25.00 % 26,844 28,823 161,500 07/01/27 L+2.72 % PI North - Riverwalk C (f) 360 units 40.00 % 35,946 35,527 63,628 12/06/21 L+2.75 % Riverpark at Harrison (g) 141 units 45.00 % 787 1,015 30,192 07/01/35 3.19 % Station House 378 units 50.00 % 33,860 35,676 95,576 07/01/33 4.82 % Urby at Harborside (h) 762 units 85.00 % 74,847 79,790 192,000 08/01/29 5.197 % PI North - Land (b) (i) 836 potential units 20.00 % 1,678 1,678 - - - Liberty Landing 850 potential units 50.00 % 337 337 - - - Hillsborough 206 160,000 sf 50.00 % 1,962 1,962 - - - Office 12 Vreeland Road 139,750 sf 50.00 % 4,196 3,846 (j) 5,008 07/01/23 2.87 % Offices at Crystal Lake 106,345 sf 31.25 % 3,668 3,521 2,733 11/01/23 4.76 % Other Riverwalk Retail (k) 30,745 sf 20.00 % - 1,467 - - - Hyatt Regency Hotel Jersey City 351 rooms 50.00 % - - 100,000 10/01/26 3.668 % Other (l) 100 729 - - - Totals: $ 194,779 $ 209,091 $ 793,404 (a) Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable. (b) The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the Company is not expected to meaningfully participate in the venture's cash flows in the near term. (c) Through the joint venture, the Company also owns a 25 percent interest in a 50,973 square feet retail building ("Shops at 40 Park") and a 50 percent interest in a 59 -unit, five story multi-family rental property ("Lofts at 40 Park"). (d) Property debt balance consists of: (i) an interest only loan, collateralized by the Metropolitan at 40 Park, refinanced on September 18, 2020, with a balance of $ 36,500 , bears interest at LIBOR + 2.85 percent, matures in October 2023 ; (ii) an amortizable loan, collateralized by the Shops at 40 Park, with a balance of $ 6,067 , bears interest at LIBOR + 2.25 percent and matures in October 2021 ; (iii) an interest only loan, collateralized by the Lofts at 40 Park, with a balance of $ 18,200 , which bears interest at LIBOR + 1.5 percent and matures in January 2023 . (e) Included in this is the Company's unconsolidated 50 percent interest in a vacant land to accommodate the development of approximately 738 additional approved units. On June 26, 2020, the loan was refinanced with a borrowing amount of $ 161,500 . (f) The venture has a construction loan with a maximum borrowing amount of $ 112,000 , of which the Company has guaranteed 10 percent of the principal outstanding. (g) On June 10, 2020, the loan was refinanced with a borrowing amount of $ 30,192 . (h) The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines. (i) The Company owns a 20 percent residual interest in undeveloped land parcels: parcels 6, I, and J that can accommodate the development of 836 apartment units. The Company has guaranteed $ 22 million of the principal outstanding debt. (j) At December 31, 2019, the Company evaluated the recoverability of the carrying value of certain investments in unconsolidated joint venture, being considered for sale in the short or medium term. The Company determined that due to tenant turnover, lease-up assumptions, along with the Company's plans to exit its investment, it was necessary to reduce the carrying value of the investment to its estimated fair value. Accordingly, the Company recorded an impairment charge of $ 3.7 million at December 31, 2019. (k) On March 12, 2020, the Company acquired its equity partner's 80 percent interest and increased ownership to 100 percent. See Note 3: Recent Transactions - Consolidation. (l) The Company owns other interests in various unconsolidated joint ventures, including interests in assets previously owned and interest in ventures whose businesses are related to its core operations. These ventures are not expected to significantly impact the Company's operations in the near term. |
Summary Of Company's Equity In Earnings (Loss) Of Unconsolidated Joint Ventures | Three Months Ended Nine Months Ended September 30, September 30, Entity / Property Name 2020 2019 2020 2019 Multi-family Metropolitan at 40 Park $ ( 276 ) $ ( 135 ) $ ( 611 ) $ ( 333 ) RiverTrace at Port Imperial ( 3 ) 47 130 137 Crystal House ( 257 ) ( 117 ) ( 598 ) ( 526 ) PI North - Riverwalk C / Land ( 102 ) ( 79 ) ( 340 ) ( 211 ) Marbella II (b) - - - ( 15 ) Riverpark at Harrison ( 62 ) ( 34 ) ( 186 ) ( 159 ) Station House ( 677 ) ( 392 ) ( 1,816 ) ( 1,486 ) Urby at Harborside 1,924 (c) ( 240 ) 1,915 (c) ( 989 ) Liberty Landing - - - - Hillsborough 206 - - - - Office Red Bank (d) - - - 8 12 Vreeland Road 92 125 350 282 Offices at Crystal Lake 72 36 147 65 Other Riverwalk Retail (e) - ( 21 ) ( 11 ) ( 63 ) Hyatt Regency Hotel Jersey City 412 750 363 2,388 Other 250 ( 53 ) 376 20 Company's equity in earnings (loss) of unconsolidated joint ventures (a) $ 1,373 $ ( 113 ) $ ( 281 ) $ ( 882 ) (a) Amounts are net of amortization of basis differences of $ 143 and $ 156 for the three months ended September 30, 2020 and 2019, respectively. (b) On January 31, 2019, the Company acquired one of its equity partner's 50 percent interest and as a result, increased its ownership from 24.27 percent subordinated interest to 74.27 percent controlling interest, and ceased applying the equity method of accounting at such time. (c) Includes $ 2.6 million of the Company's share of the venture's income from its sale of an economic urban tax credit certificate from the State of New Jersey to a third party. The venture has an agreement to sell tax credits to a third party over the next seven years for $ 3 million per year for a total of $ 21 million. The sales are subject to the venture obtaining the tax credits from the State of New Jersey each year and transferring the tax credit certificate to the buyer each year. (d) On February 28, 2019, the Company sold its 50 percent interest to its partner and realized a gain of $ 0.9 million. (e) On March 12, 2020, the Company acquired its equity partner's 80 percent interest and increased ownership to 100 percent. See Note 3: Recent Transactions - Consolidation. |
Deferred Charges, Goodwill An_2
Deferred Charges, Goodwill And Other Assets, Net (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Schedule Of Deferred Charges, Goodwill And Other Assets | September 30, December 31, (dollars in thousands) 2020 2019 Deferred leasing costs $ 118,496 $ 142,424 Deferred financing costs - unsecured revolving credit facility (a) 5,559 5,559 124,055 147,983 Accumulated amortization ( 51,815 ) ( 59,522 ) Deferred charges, net 72,240 88,461 Notes receivable (b) 1,292 1,625 In-place lease values, related intangibles and other assets, net 72,665 86,092 Goodwill (c) 2,945 2,945 Right of use assets (d) 22,604 22,604 Prepaid expenses and other assets, net (e) 48,448 73,375 Total deferred charges, goodwill and other assets, net (f) $ 220,194 $ 275,102 (a) Deferred financing costs related to all other debt liabilities (other than for the unsecured revolving credit facility) are netted against those debt liabilities for all periods presented. See Note 2: Significant Accounting Policies – Deferred Financing Costs. (b) Includes as of September 30, 2020 and December 31, 2019, respectively, an interest-free note receivable with a net present value of $ 1.3 million and $ 1.6 million which matures in April 2023 . The Company believes this balance is fully collectible. (c) All goodwill is attributable to the Company’s Multi-family Real Estate and Services segment. (d) Balance recorded starting in 2019, pursuant to the Company’s adoption of ASU 2016-02 (Topic 842). This amount has a corresponding liability of $ 23.8 million, which is included in Accounts payable, accrued expense and other liabilities. See Note 13: Commitments and Contingencies – Ground Lease agreements for further details. (e) Includes as of September 30, 2020 and December 31, 2019, zero and $ 28.1 million, respectively, of funds available with the Company’s qualified intermediary. (f) Includes as of September 30, 2020 and December 31, 2019, $ 50.4 million and $ 68.6 million, respectively, for properties classified as discontinued operations. |
Schedule Of Cash Flow Hedging, Derivative Financial Instruments On The Income Statement | Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI on Derivative Location of Gain or (Loss) Reclassified from Accumulated OCI into Income Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative and Reclassification for Forecasted Transactions No Longer Probable of Occurring) Total Amount of Interest Expense presented in the consolidated statements 2020 2019 2020 2019 2020 2019 2020 2019 Three months ended September 30, Interest rate swaps $ - $ ( 195 ) Interest expense $ - $ 551 Interest and other investment income (loss) $ - $ 132 $ ( 20,265 ) $ ( 22,129 ) Nine months ended September 30, Interest rate swaps $ - $ ( 4,608 ) Interest expense $ 16 $ 3,419 $ - $ 1,926 $ ( 61,795 ) $ ( 67,817 ) |
Mack-Cali Realty LP [Member] | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Schedule Of Deferred Charges, Goodwill And Other Assets | September 30, December 31, (dollars in thousands) 2020 2019 Deferred leasing costs $ 118,496 $ 142,424 Deferred financing costs - unsecured revolving credit facility (a) 5,559 5,559 124,055 147,983 Accumulated amortization ( 51,815 ) ( 59,522 ) Deferred charges, net 72,240 88,461 Notes receivable (b) 1,292 1,625 In-place lease values, related intangibles and other assets, net 72,665 86,092 Goodwill (c) 2,945 2,945 Right of use assets (d) 22,604 22,604 Prepaid expenses and other assets, net (e) 48,448 73,375 Total deferred charges, goodwill and other assets, net (f) $ 220,194 $ 275,102 (a) Deferred financing costs related to all other debt liabilities (other than for the unsecured revolving credit facility) are netted against those debt liabilities for all periods presented. See Note 2: Significant Accounting Policies – Deferred Financing Costs. (b) Includes as of September 30, 2020 and December 31, 2019, respectively, an interest-free note receivable with a net present value of $ 1.3 million and $ 1.6 million which matures in April 2023 . The Company believes this balance is fully collectible. (c) All goodwill is attributable to the Company’s Multi-family Real Estate and Services segment. (d) Balance recorded starting in 2019, pursuant to the Company’s adoption of ASU 2016-02 (Topic 842). This amount has a corresponding liability of $ 23.8 million, which is included in Accounts payable, accrued expense and other liabilities. See Note 13: Commitments and Contingencies – Ground Lease agreements for further details. (e) Includes as of September 30, 2020 and December 31, 2019, zero and $ 28.1 million, respectively, of funds available with the Company’s qualified intermediary. (f) Includes as of September 30, 2020 and December 31, 2019, $ 50.4 million and $ 68.6 million, respectively, for properties classified as discontinued operations. |
Schedule Of Cash Flow Hedging, Derivative Financial Instruments On The Income Statement | Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI on Derivative Location of Gain or (Loss) Reclassified from Accumulated OCI into Income Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative and Reclassification for Forecasted Transactions No Longer Probable of Occurring) Total Amount of Interest Expense presented in the consolidated statements 2020 2019 2020 2019 2020 2019 2020 2019 Three months ended September 30, Interest rate swaps $ - $ ( 195 ) Interest expense $ - $ 551 Interest and other investment income (loss) $ - $ 132 $ ( 20,265 ) $ ( 22,129 ) Nine months ended September 30, Interest rate swaps $ - $ ( 4,608 ) Interest expense $ 16 $ 3,419 $ - $ 1,926 $ ( 61,795 ) $ ( 67,817 ) |
Restricted Cash (Tables)
Restricted Cash (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Restricted Cash [Line Items] | |
Schedule Of Restricted Cash | September 30, December 31, 2020 2019 Security deposits $ 5,819 $ 5,677 Escrow and other reserve funds 8,688 9,900 Total restricted cash $ 14,507 $ 15,577 |
Mack-Cali Realty LP [Member] | |
Restricted Cash [Line Items] | |
Schedule Of Restricted Cash | September 30, December 31, 2020 2019 Security deposits $ 5,819 $ 5,677 Escrow and other reserve funds 8,688 9,900 Total restricted cash $ 14,507 $ 15,577 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Summary Of Income From Discontinued Operations And Related Realized And Unrealized Gains (Losses) (Details) | Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Total revenues $ 36,536 $ 44,493 $ 117,204 $ 132,332 Operating and other expenses ( 14,358 ) ( 17,733 ) ( 45,786 ) ( 52,900 ) Depreciation and amortization ( 1,366 ) ( 16,933 ) ( 4,271 ) ( 50,826 ) Interest expense ( 1,321 ) ( 1,321 ) ( 3,934 ) ( 3,920 ) Income from discontinued operations 19,491 8,506 63,213 24,686 Unrealized losses on disposition of rental property (a) - ( 10,063 ) ( 33,314 ) ( 15,865 ) Realized gains (losses) on disposition of rental property (b) 15,775 - 9,414 - Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net 15,775 ( 10,063 ) ( 23,900 ) ( 15,865 ) Total discontinued operations, net $ 35,266 $ ( 1,557 ) $ 39,313 $ 8,821 (a) Represents valuation allowances and impairment charges on properties classified as discontinued operations in 2020. (b) See Note 3: Real Estate Transactions – Dispositions for further information regarding properties sold and related gains (losses) . |
Mack-Cali Realty LP [Member] | |
Summary Of Income From Discontinued Operations And Related Realized And Unrealized Gains (Losses) (Details) | Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Total revenues $ 36,536 $ 44,493 $ 117,204 $ 132,332 Operating and other expenses ( 14,358 ) ( 17,733 ) ( 45,786 ) ( 52,900 ) Depreciation and amortization ( 1,366 ) ( 16,933 ) ( 4,271 ) ( 50,826 ) Interest expense ( 1,321 ) ( 1,321 ) ( 3,934 ) ( 3,920 ) Income from discontinued operations 19,491 8,506 63,213 24,686 Unrealized losses on disposition of rental property (a) - ( 10,063 ) ( 33,314 ) ( 15,865 ) Realized gains (losses) on disposition of rental property (b) 15,775 - 9,414 - Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net 15,775 ( 10,063 ) ( 23,900 ) ( 15,865 ) Total discontinued operations, net $ 35,266 $ ( 1,557 ) $ 39,313 $ 8,821 (a) Represents valuation allowances and impairment charges on properties classified as discontinued operations in 2020. (b) See Note 3: Real Estate Transactions – Dispositions for further information regarding properties sold and related gains (losses) . |
Senior Unsecured Notes (Tables)
Senior Unsecured Notes (Tables) - Senior Unsecured Notes [Member] | 9 Months Ended |
Sep. 30, 2020 | |
Debt Instrument [Line Items] | |
Summary Of Senior Unsecured Notes | September 30, December 31, Effective 2020 2019 Rate (1) 4.500 % Senior Unsecured Notes, due April 18, 2022 $ 300,000 $ 300,000 4.612 % 3.150 % Senior Unsecured Notes, due May 15, 2023 275,000 275,000 3.517 % Principal balance outstanding 575,000 575,000 Adjustment for unamortized debt discount ( 1,671 ) ( 2,170 ) Unamortized deferred financing costs ( 969 ) ( 1,346 ) Total senior unsecured notes, net $ 572,360 $ 571,484 (1) Includes the cost of terminated treasury lock agreements (if any), offering and other transaction costs and the discount/premium on the notes, as applicable. |
Mack-Cali Realty LP [Member] | |
Debt Instrument [Line Items] | |
Summary Of Senior Unsecured Notes | September 30, December 31, Effective 2020 2019 Rate (1) 4.500 % Senior Unsecured Notes, due April 18, 2022 $ 300,000 $ 300,000 4.612 % 3.150 % Senior Unsecured Notes, due May 15, 2023 275,000 275,000 3.517 % Principal balance outstanding 575,000 575,000 Adjustment for unamortized debt discount ( 1,671 ) ( 2,170 ) Unamortized deferred financing costs ( 969 ) ( 1,346 ) Total senior unsecured notes, net $ 572,360 $ 571,484 (1) Includes the cost of terminated treasury lock agreements (if any), offering and other transaction costs and the discount/premium on the notes, as applicable. |
Unsecured Revolving Credit Fa_2
Unsecured Revolving Credit Facility And Term Loans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Unsecured Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Schedule Of Unsecured Credit Rating And Facility Fee | Operating Partnership's Interest Rate - Unsecured Debt Ratings: Applicable Basis Points Facility Fee Higher of S&P or Moody's Above LIBOR Basis Points No ratings or less than BBB-/Baa3 170.0 35.0 BBB- or Baa3 (since January 2017 amendment) 130.0 30.0 BBB or Baa2 110.0 20.0 BBB+ or Baa1 100.0 15.0 A- or A3 or higher 92.5 12.5 |
2017 Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Schedule Of Defined Leverage Ratio, Including Interest Rate, Alternate Base Rate Loans, And Facility Fee | Interest Rate - Applicable Interest Rate - Basis Points Applicable Above LIBOR for Basis Points Alternate Base Facility Fee Total Leverage Ratio Above LIBOR Rate Loans Basis Points < 45 % 125.0 25.0 20.0 ≥ 45 % and < 50 % 130.0 30.0 25.0 ≥ 50 % and < 55 % (current ratio) 135.0 35.0 30.0 ≥ 55 % 160.0 60.0 35.0 |
Schedule Of Interest Rates On Outstanding Borrowings, Alternate Base Rate Loans, And Facility Fee | Interest Rate - Applicable Interest Rate - Basis Points Operating Partnership's Applicable Above LIBOR for Unsecured Debt Ratings: Basis Points Alternate Base Facility Fee Higher of S&P or Moody's Above LIBOR Rate Loans Basis Points No ratings or less than BBB-/Baa3 155.0 55.0 30.0 BBB- or Baa3 (interest rate based on Company's election through March 5, 2018) 120.0 20.0 25.0 BBB or Baa2 100.0 0.0 20.0 BBB+ or Baa1 90.0 0.0 15.0 A- or A3 or higher 87.5 0.0 12.5 |
Mack-Cali Realty LP [Member] | Unsecured Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Schedule Of Unsecured Credit Rating And Facility Fee | Operating Partnership's Interest Rate - Unsecured Debt Ratings: Applicable Basis Points Facility Fee Higher of S&P or Moody's Above LIBOR Basis Points No ratings or less than BBB-/Baa3 170.0 35.0 BBB- or Baa3 (since January 2017 amendment) 130.0 30.0 BBB or Baa2 110.0 20.0 BBB+ or Baa1 100.0 15.0 A- or A3 or higher 92.5 12.5 |
Mack-Cali Realty LP [Member] | 2017 Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Schedule Of Defined Leverage Ratio, Including Interest Rate, Alternate Base Rate Loans, And Facility Fee | Interest Rate - Applicable Interest Rate - Basis Points Applicable Above LIBOR for Basis Points Alternate Base Facility Fee Total Leverage Ratio Above LIBOR Rate Loans Basis Points < 45 % 125.0 25.0 20.0 ≥ 45 % and < 50 % 130.0 30.0 25.0 ≥ 50 % and < 55 % (current ratio) 135.0 35.0 30.0 ≥ 55 % 160.0 60.0 35.0 |
Schedule Of Interest Rates On Outstanding Borrowings, Alternate Base Rate Loans, And Facility Fee | Interest Rate - Applicable Interest Rate - Basis Points Operating Partnership's Applicable Above LIBOR for Unsecured Debt Ratings: Basis Points Alternate Base Facility Fee Higher of S&P or Moody's Above LIBOR Rate Loans Basis Points No ratings or less than BBB-/Baa3 155.0 55.0 30.0 BBB- or Baa3 (interest rate based on Company's election through March 5, 2018) 120.0 20.0 25.0 BBB or Baa2 100.0 0.0 20.0 BBB+ or Baa1 90.0 0.0 15.0 A- or A3 or higher 87.5 0.0 12.5 |
2017 Term Loan [Member] | |
Debt Instrument [Line Items] | |
Schedule Of Defined Leverage Ratio | Interest Rate - Applicable Interest Rate - Basis Points Applicable Above LIBOR for Basis Points Alternate Base Rate Total Leverage Ratio above LIBOR Loans < 45 % 145.0 45.0 ≥ 45 % and < 50 % 155.0 55.0 ≥ 50 % and < 55 % (current ratio) 165.0 65.0 ≥ 55 % 195.0 95.0 |
Schedule Of Interest Rate On Outstanding Borrowings Payable | Interest Rate - Applicable Interest Rate - Basis Points Operating Partnership's Applicable Above LIBOR for Unsecured Debt Ratings: Basis Points Alternate Base Rate Higher of S&P or Moody's Above LIBOR Loans No ratings or less than BBB-/Baa3 185.0 85.0 BBB- or Baa3 (interest rate based on Company's election through March 5, 2018) 140.0 40.0 BBB or Baa2 115.0 15.0 BBB+ or Baa1 100.0 0.0 A- or A3 or higher 90.0 0.0 |
2017 Term Loan [Member] | Mack-Cali Realty LP [Member] | |
Debt Instrument [Line Items] | |
Schedule Of Defined Leverage Ratio | Interest Rate - Applicable Interest Rate - Basis Points Applicable Above LIBOR for Basis Points Alternate Base Rate Total Leverage Ratio above LIBOR Loans < 45 % 145.0 45.0 ≥ 45 % and < 50 % 155.0 55.0 ≥ 50 % and < 55 % (current ratio) 165.0 65.0 ≥ 55 % 195.0 95.0 |
Schedule Of Interest Rate On Outstanding Borrowings Payable | Interest Rate - Applicable Interest Rate - Basis Points Operating Partnership's Applicable Above LIBOR for Unsecured Debt Ratings: Basis Points Alternate Base Rate Higher of S&P or Moody's Above LIBOR Loans No ratings or less than BBB-/Baa3 185.0 85.0 BBB- or Baa3 (interest rate based on Company's election through March 5, 2018) 140.0 40.0 BBB or Baa2 115.0 15.0 BBB+ or Baa1 100.0 0.0 A- or A3 or higher 90.0 0.0 |
2016 Term Loan [Member] | |
Debt Instrument [Line Items] | |
Schedule Of Defined Leverage Ratio | Interest Rate - Applicable Basis Total Leverage Ratio Points above LIBOR < 45 % 145.0 ≥ 45 % and < 50 % 155.0 ≥ 50 % and < 55 % (current ratio) 165.0 ≥ 55 % 195.0 |
Schedule Of Interest Rate On Outstanding Borrowings Payable | Operating Partnership's Interest Rate - Unsecured Debt Ratings: Applicable Basis Points Higher of S&P or Moody's Above LIBOR No ratings or less than BBB-/Baa3 185.0 BBB- or Baa3 (interest rate based on Company's election through March 5, 2018) 140.0 BBB or Baa2 115.0 BBB+ or Baa1 100.0 A- or A3 or higher 90.0 |
2016 Term Loan [Member] | Mack-Cali Realty LP [Member] | |
Debt Instrument [Line Items] | |
Schedule Of Defined Leverage Ratio | Interest Rate - Applicable Basis Total Leverage Ratio Points above LIBOR < 45 % 145.0 ≥ 45 % and < 50 % 155.0 ≥ 50 % and < 55 % (current ratio) 165.0 ≥ 55 % 195.0 |
Schedule Of Interest Rate On Outstanding Borrowings Payable | Operating Partnership's Interest Rate - Unsecured Debt Ratings: Applicable Basis Points Higher of S&P or Moody's Above LIBOR No ratings or less than BBB-/Baa3 185.0 BBB- or Baa3 (interest rate based on Company's election through March 5, 2018) 140.0 BBB or Baa2 115.0 BBB+ or Baa1 100.0 A- or A3 or higher 90.0 |
Mortgages, Loans Payable And _2
Mortgages, Loans Payable And Other Obligations (Tables) - Secured Debt [Member] | 9 Months Ended |
Sep. 30, 2020 | |
Debt Instrument [Line Items] | |
Summary Of Mortgages, Loans Payable And Other Obligations | Effective September 30, December 31, Property/Project Name Lender Rate (a) 2020 2019 Maturity Monaco (b) The Northwestern Mutual Life Insurance Co. 3.15 % $ 165,537 $ 166,752 02/01/21 Port Imperial South 4/5 Retail American General Life & A/G PC 4.56 % 3,883 3,934 12/01/21 Port Imperial 4/5 Hotel (c) Fifth Third Bank LIBOR+ 3.40 % 94,000 74,000 04/09/22 Emery at Overlook Ridge (d) Fifth Third Bank LIBOR+ 2.50 % 56,207 24,064 05/16/22 Port Imperial South 9 (e) Bank of New York Mellon LIBOR+ 2.13 % 39,883 11,615 12/19/22 Portside 7 CBRE Capital Markets/FreddieMac 3.57 % 58,998 58,998 08/01/23 Short Hills Residential (f) People's United Bank LIBOR+ 2.15 % 33,088 9,431 03/26/23 250 Johnson Nationwide Life Insurance Company 3.74 % 43,000 43,000 08/01/24 Liberty Towers (g) American General Life Insurance Company 3.37 % 265,000 232,000 10/01/24 The Charlotte (h) QuadReal Finance LIBOR+ 2.70 % 126,560 5,144 12/01/24 Portside 5/6 (l) New York Life Insurance Company 4.56 % 97,000 97,000 03/10/26 Marbella New York Life Insurance Company 4.17 % 131,000 131,000 08/10/26 Marbella II New York Life Insurance Company 4.29 % 117,000 117,000 08/10/26 101 Hudson Wells Fargo CMBS 3.20 % 250,000 250,000 10/11/26 Worcester MUFG Union Bank LIBOR+ 1.84 % 63,000 63,000 12/10/26 Short Hills Portfolio (i) Wells Fargo CMBS 4.15 % 124,500 124,500 04/01/27 150 Main St. Natixis Real Estate Capital LLC 4.48 % 41,000 41,000 08/05/27 Port Imperial South 11 (l) The Northwestern Mutual Life Insurance Co. 4.52 % 100,000 100,000 01/10/29 Soho Lofts (j) New York Community Bank 3.77 % 160,000 160,000 07/01/29 Riverwatch Commons (j) New York Community Bank 3.79 % 30,000 30,000 07/01/29 111 River St. Athene Annuity and Life Company 3.90 % 150,000 150,000 09/01/29 Port Imperial South 4/5 Garage (k) American General Life & A/G PC 4.85 % 32,914 32,600 12/01/29 Principal balance outstanding 2,182,570 1,925,038 Unamortized deferred financing costs ( 15,048 ) ( 17,004 ) Total mortgages, loans payable and other obligations, net $ 2,167,522 $ 1,908,034 (a) Reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable. (b) This mortgage loan, which includes unamortized fair value adjustment of $ 0.5 million as of September 30, 2020, was assumed by the Company in April 2017 with the consolidation of all the interests in Monaco Towers. The Company has agreed to terms with the current lender to refinance the existing mortgage at or before maturity. (c) The loan required an initial debt service coverage test for quarter ended September 30, 2020. Subsequent to September 30, 2020, the Company executed an agreement moving the initial debt service coverage test to March 31, 2021. The Company has guaranteed $ 19.5 million of the outstanding principal, subject to certain conditions. (d) This construction loan has a maximum borrowing capacity of $ 62 million and provides, subject to certain conditions, one 18 month extension option with a fee of 25 basis points, of which the Company has guaranteed 15 percent of the outstanding principal, subject to certain conditions. (e) This construction loan has a maximum borrowing capacity of $ 92 million and provides, subject to certain conditions, one one year extension option with a fee of 15 basis points, of which the Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions. (f) This construction loan has a maximum borrowing capacity of $ 64 million and provides, subject to certain conditions, one 18 month extension option with a fee of 30 basis points, of which the Company has guaranteed 15 percent of the outstanding principal, subject to certain conditions. (g) In January 2020, the Company increased the size of the loan on Liberty Towers to $ 265 million, generating $ 33 million of additional proceeds. (h) This construction loan has a LIBOR floor of 2.0 percent, has a maximum borrowing capacity of $ 300 million and provides, subject to certain conditions, one one year extension option with a fee of 25 basis points. (i) Properties, which are collateral for this mortgage loan, were classified as held for sale as of December 31, 2019. (j) Effective rate reflects the first five years of interest payments at a fixed rate. Interest payments after that period ends are based on LIBOR plus 2.75 % annually. (k) The loan was modified to defer interest and principal payments for a six month period ending December 1, 2020 . As of September 30, 2020, deferred interest of $ 0.5 million has been added to the principal balance. (l) The Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions. |
Mack-Cali Realty LP [Member] | |
Debt Instrument [Line Items] | |
Summary Of Mortgages, Loans Payable And Other Obligations | Effective September 30, December 31, Property/Project Name Lender Rate (a) 2020 2019 Maturity Monaco (b) The Northwestern Mutual Life Insurance Co. 3.15 % $ 165,537 $ 166,752 02/01/21 Port Imperial South 4/5 Retail American General Life & A/G PC 4.56 % 3,883 3,934 12/01/21 Port Imperial 4/5 Hotel (c) Fifth Third Bank LIBOR+ 3.40 % 94,000 74,000 04/09/22 Emery at Overlook Ridge (d) Fifth Third Bank LIBOR+ 2.50 % 56,207 24,064 05/16/22 Port Imperial South 9 (e) Bank of New York Mellon LIBOR+ 2.13 % 39,883 11,615 12/19/22 Portside 7 CBRE Capital Markets/FreddieMac 3.57 % 58,998 58,998 08/01/23 Short Hills Residential (f) People's United Bank LIBOR+ 2.15 % 33,088 9,431 03/26/23 250 Johnson Nationwide Life Insurance Company 3.74 % 43,000 43,000 08/01/24 Liberty Towers (g) American General Life Insurance Company 3.37 % 265,000 232,000 10/01/24 The Charlotte (h) QuadReal Finance LIBOR+ 2.70 % 126,560 5,144 12/01/24 Portside 5/6 (l) New York Life Insurance Company 4.56 % 97,000 97,000 03/10/26 Marbella New York Life Insurance Company 4.17 % 131,000 131,000 08/10/26 Marbella II New York Life Insurance Company 4.29 % 117,000 117,000 08/10/26 101 Hudson Wells Fargo CMBS 3.20 % 250,000 250,000 10/11/26 Worcester MUFG Union Bank LIBOR+ 1.84 % 63,000 63,000 12/10/26 Short Hills Portfolio (i) Wells Fargo CMBS 4.15 % 124,500 124,500 04/01/27 150 Main St. Natixis Real Estate Capital LLC 4.48 % 41,000 41,000 08/05/27 Port Imperial South 11 (l) The Northwestern Mutual Life Insurance Co. 4.52 % 100,000 100,000 01/10/29 Soho Lofts (j) New York Community Bank 3.77 % 160,000 160,000 07/01/29 Riverwatch Commons (j) New York Community Bank 3.79 % 30,000 30,000 07/01/29 111 River St. Athene Annuity and Life Company 3.90 % 150,000 150,000 09/01/29 Port Imperial South 4/5 Garage (k) American General Life & A/G PC 4.85 % 32,914 32,600 12/01/29 Principal balance outstanding 2,182,570 1,925,038 Unamortized deferred financing costs ( 15,048 ) ( 17,004 ) Total mortgages, loans payable and other obligations, net $ 2,167,522 $ 1,908,034 (a) Reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable. (b) This mortgage loan, which includes unamortized fair value adjustment of $ 0.5 million as of September 30, 2020, was assumed by the Company in April 2017 with the consolidation of all the interests in Monaco Towers. The Company has agreed to terms with the current lender to refinance the existing mortgage at or before maturity. (c) The loan required an initial debt service coverage test for quarter ended September 30, 2020. Subsequent to September 30, 2020, the Company executed an agreement moving the initial debt service coverage test to March 31, 2021. The Company has guaranteed $ 19.5 million of the outstanding principal, subject to certain conditions. (d) This construction loan has a maximum borrowing capacity of $ 62 million and provides, subject to certain conditions, one 18 month extension option with a fee of 25 basis points, of which the Company has guaranteed 15 percent of the outstanding principal, subject to certain conditions. (e) This construction loan has a maximum borrowing capacity of $ 92 million and provides, subject to certain conditions, one one year extension option with a fee of 15 basis points, of which the Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions. (f) This construction loan has a maximum borrowing capacity of $ 64 million and provides, subject to certain conditions, one 18 month extension option with a fee of 30 basis points, of which the Company has guaranteed 15 percent of the outstanding principal, subject to certain conditions. (g) In January 2020, the Company increased the size of the loan on Liberty Towers to $ 265 million, generating $ 33 million of additional proceeds. (h) This construction loan has a LIBOR floor of 2.0 percent, has a maximum borrowing capacity of $ 300 million and provides, subject to certain conditions, one one year extension option with a fee of 25 basis points. (i) Properties, which are collateral for this mortgage loan, were classified as held for sale as of December 31, 2019. (j) Effective rate reflects the first five years of interest payments at a fixed rate. Interest payments after that period ends are based on LIBOR plus 2.75 % annually. (k) The loan was modified to defer interest and principal payments for a six month period ending December 1, 2020 . As of September 30, 2020, deferred interest of $ 0.5 million has been added to the principal balance. (l) The Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions. |
Disclosure Of Fair Value Of A_2
Disclosure Of Fair Value Of Assets And Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Line Items] | |
Schedule Of Valuation Techniques And Significant Unobservable Inputs | Primary Valuation Unobservable Location Range of Description Techniques Inputs Type Rates Office properties held for sale on which the Company recognized impairment losses Discounted cash flows or sale prices per purchase and sale agreements Discount rates Suburban 7.5 % - 9.6 % Exit Capitalization rates Suburban 7.5 % - 9 % Market rental rates per square foot Suburban $ 26.00 - $ 50.00 Land properties held for sale on which the Company recognized impairment losses Developable units and market rate per unit or sale prices per purchase and sale agreements Market rates per residential unit Suburban $ 26,500 - $ 35,000 Market rates per square foot Suburban $ 15.00 - $ 25.00 Hotel properties on which the Company recognized impairment losses Income capitalization Discount rate Waterfront 10 % Exit Capitalization rate Waterfront 7.50 % |
Mack-Cali Realty LP [Member] | |
Fair Value Disclosures [Line Items] | |
Schedule Of Valuation Techniques And Significant Unobservable Inputs | Primary Valuation Unobservable Location Range of Description Techniques Inputs Type Rates Office properties held for sale on which the Company recognized impairment losses Discounted cash flows or sale prices per purchase and sale agreements Discount rates Suburban 7.5 % - 9.6 % Exit Capitalization rates Suburban 7.5 % - 9 % Market rental rates per square foot Suburban $ 26.00 - $ 50.00 Land properties held for sale on which the Company recognized impairment losses Developable units and market rate per unit or sale prices per purchase and sale agreements Market rates per residential unit Suburban $ 26,500 - $ 35,000 Market rates per square foot Suburban $ 15.00 - $ 25.00 Hotel properties on which the Company recognized impairment losses Income capitalization Discount rate Waterfront 10 % Exit Capitalization rate Waterfront 7.50 % |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Commitments And Contingencies Disclosure [Line Items] | |
Future Minimum Rental Payments Of Ground Leases | As of September 30, 2020 Year Amount October 1 through December 31, 2020 $ 437 2021 1,750 2022 1,750 2023 1,756 2024 1,776 2025 through 2098 154,722 Total lease payments 162,191 Less: imputed interest ( 138,404 ) Total $ 23,787 As of December 31, 2019 Year Amount 2020 $ 1,750 2021 1,750 2022 1,750 2023 1,756 2024 1,776 2025 through 2098 154,722 Total lease payments 163,504 Less: imputed interest ( 139,748 ) Total $ 23,756 |
Mack-Cali Realty LP [Member] | |
Commitments And Contingencies Disclosure [Line Items] | |
Future Minimum Rental Payments Of Ground Leases | As of September 30, 2020 Year Amount October 1 through December 31, 2020 $ 437 2021 1,750 2022 1,750 2023 1,756 2024 1,776 2025 through 2098 154,722 Total lease payments 162,191 Less: imputed interest ( 138,404 ) Total $ 23,787 As of December 31, 2019 Year Amount 2020 $ 1,750 2021 1,750 2022 1,750 2023 1,756 2024 1,776 2025 through 2098 154,722 Total lease payments 163,504 Less: imputed interest ( 139,748 ) Total $ 23,756 |
Tenant Leases (Tables)
Tenant Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Line Items] | |
Future Minimum Rentals To Be Received Under Non-Cancelable Operating Leases | As of September 30, 2020 Year Amount October 1 through December 31, 2020 $ 30,118 2021 113,651 2022 109,705 2023 104,382 2024 92,537 2025 and thereafter 550,773 Total $ 1,001,166 As of December 31, 2019 Year Amount 2020 $ 115,418 2021 107,027 2022 103,417 2023 99,544 2024 88,082 2025 and thereafter 488,305 Total $ 1,001,793 |
Mack-Cali Realty LP [Member] | |
Leases [Line Items] | |
Future Minimum Rentals To Be Received Under Non-Cancelable Operating Leases | As of September 30, 2020 Year Amount October 1 through December 31, 2020 $ 30,118 2021 113,651 2022 109,705 2023 104,382 2024 92,537 2025 and thereafter 550,773 Total $ 1,001,166 As of December 31, 2019 Year Amount 2020 $ 115,418 2021 107,027 2022 103,417 2023 99,544 2024 88,082 2025 and thereafter 488,305 Total $ 1,001,793 |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interests (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Redeemable Noncontrolling Interest [Line Items] | |
Schedule Of Changes In The Value Of The Redeemable Noncontrolling Interests | The following tables set forth the changes in Redeemable noncontrolling interests for the three months ended September 30, 2020 and 2019, respectively (dollars in thousands) : Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance at July 1, 2020 $ 52,324 $ 456,631 $ 508,955 Redeemable Noncontrolling Interests Issued - - - Net 52,324 456,631 508,955 Income Attributed to Noncontrolling Interests 455 6,016 6,471 Distributions ( 455 ) ( 6,016 ) ( 6,471 ) Redemption Value Adjustment - 2,397 2,397 Balance at September 30, 2020 $ 52,324 $ 459,028 $ 511,352 Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance at July 1, 2019 $ 52,324 $ 444,048 $ 496,372 Redeemable Noncontrolling Interests Issued - ( 67 ) ( 67 ) Net 52,324 443,981 496,305 Income Attributed to Noncontrolling Interests 455 6,016 6,471 Distributions ( 455 ) ( 6,016 ) ( 6,471 ) Redemption Value Adjustment - 3,814 3,814 Balance at September 30, 2019 $ 52,324 $ 447,795 $ 500,119 The following tables set forth the changes in Redeemable noncontrolling interests for the nine months ended September 30, 2020 and 2019, respectively (dollars in thousands) : Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance January 1, 2020 $ 52,324 $ 451,058 $ 503,382 Redeemable Noncontrolling Interests Issued - - - Net 52,324 451,058 503,382 Income Attributed to Noncontrolling Interests 1,365 18,048 19,413 Distributions ( 1,365 ) ( 18,048 ) ( 19,413 ) Redemption Value Adjustment - 7,970 7,970 Redeemable noncontrolling interests as of September 30, 2020 $ 52,324 $ 459,028 $ 511,352 Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance January 1, 2019 $ 52,324 $ 278,135 $ 330,459 Redeemable Noncontrolling Interests Issued (net of new issuance costs of $ 1.5 million) - 143,450 143,450 Net 52,324 421,585 473,909 Income Attributed to Noncontrolling Interests 1,365 14,779 16,144 Distributions ( 1,365 ) ( 14,779 ) ( 16,144 ) Redemption Value Adjustment (including value adjustment attributable to Add On Investment Agreement) - 26,210 26,210 Redeemable noncontrolling interests as of September 30, 2019 $ 52,324 $ 447,795 $ 500,119 |
Mack-Cali Realty LP [Member] | |
Redeemable Noncontrolling Interest [Line Items] | |
Schedule Of Changes In The Value Of The Redeemable Noncontrolling Interests | The following tables set forth the changes in Redeemable noncontrolling interests for the three months ended September 30, 2020 and 2019, respectively (dollars in thousands) : Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance at July 1, 2020 $ 52,324 $ 456,631 $ 508,955 Redeemable Noncontrolling Interests Issued - - - Net 52,324 456,631 508,955 Income Attributed to Noncontrolling Interests 455 6,016 6,471 Distributions ( 455 ) ( 6,016 ) ( 6,471 ) Redemption Value Adjustment - 2,397 2,397 Balance at September 30, 2020 $ 52,324 $ 459,028 $ 511,352 Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance at July 1, 2019 $ 52,324 $ 444,048 $ 496,372 Redeemable Noncontrolling Interests Issued - ( 67 ) ( 67 ) Net 52,324 443,981 496,305 Income Attributed to Noncontrolling Interests 455 6,016 6,471 Distributions ( 455 ) ( 6,016 ) ( 6,471 ) Redemption Value Adjustment - 3,814 3,814 Balance at September 30, 2019 $ 52,324 $ 447,795 $ 500,119 The following tables set forth the changes in Redeemable noncontrolling interests for the nine months ended September 30, 2020 and 2019, respectively (dollars in thousands) : Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance January 1, 2020 $ 52,324 $ 451,058 $ 503,382 Redeemable Noncontrolling Interests Issued - - - Net 52,324 451,058 503,382 Income Attributed to Noncontrolling Interests 1,365 18,048 19,413 Distributions ( 1,365 ) ( 18,048 ) ( 19,413 ) Redemption Value Adjustment - 7,970 7,970 Redeemable noncontrolling interests as of September 30, 2020 $ 52,324 $ 459,028 $ 511,352 Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance January 1, 2019 $ 52,324 $ 278,135 $ 330,459 Redeemable Noncontrolling Interests Issued (net of new issuance costs of $ 1.5 million) - 143,450 143,450 Net 52,324 421,585 473,909 Income Attributed to Noncontrolling Interests 1,365 14,779 16,144 Distributions ( 1,365 ) ( 14,779 ) ( 16,144 ) Redemption Value Adjustment (including value adjustment attributable to Add On Investment Agreement) - 26,210 26,210 Redeemable noncontrolling interests as of September 30, 2019 $ 52,324 $ 447,795 $ 500,119 |
Mack-Cali Realty Corporation _2
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Stockolders Equity [Line Items] | |
Schedule Of General Partner Capital | Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Opening Balance $ 1,399,033 $ 1,645,587 $ 1,493,699 $ 1,486,658 Net income (loss) available to common shareholders ( 42,208 ) ( 55,928 ) ( 117,019 ) 166,513 Common stock distributions ( 18,142 ) ( 18,106 ) ( 36,261 ) ( 54,282 ) Redeemable noncontrolling interests ( 2,167 ) ( 3,025 ) ( 7,207 ) ( 22,936 ) Change in noncontrolling interests in consolidated joint ventures - - - ( 1,958 ) Redemption of common units for common stock - - - 705 Redemption of common units - - - ( 1,665 ) Shares issued under Dividend Reinvestment and Stock Purchase Plan 9 10 39 31 Directors' deferred compensation plan 76 81 215 238 Stock Compensation 394 7 1,158 490 Cancellation of unvested LTIP units - - - 2,819 Other comprehensive income (loss) - ( 791 ) 18 ( 8,993 ) Rebalancing of ownership percent between parent and subsidiaries ( 875 ) 1,426 1,478 1,641 Balance at September 30 $ 1,336,120 $ 1,569,261 $ 1,336,120 $ 1,569,261 |
Schedule Of Stock Option Plans | Information regarding the Company’s stock option plans is summarized below for the three months ended September 30, 2020 and 2019, respectively: Weighted Aggregate Average Intrinsic Shares Exercise Value Under Options Price $(000’s) Outstanding at July 1, 2020 800,000 $ 17.31 $ - Granted 172,495 14.39 Outstanding at September 30, 2020 ($ 14.39 - $ 17.31 ) 972,495 $ 16.79 $ - Options exercisable at September 30, 2020 972,495 Available for grant at September 30, 2020 717,155 Weighted Aggregate Average Intrinsic Shares Exercise Value Under Options Price $(000’s) Outstanding at July 1, 2019 800,000 $ 17.31 $ 4,784 Granted, Lapsed or Cancelled - - Outstanding at September 30, 2019 ($ 17.31 ) 800,000 $ 17.31 $ 3,480 Options exercisable at September 30, 2019 800,000 Available for grant at September 30, 2019 751,936 Information regarding the Company’s stock option plans is summarized below for the nine months ended September 30, 2020 and 2019, respectively: Weighted Aggregate Average Intrinsic Shares Exercise Value Under Options Price $(000’s) Outstanding at January 1, 2020 800,000 $ 17.31 $ - Granted 172,495 14.39 Outstanding at September 30, 2020 ($ 14.39 - $ 17.31 ) 972,495 $ 16.79 $ - Options exercisable at September 30, 2020 972,495 Available for grant at September 30, 2020 717,155 Weighted Aggregate Average Intrinsic Shares Exercise Value Under Options Price $(000’s) Outstanding at January 1, 2019 800,000 $ 17.31 $ 1,824 Granted, Lapsed or Cancelled - - Outstanding at September 30, 2019 ($ 17.31 ) 800,000 $ 17.31 $ 3,480 Options exercisable at September 30, 2019 800,000 Available for grant at September 30, 2019 751,936 |
Schedule Of Weighted Average Assumptions | Stock Options Expected life (in years) 5.3 Risk-free interest rate 0.41 % Volatility 31.0 % Dividend yield 2.7 % |
Schedule Of Restricted Stock Awards | Information regarding the Restricted Stock Awards grant activity is summarized below for the three months ended September 30, 2020 and 2019, respectively: Weighted-Average Grant – Date Shares Fair Value Outstanding at July 1, 2020 17,076 $ 21.08 Vested ( 17,076 ) 21.08 Granted 52,974 15.29 Outstanding at September 30, 2020 52,974 $ 15.29 Weighted-Average Grant – Date Shares Fair Value Outstanding at July 1, 2019 26,136 $ 25.80 Cancelled ( 1,936 ) 25.83 Outstanding at September 30, 2019 24,200 $ 25.83 Information regarding the Restricted Stock Awards grant activity is summarized below for the nine months ended September 30, 2020 and 2019, respectively: Weighted-Average Grant – Date Shares Fair Value Outstanding at January 1, 2020 42,690 $ 21.08 Vested ( 42,690 ) 21.08 Granted 52,974 15.29 Outstanding at September 30, 2020 52,974 $ 15.29 Weighted-Average Grant – Date Shares Fair Value Outstanding at January 1, 2019 67,289 $ 22.43 Vested ( 41,153 ) 20.29 Cancelled ( 1,936 ) 25.83 Outstanding at September 30, 2019 24,200 $ 25.83 |
Schedule Of Reconciliation Of Shares Used In Basic EPS Calculation To Shares Used In Diluted EPS Calculation | Three Months Ended Nine Months Ended September 30, September 30, Computation of Basic EPS 2020 2019 2020 2019 Income (loss) from continuing operations $ ( 76,384 ) $ ( 54,464 ) $ ( 151,209 ) $ 190,423 Add (deduct): Noncontrolling interests in consolidated joint ventures 895 405 1,900 2,500 Add (deduct): Noncontrolling interests in Operating Partnership 7,874 6,005 16,166 ( 18,191 ) Add (deduct): Redeemable noncontrolling interests ( 6,471 ) ( 6,471 ) ( 19,413 ) ( 16,144 ) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders ( 2,167 ) ( 3,025 ) ( 7,207 ) ( 22,936 ) Income (loss) from continuing operations available to common shareholders ( 76,253 ) ( 57,550 ) ( 159,763 ) 135,652 Income (loss) from discontinued operations available to common shareholders 31,878 ( 1,403 ) 35,537 7,925 Net income (loss) available to common shareholders for basic earnings per share $ ( 44,375 ) $ ( 58,953 ) $ ( 124,226 ) $ 143,577 Weighted average common shares 90,671 90,584 90,639 90,539 Basic EPS : Income (loss) from continuing operations available to common shareholders $ ( 0.84 ) $ ( 0.63 ) $ ( 1.76 ) $ 1.50 Income (loss) from discontinued operations available to common shareholders 0.35 ( 0.02 ) 0.39 0.09 Net income (loss) available to common shareholders $ ( 0.49 ) $ ( 0.65 ) $ ( 1.37 ) $ 1.59 Three Months Ended Nine Months Ended September 30, September 30, Computation of Diluted EPS 2020 2019 2020 2019 Net income (loss) from continuing operations available to common shareholders $ ( 76,253 ) $ ( 57,550 ) $ ( 159,763 ) $ 135,652 Add (deduct): Noncontrolling interests in Operating Partnership ( 7,874 ) ( 6,005 ) ( 16,166 ) 18,191 Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to the Operating Partnership unitholders ( 230 ) ( 334 ) ( 763 ) ( 2,541 ) Income (loss) from continuing operations for diluted earnings per share ( 84,357 ) ( 63,889 ) ( 176,692 ) 151,302 Income (loss) from discontinued operations for diluted earnings per share 35,266 ( 1,557 ) 39,313 8,821 Net income (loss) available for diluted earnings per share $ ( 49,091 ) $ ( 65,446 ) $ ( 137,379 ) $ 160,123 Weighted average common shares 100,307 100,560 100,235 100,802 Diluted EPS : Income (loss) from continuing operations available to common shareholders $ ( 0.84 ) $ ( 0.63 ) $ ( 1.76 ) $ 1.50 Income (loss) from discontinued operations available to common shareholders 0.35 ( 0.02 ) 0.39 0.09 Net income (loss) available to common shareholders $ ( 0.49 ) $ ( 0.65 ) $ ( 1.37 ) $ 1.59 The following schedule reconciles the weighted average shares used in the basic EPS calculation to the shares used in the diluted EPS calculation (in thousands) : Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Basic EPS shares 90,671 90,584 90,639 90,539 Add: Operating Partnership – common and vested LTIP units 9,636 9,976 9,596 10,068 Restricted Stock Awards - - - 24 Stock Options - - - 171 Diluted EPS Shares 100,307 100,560 100,235 100,802 |
Mack-Cali Realty LP [Member] | |
Stockolders Equity [Line Items] | |
Schedule Of Stock Option Plans | Information regarding the Company’s stock option plans is summarized below for the three months ended September 30, 2020 and 2019, respectively: Weighted Aggregate Average Intrinsic Shares Exercise Value Under Options Price $(000’s) Outstanding at July 1, 2020 800,000 $ 17.31 $ - Granted 172,495 14.39 Outstanding at September 30, 2020 ($ 14.39 - $ 17.31 ) 972,495 $ 16.79 $ - Options exercisable at September 30, 2020 972,495 Available for grant at September 30, 2020 717,155 Weighted Aggregate Average Intrinsic Shares Exercise Value Under Options Price $(000’s) Outstanding at July 1, 2019 800,000 $ 17.31 $ 4,784 Granted, Lapsed or Cancelled - - Outstanding at September 30, 2019 ($ 17.31 ) 800,000 $ 17.31 $ 3,480 Options exercisable at September 30, 2019 800,000 Available for grant at September 30, 2019 751,936 Information regarding the Company’s stock option plans is summarized below for the nine months ended September 30, 2020 and 2019, respectively: Weighted Aggregate Average Intrinsic Shares Exercise Value Under Options Price $(000’s) Outstanding at January 1, 2020 800,000 $ 17.31 $ - Granted 172,495 14.39 Outstanding at September 30, 2020 ($ 14.39 - $ 17.31 ) 972,495 $ 16.79 $ - Options exercisable at September 30, 2020 972,495 Available for grant at September 30, 2020 717,155 Weighted Aggregate Average Intrinsic Shares Exercise Value Under Options Price $(000’s) Outstanding at January 1, 2019 800,000 $ 17.31 $ 1,824 Granted, Lapsed or Cancelled - - Outstanding at September 30, 2019 ($ 17.31 ) 800,000 $ 17.31 $ 3,480 Options exercisable at September 30, 2019 800,000 Available for grant at September 30, 2019 751,936 |
Schedule Of Restricted Stock Awards | Information regarding the Restricted Stock Awards grant activity is summarized below for the three months ended September 30, 2020 and 2019, respectively: Weighted-Average Grant – Date Shares Fair Value Outstanding at July 1, 2020 17,076 $ 21.08 Vested ( 17,076 ) 21.08 Granted 52,974 15.29 Outstanding at September 30, 2020 52,974 $ 15.29 Weighted-Average Grant – Date Shares Fair Value Outstanding at July 1, 2019 26,136 $ 25.80 Cancelled ( 1,936 ) 25.83 Outstanding at September 30, 2019 24,200 $ 25.83 Information regarding the Restricted Stock Awards grant activity is summarized below for the nine months ended September 30, 2020 and 2019, respectively: Weighted-Average Grant – Date Shares Fair Value Outstanding at January 1, 2020 42,690 $ 21.08 Vested ( 42,690 ) 21.08 Granted 52,974 15.29 Outstanding at September 30, 2020 52,974 $ 15.29 Weighted-Average Grant – Date Shares Fair Value Outstanding at January 1, 2019 67,289 $ 22.43 Vested ( 41,153 ) 20.29 Cancelled ( 1,936 ) 25.83 Outstanding at September 30, 2019 24,200 $ 25.83 |
Schedule Of Reconciliation Of Shares Used In Basic EPS Calculation To Shares Used In Diluted EPS Calculation | Three Months Ended Nine Months Ended September 30, September 30, Computation of Basic EPU 2020 2019 2020 2019 Income (loss) from continuing operations $ ( 76,384 ) $ ( 54,464 ) $ ( 151,209 ) $ 190,423 Add (deduct): Noncontrolling interests in consolidated joint ventures 895 405 1,900 2,500 Add (deduct): Redeemable noncontrolling interests ( 6,471 ) ( 6,471 ) ( 19,413 ) ( 16,144 ) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests ( 2,397 ) ( 3,359 ) ( 7,970 ) ( 25,477 ) Income (loss) from continuing operations available to unitholders ( 84,357 ) ( 63,889 ) ( 176,692 ) 151,302 Income (loss) from discontinued operations available to unitholders 35,266 ( 1,557 ) 39,313 8,821 Net income (loss) available to common unitholders for basic earnings per unit $ ( 49,091 ) $ ( 65,446 ) $ ( 137,379 ) $ 160,123 Weighted average common units 100,307 100,560 100,235 100,607 Basic EPU : Income (loss) from continuing operations available to unitholders $ ( 0.84 ) $ ( 0.63 ) $ ( 1.76 ) $ 1.50 Income (loss) from discontinued operations available to unitholders 0.35 ( 0.02 ) 0.39 0.09 Net income (loss) available to common unitholders for basic earnings per unit $ ( 0.49 ) $ ( 0.65 ) $ ( 1.37 ) $ 1.59 Three Months Ended Nine Months Ended September 30, September 30, Computation of Diluted EPU 2020 2019 2020 2019 Net income (loss) from continuing operations available to common unitholders $ ( 84,357 ) $ ( 63,889 ) $ ( 176,692 ) $ 151,302 Income (loss) from discontinued operations for diluted earnings per unit 35,266 ( 1,557 ) 39,313 8,821 Net income (loss) available to common unitholders for diluted earnings per unit $ ( 49,091 ) $ ( 65,446 ) $ ( 137,379 ) $ 160,123 Weighted average common unit 100,307 100,560 100,235 100,802 Diluted EPU : Income (loss) from continuing operations available to common unitholders $ ( 0.84 ) $ ( 0.63 ) $ ( 1.76 ) $ 1.50 Income (loss) from discontinued operations available to common unitholders 0.35 ( 0.02 ) 0.39 0.09 Net income (loss) available to common unitholders $ ( 0.49 ) $ ( 0.65 ) $ ( 1.37 ) $ 1.59 The following schedule reconciles the weighted average units used in the basic EPU calculation to the units used in the diluted EPU calculation (in thousands) : Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Basic EPU units 100,307 100,560 100,235 100,607 Add: Restricted Stock Awards - - - 24 Add: Stock Options - - - 171 Diluted EPU Units 100,307 100,560 100,235 100,802 |
AO LTIP Units Award [Member] | |
Stockolders Equity [Line Items] | |
Schedule Of Weighted Average Assumptions | AO LTIP Units Expected life (in years) 5.5 - 6.0 Risk-free interest rate 2.6 % Volatility 29.0 % Dividend yield 3.5 % |
AO LTIP Units Award [Member] | Mack-Cali Realty LP [Member] | |
Stockolders Equity [Line Items] | |
Schedule Of Weighted Average Assumptions | AO LTIP Units Expected life (in years) 5.5 - 6.0 Risk-free interest rate 2.6 % Volatility 29.0 % Dividend yield 3.5 % |
Noncontrolling Interests In S_2
Noncontrolling Interests In Subsidiaries (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Noncontrolling Interest [Line Items] | |
Schedule Of Activity Of Noncontrolling Interests | Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Opening Balance $ 194,463 $ 230,461 $ 205,776 $ 210,523 Net income 1,090 ( 93 ) 5,123 32,731 Unit distributions ( 2,029 ) ( 2,360 ) ( 3,509 ) ( 6,417 ) Redeemable noncontrolling interests ( 6,701 ) ( 6,805 ) ( 20,176 ) ( 18,685 ) Change in noncontrolling interests in consolidated joint ventures - - 133 9,110 Redemption of common units for common stock - - - ( 705 ) Redemption of common units ( 29 ) ( 65 ) ( 2,170 ) ( 5,030 ) Stock compensation 329 1,973 4,534 5,561 Cancellation of unvested LTIP units - - ( 201 ) ( 2,889 ) Other comprehensive income (loss) - ( 87 ) ( 34 ) ( 960 ) Rebalancing of ownership percentage between parent and subsidiaries 875 ( 1,426 ) ( 1,478 ) ( 1,641 ) Balance at September 30 $ 187,998 $ 221,598 $ 187,998 $ 221,598 |
Changes In Noncontrolling Interests Of Subsidiaries | The following tables set forth the changes in noncontrolling interests in subsidiaries which relate to the Common Units and LTIP Units in the Operating Partnership for the three months ended September 30, 2020 and 2019, respectively. Common Units/ Unvested LTIP Vested LTIP Units Units Outstanding at July 1, 2020 9,586,528 2,659,518 Issuance of LTIP units - - Redemption of common units ( 2,225 ) - Conversion of LTIP units for common units 2,225 - Vested LTIP units 86,030 ( 88,255 ) Cancellation of units - ( 833,198 ) Outstanding at September 30, 2020 9,672,558 1,738,065 Common Units/ Unvested LTIP Vested LTIP Units Units Balance at July 1, 2019 9,976,344 1,826,331 Issuance of LTIP units - - Redemption of common units for shares of common stock - - Redemption of common units ( 3,000 ) - Conversion of vested LTIP units to common units - - Vested LTIP units - - Cancellation of units - - Outstanding at September 30, 2019 9,973,344 1,826,331 The following tables set forth the changes in noncontrolling interests in subsidiaries which relate to the Common Units and LTIP Units in the Operating Partnership for the nine months ended September 30, 2020 and 2019, respectively. Common Units/ Unvested LTIP Vested LTIP Units Units Balance at January 1, 2020 9,612,064 1,826,331 Redemption of common units for shares of common stock - - Redemption of common units ( 99,952 ) Conversion of vested LTIP units to common units 6,655 Vested LTIP units 153,792 ( 160,447 ) Issuance of units - 1,287,568 Cancellation of units ( 1 ) ( 1,215,387 ) Balance at September 30, 2020 9,672,558 1,738,065 Common Units/ Unvested LTIP Vested LTIP Units Units Balance at January 1, 2019 10,229,349 1,707,106 Issuance of LTIP units - 565,623 Redemption of common units for shares of common stock ( 38,011 ) - Redemption of common units ( 304,638 ) - Conversion of vested LTIP units to common units 18,438 - Vested LTIP units 68,206 ( 86,644 ) Cancellation of unvested LTIP units - ( 359,754 ) Balance at September 30, 2019 9,973,344 1,826,331 |
Mack-Cali Realty LP [Member] | |
Noncontrolling Interest [Line Items] | |
Schedule Of Activity Of Noncontrolling Interests | Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Opening Balance $ 194,463 $ 230,461 $ 205,776 $ 210,523 Net income 1,090 ( 93 ) 5,123 32,731 Unit distributions ( 2,029 ) ( 2,360 ) ( 3,509 ) ( 6,417 ) Redeemable noncontrolling interests ( 6,701 ) ( 6,805 ) ( 20,176 ) ( 18,685 ) Change in noncontrolling interests in consolidated joint ventures - - 133 9,110 Redemption of common units for common stock - - - ( 705 ) Redemption of common units ( 29 ) ( 65 ) ( 2,170 ) ( 5,030 ) Stock compensation 329 1,973 4,534 5,561 Cancellation of unvested LTIP units - - ( 201 ) ( 2,889 ) Other comprehensive income (loss) - ( 87 ) ( 34 ) ( 960 ) Rebalancing of ownership percentage between parent and subsidiaries 875 ( 1,426 ) ( 1,478 ) ( 1,641 ) Balance at September 30 $ 187,998 $ 221,598 $ 187,998 $ 221,598 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | |
Schedule Of Selected Results Of Operations And Asset Information | Commercial Multi-family Corporate Total & Other Real Estate Real Estate & Services (d) & Other (e) Company Total revenues: Three months ended: September 30, 2020 $ 38,288 $ 37,658 $ 1,704 $ 77,650 September 30, 2019 40,211 46,453 726 87,390 Nine months ended: September 30, 2020 112,597 118,739 1,021 232,357 September 30, 2019 135,803 127,521 937 264,261 Total operating and interest expenses (a): Three months ended: September 30, 2020 $ 16,562 $ 26,772 $ 42,529 $ 85,863 September 30, 2019 18,200 23,989 29,890 72,079 Nine months ended: September 30, 2020 54,035 71,689 101,669 227,393 September 30, 2019 60,254 67,606 94,656 222,516 Equity in earnings (loss) of unconsolidated joint ventures: Three months ended: September 30, 2020 $ 493 $ 880 $ - $ 1,373 September 30, 2019 307 ( 420 ) - ( 113 ) Nine months ended: September 30, 2020 ( 1 ) ( 280 ) - ( 281 ) September 30, 2019 1,540 ( 2,422 ) - ( 882 ) Net operating income (loss) (b): Three months ended: September 30, 2020 $ 22,219 $ 11,766 $ ( 40,825 ) $ ( 6,840 ) September 30, 2019 22,318 22,044 ( 29,164 ) 15,198 Nine months ended: September 30, 2020 58,561 46,770 ( 100,648 ) 4,683 September 30, 2019 77,089 57,493 ( 93,719 ) 40,863 Total assets: September 30, 2020 $ 1,912,093 $ 3,265,827 $ 12,823 $ 5,190,743 December 31, 2019 2,178,321 3,079,409 35,068 5,292,798 Total long-lived assets (c): September 30, 2020 $ 1,714,697 $ 3,015,868 $ ( 12 ) $ 4,730,553 December 31, 2019 1,947,053 2,812,306 3,834 4,763,193 Total investments in unconsolidated joint ventures: September 30, 2020 $ 7,864 $ 186,915 $ - $ 194,779 December 31, 2019 7,367 201,724 - 209,091 (a) Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; real estate services expenses; general and administrative, acquisition related costs and interest expense (net of interest income). All interest expense, net of interest and other investment income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods. (b) Net operating income represents total revenues less total operating and interest expenses (as defined and classified in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the period. (c) Long-lived assets are comprised of net investment in rental property, unbilled rents receivable and goodwill. (d) Segment assets and operations were owned through a consolidated variable interest entity commencing in February 2018, and which also include the Company’s consolidated hotel operations. (e) Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense), as well as intercompany eliminations necessary to reconcile to consolidated Company totals. |
Schedule Of Reconciliation Of Net Operating Income To Net Income Available To Common Shareholders | Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Net operating income $ ( 6,840 ) $ 15,198 $ 4,683 $ 40,863 Add (deduct): Depreciation and amortization ( 31,670 ) ( 32,605 ) ( 92,807 ) ( 96,110 ) Land and other impairments ( 1,292 ) ( 2,589 ) ( 23,401 ) ( 5,088 ) Property impairments ( 36,582 ) - ( 36,582 ) - Gain on change of control of interests - - - 13,790 Realized gains (losses) and unrealized losses on disposition of rental property, net - ( 34,666 ) ( 7,915 ) 233,698 Gain on disposition of developable land - 296 4,813 566 Gain on sale of investment in unconsolidated joint venture - - - 903 Gain from extinguishment of debt, net - ( 98 ) - 1,801 Income (loss) from continuing operations ( 76,384 ) ( 54,464 ) ( 151,209 ) 190,423 Discontinued operations Income from discontinued operations 19,491 8,506 63,213 24,686 Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net 15,775 ( 10,063 ) ( 23,900 ) ( 15,865 ) Total discontinued operations, net 35,266 ( 1,557 ) 39,313 8,821 Net income (loss) ( 41,118 ) ( 56,021 ) ( 111,896 ) 199,244 Noncontrolling interests in consolidated joint ventures 895 405 1,900 2,500 Noncontrolling interests in Operating Partnership 7,874 6,005 16,166 ( 18,191 ) Noncontrolling interest in discontinued operations ( 3,388 ) 154 ( 3,776 ) ( 896 ) Redeemable noncontrolling interests ( 6,471 ) ( 6,471 ) ( 19,413 ) ( 16,144 ) Net income (loss) available to common shareholders $ ( 42,208 ) $ ( 55,928 ) $ ( 117,019 ) $ 166,513 |
Mack-Cali Realty LP [Member] | |
Segment Reporting Information [Line Items] | |
Schedule Of Selected Results Of Operations And Asset Information | Commercial Multi-family Corporate Total & Other Real Estate Real Estate & Services (d) & Other (e) Company Total revenues: Three months ended: September 30, 2020 $ 38,288 $ 37,658 $ 1,704 $ 77,650 September 30, 2019 40,211 46,453 726 87,390 Nine months ended: September 30, 2020 112,597 118,739 1,021 232,357 September 30, 2019 135,803 127,521 937 264,261 Total operating and interest expenses (a): Three months ended: September 30, 2020 $ 16,562 $ 26,772 $ 42,529 $ 85,863 September 30, 2019 18,200 23,989 29,890 72,079 Nine months ended: September 30, 2020 54,035 71,689 101,669 227,393 September 30, 2019 60,254 67,606 94,656 222,516 Equity in earnings (loss) of unconsolidated joint ventures: Three months ended: September 30, 2020 $ 493 $ 880 $ - $ 1,373 September 30, 2019 307 ( 420 ) - ( 113 ) Nine months ended: September 30, 2020 ( 1 ) ( 280 ) - ( 281 ) September 30, 2019 1,540 ( 2,422 ) - ( 882 ) Net operating income (loss) (b): Three months ended: September 30, 2020 $ 22,219 $ 11,766 $ ( 40,825 ) $ ( 6,840 ) September 30, 2019 22,318 22,044 ( 29,164 ) 15,198 Nine months ended: September 30, 2020 58,561 46,770 ( 100,648 ) 4,683 September 30, 2019 77,089 57,493 ( 93,719 ) 40,863 Total assets: September 30, 2020 $ 1,912,093 $ 3,265,827 $ 12,823 $ 5,190,743 December 31, 2019 2,178,321 3,079,409 35,068 5,292,798 Total long-lived assets (c): September 30, 2020 $ 1,714,697 $ 3,015,868 $ ( 12 ) $ 4,730,553 December 31, 2019 1,947,053 2,812,306 3,834 4,763,193 Total investments in unconsolidated joint ventures: September 30, 2020 $ 7,864 $ 186,915 $ - $ 194,779 December 31, 2019 7,367 201,724 - 209,091 (a) Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; real estate services expenses; general and administrative, acquisition related costs and interest expense (net of interest income). All interest expense, net of interest and other investment income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods. (b) Net operating income represents total revenues less total operating and interest expenses (as defined and classified in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the period. (c) Long-lived assets are comprised of net investment in rental property, unbilled rents receivable and goodwill. (d) Segment assets and operations were owned through a consolidated variable interest entity commencing in February 2018, and which also include the Company’s consolidated hotel operations. (e) Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense), as well as intercompany eliminations necessary to reconcile to consolidated Company totals. |
Schedule Of Reconciliation Of Net Operating Income To Net Income Available To Common Shareholders | Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Net operating income $ ( 6,840 ) $ 15,198 $ 4,683 $ 40,863 Add (deduct): Depreciation and amortization ( 31,670 ) ( 32,605 ) ( 92,807 ) ( 96,110 ) Land and other impairments ( 1,292 ) ( 2,589 ) ( 23,401 ) ( 5,088 ) Property impairments ( 36,582 ) - ( 36,582 ) - Gain on change of control of interests - - - 13,790 Realized gains (losses) and unrealized losses on disposition of rental property, net - ( 34,666 ) ( 7,915 ) 233,698 Gain on disposition of developable land - 296 4,813 566 Gain on sale of investment in unconsolidated joint venture - - - 903 Gain from extinguishment of debt, net - ( 98 ) - 1,801 Income (loss) from continuing operations ( 76,384 ) ( 54,464 ) ( 151,209 ) 190,423 Discontinued operations Income from discontinued operations 19,491 8,506 63,213 24,686 Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net 15,775 ( 10,063 ) ( 23,900 ) ( 15,865 ) Total discontinued operations, net 35,266 ( 1,557 ) 39,313 8,821 Net income (loss) ( 41,118 ) ( 56,021 ) ( 111,896 ) 199,244 Noncontrolling interests in consolidated joint ventures 895 405 1,900 2,500 Redeemable noncontrolling interests ( 6,471 ) ( 6,471 ) ( 19,413 ) ( 16,144 ) Net income (loss) available to common unitholders $ ( 46,694 ) $ ( 62,087 ) $ ( 129,409 ) $ 185,600 |
Organization And Basis Of Pre_2
Organization And Basis Of Presentation (Narrative) (Details) $ in Millions | 9 Months Ended | ||
Sep. 30, 2020USD ($)ft²propertystateitemroom | Dec. 31, 2019USD ($) | Dec. 19, 2019ft² | |
Real Estate Properties [Line Items] | |||
Percentage of ownership interest | 90.40% | 90.40% | |
Number of properties owned or investment interests | 59 | ||
Number of states where properties are located | state | 4 | ||
Consolidated joint ventures, total real estate assets | $ | $ 493.1 | $ 503.1 | |
Consolidated joint ventures, mortgages | $ | 284.2 | 283.7 | |
Consolidated joint ventures, other liabilities | $ | 21 | $ 18.9 | |
Increase in land and other impairments | $ | $ 2.5 | ||
Commercial Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of tenants | item | 225 | ||
Multi-Family Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of properties owned or investment interests | 22 | ||
Number of units | item | 6,850 | ||
Office [Member] | |||
Real Estate Properties [Line Items] | |||
Number of properties owned or investment interests | 29 | ||
Aggregate square feet of the property owned or investment interest | ft² | 8,700,000 | ||
Unconsolidated Joint Venture Office Buildings [Member] | |||
Real Estate Properties [Line Items] | |||
Number of properties owned or investment interests | 2 | ||
Aggregate square feet of the property owned or investment interest | ft² | 200,000 | ||
Area of property (in square feet) | ft² | 200,000 | ||
Unconsolidated Joint Venture Multi-Family Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of properties owned or investment interests | 7 | ||
Number of units | item | 2,611 | ||
Unconsolidated Joint Venture Office/Flex Buildings And Hotel [Member] | |||
Real Estate Properties [Line Items] | |||
Number of properties owned or investment interests | 3 | ||
Number of units | room | 723 | ||
Parking/Retail [Member] | |||
Real Estate Properties [Line Items] | |||
Number of properties owned or investment interests | 4 | ||
Aggregate square feet of the property owned or investment interest | ft² | 108,000 | ||
Unconsolidated Joint Venture Parking/Retail Buildings [Member] | |||
Real Estate Properties [Line Items] | |||
Number of properties owned or investment interests | 1 | ||
Aggregate square feet of the property owned or investment interest | ft² | 51,000 | ||
Land [Member] | |||
Real Estate Properties [Line Items] | |||
Number of properties owned or investment interests | 1 | ||
Suburban Office Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Area of property (in square feet) | ft² | 6,600,000 |
Significant Accounting Polici_4
Significant Accounting Policies (Narrative) (Details) - USD ($) | Jan. 01, 2019 | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2017 | Jun. 30, 2020 | Jan. 03, 2020 | Jun. 30, 2019 | Dec. 31, 2018 |
Significant Accounting Policies [Line Items] | |||||||||||
Capitalized development and construction salaries and other related costs | $ 400,000 | $ 500,000 | $ 1,300,000 | $ 1,600,000 | |||||||
Maximum period after cessation of major construction activity that projects are considered complete | 1 year | ||||||||||
Threshold of investment value for discontinuation of equity method accounting | 0 | $ 0 | |||||||||
Amortization of deferred financing costs | 1,074,000 | 1,121,000 | 3,158,000 | 3,478,000 | |||||||
Write-off of unamortized deferred financing costs | 0 | 285,000 | 0 | 285,000 | |||||||
Leasing personnel costs | 2,128,000 | $ 534,000 | 3,829,000 | $ 1,818,000 | |||||||
Deferred tax asset | $ 18,500,000 | 18,500,000 | $ 5,300,000 | ||||||||
Income taxes, material adjustment amount | $ 0 | ||||||||||
Common stock, shares outstanding | 90,712,055 | 90,595,176 | 90,712,055 | 90,595,197 | |||||||
Common units outstanding | 9,672,558 | 9,612,064 | 9,973,344 | 9,672,558 | 9,973,344 | 9,586,528 | 9,488,794 | 9,976,344 | 10,229,349 | ||
LTIP units outstanding | 1,738,065 | 1,826,331 | 1,826,331 | 1,738,065 | 1,826,331 | 2,659,518 | 1,949,601 | 1,826,331 | 1,707,106 | ||
Distributions payable, record date | Jan. 3, 2020 | ||||||||||
Distributions payable, approved date | Dec. 17, 2019 | ||||||||||
Common stock dividends and common unit distributions per share | $ 0.20 | ||||||||||
Stock compensation expense | $ 723,000 | $ 1,980,000 | $ 5,692,000 | $ 6,051,000 | |||||||
Distributions payable, pay date | Jan. 10, 2020 | ||||||||||
Increase (decrease) to valuation allowance | $ (5,300,000) | ||||||||||
Federal income tax rate | 21.00% | ||||||||||
Gain from extinguishment of debt, net | 0 | (98,000) | $ 0 | 1,801,000 | |||||||
Net income (loss) | (41,118,000) | (56,021,000) | (111,896,000) | 199,244,000 | |||||||
Accounting Standards Update 2017-12 [Member] | |||||||||||
Significant Accounting Policies [Line Items] | |||||||||||
Net income (loss) | $ 400,000 | ||||||||||
Mack-Cali Realty LP [Member] | |||||||||||
Significant Accounting Policies [Line Items] | |||||||||||
Gain from extinguishment of debt, net | (98,000) | 1,801,000 | |||||||||
Net income (loss) | $ (41,118,000) | $ (56,021,000) | $ (111,896,000) | $ 199,244,000 | |||||||
LTIP value | $ 400,000 | ||||||||||
Dividends paid | 18,100,000 | ||||||||||
Common Units [Member] | Mack-Cali Realty LP [Member] | Limited Partner Common Unitholders [Member] | |||||||||||
Significant Accounting Policies [Line Items] | |||||||||||
Dividends paid | $ 1,900,000 |
Significant Accounting Polici_5
Significant Accounting Policies (Schedule Of Rental Property Improvements) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Land held for development (including pre-development costs, if any) | $ 356,017 | $ 388,702 |
Development and construction in progress, including land | 683,303 | 464,110 |
Total | 1,039,320 | 852,812 |
Buildings and improvement | 147,700 | 156,500 |
Development [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Land | 84,000 | $ 96,600 |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Buildings and improvement | 9,700 | |
Land | 35,500 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Development [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Buildings and improvement | 1,000 | |
Land | $ 500 |
Significant Accounting Polici_6
Significant Accounting Policies (Estimated Useful Lives Of Assets) (Details) | 9 Months Ended |
Sep. 30, 2020 | |
Minimum [Member] | Buildings And Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 5 years |
Minimum [Member] | Furniture, Fixtures And Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 5 years |
Maximum [Member] | Buildings And Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 40 years |
Maximum [Member] | Furniture, Fixtures And Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 10 years |
Recent Transactions (Consolidat
Recent Transactions (Consolidation) (Narrative) (Details) | Mar. 12, 2020USD ($)ft² | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) |
Real Estate Properties [Line Items] | |||
Purchase price of property | $ 123,785,000 | $ 79,842,000 | |
Gain on change of control of interests | $ 13,790,000 | ||
Port Imperial North Retail, L.L.C. [Member] | |||
Real Estate Properties [Line Items] | |||
Total consolidated net assets | 15,033,000 | ||
Port Imperial North Retail, L.L.C. [Member] | Unconsolidated Joint Venture Multi-Family Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Percentage of additional interest acquired | 80.00% | ||
Area of property (in square feet) | ft² | 30,745 | ||
Purchase price of property | $ 13,300,000 | ||
Gain on change of control of interests | 0 | ||
Total consolidated net assets | $ 15,000,000 |
Recent Transactions (Real Estat
Recent Transactions (Real Estate Held For Sale/Discontinued Operations/Dispositions) (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 21 Months Ended | ||||
Oct. 31, 2020USD ($)ft² | Sep. 30, 2020USD ($)ft²propertyitem | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)ft²itemproperty | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)ft²propertyitem | Dec. 31, 2019USD ($) | Dec. 19, 2019ft² | |
Real Estate Properties [Line Items] | ||||||||
Unrealized losses on rental properties held for sale | $ (7,915,000) | |||||||
Land and other impairments | $ 1,292,000 | $ 2,589,000 | 23,401,000 | $ 5,088,000 | ||||
Proceeds from the sale of property | 16,455,000 | $ 637,982,000 | ||||||
Accumulated depreciation | 627,995,000 | 627,995,000 | $ 627,995,000 | $ 558,617,000 | ||||
Book value | 4,554,380,000 | 4,554,380,000 | 4,554,380,000 | $ 4,256,681,000 | ||||
Suburban Office Portfolio [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Area of property (in square feet) | ft² | 6,600,000 | |||||||
Suburban Office Portfolio [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Area of property (in square feet) | ft² | 6,600,000 | |||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Accumulated depreciation | $ 227,848,000 | $ 227,848,000 | $ 227,848,000 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Suburban Office Portfolio [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of real estate properties | item | 12 | 12 | 12 | |||||
Accumulated depreciation | $ 219,857,000 | $ 219,857,000 | $ 219,857,000 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Suburban Office Portfolio [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of disposal groups | item | 12 | |||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Properties Disposed One [Member] | Suburban Office Portfolio [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of real estate properties | property | 21 | 21 | 21 | |||||
Area of property (in square feet) | ft² | 4,000,000 | 4,000,000 | 4,000,000 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Properties Disposed One [Member] | Suburban Office Portfolio [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of real estate properties | property | 21 | 21 | 21 | |||||
Area of property (in square feet) | ft² | 4,000,000 | 4,000,000 | 4,000,000 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Office [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of properties held for sale | property | 21 | 21 | 21 | |||||
Number of disposal groups | property | 12 | |||||||
Disposal Group, Not Discontinued Operations [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Unrealized losses on rental properties held for sale | $ (33,314,000) | |||||||
Area Of Real Estate Property Sold | ft² | 2,114,509 | 2,114,509 | 2,114,509 | |||||
Gain (loss) on sale of property | $ 9,414,000 | |||||||
Disposal Group, Not Discontinued Operations [Member] | Suburban Office Portfolio [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Area of property (in square feet) | ft² | 2,600,000 | 2,600,000 | 2,600,000 | |||||
Gain (loss) on sale of property | $ 294,800,000 | |||||||
Disposal Group, Not Discontinued Operations [Member] | Suburban Office Portfolio [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Area of property (in square feet) | ft² | 2,600,000 | 2,600,000 | 2,600,000 | |||||
Disposal Group, Not Discontinued Operations [Member] | Properties Disposed One [Member] | Suburban Office Portfolio [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of properties sold | property | 16 | |||||||
Disposal Group, Not Discontinued Operations [Member] | Properties Disposed Two [Member] | Suburban Office Portfolio [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of real estate properties | property | 10 | 10 | 10 | |||||
Area of property (in square feet) | ft² | 1,900,000 | 1,900,000 | 1,900,000 | |||||
Gain (loss) on sale of property | $ 407,500,000 | |||||||
Disposal Group, Not Discontinued Operations [Member] | Properties Disposed Two [Member] | Suburban Office Portfolio [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of real estate properties | property | 10 | 10 | 10 | |||||
Area of property (in square feet) | ft² | 1,900,000 | 1,900,000 | 1,900,000 | |||||
Gain (loss) on sale of property | $ 407,500,000 | |||||||
Disposal Group, Not Discontinued Operations [Member] | Properties Disposed Three [Member] | Subsequent Event [Member] | Suburban Office Portfolio [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Area of property (in square feet) | ft² | 98,500 | |||||||
Gain (loss) on sale of property | $ 7,500,000 | |||||||
Parsippany, Madison, Short Hills, Edison, And Red Bank, New Jersey [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Unrealized losses on rental properties held for sale | $ 0 | 41,200,000 | ||||||
Land and other impairments | $ 1,300,000 | $ 23,400,000 | ||||||
Parsippany, Madison, Short Hills, Edison, And Red Bank, New Jersey [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of properties held for sale | property | 10 | 10 | 10 | |||||
Number of disposal groups | item | 5 | |||||||
Parsippany, Madison, Short Hills, Edison, And Red Bank, New Jersey [Member] | Discontinued Operations [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Unrealized losses on rental properties held for sale | $ 0 | $ 33,300,000 | ||||||
Land and other impairments | $ 1,300,000 | $ 23,400,000 | ||||||
Hoboken, New Jersey [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Area of property (in square feet) | ft² | 566,215 | 566,215 | 566,215 | |||||
Accumulated depreciation | $ 25,400,000 | $ 25,400,000 | $ 25,400,000 | |||||
Book value | $ 194,400,000 | 194,400,000 | $ 194,400,000 | |||||
Catch-up depreciation and amortization expense | $ 3,800,000 | |||||||
Development [Member] | Parsippany, Madison, Short Hills, Edison, And Red Bank, New Jersey [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of properties held for sale | item | 2 | 2 | 2 |
Recent Transactions (Impairment
Recent Transactions (Impairments On Properties Held And Used) (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | |
Recent Transactions [Abstract] | ||
Property impairments | $ 36,582 | $ 36,582 |
Recent Transactions (Schedule O
Recent Transactions (Schedule Of Properties Which Commenced Initial Operations) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($)item | |
Real Estate Properties [Line Items] | |
Number of Apartment Units | 271 |
Total Development Costs Incurred | $ | $ 78,539 |
Unconsolidated Joint Venture Multi-Family Properties [Member] | |
Real Estate Properties [Line Items] | |
Total number of rental units | 2,611 |
Unconsolidated Joint Venture Hotel [Member] | |
Real Estate Properties [Line Items] | |
Total number of rental units | 351 |
Emery At Overlook Ridge [Member] | |
Real Estate Properties [Line Items] | |
Number of Apartment Units | 271 |
Total Development Costs Incurred | $ | $ 78,539 |
Total number of rental units | 326 |
Number of units in construction | 55 |
Recent Transactions (Schedule_2
Recent Transactions (Schedule Of Net Assets Recorded Upon Consolidation) (Details) - Port Imperial North Retail, L.L.C. [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Business Acquisition [Line Items] | |
Land and leasehold interests | $ 4,305 |
Buildings and improvements and other assets, net | 8,912 |
In-place lease values | 1,503 |
Above/Below market lease value, net | 313 |
Net assets recorded upon consolidation | $ 15,033 |
In-Place And Below Market Leases [Member] | |
Business Acquisition [Line Items] | |
Amortization period | 7 months 15 days |
Recent Transactions (Schedule_3
Recent Transactions (Schedule Of Real Estate Held For Sale/Discontinued Operations/Dispositions) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Less: Accumulated depreciation | $ (627,995) | $ (558,617) |
Real estate held for sale, net | 714,404 | $ 966,497 |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Land | 189,064 | |
Buildings & Other | 902,776 | |
Less: Accumulated depreciation | (227,848) | |
Less: Cumulative unrealized losses on property held for sale | (149,588) | |
Real estate held for sale, net | 714,404 | |
Unbilled rents receivable, net | 24,255 | |
Deferred charges, net | 22,309 | |
Total intangibles, net | 26,208 | |
Total deferred charges & other assets, net | 51,202 | |
Mortgages & loans payable, net | 123,738 | |
Total below market liability | 7,092 | |
Accounts payable, accrued exp & other liability | 20,819 | |
Unearned rents/deferred rental income | 4,768 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Other Assets Held for Sale [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Land | 84,180 | |
Buildings & Other | 40,290 | |
Less: Accumulated depreciation | (7,991) | |
Less: Cumulative unrealized losses on property held for sale | (44,140) | |
Real estate held for sale, net | 72,339 | |
Unbilled rents receivable, net | 2,048 | |
Deferred charges, net | 773 | |
Total deferred charges & other assets, net | 789 | |
Accounts payable, accrued exp & other liability | 255 | |
Unearned rents/deferred rental income | 203 | |
Suburban Office Portfolio [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Land | 104,884 | |
Buildings & Other | 862,486 | |
Less: Accumulated depreciation | (219,857) | |
Less: Cumulative unrealized losses on property held for sale | (105,448) | |
Real estate held for sale, net | 642,065 | |
Unbilled rents receivable, net | 22,207 | |
Deferred charges, net | 21,536 | |
Total intangibles, net | 26,208 | |
Total deferred charges & other assets, net | 50,413 | |
Mortgages & loans payable, net | 123,738 | |
Total below market liability | 7,092 | |
Accounts payable, accrued exp & other liability | 20,564 | |
Unearned rents/deferred rental income | $ 4,565 |
Recent Transactions (Schedule_4
Recent Transactions (Schedule Of Disposed Properties) (Details) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2020USD ($)ft²item | Dec. 31, 2019USD ($) | Dec. 31, 2017USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Unrealized losses on rental properties held for sale | $ (7,915) | ||
Totals | (7,915) | ||
Valuation allowance | $ 18,500 | $ 5,300 | |
Disposal Group, Not Discontinued Operations [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of Buildings, Disposed | item | 14 | ||
Rentable Square Feet, Disposed | ft² | 2,114,509 | ||
Net Sales Proceeds | $ 242,645 | ||
Net Carrying Value | 233,231 | ||
Realized Gains (losses)/Unrealized Losses, net | 9,414 | ||
Unrealized losses on rental properties held for sale | (33,314) | ||
Totals | $ (23,900) | ||
Disposal Group, Not Discontinued Operations [Member] | One Bridge Plaza [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of Buildings, Disposed | item | 1 | ||
Rentable Square Feet, Disposed | ft² | 200,000 | ||
Net Sales Proceeds | $ 35,065 | ||
Net Carrying Value | 17,743 | ||
Realized Gains (losses)/Unrealized Losses, net | $ 17,322 | ||
Disposal Group, Not Discontinued Operations [Member] | 3 Giralda Farms [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of Buildings, Disposed | item | 1 | ||
Rentable Square Feet, Disposed | ft² | 141,000 | ||
Net Sales Proceeds | $ 7,510 | ||
Net Carrying Value | 9,534 | ||
Realized Gains (losses)/Unrealized Losses, net | (2,024) | ||
Valuation allowance | $ 2,000 | $ 16,700 | |
Disposal Group, Not Discontinued Operations [Member] | Morris Portfolio [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of Buildings, Disposed | item | 10 | ||
Rentable Square Feet, Disposed | ft² | 1,448,420 | ||
Net Sales Proceeds | $ 155,116 | ||
Net Carrying Value | 175,772 | ||
Realized Gains (losses)/Unrealized Losses, net | (20,656) | ||
Valuation allowance | $ 21,600 | 32,500 | |
Disposal Group, Not Discontinued Operations [Member] | 325 Columbia Turnpike [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of Buildings, Disposed | item | 1 | ||
Rentable Square Feet, Disposed | ft² | 168,144 | ||
Net Sales Proceeds | $ 24,276 | ||
Net Carrying Value | 8,020 | ||
Realized Gains (losses)/Unrealized Losses, net | $ 16,256 | ||
Disposal Group, Not Discontinued Operations [Member] | 9 Campus Drive [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of Buildings, Disposed | item | 1 | ||
Rentable Square Feet, Disposed | ft² | 156,945 | ||
Net Sales Proceeds | $ 20,678 | ||
Net Carrying Value | 22,162 | ||
Realized Gains (losses)/Unrealized Losses, net | $ (1,484) | ||
Valuation allowance | $ 3,500 |
Recent Transactions (Schedule_5
Recent Transactions (Schedule Of Disposed Developable Land) (Details) - Disposal Group, Not Discontinued Operations [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Net Sales Proceeds | $ 15,992 |
Net Carrying Value | 11,179 |
Realized Gains (losses)/Unrealized Losses, net | 4,813 |
230 & 250 Half Mile Road [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Net Sales Proceeds | 7,018 |
Net Carrying Value | 2,969 |
Realized Gains (losses)/Unrealized Losses, net | 4,049 |
Capital Office Park Land [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Net Sales Proceeds | 8,974 |
Net Carrying Value | 8,210 |
Realized Gains (losses)/Unrealized Losses, net | $ 764 |
Investments In Unconsolidated_3
Investments In Unconsolidated Joint Ventures (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($)ft²itemproperty | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)ft²itemproperty | Dec. 31, 2019USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||
Carrying Value | $ 194,779 | $ 194,779 | $ 209,091 | |
Amount outstanding | 156,000 | 156,000 | 329,000 | |
Management, leasing, development and other services fees | 600 | $ 600 | ||
Accounts receivable due from unconsolidated joint ventures | 300 | 300 | 600 | |
Maximum exposure to loss | 143,400 | 143,400 | ||
Estimated future funding commitments | 33,200 | 33,200 | ||
Unconsolidated Joint Venture Other Property [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Carrying Value | $ 194,779 | $ 194,779 | $ 209,091 | |
Unconsolidated Joint Venture Office Buildings [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of properties | property | 2 | 2 | ||
Area of property (in square feet) | ft² | 200,000 | 200,000 | ||
Unconsolidated Joint Venture Retail Buildings [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of properties | property | 1 | 1 | ||
Area of mixed use project (in square feet) | ft² | 51,000 | |||
Unconsolidated Joint Venture Multi-Family Properties [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of properties | property | 7 | 7 | ||
Number of units | item | 2,611 | 2,611 | ||
Unconsolidated Joint Venture Hotel [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of units | item | 351 | 351 | ||
Unconsolidated Joint Venture Development Projects [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of units | item | 360 | 360 | ||
Unconsolidated Joint Venture Land Parcels [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of units | item | 2,560 | 2,560 | ||
Unconsolidated Joint Ventures [Member] | Guarantee of Indebtedness of Others [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Maximum borrowing capacity | $ 304,000 | $ 304,000 | ||
Amount outstanding | 255,600 | 255,600 | ||
Unconsolidated Joint Ventures [Member] | Parent Company [Member] | Guarantee of Indebtedness of Others [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Maximum guaranteed amount | 33,200 | 33,200 | ||
Guaranteed amount | $ 28,400 | $ 28,400 | ||
Minimum [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of interest in venture | 20.00% | 20.00% | ||
Maximum [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of interest in venture | 85.00% | 85.00% | ||
Variable Interest Entity [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Carrying Value | $ 110,200 | $ 110,200 | ||
Number of VIEs | property | 3 | 3 |
Investments In Unconsolidated_4
Investments In Unconsolidated Joint Ventures (Summary Of Unconsolidated Joint Ventures) (Details) $ in Thousands | Feb. 28, 2019USD ($) | Sep. 30, 2020USD ($)ft²item | Sep. 30, 2020USD ($)ft²item | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Jun. 26, 2020USD ($) | Jun. 10, 2020USD ($) | Mar. 12, 2020 | Aug. 01, 2019 | Jan. 31, 2019 |
Schedule of Equity Method Investments [Line Items] | ||||||||||
Carrying Value | $ 194,779 | $ 194,779 | $ 209,091 | |||||||
Purchase price of property | 123,785 | $ 79,842 | ||||||||
Property impairments on continuing operations | $ 36,582 | $ 36,582 | ||||||||
Minimum [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Company's Effective Ownership % | 20.00% | 20.00% | ||||||||
Maximum [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Company's Effective Ownership % | 85.00% | 85.00% | ||||||||
Crystal House [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Maximum borrowing capacity | $ 161,500 | |||||||||
Percentage of interest in developable land | 50.00% | 50.00% | ||||||||
Number of units available for development | item | 738 | 738 | ||||||||
PI North - Riverwalk C [Member] | Construction Loan [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Maximum borrowing capacity | $ 112,000 | $ 112,000 | ||||||||
Percent of principal loan outstanding | 10.00% | |||||||||
Riverpark At Harrison [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Maximum borrowing capacity | $ 30,192 | |||||||||
Urby At Harborside [Member] | Construction/Permanent Loan [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Company's Effective Ownership % | 85.00% | 85.00% | ||||||||
PI North - Land [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number of Apartment Units | item | 836 | 836 | ||||||||
Residual ownership interest | 20.00% | 20.00% | ||||||||
Guaranteed amount | $ 22,000 | $ 22,000 | ||||||||
Red Bank [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Gain on sale | $ 900 | |||||||||
12 Vreeland Road [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Property impairments on continuing operations | 3,700 | |||||||||
The Shops At 40 Park Property [Member] | Metropolitan And Lofts At 40 Park [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Rentable Square Feet (sf) | ft² | 50,973 | 50,973 | ||||||||
Balance | $ 6,067 | $ 6,067 | ||||||||
Property Debt, Interest Rate, Spread Over LIBOR | 0.0225% | |||||||||
Residual ownership interest | 25.00% | 25.00% | ||||||||
Mortgage loan, maturity month and year | October 2021 | |||||||||
Lofts At 40 Park Property [Member] | Metropolitan And Lofts At 40 Park [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number of Apartment Units | item | 59 | 59 | ||||||||
Property Debt, Interest Rate, Spread Over LIBOR | 0.015% | |||||||||
Indirect ownership interest | 50.00% | 50.00% | ||||||||
Number of stories | item | 5 | 5 | ||||||||
Maximum borrowing capacity | $ 18,200 | $ 18,200 | ||||||||
Mortgage loan, maturity month and year | January 2023 | |||||||||
Metropolitan Property [Member] | Metropolitan And Lofts At 40 Park [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Balance | $ 36,500 | $ 36,500 | ||||||||
Property Debt, Interest Rate, Spread Over LIBOR | 0.0285% | |||||||||
Mortgage loan, maturity month and year | October 2023 | |||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number of Apartment Units | item | 2,611 | 2,611 | ||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Metropolitan And Lofts At 40 Park [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number of Apartment Units | item | 189 | 189 | ||||||||
Company's Effective Ownership % | 25.00% | 25.00% | ||||||||
Carrying Value | $ 3,746 | $ 3,746 | 7,257 | |||||||
Balance | $ 60,767 | $ 60,767 | ||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | RiverTrace At Port Imperial [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number of Apartment Units | item | 316 | 316 | ||||||||
Company's Effective Ownership % | 22.50% | 22.50% | ||||||||
Carrying Value | $ 6,808 | $ 6,808 | 7,463 | |||||||
Balance | $ 82,000 | $ 82,000 | ||||||||
Property Debt, Maturity Date | Nov. 10, 2026 | |||||||||
Property Debt, Interest Rate | 3.21% | 3.21% | ||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Crystal House [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number of Apartment Units | item | 825 | 825 | ||||||||
Company's Effective Ownership % | 25.00% | 25.00% | ||||||||
Carrying Value | $ 26,844 | $ 26,844 | 28,823 | |||||||
Balance | $ 161,500 | $ 161,500 | ||||||||
Property Debt, Maturity Date | Jul. 1, 2027 | |||||||||
Property Debt, Interest Rate | 2.72% | 2.72% | ||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | PI North - Riverwalk C [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number of Apartment Units | item | 360 | 360 | ||||||||
Company's Effective Ownership % | 40.00% | 40.00% | ||||||||
Carrying Value | $ 35,946 | $ 35,946 | 35,527 | |||||||
Balance | $ 63,628 | $ 63,628 | ||||||||
Property Debt, Maturity Date | Dec. 6, 2021 | |||||||||
Property Debt, Interest Rate | 2.75% | 2.75% | ||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Marbella II [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Company's Effective Ownership % | 24.27% | 50.00% | ||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Riverpark At Harrison [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number of Apartment Units | item | 141 | 141 | ||||||||
Company's Effective Ownership % | 45.00% | 45.00% | ||||||||
Carrying Value | $ 787 | $ 787 | 1,015 | |||||||
Balance | $ 30,192 | $ 30,192 | ||||||||
Property Debt, Maturity Date | Jul. 1, 2035 | |||||||||
Property Debt, Interest Rate | 3.19% | 3.19% | ||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Station House [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number of Apartment Units | item | 378 | 378 | ||||||||
Company's Effective Ownership % | 50.00% | 50.00% | ||||||||
Carrying Value | $ 33,860 | $ 33,860 | 35,676 | |||||||
Balance | $ 95,576 | $ 95,576 | ||||||||
Property Debt, Maturity Date | Jul. 1, 2033 | |||||||||
Property Debt, Interest Rate | 4.82% | 4.82% | ||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Urby At Harborside [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number of Apartment Units | item | 762 | 762 | ||||||||
Company's Effective Ownership % | 85.00% | 85.00% | ||||||||
Carrying Value | $ 74,847 | $ 74,847 | 79,790 | |||||||
Balance | $ 192,000 | $ 192,000 | ||||||||
Property Debt, Maturity Date | Aug. 1, 2029 | |||||||||
Property Debt, Interest Rate | 5.197% | 5.197% | ||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | PI North - Land [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number of Apartment Units | item | 836 | 836 | ||||||||
Company's Effective Ownership % | 20.00% | 20.00% | ||||||||
Carrying Value | $ 1,678 | $ 1,678 | 1,678 | |||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Liberty Landing [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number of Apartment Units | item | 850 | 850 | ||||||||
Company's Effective Ownership % | 50.00% | 50.00% | ||||||||
Carrying Value | $ 337 | $ 337 | 337 | |||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Hillsborough 206 [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Rentable Square Feet (sf) | ft² | 160,000 | 160,000 | ||||||||
Company's Effective Ownership % | 50.00% | 50.00% | ||||||||
Carrying Value | $ 1,962 | $ 1,962 | 1,962 | |||||||
Unconsolidated Joint Venture Office Buildings [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Rentable Square Feet (sf) | ft² | 200,000 | 200,000 | ||||||||
Unconsolidated Joint Venture Office Buildings [Member] | Red Bank [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percentage of interest sold | 50.00% | |||||||||
Unconsolidated Joint Venture Office Buildings [Member] | 12 Vreeland Road [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Rentable Square Feet (sf) | ft² | 139,750 | 139,750 | ||||||||
Company's Effective Ownership % | 50.00% | 50.00% | ||||||||
Carrying Value | $ 4,196 | $ 4,196 | 3,846 | |||||||
Balance | $ 5,008 | $ 5,008 | ||||||||
Property Debt, Maturity Date | Jul. 1, 2023 | |||||||||
Property Debt, Interest Rate | 2.87% | 2.87% | ||||||||
Unconsolidated Joint Venture Office Buildings [Member] | Offices At Crystal Lake [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Rentable Square Feet (sf) | ft² | 106,345 | 106,345 | ||||||||
Company's Effective Ownership % | 31.25% | 31.25% | ||||||||
Carrying Value | $ 3,668 | $ 3,668 | 3,521 | |||||||
Balance | $ 2,733 | $ 2,733 | ||||||||
Property Debt, Maturity Date | Nov. 1, 2023 | |||||||||
Property Debt, Interest Rate | 4.76% | 4.76% | ||||||||
Unconsolidated Joint Venture Other Property [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Carrying Value | $ 194,779 | $ 194,779 | 209,091 | |||||||
Balance | $ 793,404 | $ 793,404 | ||||||||
Unconsolidated Joint Venture Other Property [Member] | Riverwalk Retail [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Rentable Square Feet (sf) | ft² | 30,745 | 30,745 | ||||||||
Company's Effective Ownership % | 20.00% | 20.00% | 80.00% | |||||||
Carrying Value | 1,467 | |||||||||
Unconsolidated Joint Venture Other Property [Member] | Hyatt Regency Hotel Jersey City [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number of Apartment Units | item | 351 | 351 | ||||||||
Company's Effective Ownership % | 50.00% | 50.00% | ||||||||
Carrying Value | ||||||||||
Balance | $ 100,000 | $ 100,000 | ||||||||
Property Debt, Maturity Date | Oct. 1, 2026 | |||||||||
Property Debt, Interest Rate | 3.668% | 3.668% | ||||||||
Unconsolidated Joint Venture Other Property [Member] | Other [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Carrying Value | $ 100 | $ 100 | $ 729 |
Investments In Unconsolidated_5
Investments In Unconsolidated Joint Ventures (Summary Of Company's Equity In Earnings (Loss) Of Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | Feb. 28, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Mar. 12, 2020 | Aug. 01, 2019 | Jan. 31, 2019 |
Schedule of Equity Method Investments [Line Items] | ||||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ 1,373 | $ (113) | $ (281) | $ (882) | ||||
Amortization of basis difference | 143 | 156 | ||||||
Red Bank [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Gain on sale | $ 900 | |||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Metropolitan And Lofts At 40 Park [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ (276) | (135) | $ (611) | (333) | ||||
Company's Effective Ownership % | 25.00% | 25.00% | ||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | RiverTrace At Port Imperial [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ (3) | 47 | $ 130 | 137 | ||||
Company's Effective Ownership % | 22.50% | 22.50% | ||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Crystal House [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ (257) | (117) | $ (598) | (526) | ||||
Company's Effective Ownership % | 25.00% | 25.00% | ||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | PI North - Riverwalk C [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ (102) | (79) | $ (340) | (211) | ||||
Company's Effective Ownership % | 40.00% | 40.00% | ||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Marbella II [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | (15) | |||||||
Company's Effective Ownership % | 24.27% | 50.00% | ||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Riverpark At Harrison [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ (62) | (34) | $ (186) | (159) | ||||
Company's Effective Ownership % | 45.00% | 45.00% | ||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Station House [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ (677) | (392) | $ (1,816) | (1,486) | ||||
Company's Effective Ownership % | 50.00% | 50.00% | ||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Urby At Harborside [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ 1,924 | (240) | $ 1,915 | (989) | ||||
Economic tax credit certificate income | $ 2,600 | |||||||
Period of venture agreement to sell economic tax credit | 7 years | |||||||
Annual proceeds from economic tax credit | $ 3,000 | |||||||
Total proceeds from economic tax credit | $ 21,000 | |||||||
Company's Effective Ownership % | 85.00% | 85.00% | ||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Liberty Landing [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Company's Effective Ownership % | 50.00% | 50.00% | ||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Hillsborough 206 [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Company's Effective Ownership % | 50.00% | 50.00% | ||||||
Unconsolidated Joint Venture Office Buildings [Member] | Red Bank [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | 8 | |||||||
Percentage of interest sold | 50.00% | |||||||
Unconsolidated Joint Venture Office Buildings [Member] | 12 Vreeland Road [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ 92 | 125 | $ 350 | 282 | ||||
Company's Effective Ownership % | 50.00% | 50.00% | ||||||
Unconsolidated Joint Venture Office Buildings [Member] | Offices At Crystal Lake [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ 72 | 36 | $ 147 | 65 | ||||
Company's Effective Ownership % | 31.25% | 31.25% | ||||||
Unconsolidated Joint Venture Other Property [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ 1,373 | (113) | $ (281) | (882) | ||||
Unconsolidated Joint Venture Other Property [Member] | Riverwalk Retail [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | (21) | $ (11) | (63) | |||||
Company's Effective Ownership % | 20.00% | 20.00% | 80.00% | |||||
Unconsolidated Joint Venture Other Property [Member] | Hyatt Regency Hotel Jersey City [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ 412 | 750 | $ 363 | 2,388 | ||||
Company's Effective Ownership % | 50.00% | 50.00% | ||||||
Unconsolidated Joint Venture Other Property [Member] | Other [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ 250 | $ (53) | $ 376 | $ 20 |
Deferred Charges, Goodwill An_3
Deferred Charges, Goodwill And Other Assets, Net (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Credit Risk Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net liability | $ 0 | $ 0 | ||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative notional amount | 0 | 0 | ||
Estimated additional amount to be reclassified to interest expense | 0 | |||
Interest And Other Investment Income (Loss) [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Swaps [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Reclassification of a gain | $ 0 | $ 132,000 | $ 0 | $ 1,926,000 |
Deferred Charges, Goodwill An_4
Deferred Charges, Goodwill And Other Assets, Net (Schedule Of Deferred Charges, Goodwill And Other Assets) (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Deferred Charges, Goodwill And Other Assets [Line Items] | ||
Deferred leasing costs | $ 118,496,000 | $ 142,424,000 |
Deferred financing costs - unsecured revolving credit facility | 5,559,000 | 5,559,000 |
Deferred charges, gross | 124,055,000 | 147,983,000 |
Accumulated amortization | (51,815,000) | (59,522,000) |
Deferred charges, net | 72,240,000 | 88,461,000 |
Notes receivable | 1,292,000 | 1,625,000 |
In-place lease values, related intangibles and other assets, net | 72,665,000 | 86,092,000 |
Goodwill | 2,945,000 | 2,945,000 |
Right of use assets | 22,604,000 | 22,604,000 |
Prepaid expenses and other assets, net | 48,448,000 | 73,375,000 |
Total deferred charges, goodwill and other assets, net | 220,194,000 | 275,102,000 |
Liability | 23,800,000 | |
Acquisition-related Costs [Member] | ||
Deferred Charges, Goodwill And Other Assets [Line Items] | ||
Net sales proceeds held by qualified intermediary | 0 | 28,100,000 |
Interest-Free Notes Receivable [Member] | ||
Deferred Charges, Goodwill And Other Assets [Line Items] | ||
Notes receivable | $ 1,300,000 | 1,600,000 |
Mortgage loan, maturity month and year | April 2023 | |
Discontinued Operations [Member] | ||
Deferred Charges, Goodwill And Other Assets [Line Items] | ||
Total deferred charges, goodwill and other assets, net | $ 50,400,000 | $ 68,600,000 |
Deferred Charges, Goodwill An_5
Deferred Charges, Goodwill And Other Assets, Net (Schedule Of Cash Flow Hedging, Derivative Financial Instruments On The Income Statement) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Amount of Interest Expense presented in the consolidated statements | $ (20,265,000) | $ (22,129,000) | $ (61,795,000) | $ (67,817,000) |
Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in OCI on Derivative | (195,000) | (4,608,000) | ||
Total Amount of Interest Expense presented in the consolidated statements | (20,265,000) | (22,129,000) | (61,795,000) | (67,817,000) |
Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | Interest Expense [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income | 551,000 | 16,000 | 3,419,000 | |
Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | Interest And Other Investment Income (Loss) [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivative and Reclassification for Forecasted Transactions No Longer Probable of Occurring | $ 0 | $ 132,000 | $ 0 | $ 1,926,000 |
Restricted Cash (Schedule Of Re
Restricted Cash (Schedule Of Restricted Cash) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Restricted Cash [Abstract] | ||||
Security deposits | $ 5,819 | $ 5,677 | ||
Escrow and other reserve funds | 8,688 | 9,900 | ||
Total restricted cash | $ 14,507 | $ 15,577 | $ 19,635 | $ 19,921 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 21 Months Ended | |||
Oct. 31, 2020USD ($)ft²property | Sep. 30, 2020USD ($)ft²property | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)ft²itemproperty | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)ft²property | Dec. 19, 2019ft² | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Unrealized losses on disposition of rental property | $ (10,063,000) | $ (33,314,000) | $ (15,865,000) | ||||
Suburban Office Portfolio [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Area of property (in square feet) | ft² | 6,600,000 | ||||||
Four Disposal Group [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of disposal groups | item | 5 | ||||||
Properties | property | 10 | ||||||
Unrealized losses on disposition of rental property | $ 0 | $ 33,300,000 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Suburban Office Portfolio [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of disposal groups | item | 12 | ||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Properties Disposed One [Member] | Suburban Office Portfolio [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of real estate properties | property | 21 | 21 | 21 | ||||
Area of property (in square feet) | ft² | 4,000,000 | 4,000,000 | 4,000,000 | ||||
Disposal Group, Not Discontinued Operations [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of properties sold | item | 14 | ||||||
Sales proceeds | $ 242,645,000 | ||||||
Gain (loss) on sale of property | $ 9,414,000 | ||||||
Disposal Group, Not Discontinued Operations [Member] | Suburban Office Portfolio [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of properties sold | property | 16 | ||||||
Sales proceeds | $ 294,800,000 | ||||||
Area of property (in square feet) | ft² | 2,600,000 | 2,600,000 | 2,600,000 | ||||
Disposal Group, Not Discontinued Operations [Member] | Properties Disposed Two [Member] | Suburban Office Portfolio [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of real estate properties | property | 10 | 10 | 10 | ||||
Area of property (in square feet) | ft² | 1,900,000 | 1,900,000 | 1,900,000 | ||||
Gain (loss) on sale of property | $ 407,500,000 | ||||||
Subsequent Event [Member] | Disposal Group, Not Discontinued Operations [Member] | Properties Disposed Three [Member] | Suburban Office Portfolio [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of properties sold | property | 1 | ||||||
Area of property (in square feet) | ft² | 98,500 | ||||||
Gain (loss) on sale of property | $ 7,500,000 |
Discontinued Operations (Summar
Discontinued Operations (Summary Of Income From Discontinued Operations And Related Realized And Unrealized Gains (Losses)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Discontinued Operations [Abstract] | ||||
Total revenues | $ 36,536 | $ 44,493 | $ 117,204 | $ 132,332 |
Operating and other expenses | (14,358) | (17,733) | (45,786) | (52,900) |
Depreciation and amortization | (1,366) | (16,933) | (4,271) | (50,826) |
Interest expense | (1,321) | (1,321) | (3,934) | (3,920) |
Income from discontinued operations | 19,491 | 8,506 | 63,213 | 24,686 |
Unrealized losses on disposition of rental property | (10,063) | (33,314) | (15,865) | |
Realized gains (losses) on disposition of rental property | 15,775 | 9,414 | ||
Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net | 15,775 | (10,063) | (23,900) | (15,865) |
Total discontinued operations, net | $ 35,266 | $ (1,557) | $ 39,313 | $ 8,821 |
Senior Unsecured Notes (Summary
Senior Unsecured Notes (Summary Of Senior Unsecured Notes) (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Principal balance outstanding | $ 2,895,882,000 | $ 2,808,517,000 |
Total debt | $ 2,895,882,000 | 2,808,518,000 |
4.500% Senior Unsecured Notes Due April 18, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate of senior unsecured notes | 4.50% | |
Maturity date of the senior unsecured notes | Apr. 18, 2022 | |
3.150% Senior Unsecured Notes, Due May 15, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate of senior unsecured notes | 3.15% | |
Maturity date of the senior unsecured notes | May 15, 2023 | |
Senior Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal balance outstanding | $ 575,000,000 | 575,000,000 |
Adjustment for unamortized debt discount | (1,671,000) | (2,170,000) |
Unamortized deferred financing costs | (969,000) | (1,346,000) |
Total debt | 572,360,000 | 571,484,000 |
Senior Unsecured Notes [Member] | 4.500% Senior Unsecured Notes Due April 18, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Principal balance outstanding | $ 300,000,000 | 300,000,000 |
Effective rate | 4.612% | |
Senior Unsecured Notes [Member] | 3.150% Senior Unsecured Notes, Due May 15, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Principal balance outstanding | $ 275,000,000 | $ 275,000,000 |
Effective rate | 3.517% |
Unsecured Revolving Credit Fa_3
Unsecured Revolving Credit Facility And Term Loans (Narrative) (Details) | Sep. 30, 2020USD ($) | Mar. 06, 2018 | Jan. 25, 2017USD ($)entity | Jan. 24, 2017USD ($)entity | Sep. 30, 2020USD ($)item | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Jan. 07, 2019USD ($) | Mar. 29, 2017 | Mar. 22, 2017USD ($) | Jan. 26, 2017USD ($) | Jan. 31, 2016USD ($) |
Line of Credit Facility [Line Items] | ||||||||||||
Loan balance | $ 2,895,882,000 | $ 2,895,882,000 | $ 2,808,517,000 | |||||||||
Outstanding borrowings under the facility | $ 156,000,000 | 156,000,000 | 329,000,000 | |||||||||
Payment for borrowings | $ 364,000,000 | $ 398,000,000 | ||||||||||
Gain (Loss) from extinguishment of debt, net | $ 1,801,000 | |||||||||||
Unsecured Revolving Credit Facility [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Number of lending institutions | entity | 17 | |||||||||||
Borrowing capacity under the credit facility | $ 600,000,000 | |||||||||||
Credit facility maturity month and year | July 2017 | |||||||||||
2017 Credit Agreement [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Terms of the unsecured facility | The 2017 Credit Agreement, which applies to both the 2017 Credit Facility and 2017 Term Loan, includes certain restrictions and covenants which limit, among other things the incurrence of additional indebtedness, the incurrence of liens and the disposition of real estate properties (to the extent that: (i) such property dispositions cause the Company to default on any of the financial ratios of the 2017 Credit Agreement (described below), or (ii) the property dispositions are completed while the Company is under an event of default under the 2017 Credit Agreement, unless, under certain circumstances, such disposition is being carried out to cure such default), and which require compliance with financial ratios relating to the maximum leverage ratio (60 percent), the maximum amount of secured indebtedness (40 percent), the minimum amount of fixed charge coverage (1.5 times), the maximum amount of unsecured indebtedness (60 percent), the minimum amount of unencumbered property interest coverage (2.0 times) and certain investment limitations (generally 15 percent of total capitalization). | |||||||||||
Terms of dividend restriction | The 2017 Credit Agreement contains “change of control” provisions that permit the lenders to declare a default and require the immediate repayment of all outstanding borrowings under the 2017 Credit Facility. These change of control provisions, which have been an event of default under the agreements governing the Company’s revolving credit facilities since June 2000, are triggered if, among other things, a majority of the seats on the Board of Directors (other than vacant seats) become occupied by directors who were neither nominated by the Board Directors nor appointed by a majority of directors nominated by the Board of Directors. Furthermore, the agreements governing the Company's Senior Unsecured Notes include cross-acceleration provisions that would constitute an event of default requiring immediate repayment of the Notes if the change of control provisions under the 2017 Credit Facility are triggered and the lenders declare a default and exercise their rights under the 2017 Credit Facility and accelerate repayment of the outstanding borrowings thereunder. In addition, construction loans secured by two multi-family residential property development projects contain cross-acceleration provisions similar to those in the agreements governing the Notes for defaults by the Company. If these change of control provisions were triggered, the Company could seek a forbearance, waiver or amendment of the change of control provisions from the lenders, however there can be no assurance that the Company would be able to obtain such forbearance, waiver or amendment on acceptable terms or at all. If an event of default has occurred and is continuing, the entire outstanding balance under the 2017 Credit Agreement may (or, in the case of any bankruptcy event of default, shall) become immediately due and payable, and the Company will not make any excess distributions except to enable the General Partner to continue to qualify as a REIT under the IRS Code. | |||||||||||
Spread over LIBOR | 1.30% | |||||||||||
2017 Credit Facility [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Number of lending institutions | entity | 13 | |||||||||||
Borrowing capacity under the credit facility | $ 600,000,000 | |||||||||||
Credit facility maturity month and year | January 2021 | |||||||||||
Number of extension options | item | 2 | |||||||||||
Credit facility, extension period | 6 months | |||||||||||
Terms of the unsecured facility | The terms of the 2017 Credit Facility include: (1) a four year term ending in January 2021, with two six month extension options, subject to the Company not being in default on the facility and with the payment of a fee of 7.5 basis points for each extension; (2) revolving credit loans may be made to the Company in an aggregate principal amount of up to $600 million (subject to increase as discussed below), with a sublimit under the 2017 Credit Facility for the issuance of letters of credit in an amount not to exceed $60 million (subject to increase as discussed below); (3) an interest rate, based on the Operating Partnership’s unsecured debt ratings from Moody’s or S&P, or, at the Operating Partnership’s option, if it no longer maintains a debt rating from Moody’s or S&P, or such debt ratings fall below Baa3 and BBB-, based on a defined leverage ratio; and (4) a facility fee, currently 25 basis points, payable quarterly based on the Operating Partnership’s unsecured debt ratings from Moody’s or S&P, or, at the Operating Partnership’s option, if it no longer maintains a debt rating from Moody’s or S&P or such debt ratings fall below Baa3 and BBB-, based on a defined leverage ratio. The Company’s unsecured debt is currently rated B1 by Moody’s and BB- by S&P. | |||||||||||
Loan period | 4 years | |||||||||||
Facility fee basis points | 0.25% | |||||||||||
2017 Credit Agreement, Letter Of Credit [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Borrowing capacity under the credit facility | 60,000,000 | |||||||||||
Maximum loan increase that may be requested | $ 100,000,000 | |||||||||||
2017 Credit Agreement Amendment And 2016 Term Loan Amendment [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Terms of the unsecured facility | On August 30, 2018, the Company entered into an amendment to the 2017 Credit Agreement (the “2017 Credit Agreement Amendment”) and an amendment to the 2016 Term Loan (the “2016 Term Loan Amendment”). Each of the 2017 Credit Agreement Amendment and the 2016 Term Loan Amendment was effective as of June 30, 2018 and provided for the following material amendments to the terms of both the 2017 Credit Agreement and 2016 Term Loan: 1.The unsecured debt ratio covenant has been modified with respect to the measurement of the unencumbered collateral pool of assets in the calculation of such ratio for the period commencing July 1, 2018 and continuing until December 31, 2019 to allow the Operating Partnership to utilize the “as-is” appraised value of the properties known as ‘Harborside Plaza I’ and ‘Harborside Plaza V’ properties located in Jersey City, NJ in such calculation; and2.A new covenant has been added that prohibits the Company from making any optional or voluntary payment, repayment, repurchase or redemption of any unsecured indebtedness of the Company (or any subsidiaries) that matures after January 25, 2022, at any time when any of the Total Leverage Ratio or the unsecured debt ratio covenants exceeds 60 percent (all as defined in the 2017 Credit Agreement and the 2016 Term Loan) or an appraisal is being used to determine the value of Harborside Plaza I and Harborside Plaza V for the unsecured debt ratio covenant. | |||||||||||
2017 Credit Facility, Extension One [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Credit facility, extension period | 6 months | |||||||||||
Credit facility extension fee, basis points | 7.50% | 7.50% | ||||||||||
Mortgage loan, maturity month and year | July 2021 | |||||||||||
Unsecured Term Loan [Member] | Unsecured Revolving Credit Facility [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Outstanding borrowings under the facility | $ 156,000,000 | $ 156,000,000 | 329,000,000 | |||||||||
5.800% Senior Unsecured Notes, Due January 15, 2016 [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Loan balance | $ 200,000,000 | |||||||||||
Loan maturity date | Jan. 15, 2016 | |||||||||||
2017 Term Loan [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Loan balance | $ 325,000,000 | |||||||||||
Unamortized deferred financing costs | 253,000 | |||||||||||
Loan extension period | 1 year | |||||||||||
Interest rate swap | 1.6473% | |||||||||||
Interest rate | 3.1973% | |||||||||||
Borrowing capacity under the credit facility | $ 325,000,000 | |||||||||||
Credit facility maturity month and year | January 2020 | |||||||||||
Number of extension options | item | 2 | |||||||||||
Terms of the unsecured facility | The terms of the 2017 Term Loan included: (1) a three year term ending in January 2020, with two one year extension options; (2) multiple draws of the term loan commitments may be made within 12 months of the effective date of the 2017 Credit Agreement up to an aggregate principal amount of $325 million (subject to increase as discussed below), with no requirement to be drawn in full; provided, that, if the Company does not borrow at least 50 percent of the initial term commitment from the term lenders (i.e. 50 percent of $325 million) on or before July 25, 2017, the amount of unused term loan commitments shall be reduced on such date so that, after giving effect to such reduction, the amount of unused term loan commitments is not greater than the outstanding term loans on such date; (3) an interest rate, based on the Operating Partnership’s unsecured debt ratings from Moody’s or S&P, or, at the Operating Partnership’s option if it no longer maintains a debt rating from Moody’s or S&P or such debt ratings fall below Baa3 and BBB-, based on a defined leverage ratio; and (4) a term commitment fee on any unused term loan commitment during the first 12 months after the effective date of the 2017 Credit Agreement at a rate of 0.25 percent per annum on the sum of the average daily unused portion of the aggregate term loan commitments. | |||||||||||
Spread over LIBOR | 1.55% | |||||||||||
Loan period | 3 years | |||||||||||
Minimum percentage of initial borrowing | 50.00% | |||||||||||
Term commitment fee percent | 0.25% | |||||||||||
Gain on early termination | 173,000 | |||||||||||
Gain (Loss) from extinguishment of debt, net | 80,000 | |||||||||||
2017 Term Loan [Member] | 2017 Credit Facility [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Credit facility extension fee, basis points | 7.50% | 7.50% | ||||||||||
Incremental Commitments [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Maximum loan increase that may be requested | $ 350,000,000 | |||||||||||
2016 Term Loan [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Unsecured term loan, net | $ 350,000,000 | |||||||||||
Unamortized deferred financing costs | 242,000 | |||||||||||
Interest rate | 3.28% | 3.28% | ||||||||||
Credit facility maturity month and year | January 2019 | |||||||||||
Number of extension options | item | 2 | |||||||||||
Credit facility, extension period | 1 year | |||||||||||
Terms of the unsecured facility | The terms of the 2016 Term Loan include certain restrictions and covenants which limit, among other things the incurrence of additional indebtedness, the incurrence of liens and the disposition of real estate properties (to the extent that: (i) such property dispositions cause the Company to default on any of the financial ratios of the term loan described below, or (ii) the property dispositions are completed while the Company is under an event of default under the term loan, unless, under certain circumstances, such disposition is being carried out to cure such default), and which require compliance with financial ratios relating to the maximum leverage ratio (60 percent), the maximum amount of secured indebtedness (40 percent), the minimum amount of fixed charge coverage (1.5 times), the maximum amount of unsecured indebtedness (60 percent), the minimum amount of unencumbered property interest coverage (2.0 times) and certain investment limitations (generally 15 percent of total capitalization). | |||||||||||
Terms of dividend restriction | If an event of default has occurred and is continuing, the Company will not make any excess distributions except to enable the General Partner to continue to qualify as a REIT under the IRS Code. | |||||||||||
Spread over LIBOR | 1.55% | |||||||||||
Extension fee amount | $ 500,000 | |||||||||||
Gain on early termination | 2,100,000 | |||||||||||
2016 Term Loan, Extension One [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Loan extension period | 1 year | |||||||||||
Credit facility maturity month and year | January 2020 | |||||||||||
2016 and 2017 Term Loan [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Gain (Loss) from extinguishment of debt, net | $ 1,600,000 |
Unsecured Revolving Credit Fa_4
Unsecured Revolving Credit Facility And Term Loans (Schedule Of Defined Leverage Ratio, Including Interest Rate, Alternate Base Rate Loans, And Facility Fee) (Details) - 2017 Credit Facility [Member] | 9 Months Ended |
Sep. 30, 2020 | |
Debt Instrument [Line Items] | |
Facility Fee Basis Points | 0.25% |
45% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.25% |
Facility Fee Basis Points | 0.20% |
45% Unsecured Term Loan Leverage Ratio [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 45.00% |
45% And 50% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.30% |
Facility Fee Basis Points | 0.25% |
45% And 50% Unsecured Term Loan Leverage Ratio [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 45.00% |
45% And 50% Unsecured Term Loan Leverage Ratio [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 50.00% |
50% And 55% (Current ratio) Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.35% |
Facility Fee Basis Points | 0.30% |
50% And 55% (Current ratio) Unsecured Term Loan Leverage Ratio [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 50.00% |
50% And 55% (Current ratio) Unsecured Term Loan Leverage Ratio [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 55.00% |
55% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.60% |
Facility Fee Basis Points | 0.35% |
55% Unsecured Term Loan Leverage Ratio [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 55.00% |
Base Rate [Member] | 45% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.25% |
Base Rate [Member] | 45% And 50% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.30% |
Base Rate [Member] | 50% And 55% (Current ratio) Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.35% |
Base Rate [Member] | 55% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.60% |
Unsecured Revolving Credit Fa_5
Unsecured Revolving Credit Facility And Term Loans (Schedule Of Interest Rates On Outstanding Borrowings, Alternate Base Rate Loans, And Facility Fee) (Details) | 9 Months Ended |
Sep. 30, 2020 | |
No Ratings Or Less Than Baa3 [Member] | No Ratings Or Less Than BBB- [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | No ratings or less than BBB-/Baa3 |
Baa3 [Member] | BBB- [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB- or Baa3 (interest rate based on Company's election through March 5, 2018) |
Baa2 [Member] | BBB [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB or Baa2 |
Baa1 [Member] | BBB+ [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB+ or Baa1 |
A3 Or Higher [Member] | A- Or Higher [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | A- or A3 or higher |
2017 Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Facility Fee Basis Points | 0.25% |
2017 Credit Facility [Member] | No Ratings Or Less Than Baa3 [Member] | No Ratings Or Less Than BBB- [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | No ratings or less than BBB-/Baa3 |
Interest Rate - Applicable Basis Points Above LIBOR | 1.55% |
Facility Fee Basis Points | 0.30% |
2017 Credit Facility [Member] | Baa3 [Member] | BBB- [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB- or Baa3 (interest rate based on Company's election through March 5, 2018) |
Interest Rate - Applicable Basis Points Above LIBOR | 1.20% |
Facility Fee Basis Points | 0.25% |
2017 Credit Facility [Member] | Baa2 [Member] | BBB [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB or Baa2 |
Interest Rate - Applicable Basis Points Above LIBOR | 1.00% |
Facility Fee Basis Points | 0.20% |
2017 Credit Facility [Member] | Baa1 [Member] | BBB+ [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB+ or Baa1 |
Interest Rate - Applicable Basis Points Above LIBOR | 0.90% |
Facility Fee Basis Points | 0.15% |
2017 Credit Facility [Member] | A3 Or Higher [Member] | A- Or Higher [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | A- or A3 or higher |
Interest Rate - Applicable Basis Points Above LIBOR | 0.875% |
Facility Fee Basis Points | 0.125% |
2017 Credit Facility [Member] | Base Rate [Member] | No Ratings Or Less Than Baa3 [Member] | No Ratings Or Less Than BBB- [Member] | |
Line of Credit Facility [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.55% |
2017 Credit Facility [Member] | Base Rate [Member] | Baa3 [Member] | BBB- [Member] | |
Line of Credit Facility [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.20% |
2017 Credit Facility [Member] | Base Rate [Member] | Baa2 [Member] | BBB [Member] | |
Line of Credit Facility [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.00% |
2017 Credit Facility [Member] | Base Rate [Member] | Baa1 [Member] | BBB+ [Member] | |
Line of Credit Facility [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.00% |
2017 Credit Facility [Member] | Base Rate [Member] | A3 Or Higher [Member] | A- Or Higher [Member] | |
Line of Credit Facility [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.00% |
Unsecured Revolving Credit Fa_6
Unsecured Revolving Credit Facility And Term Loans (Schedule Of Unsecured Credit Rating And Facility Fee) (Details) | 9 Months Ended |
Sep. 30, 2020 | |
No Ratings Or Less Than Baa3 [Member] | No Ratings Or Less Than BBB- [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | No ratings or less than BBB-/Baa3 |
Baa3 [Member] | BBB- [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB- or Baa3 (interest rate based on Company's election through March 5, 2018) |
Baa2 [Member] | BBB [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB or Baa2 |
Baa1 [Member] | BBB+ [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB+ or Baa1 |
A3 Or Higher [Member] | A- Or Higher [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | A- or A3 or higher |
Unsecured Revolving Credit Facility [Member] | No Ratings Or Less Than Baa3 [Member] | No Ratings Or Less Than BBB- [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | No ratings or less than BBB-/Baa3 |
Interest Rate - Applicable Basis Points Above LIBOR | 1.70% |
Facility Fee Basis Points | 0.35% |
Unsecured Revolving Credit Facility [Member] | Baa3 [Member] | BBB- [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB- or Baa3 (since January 2017 amendment) |
Interest Rate - Applicable Basis Points Above LIBOR | 1.30% |
Facility Fee Basis Points | 0.30% |
Unsecured Revolving Credit Facility [Member] | Baa2 [Member] | BBB [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB or Baa2 |
Interest Rate - Applicable Basis Points Above LIBOR | 1.10% |
Facility Fee Basis Points | 0.20% |
Unsecured Revolving Credit Facility [Member] | Baa1 [Member] | BBB+ [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB+ or Baa1 |
Interest Rate - Applicable Basis Points Above LIBOR | 1.00% |
Facility Fee Basis Points | 0.15% |
Unsecured Revolving Credit Facility [Member] | A3 Or Higher [Member] | A- Or Higher [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | A- or A3 or higher |
Interest Rate - Applicable Basis Points Above LIBOR | 0.925% |
Facility Fee Basis Points | 0.125% |
Unsecured Revolving Credit Fa_7
Unsecured Revolving Credit Facility And Term Loans (Schedule Of Defined Leverage Ratio) (Details) | 9 Months Ended |
Sep. 30, 2020 | |
45% Unsecured 2017 Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.45% |
45% Unsecured 2017 Term Loan Leverage Ratio [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 45.00% |
45% And 50% Unsecured 2017 Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.55% |
45% And 50% Unsecured 2017 Term Loan Leverage Ratio [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 45.00% |
45% And 50% Unsecured 2017 Term Loan Leverage Ratio [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 50.00% |
50% And 55% (Current ratio) Unsecured 2017 Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.65% |
50% And 55% (Current ratio) Unsecured 2017 Term Loan Leverage Ratio [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 50.00% |
50% And 55% (Current ratio) Unsecured 2017 Term Loan Leverage Ratio [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 55.00% |
55% Unsecured 2017 Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.95% |
55% Unsecured 2017 Term Loan Leverage Ratio [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 55.00% |
45% Unsecured 2016 Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.45% |
45% Unsecured 2016 Term Loan Leverage Ratio [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 45.00% |
45% And 50% Unsecured 2016 Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.55% |
45% And 50% Unsecured 2016 Term Loan Leverage Ratio [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 45.00% |
45% And 50% Unsecured 2016 Term Loan Leverage Ratio [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 50.00% |
50% And 55% (Current ratio) Unsecured 2016 Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.65% |
50% And 55% (Current ratio) Unsecured 2016 Term Loan Leverage Ratio [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 50.00% |
50% And 55% (Current ratio) Unsecured 2016 Term Loan Leverage Ratio [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 55.00% |
55% Unsecured 2016 Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.95% |
55% Unsecured 2016 Term Loan Leverage Ratio [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 55.00% |
Base Rate [Member] | 45% Unsecured 2017 Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.45% |
Base Rate [Member] | 45% And 50% Unsecured 2017 Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.55% |
Base Rate [Member] | 50% And 55% (Current ratio) Unsecured 2017 Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.65% |
Base Rate [Member] | 55% Unsecured 2017 Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.95% |
Unsecured Revolving Credit Fa_8
Unsecured Revolving Credit Facility And Term Loans (Schedule Of Interest Rate On Outstanding Borrowings Payable) (Details) | Mar. 06, 2018 | Sep. 30, 2020 |
2017 Term Loan [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest Rate - Applicable Basis Points Above LIBOR | 1.55% | |
2016 Term Loan [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest Rate - Applicable Basis Points Above LIBOR | 1.55% | |
No Ratings Or Less Than Baa3 [Member] | No Ratings Or Less Than BBB- [Member] | ||
Line of Credit Facility [Line Items] | ||
Unsecured Debt Ratings | No ratings or less than BBB-/Baa3 | |
No Ratings Or Less Than Baa3 [Member] | 2017 Term Loan [Member] | No Ratings Or Less Than BBB- [Member] | ||
Line of Credit Facility [Line Items] | ||
Unsecured Debt Ratings | No ratings or less than BBB-/Baa3 | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.85% | |
No Ratings Or Less Than Baa3 [Member] | 2016 Term Loan [Member] | No Ratings Or Less Than BBB- [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest Rate - Applicable Basis Points Above LIBOR | 1.85% | |
Baa3 [Member] | BBB- [Member] | ||
Line of Credit Facility [Line Items] | ||
Unsecured Debt Ratings | BBB- or Baa3 (interest rate based on Company's election through March 5, 2018) | |
Baa3 [Member] | 2017 Term Loan [Member] | BBB- [Member] | ||
Line of Credit Facility [Line Items] | ||
Unsecured Debt Ratings | BBB- or Baa3 (interest rate based on Company's election through March 5, 2018) | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.40% | |
Baa3 [Member] | 2016 Term Loan [Member] | BBB- [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest Rate - Applicable Basis Points Above LIBOR | 1.40% | |
Baa2 [Member] | BBB [Member] | ||
Line of Credit Facility [Line Items] | ||
Unsecured Debt Ratings | BBB or Baa2 | |
Baa2 [Member] | 2017 Term Loan [Member] | BBB [Member] | ||
Line of Credit Facility [Line Items] | ||
Unsecured Debt Ratings | BBB or Baa2 | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.15% | |
Baa2 [Member] | 2016 Term Loan [Member] | BBB [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest Rate - Applicable Basis Points Above LIBOR | 1.15% | |
Baa1 [Member] | BBB+ [Member] | ||
Line of Credit Facility [Line Items] | ||
Unsecured Debt Ratings | BBB+ or Baa1 | |
Baa1 [Member] | 2017 Term Loan [Member] | BBB+ [Member] | ||
Line of Credit Facility [Line Items] | ||
Unsecured Debt Ratings | BBB+ or Baa1 | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.00% | |
Baa1 [Member] | 2016 Term Loan [Member] | BBB+ [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest Rate - Applicable Basis Points Above LIBOR | 1.00% | |
A3 Or Higher [Member] | A- Or Higher [Member] | ||
Line of Credit Facility [Line Items] | ||
Unsecured Debt Ratings | A- or A3 or higher | |
A3 Or Higher [Member] | 2017 Term Loan [Member] | A- Or Higher [Member] | ||
Line of Credit Facility [Line Items] | ||
Unsecured Debt Ratings | A- or A3 or higher | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.90% | |
A3 Or Higher [Member] | 2016 Term Loan [Member] | A- Or Higher [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest Rate - Applicable Basis Points Above LIBOR | 0.90% | |
Base Rate [Member] | No Ratings Or Less Than Baa3 [Member] | 2017 Term Loan [Member] | No Ratings Or Less Than BBB- [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest Rate - Applicable Basis Points Above LIBOR | 0.85% | |
Base Rate [Member] | Baa3 [Member] | 2017 Term Loan [Member] | BBB- [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest Rate - Applicable Basis Points Above LIBOR | 0.40% | |
Base Rate [Member] | Baa2 [Member] | 2017 Term Loan [Member] | BBB [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest Rate - Applicable Basis Points Above LIBOR | 0.15% | |
Base Rate [Member] | Baa1 [Member] | 2017 Term Loan [Member] | BBB+ [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest Rate - Applicable Basis Points Above LIBOR | 0.00% | |
Base Rate [Member] | A3 Or Higher [Member] | 2017 Term Loan [Member] | A- Or Higher [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest Rate - Applicable Basis Points Above LIBOR | 0.00% |
Mortgages, Loans Payable And _3
Mortgages, Loans Payable And Other Obligations (Narrative) (Details) | 9 Months Ended | ||
Sep. 30, 2020USD ($)propertyitem | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Debt Instrument [Line Items] | |||
Number of properties with encumbered company mortgages | property | 19 | ||
Carrying value of encumbered properties | $ 2,800,000,000 | ||
Cash paid for interest | 72,874,000 | $ 75,120,000 | |
Interest capitalized | 18,658,000 | 14,315,000 | |
Total indebtedness | $ 2,895,882,000 | $ 2,808,518,000 | |
Total indebtedness, weighted average interest rate | 3.66% | 3.81% | |
Discontinued Operations [Member] | |||
Debt Instrument [Line Items] | |||
Cash paid for interest | $ 3,862,000 | 3,848,000 | |
Projects Under Development And Developable Land [Member] | |||
Debt Instrument [Line Items] | |||
Number of projects with encumbered company mortgages | item | 4 | ||
Carrying value of encumbered properties | $ 645,000,000 | ||
Unconsolidated Joint Venture [Member] | |||
Debt Instrument [Line Items] | |||
Interest capitalized | 1,017,000 | $ 990,000 | |
Revolving Credit Facility Borrowing And Other Variable Rate Mortgage Debt [Member] | |||
Debt Instrument [Line Items] | |||
Total indebtedness | $ 562,361,000 | $ 509,656,000 | |
Total indebtedness, weighted average interest rate | 2.83% | 3.54% | |
Fixed Rate Debt And Other Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Total indebtedness | $ 2,333,521,000 | $ 2,298,862,000 | |
Total indebtedness, weighted average interest rate | 3.86% | 3.87% |
Mortgages, Loans Payable And _4
Mortgages, Loans Payable And Other Obligations (Summary Of Mortgages, Loans Payable And Other Obligations) (Details) | 1 Months Ended | 9 Months Ended | ||
Jan. 31, 2020USD ($) | Sep. 30, 2020USD ($)item | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Debt Instrument [Line Items] | ||||
Principal balance outstanding | $ 2,895,882,000 | $ 2,808,517,000 | ||
Borrowings from revolving credit facility | 191,000,000 | $ 489,000,000 | ||
Payment for borrowings | $ 364,000,000 | $ 398,000,000 | ||
Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective rate | 1.84% | |||
Principal balance outstanding | $ 2,182,570,000 | 1,925,038,000 | ||
Unamortized deferred financing costs | (15,048,000) | (17,004,000) | ||
Total mortgages, loans payable and other obligations, net | $ 2,167,522,000 | 1,908,034,000 | ||
Secured Debt [Member] | Monaco [Member] | ||||
Debt Instrument [Line Items] | ||||
Property Name | Monaco (b) | |||
Lender | The Northwestern Mutual Life Insurance Co. | |||
Effective rate | 3.15% | |||
Principal balance outstanding | $ 165,537,000 | 166,752,000 | ||
Loan maturity date | Feb. 1, 2021 | |||
Secured Debt [Member] | Monaco [Member] | Construction Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 500,000 | |||
Secured Debt [Member] | Port Imperial South 4/5 Retail [Member] | ||||
Debt Instrument [Line Items] | ||||
Property Name | Port Imperial South 4/5 Retail | |||
Lender | American General Life & A/G PC | |||
Effective rate | 4.56% | |||
Principal balance outstanding | $ 3,883,000 | 3,934,000 | ||
Loan maturity date | Dec. 1, 2021 | |||
Secured Debt [Member] | Port Imperial 4/5 Hotel [Member] | ||||
Debt Instrument [Line Items] | ||||
Property Name | Port Imperial 4/5 Hotel (c) | |||
Lender | Fifth Third Bank | |||
Effective rate | 0.034% | |||
Principal balance outstanding | $ 94,000,000 | 74,000,000 | ||
Loan maturity date | Apr. 9, 2022 | |||
Guaranteed amount | $ 19,500,000 | |||
Secured Debt [Member] | Emery At Overlook Ridge [Member] | ||||
Debt Instrument [Line Items] | ||||
Property Name | Emery at Overlook Ridge (d) | |||
Lender | Fifth Third Bank | |||
Effective rate | 2.50% | |||
Principal balance outstanding | $ 56,207,000 | 24,064,000 | ||
Loan maturity date | May 16, 2022 | |||
Secured Debt [Member] | Emery At Overlook Ridge [Member] | Construction Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 62,000,000 | |||
Number of extension options | item | 1 | |||
Loan extension period | 18 months | |||
Extension fee | 0.25% | |||
Percent of principal loan outstanding | 15.00% | |||
Secured Debt [Member] | Port Imperial South 9 [Member] | ||||
Debt Instrument [Line Items] | ||||
Property Name | Port Imperial South 9 (e) | |||
Lender | Bank of New York Mellon | |||
Effective rate | 2.13% | |||
Principal balance outstanding | $ 39,883,000 | 11,615,000 | ||
Loan maturity date | Dec. 19, 2022 | |||
Secured Debt [Member] | Port Imperial South 9 [Member] | Construction Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 92,000,000 | |||
Number of extension options | item | 1 | |||
Loan extension period | 1 year | |||
Extension fee | 0.15% | |||
Percent of principal loan outstanding | 10.00% | |||
Secured Debt [Member] | Portside 7 [Member] | ||||
Debt Instrument [Line Items] | ||||
Property Name | Portside 7 | |||
Lender | CBRE Capital Markets/FreddieMac | |||
Effective rate | 3.57% | |||
Principal balance outstanding | $ 58,998,000 | 58,998,000 | ||
Loan maturity date | Aug. 1, 2023 | |||
Secured Debt [Member] | Short Hills Residential [Member] | ||||
Debt Instrument [Line Items] | ||||
Property Name | Short Hills Residential (f) | |||
Lender | People's United Bank | |||
Effective rate | 2.15% | |||
Principal balance outstanding | $ 33,088,000 | 9,431,000 | ||
Loan maturity date | Mar. 26, 2023 | |||
Secured Debt [Member] | Short Hills Residential [Member] | Construction Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Number of extension options | item | 1 | |||
Loan extension period | 18 months | |||
Percent of principal loan outstanding | 15.00% | |||
Secured Debt [Member] | 250 Johnson Road [Member] | ||||
Debt Instrument [Line Items] | ||||
Property Name | 250 Johnson | |||
Lender | Nationwide Life Insurance Company | |||
Effective rate | 3.74% | |||
Principal balance outstanding | $ 43,000,000 | 43,000,000 | ||
Loan maturity date | Aug. 1, 2024 | |||
Secured Debt [Member] | Liberty Towers [Member] | ||||
Debt Instrument [Line Items] | ||||
Property Name | Liberty Towers (g) | |||
Lender | American General Life Insurance Company | |||
Effective rate | 3.37% | |||
Principal balance outstanding | $ 265,000,000 | 232,000,000 | ||
Loan maturity date | Oct. 1, 2024 | |||
Secured Debt [Member] | Liberty Towers [Member] | Construction Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Payment for borrowings | $ 265,000,000 | |||
Additional borrowing capacity | $ 33,000,000 | |||
Secured Debt [Member] | The Charlotte [Member] | ||||
Debt Instrument [Line Items] | ||||
Property Name | The Charlotte (h) | |||
Lender | QuadReal Finance | |||
Effective rate | 2.70% | |||
Principal balance outstanding | $ 126,560,000 | 5,144,000 | ||
Loan maturity date | Dec. 1, 2024 | |||
Secured Debt [Member] | The Charlotte [Member] | Construction Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Spread over LIBOR | 2.00% | |||
Maximum borrowing capacity | $ 300,000,000 | |||
Number of extension options | item | 1 | |||
Loan extension period | 1 year | |||
Extension fee | 0.25% | |||
Secured Debt [Member] | Portside 5/6 [Member] | ||||
Debt Instrument [Line Items] | ||||
Property Name | Portside 5/6 (l) | |||
Lender | New York Life Insurance Company | |||
Effective rate | 4.56% | |||
Principal balance outstanding | $ 97,000,000 | 97,000,000 | ||
Loan maturity date | Mar. 10, 2026 | |||
Secured Debt [Member] | Marbella I [Member] | ||||
Debt Instrument [Line Items] | ||||
Property Name | Marbella | |||
Lender | New York Life Insurance Company | |||
Effective rate | 4.17% | |||
Principal balance outstanding | $ 131,000,000 | 131,000,000 | ||
Loan maturity date | Aug. 10, 2026 | |||
Secured Debt [Member] | Marbella II [Member] | ||||
Debt Instrument [Line Items] | ||||
Property Name | Marbella II | |||
Lender | New York Life Insurance Company | |||
Effective rate | 4.29% | |||
Principal balance outstanding | $ 117,000,000 | 117,000,000 | ||
Loan maturity date | Aug. 10, 2026 | |||
Secured Debt [Member] | 101 Hudson [Member] | ||||
Debt Instrument [Line Items] | ||||
Property Name | 101 Hudson | |||
Lender | Wells Fargo CMBS | |||
Effective rate | 3.20% | |||
Principal balance outstanding | $ 250,000,000 | 250,000,000 | ||
Loan maturity date | Oct. 11, 2026 | |||
Secured Debt [Member] | Worcester [Member] | ||||
Debt Instrument [Line Items] | ||||
Property Name | Worcester | |||
Lender | MUFG Union Bank | |||
Effective rate | 1.84% | |||
Principal balance outstanding | $ 63,000,000 | 63,000,000 | ||
Loan maturity date | Dec. 10, 2026 | |||
Secured Debt [Member] | Short Hills Portfolio [Member] | ||||
Debt Instrument [Line Items] | ||||
Property Name | Short Hills Portfolio (i) | |||
Lender | Wells Fargo CMBS | |||
Effective rate | 4.15% | |||
Principal balance outstanding | $ 124,500,000 | 124,500,000 | ||
Loan maturity date | Apr. 1, 2027 | |||
Secured Debt [Member] | Short Hills Portfolio [Member] | Construction Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 64,000,000 | |||
Extension fee | 0.30% | |||
Secured Debt [Member] | 150 Main St [Member] | ||||
Debt Instrument [Line Items] | ||||
Property Name | 150 Main St. | |||
Lender | Natixis Real Estate Capital LLC | |||
Effective rate | 4.48% | |||
Principal balance outstanding | $ 41,000,000 | 41,000,000 | ||
Loan maturity date | Aug. 5, 2027 | |||
Secured Debt [Member] | Port Imperial South 11 [Member] | ||||
Debt Instrument [Line Items] | ||||
Property Name | Port Imperial South 11 (l) | |||
Lender | The Northwestern Mutual Life Insurance Co. | |||
Effective rate | 4.52% | |||
Principal balance outstanding | $ 100,000,000 | 100,000,000 | ||
Loan maturity date | Jan. 10, 2029 | |||
Percent of principal loan outstanding | 10.00% | |||
Secured Debt [Member] | Soho Lofts Apartments [Member] | ||||
Debt Instrument [Line Items] | ||||
Property Name | Soho Lofts (j) | |||
Lender | New York Community Bank | |||
Effective rate | 3.77% | |||
Principal balance outstanding | $ 160,000,000 | 160,000,000 | ||
Loan maturity date | Jul. 1, 2029 | |||
Secured Debt [Member] | Riverwatch Commons [Member] | ||||
Debt Instrument [Line Items] | ||||
Property Name | Riverwatch Commons (j) | |||
Lender | New York Community Bank | |||
Effective rate | 3.79% | |||
Principal balance outstanding | $ 30,000,000 | 30,000,000 | ||
Loan maturity date | Jul. 1, 2029 | |||
Effective percentage after five years | 2.75% | |||
First period of term period | 5 years | |||
Secured Debt [Member] | 111 River St. [Member] | ||||
Debt Instrument [Line Items] | ||||
Property Name | 111 River St. | |||
Lender | Athene Annuity and Life Company | |||
Effective rate | 3.90% | |||
Principal balance outstanding | $ 150,000,000 | 150,000,000 | ||
Loan maturity date | Sep. 1, 2029 | |||
Secured Debt [Member] | Port Imperial South 4/5 Garage [Member] | ||||
Debt Instrument [Line Items] | ||||
Property Name | Port Imperial South 4/5 Garage (k) | |||
Lender | American General Life & A/G PC | |||
Effective rate | 4.85% | |||
Principal balance outstanding | $ 32,914,000 | $ 32,600,000 | ||
Loan maturity date | Dec. 1, 2029 | |||
Deferred interest | $ 500,000 | |||
Deferred interest and principal payment period | 6 months | |||
Deferred interest and payment end date | Dec. 1, 2020 |
Employee Benefit 401(k) Plans (
Employee Benefit 401(k) Plans (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Minimum employee subscription rate, percentage of compensation | 1.00% | |||
Maximum employee subscription rate, percentage of compensation | 60.00% | |||
Employee pre-tax contributions vested percentage | 100.00% | |||
Vesting rate | 20.00% | |||
Percentage vested after total service period | 100.00% | |||
Employees' vesting rights | Participants are always 100 percent vested in their pre-tax contributions and will begin vesting in any matching or profit sharing contributions made on their behalf after two years of service with the Company at a rate of 20 percent per year, becoming 100 percent vested after a total of six years of service with the Company. | |||
Expenses for employee benefit plan | $ 199,000 | $ 212,000 | $ 630,000 | $ 720,000 |
Minimum [Member] | ||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Employer contribution vesting period | 2 years | |||
Maximum [Member] | ||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Employer contribution vesting period | 6 years |
Disclosure Of Fair Value Of A_3
Disclosure Of Fair Value Of Assets And Liabilities (Narrative) (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020USD ($)propertyitem | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)itemproperty | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair value of Company's long-term debt | $ 2,963,488,000 | $ 2,963,488,000 | $ 2,791,629,000 | ||
Principal balance outstanding | 2,895,882,000 | 2,895,882,000 | $ 2,808,517,000 | ||
Unrealized losses on rental properties held for sale | (7,915,000) | ||||
Properties aggregate net book value | 714,400,000 | ||||
Land and other impairments | 1,292,000 | $ 2,589,000 | 23,401,000 | $ 5,088,000 | |
Property impairments | 36,582,000 | 36,582,000 | |||
Parsippany, Madison, Short Hills, Edison, And Red Bank, New Jersey [Member] | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Unrealized losses on rental properties held for sale | 0 | 41,200,000 | |||
Land and other impairments | $ 1,300,000 | $ 23,400,000 | |||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Parsippany, Madison, Short Hills, Edison, And Red Bank, New Jersey [Member] | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Number of properties held for sale | property | 10 | 10 | |||
Number of disposal groups | item | 5 | ||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Office [Member] | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Number of properties held for sale | property | 21 | 21 | |||
Number of disposal groups | property | 12 | ||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Retail Property [Member] | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Number of properties held for sale | property | 1 | 1 | |||
Disposal Group, Not Discontinued Operations [Member] | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Unrealized losses on rental properties held for sale | $ (33,314,000) | ||||
Discontinued Operations [Member] | Parsippany, Madison, Short Hills, Edison, And Red Bank, New Jersey [Member] | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Unrealized losses on rental properties held for sale | $ 0 | 33,300,000 | |||
Land and other impairments | $ 1,300,000 | $ 23,400,000 | |||
Development [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Parsippany, Madison, Short Hills, Edison, And Red Bank, New Jersey [Member] | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Number of properties held for sale | item | 2 | 2 |
Disclosure Of Fair Value Of A_4
Disclosure Of Fair Value Of Assets And Liabilities (Schedule Of Valuation Techniques And Significant Unobservable Inputs) (Details) - Level 3 [Member] $ in Thousands | Sep. 30, 2020USD ($) |
Measurement Input, Discount Rates [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Hotel properties | 10 |
Measurement Input, Exit Capitalization Rates [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Hotel properties | 7.50 |
Minimum [Member] | Measurement Input, Discount Rates [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Office properties held for sale | 7.5 |
Minimum [Member] | Measurement Input, Exit Capitalization Rates [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Office properties held for sale | 7.5 |
Minimum [Member] | Measurement Input, Market Rental Rates Per Square Foot [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Office properties held for sale | 26 |
Minimum [Member] | Measurement Input, Market Rates Per Residential Unit [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Land held for sale, fair value | $ 26,500 |
Minimum [Member] | Measurement Input, Market Rates Per Square Foot [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Land properties held for sale | 15 |
Maximum [Member] | Measurement Input, Discount Rates [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Office properties held for sale | 9.6 |
Maximum [Member] | Measurement Input, Exit Capitalization Rates [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Office properties held for sale | 9 |
Maximum [Member] | Measurement Input, Market Rental Rates Per Square Foot [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Office properties held for sale | 50 |
Maximum [Member] | Measurement Input, Market Rates Per Residential Unit [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Land held for sale, fair value | $ 35,000 |
Maximum [Member] | Measurement Input, Market Rates Per Square Foot [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Land properties held for sale | 25 |
Commitments And Contingencies_2
Commitments And Contingencies (Tax Abatement Agreements) (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 16 Months Ended | 60 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Apr. 30, 2017 | Apr. 30, 2022 | |
Harborside Plaza 4-A [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Project period | 20 years | |||||
Percentage of PILOT on project costs | 2.00% | |||||
Total project costs | $ 49,500,000 | |||||
Payments in lieu of property taxes (PILOT) | $ 264,000 | $ 226,000 | $ 792,000 | $ 766,000 | ||
Harborside Plaza 5 [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Project period | 20 years | |||||
Percentage of PILOT on project costs | 2.00% | |||||
Total project costs | $ 170,900,000 | |||||
Payments in lieu of property taxes (PILOT) | 1,100,000 | 1,000,000 | $ 3,200,000 | 3,200,000 | ||
Port Imperial South 1/3 Garage [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Project period | 5 years | |||||
Percentage of taxes paid based on the land value | 100.00% | |||||
Port Imperial South 1/3 Garage [Member] | Tax Year 1 [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Annual percentage of cost for phase in | 1.00% | |||||
Port Imperial South 1/3 Garage [Member] | Tax Year 2 [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Annual percentage of cost for phase in | 95.00% | |||||
Port Imperial South 1/3 Garage [Member] | Tax Year 3 [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Annual percentage of cost for phase in | 95.00% | |||||
Port Imperial South 1/3 Garage [Member] | Tax Year 4 [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Annual percentage of cost for phase in | 95.00% | |||||
Port Imperial South 1/3 Garage [Member] | Tax Year 5 [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Annual percentage of cost for phase in | 95.00% | |||||
Port Imperial Hotel Development [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Project period | 15 years | |||||
Percentage of PILOT on project costs | 2.00% | |||||
Payments in lieu of property taxes (PILOT) | 500,000 | 500,000 | $ 1,600,000 | 600,000 | ||
Port Imperial South 11 Development [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Project period | 15 years | |||||
Payments in lieu of property taxes (PILOT) | 300,000 | 200,000 | $ 900,000 | 700,000 | ||
Percentage of PILOT on gross revenues | 10.00% | |||||
111 River Realty [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Payments in lieu of property taxes (PILOT) | 400,000 | 400,000 | $ 1,100,000 | 1,000,000 | ||
Annual Payments in lieu of property taxes (PILOT) | $ 1,200,000 | |||||
111 River Realty [Member] | Scenario, Forecast [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Annual Payments in lieu of property taxes (PILOT) | $ 1,400,000 | |||||
Monaco [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Project period | 10 years | |||||
Percentage of PILOT on project costs | 10.00% | |||||
Payments in lieu of property taxes (PILOT) | 300,000 | 500,000 | $ 1,400,000 | 1,600,000 | ||
Marbella II [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Project period | 10 years | |||||
Payments in lieu of property taxes (PILOT) | $ 200,000 | $ 300,000 | $ 800,000 | $ 1,000,000 | ||
Marbella II [Member] | Years 1-4 [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Percentage of PILOT on project costs | 10.00% | |||||
Marbella II [Member] | Years 5-8 [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Percentage of PILOT on project costs | 12.00% | |||||
Marbella II [Member] | Years 9-10 [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Percentage of PILOT on project costs | 14.00% | |||||
Port Imperial South 9 [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Project period | 25 years | |||||
Total project costs | $ 142,900,000 | |||||
Percentage of PILOT on gross revenues | 10.00% | |||||
Port Imperial South 9 [Member] | Years 1-10 [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Percentage of PILOT on project costs | 11.00% | |||||
Port Imperial South 9 [Member] | Years 11-18 [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Percentage of PILOT on gross revenues | 12.50% | |||||
Port Imperial South 9 [Member] | Years 19-25 [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Percentage of PILOT on gross revenues | 14.00% |
Commitments And Contingencies_3
Commitments And Contingencies (Ground Lease Agreements) (Narrative) (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)item | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |||||
Ground lease expense incurred | $ 473,000 | $ 640,000 | $ 1,800,000 | $ 1,200,000 | |
Operating lease | $ 23,787,000 | $ 23,787,000 | $ 23,756,000 | ||
Number of ground leases | item | 5 | ||||
Minimum [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Term of lease contract | 6 years 3 months | 6 years 3 months | |||
Borrowing rate | 5.637% | 5.637% | |||
Maximum [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Term of lease contract | 82 years 6 months 29 days | 82 years 6 months 29 days | |||
Borrowing rate | 7.618% | 7.618% | |||
Accounting Standards Update 2016-02 [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Operating lease | $ 22,600,000 | $ 22,600,000 |
Commitments And Contingencies_4
Commitments And Contingencies (Construction Projects) (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020USD ($)item | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)item | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Commitments And Contingencies [Line Items] | |||||
Costs of the project incurred | $ 3,598 | $ 4,402 | $ 10,564 | $ 14,605 | |
Amount outstanding | $ 156,000 | 156,000 | $ 329,000 | ||
Port Imperial South 9 [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Costs of the project incurred | $ 90,800 | ||||
Delivery date to tenant | first quarter 2021 | ||||
Number of units | item | 313 | 313 | |||
Amount outstanding | $ 39,900 | $ 39,900 | |||
Total project costs | 142,900 | ||||
Amount to fund | $ 50,900 | 50,900 | |||
The Upton At Short Hills [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Costs of the project incurred | $ 68,500 | ||||
Delivery date to tenant | first quarter 2021 | ||||
Number of units | item | 198 | 198 | |||
Amount outstanding | $ 33,100 | $ 33,100 | |||
Total project costs | 99,400 | ||||
Amount to fund | $ 35,400 | 35,400 | |||
25 Christopher Columbus [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Costs of the project incurred | $ 296,100 | ||||
Delivery date to tenant | first quarter 2022 | ||||
Number of units | item | 750 | 750 | |||
Amount outstanding | $ 126,600 | $ 126,600 | |||
Total project costs | 469,500 | ||||
Amount to fund | 169,500 | 169,500 | |||
Construction Loan [Member] | Port Imperial South 9 [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Amount outstanding | 92,000 | 92,000 | |||
Construction Loan [Member] | The Upton At Short Hills [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Amount outstanding | 64,000 | 64,000 | |||
Construction Loan [Member] | 25 Christopher Columbus [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Amount outstanding | $ 300,000 | $ 300,000 |
Commitments And Contingencies_5
Commitments And Contingencies (Management Changes) (Narrative) (Details) - USD ($) | Jul. 26, 2020 | Jul. 25, 2020 | Jun. 05, 2015 | Sep. 30, 2020 | Sep. 30, 2020 |
Commitments And Contingencies [Line Items] | |||||
Shares granted | 800,000 | 172,495 | |||
Shares granted | 52,974 | 52,974 | |||
MAG Partners [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Monthly fee | $ 150,000 | ||||
One-time bonus | 300,000 | ||||
One-time completion bonus | $ 200,000 | ||||
Shares granted | 157,505 | ||||
Legal fees | $ 10,000 | ||||
Employee Severance [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Operating services | $ 700,000 | ||||
Restructuring costs | 8,900,000 | ||||
General and administration expense | $ 8,200,000 | ||||
Messr DeMarco, CEO [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Annual bonus opportunity percentage | 175.00% | ||||
Common Class At $14.39 [Member] | Maximum [Member] | MAG Partners [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Number of shares authorized | 230,000 | ||||
Share price | $ 14.39 | ||||
Common Class At $20.00 [Member] | Maximum [Member] | MAG Partners [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Number of shares authorized | 100,000 | ||||
Share price | $ 20 |
Commitments And Contingencies_6
Commitments And Contingencies (Other) (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($)itempropertyemployeeshares | Sep. 30, 2020USD ($)propertyshares | Sep. 30, 2019USD ($)shares | Sep. 30, 2020USD ($)propertyshares | Sep. 30, 2019USD ($)shares | |
Commitments And Contingencies [Line Items] | |||||
Properties aggregate net book value | $ 714,400 | ||||
Potential shares | shares | 717,155 | 717,155 | 751,936 | 717,155 | 751,936 |
Number of payments | item | 3 | ||||
General and administrative | $ 28,945 | $ 12,571 | $ 62,005 | $ 42,836 | |
Reimbursement expense | $ 6,100 | ||||
Stay-On Award Agreement [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Number of employees | employee | 39 | ||||
Potential shares | shares | 116,043 | 116,043 | 116,043 | ||
Exercisable time period | 7 years | ||||
Bow Street LLC [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
General and administrative | $ 6,100 | $ 6,100 | |||
Property Lock-Ups Expired [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Number of properties | property | 18 | 18 | 18 | ||
Properties aggregate net book value | $ 1,600,000 | ||||
Maximum [Member] | Stay-On Award Agreement [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Cost of awards | $ 5,000 |
Commitments And Contingencies_7
Commitments And Contingencies (Future Minimum Rental Payments Of Ground Leases) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Commitments And Contingencies [Abstract] | ||
Remaining | $ 437 | |
Year one | 1,750 | $ 1,750 |
Year two | 1,750 | 1,750 |
Year three | 1,756 | 1,750 |
Year four | 1,776 | 1,756 |
Year five | 1,776 | |
2025 through 2098 | 154,722 | 154,722 |
Total lease payments | 162,191 | 163,504 |
Less: imputed interest | (138,404) | (139,748) |
Total | $ 23,787 | $ 23,756 |
Tenant Leases (Future Minimum R
Tenant Leases (Future Minimum Rentals To Be Received Under Non-Cancelable Operating Leases) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Property Subject to or Available for Operating Lease [Line Items] | ||
October 1 through December 31, 2020 | $ 30,118 | |
Year one | 113,651 | $ 115,418 |
Year two | 109,705 | 107,027 |
Year three | 104,382 | 103,417 |
Year four | 92,537 | 99,544 |
Year Five | 88,082 | |
2025 and thereafter | 550,773 | 488,305 |
Total | $ 1,001,166 | $ 1,001,793 |
Tenant Leases [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Operating leases with various expiration dates through year | 2036 | |
Multi-Family Properties [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Lease period | 1 year |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interests (Narrative) (Details) | Jun. 30, 2019USD ($) | Jun. 28, 2019USD ($) | Jun. 26, 2019USD ($)property | Mar. 10, 2017USD ($) | Feb. 28, 2017USD ($)$ / sharesshares | Feb. 27, 2017USD ($) | Feb. 03, 2017USD ($)$ / sharesshares | Sep. 30, 2020USD ($)$ / shares | Sep. 30, 2019USD ($)$ / shares | Sep. 30, 2020USD ($)$ / shares | Sep. 30, 2019USD ($)$ / shares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Apr. 30, 2017shares |
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
General and administrative | $ 28,945,000 | $ 12,571,000 | $ 62,005,000 | $ 42,836,000 | ||||||||||
Expiration period | 10 years | |||||||||||||
Payment for borrowings | $ 364,000,000 | 398,000,000 | ||||||||||||
Minimum [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Percentage of interest in venture | 20.00% | 20.00% | ||||||||||||
Maximum [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Percentage of interest in venture | 85.00% | 85.00% | ||||||||||||
Mack-Cali Realty LP [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
General and administrative | $ 28,945,000 | $ 12,571,000 | $ 62,005,000 | $ 42,836,000 | ||||||||||
Common unit distribution per unit declared | $ / shares | $ 0 | $ 0.20 | $ 0.40 | $ 0.60 | ||||||||||
Payment for borrowings | $ 364,000,000 | $ 398,000,000 | ||||||||||||
Series A Units [Member] | Mack-Cali Realty LP [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Preferred units shares issued | shares | 42,800 | |||||||||||||
Preferred unit annual rate | 3.50% | |||||||||||||
Percentage of interest in venture | 37.50% | |||||||||||||
Preferred unit in operating partnership | $ 1,000 | |||||||||||||
Convertible preferred units | shares | 28.15 | |||||||||||||
Expiration period | 5 years | |||||||||||||
Shares that may be converted to common units | shares | 1,204,820 | |||||||||||||
Common unit distribution per unit declared | $ / shares | $ 35.52 | |||||||||||||
Series A-1 Units [Member] | Mack-Cali Realty LP [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Preferred units shares issued | shares | 9,213 | 91 | ||||||||||||
Preferred unit annual rate | 3.50% | |||||||||||||
Percentage of interest in venture | 13.80% | |||||||||||||
Preferred unit in operating partnership | $ 1,000 | |||||||||||||
Convertible preferred units | shares | 27.936 | |||||||||||||
Expiration period | 5 years | 5 years | ||||||||||||
Shares that may be converted to common units | shares | 257,375 | |||||||||||||
Common unit distribution per unit declared | $ / shares | $ 35.80 | |||||||||||||
Monaco [Member] | Series A-1 Units [Member] | Mack-Cali Realty LP [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Preferred units shares issued | shares | 9,122 | |||||||||||||
Investment Agreement [Member] | Minimum [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Incremental closing payments, Limited Partnership interest | $ 105,000,000 | |||||||||||||
RRLP [Member] | Cash Flow From Operations [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Annual return on the equity value | 6.00% | |||||||||||||
RRLP [Member] | Investment Agreement [Member] | Cash Flow From Capital Events, Distribution Four [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Capital base return | 5.00% | |||||||||||||
RRLP [Member] | Credit Enhancement Note [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Maximum borrowing capacity | $ 50,000,000 | $ 50,000,000 | ||||||||||||
Increased line of credit | 25,000,000 | $ 25,000,000 | ||||||||||||
Spread over LIBOR | 50.00% | |||||||||||||
Rockpoint [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Estimated redemption value | $ 480,000,000 | |||||||||||||
Rockpoint [Member] | Cash Flow From Operations [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Invested capital | 400,000,000 | 400,000,000 | ||||||||||||
Rockpoint [Member] | Cash Flow From Capital Events, Distribution Five [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Invested capital | 400,000,000 | 400,000,000 | ||||||||||||
Rockpoint [Member] | Cash Flow From Capital Events, Distribution Six [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Invested capital | $ 400,000,000 | $ 400,000,000 | ||||||||||||
Rockpoint [Member] | Distribution One [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Purchase price | $ 173,500,000 | |||||||||||||
Purchase price, less distributions | 198,500,000 | |||||||||||||
Rockpoint [Member] | Distribution Two [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Purchase price, less distributions | $ 1,500,000 | |||||||||||||
Rockpoint [Member] | Preferred Units [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata distribution | 10.947% | |||||||||||||
Rockpoint [Member] | Preferred Units [Member] | Cash Flow From Operations [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata distribution | 21.89% | |||||||||||||
Rockpoint [Member] | Preferred Units [Member] | Cash Flow From Capital Events, Distribution Five [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata distribution | 21.89% | |||||||||||||
Rockpoint [Member] | Investment Agreement [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Contributed equity value | $ 1,230,000,000 | |||||||||||||
Incremental closing payments, Limited Partnership interest | $ 46,000,000 | $ 150,000,000 | $ 45,000,000 | |||||||||||
Rockpoint [Member] | Investment Agreement [Member] | Maximum [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Contributed amount to obtain equity units | $ 300,000,000 | |||||||||||||
Rockpoint [Member] | Add On Investment Agreement [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Contributed amount to obtain equity units | $ 100,000,000 | |||||||||||||
Number of properties in which additional interest was acquired during period | property | 2 | |||||||||||||
Right of first refusal to invest | $ 100,000,000 | |||||||||||||
General and administrative | $ 371,000 | |||||||||||||
Payment for borrowings | $ 100,000,000 | |||||||||||||
Rockpoint [Member] | Add On Investment Agreement [Member] | Maximum [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Contributed amount to obtain equity units | $ 154,000,000 | |||||||||||||
Rockpoint [Member] | RRLP [Member] | Cash Flow From Operations [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Annual return | 6.00% | |||||||||||||
Base return | 4.64% | |||||||||||||
Rockpoint [Member] | RRLP [Member] | Cash Flow From Capital Events, Distribution Three [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Base return | 4.64% | |||||||||||||
Rockpoint [Member] | RRLP [Member] | Cash Flow From Capital Events, Distribution Four [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Capital base return | 4.64% | |||||||||||||
Rockpoint [Member] | RRLP [Member] | Cash Flow From Capital Events, Distribution Five [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Internal rate of return | 11.00% | |||||||||||||
Rockpoint [Member] | RRLP [Member] | Cash Flow From Capital Events, Distribution Six [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata share | 50.00% | |||||||||||||
Rockpoint [Member] | RRLP [Member] | Investment Agreement [Member] | Cash Flow From Operations [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Base return | 5.00% | |||||||||||||
Rockpoint [Member] | RRLP [Member] | Investment Agreement [Member] | Cash Flow From Capital Events, Distribution Three [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Base return | 95.00% | |||||||||||||
RRT [Member] | Preferred Units [Member] | Cash Flow From Operations [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata distribution | 2.65% | |||||||||||||
RRT [Member] | Preferred Units [Member] | Cash Flow From Capital Events, Distribution Five [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata distribution | 2.65% | |||||||||||||
RRT [Member] | Preferred Units [Member] | Cash Flow From Capital Events, Distribution Six [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata distribution | 1.325% | |||||||||||||
RRT [Member] | Common Units [Member] | Cash Flow From Operations [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata distribution | 75.46% | |||||||||||||
RRT [Member] | Common Units [Member] | Cash Flow From Capital Events, Distribution Five [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata distribution | 75.46% | |||||||||||||
RRT [Member] | Common Units [Member] | Cash Flow From Capital Events, Distribution Six [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata distribution | 87.728% | |||||||||||||
RRT [Member] | RRLP [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Loan-to-value ratio | 65.00% | |||||||||||||
Equity capitalization percent | 10.00% | |||||||||||||
RRT [Member] | RRLP [Member] | Cash Flow From Operations [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Base return | 95.36% | |||||||||||||
RRT [Member] | RRLP [Member] | Cash Flow From Capital Events, Distribution Three [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Base return | 95.36% | |||||||||||||
RRT [Member] | RRLP [Member] | Cash Flow From Capital Events, Distribution Four [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Capital base return | 95.36% | |||||||||||||
RRT [Member] | RRLP [Member] | Investment Agreement [Member] | Cash Flow From Operations [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Base return | 95.00% | |||||||||||||
RRT [Member] | RRLP [Member] | Investment Agreement [Member] | Cash Flow From Capital Events, Distribution Three [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Base return | 5.00% | |||||||||||||
RRT [Member] | RRLP [Member] | Investment Agreement [Member] | Cash Flow From Capital Events, Distribution Four [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Capital base return | 95.00% |
Redeemable Noncontrolling Int_4
Redeemable Noncontrolling Interests (Schedule Of Changes In The Value Of The Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Redeemable Noncontrolling Interest [Line Items] | ||||
Balance | $ 503,382 | |||
Income Attributed to Noncontrolling Interests | $ (6,471) | $ (6,471) | (19,413) | $ (16,144) |
Redemption Value Adjustment | (8,868) | (9,830) | (27,383) | (41,621) |
Redeemable noncontrolling interests | 511,352 | 511,352 | ||
Issuance Costs | 1,500 | |||
Redeemable Noncontrolling Interests [Member] | ||||
Redeemable Noncontrolling Interest [Line Items] | ||||
Balance | 508,955 | 496,372 | 503,382 | 330,459 |
Redeemable Noncontrolling Interests Issued (net of issuance) | (67) | 143,450 | ||
Net | 508,955 | 496,305 | 503,382 | 473,909 |
Income Attributed to Noncontrolling Interests | 6,471 | 6,471 | 19,413 | 16,144 |
Distributions | (6,471) | (6,471) | (19,413) | (16,144) |
Redemption Value Adjustment | 2,397 | 3,814 | 7,970 | 26,210 |
Redeemable noncontrolling interests | 511,352 | 500,119 | 511,352 | 500,119 |
Redeemable Noncontrolling Interests [Member] | Series A And Series A-1 Preferred Units In MCRLP [Member] | ||||
Redeemable Noncontrolling Interest [Line Items] | ||||
Balance | 52,324 | 52,324 | 52,324 | 52,324 |
Net | 52,324 | 52,324 | 52,324 | 52,324 |
Income Attributed to Noncontrolling Interests | 455 | 455 | 1,365 | 1,365 |
Distributions | (455) | (455) | (1,365) | (1,365) |
Redeemable noncontrolling interests | 52,324 | 52,324 | 52,324 | 52,324 |
Rockpoint [Member] | Redeemable Noncontrolling Interests [Member] | ||||
Redeemable Noncontrolling Interest [Line Items] | ||||
Balance | 456,631 | 444,048 | 451,058 | 278,135 |
Redeemable Noncontrolling Interests Issued (net of issuance) | (67) | 143,450 | ||
Net | 456,631 | 443,981 | 451,058 | 421,585 |
Income Attributed to Noncontrolling Interests | 6,016 | 6,016 | 18,048 | 14,779 |
Distributions | (6,016) | (6,016) | (18,048) | (14,779) |
Redemption Value Adjustment | 2,397 | 3,814 | 7,970 | 26,210 |
Redeemable noncontrolling interests | $ 459,028 | $ 447,795 | $ 459,028 | $ 447,795 |
Mack-Cali Realty Corporation _3
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Share/Unit Repurchase Program And Dividend Reinvestment And Stock Purchase Plan) (Narrative) (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2012 | |
Stockolders Equity [Line Items] | ||
Date share repurchase program was initiated | September 2012 | |
Capacity of share repurchase program | $ 150,000,000 | |
Shares purchased and retired | 394,625 | |
Aggregate cost of stock repurchased | $ 11,000,000 | |
Capacity available for additional repurchase of outstanding common stock | $ 139,000,000 | |
Proceeds from sale of common units | $ 11,000,000 | |
Dividend Reinvestment And Stock Purchase Plan [Member] | ||
Stockolders Equity [Line Items] | ||
Common stock reserved for future issuance | 5,500,000 | |
Monthly cash investment without restriction, maximum | $ 5,000 |
Mack-Cali Realty Corporation _4
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Stock Option Plans) (Narrative) (Details) | Jul. 26, 2020$ / sharesshares | Jun. 05, 2015item$ / sharesshares | Sep. 30, 2020USD ($)shares | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)$ / sharesshares | Sep. 30, 2019USD ($)shares | Dec. 31, 2019 | Jul. 25, 2020shares | May 31, 2013shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Weighted average remaining contractual life | 3 years 10 months 24 days | 5 years 4 months 24 days | |||||||
Share price | $ / shares | $ 17.31 | ||||||||
Options exercised | 0 | 0 | |||||||
Stock options expense | $ | $ 192,000 | $ 0 | $ 192,000 | $ 0 | |||||
Shares Under Options - Granted | 800,000 | 172,495 | |||||||
Common stock trade share price | $ / shares | $ 25 | ||||||||
Annual installments | item | 3 | ||||||||
Exercisable period | 10 years | ||||||||
Common stock trading days | 30 days | ||||||||
Share price - weighted average fair value of options granted | $ / shares | $ 2.95 | ||||||||
Three Equal Annual Installment [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares Under Options - Granted | 400,000 | ||||||||
Common Stock Trades [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares Under Options - Granted | 400,000 | ||||||||
2013 Incentive Stock Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Reserved stocks for issuance | 4,600,000 | ||||||||
Shares Under Options - Granted | 172,495 | ||||||||
MAG Partners [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares Under Options - Granted | 157,505 | ||||||||
MAG Partners [Member] | Maximum [Member] | Common Class At $14.39 [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares authorized | 230,000 | ||||||||
Share price | $ / shares | $ 14.39 | ||||||||
MAG Partners [Member] | Maximum [Member] | Common Class At $20.00 [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share price | $ / shares | $ 20 | ||||||||
Number of shares authorized | 100,000 | ||||||||
Share price | $ / shares | $ 20 |
Mack-Cali Realty Corporation _5
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (AO LTIP Units (Appreciation-Only LTIP Units)) (Narrative) (Details) - USD ($) | Jun. 05, 2015 | Sep. 30, 2020 | Sep. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares granted | 800,000 | 172,495 | ||||
Share price | $ 17.31 | |||||
Exercisable period | 10 years | |||||
Common stock trading days | 30 days | |||||
Common stock trade share price | $ 25 | |||||
Share price - weighted average fair value of options granted | $ 2.95 | |||||
Stock options expense | $ 192,000 | $ 0 | $ 192,000 | $ 0 | ||
AO LTIP Units Award [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share price | $ 21.46 | $ 21.46 | ||||
Exercisable period | 10 years | |||||
Share price - weighted average fair value of options granted | $ 3.98 | |||||
Total unrecognized compensation cost | $ 1,500,000 | $ 1,500,000 | ||||
Total unrecognized compensation cost, period of recognition | 2 years 4 months 24 days | |||||
Stock options expense | $ 156,000 | $ 155,000 | $ 466,000 | $ 342,000 | ||
AO LTIP Units Award [Member] | Messr DeMarco, CEO [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares granted | 625,000 | 625,000 | ||||
Income allocation | 10.00% | |||||
Percent of cash distribution | 10.00% | |||||
AO LTIP Units Award [Member] | Messr DeMarco, CEO [Member] | Tranche One [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares to be vested and exercisable | 250,000 | |||||
Common stock trading days | 30 days | |||||
Common stock trade share price | $ 25 | |||||
Common stock expiration date | Mar. 13, 2023 | |||||
AO LTIP Units Award [Member] | Messr DeMarco, CEO [Member] | Tranche Two [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares to be vested and exercisable | 250,000 | |||||
Common stock trading days | 30 days | |||||
Common stock trade share price | $ 28 | |||||
AO LTIP Units Award [Member] | Messr DeMarco, CEO [Member] | Tranche Three [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares to be vested and exercisable | 125,000 | |||||
Common stock trading days | 30 days | |||||
Common stock trade share price | $ 31 |
Mack-Cali Realty Corporation _6
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Restricted Stock Awards And Performance Share Units) (Narrative) (Details) - USD ($) | Jun. 05, 2018 | Jun. 05, 2015 | Sep. 30, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Unvested stock outstanding | 52,974 | 52,974 | 17,076 | 42,690 | 24,200 | 26,136 | 67,289 | ||
Shares granted | 52,974 | 52,974 | |||||||
Performance period | 3 years | ||||||||
Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Unvested stock outstanding | 52,974 | 52,974 | |||||||
Restricted Stock [Member] | 2013 Incentive Stock Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares granted | 37,550.54 | ||||||||
Performance period | 3 years | ||||||||
Restricted Stock [Member] | Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||||||
Restricted Stock [Member] | Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 7 years | ||||||||
Unvested Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Unvested stock outstanding | 52,974 | 52,974 | 24,200 | ||||||
Total Stockholder Return Based Awards [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Total unrecognized compensation cost | $ 600,000 | $ 600,000 | |||||||
Performance Shares [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Unvested performance shares | 0 | ||||||||
Total unrecognized compensation cost | $ 0 | $ 0 | |||||||
Performance Shares [Member] | 2013 Incentive Stock Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares granted | 112,651.64 | ||||||||
Performance period | 3 years | ||||||||
Performance Shares [Member] | 2013 Incentive Stock Plan [Member] | Three Years Period Award [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percentage of shares vested | 100.00% | ||||||||
Performance Shares [Member] | Minimum [Member] | 2013 Incentive Stock Plan [Member] | Three Years Period Award [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percentage of shares vested | 0.00% | ||||||||
Performance Shares [Member] | Maximum [Member] | 2013 Incentive Stock Plan [Member] | Three Years Period Award [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percentage of shares vested | 150.00% |
Mack-Cali Realty Corporation _7
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Long-Term Incentive Plan Awards) (Narrative) (Details) - USD ($) | Mar. 22, 2019 | Apr. 20, 2018 | Apr. 04, 2017 | Mar. 08, 2016 | Jun. 05, 2015 | Sep. 30, 2020 | Sep. 30, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Performance period | 3 years | ||||||
Shares granted | 800,000 | 172,495 | |||||
Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Total unrecognized compensation cost | $ 0 | $ 0 | |||||
2016 LTIP Awards [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Performance period | 3 years | ||||||
Dividends paid, percent representing common unit of limited partnership interest | 10.00% | ||||||
Dividends paid, percent payable upon vesting of LTIP Unit | 90.00% | ||||||
Unvested LTIP [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Total unrecognized compensation cost | $ 9,300,000 | $ 9,300,000 | |||||
Total unrecognized compensation cost, period of recognition | 2 years 4 months 24 days | ||||||
2016 TBV LTIP Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares granted | 75,578 | ||||||
2016 OPP [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Performance period | 3 years | ||||||
TSR percent | 50.00% | ||||||
2016 PBV LTIP Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares granted | 11,155 | ||||||
2017 LTIP Awards [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares forfeited and cancelled | 369,924 | ||||||
2017 OPP [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Performance period | 3 years | ||||||
TSR percent | 36.00% | ||||||
2017 PBV LTIP Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares granted | 21,492 | ||||||
2017 TBV LTIP Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares granted | 76,705 | ||||||
2018 LTIP Awards [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares forfeited and cancelled | 102,639 | ||||||
2018 OPP [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Performance period | 3 years | ||||||
TSR percent | 36.00% | ||||||
2018 PBV LTIP Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares granted | 542,651 | ||||||
2018 TBV LTIP Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares granted | 177,179 | ||||||
2019 LTIP Awards [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares forfeited and cancelled | 175,570 | ||||||
2019 TBV LTIP Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares granted | 140,995 | ||||||
2019 PBV LTIP Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares granted | 249,058 | ||||||
2019 OPP [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Performance period | 3 years | ||||||
TSR percent | 36.00% | ||||||
2020 OPP [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Performance period | 3 years | ||||||
TSR percent | 36.00% | ||||||
2020 PBV LTIP Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares granted | 720,314 | ||||||
Other Executive Officers [Member] | 2016 LTIP Awards [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percent of the award | 40.00% | ||||||
Remaining percent of the award | 60.00% | ||||||
Other Executive Officers [Member] | 2017 LTIP Awards [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percent of the award | 40.00% | ||||||
Remaining percent of the award | 60.00% | ||||||
Other Executive Officers [Member] | 2018 LTIP Awards [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percent of the award | 50.00% | ||||||
Remaining percent of the award | 50.00% | ||||||
Messieur Rudin, Messieur DeMarco, And Messieur Tycher [Member] | 2016 LTIP Awards [Member] | Time-Based Award [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percent of the award | 25.00% | ||||||
Performance period | 3 years | ||||||
Messieur Rudin, Messieur DeMarco, And Messieur Tycher [Member] | 2016 LTIP Awards [Member] | Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Remaining percent of the award | 75.00% | ||||||
Messieur Rudin, Messieur DeMarco, And Messieur Tycher [Member] | 2017 LTIP Awards [Member] | Time-Based Award [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percent of the award | 25.00% | ||||||
Performance period | 3 years | ||||||
Messieur Rudin, Messieur DeMarco, And Messieur Tycher [Member] | 2017 LTIP Awards [Member] | Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Remaining percent of the award | 75.00% | ||||||
Messieur DeMarco And Messieur Tycher [Member] | 2018 LTIP Awards [Member] | Time-Based Award [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percent of the award | 25.00% | ||||||
Performance period | 3 years | ||||||
Messieur DeMarco And Messieur Tycher [Member] | 2018 LTIP Awards [Member] | Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Remaining percent of the award | 75.00% | ||||||
Messr DeMarco, CEO [Member] | 2019 LTIP Awards [Member] | Time-Based Award [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percent of the award | 25.00% | ||||||
Messr DeMarco, CEO [Member] | 2019 LTIP Awards [Member] | Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Remaining percent of the award | 75.00% | ||||||
Messr DeMarco, CEO [Member] | 2019 TBV LTIP Units [Member] | Time-Based Award [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Performance period | 3 years | ||||||
Messieur Tycher, Smetana, Wagner, Cardoso, And Hilton [Member] | 2019 LTIP Awards [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percent of the award | 50.00% | ||||||
Remaining percent of the award | 50.00% | ||||||
Messieur DeBari [Member] | 2019 LTIP Awards [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percent of the award | 100.00% |
Mack-Cali Realty Corporation _8
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Deferred Stock Compensation Plan For Directors) (Narrative) (Details) - shares | Jun. 12, 2020 | Jun. 12, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Dec. 31, 2019 |
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital [Abstract] | ||||||
Maximum percentage of retainer fee that directors may defer | 100.00% | |||||
Deferred stock units earned | 5,952 | 3,724 | 15,663 | 10,767 | ||
Deferred stock units converted | 61,277 | 193,949 | ||||
Deferred stock units outstanding | 11,902 | 11,902 | 59,899 |
Mack-Cali Realty Corporation _9
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Earnings Per Share/Unit) (Narrative) (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unvested stock outstanding | 52,974 | 24,200 | 52,974 | 24,200 | 17,076 | 42,690 | 26,136 | 67,289 |
Dividends declared per common share | $ 0 | $ 0.20 | $ 0.40 | $ 0.60 | ||||
Mack-Cali Realty LP [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Distribution declared per common unit | $ 0 | $ 0.20 | $ 0.40 | $ 0.60 | ||||
Unvested Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unvested stock outstanding | 52,974 | 24,200 | 52,974 | 24,200 | ||||
Unvested Restricted Stock [Member] | Mack-Cali Realty LP [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unvested stock outstanding | 52,974 | 24,200 | 52,974 | 24,200 | ||||
Unvested LTIP Units [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unvested stock outstanding | 1,738,065 | 1,826,331 | 1,738,065 | 1,826,331 | ||||
Unvested LTIP Units [Member] | Mack-Cali Realty LP [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unvested performance shares | 1,738,065 | 1,826,331 | ||||||
Unvested AO LTIP Units [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unvested stock outstanding | 625,000 | 625,000 | 625,000 | 625,000 | ||||
Unvested AO LTIP Units [Member] | Mack-Cali Realty LP [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unvested stock outstanding | 625,000 | 625,000 | 625,000 | 625,000 |
Mack-Cali Realty Corporation_10
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Schedule Of General Partner Capital) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Investment Company, Financial Highlights [Line Items] | ||||
Balance | $ 1,493,699 | |||
Common unit distributions | $ (2,360) | (3,509) | $ (6,417) | |
Redeemable noncontrolling interests | $ (6,471) | (6,471) | (19,413) | (16,144) |
Redemption of common units for common stock | ||||
Redemption of common units, value | (29) | (65) | (2,170) | (6,695) |
Directors' deferred compensation plan | 76 | 81 | 215 | 238 |
Other comprehensive income (loss) | (878) | (16) | (9,953) | |
Balance | 1,336,120 | 1,336,120 | ||
General Partner Common Unitholders [Member] | ||||
Investment Company, Financial Highlights [Line Items] | ||||
Balance | 1,399,033 | 1,645,587 | 1,493,699 | 1,486,658 |
Net income (loss) available to common shareholders | 42,208 | 55,928 | 117,019 | (166,513) |
Common unit distributions | (18,142) | (18,106) | (36,261) | (54,282) |
Redeemable noncontrolling interests | (2,167) | (3,025) | (7,207) | (22,936) |
Change in noncontrolling interests in consolidated joint ventures | (1,958) | |||
Redemption of common units for common stock | 705 | |||
Redemption of common units, value | (1,665) | |||
Shares issued under Dividend Reinvestment and Stock Purchase Plan | 9 | 10 | 39 | 31 |
Directors' deferred compensation plan | 76 | 81 | 215 | 238 |
Stock compensation | 394 | 7 | 1,158 | 490 |
Cancellation of unvested LTIP units | 2,819 | |||
Other comprehensive income (loss) | (791) | 18 | (8,993) | |
Rebalancing of ownership percentage between parent and subsidiaries | (875) | 1,426 | 1,478 | 1,641 |
Balance | $ 1,336,120 | $ 1,569,261 | $ 1,336,120 | $ 1,569,261 |
Mack-Cali Realty Corporation_11
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Schedule Of Stock Option Plans) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 05, 2015 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||||||
Shares Under Options - Outstanding, beginning balance | 800,000 | 800,000 | |||||
Shares Under Options - Granted | 800,000 | 172,495 | |||||
Shares Under Options - Outstanding, ending balance | 972,495 | 800,000 | 972,495 | 800,000 | |||
Shares Under Options - Options exercisable | 972,495 | 800,000 | 972,495 | 800,000 | |||
Shares Under Options - Available for grant | 717,155 | 751,936 | 717,155 | 751,936 | |||
Weighted Average Exercise Price - Outstanding, beginning balance | $ 17.31 | $ 17.31 | |||||
Weighted Average Exercise Price - Granted | 14.39 | ||||||
Weighted Average Exercise Price - Outstanding, ending balance | $ 16.79 | $ 17.31 | $ 16.79 | $ 17.31 | |||
Aggregate intrinsic value | $ 3,480 | $ 3,480 | $ 4,784 | ||||
2013 Incentive Stock Plan [Member] | |||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||||||
Shares Under Options - Outstanding, beginning balance | 800,000 | 800,000 | |||||
Shares Under Options - Granted | 172,495 | ||||||
Shares Under Options - Outstanding, ending balance | 972,495 | 800,000 | 972,495 | 800,000 | |||
Shares Under Options - Options exercisable | 972,495 | 800,000 | 972,495 | 800,000 | |||
Shares Under Options - Available for grant | 717,155 | 751,936 | 717,155 | 751,936 | |||
Weighted Average Exercise Price - Outstanding, beginning balance | $ 17.31 | $ 17.31 | |||||
Weighted Average Exercise Price - Granted | 14.39 | ||||||
Weighted Average Exercise Price - Outstanding, ending balance | $ 16.79 | $ 17.31 | 16.79 | $ 17.31 | |||
Aggregate intrinsic value | $ 3,480 | $ 3,480 | $ 1,824 | ||||
Outstanding stock option price | $ 17.31 | $ 17.31 | |||||
Minimum [Member] | 2013 Incentive Stock Plan [Member] | |||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||||||
Outstanding stock option price | 14.39 | 14.39 | |||||
Maximum [Member] | 2013 Incentive Stock Plan [Member] | |||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||||||
Outstanding stock option price | $ 17.31 | $ 17.31 |
Mack-Cali Realty Corporation_12
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Schedule Of Weighted Average Assumptions) (Details) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (in years) | 5 years 3 months 18 days | |
Risk-free interest rate | 0.41% | |
Volatility | 31.00% | |
Dividend yield | 2.70% | |
AO LTIP Units Award [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 2.60% | |
Volatility | 29.00% | |
Dividend yield | 3.50% | |
Minimum [Member] | AO LTIP Units Award [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (in years) | 5 years 6 months | |
Maximum [Member] | AO LTIP Units Award [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (in years) | 6 years |
Mack-Cali Realty Corporation_13
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Schedule Of Restricted Stock Awards) (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital [Abstract] | ||||
Shares, Outstanding, Beginning balance | 17,076 | 26,136 | 42,690 | 67,289 |
Shares, Vested | (17,076) | (42,690) | (41,153) | |
Shares, Granted | 52,974 | 52,974 | ||
Shares, Cancelled | (1,936) | (1,936) | ||
Shares, Outstanding, Ending balance | 52,974 | 24,200 | 52,974 | 24,200 |
Weighted-Average Grant-Date Fair Value, Outstanding beginning balance | $ 21.08 | $ 25.80 | $ 21.08 | $ 22.43 |
Weighted-Average Grant-Date Fair Value, Vested | 21.08 | 21.08 | 20.29 | |
Weighted-Average Grant-Date Fair Value, Granted | 15.29 | 15.29 | ||
Weighted-Average Grant-Date Fair Value, Cancelled | 25.83 | 25.83 | ||
Weighted-Average Grant-Date Fair Value, Outstanding ending balance | $ 15.29 | $ 25.83 | $ 15.29 | $ 25.83 |
Mack-Cali Realty Corporation_14
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Earnings Per Share Tables - Basic Computation Of EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Stockolders Equity [Line Items] | ||||
Net income (loss) | $ (76,384) | $ (54,464) | $ (151,209) | $ 190,423 |
Add (deduct): Noncontrolling interests in consolidated joint ventures | 895 | 405 | 1,900 | 2,500 |
Add (deduct): Noncontrolling interests in Operating Partnership | 7,874 | 6,005 | 16,166 | (18,191) |
Add (deduct): Redeemable noncontrolling interests | (6,471) | (6,471) | (19,413) | (16,144) |
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders | (2,167) | (3,025) | (7,207) | (22,936) |
Income (loss) from continuing operations available to common shareholders | (76,253) | (57,550) | (159,763) | 135,652 |
Income (loss) from discontinued operations available to common shareholders | 31,878 | (1,403) | 35,537 | 7,925 |
Net income (loss) available to common shareholders for basic earnings per share | $ (44,375) | $ (58,953) | $ (124,226) | $ 143,577 |
Weighted average common shares | 90,671 | 90,584 | 90,639 | 90,539 |
Income (loss) from continuing operations available to common shareholders | $ (0.84) | $ (0.63) | $ (1.76) | $ 1.50 |
Income (loss) from discontinued operations available to common shareholders | 0.35 | (0.02) | 0.39 | 0.09 |
Net income (loss) available to common shareholders | $ (0.49) | $ (0.65) | $ (1.37) | $ 1.59 |
Mack-Cali Realty LP [Member] | ||||
Stockolders Equity [Line Items] | ||||
Net income (loss) | $ (76,384) | $ (54,464) | $ (151,209) | $ 190,423 |
Add (deduct): Noncontrolling interests in consolidated joint ventures | 895 | 405 | 1,900 | 2,500 |
Add (deduct): Redeemable noncontrolling interests | (6,471) | (6,471) | (19,413) | (16,144) |
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders | (2,397) | (3,359) | (7,970) | (25,477) |
Income (loss) from continuing operations available to common shareholders | (84,357) | (63,889) | (176,692) | 151,302 |
Income (loss) from discontinued operations available to common shareholders | 35,266 | (1,557) | 39,313 | 8,821 |
Net income (loss) available to common shareholders for basic earnings per share | $ (49,091) | $ (65,446) | $ (137,379) | $ 160,123 |
Weighted average common units | 100,307 | 100,560 | 100,235 | 100,607 |
Income (loss) from continuing operations available to common shareholders | $ (0.84) | $ (0.63) | $ (1.76) | $ 1.50 |
Income (loss) from discontinued operations available to common shareholders | 0.35 | (0.02) | 0.39 | 0.09 |
Net income (loss) available to common shareholders | $ (0.49) | $ (0.65) | $ (1.37) | $ 1.59 |
Mack-Cali Realty Corporation_15
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Earnings Per Share Tables - Diluted Computation Of EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Stockolders Equity [Line Items] | ||||
Net income (loss) from continuing operations available to common shareholders | $ (76,253) | $ (57,550) | $ (159,763) | $ 135,652 |
Add (deduct): Noncontrolling interests in Operating Partnership | (7,874) | (6,005) | (16,166) | 18,191 |
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests in Operating Partnership unitholders | (230) | (334) | (763) | (2,541) |
Income (loss) from continuing operations for diluted earnings per share | (84,357) | (63,889) | (176,692) | 151,302 |
Income (loss) from discontinued operations for diluted earnings per share | 35,266 | (1,557) | 39,313 | 8,821 |
Net income (loss) available for diluted earnings per share | $ (49,091) | $ (65,446) | $ (137,379) | $ 160,123 |
Weighted average common shares | 100,307 | 100,560 | 100,235 | 100,802 |
Income (loss) from continuing operations available to common shareholders | $ (0.84) | $ (0.63) | $ (1.76) | $ 1.50 |
Income (loss) from discontinued operations available to common shareholders | 0.35 | (0.02) | 0.39 | 0.09 |
Net income (loss) available to common shareholders | $ (0.49) | $ (0.65) | $ (1.37) | $ 1.59 |
Mack-Cali Realty LP [Member] | ||||
Stockolders Equity [Line Items] | ||||
Net income (loss) from continuing operations available to common shareholders | $ (84,357) | $ (63,889) | $ (176,692) | $ 151,302 |
Income (loss) from discontinued operations for diluted earnings per share | 35,266 | (1,557) | 39,313 | 8,821 |
Net income (loss) available for diluted earnings per share | $ (49,091) | $ (65,446) | $ (137,379) | $ 160,123 |
Weighted average common unit | 100,307 | 100,560 | 100,235 | 100,802 |
Income (loss) from continuing operations available to common shareholders | $ (0.84) | $ (0.63) | $ (1.76) | $ 1.50 |
Income (loss) from discontinued operations available to common shareholders | 0.35 | (0.02) | 0.39 | 0.09 |
Net income (loss) available to common shareholders | $ (0.49) | $ (0.65) | $ (1.37) | $ 1.59 |
Mack-Cali Realty Corporation_16
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Schedule Of Reconciliation Of Shares Used In Basic EPS Calculation To Shares Used In Diluted EPS Calculation) (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Stockolders Equity [Line Items] | ||||
Basic EPS shares | 90,671 | 90,584 | 90,639 | 90,539 |
Add: Operating Partnership - common and vested LTIP units | 9,636 | 9,976 | 9,596 | 10,068 |
Restricted Stock Awards | 24 | |||
Stock Options | 171 | |||
Diluted EPS Shares | 100,307 | 100,560 | 100,235 | 100,802 |
Mack-Cali Realty LP [Member] | ||||
Stockolders Equity [Line Items] | ||||
Basic EPU units | 100,307 | 100,560 | 100,235 | 100,607 |
Restricted Stock Awards | 24 | |||
Stock Options | 171 | |||
Diluted EPU Units | 100,307 | 100,560 | 100,235 | 100,802 |
Noncontrolling Interests In S_3
Noncontrolling Interests In Subsidiaries (Narrative) (Details) $ in Millions | Jun. 05, 2015shares | Sep. 30, 2020propertyshares | Mar. 31, 2019shares | Sep. 30, 2020USD ($)propertyshares | Dec. 31, 2019 |
Noncontrolling Interest [Line Items] | |||||
Number of common shares received upon redemption of common units | 1 | 1 | |||
Rebalance of ownership percentage | $ | $ 1.5 | ||||
Shares granted | 800,000 | 172,495 | |||
Exercisable period | 10 years | ||||
Participation Rights [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Number of properties | property | 1 | 1 | |||
Excess net cash flow remaining after the distribution to the Company | 50.00% | ||||
Internal rate of return | 10.00% | ||||
Mack-Cali Realty LP [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Percentage of noncontrolling interest | 9.60% | 9.60% | 9.60% | ||
Future Developments [Member] | Participation Rights [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Number of properties | property | 1 | 1 | |||
Disposal Group, Not Discontinued Operations [Member] | Flex Portfolio [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Proceeds from sale of properties | $ | $ 2.2 | ||||
Redemption of common units, shares | 99,952 | ||||
AO LTIP Units Award [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Exercisable period | 10 years | ||||
AO LTIP Units Award [Member] | Messr DeMarco, CEO [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Shares granted | 625,000 | 625,000 |
Noncontrolling Interests In S_4
Noncontrolling Interests In Subsidiaries (Schedule Of Activity Of Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Noncontrolling Interest [Line Items] | ||||
Balance, value | $ 205,776 | |||
Unit distributions | $ (2,360) | (3,509) | $ (6,417) | |
Common unit distributions | $ (2,029) | |||
Redeemable noncontrolling interests | (6,471) | (6,471) | (19,413) | (16,144) |
Redemption of common units for common stock | ||||
Redemption of common units, value | (29) | (65) | (2,170) | (6,695) |
Other comprehensive income (loss) | (878) | (16) | (9,953) | |
Balance, value | 187,998 | 187,998 | ||
Noncontrolling Interests In Subsidiaries [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Balance, value | 194,463 | 230,461 | 205,776 | 210,523 |
Net income | 1,090 | (93) | 5,123 | 32,731 |
Unit distributions | (2,360) | (3,509) | (6,417) | |
Common unit distributions | (2,029) | |||
Redeemable noncontrolling interests | (6,701) | (6,805) | (20,176) | (18,685) |
Change in noncontrolling interests in consolidated joint ventures | 133 | 9,110 | ||
Redemption of common units for common stock | (705) | |||
Redemption of common units, value | (29) | (65) | (2,170) | (5,030) |
Stock compensation | 329 | 1,973 | 4,534 | 5,561 |
Cancellation of unvested LTIP units | (201) | (2,889) | ||
Other comprehensive income (loss) | (87) | (34) | (960) | |
Rebalancing of ownership percentage between parent and subsidiaries | 875 | (1,426) | (1,478) | (1,641) |
Balance, value | $ 187,998 | $ 221,598 | $ 187,998 | $ 221,598 |
Noncontrolling Interests In S_5
Noncontrolling Interests In Subsidiaries (Changes In Noncontrolling Interests Of Subsidiaries) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Noncontrolling Interests In Subsidiaries [Abstract] | ||||
Balance, Beginning, Common Units/Vested LTIP Units | 9,586,528 | 9,976,344 | 9,612,064 | 10,229,349 |
Redemption of common units for shares of common stock | (2,225) | (38,011) | ||
Redemption of common units | (3,000) | (99,952) | (304,638) | |
Conversion of vested LTIP units to common units | 6,655 | 18,438 | ||
Vested LTIP units | 86,030 | 153,792 | 68,206 | |
Cancellation of units | (1) | |||
Balance, Ending, Common Units/Vested LTIP Units | 9,672,558 | 9,973,344 | 9,672,558 | 9,973,344 |
Balance, Beginning, Unvested LTIP Units | 2,659,518 | 1,826,331 | 1,826,331 | 1,707,106 |
Issuance of units, LTIP Units | 1,287,568 | 565,623 | ||
Vested LTIP units | (88,255) | (160,447) | (86,644) | |
Cancellation of units | (833,198) | (1,215,387) | (359,754) | |
Balance, Ending, Unvested LTIP Units | 1,738,065 | 1,826,331 | 1,738,065 | 1,826,331 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)segment | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of business segments | segment | 2 | ||||
Total revenues | $ 77,650,000 | $ 87,390,000 | $ 232,357,000 | $ 264,261,000 | |
Foreign Locations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 0 | $ 0 | |||
Long lived assets | $ 0 | $ 0 | $ 0 |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Selected Results Of Operations And Asset Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||
Total revenues | $ 77,650 | $ 87,390 | $ 232,357 | $ 264,261 | |
Total operating and interest expenses | 85,863 | 72,079 | 227,393 | 222,516 | |
Equity in earnings (loss) of unconsolidated joint ventures | 1,373 | (113) | (281) | (882) | |
Net operating income (loss) | (6,840) | 15,198 | 4,683 | 40,863 | |
Total assets | 5,190,743 | 5,190,743 | $ 5,292,798 | ||
Total long-lived assets | 4,730,553 | 4,730,553 | 4,763,193 | ||
Total investments in unconsolidated joint ventures | 194,779 | 194,779 | 209,091 | ||
Commercial And Other Real Estate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 38,288 | 40,211 | 112,597 | 135,803 | |
Total operating and interest expenses | 16,562 | 18,200 | 54,035 | 60,254 | |
Equity in earnings (loss) of unconsolidated joint ventures | 493 | 307 | (1) | 1,540 | |
Net operating income (loss) | 22,219 | 22,318 | 58,561 | 77,089 | |
Total assets | 1,912,093 | 1,912,093 | 2,178,321 | ||
Total long-lived assets | 1,714,697 | 1,714,697 | 1,947,053 | ||
Total investments in unconsolidated joint ventures | 7,864 | 7,864 | 7,367 | ||
Multiple-Family Real Estate & Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 37,658 | 46,453 | 118,739 | 127,521 | |
Total operating and interest expenses | 26,772 | 23,989 | 71,689 | 67,606 | |
Equity in earnings (loss) of unconsolidated joint ventures | 880 | (420) | (280) | (2,422) | |
Net operating income (loss) | 11,766 | 22,044 | 46,770 | 57,493 | |
Total assets | 3,265,827 | 3,265,827 | 3,079,409 | ||
Total long-lived assets | 3,015,868 | 3,015,868 | 2,812,306 | ||
Total investments in unconsolidated joint ventures | 186,915 | 186,915 | 201,724 | ||
Corporate & Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 1,704 | 726 | 1,021 | 937 | |
Total operating and interest expenses | 42,529 | 29,890 | 101,669 | 94,656 | |
Net operating income (loss) | (40,825) | $ (29,164) | (100,648) | $ (93,719) | |
Total assets | 12,823 | 12,823 | 35,068 | ||
Total long-lived assets | $ (12) | $ (12) | $ 3,834 |
Segment Reporting (Schedule O_2
Segment Reporting (Schedule Of Reconciliation Of Net Operating Income To Net Income Available To Common Shareholders) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Net operating income | $ (6,840,000) | $ 15,198,000 | $ 4,683,000 | $ 40,863,000 |
Depreciation and amortization | (31,670,000) | (32,605,000) | (92,807,000) | (96,110,000) |
Land and other impairments | (1,292,000) | (2,589,000) | (23,401,000) | (5,088,000) |
Property impairments | (36,582,000) | (36,582,000) | ||
Gain on change of control of interests | 13,790,000 | |||
Realized gains (losses) and unrealized losses on disposition of rental property, net | (34,666,000) | (7,915,000) | 233,698,000 | |
Gain on disposition of developable land | 296,000 | 4,813,000 | 566,000 | |
Gain on sale of investment in unconsolidated joint venture | 903,000 | |||
Gain from extinguishment of debt, net | 0 | (98,000) | 0 | 1,801,000 |
Income (loss) from continuing operations | (76,384,000) | (54,464,000) | (151,209,000) | 190,423,000 |
Income from discontinued operations | 19,491,000 | 8,506,000 | 63,213,000 | 24,686,000 |
Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net | 15,775,000 | (10,063,000) | (23,900,000) | (15,865,000) |
Total discontinued operations, net | 35,266,000 | (1,557,000) | 39,313,000 | 8,821,000 |
Net income (loss) | (41,118,000) | (56,021,000) | (111,896,000) | 199,244,000 |
Noncontrolling interests in consolidated joint ventures | 895,000 | 405,000 | 1,900,000 | 2,500,000 |
Noncontrolling interests in Operating Partnership of income from continuing operations | 7,874,000 | 6,005,000 | 16,166,000 | (18,191,000) |
Noncontrolling interests in Operating Partnership in discontinued operations | (3,388,000) | 154,000 | (3,776,000) | (896,000) |
Redeemable noncontrolling interests | (6,471,000) | (6,471,000) | (19,413,000) | (16,144,000) |
Net income (loss) available to common shareholders | (42,208,000) | (55,928,000) | (117,019,000) | 166,513,000 |
Mack-Cali Realty LP [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating income | (6,840,000) | 15,198,000 | 4,683,000 | 40,863,000 |
Depreciation and amortization | (31,670,000) | (32,605,000) | (92,807,000) | (96,110,000) |
Land and other impairments | (1,292,000) | (2,589,000) | (23,401,000) | (5,088,000) |
Property impairments | (36,582,000) | (36,582,000) | ||
Gain on change of control of interests | 13,790,000 | |||
Realized gains (losses) and unrealized losses on disposition of rental property, net | (34,666,000) | (7,915,000) | 233,698,000 | |
Gain on disposition of developable land | 296,000 | 4,813,000 | 566,000 | |
Gain on sale of investment in unconsolidated joint venture | 903,000 | |||
Gain from extinguishment of debt, net | (98,000) | 1,801,000 | ||
Income (loss) from continuing operations | (76,384,000) | (54,464,000) | (151,209,000) | 190,423,000 |
Income from discontinued operations | 19,491,000 | 8,506,000 | 63,213,000 | 24,686,000 |
Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net | 15,775,000 | (10,063,000) | (23,900,000) | (15,865,000) |
Total discontinued operations, net | 35,266,000 | (1,557,000) | 39,313,000 | 8,821,000 |
Net income (loss) | (41,118,000) | (56,021,000) | (111,896,000) | 199,244,000 |
Noncontrolling interests in consolidated joint ventures | 895,000 | 405,000 | 1,900,000 | 2,500,000 |
Redeemable noncontrolling interests | (6,471,000) | (6,471,000) | (19,413,000) | (16,144,000) |
Net income (loss) available to common shareholders | $ (46,694,000) | $ (62,087,000) | $ (129,409,000) | $ 185,600,000 |