Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 24, 2020 | Jun. 30, 2019 | |
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity Central Index Key | 0000924901 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Registrant Name | MACK-CALI REALTY CORPORATION | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 2,102,611,115 | ||
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, $0.01 par value | ||
Trading Symbol | CLI | ||
Security Exchange Name | NYSE | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 90,595,470 | ||
Documents incorporated by reference | DOCUMENTS INCORPORATED BY REFERENCE: Portions of the Mack-Cali Realty Corporation’s definitive proxy statement for fiscal year ended December 31, 2019 to be issued in conjunction with the registrant’s annual meeting of shareholders expected to be held on June 10, 2020 are incorporated by reference in Part III of this Form 10-K. The definitive proxy statement will be filed by the registrant with the SEC not later than 120 days from the end of the registrant’s fiscal year ended December 31, 2019. | ||
Mack-Cali Realty LP [Member] | |||
Entity Registrant Name | MACK-CALI REALTY, L.P. | ||
Entity File Number | 333-57103 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Rental property | ||
Land and leasehold interests | $ 653,231 | $ 807,236 |
Buildings and improvements | 3,361,435 | 4,109,797 |
Tenant improvements | 163,299 | 335,266 |
Furniture, fixtures and equipment | 78,716 | 53,718 |
Gross investment in rental property | 4,256,681 | 5,306,017 |
Less - accumulated depreciation and amortization | (558,617) | (1,097,868) |
Total investment in rental property | 3,698,064 | 4,208,149 |
Real restate held for sale, net | 966,497 | 108,848 |
Net investment in rental property | 4,664,561 | 4,316,997 |
Cash and cash equivalents | 25,589 | 29,633 |
Restricted cash | 15,577 | 19,921 |
Investments in unconsolidated joint ventures | 209,091 | 232,750 |
Unbilled rents receivable, net | 95,686 | 100,737 |
Deferred charges, goodwill and other assets, net | 275,102 | 355,234 |
Accounts receivable | 7,192 | 5,372 |
Total assets | 5,292,798 | 5,060,644 |
LIABILITIES AND EQUITY | ||
Senior unsecured notes, net | 571,484 | 570,314 |
Unsecured revolving credit facility and term loans | 329,000 | 790,939 |
Mortgages, loans payable and other obligations, net | 1,908,034 | 1,431,398 |
Dividends and distributions payable | 22,265 | 21,877 |
Accounts payable, accrued expenses and other liabilities | 209,510 | 168,115 |
Rents received in advance and security deposits | 39,463 | 41,244 |
Accrued interest payable | 10,185 | 9,117 |
Total liabilities | 3,089,941 | 3,033,004 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 503,382 | 330,459 |
Mack-Cali Realty Corporation stockholders' equity: | ||
Common stock, $0.01 par value, 190,000,000 shares authorized, 90,595,176 and 90,320,306 shares outstanding | 906 | 903 |
Additional paid-in capital | 2,535,440 | 2,561,503 |
Dividends in excess of net earnings | (1,042,629) | (1,084,518) |
Accumulated other comprehensive income (loss) | (18) | 8,770 |
Total Mack-Cali Realty Corporation stockholders' equity | 1,493,699 | 1,486,658 |
Noncontrolling interests in subsidiaries: | ||
Operating Partnership | 158,480 | 168,373 |
Consolidated joint ventures | 47,296 | 42,150 |
Total noncontrolling interests in subsidiaries | 205,776 | 210,523 |
Total equity | 1,699,475 | 1,697,181 |
Total liabilities and equity | 5,292,798 | 5,060,644 |
Mack-Cali Realty LP [Member] | ||
Rental property | ||
Land and leasehold interests | 653,231 | 807,236 |
Buildings and improvements | 3,361,435 | 4,109,797 |
Tenant improvements | 163,299 | 335,266 |
Furniture, fixtures and equipment | 78,716 | 53,718 |
Gross investment in rental property | 4,256,681 | 5,306,017 |
Less - accumulated depreciation and amortization | (558,617) | (1,097,868) |
Total investment in rental property | 3,698,064 | 4,208,149 |
Real restate held for sale, net | 966,497 | 108,848 |
Net investment in rental property | 4,664,561 | 4,316,997 |
Cash and cash equivalents | 25,589 | 29,633 |
Restricted cash | 15,577 | 19,921 |
Investments in unconsolidated joint ventures | 209,091 | 232,750 |
Unbilled rents receivable, net | 95,686 | 100,737 |
Deferred charges, goodwill and other assets, net | 275,102 | 355,234 |
Accounts receivable | 7,192 | 5,372 |
Total assets | 5,292,798 | 5,060,644 |
LIABILITIES AND EQUITY | ||
Senior unsecured notes, net | 571,484 | 570,314 |
Unsecured revolving credit facility and term loans | 329,000 | 790,939 |
Mortgages, loans payable and other obligations, net | 1,908,034 | 1,431,398 |
Dividends and distributions payable | 22,265 | 21,877 |
Accounts payable, accrued expenses and other liabilities | 209,510 | 168,115 |
Rents received in advance and security deposits | 39,463 | 41,244 |
Accrued interest payable | 10,185 | 9,117 |
Total liabilities | 3,089,941 | 3,033,004 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 503,382 | 330,459 |
Mack-Cali Realty Corporation stockholders' equity: | ||
General Partner, 90,595,176 and 90,320,306 common units outstanding | 1,427,568 | 1,413,497 |
Limited partners, 9,612,064 and 10,229,349 common units/LTIPs outstanding | 224,629 | 232,764 |
Accumulated other comprehensive income (loss) | (18) | 8,770 |
Total Mack-Cali Realty, L.P. partners' capital | 1,652,179 | 1,655,031 |
Noncontrolling interests in subsidiaries: | ||
Noncontrolling interests in consolidated joint ventures | 47,296 | 42,150 |
Total equity | 1,699,475 | 1,697,181 |
Total liabilities and equity | $ 5,292,798 | $ 5,060,644 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 190,000,000 | 190,000,000 |
Common stock, shares outstanding | 90,595,176 | 90,320,306 |
Mack-Cali Realty LP [Member] | ||
General partner common units outstanding | 90,595,176 | 90,320,306 |
Limited partners common units outstanding | 9,612,064 | 10,229,349 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
REVENUES | |||
Revenue from leases | $ 296,142,000 | $ 317,783,000 | $ 403,635,000 |
Total revenues | 350,935,000 | 365,714,000 | 459,030,000 |
EXPENSES | |||
Real estate taxes | 43,998,000 | 44,389,000 | 62,035,000 |
Utilities | 17,881,000 | 23,799,000 | 29,493,000 |
Operating services | 69,641,000 | 70,074,000 | 77,634,000 |
Real estate services expenses | 15,918,000 | 17,919,000 | 23,394,000 |
Leasing personnel costs | 2,261,000 | ||
General and administrative | 57,535,000 | 53,865,000 | 50,475,000 |
Depreciation and amortization | 132,016,000 | 112,244,000 | 142,319,000 |
Land and other Impairments | 32,444,000 | 24,566,000 | |
Total expenses | 371,694,000 | 346,856,000 | 385,350,000 |
OTHER (EXPENSE) INCOME | |||
Interest expense | (90,569,000) | (77,346,000) | (84,523,000) |
Interest and other investment income (loss) | 2,412,000 | 3,219,000 | 2,690,000 |
Equity in earnings (loss) of unconsolidated joint ventures | (1,319,000) | (127,000) | (6,081,000) |
Gain on change of control of interests | 13,790,000 | 14,217,000 | |
Realized gains (losses) and unrealized losses on disposition of rental property, net | 345,926,000 | 99,436,000 | 2,364,000 |
Gain (loss) on disposition of developable land | 522,000 | 30,939,000 | |
Gain on sale of investment in unconsolidated joint venture | 903,000 | 23,131,000 | |
Gain (loss) from extinguishment of debt, net | 1,648,000 | (8,929,000) | (421,000) |
Total other income (expense) | 273,313,000 | 61,409,000 | (62,840,000) |
Income from continuing operations | 252,554,000 | 80,267,000 | 10,840,000 |
Discontinued operations: | |||
Income from discontinued operations | 27,456,000 | 26,134,000 | 22,878,000 |
Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net | (136,174,000) | ||
Total discontinued operations, net | (108,718,000) | 26,134,000 | 22,878,000 |
Net income | 143,836,000 | 106,401,000 | 33,718,000 |
Noncontrolling interests in consolidated joint ventures | 3,904,000 | 1,216,000 | 1,018,000 |
Noncontrolling interests in Operating Partnership of income from continuing operations | (23,685,000) | (6,866,000) | (341,000) |
Noncontrolling interests in Operating Partnership in discontinued operations | 10,421,000 | (2,661,000) | (2,370,000) |
Redeemable noncontrolling interests | (22,615,000) | (13,979,000) | (8,840,000) |
Net income available to common shareholders | $ 111,861,000 | $ 84,111,000 | $ 23,185,000 |
Basic earnings per common share: | |||
Income from continuing operations | $ 2.03 | $ 0.54 | $ (0.17) |
Discontinued operations | (1.08) | 0.26 | 0.23 |
Net income available to common unitholders | 0.95 | 0.80 | 0.06 |
Diluted earnings per common share: | |||
Income from continuing operations | 2.03 | 0.54 | (0.17) |
Discontinued operations | (1.08) | 0.26 | 0.23 |
Net income available to common unitholders | $ 0.95 | $ 0.80 | $ 0.06 |
Basic weighted average shares outstanding | 90,557 | 90,388 | 90,005 |
Diluted weighted average shares outstanding | 100,689 | 100,724 | 100,703 |
Real Estate Services [Member] | |||
REVENUES | |||
Total revenues | $ 13,873,000 | $ 17,094,000 | $ 23,125,000 |
Parking Income [Member] | |||
REVENUES | |||
Total revenues | 21,857,000 | 21,907,000 | 20,050,000 |
Hotel Income [Member] | |||
REVENUES | |||
Total revenues | 9,841,000 | ||
Other Income [Member] | |||
REVENUES | |||
Total revenues | 9,222,000 | 8,930,000 | 12,220,000 |
Mack-Cali Realty LP [Member] | |||
REVENUES | |||
Revenue from leases | 296,142,000 | 317,783,000 | 403,635,000 |
Total revenues | 350,935,000 | 365,714,000 | 459,030,000 |
EXPENSES | |||
Real estate taxes | 43,998,000 | 44,389,000 | 62,035,000 |
Utilities | 17,881,000 | 23,799,000 | 29,493,000 |
Operating services | 69,641,000 | 70,074,000 | 77,634,000 |
Real estate services expenses | 15,918,000 | 17,919,000 | 23,394,000 |
Leasing personnel costs | 2,261,000 | ||
General and administrative | 57,535,000 | 53,865,000 | 50,475,000 |
Depreciation and amortization | 132,016,000 | 112,244,000 | 142,319,000 |
Land and other Impairments | 32,444,000 | 24,566,000 | |
Total expenses | 371,694,000 | 346,856,000 | 385,350,000 |
OTHER (EXPENSE) INCOME | |||
Interest expense | (90,569,000) | (77,346,000) | (84,523,000) |
Interest and other investment income (loss) | 2,412,000 | 3,219,000 | 2,690,000 |
Equity in earnings (loss) of unconsolidated joint ventures | (1,319,000) | (127,000) | (6,081,000) |
Gain on change of control of interests | 13,790,000 | 14,217,000 | |
Realized gains (losses) and unrealized losses on disposition of rental property, net | 345,926,000 | 99,436,000 | 2,364,000 |
Gain (loss) on disposition of developable land | 522,000 | 30,939,000 | |
Gain on sale of investment in unconsolidated joint venture | 903,000 | 23,131,000 | |
Gain (loss) from extinguishment of debt, net | 1,648,000 | (8,929,000) | (421,000) |
Total other income (expense) | 273,313,000 | 61,409,000 | (62,840,000) |
Income from continuing operations | 252,554,000 | 80,267,000 | |
Discontinued operations: | |||
Income from discontinued operations | 27,456,000 | 26,134,000 | 22,878,000 |
Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net | (136,174,000) | ||
Total discontinued operations, net | (108,718,000) | 26,134,000 | 22,878,000 |
Net income | 143,836,000 | 106,401,000 | 33,718,000 |
Noncontrolling interests in consolidated joint ventures | 3,904,000 | 1,216,000 | 1,018,000 |
Redeemable noncontrolling interests | (22,615,000) | (13,979,000) | (8,840,000) |
Net income available to common shareholders | $ 125,125,000 | $ 93,638,000 | $ 25,896,000 |
Basic earnings per common share: | |||
Income from continuing operations | $ 2.03 | $ 0.54 | $ (0.17) |
Discontinued operations | (1.08) | 0.26 | 0.23 |
Net income available to common unitholders | 0.95 | 0.80 | 0.06 |
Diluted earnings per common share: | |||
Income from continuing operations | 2.03 | 0.54 | (0.17) |
Discontinued operations | (1.08) | 0.26 | 0.23 |
Net income available to common unitholders | $ 0.95 | $ 0.80 | $ 0.06 |
Basic weighted average units outstanding | 100,520 | 100,634 | 100,410 |
Diluted weighted average units outstanding | 100,689 | 100,724 | 100,703 |
Mack-Cali Realty LP [Member] | Real Estate Services [Member] | |||
REVENUES | |||
Total revenues | $ 13,873,000 | $ 17,094,000 | $ 23,125,000 |
Mack-Cali Realty LP [Member] | Parking Income [Member] | |||
REVENUES | |||
Total revenues | 21,857,000 | 21,907,000 | 20,050,000 |
Mack-Cali Realty LP [Member] | Hotel Income [Member] | |||
REVENUES | |||
Total revenues | 9,841,000 | ||
Mack-Cali Realty LP [Member] | Other Income [Member] | |||
REVENUES | |||
Total revenues | $ 9,222,000 | $ 8,930,000 | $ 12,220,000 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net income | $ 143,836,000 | $ 106,401,000 | $ 33,718,000 |
Other comprehensive income (loss): | |||
Net unrealized gain (loss) on derivative instruments for interest rate swaps | (10,158,000) | 2,318,000 | 5,250,000 |
Comprehensive income | 133,678,000 | 108,719,000 | 38,968,000 |
Comprehensive (income) loss attributable to noncontrolling interests in consolidated joint ventures | 3,904,000 | 1,216,000 | 1,018,000 |
Comprehensive (income) loss attributable to redeemable noncontrolling interests | (22,615,000) | (13,979,000) | (8,840,000) |
Comprehensive (income) loss attributable to noncontrolling interests in Operating Partnership | (12,284,000) | (9,764,000) | (3,257,000) |
Comprehensive income attributable to common shareholders | 102,683,000 | 86,192,000 | 27,889,000 |
Mack-Cali Realty LP [Member] | |||
Net income | 143,836,000 | 106,401,000 | 33,718,000 |
Other comprehensive income (loss): | |||
Net unrealized gain (loss) on derivative instruments for interest rate swaps | (10,158,000) | 2,318,000 | 5,250,000 |
Comprehensive income | 133,678,000 | 108,719,000 | 38,968,000 |
Comprehensive (income) loss attributable to noncontrolling interests in consolidated joint ventures | 3,904,000 | 1,216,000 | 1,018,000 |
Comprehensive (income) loss attributable to noncontrolling interests in Operating Partnership | (22,615,000) | (13,979,000) | (8,840,000) |
Comprehensive income attributable to common shareholders | $ 114,967,000 | $ 95,956,000 | $ 31,146,000 |
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] | 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, 2016 | $ 897 | $ 2,576,473 | $ (1,052,184) | $ 1,985 | $ 199,516 | $ 1,726,687 | |||||||
Balance, shares at Dec. 31, 2016 | 89,697 | ||||||||||||
Balance, value at Dec. 31, 2016 | $ 10,488 | $ 1,467,569 | $ 236,187 | $ 20,946 | $ 1,985 | $ 1,726,687 | |||||||
Balance, units at Dec. 31, 2016 | 89,697 | ||||||||||||
Net income (loss) | 23,185 | 2,711 | 7,822 | 33,718 | 23,185 | 10,533 | 33,718 | ||||||
Common stock dividends | (67,430) | (67,430) | |||||||||||
Common unit distributions | (67,430) | (8,629) | (76,059) | (8,629) | (8,629) | ||||||||
Redeemable noncontrolling interest | (17,951) | (2,074) | (8,840) | (28,865) | (17,951) | (10,914) | (28,865) | ||||||
Change in noncontrolling interest in consolidated joint ventures | (3,756) | 1,105 | (2,651) | (3,756) | 1,105 | (2,651) | |||||||
Issuance of limited partner common units | 99 | 2,793 | 2,793 | 2,793 | 2,793 | ||||||||
Redemption of common units for common stock, value | (149) | 2,531 | (2,531) | $ 1 | 2,530 | (2,531) | |||||||
Redemption of common units for common stock, shares | 149 | 149 | |||||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, value | 67 | 67 | 67 | 67 | |||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, shares | 2 | 2 | |||||||||||
Directors' deferred compensation plan, value | 482 | 482 | 482 | 482 | |||||||||
Stock compensation, value | 2,815 | 4,632 | 7,447 | $ 1 | 2,814 | 4,632 | 7,447 | ||||||
Stock compensation, shares | 70 | 70 | |||||||||||
Cancellation of restricted shares, value | (146) | (146) | (146) | (146) | |||||||||
Cancellation of restricted shares, shares | (4) | (4) | |||||||||||
Other comprehensive income (loss) | 546 | 4,704 | 5,250 | 4,704 | 546 | 5,250 | |||||||
Rebalancing of ownership percentage between parent and subsidiaries | 4,623 | (4,623) | |||||||||||
Balance, value at Dec. 31, 2017 | $ 899 | 2,565,136 | (1,096,429) | 6,689 | 192,428 | 1,668,723 | |||||||
Balance, shares at Dec. 31, 2017 | 89,914 | ||||||||||||
Balance, value at Dec. 31, 2017 | 10,438 | 1,407,366 | 233,635 | 21,033 | 6,689 | 1,668,723 | |||||||
Balance, units at Dec. 31, 2017 | 89,914 | ||||||||||||
Net income (loss) | 84,111 | 9,527 | 12,763 | 106,401 | 84,111 | 22,290 | 106,401 | ||||||
Common stock dividends | (72,200) | (72,200) | |||||||||||
Common unit distributions | (72,200) | (9,022) | (81,222) | (9,022) | (9,022) | ||||||||
Redeemable noncontrolling interest | (11,425) | (1,296) | (13,979) | (26,700) | (11,425) | (15,275) | (26,700) | ||||||
Change in noncontrolling interest in consolidated joint ventures | 22,333 | 22,333 | 22,333 | 22,333 | |||||||||
Redemption of common units for common stock, value | (264) | 4,344 | (4,344) | $ 3 | 4,341 | (4,344) | |||||||
Redemption of common units for common stock, shares | 264 | 264 | |||||||||||
Vested LTIP units, value | $ 55 | ||||||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, value | (37) | (37) | (37) | (37) | |||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, shares | 4 | 4 | |||||||||||
Directors' deferred compensation plan, value | 507 | 507 | 507 | 507 | |||||||||
Stock compensation, value | 1,414 | 5,480 | 6,894 | $ 1 | 1,413 | 5,480 | 6,894 | ||||||
Stock compensation, shares | 147 | 147 | |||||||||||
Cancellation of restricted shares, value | (583) | (1,453) | (2,036) | (583) | (1,453) | (2,036) | |||||||
Cancellation of restricted shares, shares | (9) | (9) | |||||||||||
Other comprehensive income (loss) | 237 | 2,081 | 2,318 | 2,081 | 237 | 2,318 | |||||||
Rebalancing of ownership percentage between parent and subsidiaries | 2,151 | (2,151) | |||||||||||
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) | 111,861 | 13,264 | 18,711 | 143,836 | 111,861 | 31,975 | 143,836 | ||||||
Common stock dividends | (72,401) | (72,401) | |||||||||||
Common unit distributions | (72,401) | (8,705) | (81,106) | (8,705) | (8,705) | ||||||||
Redeemable noncontrolling interest | (25,885) | (2,855) | (22,615) | (51,355) | (25,885) | (25,470) | (51,355) | ||||||
Change in noncontrolling interest in consolidated joint ventures | (1,958) | 9,050 | 7,092 | (1,958) | 9,050 | 7,092 | |||||||
Redemption of common units for common stock, value | (705) | 705 | $ (1) | (704) | 705 | ||||||||
Redemption of common units for common stock, shares | 38 | (20) | 38 | ||||||||||
Vested LTIP units, value | $ 68 | ||||||||||||
Redemption of common units | $ (665) | (1,665) | (12,799) | (14,464) | (1,665) | (12,799) | (14,464) | ||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, value | 39 | 39 | 39 | 39 | |||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, shares | 2 | 2 | |||||||||||
Directors' deferred compensation plan, value | 319 | 319 | $ 2 | 317 | 319 | ||||||||
Directors' deferred compensation plan, shares | 194 | 194 | |||||||||||
Stock compensation, value | 627 | 7,534 | 8,161 | 627 | 7,534 | 8,161 | |||||||
Stock compensation, shares | 41 | 41 | |||||||||||
Cancellation of restricted shares, value | 2,819 | (2,889) | (70) | 2,819 | (2,889) | (70) | |||||||
Other comprehensive income (loss) | (390) | (980) | (8,788) | (10,158) | (390) | (8,788) | (980) | (10,158) | |||||
Rebalancing of ownership percentage between parent and subsidiaries | 1,758 | (1,758) | |||||||||||
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 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net income | $ 143,836,000 | $ 106,401,000 | $ 33,718,000 | ||||
Net (income) loss from discontinued operations | 108,718,000 | (26,134,000) | (22,878,000) | ||||
Income from continuing operations | 252,554,000 | 80,267,000 | 10,840,000 | ||||
Adjustments to reconcile net income (loss) to net cash provided by Operating activities: | |||||||
Depreciation and amortization, including related intangible assets | 128,145,000 | 107,776,000 | 135,907,000 | ||||
Depreciation and amortization on discontinued operations | 72,532,000 | 62,508,000 | 62,767,000 | ||||
Amortization of directors deferred compensation stock units | 319,000 | 507,000 | 482,000 | ||||
Amortization of stock compensation | 8,161,000 | 6,894,000 | 7,447,000 | ||||
Amortization of deferred financing costs | 4,625,000 | 5,028,000 | 4,612,000 | ||||
Amortization of debt discount and mark-to-market | (949,000) | (948,000) | (287,000) | ||||
Equity in (earnings) loss of unconsolidated joint ventures | 1,319,000 | 127,000 | 6,081,000 | ||||
Distributions of cumulative earnings from unconsolidated joint ventures | 6,923,000 | 9,182,000 | 8,186,000 | ||||
Gain on change of control of interests | (13,790,000) | (14,217,000) | |||||
Realized (gains) losses and unrealized losses on disposition of rental property, net | (345,926,000) | (99,436,000) | (2,364,000) | ||||
Gain on disposition of developable land | (522,000) | (30,939,000) | |||||
Land and other Impairments | 32,444,000 | 24,566,000 | |||||
Gain on sale of investments in unconsolidated joint ventures | (903,000) | (23,131,000) | |||||
(Gain)Loss from extinguishment of debt | (1,648,000) | 10,750,000 | 421,000 | ||||
Changes in operating assets and liabilities: | |||||||
Increase in unbilled rents receivable, net | (7,322,000) | (7,614,000) | (8,387,000) | ||||
Increase in deferred charges, goodwill and other assets | (21,808,000) | (26,319,000) | (18,786,000) | ||||
Decrease in accounts receivable, net | 2,204,000 | 791,000 | 2,970,000 | ||||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | 2,013,000 | 12,868,000 | (9,447,000) | ||||
Increase (decrease) in rents received in advance and security deposits | 2,002,000 | 736,000 | (4,202,000) | ||||
Increase (decrease) in accrued interest payable | 1,068,000 | (28,000) | 869,000 | ||||
Net cashflows provided by operating activites - continuing operations | 48,909,000 | 79,991,000 | 111,211,000 | ||||
Net cashflows provided by operating activites - discontinuing operations | 82,933,000 | 87,082,000 | 84,930,000 | ||||
Net cash provided by operating activities | 131,842,000 | 167,073,000 | 196,141,000 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Rental property acquisitions and related intangibles | (956,040,000) | (164,838,000) | (235,361,000) | ||||
Rental property additions and improvements | (97,504,000) | (112,511,000) | (90,422,000) | ||||
Development of rental property and other related costs | (172,309,000) | (184,764,000) | (267,845,000) | ||||
Proceeds from the sales of rental property | 825,613,000 | 338,015,000 | 312,596,000 | ||||
Proceeds from the sale of investments in unconsolidated joint ventures | 4,039,000 | 98,599,000 | |||||
Investments in notes receivable | (47,049,000) | ||||||
Repayment of notes receivable | 46,597,000 | 12,102,000 | 74,945,000 | ||||
Investment in unconsolidated joint ventures | (9,011,000) | (11,789,000) | (36,060,000) | ||||
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 8,697,000 | 11,553,000 | 5,877,000 | ||||
Proceeds from investment receivable | 3,625,000 | ||||||
Net cash used in investing activities | (349,918,000) | (112,232,000) | (181,095,000) | ||||
Net cash used in investing activites - discontinuing operations | (66,157,000) | (55,922,000) | (383,635,000) | ||||
Net cash used in investing activities | (416,075,000) | (168,154,000) | (564,730,000) | ||||
CASH FLOW FROM FINANCING ACTIVITIES | |||||||
Borrowings from revolving credit facility | 829,000,000 | 461,000,000 | 730,000,000 | ||||
Repayment of revolving credit facility | (617,000,000) | (494,000,000) | (866,000,000) | ||||
Repayment of senior unsecured notes | (250,000,000) | ||||||
Borrowings from unsecured term loan | 325,000,000 | ||||||
Repayment of unsecured term loan | (675,000,000) | ||||||
Proceeds from mortgages and loans payable | 877,126,000 | 434,293,000 | 518,852,000 | ||||
Repayment of mortgages, loans payable and other obligations | (155,115,000) | (418,495,000) | (156,760,000) | ||||
Acquisition of noncontrolling interests | (5,017,000) | (2,021,000) | |||||
Issuance of redeemable noncontrolling interests, net | 145,000,000 | 105,000,000 | 139,002,000 | ||||
Common unit redemptions | (7,769,000) | ||||||
Payment of financing costs | (12,339,000) | (3,576,000) | (9,230,000) | ||||
(Contributions) Distributions to noncontrolling interests | (466,000) | (7,542,000) | (19,000) | ||||
Payment of dividends and distributions | (102,575,000) | (94,017,000) | (77,826,000) | ||||
Net cash provided by financing activities | 275,845,000 | (17,337,000) | 350,998,000 | ||||
Net increase (decrease) in cash and cash equivalents | (8,388,000) | (18,418,000) | (17,591,000) | ||||
Cash, cash equivalents and restricted cash, beginning of period | [2] | 49,554,000 | [1] | 67,972,000 | [1] | 85,563,000 | |
Cash, cash equivalents and restricted cash, end of period | [1] | 41,166,000 | 49,554,000 | [2] | 67,972,000 | [2] | |
Mack-Cali Realty LP [Member] | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net income | 143,836,000 | 106,401,000 | 33,718,000 | ||||
Net (income) loss from discontinued operations | 108,718,000 | (26,134,000) | (22,878,000) | ||||
Income from continuing operations | 252,554,000 | 80,267,000 | |||||
Adjustments to reconcile net income (loss) to net cash provided by Operating activities: | |||||||
Depreciation and amortization, including related intangible assets | 128,145,000 | 107,776,000 | |||||
Depreciation and amortization on discontinued operations | 72,532,000 | 62,508,000 | |||||
Amortization of directors deferred compensation stock units | 319,000 | 507,000 | |||||
Amortization of stock compensation | 8,161,000 | 6,894,000 | |||||
Amortization of deferred financing costs | 4,625,000 | 5,028,000 | |||||
Amortization of debt discount and mark-to-market | (949,000) | (948,000) | |||||
Equity in (earnings) loss of unconsolidated joint ventures | 1,319,000 | 127,000 | 6,081,000 | ||||
Distributions of cumulative earnings from unconsolidated joint ventures | 6,923,000 | 9,182,000 | |||||
Gain on change of control of interests | (13,790,000) | (14,217,000) | |||||
Realized (gains) losses and unrealized losses on disposition of rental property, net | (345,926,000) | (99,436,000) | |||||
Gain on disposition of developable land | (522,000) | (30,939,000) | |||||
Land and other Impairments | 32,444,000 | 24,566,000 | |||||
Gain on sale of investments in unconsolidated joint ventures | (903,000) | (23,131,000) | |||||
(Gain)Loss from extinguishment of debt | (1,648,000) | 10,750,000 | |||||
Changes in operating assets and liabilities: | |||||||
Increase in unbilled rents receivable, net | (7,322,000) | (7,614,000) | |||||
Increase in deferred charges, goodwill and other assets | (21,808,000) | (26,319,000) | |||||
Decrease in accounts receivable, net | 2,204,000 | 791,000 | |||||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | 2,013,000 | 12,868,000 | |||||
Increase (decrease) in rents received in advance and security deposits | 2,002,000 | 736,000 | |||||
Increase (decrease) in accrued interest payable | 1,068,000 | (28,000) | |||||
Net cashflows provided by operating activites - continuing operations | 48,909,000 | 79,991,000 | |||||
Net cashflows provided by operating activites - discontinuing operations | 82,933,000 | 87,082,000 | |||||
Net cash provided by operating activities | 131,842,000 | 167,073,000 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Rental property acquisitions and related intangibles | (956,040,000) | (164,838,000) | |||||
Rental property additions and improvements | (97,504,000) | (112,511,000) | |||||
Development of rental property and other related costs | (172,309,000) | (184,764,000) | |||||
Proceeds from the sales of rental property | 825,613,000 | 338,015,000 | |||||
Proceeds from the sale of investments in unconsolidated joint ventures | 4,039,000 | ||||||
Repayment of notes receivable | 46,597,000 | 12,102,000 | |||||
Investment in unconsolidated joint ventures | (9,011,000) | (11,789,000) | |||||
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 8,697,000 | 11,553,000 | |||||
Net cash used in investing activities | (349,918,000) | (112,232,000) | |||||
Net cash used in investing activites - discontinuing operations | (66,157,000) | (55,922,000) | |||||
Net cash used in investing activities | (416,075,000) | (168,154,000) | |||||
CASH FLOW FROM FINANCING ACTIVITIES | |||||||
Borrowings from revolving credit facility | 829,000,000 | 461,000,000 | |||||
Repayment of revolving credit facility | (617,000,000) | (494,000,000) | |||||
Repayment of unsecured term loan | (675,000,000) | ||||||
Proceeds from mortgages and loans payable | 877,126,000 | 434,293,000 | |||||
Repayment of mortgages, loans payable and other obligations | (155,115,000) | (418,495,000) | |||||
Acquisition of noncontrolling interests | (5,017,000) | ||||||
Issuance of redeemable noncontrolling interests, net | 145,000,000 | 105,000,000 | |||||
Common unit redemptions | (7,769,000) | ||||||
Payment of financing costs | (12,339,000) | (3,576,000) | |||||
(Contributions) Distributions to noncontrolling interests | (466,000) | (7,542,000) | |||||
Payment of dividends and distributions | (102,575,000) | (94,017,000) | |||||
Net cash provided by financing activities | 275,845,000 | (17,337,000) | |||||
Net increase (decrease) in cash and cash equivalents | (8,388,000) | (18,418,000) | |||||
Cash, cash equivalents and restricted cash, beginning of period | [2] | 49,554,000 | [1] | 67,972,000 | |||
Cash, cash equivalents and restricted cash, end of period | $ 41,166,000 | [1] | $ 49,554,000 | [1],[2] | $ 67,972,000 | [2] | |
[1] | Includes Restricted Cash of $ 15,577 , $ 19,921 and $ 39,792 as of December 31, 2019, 2018 and 2017, respectively, pursuant to the adoption of ASU 2016-15. | ||||||
[2] | Includes Restricted Cash of $ 19,921 , $ 39,792 and $ 53,952 as of December 31, 2018, 2017 and 2016, respectively, pursuant to the adoption of ASU 2016-15. |
Consolidated Statements Of Ca_2
Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Restricted cash | $ 15,577 | $ 19,921 | $ 39,792 | $ 53,952 |
Mack-Cali Realty LP [Member] | ||||
Restricted cash | $ 15,577 | $ 19,921 | $ 39,792 | $ 53,952 |
Organization And Basis Of Prese
Organization And Basis Of Presentation | 12 Months Ended |
Dec. 31, 2019 | |
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 percent and 89.8 percent common unit interest in the Operating Partnership as of December 31 , 2019 and December 31, 2018, 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 December 31, 2019, the Company owned or had interests in 71 properties (the “Properties”). The Properties are comprised of 42 office buildings totaling approximately 10.7 million square feet and leased to approximately 400 tenants (which include two buildings aggregating approximately 0.2 million square feet owned by unconsolidated joint ventures in which the Company has investment interests), 21 multi-family properties totaling 6,524 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 two buildings aggregating 81,700 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. Following the General Partner’s 2019 Annual Meeting of Stockholders, the Board of Directors of the General Partner (the “Board”) formed a Shareholder Value Committee comprised of four independent directors to review the Company’s strategic direction and make a recommendation to the full Board. On December 19, 2019, the Company announced that, based on the recommendations of the Shareholder Value Committee, the 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 December 31, 2019 and 2018, 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 3: Rockpoint Transaction), have total real estate assets of $ 503.1 million and $ 480.4 million, respectively, mortgages of $ 283.7 million and $ 241.5 million, respectively, and other liabilities of $ 18.9 million and $ 23 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. |
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 percent and 89.8 percent common unit interest in the Operating Partnership as of December 31 , 2019 and December 31, 2018, 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 December 31, 2019, the Company owned or had interests in 71 properties (the “Properties”). The Properties are comprised of 42 office buildings totaling approximately 10.7 million square feet and leased to approximately 400 tenants (which include two buildings aggregating approximately 0.2 million square feet owned by unconsolidated joint ventures in which the Company has investment interests), 21 multi-family properties totaling 6,524 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 two buildings aggregating 81,700 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. Following the General Partner’s 2019 Annual Meeting of Stockholders, the Board of Directors of the General Partner (the “Board”) formed a Shareholder Value Committee comprised of four independent directors to review the Company’s strategic direction and make a recommendation to the full Board. On December 19, 2019, the Company announced that, based on the recommendations of the Shareholder Value Committee, the 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 December 31, 2019 and 2018, 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 3: Rockpoint Transaction), have total real estate assets of $ 503.1 million and $ 480.4 million, respectively, mortgages of $ 283.7 million and $ 241.5 million, respectively, and other liabilities of $ 18.9 million and $ 23 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. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
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 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 $ 2.1 million, $ 2.3 million and $ 2.2 million for the years ended December 31, 2019, 2018 and 2017, 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 December 31, 2019 and 2018 is real estate and building and tenant improvements not in service; as follows (dollars in thousands) : December 31, December 31, 2019 2018 Land held for development (including pre-development costs, if any) (a)(c) $ 388,702 $ 465,930 Development and construction in progress, including land (b)(d) 464,110 327,039 Total $ 852,812 $ 792,969 (a) Includes predevelopment and infrastructure costs included in buildings and improvements of $ 156.5 million and $ 204.9 million as of December 31, 2019 and December 31, 2018, respectively. (b) Includes land of $ 96.6 million and $ 49.6 million as of December 31, 2019 and December 31, 2018, respectively. (c) Includes $ 48.5 million of land and $ 40.9 million of building and improvements pertaining to assets held for sale at December 31, 2019. (d) Includes $ 0.5 million of land and $ 5.6 million of building and improvements pertaining to assets held for sale. 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 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, 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, 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 $ 4,625,000 , $ 5,028,000 and $ 4,612,000 for the years ended December 31, 2019, 2018 and 2017, 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. Included in gain(loss) from extinguishment of debt, net, of $ 1.6 million, $( 10.8 ) million (of which $ 1.8 million loss pertained to properties classified as discontinued operations) and $ ( 0.4 ) million for the years ended December 31, 2019, 2018 and 2017 were unamortized deferred financing costs which were written off (as non-cash transactions) amounting to $ 0.4 million, $ 0.6 million and $ 0.4 million, 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. The portion of such compensation related to commercial leases, which was capitalized and amortized, and included in deferred charges, goodwill and other assets, net, was approximately zero , $ 3,463,000 and $ 3,146,000 for the years ended, December 31, 2019, 2018 and 2017, respectively. Upon the adoption of ASC 842 on January 1, 2019, the Company no longer capitalizes such costs, and includes such costs in Leasing personnel costs in the Company’s Consolidated Statements of Operations, which amounted to $2,261,000 for the year ended December 31, 2019. 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. The Company determined that its goodwill, with a balance of $ 2.9 million, was no t impaired at December 31, 2019 after management performed its impairment tests. 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 13: 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 includes income from parking spaces leased to tenants and others. Hotel income includes all revenue earned 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. As of December 31, 2019, the estimated net basis of the rental property for federal income tax purposes was lower than the net assets as reported in the Operating Partnership’s financial statements by approximately $ 529,160,000 . The Operating Partnership’s taxable income for the year ended December 31, 2019 was estimated to be approximately $ 71,151,000 and for the years ended December 31, 2018 and 2017 was approximately $ 82,106,000 and $ 97,037,000 , respectively. The differences between book income and taxable income primarily result from differences in depreciation expenses, the recording of rental income, differences in the deductibility of interest expense and certain other expenses for tax purposes, differences in revenue recognition and the rules for tax purposes of a property exchange. 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 December 31, 2019 amounted to $ 9.8 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 December 31, 2019, 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 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 . The dividends and distributions payable at December 31, 2018 represents dividends payable to common shareholders ( 90,320,408 shares) and distributions payable to noncontrolling interests unitholders of the Operating Partnership ( 10,174,285 common units and 1,762,170 LTIP units) for all such holders of record as of January 3, 2019 with respect to the fourth quarter 2018. The fourth quarter 2018 common stock dividends and unit distributions of $ 0.20 per common share (total of $ 18.1 million), common unit (total of $ 2.0 million) and LTIP unit (total of $ 0.4 million) were approved by the General Partner’s Board of Directors on December 11, 2018 and paid on January 11, 2019 . The Company has determined that the $ 0.80 dividend per common share paid during the year ended December 31, 2019 represented 100 percent capital gain; the $ 0.80 dividend per common share paid during the year ended December 31, 2018 represented approximately 47 percent ordinary income and approximately 53 percent capital gain and the $ 0.70 dividend per common share paid during the year ended December 31, 2017 represented 100 percent ordinary income. 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. The Company recorded stock compensation expense of $ 8,161,000 , $ 6,894,000 and $ 7,447,000 for the years ended December 31, 2019, 2018 and 2017, 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 guid |
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 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 $ 2.1 million, $ 2.3 million and $ 2.2 million for the years ended December 31, 2019, 2018 and 2017, 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 December 31, 2019 and 2018 is real estate and building and tenant improvements not in service; as follows (dollars in thousands) : December 31, December 31, 2019 2018 Land held for development (including pre-development costs, if any) (a)(c) $ 388,702 $ 465,930 Development and construction in progress, including land (b)(d) 464,110 327,039 Total $ 852,812 $ 792,969 (a) Includes predevelopment and infrastructure costs included in buildings and improvements of $ 156.5 million and $ 204.9 million as of December 31, 2019 and December 31, 2018, respectively. (b) Includes land of $ 96.6 million and $ 49.6 million as of December 31, 2019 and December 31, 2018, respectively. (c) Includes $ 48.5 million of land and $ 40.9 million of building and improvements pertaining to assets held for sale at December 31, 2019. (d) Includes $ 0.5 million of land and $ 5.6 million of building and improvements pertaining to assets held for sale. 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 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, 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, 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 $ 4,625,000 , $ 5,028,000 and $ 4,612,000 for the years ended December 31, 2019, 2018 and 2017, 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. Included in gain(loss) from extinguishment of debt, net, of $ 1.6 million, $( 10.8 ) million (of which $ 1.8 million loss pertained to properties classified as discontinued operations) and $ ( 0.4 ) million for the years ended December 31, 2019, 2018 and 2017 were unamortized deferred financing costs which were written off (as non-cash transactions) amounting to $ 0.4 million, $ 0.6 million and $ 0.4 million, 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. The portion of such compensation related to commercial leases, which was capitalized and amortized, and included in deferred charges, goodwill and other assets, net, was approximately zero , $ 3,463,000 and $ 3,146,000 for the years ended, December 31, 2019, 2018 and 2017, respectively. Upon the adoption of ASC 842 on January 1, 2019, the Company no longer capitalizes such costs, and includes such costs in Leasing personnel costs in the Company’s Consolidated Statements of Operations, which amounted to $2,261,000 for the year ended December 31, 2019. 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. The Company determined that its goodwill, with a balance of $ 2.9 million, was no t impaired at December 31, 2019 after management performed its impairment tests. 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 13: 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 includes income from parking spaces leased to tenants and others. Hotel income includes all revenue earned 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. As of December 31, 2019, the estimated net basis of the rental property for federal income tax purposes was lower than the net assets as reported in the Operating Partnership’s financial statements by approximately $ 529,160,000 . The Operating Partnership’s taxable income for the year ended December 31, 2019 was estimated to be approximately $ 71,151,000 and for the years ended December 31, 2018 and 2017 was approximately $ 82,106,000 and $ 97,037,000 , respectively. The differences between book income and taxable income primarily result from differences in depreciation expenses, the recording of rental income, differences in the deductibility of interest expense and certain other expenses for tax purposes, differences in revenue recognition and the rules for tax purposes of a property exchange. 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 December 31, 2019 amounted to $ 9.8 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 December 31, 2019, 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 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 . The dividends and distributions payable at December 31, 2018 represents dividends payable to common shareholders ( 90,320,408 shares) and distributions payable to noncontrolling interests unitholders of the Operating Partnership ( 10,174,285 common units and 1,762,170 LTIP units) for all such holders of record as of January 3, 2019 with respect to the fourth quarter 2018. The fourth quarter 2018 common stock dividends and unit distributions of $ 0.20 per common share (total of $ 18.1 million), common unit (total of $ 2.0 million) and LTIP unit (total of $ 0.4 million) were approved by the General Partner’s Board of Directors on December 11, 2018 and paid on January 11, 2019 . The Company has determined that the $ 0.80 dividend per common share paid during the year ended December 31, 2019 represented 100 percent capital gain; the $ 0.80 dividend per common share paid during the year ended December 31, 2018 represented approximately 47 percent ordinary income and approximately 53 percent capital gain and the $ 0.70 dividend per common share paid during the year ended December 31, 2017 represented 100 percent ordinary income. 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. The Company recorded stock compensation expense of $ 8,161,000 , $ 6,894,000 and $ 7,447,000 for the years ended December 31, 2019, 2018 and 2017, 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 guid |
Recent Transactions
Recent Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Recent Transactions [Line Items] | |
Recent Transactions | 3. RECENT TRANSACTIONS Acquisitions The Company acquired the following rental properties (which were determined to be asset acquisitions in accordance with ASU 2017-01) during the year ended December 31, 2019 (dollars in thousands) : Rentable Acquisition Property # of Square Feet/ Acquisition Date Property Address Location Type Bldgs. Apartment Units Cost 02/06/19 99 Wood Avenue (a) Iselin, New Jersey Office 1 271,988 $ 61,858 04/01/19 Soho Lofts (a) Jersey City, New Jersey Multi-family 1 377 264,578 09/26/19 Liberty Towers (b) Jersey City, New Jersey Multi-family 1 648 410,483 Total Acquisitions 3 $ 736,919 (a) This acquisition was funded using funds available with the Company's qualified intermediary from prior property sales proceeds and through borrowing under the Company's unsecured revolving credit facility. (b) This acquisition was funded through borrowings under the Company's unsecured revolving credit facility and a new $ 232 million mortgage loan collateralized by the property. The acquisition costs were allocated to the net assets acquired, as follows (in thousands): 99 Wood Avenue Soho Lofts Apartments Liberty Towers Total Land and leasehold interest $ 9,261 $ 27,601 $ 66,670 $ 103,532 Buildings and improvements and other assets 45,576 231,663 330,935 608,174 Above market lease values 431 (a) - 56 (c) 487 In-place lease values 8,264 (a) 5,480 (b) 13,462 (c) 27,206 63,532 264,744 411,123 739,399 Less: Below market lease values ( 1,674 ) (a) ( 166 ) (b) ( 640 ) (c) ( 2,480 ) Net assets recorded upon acquisition $ 61,858 $ 264,578 $ 410,483 $ 736,919 (a) Above market, in-place and below market lease values are being amortized over a weighted-average term of 4.3 years. (b) In-place and below market lease values are being amortized over a weighted-average term of 0.8 years. (c) Above market, in-place and below market lease values are being amortized over a weighted-average term of 0.5 years. On May 10, 2019, the Company completed the acquisition of unimproved land parcels for future development (“107 Morgan”) located in Jersey City, New Jersey for approximately $ 67.2 million. The 107 Morgan acquisition was funded using funds available with the Company’s qualified intermediary from prior property sales proceeds, and through borrowing under the Company’s unsecured revolving credit facility. The Company’s mortgage receivable of $ 46.1 million with the seller was repaid in full to the Company at closing. Properties Commencing Initial Operations The following properties commenced initial operations during the years ended December 31, 2019 and 2018 ( dollars in thousands ): 2019 # of Total In Service Property Apartment Units/ Development Date Property Location Type Rooms Costs Incurred 07/09/19 Autograph Collection By Marriott (Phase II) Weehawken, NJ Hotel 208 $ 105,477 Totals 208 $ 105,477 2018 # of Total In-Service Property Apartment Units/ Development Date Property Location Type Rooms Costs 03/01/18 145 Front at City Square Worcester, MA Multi-Family 365 $ 97,483 (a) 04/01/18 Signature Place at Morris Plains Morris Plains, NJ Multi-Family 197 56,715 (b) 05/01/18 Portside 5/6 East Boston, MA Multi-Family 296 114,694 08/01/18 RiverHouse 11 at Port Imperial Weehawken, NJ Multi-Family 295 130,369 12/13/18 Residence Inn By Marriott (Phase I) Weehawken, NJ Hotel 164 58,723 Totals 1,317 $ 457,984 (a) Development costs as of December 31, 2018 included approximately $ 4.4 in land costs. (b) Development costs as of December 31, 2018 included approximately $ 0.9 in land costs. Consolidations 2019 On January 31, 2019, the Company, which held a 24.27 percent subordinated interest in the unconsolidated joint venture, Marbella Tower Urban Renewal Associates South LLC, a 311 -unit multi-family operating property located in Jersey City, New Jersey, acquired its equity partner’s 50 percent preferred controlling interest for $ 77.5 million in cash. The property was subject to a mortgage loan that had a principal balance of $ 74.7 million. The acquisition was funded primarily using available cash. Concurrently with the closing, the joint venture repaid in full the property’s $ 74.7 million mortgage loan and obtained a new loan collateralized by the property in the amount of $ 117 million, which bears interest at 4.2 percent and matures in August 2026 . The Company received $ 43.3 million in distribution from the loan proceeds which was used to acquire the equity partner’s 50 percent interest. As the result of the acquisition, the Company increased its ownership of the property from a 24.27 percent subordinated interest to a 74.27 percent controlling interest. In accordance with ASC 810, Consolidation, the Company evaluated the acquisition and determined that the entity meets the criteria of a VIE. As such, the Company consolidated the asset upon acquisition and accordingly, remeasured its equity interests, as required by the FASB’s consolidation guidance, at fair value (based upon the income approach using current rental rates and market cap rates and discount rates). As a result, the Company recorded a gain on change of control of interests of $ 13.8 million (a non-cash item) in the year ended December 31, 2019, in which the Company accounted for the transaction as a VIE that is not a business in accordance with ASC 810-10-30-4. Additional non-cash items included in the acquisition were the Company’s carrying value of its interest in the joint venture of $ 15.3 million and the noncontrolling interest’s fair value of $ 13.7 million. See Note 9: Mortgages, Loans Payable and Other Obligations. Marbella II Land and leasehold interests $ 36,595 Buildings and improvements and other assets, net 153,974 In-place lease values (a) 4,611 Less: Below market lease values (a) ( 80 ) 195,100 Less: Debt ( 117,000 ) Net assets 78,100 Less: Noncontrolling interests ( 13,722 ) Net assets recorded upon consolidation $ 64,378 (a) In-place and below market lease values are being amortized over a weighted-average term of 6.2 months. 2018 On August 2, 2018, the Company, which held a 24.27 percent subordinated interest in the unconsolidated joint venture Marbella Tower Urban Renewal Associates LLC, a 412 -unit multi-family operating property located in Jersey City, New Jersey, acquired its equity partner’s 50 percent interest for $ 65.6 million in cash. The property was subject to a mortgage loan that had a principal balance of $ 95 million. The cash portion of the acquisition was funded primarily through borrowings under the Company's unsecured revolving credit facility. Concurrently with the closing, the joint venture repaid the $ 95 million mortgage loan in full and obtained a new loan from a different lender, collateralized by the property in the amount of $ 131 million, which bears interest at 4.07 percent and matures in August 2026 . The venture distributed $ 37.4 million of the loan proceeds, of which the Company’s share was $ 30.4 million. As a result of the acquisition, the Company increased its ownership of the property from a 24.27 percent subordinated interest to a 74.27 percent controlling interest. In accordance with ASC 810, Consolidation, the Company evaluated the acquisition and determined that the entity meets the criteria of a VIE. As such, the Company consolidated the asset upon acquisition and accordingly, remeasured its equity interests, as required by the FASB's consolidation guidance, at fair value (based upon the income approach using current rates and market cap rates and discount rates). As a result, the Company recorded a gain on change of control of interests of $ 14.2 million (a non-cash item) in the year ended December 31, 2019, when the Company accounted for the transaction as a VIE that is not a business in accordance with ASC 810-10-30-4. Additional non-cash items included in the acquisition were the Company’s carrying value of its interest in the joint venture of $ 14 million and the noncontrolling interest’s fair value of $ 29.8 million (non-cash allocation). See Note 9: Mortgages, Loans Payable and Other Obligations. Net assets recorded upon consolidation were as follows (in thousands) : Land and leasehold interest $ 48,820 Buildings and improvements and other assets, net 162,958 In-place lease values (a) 6,947 Less: Below market lease values (a) ( 108 ) 218,617 Less: Debt ( 131,000 ) Net Assets 87,617 Less: Noncontrolling interest (b) ( 22,812 ) Net assets recorded upon consolidation $ 64,805 (a) In-place and below market lease values are being amortized over a weighted-average term of 9.3 months. (b) Noncontrolling interest balance reflects distribution of $ 7.0 million of loan proceeds at closing. Real Estate Held for Sale/Discontinued Operations/Dispositions 2019 Following the General Partner’s 2019 Annual Meeting of Stockholders, the Board of Directors of the General Partner (the “Board”) formed a Shareholder Value Committee comprised of four independent directors to review the Company’s strategic direction and make a recommendation to the full Board. On December 19, 2019, the Company announced that, based on the recommendations of the Shareholder Value Committee, the 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. During the year ended December 31, 2019, the Company completed the sale of two of these suburban office properties, totaling 497,000 square feet, for net sales proceeds of $ 52.2 million. As of December 31, 2019, the Company has identified as held for sale the remaining 35 office properties (comprised of 12 identified disposal groups) in the Suburban Office Portfolio, totaling 6.1 million square feet. See Note 7: Discontinued Operations. The Company expects to complete the sale of its remaining Suburban Office Portfolio properties in 2020, and plans to use the available sales proceeds to pay down its corporate-level, unsecured indebtedness. 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 December 31, 2019. The properties are located in Fort Lee, Parsippany, Madison, Short Hills, Edison, Red Bank and Florham Park. The Company determined that the carrying value of 21 of the properties (comprised of six disposal groups) and several land parcels held for sale was not expected to be recovered from estimated net sales proceeds, and accordingly, during the year ended December 31, 2019, recognized an unrealized loss allowance of $ 174.1 million ($ 137.9 million of which are from discontinued operations, for the properties and land and other impairments of $ 32.4 million. The following table summarizes the real estate held for sale, net, and other assets and liabilities (dollars in thousands) : Suburban Other assets held Office Assets Portfolio (a) Held for Sale Total Land $ 147,590 $ 87,663 $ 235,253 Building & Other 1,263,738 54,392 1,318,130 Less: Accumulated depreciation ( 401,212 ) ( 11,573 ) ( 412,785 ) Less: Cumulative unrealized losses on property held for sale ( 137,876 ) ( 36,225 ) ( 174,101 ) Real estate held for sale, net $ 872,240 $ 94,257 $ 966,497 Suburban Other assets held Office Assets Other assets and liabilities Portfolio Held for Sale Total Unbilled rents receivable, net (b) $ 30,188 $ 1,956 $ 32,144 Deferred charges, net (b) 32,900 1,432 34,332 Total intangibles, net (b) 33,095 - 33,095 Total deferred charges & other assets, net 68,684 1,730 70,414 Mortgages & loans payable, net (b) 123,650 - 123,650 Total below market liability (b) 8,833 - 8,833 Accounts payable, accrued exp & other liability 21,025 1,792 22,817 Unearned rents/deferred rental income (b) 2,952 - 2,952 (a) Classified as discontinued operations at December 31, 2019 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 rental properties during the year ended December 31, 2019 (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 01/11/19 721 Route 202-206 South (a) Bridgewater, New Jersey 1 192,741 Office $ 5,651 $ 5,410 $ 241 $ - 01/16/19 Park Square Apartments (b) Rahway, New Jersey 1 159 units Multi-family 34,045 34,032 13 - 01/22/19 2115 Linwood Avenue Fort Lee, New Jersey 1 68,000 Office 15,197 7,433 7,764 - 02/27/19 201 Littleton Road (c) Morris Plains, New Jersey 1 88,369 Office 4,842 4,937 ( 95 ) - 03/13/19 320 & 321 University Avenue Newark, New Jersey 2 147,406 Office 25,552 18,456 7,096 - 03/29/19 Flex portfolio (d) New York and Connecticut 56 3,148,512 Office/Flex 470,348 214,758 255,590 - 06/18/19 650 From Road (e) Paramus, New Jersey 1 348,510 Office 37,801 40,046 ( 2,245 ) - 10/18/19 3600 Route 66 (h) Neptune, New Jersey 1 180,000 Office 25,237 17,246 - 7,991 10/23/19 Chase & Alterra Portfolio (f) Revere and Malden, Massachusetts 3 1,386 units Multi-family 406,817 293,030 113,787 - 12/06/19 5 Wood Hollow Road (g) (h) Parsippany, New Jersey 1 317,040 Office 26,937 33,226 - ( 6,289 ) (i) Sub-total 68 4,490,578 1,052,427 668,574 382,151 1,702 Unrealized losses on real estate held for sale ( 36,225 ) ( 137,876 ) (i) Totals 68 4,490,578 $ 1,052,427 $ 668,574 $ 345,926 $ ( 136,174 ) (a) The Company recorded a valuation allowance of $ 9.3 million on this property during the year ended December 31, 2018. (b) The Company recorded a valuation allowance of $ 6.3 million on this property during the year ended December 31, 2018. (c) The Company recorded a valuation allowance of $ 3.6 million on this property during the year ended December 31, 2018. (d) As part of the consideration from the buyer, who sis a noncontrolling interest unitholder of the Operating Partnership, 301,638 Common Units were redeemed by the Company at fair market value of $ 6.6 million as purchase consideration received for two of the properties disposed of in this transaction, which was a non-cash portion of this sales transaction. The Company used the net cash received at closing to repay approximately $ 119.9 million of borrowings under the unsecured revolving credit facility and to repay $ 90 million of its $ 350 million unsecured term loan. The Company also utilized $ 217.4 million of these proceeds on April 1, 2019 to acquire a 377 -unit multi-family property located in Jersey City, New Jersey. (e) The Company recorded a valuation allowance of $ 0.9 million on this property during the year ended December 31, 2018. (f) Proceeds from the sale, which were net of $ 235.8 million of in-place mortgages assumed by the buyer, were used primarily to repay outstanding borrowings under the Company's revolving credit facility that were drawn to fund a portion of the Company's purchase of Liberty Towers. The assumed mortgages were a non-cash portion of this sales transaction. (g) The net sale proceeds were held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other assets as of December 31, 2019. See Note 5: Deferred Charges, Goodwill and Other Assets, Net – to the Financial Statements. The Company recorded an impairment charge of $ 5.8 million at June 30, 2019 before the property was identified as held for sale on September 30, 2019. (h) These pertain to properties classified as discontinued operations. (See Note 7: Discontinued Operations – to the Financial Statements) (i) These include impairments recorded on three properties before they were classified as discontinued operations. The Company disposed of the following developable land holdings during the year ended December 31, 2019 (dollars in thousands): Realized Gains Net Net (losses)/ Disposition Sales Carrying Unrealized Date Property Address Location Proceeds Value Losses, net 04/30/19 Overlook Ridge Revere, Massachusetts $ 685 $ 415 $ 270 09/20/19 Overlook Ridge Revere, Massachusetts 1,135 839 296 11/08/19 150 Monument Street Bala Cynwd, Pennsylvania (a) 8,374 7,874 500 12/19/19 51 Washington Street Conshohocken, Pennsylvania (b) 8,189 8,732 $ ( 543 ) Totals $ 18,383 $ 17,860 $ 523 (a) The Company recorded a land impairment charge of $ 10.9 million on this land parcel during the year ended December 31, 2018. (b) The Company recorded a land impairment charge of $ 13.6 million on this land parcel during the year ended December 31, 2018. The Company recorded additional land impairment charges of $ 2.7 million on this land parcel during the year ended December 31, 2019 prior to its disposition. 2018 The Company identified as held for sale six office properties, totaling approximately 845,000 square feet, and a 159 unit multi-family rental property as of December 31, 2018. The properties are located in Fort Lee, Newark, Paramus, Bridgewater, Morris Plains and Rahway, New Jersey. The total estimated sales proceeds, net of selling costs, from the sales which were all completed in 2019, were approximately $ 123.1 million. The Company determined that the carrying value of four of the properties was not expected to be recovered from estimated net sales proceeds and accordingly recognized an unrealized loss allowance of $ 20.1 million for the year ended December 31, 2018. The following table summarizes the real estate held for sale, net, as of December 31, 2018 (dollars in thousands): December 31, 2018 Land $ 24,376 Building and improvements 159,857 Less: Accumulated depreciation ( 55,250 ) Less: Cumulative unrealized losses on property held for sale ( 20,135 ) Real estate held for sale, net $ 108,848 The Company disposed of the following office properties during the year ended December 31, 2018 (dollars in thousands) : Realized Gains Rentable Net Net (losses)/ Disposition # of Square Sales Carrying Unrealized Date Property/Address Location Bldgs. Feet Proceeds Value Losses, net 02/15/18 35 Waterview Boulevard (a) Parsippany, New Jersey 1 172,498 $ 25,994 $ 25,739 $ 255 03/05/18 Hamilton portfolio (b) Hamilton, New Jersey 6 239,262 17,546 17,501 45 03/07/18 Wall portfolio first closing Wall, New Jersey 5 179,601 14,053 10,526 3,527 03/22/18 700 Horizon Drive Hamilton, New Jersey 1 120,000 33,020 16,053 16,967 03/23/18 Wall portfolio second closing Wall, New Jersey 3 217,822 30,209 12,961 17,248 03/28/18 75 Livingston Avenue Roseland, New Jersey 1 94,221 7,983 5,609 2,374 03/28/18 20 Waterview Boulevard (c) Parsippany, New Jersey 1 225,550 12,475 11,795 680 03/30/18 Westchester Financial Center (d) White Plains, New York 2 489,000 81,769 64,679 17,090 06/27/18 65 Jackson Drive Cranford, New Jersey 0 - 1,510 (e) - 1,510 08/02/18 600 Horizon Drive Hamilton, New Jersey 1 95,000 15,127 6,191 8,936 09/05/18 1 & 3 Barker Avenue White Plains, New York 2 133,300 15,140 13,543 1,597 11/15/18 120 Passaic Street (f) Rochelle Park, New Jersey 1 52,000 2,667 2,568 99 12/31/18 Elmsford Distribution Center Elmsford, New York 6 387,400 66,557 17,314 49,243 Sub-total 30 2,405,654 324,050 204,479 119,571 Unrealized losses on real estate held for sale ( 20,135 ) Totals 30 2,405,654 $ 324,050 $ 204,479 $ 99,436 (a) The Company recorded a valuation allowance of $ 0.7 million on this property during the year ended December 31, 2017. (b) The Company recorded a valuation allowance of $ 0.6 million on these properties during the year ended December 31, 2017. The disposition additionally included two land properties. (c) The Company recorded a valuation allowance of $ 11 million on this property during the year ended December 31, 2017. Prior to closing, the Company provided short term financing through a note receivable to an affiliate of the buyers of $ 2.8 million. The note was paid off in the second quarter of 2018. (d) Prior to closing, the Company provided financing through a note receivable to an affiliate of the buyers of $ 4.0 million. The note was paid off in October 2018. (e) Represents the receipt by the Company in the second quarter 2018 of variable contingent sales consideration, net of costs, of $ 1.5 million subsequent to disposition of the property sold in January 2017. (f) The net sale proceeds were held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other assets as of December 31, 2018. See Note 5: Deferred Charges, Goodwill and Other Assets, Net). The Company disposed of the following developable land holdings during the year ended December 31, 2018 (dollars in thousands) : Net Net Gain on Disposition Sales Carrying Disposition of Date Property Address Location Proceeds Value Developable Land 12/31/18 One Lake Street Upper Saddle River, New Jersey (a) $ 46,036 $ 15,097 $ 30,939 Totals $ 46,036 $ 15,097 $ 30,939 (a) The net sale proceeds were held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other assets as of December 31, 2018. See Note 5: Deferred Charges, Goodwill and Other Assets, Net. The net carrying value includes $ 3 million of development costs funded at the closing. Other assets and liabilities related to the rental properties held for sale, as of December 31, 2018, include $ 2.9 million in Deferred charges and other assets, $ 1.7 million in Unbilled rents receivable and $ 2.3 million in Accounts payable, accrued expenses and other liabilities. Approximately $ 3.9 million of these assets and $ 1.7 million of these liabilities are expected to be removed with the completion of the sales. Land Impairments The Company owned two separate developable land parcels in Conshohocken and Bala Cynwyd, Pennsylvania, that were being considered for development into multi-family rental properties. During the fourth quarter 2018, the Company changed its plans regarding pursuing development in Pennsylvania and made the decision to pursue selling the land parcels as opposed to development. Due to the shortening of the expected periods of ownership, the Company determined that the carrying value of the land parcels was impaired and recorded an adjustment to its carrying value to their estimated fair value and recorded land impairments charges of $ 24.6 million at December 31, 2018. The land parcels were subsequently sold during the year ended December 31, 2019. Unconsolidated Joint Venture Activity On February 28, 2019, the Company sold its interest in the Red Bank Corporate Plaza joint venture which owns an operating property located in Red Bank, New Jersey for a sales price of $ 4.2 million, and realized a gain on the sale of the unconsolidated joint venture of $ 0.9 million. On December 11, 2018, the Company acquired one of its partner’s interest in the Metropolitan and Shops at 40 Park and the Lofts at 40 Park for $ 1.3 million and as a result, increased its ownership from 12.5 percent interest to 25 percent interest in the Metropolitan and Shops at 40 Park and from 25 percent interest to 50 percent interest in the Lofts at 40 Park. 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. See Note 15: Redeemable Noncontrolling Interests for additional information about the Add On Investment Agreement and the related transactions with Rockpoint. RRLP has been identified as a variable interest entity in which the Company is deemed to be the primary beneficiary. As of December 31, 2019 and December 31, 2018, the Company’s consolidated RRLP entity had total assets of $ 3.1 billion and $ 2.3 billion, respectively, total mortgages and loan payable of $ 1.4 billion and $ 1.1 billion, respectively, and other liabilities of $ 115.2 million and $ 57 million, respectively. |
Mack-Cali Realty LP [Member] | |
Recent Transactions [Line Items] | |
Recent Transactions | 3. RECENT TRANSACTIONS Acquisitions The Company acquired the following rental properties (which were determined to be asset acquisitions in accordance with ASU 2017-01) during the year ended December 31, 2019 (dollars in thousands) : Rentable Acquisition Property # of Square Feet/ Acquisition Date Property Address Location Type Bldgs. Apartment Units Cost 02/06/19 99 Wood Avenue (a) Iselin, New Jersey Office 1 271,988 $ 61,858 04/01/19 Soho Lofts (a) Jersey City, New Jersey Multi-family 1 377 264,578 09/26/19 Liberty Towers (b) Jersey City, New Jersey Multi-family 1 648 410,483 Total Acquisitions 3 $ 736,919 (a) This acquisition was funded using funds available with the Company's qualified intermediary from prior property sales proceeds and through borrowing under the Company's unsecured revolving credit facility. (b) This acquisition was funded through borrowings under the Company's unsecured revolving credit facility and a new $ 232 million mortgage loan collateralized by the property. The acquisition costs were allocated to the net assets acquired, as follows (in thousands): 99 Wood Avenue Soho Lofts Apartments Liberty Towers Total Land and leasehold interest $ 9,261 $ 27,601 $ 66,670 $ 103,532 Buildings and improvements and other assets 45,576 231,663 330,935 608,174 Above market lease values 431 (a) - 56 (c) 487 In-place lease values 8,264 (a) 5,480 (b) 13,462 (c) 27,206 63,532 264,744 411,123 739,399 Less: Below market lease values ( 1,674 ) (a) ( 166 ) (b) ( 640 ) (c) ( 2,480 ) Net assets recorded upon acquisition $ 61,858 $ 264,578 $ 410,483 $ 736,919 (a) Above market, in-place and below market lease values are being amortized over a weighted-average term of 4.3 years. (b) In-place and below market lease values are being amortized over a weighted-average term of 0.8 years. (c) Above market, in-place and below market lease values are being amortized over a weighted-average term of 0.5 years. On May 10, 2019, the Company completed the acquisition of unimproved land parcels for future development (“107 Morgan”) located in Jersey City, New Jersey for approximately $ 67.2 million. The 107 Morgan acquisition was funded using funds available with the Company’s qualified intermediary from prior property sales proceeds, and through borrowing under the Company’s unsecured revolving credit facility. The Company’s mortgage receivable of $ 46.1 million with the seller was repaid in full to the Company at closing. Properties Commencing Initial Operations The following properties commenced initial operations during the years ended December 31, 2019 and 2018 ( dollars in thousands ): 2019 # of Total In Service Property Apartment Units/ Development Date Property Location Type Rooms Costs Incurred 07/09/19 Autograph Collection By Marriott (Phase II) Weehawken, NJ Hotel 208 $ 105,477 Totals 208 $ 105,477 2018 # of Total In-Service Property Apartment Units/ Development Date Property Location Type Rooms Costs 03/01/18 145 Front at City Square Worcester, MA Multi-Family 365 $ 97,483 (a) 04/01/18 Signature Place at Morris Plains Morris Plains, NJ Multi-Family 197 56,715 (b) 05/01/18 Portside 5/6 East Boston, MA Multi-Family 296 114,694 08/01/18 RiverHouse 11 at Port Imperial Weehawken, NJ Multi-Family 295 130,369 12/13/18 Residence Inn By Marriott (Phase I) Weehawken, NJ Hotel 164 58,723 Totals 1,317 $ 457,984 (a) Development costs as of December 31, 2018 included approximately $ 4.4 in land costs. (b) Development costs as of December 31, 2018 included approximately $ 0.9 in land costs. Consolidations 2019 On January 31, 2019, the Company, which held a 24.27 percent subordinated interest in the unconsolidated joint venture, Marbella Tower Urban Renewal Associates South LLC, a 311 -unit multi-family operating property located in Jersey City, New Jersey, acquired its equity partner’s 50 percent preferred controlling interest for $ 77.5 million in cash. The property was subject to a mortgage loan that had a principal balance of $ 74.7 million. The acquisition was funded primarily using available cash. Concurrently with the closing, the joint venture repaid in full the property’s $ 74.7 million mortgage loan and obtained a new loan collateralized by the property in the amount of $ 117 million, which bears interest at 4.2 percent and matures in August 2026 . The Company received $ 43.3 million in distribution from the loan proceeds which was used to acquire the equity partner’s 50 percent interest. As the result of the acquisition, the Company increased its ownership of the property from a 24.27 percent subordinated interest to a 74.27 percent controlling interest. In accordance with ASC 810, Consolidation, the Company evaluated the acquisition and determined that the entity meets the criteria of a VIE. As such, the Company consolidated the asset upon acquisition and accordingly, remeasured its equity interests, as required by the FASB’s consolidation guidance, at fair value (based upon the income approach using current rental rates and market cap rates and discount rates). As a result, the Company recorded a gain on change of control of interests of $ 13.8 million (a non-cash item) in the year ended December 31, 2019, in which the Company accounted for the transaction as a VIE that is not a business in accordance with ASC 810-10-30-4. Additional non-cash items included in the acquisition were the Company’s carrying value of its interest in the joint venture of $ 15.3 million and the noncontrolling interest’s fair value of $ 13.7 million. See Note 9: Mortgages, Loans Payable and Other Obligations. Marbella II Land and leasehold interests $ 36,595 Buildings and improvements and other assets, net 153,974 In-place lease values (a) 4,611 Less: Below market lease values (a) ( 80 ) 195,100 Less: Debt ( 117,000 ) Net assets 78,100 Less: Noncontrolling interests ( 13,722 ) Net assets recorded upon consolidation $ 64,378 (a) In-place and below market lease values are being amortized over a weighted-average term of 6.2 months. 2018 On August 2, 2018, the Company, which held a 24.27 percent subordinated interest in the unconsolidated joint venture Marbella Tower Urban Renewal Associates LLC, a 412 -unit multi-family operating property located in Jersey City, New Jersey, acquired its equity partner’s 50 percent interest for $ 65.6 million in cash. The property was subject to a mortgage loan that had a principal balance of $ 95 million. The cash portion of the acquisition was funded primarily through borrowings under the Company's unsecured revolving credit facility. Concurrently with the closing, the joint venture repaid the $ 95 million mortgage loan in full and obtained a new loan from a different lender, collateralized by the property in the amount of $ 131 million, which bears interest at 4.07 percent and matures in August 2026 . The venture distributed $ 37.4 million of the loan proceeds, of which the Company’s share was $ 30.4 million. As a result of the acquisition, the Company increased its ownership of the property from a 24.27 percent subordinated interest to a 74.27 percent controlling interest. In accordance with ASC 810, Consolidation, the Company evaluated the acquisition and determined that the entity meets the criteria of a VIE. As such, the Company consolidated the asset upon acquisition and accordingly, remeasured its equity interests, as required by the FASB's consolidation guidance, at fair value (based upon the income approach using current rates and market cap rates and discount rates). As a result, the Company recorded a gain on change of control of interests of $ 14.2 million (a non-cash item) in the year ended December 31, 2019, when the Company accounted for the transaction as a VIE that is not a business in accordance with ASC 810-10-30-4. Additional non-cash items included in the acquisition were the Company’s carrying value of its interest in the joint venture of $ 14 million and the noncontrolling interest’s fair value of $ 29.8 million (non-cash allocation). See Note 9: Mortgages, Loans Payable and Other Obligations. Net assets recorded upon consolidation were as follows (in thousands) : Land and leasehold interest $ 48,820 Buildings and improvements and other assets, net 162,958 In-place lease values (a) 6,947 Less: Below market lease values (a) ( 108 ) 218,617 Less: Debt ( 131,000 ) Net Assets 87,617 Less: Noncontrolling interest (b) ( 22,812 ) Net assets recorded upon consolidation $ 64,805 (a) In-place and below market lease values are being amortized over a weighted-average term of 9.3 months. (b) Noncontrolling interest balance reflects distribution of $ 7.0 million of loan proceeds at closing. Real Estate Held for Sale/Discontinued Operations/Dispositions 2019 Following the General Partner’s 2019 Annual Meeting of Stockholders, the Board of Directors of the General Partner (the “Board”) formed a Shareholder Value Committee comprised of four independent directors to review the Company’s strategic direction and make a recommendation to the full Board. On December 19, 2019, the Company announced that, based on the recommendations of the Shareholder Value Committee, the 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. During the year ended December 31, 2019, the Company completed the sale of two of these suburban office properties, totaling 497,000 square feet, for net sales proceeds of $ 52.2 million. As of December 31, 2019, the Company has identified as held for sale the remaining 35 office properties (comprised of 12 identified disposal groups) in the Suburban Office Portfolio, totaling 6.1 million square feet. See Note 7: Discontinued Operations. The Company expects to complete the sale of its remaining Suburban Office Portfolio properties in 2020, and plans to use the available sales proceeds to pay down its corporate-level, unsecured indebtedness. 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 December 31, 2019. The properties are located in Fort Lee, Parsippany, Madison, Short Hills, Edison, Red Bank and Florham Park. The Company determined that the carrying value of 21 of the properties (comprised of six disposal groups) and several land parcels held for sale was not expected to be recovered from estimated net sales proceeds, and accordingly, during the year ended December 31, 2019, recognized an unrealized loss allowance of $ 174.1 million ($ 137.9 million of which are from discontinued operations, for the properties and land and other impairments of $ 32.4 million. The following table summarizes the real estate held for sale, net, and other assets and liabilities (dollars in thousands) : Suburban Other assets held Office Assets Portfolio (a) Held for Sale Total Land $ 147,590 $ 87,663 $ 235,253 Building & Other 1,263,738 54,392 1,318,130 Less: Accumulated depreciation ( 401,212 ) ( 11,573 ) ( 412,785 ) Less: Cumulative unrealized losses on property held for sale ( 137,876 ) ( 36,225 ) ( 174,101 ) Real estate held for sale, net $ 872,240 $ 94,257 $ 966,497 Suburban Other assets held Office Assets Other assets and liabilities Portfolio Held for Sale Total Unbilled rents receivable, net (b) $ 30,188 $ 1,956 $ 32,144 Deferred charges, net (b) 32,900 1,432 34,332 Total intangibles, net (b) 33,095 - 33,095 Total deferred charges & other assets, net 68,684 1,730 70,414 Mortgages & loans payable, net (b) 123,650 - 123,650 Total below market liability (b) 8,833 - 8,833 Accounts payable, accrued exp & other liability 21,025 1,792 22,817 Unearned rents/deferred rental income (b) 2,952 - 2,952 (a) Classified as discontinued operations at December 31, 2019 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 rental properties during the year ended December 31, 2019 (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 01/11/19 721 Route 202-206 South (a) Bridgewater, New Jersey 1 192,741 Office $ 5,651 $ 5,410 $ 241 $ - 01/16/19 Park Square Apartments (b) Rahway, New Jersey 1 159 units Multi-family 34,045 34,032 13 - 01/22/19 2115 Linwood Avenue Fort Lee, New Jersey 1 68,000 Office 15,197 7,433 7,764 - 02/27/19 201 Littleton Road (c) Morris Plains, New Jersey 1 88,369 Office 4,842 4,937 ( 95 ) - 03/13/19 320 & 321 University Avenue Newark, New Jersey 2 147,406 Office 25,552 18,456 7,096 - 03/29/19 Flex portfolio (d) New York and Connecticut 56 3,148,512 Office/Flex 470,348 214,758 255,590 - 06/18/19 650 From Road (e) Paramus, New Jersey 1 348,510 Office 37,801 40,046 ( 2,245 ) - 10/18/19 3600 Route 66 (h) Neptune, New Jersey 1 180,000 Office 25,237 17,246 - 7,991 10/23/19 Chase & Alterra Portfolio (f) Revere and Malden, Massachusetts 3 1,386 units Multi-family 406,817 293,030 113,787 - 12/06/19 5 Wood Hollow Road (g) (h) Parsippany, New Jersey 1 317,040 Office 26,937 33,226 - ( 6,289 ) (i) Sub-total 68 4,490,578 1,052,427 668,574 382,151 1,702 Unrealized losses on real estate held for sale ( 36,225 ) ( 137,876 ) (i) Totals 68 4,490,578 $ 1,052,427 $ 668,574 $ 345,926 $ ( 136,174 ) (a) The Company recorded a valuation allowance of $ 9.3 million on this property during the year ended December 31, 2018. (b) The Company recorded a valuation allowance of $ 6.3 million on this property during the year ended December 31, 2018. (c) The Company recorded a valuation allowance of $ 3.6 million on this property during the year ended December 31, 2018. (d) As part of the consideration from the buyer, who sis a noncontrolling interest unitholder of the Operating Partnership, 301,638 Common Units were redeemed by the Company at fair market value of $ 6.6 million as purchase consideration received for two of the properties disposed of in this transaction, which was a non-cash portion of this sales transaction. The Company used the net cash received at closing to repay approximately $ 119.9 million of borrowings under the unsecured revolving credit facility and to repay $ 90 million of its $ 350 million unsecured term loan. The Company also utilized $ 217.4 million of these proceeds on April 1, 2019 to acquire a 377 -unit multi-family property located in Jersey City, New Jersey. (e) The Company recorded a valuation allowance of $ 0.9 million on this property during the year ended December 31, 2018. (f) Proceeds from the sale, which were net of $ 235.8 million of in-place mortgages assumed by the buyer, were used primarily to repay outstanding borrowings under the Company's revolving credit facility that were drawn to fund a portion of the Company's purchase of Liberty Towers. The assumed mortgages were a non-cash portion of this sales transaction. (g) The net sale proceeds were held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other assets as of December 31, 2019. See Note 5: Deferred Charges, Goodwill and Other Assets, Net – to the Financial Statements. The Company recorded an impairment charge of $ 5.8 million at June 30, 2019 before the property was identified as held for sale on September 30, 2019. (h) These pertain to properties classified as discontinued operations. (See Note 7: Discontinued Operations – to the Financial Statements) (i) These include impairments recorded on three properties before they were classified as discontinued operations. The Company disposed of the following developable land holdings during the year ended December 31, 2019 (dollars in thousands): Realized Gains Net Net (losses)/ Disposition Sales Carrying Unrealized Date Property Address Location Proceeds Value Losses, net 04/30/19 Overlook Ridge Revere, Massachusetts $ 685 $ 415 $ 270 09/20/19 Overlook Ridge Revere, Massachusetts 1,135 839 296 11/08/19 150 Monument Street Bala Cynwd, Pennsylvania (a) 8,374 7,874 500 12/19/19 51 Washington Street Conshohocken, Pennsylvania (b) 8,189 8,732 $ ( 543 ) Totals $ 18,383 $ 17,860 $ 523 (a) The Company recorded a land impairment charge of $ 10.9 million on this land parcel during the year ended December 31, 2018. (b) The Company recorded a land impairment charge of $ 13.6 million on this land parcel during the year ended December 31, 2018. The Company recorded additional land impairment charges of $ 2.7 million on this land parcel during the year ended December 31, 2019 prior to its disposition. 2018 The Company identified as held for sale six office properties, totaling approximately 845,000 square feet, and a 159 unit multi-family rental property as of December 31, 2018. The properties are located in Fort Lee, Newark, Paramus, Bridgewater, Morris Plains and Rahway, New Jersey. The total estimated sales proceeds, net of selling costs, from the sales which were all completed in 2019, were approximately $ 123.1 million. The Company determined that the carrying value of four of the properties was not expected to be recovered from estimated net sales proceeds and accordingly recognized an unrealized loss allowance of $ 20.1 million for the year ended December 31, 2018. The following table summarizes the real estate held for sale, net, as of December 31, 2018 (dollars in thousands): December 31, 2018 Land $ 24,376 Building and improvements 159,857 Less: Accumulated depreciation ( 55,250 ) Less: Cumulative unrealized losses on property held for sale ( 20,135 ) Real estate held for sale, net $ 108,848 The Company disposed of the following office properties during the year ended December 31, 2018 (dollars in thousands) : Realized Gains Rentable Net Net (losses)/ Disposition # of Square Sales Carrying Unrealized Date Property/Address Location Bldgs. Feet Proceeds Value Losses, net 02/15/18 35 Waterview Boulevard (a) Parsippany, New Jersey 1 172,498 $ 25,994 $ 25,739 $ 255 03/05/18 Hamilton portfolio (b) Hamilton, New Jersey 6 239,262 17,546 17,501 45 03/07/18 Wall portfolio first closing Wall, New Jersey 5 179,601 14,053 10,526 3,527 03/22/18 700 Horizon Drive Hamilton, New Jersey 1 120,000 33,020 16,053 16,967 03/23/18 Wall portfolio second closing Wall, New Jersey 3 217,822 30,209 12,961 17,248 03/28/18 75 Livingston Avenue Roseland, New Jersey 1 94,221 7,983 5,609 2,374 03/28/18 20 Waterview Boulevard (c) Parsippany, New Jersey 1 225,550 12,475 11,795 680 03/30/18 Westchester Financial Center (d) White Plains, New York 2 489,000 81,769 64,679 17,090 06/27/18 65 Jackson Drive Cranford, New Jersey 0 - 1,510 (e) - 1,510 08/02/18 600 Horizon Drive Hamilton, New Jersey 1 95,000 15,127 6,191 8,936 09/05/18 1 & 3 Barker Avenue White Plains, New York 2 133,300 15,140 13,543 1,597 11/15/18 120 Passaic Street (f) Rochelle Park, New Jersey 1 52,000 2,667 2,568 99 12/31/18 Elmsford Distribution Center Elmsford, New York 6 387,400 66,557 17,314 49,243 Sub-total 30 2,405,654 324,050 204,479 119,571 Unrealized losses on real estate held for sale ( 20,135 ) Totals 30 2,405,654 $ 324,050 $ 204,479 $ 99,436 (a) The Company recorded a valuation allowance of $ 0.7 million on this property during the year ended December 31, 2017. (b) The Company recorded a valuation allowance of $ 0.6 million on these properties during the year ended December 31, 2017. The disposition additionally included two land properties. (c) The Company recorded a valuation allowance of $ 11 million on this property during the year ended December 31, 2017. Prior to closing, the Company provided short term financing through a note receivable to an affiliate of the buyers of $ 2.8 million. The note was paid off in the second quarter of 2018. (d) Prior to closing, the Company provided financing through a note receivable to an affiliate of the buyers of $ 4.0 million. The note was paid off in October 2018. (e) Represents the receipt by the Company in the second quarter 2018 of variable contingent sales consideration, net of costs, of $ 1.5 million subsequent to disposition of the property sold in January 2017. (f) The net sale proceeds were held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other assets as of December 31, 2018. See Note 5: Deferred Charges, Goodwill and Other Assets, Net). The Company disposed of the following developable land holdings during the year ended December 31, 2018 (dollars in thousands) : Net Net Gain on Disposition Sales Carrying Disposition of Date Property Address Location Proceeds Value Developable Land 12/31/18 One Lake Street Upper Saddle River, New Jersey (a) $ 46,036 $ 15,097 $ 30,939 Totals $ 46,036 $ 15,097 $ 30,939 (a) The net sale proceeds were held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other assets as of December 31, 2018. See Note 5: Deferred Charges, Goodwill and Other Assets, Net. The net carrying value includes $ 3 million of development costs funded at the closing. Other assets and liabilities related to the rental properties held for sale, as of December 31, 2018, include $ 2.9 million in Deferred charges and other assets, $ 1.7 million in Unbilled rents receivable and $ 2.3 million in Accounts payable, accrued expenses and other liabilities. Approximately $ 3.9 million of these assets and $ 1.7 million of these liabilities are expected to be removed with the completion of the sales. Land Impairments The Company owned two separate developable land parcels in Conshohocken and Bala Cynwyd, Pennsylvania, that were being considered for development into multi-family rental properties. During the fourth quarter 2018, the Company changed its plans regarding pursuing development in Pennsylvania and made the decision to pursue selling the land parcels as opposed to development. Due to the shortening of the expected periods of ownership, the Company determined that the carrying value of the land parcels was impaired and recorded an adjustment to its carrying value to their estimated fair value and recorded land impairments charges of $ 24.6 million at December 31, 2018. The land parcels were subsequently sold during the year ended December 31, 2019. Unconsolidated Joint Venture Activity On February 28, 2019, the Company sold its interest in the Red Bank Corporate Plaza joint venture which owns an operating property located in Red Bank, New Jersey for a sales price of $ 4.2 million, and realized a gain on the sale of the unconsolidated joint venture of $ 0.9 million. On December 11, 2018, the Company acquired one of its partner’s interest in the Metropolitan and Shops at 40 Park and the Lofts at 40 Park for $ 1.3 million and as a result, increased its ownership from 12.5 percent interest to 25 percent interest in the Metropolitan and Shops at 40 Park and from 25 percent interest to 50 percent interest in the Lofts at 40 Park. 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. See Note 15: Redeemable Noncontrolling Interests for additional information about the Add On Investment Agreement and the related transactions with Rockpoint. RRLP has been identified as a variable interest entity in which the Company is deemed to be the primary beneficiary. As of December 31, 2019 and December 31, 2018, the Company’s consolidated RRLP entity had total assets of $ 3.1 billion and $ 2.3 billion, respectively, total mortgages and loan payable of $ 1.4 billion and $ 1.1 billion, respectively, and other liabilities of $ 115.2 million and $ 57 million, respectively. |
Investments In Unconsolidated J
Investments In Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2019 | |
Investments In Unconsolidated Joint Ventures [Line Items] | |
Investments In Unconsolidated Joint Ventures | 4. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES As of December 31, 2019, the Company had an aggregate investment of approximately $ 209.1 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 December 31, 2019, the unconsolidated joint ventures owned: two office properties aggregating approximately 0.2 million square feet, seven multi-family properties totaling 2,611 apartment units, two retail properties aggregating approximately 81,700 square feet, a 351 -room hotel, a development project for up to approximately 360 apartment units; and interests and/or rights to developable land parcels able to accommodate up to 3,220 apartment 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 December 31, 2019, such debt had a total borrowing capacity of $ 318 million of which the Company agreed to guarantee up to $ 34.6 million. As of December 31, 2019, the outstanding balance of such debt totaled $ 233.4 million of which $ 26.1 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 $ 2.4 million and $ 2.4 million for such services in the years ended December 31, 2019 and 2018, respectively. The Company had $ 0.6 million and $ 0.2 million in accounts receivable due from its unconsolidated joint ventures as of December 31, 2019 and 2018. Included in the Company’s investments in unconsolidated joint ventures as of December 31, 2019 are three unconsolidated joint ventures, two of which are operating properties and one development project, 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 $ 117.7 million as of December 31, 2019. The Company’s maximum exposure to loss as a result of its involvement with these VIEs is estimated to be approximately $ 152.3 million, which includes the Company’s current investment and estimated future funding commitments/guarantees of approximately $ 34.6 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 December 31, 2019 and 2018 (dollars in thousands): Property Debt Number of Company's Carrying Value As of December 31, 2019 Apartment Units Effective December 31, December 31, Maturity Interest Entity / Property Name or Rentable SF Ownership % (a) 2019 2018 Balance Date Rate Multi-family Metropolitan at 40 Park (b) (c) 189 units 25.00 % $ 7,257 $ 7,679 $ 54,373 (d) (d) RiverTrace at Port Imperial 316 units 22.50 % 7,463 8,112 82,000 11/10/26 3.21 % Crystal House (e) 825 units 25.00 % 28,823 29,570 159,492 04/01/20 3.17 % PI North - Riverwalk C 360 units 40.00 % 35,527 27,175 28,208 12/06/21 L+ 2.75 % (f) Marbella II (g) 311 units 24.27 % - 15,414 - - - Riverpark at Harrison 141 units 45.00 % 1,015 1,272 29,261 08/01/25 3.70 % Station House 378 units 50.00 % 35,676 37,675 96,861 07/01/33 4.82 % Urby at Harborside (h) 762 units 85.00 % 79,790 85,317 192,000 08/01/29 5.197 % PI North -Land (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 Red Bank (j) 92,878 sf 50.00 % - 3,127 - - - 12 Vreeland Road 139,750 sf 50.00 % 3,846 (k) 7,019 6,267 07/01/23 2.87 % Offices at Crystal Lake 106,345 sf 31.25 % 3,521 3,442 3,322 11/01/23 4.76 % Other Riverwalk Retail (b) 30,745 sf 20.00 % 1,467 1,539 - - - Hyatt Regency Hotel Jersey City 351 rooms 50.00 % - 112 100,000 10/01/26 3.668 % Other (l) 729 1,320 - - - Totals: $ 209,091 $ 232,750 $ 751,784 (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 amortizable loan, collateralized by the Metropolitan at 40 Park, with a balance of $ 35,161 , bears interest at 3.25 percent, matures in September 2020 ; (ii) an amortizable loan, collateralized by the Shops at 40 Park, with a balance of $ 6,067 , bore interest at LIBOR + 2.25 %, matured in October 2019 . In October 2019, the loan was refinanced with a maturity date of October 2021 , which bears interest at LIBOR + 1.5 %; (iii) a construction loan with a maximum borrowing amount of $ 13,950 for the Lofts at 40 Park with a balance of $ 13,145 , which bore interest at LIBOR plus 250 basis points and scheduled to mature in February 2020 . In January 2020, the loan was refinanced with a maximum borrowing amount of $ 18,200 , which bears interest at LIBOR plus 150 basis points 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. The joint venture is currently in discussions regarding a refinancing of the property debt. (f) The venture has a construction loan with a maximum borrowing amount of $ 112,000 . (g) On January 31, 2019, the Company, which held a 24.27 percent subordinated interest in the unconsolidated joint venture, Marbella Tower Urban Renewal Associates South LLC, a 311 -unit multi-family operating property located in Jersey City, New Jersey, acquired the majority equity partner’s 50 percent preferred and controlling interest in the venture for $ 77.5 million in cash and the Company consolidated the asset. The acquisition was funded primarily using available cash and proceeds from the refinancing. Concurrently with the closing, the joint venture repaid in full the property’s $ 74.7 million mortgage loan and obtained a new loan in the amount of $ 117 million. See Note 3: Recent Transactions - Consolidation. (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. (j) On February 28, 2019, the Company sold its 50 percent interest to its partner and recorded a gain of $ 0.9 million. (k) 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, which is included in equity in earnings for the year. (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 years ended December 31, 2019, 2018 and 2017 (dollars in thousands) : Year Ended December 31, Entity / Property Name 2019 2018 2017 Multi-family Marbella (b) $ - $ 205 $ 334 Metropolitan at 40 Park ( 422 ) ( 455 ) ( 311 ) RiverTrace at Port Imperial 317 154 196 Crystal House ( 687 ) ( 874 ) ( 923 ) PI North - Riverwalk C / Land ( 279 ) ( 126 ) ( 872 ) Marbella II (c) ( 15 ) 35 93 Riverpark at Harrison ( 172 ) ( 232 ) ( 252 ) Station House ( 2,000 ) ( 2,096 ) ( 1,793 ) Urby at Harborside 1,587 (d) ( 975 ) (d) ( 6,356 ) Liberty Landing - ( 5 ) ( 15 ) Hillsborough 206 - 16 ( 25 ) Office Red Bank (e) 8 ( 215 ) 238 12 Vreeland Road ( 3,172 ) (f) 285 496 Offices at Crystal Lake 79 73 89 Other Riverwalk Retail ( 72 ) ( 86 ) ( 81 ) Hyatt Regency Hotel Jersey City 3,388 3,672 3,277 Other 121 497 ( 176 ) Company's equity in earnings (loss) of unconsolidated joint ventures (a) $ ( 1,319 ) $ ( 127 ) $ ( 6,081 ) (a) Amounts are net of amortization of basis differences of $ 638 , $ 903 and $ 792 for the year ended December 31, 2019, 2018 and 2017, respectively. (b) On August 2, 2018, 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) 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. (d) Includes $ 2.6 million of the Company's share of the venture's income from its annual sale of an economic tax credit certificate from the State of New Jersey to a third party. The venture has an agreement with a third party to sell it the tax credits over the next eight years for $ 3 million per year for a total of $ 24 million. The sales are subject to the venture obtaining the tax credits from the State of New Jersey and transferring the credit certificates each year. (e) On February 28, 2019, the Company sold its 50 percent interest to its partner and realized a gain of $ 0.9 million. (f) Includes an impairment charge of $ 3.7 million that the Company recorded at December 31, 2019. |
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 December 31, 2019, the Company had an aggregate investment of approximately $ 209.1 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 December 31, 2019, the unconsolidated joint ventures owned: two office properties aggregating approximately 0.2 million square feet, seven multi-family properties totaling 2,611 apartment units, two retail properties aggregating approximately 81,700 square feet, a 351 -room hotel, a development project for up to approximately 360 apartment units; and interests and/or rights to developable land parcels able to accommodate up to 3,220 apartment 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 December 31, 2019, such debt had a total borrowing capacity of $ 318 million of which the Company agreed to guarantee up to $ 34.6 million. As of December 31, 2019, the outstanding balance of such debt totaled $ 233.4 million of which $ 26.1 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 $ 2.4 million and $ 2.4 million for such services in the years ended December 31, 2019 and 2018, respectively. The Company had $ 0.6 million and $ 0.2 million in accounts receivable due from its unconsolidated joint ventures as of December 31, 2019 and 2018. Included in the Company’s investments in unconsolidated joint ventures as of December 31, 2019 are three unconsolidated joint ventures, two of which are operating properties and one development project, 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 $ 117.7 million as of December 31, 2019. The Company’s maximum exposure to loss as a result of its involvement with these VIEs is estimated to be approximately $ 152.3 million, which includes the Company’s current investment and estimated future funding commitments/guarantees of approximately $ 34.6 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 December 31, 2019 and 2018 (dollars in thousands): Property Debt Number of Company's Carrying Value As of December 31, 2019 Apartment Units Effective December 31, December 31, Maturity Interest Entity / Property Name or Rentable SF Ownership % (a) 2019 2018 Balance Date Rate Multi-family Metropolitan at 40 Park (b) (c) 189 units 25.00 % $ 7,257 $ 7,679 $ 54,373 (d) (d) RiverTrace at Port Imperial 316 units 22.50 % 7,463 8,112 82,000 11/10/26 3.21 % Crystal House (e) 825 units 25.00 % 28,823 29,570 159,492 04/01/20 3.17 % PI North - Riverwalk C 360 units 40.00 % 35,527 27,175 28,208 12/06/21 L+ 2.75 % (f) Marbella II (g) 311 units 24.27 % - 15,414 - - - Riverpark at Harrison 141 units 45.00 % 1,015 1,272 29,261 08/01/25 3.70 % Station House 378 units 50.00 % 35,676 37,675 96,861 07/01/33 4.82 % Urby at Harborside (h) 762 units 85.00 % 79,790 85,317 192,000 08/01/29 5.197 % PI North -Land (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 Red Bank (j) 92,878 sf 50.00 % - 3,127 - - - 12 Vreeland Road 139,750 sf 50.00 % 3,846 (k) 7,019 6,267 07/01/23 2.87 % Offices at Crystal Lake 106,345 sf 31.25 % 3,521 3,442 3,322 11/01/23 4.76 % Other Riverwalk Retail (b) 30,745 sf 20.00 % 1,467 1,539 - - - Hyatt Regency Hotel Jersey City 351 rooms 50.00 % - 112 100,000 10/01/26 3.668 % Other (l) 729 1,320 - - - Totals: $ 209,091 $ 232,750 $ 751,784 (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 amortizable loan, collateralized by the Metropolitan at 40 Park, with a balance of $ 35,161 , bears interest at 3.25 percent, matures in September 2020 ; (ii) an amortizable loan, collateralized by the Shops at 40 Park, with a balance of $ 6,067 , bore interest at LIBOR + 2.25 %, matured in October 2019 . In October 2019, the loan was refinanced with a maturity date of October 2021 , which bears interest at LIBOR + 1.5 %; (iii) a construction loan with a maximum borrowing amount of $ 13,950 for the Lofts at 40 Park with a balance of $ 13,145 , which bore interest at LIBOR plus 250 basis points and scheduled to mature in February 2020 . In January 2020, the loan was refinanced with a maximum borrowing amount of $ 18,200 , which bears interest at LIBOR plus 150 basis points 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. The joint venture is currently in discussions regarding a refinancing of the property debt. (f) The venture has a construction loan with a maximum borrowing amount of $ 112,000 . (g) On January 31, 2019, the Company, which held a 24.27 percent subordinated interest in the unconsolidated joint venture, Marbella Tower Urban Renewal Associates South LLC, a 311 -unit multi-family operating property located in Jersey City, New Jersey, acquired the majority equity partner’s 50 percent preferred and controlling interest in the venture for $ 77.5 million in cash and the Company consolidated the asset. The acquisition was funded primarily using available cash and proceeds from the refinancing. Concurrently with the closing, the joint venture repaid in full the property’s $ 74.7 million mortgage loan and obtained a new loan in the amount of $ 117 million. See Note 3: Recent Transactions - Consolidation. (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. (j) On February 28, 2019, the Company sold its 50 percent interest to its partner and recorded a gain of $ 0.9 million. (k) 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, which is included in equity in earnings for the year. (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 years ended December 31, 2019, 2018 and 2017 (dollars in thousands) : Year Ended December 31, Entity / Property Name 2019 2018 2017 Multi-family Marbella (b) $ - $ 205 $ 334 Metropolitan at 40 Park ( 422 ) ( 455 ) ( 311 ) RiverTrace at Port Imperial 317 154 196 Crystal House ( 687 ) ( 874 ) ( 923 ) PI North - Riverwalk C / Land ( 279 ) ( 126 ) ( 872 ) Marbella II (c) ( 15 ) 35 93 Riverpark at Harrison ( 172 ) ( 232 ) ( 252 ) Station House ( 2,000 ) ( 2,096 ) ( 1,793 ) Urby at Harborside 1,587 (d) ( 975 ) (d) ( 6,356 ) Liberty Landing - ( 5 ) ( 15 ) Hillsborough 206 - 16 ( 25 ) Office Red Bank (e) 8 ( 215 ) 238 12 Vreeland Road ( 3,172 ) (f) 285 496 Offices at Crystal Lake 79 73 89 Other Riverwalk Retail ( 72 ) ( 86 ) ( 81 ) Hyatt Regency Hotel Jersey City 3,388 3,672 3,277 Other 121 497 ( 176 ) Company's equity in earnings (loss) of unconsolidated joint ventures (a) $ ( 1,319 ) $ ( 127 ) $ ( 6,081 ) (a) Amounts are net of amortization of basis differences of $ 638 , $ 903 and $ 792 for the year ended December 31, 2019, 2018 and 2017, respectively. (b) On August 2, 2018, 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) 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. (d) Includes $ 2.6 million of the Company's share of the venture's income from its annual sale of an economic tax credit certificate from the State of New Jersey to a third party. The venture has an agreement with a third party to sell it the tax credits over the next eight years for $ 3 million per year for a total of $ 24 million. The sales are subject to the venture obtaining the tax credits from the State of New Jersey and transferring the credit certificates each year. (e) On February 28, 2019, the Company sold its 50 percent interest to its partner and realized a gain of $ 0.9 million. (f) Includes an impairment charge of $ 3.7 million that the Company recorded at December 31, 2019. |
Deferred Charges, Goodwill And
Deferred Charges, Goodwill And Other Assets, Net | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Deferred Charges, Goodwill And Other Assets, Net | 5. DEFERRED CHARGES, GOODWILL AND OTHER ASSETS, NET December 31, (dollars in thousands) 2019 2018 Deferred leasing costs $ 142,424 $ 173,822 Deferred financing costs - unsecured revolving credit facility (a) 5,559 5,356 147,983 179,178 Accumulated amortization ( 59,522 ) ( 71,326 ) Deferred charges, net 88,461 107,852 Notes receivable (b) 1,625 47,409 In-place lease values, related intangibles and other assets, net (c) (d) 86,092 89,860 Goodwill (e) 2,945 2,945 Right of use assets (f) 22,604 - Prepaid expenses and other assets, net (g) 73,375 107,168 Total deferred charges, goodwill and other assets, net (h) $ 275,102 $ 355,234 (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 December 31, 2019 and 2018, respectively, a mortgage receivable with a balance of zero and $ 45.2 million (acquired in August 2017) which bore interest at 5.85 percent and was repaid in May 2019 in connection with the acquisition of 107 Morgan; and an interest-free note receivable with a net present value of $ 1.6 million and $ 2.2 million, which matures in April 2023 . The Company believes this balance is fully collectible. (c) In accordance with ASC 805, Business Combinations, the Company recognizes rental revenue of acquired above and below market lease intangibles over the terms of the respective leases. The impact of amortizing the acquired above and below-market lease intangibles increased revenue by approximately $ 4.3 million, $ 5.3 million and $ 7.9 million for the years ended December 31, 2019, 2018 and 2017, respectively. The following table summarizes, as of December 31, 2019, the scheduled amortization of the Company’s acquired above and below-market lease intangibles for each of the five succeeding years (dollars in thousands) : Acquired Above- Acquired Below- Market Lease Market Lease Total Year Intangibles Intangibles Amortization 2020 $ ( 1,434 ) $ 4,842 $ 3,408 2021 ( 1,197 ) 4,609 3,412 2022 ( 1,085 ) 4,357 3,272 2023 ( 961 ) 3,537 2,576 2024 ( 850 ) 3,069 2,219 (d) The value of acquired in-place lease intangibles are amortized to expense over the remaining initial terms of the respective leases. The impact of the amortization of acquired in-place lease values is included in depreciation and amortization expense and amounted to approximately $ 34.2 million, $ 17.9 million and $ 32.2 million for the years ended December 31, 2019, 2018 and 2017, respectively. The following table summarizes, as of December 31, 2019, the scheduled amortization of the Company’s acquired in-place lease values for each of the five succeeding years (dollars in thousands) : Year 2020 $ 17,120 2021 9,278 2022 8,210 2023 6,103 2024 4,521 Thereafter 16,511 Total $ 61,743 (e) All goodwill is attributable to the Company’s Multi-family Real Estate and Services segment. (f) B alance 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 12: Commitments and Contingencies – Ground Lease agreements for further details. (g) Includes as of December 31, 2019 and 2018, $ 28.1 million and $ 49.2 million, respectively, of funds available with the Company’s qualified intermediary from prior property sales proceeds. (h) The amount as of December 31, 2019 includes $ 68.6 million 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 December 31, 2019, the Company did not have any outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk. During March 2019, in connection with a partial paydown of the Company’s outstanding term loans, the Company terminated interest rate swaps with an aggregate notional amount of $ 90 million. During June 2019, in connection with a subsequent partial paydown of the Company’s outstanding unsecured term loans, the Company terminated interest rate swaps with an aggregate notional amount of $ 160 million. During August 2019, in connection with a partial paydown of the Company’s outstanding unsecured term loans, the Company terminated rate swaps with an aggregate notional amount of $ 145 million. 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 $ 1.9 million for the year ended December 31, 2019. During December 2019, in connection with the paydown of the remainder of the outstanding term loans, the Company terminated the remaining interest rate swaps with an aggregate notional amount of $ 280 million for a receipt of $ 36,000 . Following these terminations, $ 25,000 was recorded in accumulated other comprehensive income and is being recorded as an adjustment to interest expense over the term of the original hedges and respective borrowings. Of the amount recorded in accumulated other comprehensive income following these terminations, $ 9,000 was recorded as a decrease to interest expense for the year ended December 31, 2019 and approximately $ 16,000 remained in accumulated other comprehensive income as of December 31, 2019. 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. During the years ended December 31, 2019, 2018 and 2017 the Company recorded ineffectiveness loss of zero , $ 0.2 million and $ 37,000 , respectively, which is included in interest and other investment income (loss) in the consolidated statements of operations, attributable to a floor mismatch in the underlying indices of the derivatives and the hedged interest payments made on its variable-rate debt. 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 that an additional $ 16,000 will be reclassified as a decrease to interest expense. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Balance Sheet as of December 31, 2019 and 2018 (dollars in thousands) : Fair Value Asset Derivatives designated December 31, as hedging instruments 2019 2018 Balance sheet location Interest rate swaps $ - $ 10,175 Deferred charges, goodwill and other assets The table below presents the effect of the Company’s derivative financial instruments on the Income Statement for the years ending December 31, 2019, 2018 and 2017 (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 (Ineffective Portion and Reclassification for Forecasted Transactions No Longer Probable of Occurring) Total Amount of Interest Expense presented in the consolidated statements Year ended December 31, 2019 2018 2017 2019 2018 2017 2019 2018 2017 2019 2018 2017 Interest rate swaps $ ( 4,682 ) $ 5,262 $ 2,869 Interest expense $ 3,551 $ 2,944 $ ( 2,381 ) Interest and other investment income (loss) $ 1,926 $ ( 204 ) $ ( 37 ) $ ( 90,569 ) $ ( 77,346 ) $ ( 84,523 ) Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on the indebtedness. As of December 31, 2019, the Company did no t have derivatives in a net liability position including accrued interest but excluding any adjustment for nonperformance risk related to these agreements. As of December 31, 2019, the Company has no t posted any collateral related to these agreements. |
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 December 31, (dollars in thousands) 2019 2018 Deferred leasing costs $ 142,424 $ 173,822 Deferred financing costs - unsecured revolving credit facility (a) 5,559 5,356 147,983 179,178 Accumulated amortization ( 59,522 ) ( 71,326 ) Deferred charges, net 88,461 107,852 Notes receivable (b) 1,625 47,409 In-place lease values, related intangibles and other assets, net (c) (d) 86,092 89,860 Goodwill (e) 2,945 2,945 Right of use assets (f) 22,604 - Prepaid expenses and other assets, net (g) 73,375 107,168 Total deferred charges, goodwill and other assets, net (h) $ 275,102 $ 355,234 (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 December 31, 2019 and 2018, respectively, a mortgage receivable with a balance of zero and $ 45.2 million (acquired in August 2017) which bore interest at 5.85 percent and was repaid in May 2019 in connection with the acquisition of 107 Morgan; and an interest-free note receivable with a net present value of $ 1.6 million and $ 2.2 million, which matures in April 2023 . The Company believes this balance is fully collectible. (c) In accordance with ASC 805, Business Combinations, the Company recognizes rental revenue of acquired above and below market lease intangibles over the terms of the respective leases. The impact of amortizing the acquired above and below-market lease intangibles increased revenue by approximately $ 4.3 million, $ 5.3 million and $ 7.9 million for the years ended December 31, 2019, 2018 and 2017, respectively. The following table summarizes, as of December 31, 2019, the scheduled amortization of the Company’s acquired above and below-market lease intangibles for each of the five succeeding years (dollars in thousands) : Acquired Above- Acquired Below- Market Lease Market Lease Total Year Intangibles Intangibles Amortization 2020 $ ( 1,434 ) $ 4,842 $ 3,408 2021 ( 1,197 ) 4,609 3,412 2022 ( 1,085 ) 4,357 3,272 2023 ( 961 ) 3,537 2,576 2024 ( 850 ) 3,069 2,219 (d) The value of acquired in-place lease intangibles are amortized to expense over the remaining initial terms of the respective leases. The impact of the amortization of acquired in-place lease values is included in depreciation and amortization expense and amounted to approximately $ 34.2 million, $ 17.9 million and $ 32.2 million for the years ended December 31, 2019, 2018 and 2017, respectively. The following table summarizes, as of December 31, 2019, the scheduled amortization of the Company’s acquired in-place lease values for each of the five succeeding years (dollars in thousands) : Year 2020 $ 17,120 2021 9,278 2022 8,210 2023 6,103 2024 4,521 Thereafter 16,511 Total $ 61,743 (e) All goodwill is attributable to the Company’s Multi-family Real Estate and Services segment. (f) B alance 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 12: Commitments and Contingencies – Ground Lease agreements for further details. (g) Includes as of December 31, 2019 and 2018, $ 28.1 million and $ 49.2 million, respectively, of funds available with the Company’s qualified intermediary from prior property sales proceeds. (h) The amount as of December 31, 2019 includes $ 68.6 million 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 December 31, 2019, the Company did not have any outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk. During March 2019, in connection with a partial paydown of the Company’s outstanding term loans, the Company terminated interest rate swaps with an aggregate notional amount of $ 90 million. During June 2019, in connection with a subsequent partial paydown of the Company’s outstanding unsecured term loans, the Company terminated interest rate swaps with an aggregate notional amount of $ 160 million. During August 2019, in connection with a partial paydown of the Company’s outstanding unsecured term loans, the Company terminated rate swaps with an aggregate notional amount of $ 145 million. 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 $ 1.9 million for the year ended December 31, 2019. During December 2019, in connection with the paydown of the remainder of the outstanding term loans, the Company terminated the remaining interest rate swaps with an aggregate notional amount of $ 280 million for a receipt of $ 36,000 . Following these terminations, $ 25,000 was recorded in accumulated other comprehensive income and is being recorded as an adjustment to interest expense over the term of the original hedges and respective borrowings. Of the amount recorded in accumulated other comprehensive income following these terminations, $ 9,000 was recorded as a decrease to interest expense for the year ended December 31, 2019 and approximately $ 16,000 remained in accumulated other comprehensive income as of December 31, 2019. 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. During the years ended December 31, 2019, 2018 and 2017 the Company recorded ineffectiveness loss of zero , $ 0.2 million and $ 37,000 , respectively, which is included in interest and other investment income (loss) in the consolidated statements of operations, attributable to a floor mismatch in the underlying indices of the derivatives and the hedged interest payments made on its variable-rate debt. 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 that an additional $ 16,000 will be reclassified as a decrease to interest expense. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Balance Sheet as of December 31, 2019 and 2018 (dollars in thousands) : Fair Value Asset Derivatives designated December 31, as hedging instruments 2019 2018 Balance sheet location Interest rate swaps $ - $ 10,175 Deferred charges, goodwill and other assets The table below presents the effect of the Company’s derivative financial instruments on the Income Statement for the years ending December 31, 2019, 2018 and 2017 (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 (Ineffective Portion and Reclassification for Forecasted Transactions No Longer Probable of Occurring) Total Amount of Interest Expense presented in the consolidated statements Year ended December 31, 2019 2018 2017 2019 2018 2017 2019 2018 2017 2019 2018 2017 Interest rate swaps $ ( 4,682 ) $ 5,262 $ 2,869 Interest expense $ 3,551 $ 2,944 $ ( 2,381 ) Interest and other investment income (loss) $ 1,926 $ ( 204 ) $ ( 37 ) $ ( 90,569 ) $ ( 77,346 ) $ ( 84,523 ) Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on the indebtedness. As of December 31, 2019, the Company did no t have derivatives in a net liability position including accrued interest but excluding any adjustment for nonperformance risk related to these agreements. As of December 31, 2019, the Company has no t posted any collateral related to these agreements. |
Restricted Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2019 | |
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) : December 31, December 31, 2019 2018 Security deposits $ 5,677 $ 10,257 Escrow and other reserve funds 9,900 9,664 Total restricted cash $ 15,577 $ 19,921 |
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) : December 31, December 31, 2019 2018 Security deposits $ 5,677 $ 10,257 Escrow and other reserve funds 9,900 9,664 Total restricted cash $ 15,577 $ 19,921 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations | 7. DISCONTINUED OPERATIONS Following the General Partner’s 2019 Annual Meeting of Stockholders, the Board formed a Shareholder Value Committee comprised of four independent directors to review the Company’s strategic direction and make a recommendation to the full Board. On December 19, 2019, the Company announced that, based on the recommendations of the Shareholder Value Committee, the 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. During the year ended December 31, 2019, the Company completed the sale of two of these suburban office properties, totaling 497,000 square feet, for net sales proceeds of $ 52.2 million. As of December 31, 2019, the Company has identified as held for sale the remaining 35 office properties (comprised of 12 disposal groups) in the Suburban Office Portfolio, totaling 6.1 million square feet. The Company expects to complete the sale of its remaining Suburban Office Portfolio properties in 2020, and plans to use the available sales proceeds to pay down its corporate-level, unsecured indebtedness. 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. The Company determined that the carrying value of 21 of the properties (comprised of six disposal groups) was not expected to be recovered from estimated net sales proceeds, and accordingly recognized an unrealized loss allowance of $ 144.1 million during the year ended December 31, 2019. 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 years ended December 31, 2019, 2018 and 2017 (dollars in thousands) Year Ended December 31, 2019 2018 2017 Total revenues $ 175,938 $ 164,891 $ 157,171 Operating and other expenses ( 70,640 ) ( 68,093 ) ( 62,654 ) Depreciation and amortization ( 72,602 ) ( 62,605 ) ( 62,849 ) Interest expense ( 5,240 ) ( 6,238 ) ( 8,790 ) Loss from early extinguishment of debt - ( 1,821 ) - Income from discontinued operations 27,456 26,134 22,878 Unrealized losses on disposition of rental property (a) ( 144,090 ) - - Realized gains on disposition of rental property (b) 7,916 - - Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net ( 136,174 ) - - Total discontinued operations, net $ ( 108,718 ) $ 26,134 $ 22,878 (a) Represents valuation allowances and impairment charges on properties classified as discontinued operations in 2019. (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 Following the General Partner’s 2019 Annual Meeting of Stockholders, the Board formed a Shareholder Value Committee comprised of four independent directors to review the Company’s strategic direction and make a recommendation to the full Board. On December 19, 2019, the Company announced that, based on the recommendations of the Shareholder Value Committee, the 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. During the year ended December 31, 2019, the Company completed the sale of two of these suburban office properties, totaling 497,000 square feet, for net sales proceeds of $ 52.2 million. As of December 31, 2019, the Company has identified as held for sale the remaining 35 office properties (comprised of 12 disposal groups) in the Suburban Office Portfolio, totaling 6.1 million square feet. The Company expects to complete the sale of its remaining Suburban Office Portfolio properties in 2020, and plans to use the available sales proceeds to pay down its corporate-level, unsecured indebtedness. 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. The Company determined that the carrying value of 21 of the properties (comprised of six disposal groups) was not expected to be recovered from estimated net sales proceeds, and accordingly recognized an unrealized loss allowance of $ 144.1 million during the year ended December 31, 2019. 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 years ended December 31, 2019, 2018 and 2017 (dollars in thousands) Year Ended December 31, 2019 2018 2017 Total revenues $ 175,938 $ 164,891 $ 157,171 Operating and other expenses ( 70,640 ) ( 68,093 ) ( 62,654 ) Depreciation and amortization ( 72,602 ) ( 62,605 ) ( 62,849 ) Interest expense ( 5,240 ) ( 6,238 ) ( 8,790 ) Loss from early extinguishment of debt - ( 1,821 ) - Income from discontinued operations 27,456 26,134 22,878 Unrealized losses on disposition of rental property (a) ( 144,090 ) - - Realized gains on disposition of rental property (b) 7,916 - - Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net ( 136,174 ) - - Total discontinued operations, net $ ( 108,718 ) $ 26,134 $ 22,878 (a) Represents valuation allowances and impairment charges on properties classified as discontinued operations in 2019. (b) See Note 3: Real Estate Transactions – Dispositions for further information regarding properties sold and related gains (losses) . |
Senior Unsecured Notes
Senior Unsecured Notes | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Line Items] | |
Senior Unsecured Notes | 8. SENIOR UNSECURED NOTES A summary of the Company’s senior unsecured notes as of December 31, 2019 and 2018 is as follows (dollars in thousands) : December 31, December 31, Effective 2019 2018 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 ( 2,170 ) ( 2,838 ) Unamortized deferred financing costs ( 1,346 ) ( 1,848 ) Total senior unsecured notes, net $ 571,484 $ 570,314 (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 December 31, 2019. |
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 December 31, 2019 and 2018 is as follows (dollars in thousands) : December 31, December 31, Effective 2019 2018 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 ( 2,170 ) ( 2,838 ) Unamortized deferred financing costs ( 1,346 ) ( 1,848 ) Total senior unsecured notes, net $ 571,484 $ 570,314 (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 December 31, 2019. |
Unsecured Revolving Credit Faci
Unsecured Revolving Credit Facility And Term Loans | 12 Months Ended |
Dec. 31, 2019 | |
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. 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. On August 5, 2019, the Company prepaid $ 45 million on 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 received on that date) and recorded a net loss of $ 20,000 from extinguishment of debt, as a result of a gain of $ 44,000 due to the early termination of part of the interest rate swap arrangements and the write off of unamortized deferred financing costs and fees of $ 64,000 due to the early debt prepayment. On December 18, 2019, the Company prepaid the remaining $ 280 million balance outstanding on the 2017 Term Loan (using borrowings under the Company’s unsecured revolving credit facility) and recorded a net loss of $ 153,000 from extinguishment of debt, as a result of a gain of $ 36,000 due to the early termination of part of the interest rate swap arrangements and the write off of unamortized deferred financing costs and fees of $ 189,000 due to the early 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). 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 . On March 29, 2019, the Company prepaid $ 90 million on the 2016 Term Loan (using a portion of the cash sales proceeds from the Flex portfolio sale completed on that date) and recorded a gain from extinguishment of debt of $ 1.3 million due to the early termination of part of the interest rate swap arrangements, as a result of the debt prepayment. On June 24, 2019, the Company prepaid $ 160 million on the 2016 Term Loan (primarily using the proceeds from a mortgage loan financing obtained on the recently acquired Soho Lofts Apartments) and recorded an additional gain from extinguishment of debt of $ 0.6 million due to the early termination of part of the interest rate swap arrangements as a result of the debt prepayment. On August 5, 2019, the Company prepaid the remaining $ 100 million balance outstanding on the 2016 Term Loan (using a portion of the proceeds from a new mortgage loan collateralized by an office building located at 111 River Street received on that date), and recorded a net loss from extinguishment of debt of $ 78,000 as a result of a gain of $ 164,000 due to the early termination of part of the interest rate swap arrangements, and the write off of unamortized deferred financing costs and fees of $ 242,000 due to the early debt prepayments. In summary, the Company recorded a net gain on extinguishment of debt of $ 1.6 million during 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 remain unchanged. The Company was in compliance with its debt covenants under its unsecured revolving credit facility as of December 31, 2019. As of December 31, 2019 and 2018, the Company’s unsecured credit facility and term loans totaled $ 329.0 million and $ 790.9 million, respectively, and were comprised of: $ 329.0 million of outstanding borrowings under its unsecured revolving credit facility, with no outstanding term loans as of December 31, 2019; and $ 117 million of outstanding borrowings under its unsecured revolving credit facility, $ 350.0 million from the 2016 Term Loan and $ 323.9 million from the 2017 Term Loan (net of unamortized deferred financing costs of $ 1.1 million) as of December 31, 2018. |
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. 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. On August 5, 2019, the Company prepaid $ 45 million on 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 received on that date) and recorded a net loss of $ 20,000 from extinguishment of debt, as a result of a gain of $ 44,000 due to the early termination of part of the interest rate swap arrangements and the write off of unamortized deferred financing costs and fees of $ 64,000 due to the early debt prepayment. On December 18, 2019, the Company prepaid the remaining $ 280 million balance outstanding on the 2017 Term Loan (using borrowings under the Company’s unsecured revolving credit facility) and recorded a net loss of $ 153,000 from extinguishment of debt, as a result of a gain of $ 36,000 due to the early termination of part of the interest rate swap arrangements and the write off of unamortized deferred financing costs and fees of $ 189,000 due to the early 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). 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 . On March 29, 2019, the Company prepaid $ 90 million on the 2016 Term Loan (using a portion of the cash sales proceeds from the Flex portfolio sale completed on that date) and recorded a gain from extinguishment of debt of $ 1.3 million due to the early termination of part of the interest rate swap arrangements, as a result of the debt prepayment. On June 24, 2019, the Company prepaid $ 160 million on the 2016 Term Loan (primarily using the proceeds from a mortgage loan financing obtained on the recently acquired Soho Lofts Apartments) and recorded an additional gain from extinguishment of debt of $ 0.6 million due to the early termination of part of the interest rate swap arrangements as a result of the debt prepayment. On August 5, 2019, the Company prepaid the remaining $ 100 million balance outstanding on the 2016 Term Loan (using a portion of the proceeds from a new mortgage loan collateralized by an office building located at 111 River Street received on that date), and recorded a net loss from extinguishment of debt of $ 78,000 as a result of a gain of $ 164,000 due to the early termination of part of the interest rate swap arrangements, and the write off of unamortized deferred financing costs and fees of $ 242,000 due to the early debt prepayments. In summary, the Company recorded a net gain on extinguishment of debt of $ 1.6 million during 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 remain unchanged. The Company was in compliance with its debt covenants under its unsecured revolving credit facility as of December 31, 2019. As of December 31, 2019 and 2018, the Company’s unsecured credit facility and term loans totaled $ 329.0 million and $ 790.9 million, respectively, and were comprised of: $ 329.0 million of outstanding borrowings under its unsecured revolving credit facility, with no outstanding term loans as of December 31, 2019; and $ 117 million of outstanding borrowings under its unsecured revolving credit facility, $ 350.0 million from the 2016 Term Loan and $ 323.9 million from the 2017 Term Loan (net of unamortized deferred financing costs of $ 1.1 million) as of December 31, 2018. |
Mortgages, Loans Payable And Ot
Mortgages, Loans Payable And Other Obligations | 12 Months Ended |
Dec. 31, 2019 | |
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 December 31, 2019, 19 of the Company’s properties, with a total carrying value of approximately $ 2.9 billion and four of the Company’s land and development projects, with a total carrying value of approximately $ 381 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 December 31, 2019. A summary of the Company’s mortgages, loans payable and other obligations as of December 31, 2019 and 2018 is as follows (dollars in thousands) : Effective December 31, December 31, Property/Project Name Lender Rate (a) 2019 2018 Maturity Park Square (b) Wells Fargo Bank N.A. LIBOR+1.87 % $ - $ 25,167 - Alterra I & II (c) Capital One/FreddieMac 3.85 % - 100,000 - The Chase at Overlook Ridge (c) New York Community Bank 3.74 % - 135,750 - Monaco (d) The Northwestern Mutual Life Insurance Co. 3.15 % 166,752 168,370 02/01/21 Port Imperial South 4/5 Retail American General Life & A/G PC 4.56 % 3,934 4,000 12/01/21 Port Imperial 4/5 Hotel (e) Fifth Third Bank LIBOR+3.40 % 74,000 73,350 04/09/22 Chase III (f) Fifth Third Bank LIBOR+2.50 % 24,064 - 05/16/22 Port Imperial South 9 (g) Bank of New York Mellon LIBOR+2.13 % 11,615 - 12/19/22 Portside 7 CBRE Capital Markets/FreddieMac 3.57 % 58,998 58,998 08/01/23 Short Hills Residential (h) People's United Bank LIBOR+2.15 % 9,431 - 03/26/23 250 Johnson (i) Nationwide Life Insurance Company 3.74 % 43,000 41,769 08/01/24 Liberty Towers (j) American General Life Insurance Company 3.37 % 232,000 - 10/01/24 The Charlotte (k) QuadReal Finance LIBOR+2.70 % 5,144 - 12/01/24 Portside 5/6 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 (l) New York Life Insurance Company 4.29 % 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 56,892 12/10/26 Short Hills Portfolio (m) 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 The Northwestern Mutual Life Insurance Co. 4.52 % 100,000 100,000 01/10/29 Soho Lofts (n) New York Community Bank 3.77 % 160,000 - 07/01/29 Riverwatch Commons (n) New York Community Bank 3.79 % 30,000 - 07/01/29 111 River St. Athene Annuity and Life Company 3.90 % 150,000 - 09/01/29 Port Imperial South 4/5 Garage American General Life & A/G PC 4.85 % 32,600 32,600 12/01/29 Principal balance outstanding 1,925,038 1,440,396 Unamortized deferred financing costs ( 17,004 ) ( 8,998 ) Total mortgages, loans payable and other obligations, net $ 1,908,034 $ 1,431,398 (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) On January 16, 2019, the loan was repaid using proceeds from the disposition of Park Square. (c) This mortgage was assumed by the buyer upon the Company's disposition of the properties on October 23, 2019, which was a non-cash transaction. (d) This mortgage loan, which includes unamortized fair value adjustment of $ 1.8 million as of December 31, 2019, was assumed by the Company in April 2017 with the consolidation of all the interests in Monaco Towers. (e) This construction loan has a maximum borrowing capacity of $ 94 million and provides, subject to certain conditions, two one year extension options with a fee of 20 basis points for each year. On June 28, 2019, the Company paid down the loan by $ 30 million using proceeds from the June 28, 2019 Rockpoint transaction. See Note 12: Commitments and Contingencies - Construction Projects. At its original scheduled maturity in October 2019, the loan was amended and restated with a new interest rate and a new maturity date of April 2022. (f) 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. (g) 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. (h) 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 (i) On July 29, 2019, the Company repaid the construction loan from the proceeds of a new $ 43 million mortgage loan that matures on August 1, 2024 . (j) In January 2020, the Company increased the size of the loan on Liberty Towers to $ 265 million, generating $ 33 million of additional proceeds. (k) 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. (l) On January 31, 2019, the Company acquired the majority equity partner's 50 percent interest. Concurrently with the closing, the joint venture repaid in full the property's $ 74.7 million mortgage loan and obtained a new loan in the amount of $ 117 million. (m) Properties, which are collateral for this mortgage loan, were classified as held for sale as of December 31, 2019. (n) 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. SCHEDULED PRINCIPAL PAYMENTS Scheduled principal payments for the Company’s senior unsecured notes (see Note 8), unsecured revolving credit facility and term loan (see Note 9) and mortgages, loans payable and other obligations (See Note 10) as of December 31, 2019 are as follows (dollars in thousands) : Scheduled Principal Period Amortization Maturities Total 2020 $ 569 $ - $ 569 2021 591 497,800 498,391 2022 550 409,678 410,228 2023 2,323 343,429 345,752 2024 3,927 280,144 284,071 2025 3,799 - 3,799 Thereafter 14,701 1,269,774 1,284,475 Sub-total 26,460 2,800,825 2,827,285 Adjustment for unamortized debt discount/premium, net December 31, 2019 ( 2,170 ) - ( 2,170 ) Unamortized mark to market 1,752 - 1,752 Unamortized deferred financing costs ( 18,349 ) - ( 18,349 ) Totals $ 7,693 $ 2,800,825 $ 2,808,518 CASH PAID FOR INTEREST AND INTEREST CAPITALIZED Cash paid for interest for the years ended December 31, 2019, 2018 and 2017 was $ 108,277,000 (of which $ 1,278,000 pertained to properties classified as discontinued operations) $ 97,744,000 and $ 103,559,000 , respectively. Interest capitalized by the Company for the years ended December 31, 2019, 2018 and 2017 was $ 19,325,000 , $ 27,047,000 , and $ 20,240,000 , respectively (which amounts included $ 1,339,000 , $ 816,000 and $ 1,056,000 for the years ended December 31, 2019, 2018 and 2017, respectively, of interest capitalized on the Company’s investments in unconsolidated joint ventures which were substantially in development). SUMMARY OF INDEBTEDNESS 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). As of December 31, 2018, the Company’s total indebtedness of $ 2,792,651,000 (weighted average interest rate of 3.89 percent) was comprised of $ 309,705,000 of unsecured revolving credit facility borrowings and other variable rate mortgage debt (weighted average rate of 4.90 percent) and fixed rate debt and other obligations of $ 2,482,946,000 (weighted average rate of 3.76 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 December 31, 2019, 19 of the Company’s properties, with a total carrying value of approximately $ 2.9 billion and four of the Company’s land and development projects, with a total carrying value of approximately $ 381 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 December 31, 2019. A summary of the Company’s mortgages, loans payable and other obligations as of December 31, 2019 and 2018 is as follows (dollars in thousands) : Effective December 31, December 31, Property/Project Name Lender Rate (a) 2019 2018 Maturity Park Square (b) Wells Fargo Bank N.A. LIBOR+1.87 % $ - $ 25,167 - Alterra I & II (c) Capital One/FreddieMac 3.85 % - 100,000 - The Chase at Overlook Ridge (c) New York Community Bank 3.74 % - 135,750 - Monaco (d) The Northwestern Mutual Life Insurance Co. 3.15 % 166,752 168,370 02/01/21 Port Imperial South 4/5 Retail American General Life & A/G PC 4.56 % 3,934 4,000 12/01/21 Port Imperial 4/5 Hotel (e) Fifth Third Bank LIBOR+3.40 % 74,000 73,350 04/09/22 Chase III (f) Fifth Third Bank LIBOR+2.50 % 24,064 - 05/16/22 Port Imperial South 9 (g) Bank of New York Mellon LIBOR+2.13 % 11,615 - 12/19/22 Portside 7 CBRE Capital Markets/FreddieMac 3.57 % 58,998 58,998 08/01/23 Short Hills Residential (h) People's United Bank LIBOR+2.15 % 9,431 - 03/26/23 250 Johnson (i) Nationwide Life Insurance Company 3.74 % 43,000 41,769 08/01/24 Liberty Towers (j) American General Life Insurance Company 3.37 % 232,000 - 10/01/24 The Charlotte (k) QuadReal Finance LIBOR+2.70 % 5,144 - 12/01/24 Portside 5/6 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 (l) New York Life Insurance Company 4.29 % 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 56,892 12/10/26 Short Hills Portfolio (m) 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 The Northwestern Mutual Life Insurance Co. 4.52 % 100,000 100,000 01/10/29 Soho Lofts (n) New York Community Bank 3.77 % 160,000 - 07/01/29 Riverwatch Commons (n) New York Community Bank 3.79 % 30,000 - 07/01/29 111 River St. Athene Annuity and Life Company 3.90 % 150,000 - 09/01/29 Port Imperial South 4/5 Garage American General Life & A/G PC 4.85 % 32,600 32,600 12/01/29 Principal balance outstanding 1,925,038 1,440,396 Unamortized deferred financing costs ( 17,004 ) ( 8,998 ) Total mortgages, loans payable and other obligations, net $ 1,908,034 $ 1,431,398 (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) On January 16, 2019, the loan was repaid using proceeds from the disposition of Park Square. (c) This mortgage was assumed by the buyer upon the Company's disposition of the properties on October 23, 2019, which was a non-cash transaction. (d) This mortgage loan, which includes unamortized fair value adjustment of $ 1.8 million as of December 31, 2019, was assumed by the Company in April 2017 with the consolidation of all the interests in Monaco Towers. (e) This construction loan has a maximum borrowing capacity of $ 94 million and provides, subject to certain conditions, two one year extension options with a fee of 20 basis points for each year. On June 28, 2019, the Company paid down the loan by $ 30 million using proceeds from the June 28, 2019 Rockpoint transaction. See Note 12: Commitments and Contingencies - Construction Projects. At its original scheduled maturity in October 2019, the loan was amended and restated with a new interest rate and a new maturity date of April 2022. (f) 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. (g) 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. (h) 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 (i) On July 29, 2019, the Company repaid the construction loan from the proceeds of a new $ 43 million mortgage loan that matures on August 1, 2024 . (j) In January 2020, the Company increased the size of the loan on Liberty Towers to $ 265 million, generating $ 33 million of additional proceeds. (k) 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. (l) On January 31, 2019, the Company acquired the majority equity partner's 50 percent interest. Concurrently with the closing, the joint venture repaid in full the property's $ 74.7 million mortgage loan and obtained a new loan in the amount of $ 117 million. (m) Properties, which are collateral for this mortgage loan, were classified as held for sale as of December 31, 2019. (n) 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. SCHEDULED PRINCIPAL PAYMENTS Scheduled principal payments for the Company’s senior unsecured notes (see Note 8), unsecured revolving credit facility and term loan (see Note 9) and mortgages, loans payable and other obligations (See Note 10) as of December 31, 2019 are as follows (dollars in thousands) : Scheduled Principal Period Amortization Maturities Total 2020 $ 569 $ - $ 569 2021 591 497,800 498,391 2022 550 409,678 410,228 2023 2,323 343,429 345,752 2024 3,927 280,144 284,071 2025 3,799 - 3,799 Thereafter 14,701 1,269,774 1,284,475 Sub-total 26,460 2,800,825 2,827,285 Adjustment for unamortized debt discount/premium, net December 31, 2019 ( 2,170 ) - ( 2,170 ) Unamortized mark to market 1,752 - 1,752 Unamortized deferred financing costs ( 18,349 ) - ( 18,349 ) Totals $ 7,693 $ 2,800,825 $ 2,808,518 CASH PAID FOR INTEREST AND INTEREST CAPITALIZED Cash paid for interest for the years ended December 31, 2019, 2018 and 2017 was $ 108,277,000 (of which $ 1,278,000 pertained to properties classified as discontinued operations) $ 97,744,000 and $ 103,559,000 , respectively. Interest capitalized by the Company for the years ended December 31, 2019, 2018 and 2017 was $ 19,325,000 , $ 27,047,000 , and $ 20,240,000 , respectively (which amounts included $ 1,339,000 , $ 816,000 and $ 1,056,000 for the years ended December 31, 2019, 2018 and 2017, respectively, of interest capitalized on the Company’s investments in unconsolidated joint ventures which were substantially in development). SUMMARY OF INDEBTEDNESS 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). As of December 31, 2018, the Company’s total indebtedness of $ 2,792,651,000 (weighted average interest rate of 3.89 percent) was comprised of $ 309,705,000 of unsecured revolving credit facility borrowings and other variable rate mortgage debt (weighted average rate of 4.90 percent) and fixed rate debt and other obligations of $ 2,482,946,000 (weighted average rate of 3.76 percent). |
Employee Benefit 401(k) Plans
Employee Benefit 401(k) Plans | 12 Months Ended |
Dec. 31, 2019 | |
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 year s 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 years ended December 31, 2019, 2018 and 2017 was $ 773,000 , $ 886,000 and $ 1,055,000 , 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 year s 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 years ended December 31, 2019, 2018 and 2017 was $ 773,000 , $ 886,000 and $ 1,055,000 , respectively. |
Disclosure Of Fair Value Of Ass
Disclosure Of Fair Value Of Assets And Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
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 December 31, 2019 and 2018. 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 December 31, 2019 and 2018. 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 $ 2,791,629,000 and $ 2,711,712,000 as compared to the book value of approximately $ 2,808,517,000 and $ 2,792,651,000 as of December 31, 2019 and 2018, 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. Examples of 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, 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 December 31, 2019, examples of these 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 Discount rates Suburban 7.5 % - 9.6 % Exit Capitalization rates Suburban 7.5 % - 9 % Market rental rates Suburban $ 26.00 - $ 50.00 Land properties held for sale on which the Company recognized impairment losses Developable units and market rate per unit Market rates per residential unit Suburban $ 26,500 - $ 35,000 Market rates per square foot Suburban $ 15.00 - $ 25.00 The Company identified 35 office properties (comprised of 12 disposal groups), a retail pad leased to others and several developable land parcels as held for sale as of December 31, 2019 with an aggregate carrying value of $ 966 million. The Company determined that the carrying value of 21 of the properties (comprised of six disposal groups) and several land parcels was not expected to be recovered from estimated net sales proceeds and accordingly during the year ended December 31, 2019 recognized an unrealized loss allowance of $ 174.1 million ($ 137.9 million of which are from discontinued operations) for the properties and land and other impairments of $ 32.4 million. The Company owned two separate developable land parcels in Conshohocken and Bala Cynwyd, Pennsylvania, that were being considered for development into multi-family rental properties. During the fourth quarter 2018, the Company changed its plans regarding pursuing development in Pennsylvania and made the decision to pursue selling the land parcels as opposed to development. Due to the shortening of the expected period of ownership, the Company determined that the carrying value of the land parcels was impaired and recorded an adjustment to its carrying value to their estimated fair value and recorded land impairments charges of $ 24.6 million at December 31, 2018. As a result of its periodic evaluation of the recoverability of the carrying value, the Company recorded additional land impairment charges of $ 2.7 million in the year ended December 31, 2019. The Company identified as held for sale six office properties and a 159 unit multi-family rental property as of December 31, 2018 with an aggregate carrying value of $ 108.8 million. The total estimated sales proceeds from the sales were expected to be approximately $ 124 million. The Company determined that the carrying value of four of these properties was not expected to be recovered from estimated net sales proceeds and accordingly recognized an unrealized loss allowance of $ 20.1 million during the year ended December 31, 2018. Disclosure about fair value of assets and liabilities is based on pertinent information available to management as of December 31, 2019 and 2018. 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 December 31, 2019 and current estimates of fair value may differ significantly from the amounts presented herein. |
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 December 31, 2019 and 2018. 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 December 31, 2019 and 2018. 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 $ 2,791,629,000 and $ 2,711,712,000 as compared to the book value of approximately $ 2,808,517,000 and $ 2,792,651,000 as of December 31, 2019 and 2018, 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. Examples of 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, 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 December 31, 2019, examples of these 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 Discount rates Suburban 7.5 % - 9.6 % Exit Capitalization rates Suburban 7.5 % - 9 % Market rental rates Suburban $ 26.00 - $ 50.00 Land properties held for sale on which the Company recognized impairment losses Developable units and market rate per unit Market rates per residential unit Suburban $ 26,500 - $ 35,000 Market rates per square foot Suburban $ 15.00 - $ 25.00 The Company identified 35 office properties (comprised of 12 disposal groups), a retail pad leased to others and several developable land parcels as held for sale as of December 31, 2019 with an aggregate carrying value of $ 966 million. The Company determined that the carrying value of 21 of the properties (comprised of six disposal groups) and several land parcels was not expected to be recovered from estimated net sales proceeds and accordingly during the year ended December 31, 2019 recognized an unrealized loss allowance of $ 174.1 million ($ 137.9 million of which are from discontinued operations) for the properties and land and other impairments of $ 32.4 million. The Company owned two separate developable land parcels in Conshohocken and Bala Cynwyd, Pennsylvania, that were being considered for development into multi-family rental properties. During the fourth quarter 2018, the Company changed its plans regarding pursuing development in Pennsylvania and made the decision to pursue selling the land parcels as opposed to development. Due to the shortening of the expected period of ownership, the Company determined that the carrying value of the land parcels was impaired and recorded an adjustment to its carrying value to their estimated fair value and recorded land impairments charges of $ 24.6 million at December 31, 2018. As a result of its periodic evaluation of the recoverability of the carrying value, the Company recorded additional land impairment charges of $ 2.7 million in the year ended December 31, 2019. The Company identified as held for sale six office properties and a 159 unit multi-family rental property as of December 31, 2018 with an aggregate carrying value of $ 108.8 million. The total estimated sales proceeds from the sales were expected to be approximately $ 124 million. The Company determined that the carrying value of four of these properties was not expected to be recovered from estimated net sales proceeds and accordingly recognized an unrealized loss allowance of $ 20.1 million during the year ended December 31, 2018. Disclosure about fair value of assets and liabilities is based on pertinent information available to management as of December 31, 2019 and 2018. 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 December 31, 2019 and current estimates of fair value may differ significantly from the amounts presented herein. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
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 $ 1.1 million, $ 1.1 million and $ 1.1 million for the years ended December 31, 2019, 2018 and 2017, 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 $ 4.4 million, $ 4.4 million and $ 3.9 million for the years ended December 31, 2019, 2018 and 2017, 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 commenced initial operation in December 2018. The annual PILOT is equal to two percent of Total Project Costs, as defined therein. The PILOT totaled $ 2.2 million for the year ended December 31, 2019. 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 $ 1.0 million for the year ended December 31, 2019. 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 $ 1.4 million, $ 1.4 million and $ 1.3 million for the years ended December 31, 2019, 2018 and 2017, 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 $ 2.1 million and $ 2.4 million for the years ended December 31, 2019, 2018, and $ 1.6 million for the period from acquisition (April 2017) through December 31, 2017, 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 $ 1.4 million for the period from acquisition (January 31, 2019) through December 31, 2019. The Port Imperial South 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 fourth quarter 2020. 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 December 31, 2019, are as follows (dollars in thousands): 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 As of December 31, 2018 Year Amount 2019 $ 2,470 2020 2,491 2021 2,491 2022 2,491 2023 2,491 2024 through 2098 210,117 Total $ 222,551 Ground lease expense incurred by the Company during the years ended December 31, 2019, 2018 and 2017 amounted to $ 2.6 million, $ 2.3 million and $ 2.6 million, 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 $ 23.8 million at December 31, 2019 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 $ 67.8 million have been incurred through December 31, 2019, is expected to be ready for occupancy in fourth quarter 2020 . The Company has funded $ 50.9 million as of December 31, 2019, and the remaining construction costs are expected to be funded primarily from a $ 92 million construction loan. The Company is developing a 326 -unit multi-family project known as Chase III at Overlook Ridge in Malden, Massachusetts, which began construction in third quarter 2018. The construction project, which is estimated to cost $ 100.7 million, of which $ 64.3 million have been incurred through December 31, 2019, is expected to be ready for initial occupancy in the first quarter 2020 . The Company has funded $ 38.7 million as of December 31, 2019, and the remaining construction costs are expected to be funded primarily from a $ 62 million construction loan. 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 $ 50.4 million have been incurred through December 31, 2019, is expected to be ready for occupancy in fourth quarter 2020 . The Company has funded $ 35.4 million of the construction costs, and the remaining construction costs are expected to be funded primarily from a $ 64 million construction loan. 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 $ 151.9 million have been incurred through December 31, 2019, is expected to be ready for occupancy in first quarter 2022 . The Company is expected to fund $ 169.5 million of the construction costs of which the Company has funded $ 122.5 million as of December 31, 2019, and the remaining construction costs are expected to be funded primarily from a newly obtained $ 300 million construction loan. EXECUTIVE EMPLOYMENT AGREEMENTS On March 13, 2019, the General Partner entered into a new executive employment agreement, dated as of March 13, 2019 (the “DeMarco Employment Agreement”), with Michael J. DeMarco, the Company’s Chief Executive Officer, effective as of January 1, 2019. The DeMarco Employment Agreement replaces Mr. DeMarco’s previous employment agreement with the Company, the term of which expired on December 31, 2018, and is effective as of January 1, 2019. The DeMarco Employment Agreement has been approved by the Board of Directors of the General Partner. Pursuant to the DeMarco Employment Agreement, Mr. DeMarco will serve as the Chief Executive Officer of the Company until December 31, 2022 (the “Term”), unless Mr. DeMarco’s employment is earlier terminated in accordance with the DeMarco Employment Agreement. Pursuant to the DeMarco Employment Agreement, Mr. DeMarco will be entitled to the following compensation and benefits: an annual base salary of $ 800,000 (which is the same amount as Mr. DeMarco’s base salary for 2018), subject to potential annual merit increases (but not decreases); a threshold bonus opportunity of 75 % of Mr. DeMarco’s then current annual base salary, a target annual bonus opportunity of 150 % of his then current annual base salary, and a maximum bonus opportunity of 250 % of his then current annual base salary, to be determined based on attainment of performance criteria for each fiscal year to be determined by the Board of Directors or the Compensation Committee; and the grant of 625,000 AO LTIP Units of limited partnership interests in the Operating Partnership (the “AO LTIP Units”),which have the terms and conditions set forth in the AO LTIP award agreement and shall vest based on satisfaction of certain conditions relating to the closing price of shares of the Common Stock. See Note 16: Mack-Cali Realty Corporation Stockholders’ Equity and Mack-Cali Realty LP’s Partners’ Capital – AO LTIP Units. In addition, Mr. DeMarco will be entitled to customary employee benefits under the Company’s health and welfare plans. Pursuant to the DeMarco Employment Agreement, in the event of a termination of Mr. DeMarco’s employment on account of death or disability, Mr. DeMarco (or his beneficiaries, in the case of death) will be entitled to receive his accrued and unpaid base salary, expense reimbursement and benefits under the Company’s health and welfare plans through the termination date, plus a prorated portion of the annual bonus payable for the year of such termination. In the event of a termination of Mr. DeMarco’s employment without “Cause” or by Mr. DeMarco for “Good Reason” during the Term or thereafter during a “Change in Control Period” (each as defined in the DeMarco Employment Agreement), subject to Mr. DeMarco signing a release in customary form, he will be entitled to the same benefits in the event of a termination due to death or disability, plus a lump sum cash payment equal to (i) if such termination occurs during the Term and not during a Change in Control Period, 2.0 times the sum of (x) his annual base salary immediately prior to the termination date and (y) his target bonus for the year during which termination occurs, or (ii) if such termination occurs during or after the expiration of the Term and during a Change in Control Period, 3.0 times the sum of (x) his annual base salary immediately prior to the termination date and (y) his target bonus for the year during which termination occurs. In addition, Mr. DeMarco will be entitled to COBRA coverage premiums for up to 18 months after such termination. Pursuant to the DeMarco Employment Agreement, Mr. DeMarco will be subject to certain restrictive covenants, including noncompetition and non-solicitation covenants during the period of his employment with the Company and for 12 months after termination of his employment in circumstances in which he is entitled to receive severance benefits under the DeMarco Employment Agreement. The DeMarco Employment Agreement includes customary provisions relating to confidentiality, return of Company documents and property upon termination of employment, and certain other matters. On March 13, 2019, the Board of Directors of the General Partner promoted Giovanni M. DeBari, the Company’s senior vice president and corporate controller, to Chief Accounting Officer, and on March 22, 2019, the Company entered into an employment agreement (the “DeBari Employment Agreement”) with Mr. DeBari. Pursuant to the DeBari Employment Agreement, Mr. DeBari will serve as the Chief Accounting Officer of the Company through December 31, 2021 (the “Term”) unless Mr. DeBari’s employment is earlier terminated in accordance with the DeBari Employment Agreement. Pursuant to the DeBari Employment Agreement, Mr. DeBari will be entitled to the following compensation and benefits: an annual base salary of $ 450,000 , subject to potential annual merit increases (but not decreases); and an annual cash bonus opportunity to be based on performance goals to be established annually by the Compensation Committee. Mr. DeBari will also be eligible to be granted long-term incentive or equity awards, as may be determined by the Compensation Committee in its sole discretion, under such plans and programs as may be in effect from time to time. In addition, Mr. DeBari will be entitled to customary employee benefits under the Company’s health and welfare plans. Pursuant to the DeBari Employment Agreement, in the event of a termination of Mr. DeBari’s employment on account of death or disability, Mr. DeBari (or his beneficiaries, in the case of death) will be entitled to receive his accrued and unpaid base salary, expense reimbursement and benefits under the Company’s health and welfare plans through the termination date, plus a prorated portion of the annual bonus payable for the year of such termination. In the event of a termination of Mr. DeBari’s employment without “Cause” or by Mr. DeBari for “Good Reason” during the Term or thereafter during a “Change in Control Period” (each as defined in the DeBari Employment Agreement), subject to Mr. DeBari signing a release in customary form, he will be entitled to the same benefits as in the event of a termination due to death or disability, plus a lump sum cash payment equal to 1.5 times the sum of (a) his annual base salary immediately prior to the termination date and (b) his target bonus for the year during which termination occurs. In addition, Mr. DeBari will be entitled to COBRA coverage premiums for up to 18 months after such termination. Pursuant to the DeBari Employment Agreement, Mr. DeBari will be subject to certain restrictive covenants, including non-competition and non-solicitation covenants during the period of his employment with the Company and for 12 months after termination of his employment in circumstances in which he is entitled to receive severance benefits under the DeBari Employment Agreement. The DeBari Employment Agreement includes customary provisions relating to confidentiality, return of Company documents and property upon termination of employment, and certain other matters. 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, Chairman of the General Partner’s Board of Directors; 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 December 31, 2019, after the effects of tax-free exchanges on certain of the originally contributed properties, either wholly or partially, over time, 27 of the Company’s properties, as well as certain land and development projects, including properties classified as held for sale as of December 31, 2019, with an aggregate carrying value of approximately $ 1.9 billion, are subject to these conditions. |
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 $ 1.1 million, $ 1.1 million and $ 1.1 million for the years ended December 31, 2019, 2018 and 2017, 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 $ 4.4 million, $ 4.4 million and $ 3.9 million for the years ended December 31, 2019, 2018 and 2017, 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 commenced initial operation in December 2018. The annual PILOT is equal to two percent of Total Project Costs, as defined therein. The PILOT totaled $ 2.2 million for the year ended December 31, 2019. 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 $ 1.0 million for the year ended December 31, 2019. 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 $ 1.4 million, $ 1.4 million and $ 1.3 million for the years ended December 31, 2019, 2018 and 2017, 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 $ 2.1 million and $ 2.4 million for the years ended December 31, 2019, 2018, and $ 1.6 million for the period from acquisition (April 2017) through December 31, 2017, 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 $ 1.4 million for the period from acquisition (January 31, 2019) through December 31, 2019. The Port Imperial South 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 fourth quarter 2020. 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 December 31, 2019, are as follows (dollars in thousands): 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 As of December 31, 2018 Year Amount 2019 $ 2,470 2020 2,491 2021 2,491 2022 2,491 2023 2,491 2024 through 2098 210,117 Total $ 222,551 Ground lease expense incurred by the Company during the years ended December 31, 2019, 2018 and 2017 amounted to $ 2.6 million, $ 2.3 million and $ 2.6 million, 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 $ 23.8 million at December 31, 2019 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 $ 67.8 million have been incurred through December 31, 2019, is expected to be ready for occupancy in fourth quarter 2020 . The Company has funded $ 50.9 million as of December 31, 2019, and the remaining construction costs are expected to be funded primarily from a $ 92 million construction loan. The Company is developing a 326 -unit multi-family project known as Chase III at Overlook Ridge in Malden, Massachusetts, which began construction in third quarter 2018. The construction project, which is estimated to cost $ 100.7 million, of which $ 64.3 million have been incurred through December 31, 2019, is expected to be ready for initial occupancy in the first quarter 2020 . The Company has funded $ 38.7 million as of December 31, 2019, and the remaining construction costs are expected to be funded primarily from a $ 62 million construction loan. 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 $ 50.4 million have been incurred through December 31, 2019, is expected to be ready for occupancy in fourth quarter 2020 . The Company has funded $ 35.4 million of the construction costs, and the remaining construction costs are expected to be funded primarily from a $ 64 million construction loan. 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 $ 151.9 million have been incurred through December 31, 2019, is expected to be ready for occupancy in first quarter 2022 . The Company is expected to fund $ 169.5 million of the construction costs of which the Company has funded $ 122.5 million as of December 31, 2019, and the remaining construction costs are expected to be funded primarily from a newly obtained $ 300 million construction loan. EXECUTIVE EMPLOYMENT AGREEMENTS On March 13, 2019, the General Partner entered into a new executive employment agreement, dated as of March 13, 2019 (the “DeMarco Employment Agreement”), with Michael J. DeMarco, the Company’s Chief Executive Officer, effective as of January 1, 2019. The DeMarco Employment Agreement replaces Mr. DeMarco’s previous employment agreement with the Company, the term of which expired on December 31, 2018, and is effective as of January 1, 2019. The DeMarco Employment Agreement has been approved by the Board of Directors of the General Partner. Pursuant to the DeMarco Employment Agreement, Mr. DeMarco will serve as the Chief Executive Officer of the Company until December 31, 2022 (the “Term”), unless Mr. DeMarco’s employment is earlier terminated in accordance with the DeMarco Employment Agreement. Pursuant to the DeMarco Employment Agreement, Mr. DeMarco will be entitled to the following compensation and benefits: an annual base salary of $ 800,000 (which is the same amount as Mr. DeMarco’s base salary for 2018), subject to potential annual merit increases (but not decreases); a threshold bonus opportunity of 75 % of Mr. DeMarco’s then current annual base salary, a target annual bonus opportunity of 150 % of his then current annual base salary, and a maximum bonus opportunity of 250 % of his then current annual base salary, to be determined based on attainment of performance criteria for each fiscal year to be determined by the Board of Directors or the Compensation Committee; and the grant of 625,000 AO LTIP Units of limited partnership interests in the Operating Partnership (the “AO LTIP Units”),which have the terms and conditions set forth in the AO LTIP award agreement and shall vest based on satisfaction of certain conditions relating to the closing price of shares of the Common Stock. See Note 16: Mack-Cali Realty Corporation Stockholders’ Equity and Mack-Cali Realty LP’s Partners’ Capital – AO LTIP Units. In addition, Mr. DeMarco will be entitled to customary employee benefits under the Company’s health and welfare plans. Pursuant to the DeMarco Employment Agreement, in the event of a termination of Mr. DeMarco’s employment on account of death or disability, Mr. DeMarco (or his beneficiaries, in the case of death) will be entitled to receive his accrued and unpaid base salary, expense reimbursement and benefits under the Company’s health and welfare plans through the termination date, plus a prorated portion of the annual bonus payable for the year of such termination. In the event of a termination of Mr. DeMarco’s employment without “Cause” or by Mr. DeMarco for “Good Reason” during the Term or thereafter during a “Change in Control Period” (each as defined in the DeMarco Employment Agreement), subject to Mr. DeMarco signing a release in customary form, he will be entitled to the same benefits in the event of a termination due to death or disability, plus a lump sum cash payment equal to (i) if such termination occurs during the Term and not during a Change in Control Period, 2.0 times the sum of (x) his annual base salary immediately prior to the termination date and (y) his target bonus for the year during which termination occurs, or (ii) if such termination occurs during or after the expiration of the Term and during a Change in Control Period, 3.0 times the sum of (x) his annual base salary immediately prior to the termination date and (y) his target bonus for the year during which termination occurs. In addition, Mr. DeMarco will be entitled to COBRA coverage premiums for up to 18 months after such termination. Pursuant to the DeMarco Employment Agreement, Mr. DeMarco will be subject to certain restrictive covenants, including noncompetition and non-solicitation covenants during the period of his employment with the Company and for 12 months after termination of his employment in circumstances in which he is entitled to receive severance benefits under the DeMarco Employment Agreement. The DeMarco Employment Agreement includes customary provisions relating to confidentiality, return of Company documents and property upon termination of employment, and certain other matters. On March 13, 2019, the Board of Directors of the General Partner promoted Giovanni M. DeBari, the Company’s senior vice president and corporate controller, to Chief Accounting Officer, and on March 22, 2019, the Company entered into an employment agreement (the “DeBari Employment Agreement”) with Mr. DeBari. Pursuant to the DeBari Employment Agreement, Mr. DeBari will serve as the Chief Accounting Officer of the Company through December 31, 2021 (the “Term”) unless Mr. DeBari’s employment is earlier terminated in accordance with the DeBari Employment Agreement. Pursuant to the DeBari Employment Agreement, Mr. DeBari will be entitled to the following compensation and benefits: an annual base salary of $ 450,000 , subject to potential annual merit increases (but not decreases); and an annual cash bonus opportunity to be based on performance goals to be established annually by the Compensation Committee. Mr. DeBari will also be eligible to be granted long-term incentive or equity awards, as may be determined by the Compensation Committee in its sole discretion, under such plans and programs as may be in effect from time to time. In addition, Mr. DeBari will be entitled to customary employee benefits under the Company’s health and welfare plans. Pursuant to the DeBari Employment Agreement, in the event of a termination of Mr. DeBari’s employment on account of death or disability, Mr. DeBari (or his beneficiaries, in the case of death) will be entitled to receive his accrued and unpaid base salary, expense reimbursement and benefits under the Company’s health and welfare plans through the termination date, plus a prorated portion of the annual bonus payable for the year of such termination. In the event of a termination of Mr. DeBari’s employment without “Cause” or by Mr. DeBari for “Good Reason” during the Term or thereafter during a “Change in Control Period” (each as defined in the DeBari Employment Agreement), subject to Mr. DeBari signing a release in customary form, he will be entitled to the same benefits as in the event of a termination due to death or disability, plus a lump sum cash payment equal to 1.5 times the sum of (a) his annual base salary immediately prior to the termination date and (b) his target bonus for the year during which termination occurs. In addition, Mr. DeBari will be entitled to COBRA coverage premiums for up to 18 months after such termination. Pursuant to the DeBari Employment Agreement, Mr. DeBari will be subject to certain restrictive covenants, including non-competition and non-solicitation covenants during the period of his employment with the Company and for 12 months after termination of his employment in circumstances in which he is entitled to receive severance benefits under the DeBari Employment Agreement. The DeBari Employment Agreement includes customary provisions relating to confidentiality, return of Company documents and property upon termination of employment, and certain other matters. 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, Chairman of the General Partner’s Board of Directors; 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 December 31, 2019, after the effects of tax-free exchanges on certain of the originally contributed properties, either wholly or partially, over time, 27 of the Company’s properties, as well as certain land and development projects, including properties classified as held for sale as of December 31, 2019, with an aggregate carrying value of approximately $ 1.9 billion, are subject to these conditions. |
Tenant Leases
Tenant Leases | 12 Months Ended |
Dec. 31, 2019 | |
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 December 31, 2019 are as follows (dollars in thousands) : 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 As of December 31, 2018 Year Amount 2019 $ 314,708 2020 306,559 2021 284,120 2022 258,076 2023 220,533 2024 and thereafter 923,061 Total $ 2,307,057 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 December 31, 2019 are as follows (dollars in thousands) : 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 As of December 31, 2018 Year Amount 2019 $ 314,708 2020 306,559 2021 284,120 2022 258,076 2023 220,533 2024 and thereafter 923,061 Total $ 2,307,057 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 | 12 Months Ended |
Dec. 31, 2019 | |
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. 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 December 31, 2019, 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 December 31, 2019, 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 December 31, 2019, 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 December 31, 2019. 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 $ 490 million as of December 31, 2019. 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 year s 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 year s 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 year s 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 year s 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 table sets forth the changes in Redeemable noncontrolling interests for the year ended December 31, 2019 (dollars in thousands) : 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 1,820 20,795 22,615 Distributions ( 1,820 ) ( 20,795 ) ( 22,615 ) Redemption Value Adjustment (including value adjustment attributable to Add On Investment Agreement) - 29,473 29,473 Redeemable noncontrolling interests as of December 31, 2019 $ 52,324 $ 451,058 $ 503,382 Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance January 1, 2018 $ 52,324 $ 159,884 $ 212,208 Redeemable Noncontrolling Interests Issued - 105,000 105,000 Net 52,324 264,884 317,208 Income Attributed to Noncontrolling Interests 1,820 12,159 13,979 Distributions ( 1,820 ) ( 12,159 ) ( 13,979 ) Redemption Value Adjustment - 13,251 13,251 Redeemable noncontrolling interests as of December 31, 2018 $ 52,324 $ 278,135 $ 330,459 |
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. 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 December 31, 2019, 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 December 31, 2019, 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 December 31, 2019, 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 December 31, 2019. 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 $ 490 million as of December 31, 2019. 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 year s 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 year s 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 year s 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 year s 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 table sets forth the changes in Redeemable noncontrolling interests for the year ended December 31, 2019 (dollars in thousands) : 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 1,820 20,795 22,615 Distributions ( 1,820 ) ( 20,795 ) ( 22,615 ) Redemption Value Adjustment (including value adjustment attributable to Add On Investment Agreement) - 29,473 29,473 Redeemable noncontrolling interests as of December 31, 2019 $ 52,324 $ 451,058 $ 503,382 Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance January 1, 2018 $ 52,324 $ 159,884 $ 212,208 Redeemable Noncontrolling Interests Issued - 105,000 105,000 Net 52,324 264,884 317,208 Income Attributed to Noncontrolling Interests 1,820 12,159 13,979 Distributions ( 1,820 ) ( 12,159 ) ( 13,979 ) Redemption Value Adjustment - 13,251 13,251 Redeemable noncontrolling interests as of December 31, 2018 $ 52,324 $ 278,135 $ 330,459 |
Mack-Cali Realty Corporation St
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital | 12 Months Ended |
Dec. 31, 2019 | |
Stockolders 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. 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 December 31, 2019, 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 (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. Information regarding the Company’s stock option plans is summarized below: Weighted Aggregate Average Intrinsic Shares Exercise Value Under Options Price $(000’s) Outstanding at January 1, 2017 ($ 17.31 ) 800,000 $ 17.31 $ 9,368 Granted, Lapsed or Cancelled - - Outstanding at December 31, 2017 ($ 17.31 ) 800,000 $ 17.31 3,400 Granted, Lapsed or Cancelled - - Outstanding at December 31, 2018 800,000 $ 17.31 1,824 Granted, Lapsed or Cancelled - - Outstanding at December 31, 2019 ($ 17.31 ) 800,000 $ 17.31 $ 4,656 Options exercisable at December 31, 2019 800,000 Available for grant at December 31, 2019 709,246 There were no stock options exercised under any stock option plans for the years ended December 31, 2019, 2018 and 2017. The Company has a policy of issuing new shares to satisfy stock option exercises. As of December 31, 2019 and 2018, the stock options outstanding had a weighted average remaining contractual life of approximately 5.4 years and 6.4 years, respectively. The Company recognized stock options expense of zero , $ 193,000 and $ 464,000 for the years ended December 31, 2019, 2018 and 2017, respectively. AO LTIP UNITS (Appreciation-Only LTIP Units) Pursuant to the terms of the DeMarco Employment Agreement (see Note 12: Commitments and Contingencies-Executive Employment Agreements), 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 year ended December 31, 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 year ended December 31, 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 December 31, 2019, the Company had $ 2.0 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 3.2 years. The Company recognized AO LTIP unit expense of $ 498,000 and zero for the years ended December 31, 2019 and 2018, 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 to seven-year vesting period, of which 42,690 unvested shares were legally outstanding at December 31, 2019. Vesting of the Restricted Stock Awards 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: Weighted-Average Grant – Date Shares Fair Value Outstanding at January 1, 2017 145,278 $ 21.76 Granted 59,985 27.00 Vested ( 95,009 ) 20.73 Forfeited ( 1,936 ) 25.83 Outstanding at December 31, 2017 108,318 $ 25.49 Granted 40,185 20.16 Vested ( 72,502 ) 25.33 Forfeited ( 8,712 ) 25.83 Outstanding at December 31, 2018 67,289 $ 22.43 Granted 42,690 21.08 Vested ( 65,353 ) 22.34 Cancelled ( 1,936 ) 25.83 Outstanding at December 31, 2019 42,690 $ 21.08 As of December 31, 2019, the Company had $ 0.8 million of total unrecognized compensation cost related to unvested Restricted Stock Awards granted under the Company’s stock compensation plans. That cost is expected to be recognized over a weighted average period of 0.4 years. 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 December 31, 2019, 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 year s 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 vests after three year s 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 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. 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 year s 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. LTIP Units will remain subject to forfeiture depending on the extent that the 2017 LTIP Awards, 2018 LTIP Awards and 2019 LTIP Awards vest. The number of LTIP Units to be issued initially to recipients of the 2017 PBV LTIP Awards, 2018 PBV LTIP Awards and 2019 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 2017 TBV LTIP Units, 2018 LTIP TBV Units and 2019 LTIP TBV Units or the end of the measurement period for the 2017 PBV LTIP Units, 2018 LTIP PBV Units and 2019 LTIP PBV 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 year ended December 31, 2019, the employees forfeited and cancelled 354,422 2016 LTIP Awards, 1,792 2017 LTIP Awards and 3,540 2018 LTIP Awards. As of December 31, 2019, a total of 11,155 2016 PBV LTIP Units, 79,266 2016 TBV LTIP Units, 390,654 2017 PBV LTIP Units, 80,434 2017 TBV LTIP Units, 629,252 2018 PBV LTIP Units, 193,217 2018 TBV LTIP Units, 392,476 2019 PBV LTIP Units and 173,147 2019 TBV 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 December 31, 2019, the Company had $ 12.3 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 2.2 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. 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 years ended December 31, 2019, 2018 and 2017, 14,337 , 26,620 and 19,728 deferred stock units were earned, respectively. As of December 31, 2019 and 2018, there were 59,899 and 236,383 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 years ended December 31, 2019, 2018 and 2017 in accordance with ASC 260, Earnings Per Share (dollars in thousands, except per share amounts) : Mack-Cali Realty Corporation: Year Ended December 31, Computation of Basic EPS 2019 2018 2017 Income from continuing operations $ 252,554 $ 80,267 $ 10,840 Add (deduct): Noncontrolling interests in consolidated joint ventures 3,904 1,216 1,018 Add (deduct): Noncontrolling interests in Operating Partnership ( 23,685 ) ( 6,866 ) ( 341 ) Add (deduct): Redeemable noncontrolling interests ( 22,615 ) ( 13,979 ) ( 8,840 ) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders ( 25,885 ) ( 11,425 ) ( 17,951 ) Income (loss) from continuing operations available to common shareholders 184,273 49,213 ( 15,274 ) Income (loss) from discontinued operations available to common shareholders ( 98,297 ) 23,473 20,508 Net income (loss) available to common shareholders for basic earnings per share $ 85,976 $ 72,686 $ 5,234 Weighted average common shares 90,557 90,388 90,005 Basic EPS : Income (loss) from continuing operations available to common shareholders $ 2.03 $ 0.54 $ ( 0.17 ) Income (loss) from discontinued operations available to common shareholders ( 1.08 ) 0.26 0.23 Net income (loss) available to common shareholders $ 0.95 $ 0.80 $ 0.06 Year Ended December 31, Computation of Diluted EPS 2019 2018 2017 Net income (loss) from continuing operations available to common shareholders $ 184,273 $ 49,213 $ ( 15,274 ) Add (deduct): Noncontrolling interests in Operating Partnership 23,685 6,866 341 Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to the Operating Partnership unitholders ( 2,855 ) ( 1,296 ) ( 2,074 ) Income (loss) from continuing operations for diluted earnings per share 205,103 54,783 ( 17,007 ) Income (loss) from discontinued operations for diluted earnings per share ( 108,718 ) 26,134 22,878 Net income (loss) available for diluted earnings per share $ 96,385 $ 80,917 $ 5,871 Weighted average common shares 100,689 100,724 100,703 Diluted EPS : Income (loss) from continuing operations available to common shareholders $ 2.03 $ 0.54 $ ( 0.17 ) Income (loss) from discontinued operations available to common shareholders ( 1.08 ) 0.26 0.23 Net income (loss) available to common shareholders $ 0.95 $ 0.80 $ 0.06 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): Year Ended December 31, 2019 2018 2017 Basic EPS shares 90,557 90,388 90,005 Add: Operating Partnership – common and vested LTIP units 9,963 10,246 10,405 Restricted Stock Awards - - 40 Stock Options 169 90 253 Diluted EPS Shares 100,689 100,724 100,703 Contingently issuable shares under the PSU Awards were excluded from the denominator in 2017 because the criteria had not been met for the period. Contingently issuable shares under Restricted Stock Awards were excluded from the denominator in 2019 and 2018 as such securities were anti-dilutive during the periods. Also not included in the computations of diluted EPS were the unvested LTIP Units and unvested AO LTIP Units as such securities were anti-dilutive during all periods presented. Unvested LTIP Units outstanding as of December 31, 2019, 2018 and 2017 were 1,826,331 , 1,707,106 and 1,230,877 , respectively. Unvested restricted stock outstanding as of December 31, 2019, 2018 and 2017 were 42,690 , 67,289 and 95,801 shares, respectively. Unvested AO LTIP Units outstanding as of December 31, 2019 were 625,000 . Dividends declared per common share for the years ended December 31, 2019, 2018 and 2017 was $ 0.80 , $ 0.80 and $ 0.75 per share, respectively. Mack-Cali Realty, L.P.: Year Ended December 31, Computation of Basic EPU 2019 2018 2017 Income from continuing operations $ 252,554 $ 80,267 $ 10,840 Add (deduct): Noncontrolling interests in consolidated joint ventures 3,904 1,216 1,018 Add (deduct): Redeemable noncontrolling interests ( 22,615 ) ( 13,979 ) ( 8,840 ) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests ( 28,740 ) ( 12,721 ) ( 20,025 ) Income (loss) from continuing operations available to unitholders 205,103 54,783 ( 17,007 ) Income (loss) from discontinued operations available to unitholders ( 108,718 ) 26,134 22,878 Net income (loss) available to common unitholders for basic earnings per unit $ 96,385 $ 80,917 $ 5,871 Weighted average common units 100,520 100,634 100,410 Basic EPU : Income (loss) from continuing operations available to unitholders $ 2.03 $ 0.54 $ ( 0.17 ) Income (loss) from discontinued operations available to unitholders ( 1.08 ) 0.26 0.23 Net income (loss) available to common unitholders for basic earnings per unit $ 0.95 $ 0.80 $ 0.06 Year Ended December 31, Computation of Diluted EPU 2019 2018 2017 Net income (loss) from continuing operations available to common unitholders $ 205,103 $ 54,783 $ ( 17,007 ) Income (loss) from discontinued operations for diluted earnings per unit ( 108,718 ) 26,134 22,878 Net income (loss) available to common unitholders for diluted earnings per unit $ 96,385 $ 80,917 $ 5,871 Weighted average common unit 100,689 100,724 100,703 Diluted EPU : Income (loss) from continuing operations available to common unitholders $ 2.03 $ 0.54 $ ( 0.17 ) Income (loss) from discontinued operations available to common unitholders ( 1.08 ) 0.26 0.23 Net income (loss) available to common unitholders $ 0.95 $ 0.80 $ 0.06 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) : Year Ended December 31, 2019 2018 2017 Basic EPU units 100,520 100,634 100,410 Add: Restricted Stock Awards - - 40 Add: Stock Options 169 90 253 Diluted EPU Units 100,689 100,724 100,703 Contingently issuable shares under the PSU Awards were excluded from the denominator in 2017 because the criteria had not been met for the period. Contingently issuable shares under Restricted Stock Awards were excluded from the denominator in2019 and 2018 as such securities were anti-dilutive during the periods. Also not included in the computations of diluted EPU were the unvested LTIP Units and unvested AO LTIP Units as such securities were anti-dilutive during all periods presented. Unvested LTIP Units outstanding as of December 31, 2019, 2018 and 2017 were 1,826,331 , 1,707,106 and 1,230,877 , respectively. Unvested restricted stock outstanding as of December 31, 2019, 2018 and 2017 were 42,690 , 67,289 and 95,801 shares, respectively. Unvested AO LTIP Units outstanding as of December 31, 2019 were 625,000 . Distributions declared per common unit for the years ended December 31, 2019, 2018 and 2017 was $ 0.80 , $ 0.80 and $ 0.75 per unit, respectively. |
Mack-Cali Realty LP [Member] | |
Stockolders 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. 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 December 31, 2019, 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 (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. Information regarding the Company’s stock option plans is summarized below: Weighted Aggregate Average Intrinsic Shares Exercise Value Under Options Price $(000’s) Outstanding at January 1, 2017 ($ 17.31 ) 800,000 $ 17.31 $ 9,368 Granted, Lapsed or Cancelled - - Outstanding at December 31, 2017 ($ 17.31 ) 800,000 $ 17.31 3,400 Granted, Lapsed or Cancelled - - Outstanding at December 31, 2018 800,000 $ 17.31 1,824 Granted, Lapsed or Cancelled - - Outstanding at December 31, 2019 ($ 17.31 ) 800,000 $ 17.31 $ 4,656 Options exercisable at December 31, 2019 800,000 Available for grant at December 31, 2019 709,246 There were no stock options exercised under any stock option plans for the years ended December 31, 2019, 2018 and 2017. The Company has a policy of issuing new shares to satisfy stock option exercises. As of December 31, 2019 and 2018, the stock options outstanding had a weighted average remaining contractual life of approximately 5.4 years and 6.4 years, respectively. The Company recognized stock options expense of zero , $ 193,000 and $ 464,000 for the years ended December 31, 2019, 2018 and 2017, respectively. AO LTIP UNITS (Appreciation-Only LTIP Units) Pursuant to the terms of the DeMarco Employment Agreement (see Note 12: Commitments and Contingencies-Executive Employment Agreements), 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 year ended December 31, 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 year ended December 31, 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 December 31, 2019, the Company had $ 2.0 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 3.2 years. The Company recognized AO LTIP unit expense of $ 498,000 and zero for the years ended December 31, 2019 and 2018, 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 to seven-year vesting period, of which 42,690 unvested shares were legally outstanding at December 31, 2019. Vesting of the Restricted Stock Awards 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: Weighted-Average Grant – Date Shares Fair Value Outstanding at January 1, 2017 145,278 $ 21.76 Granted 59,985 27.00 Vested ( 95,009 ) 20.73 Forfeited ( 1,936 ) 25.83 Outstanding at December 31, 2017 108,318 $ 25.49 Granted 40,185 20.16 Vested ( 72,502 ) 25.33 Forfeited ( 8,712 ) 25.83 Outstanding at December 31, 2018 67,289 $ 22.43 Granted 42,690 21.08 Vested ( 65,353 ) 22.34 Cancelled ( 1,936 ) 25.83 Outstanding at December 31, 2019 42,690 $ 21.08 As of December 31, 2019, the Company had $ 0.8 million of total unrecognized compensation cost related to unvested Restricted Stock Awards granted under the Company’s stock compensation plans. That cost is expected to be recognized over a weighted average period of 0.4 years. 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 December 31, 2019, 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 year s 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 vests after three year s 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 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. 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 year s 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. LTIP Units will remain subject to forfeiture depending on the extent that the 2017 LTIP Awards, 2018 LTIP Awards and 2019 LTIP Awards vest. The number of LTIP Units to be issued initially to recipients of the 2017 PBV LTIP Awards, 2018 PBV LTIP Awards and 2019 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 2017 TBV LTIP Units, 2018 LTIP TBV Units and 2019 LTIP TBV Units or the end of the measurement period for the 2017 PBV LTIP Units, 2018 LTIP PBV Units and 2019 LTIP PBV 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 year ended December 31, 2019, the employees forfeited and cancelled 354,422 2016 LTIP Awards, 1,792 2017 LTIP Awards and 3,540 2018 LTIP Awards. As of December 31, 2019, a total of 11,155 2016 PBV LTIP Units, 79,266 2016 TBV LTIP Units, 390,654 2017 PBV LTIP Units, 80,434 2017 TBV LTIP Units, 629,252 2018 PBV LTIP Units, 193,217 2018 TBV LTIP Units, 392,476 2019 PBV LTIP Units and 173,147 2019 TBV 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 December 31, 2019, the Company had $ 12.3 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 2.2 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. 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 years ended December 31, 2019, 2018 and 2017, 14,337 , 26,620 and 19,728 deferred stock units were earned, respectively. As of December 31, 2019 and 2018, there were 59,899 and 236,383 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 years ended December 31, 2019, 2018 and 2017 in accordance with ASC 260, Earnings Per Share (dollars in thousands, except per share amounts) : Mack-Cali Realty Corporation: Year Ended December 31, Computation of Basic EPS 2019 2018 2017 Income from continuing operations $ 252,554 $ 80,267 $ 10,840 Add (deduct): Noncontrolling interests in consolidated joint ventures 3,904 1,216 1,018 Add (deduct): Noncontrolling interests in Operating Partnership ( 23,685 ) ( 6,866 ) ( 341 ) Add (deduct): Redeemable noncontrolling interests ( 22,615 ) ( 13,979 ) ( 8,840 ) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders ( 25,885 ) ( 11,425 ) ( 17,951 ) Income (loss) from continuing operations available to common shareholders 184,273 49,213 ( 15,274 ) Income (loss) from discontinued operations available to common shareholders ( 98,297 ) 23,473 20,508 Net income (loss) available to common shareholders for basic earnings per share $ 85,976 $ 72,686 $ 5,234 Weighted average common shares 90,557 90,388 90,005 Basic EPS : Income (loss) from continuing operations available to common shareholders $ 2.03 $ 0.54 $ ( 0.17 ) Income (loss) from discontinued operations available to common shareholders ( 1.08 ) 0.26 0.23 Net income (loss) available to common shareholders $ 0.95 $ 0.80 $ 0.06 Year Ended December 31, Computation of Diluted EPS 2019 2018 2017 Net income (loss) from continuing operations available to common shareholders $ 184,273 $ 49,213 $ ( 15,274 ) Add (deduct): Noncontrolling interests in Operating Partnership 23,685 6,866 341 Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to the Operating Partnership unitholders ( 2,855 ) ( 1,296 ) ( 2,074 ) Income (loss) from continuing operations for diluted earnings per share 205,103 54,783 ( 17,007 ) Income (loss) from discontinued operations for diluted earnings per share ( 108,718 ) 26,134 22,878 Net income (loss) available for diluted earnings per share $ 96,385 $ 80,917 $ 5,871 Weighted average common shares 100,689 100,724 100,703 Diluted EPS : Income (loss) from continuing operations available to common shareholders $ 2.03 $ 0.54 $ ( 0.17 ) Income (loss) from discontinued operations available to common shareholders ( 1.08 ) 0.26 0.23 Net income (loss) available to common shareholders $ 0.95 $ 0.80 $ 0.06 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): Year Ended December 31, 2019 2018 2017 Basic EPS shares 90,557 90,388 90,005 Add: Operating Partnership – common and vested LTIP units 9,963 10,246 10,405 Restricted Stock Awards - - 40 Stock Options 169 90 253 Diluted EPS Shares 100,689 100,724 100,703 Contingently issuable shares under the PSU Awards were excluded from the denominator in 2017 because the criteria had not been met for the period. Contingently issuable shares under Restricted Stock Awards were excluded from the denominator in 2019 and 2018 as such securities were anti-dilutive during the periods. Also not included in the computations of diluted EPS were the unvested LTIP Units and unvested AO LTIP Units as such securities were anti-dilutive during all periods presented. Unvested LTIP Units outstanding as of December 31, 2019, 2018 and 2017 were 1,826,331 , 1,707,106 and 1,230,877 , respectively. Unvested restricted stock outstanding as of December 31, 2019, 2018 and 2017 were 42,690 , 67,289 and 95,801 shares, respectively. Unvested AO LTIP Units outstanding as of December 31, 2019 were 625,000 . Dividends declared per common share for the years ended December 31, 2019, 2018 and 2017 was $ 0.80 , $ 0.80 and $ 0.75 per share, respectively. Mack-Cali Realty, L.P.: Year Ended December 31, Computation of Basic EPU 2019 2018 2017 Income from continuing operations $ 252,554 $ 80,267 $ 10,840 Add (deduct): Noncontrolling interests in consolidated joint ventures 3,904 1,216 1,018 Add (deduct): Redeemable noncontrolling interests ( 22,615 ) ( 13,979 ) ( 8,840 ) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests ( 28,740 ) ( 12,721 ) ( 20,025 ) Income (loss) from continuing operations available to unitholders 205,103 54,783 ( 17,007 ) Income (loss) from discontinued operations available to unitholders ( 108,718 ) 26,134 22,878 Net income (loss) available to common unitholders for basic earnings per unit $ 96,385 $ 80,917 $ 5,871 Weighted average common units 100,520 100,634 100,410 Basic EPU : Income (loss) from continuing operations available to unitholders $ 2.03 $ 0.54 $ ( 0.17 ) Income (loss) from discontinued operations available to unitholders ( 1.08 ) 0.26 0.23 Net income (loss) available to common unitholders for basic earnings per unit $ 0.95 $ 0.80 $ 0.06 Year Ended December 31, Computation of Diluted EPU 2019 2018 2017 Net income (loss) from continuing operations available to common unitholders $ 205,103 $ 54,783 $ ( 17,007 ) Income (loss) from discontinued operations for diluted earnings per unit ( 108,718 ) 26,134 22,878 Net income (loss) available to common unitholders for diluted earnings per unit $ 96,385 $ 80,917 $ 5,871 Weighted average common unit 100,689 100,724 100,703 Diluted EPU : Income (loss) from continuing operations available to common unitholders $ 2.03 $ 0.54 $ ( 0.17 ) Income (loss) from discontinued operations available to common unitholders ( 1.08 ) 0.26 0.23 Net income (loss) available to common unitholders $ 0.95 $ 0.80 $ 0.06 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) : Year Ended December 31, 2019 2018 2017 Basic EPU units 100,520 100,634 100,410 Add: Restricted Stock Awards - - 40 Add: Stock Options 169 90 253 Diluted EPU Units 100,689 100,724 100,703 Contingently issuable shares under the PSU Awards were excluded from the denominator in 2017 because the criteria had not been met for the period. Contingently issuable shares under Restricted Stock Awards were excluded from the denominator in2019 and 2018 as such securities were anti-dilutive during the periods. Also not included in the computations of diluted EPU were the unvested LTIP Units and unvested AO LTIP Units as such securities were anti-dilutive during all periods presented. Unvested LTIP Units outstanding as of December 31, 2019, 2018 and 2017 were 1,826,331 , 1,707,106 and 1,230,877 , respectively. Unvested restricted stock outstanding as of December 31, 2019, 2018 and 2017 were 42,690 , 67,289 and 95,801 shares, respectively. Unvested AO LTIP Units outstanding as of December 31, 2019 were 625,000 . Distributions declared per common unit for the years ended December 31, 2019, 2018 and 2017 was $ 0.80 , $ 0.80 and $ 0.75 per unit, respectively. |
Noncontrolling Interests In Sub
Noncontrolling Interests In Subsidiaries | 12 Months Ended |
Dec. 31, 2019 | |
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. 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 year ended December 31, 2019, 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 $ 1.8 million as of December 31, 2019. NONCONTROLLING INTERESTS IN OPERATING PARTNERSHIP (applicable only to General Partner) Common Units On March 29, 2019, 301,638 Common Units were redeemed by the Company at their fair market value of $ 6.6 million as payment received for two of the properties disposed of in the Flex portfolio. During the year ended December 31, 2019, the Company also redeemed for cash 364,280 common units at their fair market value of $ 7.8 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. All of the 2016 LTIP Awards, 2017 LTIP Awards, 2018 LTIP Awards and 2019 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 table sets forth the changes in noncontrolling interests in subsidiaries which relate to the common units and LTIP units in the Operating Partnership for the years ended December 31, 2019, 2018 and 2017: Common Units/ Unvested LTIP Vested LTIP Units Units Balance at January 1, 2017 10,488,105 657,373 Redemption of common units for shares of common stock ( 148,662 ) - Issuance of units 99,412 578,323 Cancellation of units - ( 4,819 ) Balance at December 31, 2017 10,438,855 1,230,877 Redemption of common units for shares of common stock ( 264,570 ) - Issuance of LTIP units - 864,024 Vested LTIP units 55,064 ( 55,064 ) Cancellation of units - ( 332,731 ) Balance at December 31, 2018 10,229,349 1,707,106 Redemption of common units for shares of common stock ( 38,011 ) - Redemption of common units ( 665,918 ) - Issuance of LTIP units - 565,623 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 December 31, 2019 9,612,064 1,826,331 Noncontrolling Interests Ownership in Operating Partnership As of December 31, 2019 and 2018, the noncontrolling interests common unitholders owned 9.6 percent and 10.2 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. Consolidated Joint Venture Activity On March 26, 2019, the Company, which held a 90 percent controlling interest in the joint venture, XS Hotel Urban Renewal LLC, which owns a 372 -key hotel ( 164 keys in-service Residence Inn and 208 keys in-construction Marriott Envue) located in Weehawken, New Jersey, acquired its partner’s 10 percent interest for $ 5 million in cash. As a result of the acquisition, the Company increased its ownership of the property to 100 percent. PARTICIPATION RIGHTS The Company’s interests in certain real estate projects ( two properties and one 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. 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 year ended December 31, 2019, 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 $ 1.8 million as of December 31, 2019. NONCONTROLLING INTERESTS IN OPERATING PARTNERSHIP (applicable only to General Partner) Common Units On March 29, 2019, 301,638 Common Units were redeemed by the Company at their fair market value of $ 6.6 million as payment received for two of the properties disposed of in the Flex portfolio. During the year ended December 31, 2019, the Company also redeemed for cash 364,280 common units at their fair market value of $ 7.8 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. All of the 2016 LTIP Awards, 2017 LTIP Awards, 2018 LTIP Awards and 2019 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 table sets forth the changes in noncontrolling interests in subsidiaries which relate to the common units and LTIP units in the Operating Partnership for the years ended December 31, 2019, 2018 and 2017: Common Units/ Unvested LTIP Vested LTIP Units Units Balance at January 1, 2017 10,488,105 657,373 Redemption of common units for shares of common stock ( 148,662 ) - Issuance of units 99,412 578,323 Cancellation of units - ( 4,819 ) Balance at December 31, 2017 10,438,855 1,230,877 Redemption of common units for shares of common stock ( 264,570 ) - Issuance of LTIP units - 864,024 Vested LTIP units 55,064 ( 55,064 ) Cancellation of units - ( 332,731 ) Balance at December 31, 2018 10,229,349 1,707,106 Redemption of common units for shares of common stock ( 38,011 ) - Redemption of common units ( 665,918 ) - Issuance of LTIP units - 565,623 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 December 31, 2019 9,612,064 1,826,331 Noncontrolling Interests Ownership in Operating Partnership As of December 31, 2019 and 2018, the noncontrolling interests common unitholders owned 9.6 percent and 10.2 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. Consolidated Joint Venture Activity On March 26, 2019, the Company, which held a 90 percent controlling interest in the joint venture, XS Hotel Urban Renewal LLC, which owns a 372 -key hotel ( 164 keys in-service Residence Inn and 208 keys in-construction Marriott Envue) located in Weehawken, New Jersey, acquired its partner’s 10 percent interest for $ 5 million in cash. As a result of the acquisition, the Company increased its ownership of the property to 100 percent. PARTICIPATION RIGHTS The Company’s interests in certain real estate projects ( two properties and one 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 | 12 Months Ended |
Dec. 31, 2019 | |
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 years ended December 31, 2019, 2018 and 2017. The Company had no long lived assets in foreign locations as of December 31, 2019 and 2018. 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 years ended December 31, 2019, 2018 and 2017, and selected asset information as of December 31, 2019 and 2018 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: 2019 $ 178,699 $ 170,833 $ 1,403 $ 350,935 2018 251,477 113,805 432 365,714 2017 365,053 90,654 3,323 459,030 Total operating and interest expenses (a): 2019 $ 78,454 $ 89,512 $ 127,425 $ 295,391 2018 115,345 70,279 98,549 284,173 2017 175,401 63,590 85,873 324,864 Equity in earnings (loss) of unconsolidated joint ventures: 2019 $ ( 1,194 ) $ ( 125 ) $ - $ ( 1,319 ) 2018 2,319 ( 2,446 ) - ( 127 ) 2017 1,644 ( 7,725 ) - ( 6,081 ) Net operating income (loss) (b): 2019 $ 99,051 81,196 ( 126,022 ) 54,225 2018 138,451 41,080 ( 98,117 ) 81,414 2017 191,296 19,339 ( 82,550 ) 128,085 Total assets: 2019 $ 2,178,321 $ 3,079,409 $ 35,068 $ 5,292,798 2018 2,687,178 2,260,497 112,969 5,060,644 Total long-lived assets (c): 2019 $ 1,947,053 $ 2,812,306 $ 3,834 $ 4,763,193 2018 2,413,696 1,973,826 33,157 4,420,679 Total investments in unconsolidated joint ventures: 2019 $ 7,367 $ 201,724 $ - $ 209,091 2018 13,699 218,771 280 232,750 (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 available to common shareholders (dollars in thousands) : Year Ended December 31, 2019 2018 2017 Net operating income $ 54,225 $ 81,414 $ 128,085 Add (deduct): Depreciation and amortization ( 132,016 ) ( 112,244 ) ( 142,319 ) Property impairments - - - Land impairments ( 32,444 ) ( 24,566 ) - Gain on change of control of interests 13,790 14,217 - Realized gains (losses) and unrealized losses on disposition of rental property, net 345,926 99,436 2,364 Gain on disposition of developable land 522 30,939 - Gain on sale of investment in unconsolidated joint venture 903 - 23,131 Gain (loss) from extinguishment of debt, net 1,648 ( 8,929 ) ( 421 ) Income (loss) from continuing operations 252,554 80,267 10,840 Discontinued operations Income from discontinued operations 27,456 26,134 22,878 Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net ( 136,174 ) - - Total discontinued operations, net ( 108,718 ) 26,134 22,878 Net income 143,836 106,401 33,718 Noncontrolling interests in consolidated joint ventures 3,904 1,216 1,018 Noncontrolling interests in Operating Partnership ( 23,685 ) ( 6,866 ) ( 341 ) Noncontrolling interest in discontinued operations 10,421 ( 2,661 ) ( 2,370 ) Redeemable noncontrolling interests ( 22,615 ) ( 13,979 ) ( 8,840 ) Net income available to common shareholders $ 111,861 $ 84,111 $ 23,185 Mack-Cali Realty, L.P. The following schedule reconciles net operating income to net income available to common unitholders (dollars in thousands) : Year Ended December 31, 2019 2018 2017 Net operating income $ 54,225 $ 81,414 $ 128,085 Add (deduct): Depreciation and amortization ( 132,016 ) ( 112,244 ) ( 142,319 ) Property impairments - - - Land impairments ( 32,444 ) ( 24,566 ) - Gain on change of control of interests 13,790 14,217 - Realized gains (losses) and unrealized losses on disposition of rental property, net 345,926 99,436 2,364 Gain on disposition of developable land 522 30,939 - Gain on sale of investment in unconsolidated joint venture 903 - 23,131 Gain (loss) from extinguishment of debt, net 1,648 ( 8,929 ) ( 421 ) Income (loss) from continuing operations 252,554 80,267 10,840 Discontinued operations Income from discontinued operations 27,456 26,134 22,878 Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net ( 136,174 ) - - Total discontinued operations, net ( 108,718 ) 26,134 22,878 Net income 143,836 106,401 33,718 Noncontrolling interests in consolidated joint ventures 3,904 1,216 1,018 Redeemable noncontrolling interests ( 22,615 ) ( 13,979 ) ( 8,840 ) Net income (loss) available to common unitholders $ 125,125 $ 93,638 $ 25,896 |
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 years ended December 31, 2019, 2018 and 2017. The Company had no long lived assets in foreign locations as of December 31, 2019 and 2018. 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 years ended December 31, 2019, 2018 and 2017, and selected asset information as of December 31, 2019 and 2018 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: 2019 $ 178,699 $ 170,833 $ 1,403 $ 350,935 2018 251,477 113,805 432 365,714 2017 365,053 90,654 3,323 459,030 Total operating and interest expenses (a): 2019 $ 78,454 $ 89,512 $ 127,425 $ 295,391 2018 115,345 70,279 98,549 284,173 2017 175,401 63,590 85,873 324,864 Equity in earnings (loss) of unconsolidated joint ventures: 2019 $ ( 1,194 ) $ ( 125 ) $ - $ ( 1,319 ) 2018 2,319 ( 2,446 ) - ( 127 ) 2017 1,644 ( 7,725 ) - ( 6,081 ) Net operating income (loss) (b): 2019 $ 99,051 81,196 ( 126,022 ) 54,225 2018 138,451 41,080 ( 98,117 ) 81,414 2017 191,296 19,339 ( 82,550 ) 128,085 Total assets: 2019 $ 2,178,321 $ 3,079,409 $ 35,068 $ 5,292,798 2018 2,687,178 2,260,497 112,969 5,060,644 Total long-lived assets (c): 2019 $ 1,947,053 $ 2,812,306 $ 3,834 $ 4,763,193 2018 2,413,696 1,973,826 33,157 4,420,679 Total investments in unconsolidated joint ventures: 2019 $ 7,367 $ 201,724 $ - $ 209,091 2018 13,699 218,771 280 232,750 (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 available to common shareholders (dollars in thousands) : Year Ended December 31, 2019 2018 2017 Net operating income $ 54,225 $ 81,414 $ 128,085 Add (deduct): Depreciation and amortization ( 132,016 ) ( 112,244 ) ( 142,319 ) Property impairments - - - Land impairments ( 32,444 ) ( 24,566 ) - Gain on change of control of interests 13,790 14,217 - Realized gains (losses) and unrealized losses on disposition of rental property, net 345,926 99,436 2,364 Gain on disposition of developable land 522 30,939 - Gain on sale of investment in unconsolidated joint venture 903 - 23,131 Gain (loss) from extinguishment of debt, net 1,648 ( 8,929 ) ( 421 ) Income (loss) from continuing operations 252,554 80,267 10,840 Discontinued operations Income from discontinued operations 27,456 26,134 22,878 Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net ( 136,174 ) - - Total discontinued operations, net ( 108,718 ) 26,134 22,878 Net income 143,836 106,401 33,718 Noncontrolling interests in consolidated joint ventures 3,904 1,216 1,018 Noncontrolling interests in Operating Partnership ( 23,685 ) ( 6,866 ) ( 341 ) Noncontrolling interest in discontinued operations 10,421 ( 2,661 ) ( 2,370 ) Redeemable noncontrolling interests ( 22,615 ) ( 13,979 ) ( 8,840 ) Net income available to common shareholders $ 111,861 $ 84,111 $ 23,185 Mack-Cali Realty, L.P. The following schedule reconciles net operating income to net income available to common unitholders (dollars in thousands) : Year Ended December 31, 2019 2018 2017 Net operating income $ 54,225 $ 81,414 $ 128,085 Add (deduct): Depreciation and amortization ( 132,016 ) ( 112,244 ) ( 142,319 ) Property impairments - - - Land impairments ( 32,444 ) ( 24,566 ) - Gain on change of control of interests 13,790 14,217 - Realized gains (losses) and unrealized losses on disposition of rental property, net 345,926 99,436 2,364 Gain on disposition of developable land 522 30,939 - Gain on sale of investment in unconsolidated joint venture 903 - 23,131 Gain (loss) from extinguishment of debt, net 1,648 ( 8,929 ) ( 421 ) Income (loss) from continuing operations 252,554 80,267 10,840 Discontinued operations Income from discontinued operations 27,456 26,134 22,878 Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net ( 136,174 ) - - Total discontinued operations, net ( 108,718 ) 26,134 22,878 Net income 143,836 106,401 33,718 Noncontrolling interests in consolidated joint ventures 3,904 1,216 1,018 Redeemable noncontrolling interests ( 22,615 ) ( 13,979 ) ( 8,840 ) Net income (loss) available to common unitholders $ 125,125 $ 93,638 $ 25,896 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions | 19. RELATED PARTY TRANSACTIONS William L. Mack, Chairman of the Board of Directors of the General Partner, David S. Mack, a former director of the General Partner, and Earle I. Mack, a former director of the General Partner, are the executive officers, directors and stockholders of a corporation that leases 5,930 square feet at one of the Company’s office properties, which is scheduled to expire in January 2025 . The corporation previously leased approximately 7,034 square feet at another one of the Company’s office properties (the Company disposed of this property in January 2019). The Company has recognized $ 18,000 , $ 193,000 and $ 187,000 in revenue under these leases for the years ended December 31, 2019, 2018 and 2017, respectively, and had no accounts receivable from the corporation as of December 31, 2019 and 2018. The adult children of Marshall Tycher, Chairman of RRT, own minority equity interests in a vendor to the Company. Additionally, Mr. Tycher’s son-in-law is an employee of the vendor. The Company recognized $ 120,000 and $ 148,000 in expense for this vendor during the years ended December 31, 2019 and 2018, respectively, and had no accounts payable to this vendor as of December 31, 2019 and 2018, respectively. Certain executive officers of RRT and/or their family members (“RG”) directly or indirectly hold small noncontrolling interests in a certain consolidated joint venture. Additionally, the Company earned $ 674,000 , $ 1,114,000 , and $ 1,873,000 from entities in which RG has ownership interests for the years ended December 31, 2019, 2018 and 2017, respectively. |
Mack-Cali Realty LP [Member] | |
Related Party Transactions | 19. RELATED PARTY TRANSACTIONS William L. Mack, Chairman of the Board of Directors of the General Partner, David S. Mack, a former director of the General Partner, and Earle I. Mack, a former director of the General Partner, are the executive officers, directors and stockholders of a corporation that leases 5,930 square feet at one of the Company’s office properties, which is scheduled to expire in January 2025 . The corporation previously leased approximately 7,034 square feet at another one of the Company’s office properties (the Company disposed of this property in January 2019). The Company has recognized $ 18,000 , $ 193,000 and $ 187,000 in revenue under these leases for the years ended December 31, 2019, 2018 and 2017, respectively, and had no accounts receivable from the corporation as of December 31, 2019 and 2018. The adult children of Marshall Tycher, Chairman of RRT, own minority equity interests in a vendor to the Company. Additionally, Mr. Tycher’s son-in-law is an employee of the vendor. The Company recognized $ 120,000 and $ 148,000 in expense for this vendor during the years ended December 31, 2019 and 2018, respectively, and had no accounts payable to this vendor as of December 31, 2019 and 2018, respectively. Certain executive officers of RRT and/or their family members (“RG”) directly or indirectly hold small noncontrolling interests in a certain consolidated joint venture. Additionally, the Company earned $ 674,000 , $ 1,114,000 , and $ 1,873,000 from entities in which RG has ownership interests for the years ended December 31, 2019, 2018 and 2017, respectively. |
Condensed Quarterly Financial I
Condensed Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Quarterly Financial Information | 20. CONDENSED QUARTERLY FINANCIAL INFORMATION (unaudited) Mack-Cali Realty Corporation The following summarizes the condensed quarterly financial information for the Company (dollars in thousands) : Quarter Ended 2019 December 31 September 30 June 30 March 31 Total revenues $ 86,673 $ 87,391 $ 86,605 $ 90,266 Net income (loss) $ ( 55,408 ) $ ( 56,021 ) $ ( 20,329 ) $ 275,594 Net income (loss) available to common shareholders $ ( 54,652 ) $ ( 55,928 ) $ ( 22,054 ) $ 244,495 ` Basic earnings per common share: Income from continuing operations $ 0.53 $ ( 0.64 ) $ ( 0.45 ) $ 2.59 Discontinued operations ( 1.17 ) ( 0.01 ) 0.02 0.08 Net income (loss) available to common shareholders $ ( 0.64 ) $ ( 0.65 ) $ ( 0.43 ) $ 2.67 Diluted earnings per common share: Income from continuing operations $ 0.53 $ ( 0.64 ) $ ( 0.45 ) $ 2.58 Discontinued operations ( 1.17 ) ( 0.01 ) 0.02 0.08 Net income (loss) available to common shareholders $ ( 0.64 ) $ ( 0.65 ) $ ( 0.43 ) $ 2.66 Quarter Ended 2018 December 31 September 30 June 30 March 31 Total revenues $ 90,277 $ 90,951 $ 86,207 $ 98,279 Net income (loss) $ 52,523 $ 1,689 $ 1,501 $ 50,688 Net income (loss) available to common shareholders $ 43,804 $ ( 1,478 ) $ ( 1,251 ) $ 43,036 ` Basic earnings per common share: Income from continuing operations $ 0.37 $ ( 0.12 ) $ ( 0.13 ) $ 0.42 Discontinued operations 0.08 0.07 0.08 0.03 Net income (loss) available to common shareholders $ 0.45 $ ( 0.05 ) $ ( 0.05 ) $ 0.45 Diluted earnings per common share: Income from continuing operations $ 0.37 $ ( 0.12 ) $ ( 0.13 ) $ 0.42 Discontinued operations 0.08 0.07 0.08 0.03 Net income (loss) available to common shareholders $ 0.45 $ ( 0.05 ) $ ( 0.05 ) $ 0.45 Mack-Cali Realty, L.P. The following summarizes the condensed quarterly financial information for the Company (dollars in thousands) : Quarter Ended 2019 December 31 September 30 June 30 March 31 Total revenues $ 86,673 $ 87,391 $ 86,605 $ 90,266 Net income (loss) $ ( 55,408 ) $ ( 56,021 ) $ ( 20,329 ) $ 275,594 Net income (loss) available to common unitholders $ ( 60,475 ) $ ( 62,087 ) $ ( 24,488 ) $ 272,175 Basic earnings per common unit: Income from continuing operations $ 0.53 $ ( 0.64 ) $ ( 0.45 ) $ 2.59 Discontinued operations ( 1.17 ) ( 0.01 ) 0.02 0.08 Net income (loss) available to common unitholders $ ( 0.64 ) $ ( 0.65 ) $ ( 0.43 ) $ 2.67 Diluted earnings per common units: Income from continuing operations $ 0.53 $ ( 0.64 ) $ ( 0.45 ) $ 2.58 Discontinued operations ( 1.17 ) ( 0.01 ) 0.02 0.08 Net income (loss) available to common unitholders $ ( 0.64 ) $ ( 0.65 ) $ ( 0.43 ) $ 2.66 Quarter Ended 2018 December 31 September 30 June 30 March 31 Total revenues $ 90,277 $ 90,951 $ 86,207 $ 98,279 Net income (loss) $ 52,523 $ 1,689 $ 1,501 $ 50,688 Net income (loss) available to common unitholders $ 48,757 $ ( 1,645 ) $ ( 1,393 ) $ 47,919 Basic earnings per common unit: Income from continuing operations $ 0.37 $ ( 0.12 ) $ ( 0.13 ) $ 0.42 Discontinued operations 0.08 0.07 0.08 0.03 Net income (loss) available to common unitholders $ 0.45 $ ( 0.05 ) $ ( 0.05 ) $ 0.45 Diluted earnings per common unit: Income from continuing operations $ 0.37 $ ( 0.12 ) $ ( 0.13 ) $ 0.42 Discontinued operations 0.08 0.07 0.08 0.03 Net income (loss) available to common unitholders $ 0.45 $ ( 0.05 ) $ ( 0.05 ) $ 0.45 |
Mack-Cali Realty LP [Member] | |
Condensed Quarterly Financial Information | 20. CONDENSED QUARTERLY FINANCIAL INFORMATION (unaudited) Mack-Cali Realty Corporation The following summarizes the condensed quarterly financial information for the Company (dollars in thousands) : Quarter Ended 2019 December 31 September 30 June 30 March 31 Total revenues $ 86,673 $ 87,391 $ 86,605 $ 90,266 Net income (loss) $ ( 55,408 ) $ ( 56,021 ) $ ( 20,329 ) $ 275,594 Net income (loss) available to common shareholders $ ( 54,652 ) $ ( 55,928 ) $ ( 22,054 ) $ 244,495 ` Basic earnings per common share: Income from continuing operations $ 0.53 $ ( 0.64 ) $ ( 0.45 ) $ 2.59 Discontinued operations ( 1.17 ) ( 0.01 ) 0.02 0.08 Net income (loss) available to common shareholders $ ( 0.64 ) $ ( 0.65 ) $ ( 0.43 ) $ 2.67 Diluted earnings per common share: Income from continuing operations $ 0.53 $ ( 0.64 ) $ ( 0.45 ) $ 2.58 Discontinued operations ( 1.17 ) ( 0.01 ) 0.02 0.08 Net income (loss) available to common shareholders $ ( 0.64 ) $ ( 0.65 ) $ ( 0.43 ) $ 2.66 Quarter Ended 2018 December 31 September 30 June 30 March 31 Total revenues $ 90,277 $ 90,951 $ 86,207 $ 98,279 Net income (loss) $ 52,523 $ 1,689 $ 1,501 $ 50,688 Net income (loss) available to common shareholders $ 43,804 $ ( 1,478 ) $ ( 1,251 ) $ 43,036 ` Basic earnings per common share: Income from continuing operations $ 0.37 $ ( 0.12 ) $ ( 0.13 ) $ 0.42 Discontinued operations 0.08 0.07 0.08 0.03 Net income (loss) available to common shareholders $ 0.45 $ ( 0.05 ) $ ( 0.05 ) $ 0.45 Diluted earnings per common share: Income from continuing operations $ 0.37 $ ( 0.12 ) $ ( 0.13 ) $ 0.42 Discontinued operations 0.08 0.07 0.08 0.03 Net income (loss) available to common shareholders $ 0.45 $ ( 0.05 ) $ ( 0.05 ) $ 0.45 Mack-Cali Realty, L.P. The following summarizes the condensed quarterly financial information for the Company (dollars in thousands) : Quarter Ended 2019 December 31 September 30 June 30 March 31 Total revenues $ 86,673 $ 87,391 $ 86,605 $ 90,266 Net income (loss) $ ( 55,408 ) $ ( 56,021 ) $ ( 20,329 ) $ 275,594 Net income (loss) available to common unitholders $ ( 60,475 ) $ ( 62,087 ) $ ( 24,488 ) $ 272,175 Basic earnings per common unit: Income from continuing operations $ 0.53 $ ( 0.64 ) $ ( 0.45 ) $ 2.59 Discontinued operations ( 1.17 ) ( 0.01 ) 0.02 0.08 Net income (loss) available to common unitholders $ ( 0.64 ) $ ( 0.65 ) $ ( 0.43 ) $ 2.67 Diluted earnings per common units: Income from continuing operations $ 0.53 $ ( 0.64 ) $ ( 0.45 ) $ 2.58 Discontinued operations ( 1.17 ) ( 0.01 ) 0.02 0.08 Net income (loss) available to common unitholders $ ( 0.64 ) $ ( 0.65 ) $ ( 0.43 ) $ 2.66 Quarter Ended 2018 December 31 September 30 June 30 March 31 Total revenues $ 90,277 $ 90,951 $ 86,207 $ 98,279 Net income (loss) $ 52,523 $ 1,689 $ 1,501 $ 50,688 Net income (loss) available to common unitholders $ 48,757 $ ( 1,645 ) $ ( 1,393 ) $ 47,919 Basic earnings per common unit: Income from continuing operations $ 0.37 $ ( 0.12 ) $ ( 0.13 ) $ 0.42 Discontinued operations 0.08 0.07 0.08 0.03 Net income (loss) available to common unitholders $ 0.45 $ ( 0.05 ) $ ( 0.05 ) $ 0.45 Diluted earnings per common unit: Income from continuing operations $ 0.37 $ ( 0.12 ) $ ( 0.13 ) $ 0.42 Discontinued operations 0.08 0.07 0.08 0.03 Net income (loss) available to common unitholders $ 0.45 $ ( 0.05 ) $ ( 0.05 ) $ 0.45 |
Real Estate Investments And Acc
Real Estate Investments And Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate Investments And Accumulated Depreciation | MACK-CALI REALTY CORPORATION, MACK-CALI REALTY, L.P. AND SUBSIDIARIES REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION December 31, 2019 (dollars in thousands) SCHEDULE III Gross Amount at Which Costs Carried at Close of Initial Costs Capitalized Period (a) Property Year Related Building and Subsequent to Building and Accumulated Property Location Type Built Acquired Encumbrances Land Improvements Acquisition (d) Land Improvements Total (d) Depreciation (b) NEW JERSEY Bergen County Fort Lee One Bridge Plaza Office 1981 1996 - 2,439 24,462 8,034 2,439 32,496 34,935 18,181 Essex County Millburn (Short Hills) 150 J.F. Kennedy Parkway Office 1980 1997 - 12,606 50,425 20,119 12,606 70,544 83,150 33,544 51 J.F. Kennedy Parkway Office 1988 2017 69,525 5,873 100,359 1,129 5,873 101,488 107,361 10,575 101 J.F. Kennedy Parkway Office 1981 2017 29,225 4,380 59,730 2,224 4,380 61,954 66,334 6,304 103 J.F. Kennedy Parkway Office 1981 2017 24,899 3,158 50,813 1,337 3,158 52,150 55,308 5,316 Hudson County Hoboken 111 River Street Office 2002 2016 148,582 - 198,609 18,073 - 216,682 216,682 20,643 Soho Lofts Multi-Family 2017 2019 158,875 27,601 224,039 1,166 27,601 225,205 252,806 4,220 Jersey City Harborside Plaza 2 Office 1990 1996 - 17,655 101,546 69,341 8,364 180,178 188,542 75,555 Harborside Plaza 3 Office 1990 1996 - 17,655 101,878 69,007 8,363 180,177 188,540 75,555 Harborside Plaza 4A Office 2000 2000 - 1,244 56,144 9,542 1,244 65,686 66,930 33,741 Harborside Plaza 5 Office 2002 2002 - 6,218 170,682 59,640 5,705 230,835 236,540 104,813 101 Hudson Street Office 1992 2005 248,659 45,530 271,376 38,827 45,530 310,203 355,733 110,891 Liberty Towers Multi-Family 2003 2019 230,667 66,670 328,347 398 66,670 328,745 395,415 2,075 Monaco Multi-Family 2011 2017 166,753 58,761 240,871 3,891 58,761 244,762 303,523 16,861 Marbella I Multi-Family 2003 2018 130,167 48,820 160,740 3,665 48,820 164,405 213,225 5,845 Marbella II Multi-Family 2016 2019 116,252 36,595 152,440 93 36,595 152,533 189,128 3,542 Weehawken 100 Avenue at Port Imperial Other 2016 2016 - 350 - 30,811 1,958 29,203 31,161 3,435 500 Avenue at Port Imperial Other 2013 2013 37,315 13,099 56,669 ( 19,361 ) 13,099 37,308 50,407 5,904 Port Imperial South 11 Multi-Family 2018 2018 99,813 22,047 - 108,721 22,047 108,721 130,768 3,398 Residence Inn/Autograph Collection by Marriott Other 2019 2015 75,029 23,660 - 113,702 23,660 113,702 137,362 2,031 Mercer County Princeton 100 Overlook Center Office 1988 1997 - 2,378 21,754 8,441 2,378 30,195 32,573 14,453 5 Vaughn Drive Office 1987 1995 - 657 9,800 2,004 657 11,804 12,461 6,868 Middlesex County Edison 333 Thornall Street Office 1984 2015 - 5,542 40,762 4,991 5,542 45,754 51,295 5,994 343 Thornall Street Office 1991 2006 - 6,027 39,101 14,720 6,027 53,822 59,848 16,399 Iselin 99 Wood Avenue South Office 1987 2019 - 9,261 45,576 142 9,261 45,718 54,979 2,064 101 Wood Avenue South Office 1990 2016 - 8,509 72,738 913 7,384 74,776 82,160 9,342 New Brunswick Richmond Court Multi-Family 1997 2013 29,759 2,992 13,534 1,908 2,992 15,442 18,434 2,293 Riverwatch Commons Multi-Family 1995 2013 - 4,169 18,974 2,196 4,169 21,170 25,339 3,120 Plainsboro 500 College Road East (c) Office 1984 1998 - 614 20,626 5,553 614 26,179 26,793 15,053 Woodbridge 581 Main Street Office 1991 1997 - 3,237 12,949 35,066 8,115 43,137 51,252 16,907 Monmouth County Holmdel 23 Main Street Office 1977 2005 - 4,336 19,544 6,411 4,336 25,956 30,291 9,301 Middletown One River Center, Building 1 Office 1983 2004 - 3,070 17,414 16,618 2,451 34,651 37,102 9,762 One River Center, Building 2 Office 1983 2004 - 2,468 15,043 3,657 2,452 18,716 21,168 8,081 One River Center, Building 3 Office 1984 2004 - 4,051 24,790 7,250 4,627 31,464 36,091 12,478 Red Bank 100 Schultz Drive Office 1989 2017 - 1,953 6,790 4,301 1,953 11,091 13,044 949 200 Schultz Drive Office 1989 2017 - 2,184 8,259 3,187 2,184 11,446 13,630 1,477 MACK-CALI REALTY CORPORATION, MACK-CALI REALTY, L.P. AND SUBSIDIARIES REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION December 31, 2019 (dollars in thousands) SCHEDULE III Gross Amount at Which Costs Carried at Close of Initial Costs Capitalized Period (a) Property Year Related Building and Subsequent to Building and Accumulated Property Location Type Built Acquired Encumbrances Land Improvements Acquisition (d) Land Improvements Total (d) Depreciation (b) Morris County Florham Park 325 Columbia Parkway Office 1987 1994 - 1,564 - 18,072 1,564 18,072 19,636 13,082 Madison 1 Giralda Farms Office 1982 2017 - 3,370 27,145 2,177 3,370 29,322 32,692 3,435 7 Giralda Farms Office 1997 2017 - 5,402 37,664 936 5,402 38,600 44,002 4,251 Morris Plains Signature Place Multi-Family 2018 2018 42,560 930 - 56,410 930 56,410 57,340 2,410 Parsippany 4 Campus Drive Office 1983 2001 - 5,213 20,984 4,069 5,213 25,053 30,266 12,399 6 Campus Drive Office 1983 2001 - 4,411 17,796 4,044 4,411 21,840 26,251 10,384 7 Campus Drive Office 1982 1998 - 1,932 27,788 5,480 1,932 33,269 35,200 17,953 8 Campus Drive Office 1987 1998 - 1,865 35,456 12,626 1,865 48,082 49,947 23,452 9 Campus Drive Office 1983 2001 - 3,277 11,796 22,734 5,842 31,965 37,807 14,327 2 Dryden Way Office 1990 1998 - 778 420 110 778 530 1,308 338 4 Gatehall Drive Office 1988 2000 - 8,452 33,929 10,030 8,452 43,959 52,411 20,052 2 Hilton Court Office 1991 1998 - 1,971 32,007 4,495 1,971 36,502 38,473 21,059 1 Sylvan Way Office 1989 1998 - 1,689 24,699 5,675 1,021 31,042 32,063 15,040 3 Sylvan Way Office 1988 2015 - 5,590 4,710 10,952 5,590 15,663 21,252 1,585 5 Sylvan Way Office 1989 1998 - 1,160 25,214 7,835 1,161 33,049 34,209 15,475 7 Sylvan Way Office 1987 1998 - 2,084 26,083 16,396 2,084 42,479 44,563 23,457 34 Sylvan Way Other 37,873 550 42,390 45,840 34,973 80,813 6,634 NEW YORK Westchester County Eastchester Quarry Place at Tuckahoe Multi-Family 2016 2016 40,499 5,585 3,400 48,934 5,585 52,334 57,919 4,007 MASSACHUSETTS Suffolk County East Boston Portside at Pier One Multi-Family 2016 2016 58,723 - 73,713 560 - 74,273 74,273 8,432 Portside 5/6 Multi-Family 2018 2018 96,457 - 37,114 77,257 - 114,371 114,371 4,178 Worcester County Worcester 145 Front Street Multi-Family 2018 2015 62,687 4,380 - 92,147 4,380 92,147 96,527 3,791 Projects Under Development and Developable Land 41,588 319,819 559,896 - 319,819 559,896 879,715 52,082 Furniture, Fixtures and Equipment - - - 78,716 - 78,716 78,716 16,610 TOTALS 1,908,034 893,154 3,737,148 1,179,762 889,219 4,920,845 5,810,064 (e) 971,402 (f) (a) The aggregate cost for federal income tax purposes at December 31, 2019 was approximately $ 4.1 billion. (b) Depreciation of buildings and improvements are calculated over lives ranging from the life of the lease to 40 years. (c) This property is located on land leased by the Company. (d) These costs are net of impairments and valuation allowances recorded, if any. (e) Includes properties classified as held for sale at December 31, 2019. The gross amount includes $ 235.3 million of land and $ 1.3 billion of building improvements related to these held for sale assets at period end. (f) Accumulated depreciation includes $ 412.8 million from assets classified as held for sale as of December 31, 2019. MACK-CALI REALTY CORPORATION/MACK-CALI REALTY, L.P. AND SUBSIDIARIES NOTE TO SCHEDULE III Changes in rental properties and accumulated depreciation for the periods ended December 31, 2019, 2018 and 2017 are as follows: (dollars in thousands) 2019 2018 2017 Rental Properties Balance at beginning of year $ 5,306,017 $ 5,102,844 $ 4,804,867 Additions 1,349,959 686,452 1,179,365 Real estate held for sale ( 1,553,383 ) ( 184,233 ) ( 310,089 ) Properties sold ( 824,167 ) ( 238,873 ) ( 538,424 ) Retirements/disposals ( 21,745 ) ( 60,173 ) ( 32,875 ) Balance at end of year $ 4,256,681 $ 5,306,017 $ 5,102,844 Accumulated Depreciation Balance at beginning of year $ 1,097,868 $ 1,087,083 $ 1,332,073 Depreciation expense 156,250 140,726 154,343 Real estate held for sale ( 411,833 ) ( 30,404 ) ( 126,503 ) Properties sold ( 261,923 ) ( 39,364 ) ( 217,625 ) Repurposed buildings - - ( 22,330 ) Retirements/disposals ( 21,745 ) ( 60,173 ) ( 32,875 ) Balance at end of year $ 558,617 $ 1,097,868 $ 1,087,083 |
Mack-Cali Realty LP [Member] | |
Real Estate Investments And Accumulated Depreciation | MACK-CALI REALTY CORPORATION, MACK-CALI REALTY, L.P. AND SUBSIDIARIES REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION December 31, 2019 (dollars in thousands) SCHEDULE III Gross Amount at Which Costs Carried at Close of Initial Costs Capitalized Period (a) Property Year Related Building and Subsequent to Building and Accumulated Property Location Type Built Acquired Encumbrances Land Improvements Acquisition (d) Land Improvements Total (d) Depreciation (b) NEW JERSEY Bergen County Fort Lee One Bridge Plaza Office 1981 1996 - 2,439 24,462 8,034 2,439 32,496 34,935 18,181 Essex County Millburn (Short Hills) 150 J.F. Kennedy Parkway Office 1980 1997 - 12,606 50,425 20,119 12,606 70,544 83,150 33,544 51 J.F. Kennedy Parkway Office 1988 2017 69,525 5,873 100,359 1,129 5,873 101,488 107,361 10,575 101 J.F. Kennedy Parkway Office 1981 2017 29,225 4,380 59,730 2,224 4,380 61,954 66,334 6,304 103 J.F. Kennedy Parkway Office 1981 2017 24,899 3,158 50,813 1,337 3,158 52,150 55,308 5,316 Hudson County Hoboken 111 River Street Office 2002 2016 148,582 - 198,609 18,073 - 216,682 216,682 20,643 Soho Lofts Multi-Family 2017 2019 158,875 27,601 224,039 1,166 27,601 225,205 252,806 4,220 Jersey City Harborside Plaza 2 Office 1990 1996 - 17,655 101,546 69,341 8,364 180,178 188,542 75,555 Harborside Plaza 3 Office 1990 1996 - 17,655 101,878 69,007 8,363 180,177 188,540 75,555 Harborside Plaza 4A Office 2000 2000 - 1,244 56,144 9,542 1,244 65,686 66,930 33,741 Harborside Plaza 5 Office 2002 2002 - 6,218 170,682 59,640 5,705 230,835 236,540 104,813 101 Hudson Street Office 1992 2005 248,659 45,530 271,376 38,827 45,530 310,203 355,733 110,891 Liberty Towers Multi-Family 2003 2019 230,667 66,670 328,347 398 66,670 328,745 395,415 2,075 Monaco Multi-Family 2011 2017 166,753 58,761 240,871 3,891 58,761 244,762 303,523 16,861 Marbella I Multi-Family 2003 2018 130,167 48,820 160,740 3,665 48,820 164,405 213,225 5,845 Marbella II Multi-Family 2016 2019 116,252 36,595 152,440 93 36,595 152,533 189,128 3,542 Weehawken 100 Avenue at Port Imperial Other 2016 2016 - 350 - 30,811 1,958 29,203 31,161 3,435 500 Avenue at Port Imperial Other 2013 2013 37,315 13,099 56,669 ( 19,361 ) 13,099 37,308 50,407 5,904 Port Imperial South 11 Multi-Family 2018 2018 99,813 22,047 - 108,721 22,047 108,721 130,768 3,398 Residence Inn/Autograph Collection by Marriott Other 2019 2015 75,029 23,660 - 113,702 23,660 113,702 137,362 2,031 Mercer County Princeton 100 Overlook Center Office 1988 1997 - 2,378 21,754 8,441 2,378 30,195 32,573 14,453 5 Vaughn Drive Office 1987 1995 - 657 9,800 2,004 657 11,804 12,461 6,868 Middlesex County Edison 333 Thornall Street Office 1984 2015 - 5,542 40,762 4,991 5,542 45,754 51,295 5,994 343 Thornall Street Office 1991 2006 - 6,027 39,101 14,720 6,027 53,822 59,848 16,399 Iselin 99 Wood Avenue South Office 1987 2019 - 9,261 45,576 142 9,261 45,718 54,979 2,064 101 Wood Avenue South Office 1990 2016 - 8,509 72,738 913 7,384 74,776 82,160 9,342 New Brunswick Richmond Court Multi-Family 1997 2013 29,759 2,992 13,534 1,908 2,992 15,442 18,434 2,293 Riverwatch Commons Multi-Family 1995 2013 - 4,169 18,974 2,196 4,169 21,170 25,339 3,120 Plainsboro 500 College Road East (c) Office 1984 1998 - 614 20,626 5,553 614 26,179 26,793 15,053 Woodbridge 581 Main Street Office 1991 1997 - 3,237 12,949 35,066 8,115 43,137 51,252 16,907 Monmouth County Holmdel 23 Main Street Office 1977 2005 - 4,336 19,544 6,411 4,336 25,956 30,291 9,301 Middletown One River Center, Building 1 Office 1983 2004 - 3,070 17,414 16,618 2,451 34,651 37,102 9,762 One River Center, Building 2 Office 1983 2004 - 2,468 15,043 3,657 2,452 18,716 21,168 8,081 One River Center, Building 3 Office 1984 2004 - 4,051 24,790 7,250 4,627 31,464 36,091 12,478 Red Bank 100 Schultz Drive Office 1989 2017 - 1,953 6,790 4,301 1,953 11,091 13,044 949 200 Schultz Drive Office 1989 2017 - 2,184 8,259 3,187 2,184 11,446 13,630 1,477 MACK-CALI REALTY CORPORATION, MACK-CALI REALTY, L.P. AND SUBSIDIARIES REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION December 31, 2019 (dollars in thousands) SCHEDULE III Gross Amount at Which Costs Carried at Close of Initial Costs Capitalized Period (a) Property Year Related Building and Subsequent to Building and Accumulated Property Location Type Built Acquired Encumbrances Land Improvements Acquisition (d) Land Improvements Total (d) Depreciation (b) Morris County Florham Park 325 Columbia Parkway Office 1987 1994 - 1,564 - 18,072 1,564 18,072 19,636 13,082 Madison 1 Giralda Farms Office 1982 2017 - 3,370 27,145 2,177 3,370 29,322 32,692 3,435 7 Giralda Farms Office 1997 2017 - 5,402 37,664 936 5,402 38,600 44,002 4,251 Morris Plains Signature Place Multi-Family 2018 2018 42,560 930 - 56,410 930 56,410 57,340 2,410 Parsippany 4 Campus Drive Office 1983 2001 - 5,213 20,984 4,069 5,213 25,053 30,266 12,399 6 Campus Drive Office 1983 2001 - 4,411 17,796 4,044 4,411 21,840 26,251 10,384 7 Campus Drive Office 1982 1998 - 1,932 27,788 5,480 1,932 33,269 35,200 17,953 8 Campus Drive Office 1987 1998 - 1,865 35,456 12,626 1,865 48,082 49,947 23,452 9 Campus Drive Office 1983 2001 - 3,277 11,796 22,734 5,842 31,965 37,807 14,327 2 Dryden Way Office 1990 1998 - 778 420 110 778 530 1,308 338 4 Gatehall Drive Office 1988 2000 - 8,452 33,929 10,030 8,452 43,959 52,411 20,052 2 Hilton Court Office 1991 1998 - 1,971 32,007 4,495 1,971 36,502 38,473 21,059 1 Sylvan Way Office 1989 1998 - 1,689 24,699 5,675 1,021 31,042 32,063 15,040 3 Sylvan Way Office 1988 2015 - 5,590 4,710 10,952 5,590 15,663 21,252 1,585 5 Sylvan Way Office 1989 1998 - 1,160 25,214 7,835 1,161 33,049 34,209 15,475 7 Sylvan Way Office 1987 1998 - 2,084 26,083 16,396 2,084 42,479 44,563 23,457 34 Sylvan Way Other 37,873 550 42,390 45,840 34,973 80,813 6,634 NEW YORK Westchester County Eastchester Quarry Place at Tuckahoe Multi-Family 2016 2016 40,499 5,585 3,400 48,934 5,585 52,334 57,919 4,007 MASSACHUSETTS Suffolk County East Boston Portside at Pier One Multi-Family 2016 2016 58,723 - 73,713 560 - 74,273 74,273 8,432 Portside 5/6 Multi-Family 2018 2018 96,457 - 37,114 77,257 - 114,371 114,371 4,178 Worcester County Worcester 145 Front Street Multi-Family 2018 2015 62,687 4,380 - 92,147 4,380 92,147 96,527 3,791 Projects Under Development and Developable Land 41,588 319,819 559,896 - 319,819 559,896 879,715 52,082 Furniture, Fixtures and Equipment - - - 78,716 - 78,716 78,716 16,610 TOTALS 1,908,034 893,154 3,737,148 1,179,762 889,219 4,920,845 5,810,064 (e) 971,402 (f) (a) The aggregate cost for federal income tax purposes at December 31, 2019 was approximately $ 4.1 billion. (b) Depreciation of buildings and improvements are calculated over lives ranging from the life of the lease to 40 years. (c) This property is located on land leased by the Company. (d) These costs are net of impairments and valuation allowances recorded, if any. (e) Includes properties classified as held for sale at December 31, 2019. The gross amount includes $ 235.3 million of land and $ 1.3 billion of building improvements related to these held for sale assets at period end. (f) Accumulated depreciation includes $ 412.8 million from assets classified as held for sale as of December 31, 2019. MACK-CALI REALTY CORPORATION/MACK-CALI REALTY, L.P. AND SUBSIDIARIES NOTE TO SCHEDULE III Changes in rental properties and accumulated depreciation for the periods ended December 31, 2019, 2018 and 2017 are as follows: (dollars in thousands) 2019 2018 2017 Rental Properties Balance at beginning of year $ 5,306,017 $ 5,102,844 $ 4,804,867 Additions 1,349,959 686,452 1,179,365 Real estate held for sale ( 1,553,383 ) ( 184,233 ) ( 310,089 ) Properties sold ( 824,167 ) ( 238,873 ) ( 538,424 ) Retirements/disposals ( 21,745 ) ( 60,173 ) ( 32,875 ) Balance at end of year $ 4,256,681 $ 5,306,017 $ 5,102,844 Accumulated Depreciation Balance at beginning of year $ 1,097,868 $ 1,087,083 $ 1,332,073 Depreciation expense 156,250 140,726 154,343 Real estate held for sale ( 411,833 ) ( 30,404 ) ( 126,503 ) Properties sold ( 261,923 ) ( 39,364 ) ( 217,625 ) Repurposed buildings - - ( 22,330 ) Retirements/disposals ( 21,745 ) ( 60,173 ) ( 32,875 ) Balance at end of year $ 558,617 $ 1,097,868 $ 1,087,083 |
Mortgage Loans On Real Estate
Mortgage Loans On Real Estate | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
Mortgages Loans On Real Estate | MACK-CALI REALTY CORPORATION/MACK-CALI REALTY, L.P. AND SUBSIDIARIES SCHEDULE IV – MORTGAGE LOANS ON REAL ESTATE As of December 31, 2019 (in thousands) Face Amount of Mortgages or Interest Interest Final Periodic Maximum Carrying Type of Accrual Payment Maturity Payment Prior Available Amount of Loan/Borrower Description Location Rate Rate Date Term (a) Liens Credit Mortgages Mortgage Loan: Borrower A Land Jersey City, NJ 5.85 % 5.85 % 07/21/19 P&I - $ - $ - Total $ - $ - (a) P&I = Principal & Interest at maturity The following table reconciles mortgage loans from January 1, 2017 to December 31, 2019 (in thousands) : 2019 2018 2017 Balance at January 1 $ 45,242 $ 45,734 $ - Additions/(repayments) New mortgage loan - - 44,695 Accrued interest 813 2,508 1,039 Repayments ( 46,055 ) ( 3,000 ) - Balance at December 31, $ - $ 45,242 $ 45,734 |
Significant Accounting Polici_2
Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2019 | |
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 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 $ 2.1 million, $ 2.3 million and $ 2.2 million for the years ended December 31, 2019, 2018 and 2017, 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 December 31, 2019 and 2018 is real estate and building and tenant improvements not in service; as follows (dollars in thousands) : December 31, December 31, 2019 2018 Land held for development (including pre-development costs, if any) (a)(c) $ 388,702 $ 465,930 Development and construction in progress, including land (b)(d) 464,110 327,039 Total $ 852,812 $ 792,969 (a) Includes predevelopment and infrastructure costs included in buildings and improvements of $ 156.5 million and $ 204.9 million as of December 31, 2019 and December 31, 2018, respectively. (b) Includes land of $ 96.6 million and $ 49.6 million as of December 31, 2019 and December 31, 2018, respectively. (c) Includes $ 48.5 million of land and $ 40.9 million of building and improvements pertaining to assets held for sale at December 31, 2019. (d) Includes $ 0.5 million of land and $ 5.6 million of building and improvements pertaining to assets held for sale. 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 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, 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, 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 $ 4,625,000 , $ 5,028,000 and $ 4,612,000 for the years ended December 31, 2019, 2018 and 2017, 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. Included in gain(loss) from extinguishment of debt, net, of $ 1.6 million, $( 10.8 ) million (of which $ 1.8 million loss pertained to properties classified as discontinued operations) and $ ( 0.4 ) million for the years ended December 31, 2019, 2018 and 2017 were unamortized deferred financing costs which were written off (as non-cash transactions) amounting to $ 0.4 million, $ 0.6 million and $ 0.4 million, 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. The portion of such compensation related to commercial leases, which was capitalized and amortized, and included in deferred charges, goodwill and other assets, net, was approximately zero , $ 3,463,000 and $ 3,146,000 for the years ended, December 31, 2019, 2018 and 2017, respectively. Upon the adoption of ASC 842 on January 1, 2019, the Company no longer capitalizes such costs, and includes such costs in Leasing personnel costs in the Company’s Consolidated Statements of Operations, which amounted to $2,261,000 for the year ended December 31, 2019. |
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. The Company determined that its goodwill, with a balance of $ 2.9 million, was no t impaired at December 31, 2019 after management performed its impairment tests. |
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 13: 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 includes income from parking spaces leased to tenants and others. Hotel income includes all revenue earned 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. As of December 31, 2019, the estimated net basis of the rental property for federal income tax purposes was lower than the net assets as reported in the Operating Partnership’s financial statements by approximately $ 529,160,000 . The Operating Partnership’s taxable income for the year ended December 31, 2019 was estimated to be approximately $ 71,151,000 and for the years ended December 31, 2018 and 2017 was approximately $ 82,106,000 and $ 97,037,000 , respectively. The differences between book income and taxable income primarily result from differences in depreciation expenses, the recording of rental income, differences in the deductibility of interest expense and certain other expenses for tax purposes, differences in revenue recognition and the rules for tax purposes of a property exchange. 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 December 31, 2019 amounted to $ 9.8 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 December 31, 2019, 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 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 . The dividends and distributions payable at December 31, 2018 represents dividends payable to common shareholders ( 90,320,408 shares) and distributions payable to noncontrolling interests unitholders of the Operating Partnership ( 10,174,285 common units and 1,762,170 LTIP units) for all such holders of record as of January 3, 2019 with respect to the fourth quarter 2018. The fourth quarter 2018 common stock dividends and unit distributions of $ 0.20 per common share (total of $ 18.1 million), common unit (total of $ 2.0 million) and LTIP unit (total of $ 0.4 million) were approved by the General Partner’s Board of Directors on December 11, 2018 and paid on January 11, 2019 . The Company has determined that the $ 0.80 dividend per common share paid during the year ended December 31, 2019 represented 100 percent capital gain; the $ 0.80 dividend per common share paid during the year ended December 31, 2018 represented approximately 47 percent ordinary income and approximately 53 percent capital gain and the $ 0.70 dividend per common share paid during the year ended December 31, 2017 represented 100 percent ordinary income. |
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. The Company recorded stock compensation expense of $ 8,161,000 , $ 6,894,000 and $ 7,447,000 for the years ended December 31, 2019, 2018 and 2017, 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 February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), modifying the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). ASU 2016-02 provides new guidelines that change the accounting for leasing arrangements for lessees, whereby their rights and obligations under substantially all leases, existing and new, would be capitalized and recorded on the balance sheet. For lessors, however, the accounting remains largely equivalent to the current model, with the distinction between operating, sales-type, and direct financing leases retained, but updated to align with certain changes to the lessee model and the new revenue recognition standard. ASU 2016-02 provides two transition methods. The first transition method allows for application of the new model at the beginning of the earliest comparative period presented. Under the second transition method, comparative periods would not be restated, with any cumulative effect adjustments recognized in the opening balance of retained earnings in the period of adoption. In addition, a practical expedient was recently issued by the FASB that allows lessors to combine non-lease components with related lease components if certain conditions are met. The Company has adopted this guidance for its interim and annual periods beginning January 1, 2019 using the second transition method. Under ASU 2016-02, lessors will only capitalize incremental direct leasing costs and will expense internal leasing costs that were previously capitalized prior to the adoption of ASU 2016-02. For leases where the Company is a lessee, primarily its ground leases, the Company is recognizing a right-of-use asset and a corresponding lease liability. 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 Company does not expect the adoption of ASU 2016-13 to 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). |
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 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 $ 2.1 million, $ 2.3 million and $ 2.2 million for the years ended December 31, 2019, 2018 and 2017, 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 December 31, 2019 and 2018 is real estate and building and tenant improvements not in service; as follows (dollars in thousands) : December 31, December 31, 2019 2018 Land held for development (including pre-development costs, if any) (a)(c) $ 388,702 $ 465,930 Development and construction in progress, including land (b)(d) 464,110 327,039 Total $ 852,812 $ 792,969 (a) Includes predevelopment and infrastructure costs included in buildings and improvements of $ 156.5 million and $ 204.9 million as of December 31, 2019 and December 31, 2018, respectively. (b) Includes land of $ 96.6 million and $ 49.6 million as of December 31, 2019 and December 31, 2018, respectively. (c) Includes $ 48.5 million of land and $ 40.9 million of building and improvements pertaining to assets held for sale at December 31, 2019. (d) Includes $ 0.5 million of land and $ 5.6 million of building and improvements pertaining to assets held for sale. 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 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, 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, 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 $ 4,625,000 , $ 5,028,000 and $ 4,612,000 for the years ended December 31, 2019, 2018 and 2017, 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. Included in gain(loss) from extinguishment of debt, net, of $ 1.6 million, $( 10.8 ) million (of which $ 1.8 million loss pertained to properties classified as discontinued operations) and $ ( 0.4 ) million for the years ended December 31, 2019, 2018 and 2017 were unamortized deferred financing costs which were written off (as non-cash transactions) amounting to $ 0.4 million, $ 0.6 million and $ 0.4 million, 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. The portion of such compensation related to commercial leases, which was capitalized and amortized, and included in deferred charges, goodwill and other assets, net, was approximately zero , $ 3,463,000 and $ 3,146,000 for the years ended, December 31, 2019, 2018 and 2017, respectively. Upon the adoption of ASC 842 on January 1, 2019, the Company no longer capitalizes such costs, and includes such costs in Leasing personnel costs in the Company’s Consolidated Statements of Operations, which amounted to $2,261,000 for the year ended December 31, 2019. |
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. The Company determined that its goodwill, with a balance of $ 2.9 million, was no t impaired at December 31, 2019 after management performed its impairment tests. |
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 13: 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 includes income from parking spaces leased to tenants and others. Hotel income includes all revenue earned 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. As of December 31, 2019, the estimated net basis of the rental property for federal income tax purposes was lower than the net assets as reported in the Operating Partnership’s financial statements by approximately $ 529,160,000 . The Operating Partnership’s taxable income for the year ended December 31, 2019 was estimated to be approximately $ 71,151,000 and for the years ended December 31, 2018 and 2017 was approximately $ 82,106,000 and $ 97,037,000 , respectively. The differences between book income and taxable income primarily result from differences in depreciation expenses, the recording of rental income, differences in the deductibility of interest expense and certain other expenses for tax purposes, differences in revenue recognition and the rules for tax purposes of a property exchange. 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 December 31, 2019 amounted to $ 9.8 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 December 31, 2019, 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 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 . The dividends and distributions payable at December 31, 2018 represents dividends payable to common shareholders ( 90,320,408 shares) and distributions payable to noncontrolling interests unitholders of the Operating Partnership ( 10,174,285 common units and 1,762,170 LTIP units) for all such holders of record as of January 3, 2019 with respect to the fourth quarter 2018. The fourth quarter 2018 common stock dividends and unit distributions of $ 0.20 per common share (total of $ 18.1 million), common unit (total of $ 2.0 million) and LTIP unit (total of $ 0.4 million) were approved by the General Partner’s Board of Directors on December 11, 2018 and paid on January 11, 2019 . The Company has determined that the $ 0.80 dividend per common share paid during the year ended December 31, 2019 represented 100 percent capital gain; the $ 0.80 dividend per common share paid during the year ended December 31, 2018 represented approximately 47 percent ordinary income and approximately 53 percent capital gain and the $ 0.70 dividend per common share paid during the year ended December 31, 2017 represented 100 percent ordinary income. |
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. The Company recorded stock compensation expense of $ 8,161,000 , $ 6,894,000 and $ 7,447,000 for the years ended December 31, 2019, 2018 and 2017, 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 February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), modifying the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). ASU 2016-02 provides new guidelines that change the accounting for leasing arrangements for lessees, whereby their rights and obligations under substantially all leases, existing and new, would be capitalized and recorded on the balance sheet. For lessors, however, the accounting remains largely equivalent to the current model, with the distinction between operating, sales-type, and direct financing leases retained, but updated to align with certain changes to the lessee model and the new revenue recognition standard. ASU 2016-02 provides two transition methods. The first transition method allows for application of the new model at the beginning of the earliest comparative period presented. Under the second transition method, comparative periods would not be restated, with any cumulative effect adjustments recognized in the opening balance of retained earnings in the period of adoption. In addition, a practical expedient was recently issued by the FASB that allows lessors to combine non-lease components with related lease components if certain conditions are met. The Company has adopted this guidance for its interim and annual periods beginning January 1, 2019 using the second transition method. Under ASU 2016-02, lessors will only capitalize incremental direct leasing costs and will expense internal leasing costs that were previously capitalized prior to the adoption of ASU 2016-02. For leases where the Company is a lessee, primarily its ground leases, the Company is recognizing a right-of-use asset and a corresponding lease liability. 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 Company does not expect the adoption of ASU 2016-13 to 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). |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Significant Accounting Policies [Line Items] | |
Schedule Of Rental Property Improvements | December 31, December 31, 2019 2018 Land held for development (including pre-development costs, if any) (a)(c) $ 388,702 $ 465,930 Development and construction in progress, including land (b)(d) 464,110 327,039 Total $ 852,812 $ 792,969 (a) Includes predevelopment and infrastructure costs included in buildings and improvements of $ 156.5 million and $ 204.9 million as of December 31, 2019 and December 31, 2018, respectively. (b) Includes land of $ 96.6 million and $ 49.6 million as of December 31, 2019 and December 31, 2018, respectively. (c) Includes $ 48.5 million of land and $ 40.9 million of building and improvements pertaining to assets held for sale at December 31, 2019. (d) Includes $ 0.5 million of land and $ 5.6 million of building and improvements pertaining to assets held for sale. |
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 | December 31, December 31, 2019 2018 Land held for development (including pre-development costs, if any) (a)(c) $ 388,702 $ 465,930 Development and construction in progress, including land (b)(d) 464,110 327,039 Total $ 852,812 $ 792,969 (a) Includes predevelopment and infrastructure costs included in buildings and improvements of $ 156.5 million and $ 204.9 million as of December 31, 2019 and December 31, 2018, respectively. (b) Includes land of $ 96.6 million and $ 49.6 million as of December 31, 2019 and December 31, 2018, respectively. (c) Includes $ 48.5 million of land and $ 40.9 million of building and improvements pertaining to assets held for sale at December 31, 2019. (d) Includes $ 0.5 million of land and $ 5.6 million of building and improvements pertaining to assets held for sale. |
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) | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate Properties [Line Items] | |
Schedule Of Properties Acquired | Rentable Acquisition Property # of Square Feet/ Acquisition Date Property Address Location Type Bldgs. Apartment Units Cost 02/06/19 99 Wood Avenue (a) Iselin, New Jersey Office 1 271,988 $ 61,858 04/01/19 Soho Lofts (a) Jersey City, New Jersey Multi-family 1 377 264,578 09/26/19 Liberty Towers (b) Jersey City, New Jersey Multi-family 1 648 410,483 Total Acquisitions 3 $ 736,919 (a) This acquisition was funded using funds available with the Company's qualified intermediary from prior property sales proceeds and through borrowing under the Company's unsecured revolving credit facility. (b) This acquisition was funded through borrowings under the Company's unsecured revolving credit facility and a new $ 232 million mortgage loan collateralized by the property. |
Schedule Of Acquisition Cost Allocated To Net Assets Acquired | 99 Wood Avenue Soho Lofts Apartments Liberty Towers Total Land and leasehold interest $ 9,261 $ 27,601 $ 66,670 $ 103,532 Buildings and improvements and other assets 45,576 231,663 330,935 608,174 Above market lease values 431 (a) - 56 (c) 487 In-place lease values 8,264 (a) 5,480 (b) 13,462 (c) 27,206 63,532 264,744 411,123 739,399 Less: Below market lease values ( 1,674 ) (a) ( 166 ) (b) ( 640 ) (c) ( 2,480 ) Net assets recorded upon acquisition $ 61,858 $ 264,578 $ 410,483 $ 736,919 (a) Above market, in-place and below market lease values are being amortized over a weighted-average term of 4.3 years. (b) In-place and below market lease values are being amortized over a weighted-average term of 0.8 years. (c) Above market, in-place and below market lease values are being amortized over a weighted-average term of 0.5 years. |
Schedule Of Properties Which Commenced Initial Operations | 2019 # of Total In Service Property Apartment Units/ Development Date Property Location Type Rooms Costs Incurred 07/09/19 Autograph Collection By Marriott (Phase II) Weehawken, NJ Hotel 208 $ 105,477 Totals 208 $ 105,477 2018 # of Total In-Service Property Apartment Units/ Development Date Property Location Type Rooms Costs 03/01/18 145 Front at City Square Worcester, MA Multi-Family 365 $ 97,483 (a) 04/01/18 Signature Place at Morris Plains Morris Plains, NJ Multi-Family 197 56,715 (b) 05/01/18 Portside 5/6 East Boston, MA Multi-Family 296 114,694 08/01/18 RiverHouse 11 at Port Imperial Weehawken, NJ Multi-Family 295 130,369 12/13/18 Residence Inn By Marriott (Phase I) Weehawken, NJ Hotel 164 58,723 Totals 1,317 $ 457,984 (a) Development costs as of December 31, 2018 included approximately $ 4.4 in land costs. (b) Development costs as of December 31, 2018 included approximately $ 0.9 in land costs. |
Schedule Of Net Assets Recorded Upon Consolidation | Marbella II Land and leasehold interests $ 36,595 Buildings and improvements and other assets, net 153,974 In-place lease values (a) 4,611 Less: Below market lease values (a) ( 80 ) 195,100 Less: Debt ( 117,000 ) Net assets 78,100 Less: Noncontrolling interests ( 13,722 ) Net assets recorded upon consolidation $ 64,378 (a) In-place and below market lease values are being amortized over a weighted-average term of 6.2 months. 2018 On August 2, 2018, the Company, which held a 24.27 percent subordinated interest in the unconsolidated joint venture Marbella Tower Urban Renewal Associates LLC, a 412 -unit multi-family operating property located in Jersey City, New Jersey, acquired its equity partner’s 50 percent interest for $ 65.6 million in cash. The property was subject to a mortgage loan that had a principal balance of $ 95 million. The cash portion of the acquisition was funded primarily through borrowings under the Company's unsecured revolving credit facility. Concurrently with the closing, the joint venture repaid the $ 95 million mortgage loan in full and obtained a new loan from a different lender, collateralized by the property in the amount of $ 131 million, which bears interest at 4.07 percent and matures in August 2026 . The venture distributed $ 37.4 million of the loan proceeds, of which the Company’s share was $ 30.4 million. As a result of the acquisition, the Company increased its ownership of the property from a 24.27 percent subordinated interest to a 74.27 percent controlling interest. In accordance with ASC 810, Consolidation, the Company evaluated the acquisition and determined that the entity meets the criteria of a VIE. As such, the Company consolidated the asset upon acquisition and accordingly, remeasured its equity interests, as required by the FASB's consolidation guidance, at fair value (based upon the income approach using current rates and market cap rates and discount rates). As a result, the Company recorded a gain on change of control of interests of $ 14.2 million (a non-cash item) in the year ended December 31, 2019, when the Company accounted for the transaction as a VIE that is not a business in accordance with ASC 810-10-30-4. Additional non-cash items included in the acquisition were the Company’s carrying value of its interest in the joint venture of $ 14 million and the noncontrolling interest’s fair value of $ 29.8 million (non-cash allocation). See Note 9: Mortgages, Loans Payable and Other Obligations. Net assets recorded upon consolidation were as follows (in thousands) : Land and leasehold interest $ 48,820 Buildings and improvements and other assets, net 162,958 In-place lease values (a) 6,947 Less: Below market lease values (a) ( 108 ) 218,617 Less: Debt ( 131,000 ) Net Assets 87,617 Less: Noncontrolling interest (b) ( 22,812 ) Net assets recorded upon consolidation $ 64,805 (a) In-place and below market lease values are being amortized over a weighted-average term of 9.3 months. (b) Noncontrolling interest balance reflects distribution of $ 7.0 million of loan proceeds at closing. |
Schedule Of Real Estate Held For Sale/Discontinued Operations/Dispositions | The following table summarizes the real estate held for sale, net, and other assets and liabilities (dollars in thousands) : Suburban Other assets held Office Assets Portfolio (a) Held for Sale Total Land $ 147,590 $ 87,663 $ 235,253 Building & Other 1,263,738 54,392 1,318,130 Less: Accumulated depreciation ( 401,212 ) ( 11,573 ) ( 412,785 ) Less: Cumulative unrealized losses on property held for sale ( 137,876 ) ( 36,225 ) ( 174,101 ) Real estate held for sale, net $ 872,240 $ 94,257 $ 966,497 Suburban Other assets held Office Assets Other assets and liabilities Portfolio Held for Sale Total Unbilled rents receivable, net (b) $ 30,188 $ 1,956 $ 32,144 Deferred charges, net (b) 32,900 1,432 34,332 Total intangibles, net (b) 33,095 - 33,095 Total deferred charges & other assets, net 68,684 1,730 70,414 Mortgages & loans payable, net (b) 123,650 - 123,650 Total below market liability (b) 8,833 - 8,833 Accounts payable, accrued exp & other liability 21,025 1,792 22,817 Unearned rents/deferred rental income (b) 2,952 - 2,952 (a) Classified as discontinued operations at December 31, 2019 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 rental properties during the year ended December 31, 2019 (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 01/11/19 721 Route 202-206 South (a) Bridgewater, New Jersey 1 192,741 Office $ 5,651 $ 5,410 $ 241 $ - 01/16/19 Park Square Apartments (b) Rahway, New Jersey 1 159 units Multi-family 34,045 34,032 13 - 01/22/19 2115 Linwood Avenue Fort Lee, New Jersey 1 68,000 Office 15,197 7,433 7,764 - 02/27/19 201 Littleton Road (c) Morris Plains, New Jersey 1 88,369 Office 4,842 4,937 ( 95 ) - 03/13/19 320 & 321 University Avenue Newark, New Jersey 2 147,406 Office 25,552 18,456 7,096 - 03/29/19 Flex portfolio (d) New York and Connecticut 56 3,148,512 Office/Flex 470,348 214,758 255,590 - 06/18/19 650 From Road (e) Paramus, New Jersey 1 348,510 Office 37,801 40,046 ( 2,245 ) - 10/18/19 3600 Route 66 (h) Neptune, New Jersey 1 180,000 Office 25,237 17,246 - 7,991 10/23/19 Chase & Alterra Portfolio (f) Revere and Malden, Massachusetts 3 1,386 units Multi-family 406,817 293,030 113,787 - 12/06/19 5 Wood Hollow Road (g) (h) Parsippany, New Jersey 1 317,040 Office 26,937 33,226 - ( 6,289 ) (i) Sub-total 68 4,490,578 1,052,427 668,574 382,151 1,702 Unrealized losses on real estate held for sale ( 36,225 ) ( 137,876 ) (i) Totals 68 4,490,578 $ 1,052,427 $ 668,574 $ 345,926 $ ( 136,174 ) (a) The Company recorded a valuation allowance of $ 9.3 million on this property during the year ended December 31, 2018. (b) The Company recorded a valuation allowance of $ 6.3 million on this property during the year ended December 31, 2018. (c) The Company recorded a valuation allowance of $ 3.6 million on this property during the year ended December 31, 2018. (d) As part of the consideration from the buyer, who sis a noncontrolling interest unitholder of the Operating Partnership, 301,638 Common Units were redeemed by the Company at fair market value of $ 6.6 million as purchase consideration received for two of the properties disposed of in this transaction, which was a non-cash portion of this sales transaction. The Company used the net cash received at closing to repay approximately $ 119.9 million of borrowings under the unsecured revolving credit facility and to repay $ 90 million of its $ 350 million unsecured term loan. The Company also utilized $ 217.4 million of these proceeds on April 1, 2019 to acquire a 377 -unit multi-family property located in Jersey City, New Jersey. (e) The Company recorded a valuation allowance of $ 0.9 million on this property during the year ended December 31, 2018. (f) Proceeds from the sale, which were net of $ 235.8 million of in-place mortgages assumed by the buyer, were used primarily to repay outstanding borrowings under the Company's revolving credit facility that were drawn to fund a portion of the Company's purchase of Liberty Towers. The assumed mortgages were a non-cash portion of this sales transaction. (g) The net sale proceeds were held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other assets as of December 31, 2019. See Note 5: Deferred Charges, Goodwill and Other Assets, Net – to the Financial Statements. The Company recorded an impairment charge of $ 5.8 million at June 30, 2019 before the property was identified as held for sale on September 30, 2019. (h) These pertain to properties classified as discontinued operations. (See Note 7: Discontinued Operations – to the Financial Statements) (i) These include impairments recorded on three properties before they were classified as discontinued operations. The Company disposed of the following developable land holdings during the year ended December 31, 2019 (dollars in thousands): Realized Gains Net Net (losses)/ Disposition Sales Carrying Unrealized Date Property Address Location Proceeds Value Losses, net 04/30/19 Overlook Ridge Revere, Massachusetts $ 685 $ 415 $ 270 09/20/19 Overlook Ridge Revere, Massachusetts 1,135 839 296 11/08/19 150 Monument Street Bala Cynwd, Pennsylvania (a) 8,374 7,874 500 12/19/19 51 Washington Street Conshohocken, Pennsylvania (b) 8,189 8,732 $ ( 543 ) Totals $ 18,383 $ 17,860 $ 523 (a) The Company recorded a land impairment charge of $ 10.9 million on this land parcel during the year ended December 31, 2018. (b) The Company recorded a land impairment charge of $ 13.6 million on this land parcel during the year ended December 31, 2018. The Company recorded additional land impairment charges of $ 2.7 million on this land parcel during the year ended December 31, 2019 prior to its disposition. 2018 The Company identified as held for sale six office properties, totaling approximately 845,000 square feet, and a 159 unit multi-family rental property as of December 31, 2018. The properties are located in Fort Lee, Newark, Paramus, Bridgewater, Morris Plains and Rahway, New Jersey. The total estimated sales proceeds, net of selling costs, from the sales which were all completed in 2019, were approximately $ 123.1 million. The Company determined that the carrying value of four of the properties was not expected to be recovered from estimated net sales proceeds and accordingly recognized an unrealized loss allowance of $ 20.1 million for the year ended December 31, 2018. The following table summarizes the real estate held for sale, net, as of December 31, 2018 (dollars in thousands): December 31, 2018 Land $ 24,376 Building and improvements 159,857 Less: Accumulated depreciation ( 55,250 ) Less: Cumulative unrealized losses on property held for sale ( 20,135 ) Real estate held for sale, net $ 108,848 The Company disposed of the following office properties during the year ended December 31, 2018 (dollars in thousands) : Realized Gains Rentable Net Net (losses)/ Disposition # of Square Sales Carrying Unrealized Date Property/Address Location Bldgs. Feet Proceeds Value Losses, net 02/15/18 35 Waterview Boulevard (a) Parsippany, New Jersey 1 172,498 $ 25,994 $ 25,739 $ 255 03/05/18 Hamilton portfolio (b) Hamilton, New Jersey 6 239,262 17,546 17,501 45 03/07/18 Wall portfolio first closing Wall, New Jersey 5 179,601 14,053 10,526 3,527 03/22/18 700 Horizon Drive Hamilton, New Jersey 1 120,000 33,020 16,053 16,967 03/23/18 Wall portfolio second closing Wall, New Jersey 3 217,822 30,209 12,961 17,248 03/28/18 75 Livingston Avenue Roseland, New Jersey 1 94,221 7,983 5,609 2,374 03/28/18 20 Waterview Boulevard (c) Parsippany, New Jersey 1 225,550 12,475 11,795 680 03/30/18 Westchester Financial Center (d) White Plains, New York 2 489,000 81,769 64,679 17,090 06/27/18 65 Jackson Drive Cranford, New Jersey 0 - 1,510 (e) - 1,510 08/02/18 600 Horizon Drive Hamilton, New Jersey 1 95,000 15,127 6,191 8,936 09/05/18 1 & 3 Barker Avenue White Plains, New York 2 133,300 15,140 13,543 1,597 11/15/18 120 Passaic Street (f) Rochelle Park, New Jersey 1 52,000 2,667 2,568 99 12/31/18 Elmsford Distribution Center Elmsford, New York 6 387,400 66,557 17,314 49,243 Sub-total 30 2,405,654 324,050 204,479 119,571 Unrealized losses on real estate held for sale ( 20,135 ) Totals 30 2,405,654 $ 324,050 $ 204,479 $ 99,436 (a) The Company recorded a valuation allowance of $ 0.7 million on this property during the year ended December 31, 2017. (b) The Company recorded a valuation allowance of $ 0.6 million on these properties during the year ended December 31, 2017. The disposition additionally included two land properties. (c) The Company recorded a valuation allowance of $ 11 million on this property during the year ended December 31, 2017. Prior to closing, the Company provided short term financing through a note receivable to an affiliate of the buyers of $ 2.8 million. The note was paid off in the second quarter of 2018. (d) Prior to closing, the Company provided financing through a note receivable to an affiliate of the buyers of $ 4.0 million. The note was paid off in October 2018. (e) Represents the receipt by the Company in the second quarter 2018 of variable contingent sales consideration, net of costs, of $ 1.5 million subsequent to disposition of the property sold in January 2017. (f) The net sale proceeds were held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other assets as of December 31, 2018. See Note 5: Deferred Charges, Goodwill and Other Assets, Net). The Company disposed of the following developable land holdings during the year ended December 31, 2018 (dollars in thousands) : Net Net Gain on Disposition Sales Carrying Disposition of Date Property Address Location Proceeds Value Developable Land 12/31/18 One Lake Street Upper Saddle River, New Jersey (a) $ 46,036 $ 15,097 $ 30,939 Totals $ 46,036 $ 15,097 $ 30,939 (a) The net sale proceeds were held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other assets as of December 31, 2018. See Note 5: Deferred Charges, Goodwill and Other Assets, Net. The net carrying value includes $ 3 million of development costs funded at the closing. |
Mack-Cali Realty LP [Member] | |
Real Estate Properties [Line Items] | |
Schedule Of Properties Acquired | Rentable Acquisition Property # of Square Feet/ Acquisition Date Property Address Location Type Bldgs. Apartment Units Cost 02/06/19 99 Wood Avenue (a) Iselin, New Jersey Office 1 271,988 $ 61,858 04/01/19 Soho Lofts (a) Jersey City, New Jersey Multi-family 1 377 264,578 09/26/19 Liberty Towers (b) Jersey City, New Jersey Multi-family 1 648 410,483 Total Acquisitions 3 $ 736,919 (a) This acquisition was funded using funds available with the Company's qualified intermediary from prior property sales proceeds and through borrowing under the Company's unsecured revolving credit facility. (b) This acquisition was funded through borrowings under the Company's unsecured revolving credit facility and a new $ 232 million mortgage loan collateralized by the property. |
Schedule Of Acquisition Cost Allocated To Net Assets Acquired | 99 Wood Avenue Soho Lofts Apartments Liberty Towers Total Land and leasehold interest $ 9,261 $ 27,601 $ 66,670 $ 103,532 Buildings and improvements and other assets 45,576 231,663 330,935 608,174 Above market lease values 431 (a) - 56 (c) 487 In-place lease values 8,264 (a) 5,480 (b) 13,462 (c) 27,206 63,532 264,744 411,123 739,399 Less: Below market lease values ( 1,674 ) (a) ( 166 ) (b) ( 640 ) (c) ( 2,480 ) Net assets recorded upon acquisition $ 61,858 $ 264,578 $ 410,483 $ 736,919 (a) Above market, in-place and below market lease values are being amortized over a weighted-average term of 4.3 years. (b) In-place and below market lease values are being amortized over a weighted-average term of 0.8 years. (c) Above market, in-place and below market lease values are being amortized over a weighted-average term of 0.5 years. |
Schedule Of Properties Which Commenced Initial Operations | 2019 # of Total In Service Property Apartment Units/ Development Date Property Location Type Rooms Costs Incurred 07/09/19 Autograph Collection By Marriott (Phase II) Weehawken, NJ Hotel 208 $ 105,477 Totals 208 $ 105,477 2018 # of Total In-Service Property Apartment Units/ Development Date Property Location Type Rooms Costs 03/01/18 145 Front at City Square Worcester, MA Multi-Family 365 $ 97,483 (a) 04/01/18 Signature Place at Morris Plains Morris Plains, NJ Multi-Family 197 56,715 (b) 05/01/18 Portside 5/6 East Boston, MA Multi-Family 296 114,694 08/01/18 RiverHouse 11 at Port Imperial Weehawken, NJ Multi-Family 295 130,369 12/13/18 Residence Inn By Marriott (Phase I) Weehawken, NJ Hotel 164 58,723 Totals 1,317 $ 457,984 (a) Development costs as of December 31, 2018 included approximately $ 4.4 in land costs. (b) Development costs as of December 31, 2018 included approximately $ 0.9 in land costs. |
Schedule Of Net Assets Recorded Upon Consolidation | Marbella II Land and leasehold interests $ 36,595 Buildings and improvements and other assets, net 153,974 In-place lease values (a) 4,611 Less: Below market lease values (a) ( 80 ) 195,100 Less: Debt ( 117,000 ) Net assets 78,100 Less: Noncontrolling interests ( 13,722 ) Net assets recorded upon consolidation $ 64,378 (a) In-place and below market lease values are being amortized over a weighted-average term of 6.2 months. 2018 On August 2, 2018, the Company, which held a 24.27 percent subordinated interest in the unconsolidated joint venture Marbella Tower Urban Renewal Associates LLC, a 412 -unit multi-family operating property located in Jersey City, New Jersey, acquired its equity partner’s 50 percent interest for $ 65.6 million in cash. The property was subject to a mortgage loan that had a principal balance of $ 95 million. The cash portion of the acquisition was funded primarily through borrowings under the Company's unsecured revolving credit facility. Concurrently with the closing, the joint venture repaid the $ 95 million mortgage loan in full and obtained a new loan from a different lender, collateralized by the property in the amount of $ 131 million, which bears interest at 4.07 percent and matures in August 2026 . The venture distributed $ 37.4 million of the loan proceeds, of which the Company’s share was $ 30.4 million. As a result of the acquisition, the Company increased its ownership of the property from a 24.27 percent subordinated interest to a 74.27 percent controlling interest. In accordance with ASC 810, Consolidation, the Company evaluated the acquisition and determined that the entity meets the criteria of a VIE. As such, the Company consolidated the asset upon acquisition and accordingly, remeasured its equity interests, as required by the FASB's consolidation guidance, at fair value (based upon the income approach using current rates and market cap rates and discount rates). As a result, the Company recorded a gain on change of control of interests of $ 14.2 million (a non-cash item) in the year ended December 31, 2019, when the Company accounted for the transaction as a VIE that is not a business in accordance with ASC 810-10-30-4. Additional non-cash items included in the acquisition were the Company’s carrying value of its interest in the joint venture of $ 14 million and the noncontrolling interest’s fair value of $ 29.8 million (non-cash allocation). See Note 9: Mortgages, Loans Payable and Other Obligations. Net assets recorded upon consolidation were as follows (in thousands) : Land and leasehold interest $ 48,820 Buildings and improvements and other assets, net 162,958 In-place lease values (a) 6,947 Less: Below market lease values (a) ( 108 ) 218,617 Less: Debt ( 131,000 ) Net Assets 87,617 Less: Noncontrolling interest (b) ( 22,812 ) Net assets recorded upon consolidation $ 64,805 (a) In-place and below market lease values are being amortized over a weighted-average term of 9.3 months. (b) Noncontrolling interest balance reflects distribution of $ 7.0 million of loan proceeds at closing. |
Schedule Of Real Estate Held For Sale/Discontinued Operations/Dispositions | The following table summarizes the real estate held for sale, net, and other assets and liabilities (dollars in thousands) : Suburban Other assets held Office Assets Portfolio (a) Held for Sale Total Land $ 147,590 $ 87,663 $ 235,253 Building & Other 1,263,738 54,392 1,318,130 Less: Accumulated depreciation ( 401,212 ) ( 11,573 ) ( 412,785 ) Less: Cumulative unrealized losses on property held for sale ( 137,876 ) ( 36,225 ) ( 174,101 ) Real estate held for sale, net $ 872,240 $ 94,257 $ 966,497 Suburban Other assets held Office Assets Other assets and liabilities Portfolio Held for Sale Total Unbilled rents receivable, net (b) $ 30,188 $ 1,956 $ 32,144 Deferred charges, net (b) 32,900 1,432 34,332 Total intangibles, net (b) 33,095 - 33,095 Total deferred charges & other assets, net 68,684 1,730 70,414 Mortgages & loans payable, net (b) 123,650 - 123,650 Total below market liability (b) 8,833 - 8,833 Accounts payable, accrued exp & other liability 21,025 1,792 22,817 Unearned rents/deferred rental income (b) 2,952 - 2,952 (a) Classified as discontinued operations at December 31, 2019 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 rental properties during the year ended December 31, 2019 (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 01/11/19 721 Route 202-206 South (a) Bridgewater, New Jersey 1 192,741 Office $ 5,651 $ 5,410 $ 241 $ - 01/16/19 Park Square Apartments (b) Rahway, New Jersey 1 159 units Multi-family 34,045 34,032 13 - 01/22/19 2115 Linwood Avenue Fort Lee, New Jersey 1 68,000 Office 15,197 7,433 7,764 - 02/27/19 201 Littleton Road (c) Morris Plains, New Jersey 1 88,369 Office 4,842 4,937 ( 95 ) - 03/13/19 320 & 321 University Avenue Newark, New Jersey 2 147,406 Office 25,552 18,456 7,096 - 03/29/19 Flex portfolio (d) New York and Connecticut 56 3,148,512 Office/Flex 470,348 214,758 255,590 - 06/18/19 650 From Road (e) Paramus, New Jersey 1 348,510 Office 37,801 40,046 ( 2,245 ) - 10/18/19 3600 Route 66 (h) Neptune, New Jersey 1 180,000 Office 25,237 17,246 - 7,991 10/23/19 Chase & Alterra Portfolio (f) Revere and Malden, Massachusetts 3 1,386 units Multi-family 406,817 293,030 113,787 - 12/06/19 5 Wood Hollow Road (g) (h) Parsippany, New Jersey 1 317,040 Office 26,937 33,226 - ( 6,289 ) (i) Sub-total 68 4,490,578 1,052,427 668,574 382,151 1,702 Unrealized losses on real estate held for sale ( 36,225 ) ( 137,876 ) (i) Totals 68 4,490,578 $ 1,052,427 $ 668,574 $ 345,926 $ ( 136,174 ) (a) The Company recorded a valuation allowance of $ 9.3 million on this property during the year ended December 31, 2018. (b) The Company recorded a valuation allowance of $ 6.3 million on this property during the year ended December 31, 2018. (c) The Company recorded a valuation allowance of $ 3.6 million on this property during the year ended December 31, 2018. (d) As part of the consideration from the buyer, who sis a noncontrolling interest unitholder of the Operating Partnership, 301,638 Common Units were redeemed by the Company at fair market value of $ 6.6 million as purchase consideration received for two of the properties disposed of in this transaction, which was a non-cash portion of this sales transaction. The Company used the net cash received at closing to repay approximately $ 119.9 million of borrowings under the unsecured revolving credit facility and to repay $ 90 million of its $ 350 million unsecured term loan. The Company also utilized $ 217.4 million of these proceeds on April 1, 2019 to acquire a 377 -unit multi-family property located in Jersey City, New Jersey. (e) The Company recorded a valuation allowance of $ 0.9 million on this property during the year ended December 31, 2018. (f) Proceeds from the sale, which were net of $ 235.8 million of in-place mortgages assumed by the buyer, were used primarily to repay outstanding borrowings under the Company's revolving credit facility that were drawn to fund a portion of the Company's purchase of Liberty Towers. The assumed mortgages were a non-cash portion of this sales transaction. (g) The net sale proceeds were held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other assets as of December 31, 2019. See Note 5: Deferred Charges, Goodwill and Other Assets, Net – to the Financial Statements. The Company recorded an impairment charge of $ 5.8 million at June 30, 2019 before the property was identified as held for sale on September 30, 2019. (h) These pertain to properties classified as discontinued operations. (See Note 7: Discontinued Operations – to the Financial Statements) (i) These include impairments recorded on three properties before they were classified as discontinued operations. The Company disposed of the following developable land holdings during the year ended December 31, 2019 (dollars in thousands): Realized Gains Net Net (losses)/ Disposition Sales Carrying Unrealized Date Property Address Location Proceeds Value Losses, net 04/30/19 Overlook Ridge Revere, Massachusetts $ 685 $ 415 $ 270 09/20/19 Overlook Ridge Revere, Massachusetts 1,135 839 296 11/08/19 150 Monument Street Bala Cynwd, Pennsylvania (a) 8,374 7,874 500 12/19/19 51 Washington Street Conshohocken, Pennsylvania (b) 8,189 8,732 $ ( 543 ) Totals $ 18,383 $ 17,860 $ 523 (a) The Company recorded a land impairment charge of $ 10.9 million on this land parcel during the year ended December 31, 2018. (b) The Company recorded a land impairment charge of $ 13.6 million on this land parcel during the year ended December 31, 2018. The Company recorded additional land impairment charges of $ 2.7 million on this land parcel during the year ended December 31, 2019 prior to its disposition. 2018 The Company identified as held for sale six office properties, totaling approximately 845,000 square feet, and a 159 unit multi-family rental property as of December 31, 2018. The properties are located in Fort Lee, Newark, Paramus, Bridgewater, Morris Plains and Rahway, New Jersey. The total estimated sales proceeds, net of selling costs, from the sales which were all completed in 2019, were approximately $ 123.1 million. The Company determined that the carrying value of four of the properties was not expected to be recovered from estimated net sales proceeds and accordingly recognized an unrealized loss allowance of $ 20.1 million for the year ended December 31, 2018. The following table summarizes the real estate held for sale, net, as of December 31, 2018 (dollars in thousands): December 31, 2018 Land $ 24,376 Building and improvements 159,857 Less: Accumulated depreciation ( 55,250 ) Less: Cumulative unrealized losses on property held for sale ( 20,135 ) Real estate held for sale, net $ 108,848 The Company disposed of the following office properties during the year ended December 31, 2018 (dollars in thousands) : Realized Gains Rentable Net Net (losses)/ Disposition # of Square Sales Carrying Unrealized Date Property/Address Location Bldgs. Feet Proceeds Value Losses, net 02/15/18 35 Waterview Boulevard (a) Parsippany, New Jersey 1 172,498 $ 25,994 $ 25,739 $ 255 03/05/18 Hamilton portfolio (b) Hamilton, New Jersey 6 239,262 17,546 17,501 45 03/07/18 Wall portfolio first closing Wall, New Jersey 5 179,601 14,053 10,526 3,527 03/22/18 700 Horizon Drive Hamilton, New Jersey 1 120,000 33,020 16,053 16,967 03/23/18 Wall portfolio second closing Wall, New Jersey 3 217,822 30,209 12,961 17,248 03/28/18 75 Livingston Avenue Roseland, New Jersey 1 94,221 7,983 5,609 2,374 03/28/18 20 Waterview Boulevard (c) Parsippany, New Jersey 1 225,550 12,475 11,795 680 03/30/18 Westchester Financial Center (d) White Plains, New York 2 489,000 81,769 64,679 17,090 06/27/18 65 Jackson Drive Cranford, New Jersey 0 - 1,510 (e) - 1,510 08/02/18 600 Horizon Drive Hamilton, New Jersey 1 95,000 15,127 6,191 8,936 09/05/18 1 & 3 Barker Avenue White Plains, New York 2 133,300 15,140 13,543 1,597 11/15/18 120 Passaic Street (f) Rochelle Park, New Jersey 1 52,000 2,667 2,568 99 12/31/18 Elmsford Distribution Center Elmsford, New York 6 387,400 66,557 17,314 49,243 Sub-total 30 2,405,654 324,050 204,479 119,571 Unrealized losses on real estate held for sale ( 20,135 ) Totals 30 2,405,654 $ 324,050 $ 204,479 $ 99,436 (a) The Company recorded a valuation allowance of $ 0.7 million on this property during the year ended December 31, 2017. (b) The Company recorded a valuation allowance of $ 0.6 million on these properties during the year ended December 31, 2017. The disposition additionally included two land properties. (c) The Company recorded a valuation allowance of $ 11 million on this property during the year ended December 31, 2017. Prior to closing, the Company provided short term financing through a note receivable to an affiliate of the buyers of $ 2.8 million. The note was paid off in the second quarter of 2018. (d) Prior to closing, the Company provided financing through a note receivable to an affiliate of the buyers of $ 4.0 million. The note was paid off in October 2018. (e) Represents the receipt by the Company in the second quarter 2018 of variable contingent sales consideration, net of costs, of $ 1.5 million subsequent to disposition of the property sold in January 2017. (f) The net sale proceeds were held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other assets as of December 31, 2018. See Note 5: Deferred Charges, Goodwill and Other Assets, Net). The Company disposed of the following developable land holdings during the year ended December 31, 2018 (dollars in thousands) : Net Net Gain on Disposition Sales Carrying Disposition of Date Property Address Location Proceeds Value Developable Land 12/31/18 One Lake Street Upper Saddle River, New Jersey (a) $ 46,036 $ 15,097 $ 30,939 Totals $ 46,036 $ 15,097 $ 30,939 (a) The net sale proceeds were held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other assets as of December 31, 2018. See Note 5: Deferred Charges, Goodwill and Other Assets, Net. The net carrying value includes $ 3 million of development costs funded at the closing. |
Investments In Unconsolidated_2
Investments In Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments In Unconsolidated Joint Ventures [Line Items] | |
Summary Of Unconsolidated Joint Ventures | Property Debt Number of Company's Carrying Value As of December 31, 2019 Apartment Units Effective December 31, December 31, Maturity Interest Entity / Property Name or Rentable SF Ownership % (a) 2019 2018 Balance Date Rate Multi-family Metropolitan at 40 Park (b) (c) 189 units 25.00 % $ 7,257 $ 7,679 $ 54,373 (d) (d) RiverTrace at Port Imperial 316 units 22.50 % 7,463 8,112 82,000 11/10/26 3.21 % Crystal House (e) 825 units 25.00 % 28,823 29,570 159,492 04/01/20 3.17 % PI North - Riverwalk C 360 units 40.00 % 35,527 27,175 28,208 12/06/21 L+ 2.75 % (f) Marbella II (g) 311 units 24.27 % - 15,414 - - - Riverpark at Harrison 141 units 45.00 % 1,015 1,272 29,261 08/01/25 3.70 % Station House 378 units 50.00 % 35,676 37,675 96,861 07/01/33 4.82 % Urby at Harborside (h) 762 units 85.00 % 79,790 85,317 192,000 08/01/29 5.197 % PI North -Land (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 Red Bank (j) 92,878 sf 50.00 % - 3,127 - - - 12 Vreeland Road 139,750 sf 50.00 % 3,846 (k) 7,019 6,267 07/01/23 2.87 % Offices at Crystal Lake 106,345 sf 31.25 % 3,521 3,442 3,322 11/01/23 4.76 % Other Riverwalk Retail (b) 30,745 sf 20.00 % 1,467 1,539 - - - Hyatt Regency Hotel Jersey City 351 rooms 50.00 % - 112 100,000 10/01/26 3.668 % Other (l) 729 1,320 - - - Totals: $ 209,091 $ 232,750 $ 751,784 (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 amortizable loan, collateralized by the Metropolitan at 40 Park, with a balance of $ 35,161 , bears interest at 3.25 percent, matures in September 2020 ; (ii) an amortizable loan, collateralized by the Shops at 40 Park, with a balance of $ 6,067 , bore interest at LIBOR + 2.25 %, matured in October 2019 . In October 2019, the loan was refinanced with a maturity date of October 2021 , which bears interest at LIBOR + 1.5 %; (iii) a construction loan with a maximum borrowing amount of $ 13,950 for the Lofts at 40 Park with a balance of $ 13,145 , which bore interest at LIBOR plus 250 basis points and scheduled to mature in February 2020 . In January 2020, the loan was refinanced with a maximum borrowing amount of $ 18,200 , which bears interest at LIBOR plus 150 basis points 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. The joint venture is currently in discussions regarding a refinancing of the property debt. (f) The venture has a construction loan with a maximum borrowing amount of $ 112,000 . (g) On January 31, 2019, the Company, which held a 24.27 percent subordinated interest in the unconsolidated joint venture, Marbella Tower Urban Renewal Associates South LLC, a 311 -unit multi-family operating property located in Jersey City, New Jersey, acquired the majority equity partner’s 50 percent preferred and controlling interest in the venture for $ 77.5 million in cash and the Company consolidated the asset. The acquisition was funded primarily using available cash and proceeds from the refinancing. Concurrently with the closing, the joint venture repaid in full the property’s $ 74.7 million mortgage loan and obtained a new loan in the amount of $ 117 million. See Note 3: Recent Transactions - Consolidation. (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. (j) On February 28, 2019, the Company sold its 50 percent interest to its partner and recorded a gain of $ 0.9 million. (k) 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, which is included in equity in earnings for the year. (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 | Year Ended December 31, Entity / Property Name 2019 2018 2017 Multi-family Marbella (b) $ - $ 205 $ 334 Metropolitan at 40 Park ( 422 ) ( 455 ) ( 311 ) RiverTrace at Port Imperial 317 154 196 Crystal House ( 687 ) ( 874 ) ( 923 ) PI North - Riverwalk C / Land ( 279 ) ( 126 ) ( 872 ) Marbella II (c) ( 15 ) 35 93 Riverpark at Harrison ( 172 ) ( 232 ) ( 252 ) Station House ( 2,000 ) ( 2,096 ) ( 1,793 ) Urby at Harborside 1,587 (d) ( 975 ) (d) ( 6,356 ) Liberty Landing - ( 5 ) ( 15 ) Hillsborough 206 - 16 ( 25 ) Office Red Bank (e) 8 ( 215 ) 238 12 Vreeland Road ( 3,172 ) (f) 285 496 Offices at Crystal Lake 79 73 89 Other Riverwalk Retail ( 72 ) ( 86 ) ( 81 ) Hyatt Regency Hotel Jersey City 3,388 3,672 3,277 Other 121 497 ( 176 ) Company's equity in earnings (loss) of unconsolidated joint ventures (a) $ ( 1,319 ) $ ( 127 ) $ ( 6,081 ) (a) Amounts are net of amortization of basis differences of $ 638 , $ 903 and $ 792 for the year ended December 31, 2019, 2018 and 2017, respectively. (b) On August 2, 2018, 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) 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. (d) Includes $ 2.6 million of the Company's share of the venture's income from its annual sale of an economic tax credit certificate from the State of New Jersey to a third party. The venture has an agreement with a third party to sell it the tax credits over the next eight years for $ 3 million per year for a total of $ 24 million. The sales are subject to the venture obtaining the tax credits from the State of New Jersey and transferring the credit certificates each year. (e) On February 28, 2019, the Company sold its 50 percent interest to its partner and realized a gain of $ 0.9 million. (f) Includes an impairment charge of $ 3.7 million that the Company recorded at December 31, 2019. |
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 December 31, 2019 Apartment Units Effective December 31, December 31, Maturity Interest Entity / Property Name or Rentable SF Ownership % (a) 2019 2018 Balance Date Rate Multi-family Metropolitan at 40 Park (b) (c) 189 units 25.00 % $ 7,257 $ 7,679 $ 54,373 (d) (d) RiverTrace at Port Imperial 316 units 22.50 % 7,463 8,112 82,000 11/10/26 3.21 % Crystal House (e) 825 units 25.00 % 28,823 29,570 159,492 04/01/20 3.17 % PI North - Riverwalk C 360 units 40.00 % 35,527 27,175 28,208 12/06/21 L+ 2.75 % (f) Marbella II (g) 311 units 24.27 % - 15,414 - - - Riverpark at Harrison 141 units 45.00 % 1,015 1,272 29,261 08/01/25 3.70 % Station House 378 units 50.00 % 35,676 37,675 96,861 07/01/33 4.82 % Urby at Harborside (h) 762 units 85.00 % 79,790 85,317 192,000 08/01/29 5.197 % PI North -Land (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 Red Bank (j) 92,878 sf 50.00 % - 3,127 - - - 12 Vreeland Road 139,750 sf 50.00 % 3,846 (k) 7,019 6,267 07/01/23 2.87 % Offices at Crystal Lake 106,345 sf 31.25 % 3,521 3,442 3,322 11/01/23 4.76 % Other Riverwalk Retail (b) 30,745 sf 20.00 % 1,467 1,539 - - - Hyatt Regency Hotel Jersey City 351 rooms 50.00 % - 112 100,000 10/01/26 3.668 % Other (l) 729 1,320 - - - Totals: $ 209,091 $ 232,750 $ 751,784 (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 amortizable loan, collateralized by the Metropolitan at 40 Park, with a balance of $ 35,161 , bears interest at 3.25 percent, matures in September 2020 ; (ii) an amortizable loan, collateralized by the Shops at 40 Park, with a balance of $ 6,067 , bore interest at LIBOR + 2.25 %, matured in October 2019 . In October 2019, the loan was refinanced with a maturity date of October 2021 , which bears interest at LIBOR + 1.5 %; (iii) a construction loan with a maximum borrowing amount of $ 13,950 for the Lofts at 40 Park with a balance of $ 13,145 , which bore interest at LIBOR plus 250 basis points and scheduled to mature in February 2020 . In January 2020, the loan was refinanced with a maximum borrowing amount of $ 18,200 , which bears interest at LIBOR plus 150 basis points 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. The joint venture is currently in discussions regarding a refinancing of the property debt. (f) The venture has a construction loan with a maximum borrowing amount of $ 112,000 . (g) On January 31, 2019, the Company, which held a 24.27 percent subordinated interest in the unconsolidated joint venture, Marbella Tower Urban Renewal Associates South LLC, a 311 -unit multi-family operating property located in Jersey City, New Jersey, acquired the majority equity partner’s 50 percent preferred and controlling interest in the venture for $ 77.5 million in cash and the Company consolidated the asset. The acquisition was funded primarily using available cash and proceeds from the refinancing. Concurrently with the closing, the joint venture repaid in full the property’s $ 74.7 million mortgage loan and obtained a new loan in the amount of $ 117 million. See Note 3: Recent Transactions - Consolidation. (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. (j) On February 28, 2019, the Company sold its 50 percent interest to its partner and recorded a gain of $ 0.9 million. (k) 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, which is included in equity in earnings for the year. (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 | Year Ended December 31, Entity / Property Name 2019 2018 2017 Multi-family Marbella (b) $ - $ 205 $ 334 Metropolitan at 40 Park ( 422 ) ( 455 ) ( 311 ) RiverTrace at Port Imperial 317 154 196 Crystal House ( 687 ) ( 874 ) ( 923 ) PI North - Riverwalk C / Land ( 279 ) ( 126 ) ( 872 ) Marbella II (c) ( 15 ) 35 93 Riverpark at Harrison ( 172 ) ( 232 ) ( 252 ) Station House ( 2,000 ) ( 2,096 ) ( 1,793 ) Urby at Harborside 1,587 (d) ( 975 ) (d) ( 6,356 ) Liberty Landing - ( 5 ) ( 15 ) Hillsborough 206 - 16 ( 25 ) Office Red Bank (e) 8 ( 215 ) 238 12 Vreeland Road ( 3,172 ) (f) 285 496 Offices at Crystal Lake 79 73 89 Other Riverwalk Retail ( 72 ) ( 86 ) ( 81 ) Hyatt Regency Hotel Jersey City 3,388 3,672 3,277 Other 121 497 ( 176 ) Company's equity in earnings (loss) of unconsolidated joint ventures (a) $ ( 1,319 ) $ ( 127 ) $ ( 6,081 ) (a) Amounts are net of amortization of basis differences of $ 638 , $ 903 and $ 792 for the year ended December 31, 2019, 2018 and 2017, respectively. (b) On August 2, 2018, 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) 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. (d) Includes $ 2.6 million of the Company's share of the venture's income from its annual sale of an economic tax credit certificate from the State of New Jersey to a third party. The venture has an agreement with a third party to sell it the tax credits over the next eight years for $ 3 million per year for a total of $ 24 million. The sales are subject to the venture obtaining the tax credits from the State of New Jersey and transferring the credit certificates each year. (e) On February 28, 2019, the Company sold its 50 percent interest to its partner and realized a gain of $ 0.9 million. (f) Includes an impairment charge of $ 3.7 million that the Company recorded at December 31, 2019. |
Deferred Charges, Goodwill An_2
Deferred Charges, Goodwill And Other Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Schedule Of Deferred Charges, Goodwill And Other Assets | December 31, (dollars in thousands) 2019 2018 Deferred leasing costs $ 142,424 $ 173,822 Deferred financing costs - unsecured revolving credit facility (a) 5,559 5,356 147,983 179,178 Accumulated amortization ( 59,522 ) ( 71,326 ) Deferred charges, net 88,461 107,852 Notes receivable (b) 1,625 47,409 In-place lease values, related intangibles and other assets, net (c) (d) 86,092 89,860 Goodwill (e) 2,945 2,945 Right of use assets (f) 22,604 - Prepaid expenses and other assets, net (g) 73,375 107,168 Total deferred charges, goodwill and other assets, net (h) $ 275,102 $ 355,234 (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 December 31, 2019 and 2018, respectively, a mortgage receivable with a balance of zero and $ 45.2 million (acquired in August 2017) which bore interest at 5.85 percent and was repaid in May 2019 in connection with the acquisition of 107 Morgan; and an interest-free note receivable with a net present value of $ 1.6 million and $ 2.2 million, which matures in April 2023 . The Company believes this balance is fully collectible. (c) In accordance with ASC 805, Business Combinations, the Company recognizes rental revenue of acquired above and below market lease intangibles over the terms of the respective leases. The impact of amortizing the acquired above and below-market lease intangibles increased revenue by approximately $ 4.3 million, $ 5.3 million and $ 7.9 million for the years ended December 31, 2019, 2018 and 2017, respectively. The following table summarizes, as of December 31, 2019, the scheduled amortization of the Company’s acquired above and below-market lease intangibles for each of the five succeeding years (dollars in thousands) : Acquired Above- Acquired Below- Market Lease Market Lease Total Year Intangibles Intangibles Amortization 2020 $ ( 1,434 ) $ 4,842 $ 3,408 2021 ( 1,197 ) 4,609 3,412 2022 ( 1,085 ) 4,357 3,272 2023 ( 961 ) 3,537 2,576 2024 ( 850 ) 3,069 2,219 (d) The value of acquired in-place lease intangibles are amortized to expense over the remaining initial terms of the respective leases. The impact of the amortization of acquired in-place lease values is included in depreciation and amortization expense and amounted to approximately $ 34.2 million, $ 17.9 million and $ 32.2 million for the years ended December 31, 2019, 2018 and 2017, respectively. The following table summarizes, as of December 31, 2019, the scheduled amortization of the Company’s acquired in-place lease values for each of the five succeeding years (dollars in thousands) : Year 2020 $ 17,120 2021 9,278 2022 8,210 2023 6,103 2024 4,521 Thereafter 16,511 Total $ 61,743 (e) All goodwill is attributable to the Company’s Multi-family Real Estate and Services segment. (f) B alance 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 12: Commitments and Contingencies – Ground Lease agreements for further details. (g) Includes as of December 31, 2019 and 2018, $ 28.1 million and $ 49.2 million, respectively, of funds available with the Company’s qualified intermediary from prior property sales proceeds. (h) The amount as of December 31, 2019 includes $ 68.6 million for properties classified as discontinued operations. |
Schedule Of Fair Value Of The Derivative Financial Instruments | Fair Value Asset Derivatives designated December 31, as hedging instruments 2019 2018 Balance sheet location Interest rate swaps $ - $ 10,175 Deferred charges, goodwill and other assets |
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 (Ineffective Portion and Reclassification for Forecasted Transactions No Longer Probable of Occurring) Total Amount of Interest Expense presented in the consolidated statements Year ended December 31, 2019 2018 2017 2019 2018 2017 2019 2018 2017 2019 2018 2017 Interest rate swaps $ ( 4,682 ) $ 5,262 $ 2,869 Interest expense $ 3,551 $ 2,944 $ ( 2,381 ) Interest and other investment income (loss) $ 1,926 $ ( 204 ) $ ( 37 ) $ ( 90,569 ) $ ( 77,346 ) $ ( 84,523 ) |
Acquired Above And Below Market Lease Intangibles [Member] | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Summary Of Scheduled Amortization | Acquired Above- Acquired Below- Market Lease Market Lease Total Year Intangibles Intangibles Amortization 2020 $ ( 1,434 ) $ 4,842 $ 3,408 2021 ( 1,197 ) 4,609 3,412 2022 ( 1,085 ) 4,357 3,272 2023 ( 961 ) 3,537 2,576 2024 ( 850 ) 3,069 2,219 |
In-Place Leases [Member] | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Summary Of Scheduled Amortization | Year 2020 $ 17,120 2021 9,278 2022 8,210 2023 6,103 2024 4,521 Thereafter 16,511 Total $ 61,743 |
Mack-Cali Realty LP [Member] | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Schedule Of Deferred Charges, Goodwill And Other Assets | December 31, (dollars in thousands) 2019 2018 Deferred leasing costs $ 142,424 $ 173,822 Deferred financing costs - unsecured revolving credit facility (a) 5,559 5,356 147,983 179,178 Accumulated amortization ( 59,522 ) ( 71,326 ) Deferred charges, net 88,461 107,852 Notes receivable (b) 1,625 47,409 In-place lease values, related intangibles and other assets, net (c) (d) 86,092 89,860 Goodwill (e) 2,945 2,945 Right of use assets (f) 22,604 - Prepaid expenses and other assets, net (g) 73,375 107,168 Total deferred charges, goodwill and other assets, net (h) $ 275,102 $ 355,234 (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 December 31, 2019 and 2018, respectively, a mortgage receivable with a balance of zero and $ 45.2 million (acquired in August 2017) which bore interest at 5.85 percent and was repaid in May 2019 in connection with the acquisition of 107 Morgan; and an interest-free note receivable with a net present value of $ 1.6 million and $ 2.2 million, which matures in April 2023 . The Company believes this balance is fully collectible. (c) In accordance with ASC 805, Business Combinations, the Company recognizes rental revenue of acquired above and below market lease intangibles over the terms of the respective leases. The impact of amortizing the acquired above and below-market lease intangibles increased revenue by approximately $ 4.3 million, $ 5.3 million and $ 7.9 million for the years ended December 31, 2019, 2018 and 2017, respectively. The following table summarizes, as of December 31, 2019, the scheduled amortization of the Company’s acquired above and below-market lease intangibles for each of the five succeeding years (dollars in thousands) : Acquired Above- Acquired Below- Market Lease Market Lease Total Year Intangibles Intangibles Amortization 2020 $ ( 1,434 ) $ 4,842 $ 3,408 2021 ( 1,197 ) 4,609 3,412 2022 ( 1,085 ) 4,357 3,272 2023 ( 961 ) 3,537 2,576 2024 ( 850 ) 3,069 2,219 (d) The value of acquired in-place lease intangibles are amortized to expense over the remaining initial terms of the respective leases. The impact of the amortization of acquired in-place lease values is included in depreciation and amortization expense and amounted to approximately $ 34.2 million, $ 17.9 million and $ 32.2 million for the years ended December 31, 2019, 2018 and 2017, respectively. The following table summarizes, as of December 31, 2019, the scheduled amortization of the Company’s acquired in-place lease values for each of the five succeeding years (dollars in thousands) : Year 2020 $ 17,120 2021 9,278 2022 8,210 2023 6,103 2024 4,521 Thereafter 16,511 Total $ 61,743 (e) All goodwill is attributable to the Company’s Multi-family Real Estate and Services segment. (f) B alance 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 12: Commitments and Contingencies – Ground Lease agreements for further details. (g) Includes as of December 31, 2019 and 2018, $ 28.1 million and $ 49.2 million, respectively, of funds available with the Company’s qualified intermediary from prior property sales proceeds. (h) The amount as of December 31, 2019 includes $ 68.6 million for properties classified as discontinued operations. |
Schedule Of Fair Value Of The Derivative Financial Instruments | Fair Value Asset Derivatives designated December 31, as hedging instruments 2019 2018 Balance sheet location Interest rate swaps $ - $ 10,175 Deferred charges, goodwill and other assets |
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 (Ineffective Portion and Reclassification for Forecasted Transactions No Longer Probable of Occurring) Total Amount of Interest Expense presented in the consolidated statements Year ended December 31, 2019 2018 2017 2019 2018 2017 2019 2018 2017 2019 2018 2017 Interest rate swaps $ ( 4,682 ) $ 5,262 $ 2,869 Interest expense $ 3,551 $ 2,944 $ ( 2,381 ) Interest and other investment income (loss) $ 1,926 $ ( 204 ) $ ( 37 ) $ ( 90,569 ) $ ( 77,346 ) $ ( 84,523 ) |
Mack-Cali Realty LP [Member] | Acquired Above And Below Market Lease Intangibles [Member] | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Summary Of Scheduled Amortization | Acquired Above- Acquired Below- Market Lease Market Lease Total Year Intangibles Intangibles Amortization 2020 $ ( 1,434 ) $ 4,842 $ 3,408 2021 ( 1,197 ) 4,609 3,412 2022 ( 1,085 ) 4,357 3,272 2023 ( 961 ) 3,537 2,576 2024 ( 850 ) 3,069 2,219 |
Mack-Cali Realty LP [Member] | In-Place Leases [Member] | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Summary Of Scheduled Amortization | Year 2020 $ 17,120 2021 9,278 2022 8,210 2023 6,103 2024 4,521 Thereafter 16,511 Total $ 61,743 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restricted Cash [Line Items] | |
Schedule Of Restricted Cash | December 31, December 31, 2019 2018 Security deposits $ 5,677 $ 10,257 Escrow and other reserve funds 9,900 9,664 Total restricted cash $ 15,577 $ 19,921 |
Mack-Cali Realty LP [Member] | |
Restricted Cash [Line Items] | |
Schedule Of Restricted Cash | December 31, December 31, 2019 2018 Security deposits $ 5,677 $ 10,257 Escrow and other reserve funds 9,900 9,664 Total restricted cash $ 15,577 $ 19,921 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations [Abstract] | |
Summary Of Income From Discontinued Operations, Includes Realized Gains (Losses) And Unrealized Losses | Year Ended December 31, 2019 2018 2017 Total revenues $ 175,938 $ 164,891 $ 157,171 Operating and other expenses ( 70,640 ) ( 68,093 ) ( 62,654 ) Depreciation and amortization ( 72,602 ) ( 62,605 ) ( 62,849 ) Interest expense ( 5,240 ) ( 6,238 ) ( 8,790 ) Loss from early extinguishment of debt - ( 1,821 ) - Income from discontinued operations 27,456 26,134 22,878 Unrealized losses on disposition of rental property (a) ( 144,090 ) - - Realized gains on disposition of rental property (b) 7,916 - - Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net ( 136,174 ) - - Total discontinued operations, net $ ( 108,718 ) $ 26,134 $ 22,878 (a) Represents valuation allowances and impairment charges on properties classified as discontinued operations in 2019. (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) - Unsecured Note [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Debt Instrument [Line Items] | |
Summary Of Senior Unsecured Notes | December 31, December 31, Effective 2019 2018 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 ( 2,170 ) ( 2,838 ) Unamortized deferred financing costs ( 1,346 ) ( 1,848 ) Total senior unsecured notes, net $ 571,484 $ 570,314 (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 | December 31, December 31, Effective 2019 2018 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 ( 2,170 ) ( 2,838 ) Unamortized deferred financing costs ( 1,346 ) ( 1,848 ) Total senior unsecured notes, net $ 571,484 $ 570,314 (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) | 12 Months Ended |
Dec. 31, 2019 | |
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) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Instrument [Line Items] | |
Summary Of Mortgages, Loans Payable And Other Obligations | Effective December 31, December 31, Property/Project Name Lender Rate (a) 2019 2018 Maturity Park Square (b) Wells Fargo Bank N.A. LIBOR+1.87 % $ - $ 25,167 - Alterra I & II (c) Capital One/FreddieMac 3.85 % - 100,000 - The Chase at Overlook Ridge (c) New York Community Bank 3.74 % - 135,750 - Monaco (d) The Northwestern Mutual Life Insurance Co. 3.15 % 166,752 168,370 02/01/21 Port Imperial South 4/5 Retail American General Life & A/G PC 4.56 % 3,934 4,000 12/01/21 Port Imperial 4/5 Hotel (e) Fifth Third Bank LIBOR+3.40 % 74,000 73,350 04/09/22 Chase III (f) Fifth Third Bank LIBOR+2.50 % 24,064 - 05/16/22 Port Imperial South 9 (g) Bank of New York Mellon LIBOR+2.13 % 11,615 - 12/19/22 Portside 7 CBRE Capital Markets/FreddieMac 3.57 % 58,998 58,998 08/01/23 Short Hills Residential (h) People's United Bank LIBOR+2.15 % 9,431 - 03/26/23 250 Johnson (i) Nationwide Life Insurance Company 3.74 % 43,000 41,769 08/01/24 Liberty Towers (j) American General Life Insurance Company 3.37 % 232,000 - 10/01/24 The Charlotte (k) QuadReal Finance LIBOR+2.70 % 5,144 - 12/01/24 Portside 5/6 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 (l) New York Life Insurance Company 4.29 % 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 56,892 12/10/26 Short Hills Portfolio (m) 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 The Northwestern Mutual Life Insurance Co. 4.52 % 100,000 100,000 01/10/29 Soho Lofts (n) New York Community Bank 3.77 % 160,000 - 07/01/29 Riverwatch Commons (n) New York Community Bank 3.79 % 30,000 - 07/01/29 111 River St. Athene Annuity and Life Company 3.90 % 150,000 - 09/01/29 Port Imperial South 4/5 Garage American General Life & A/G PC 4.85 % 32,600 32,600 12/01/29 Principal balance outstanding 1,925,038 1,440,396 Unamortized deferred financing costs ( 17,004 ) ( 8,998 ) Total mortgages, loans payable and other obligations, net $ 1,908,034 $ 1,431,398 (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) On January 16, 2019, the loan was repaid using proceeds from the disposition of Park Square. (c) This mortgage was assumed by the buyer upon the Company's disposition of the properties on October 23, 2019, which was a non-cash transaction. (d) This mortgage loan, which includes unamortized fair value adjustment of $ 1.8 million as of December 31, 2019, was assumed by the Company in April 2017 with the consolidation of all the interests in Monaco Towers. (e) This construction loan has a maximum borrowing capacity of $ 94 million and provides, subject to certain conditions, two one year extension options with a fee of 20 basis points for each year. On June 28, 2019, the Company paid down the loan by $ 30 million using proceeds from the June 28, 2019 Rockpoint transaction. See Note 12: Commitments and Contingencies - Construction Projects. At its original scheduled maturity in October 2019, the loan was amended and restated with a new interest rate and a new maturity date of April 2022. (f) 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. (g) 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. (h) 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 (i) On July 29, 2019, the Company repaid the construction loan from the proceeds of a new $ 43 million mortgage loan that matures on August 1, 2024 . (j) In January 2020, the Company increased the size of the loan on Liberty Towers to $ 265 million, generating $ 33 million of additional proceeds. (k) 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. (l) On January 31, 2019, the Company acquired the majority equity partner's 50 percent interest. Concurrently with the closing, the joint venture repaid in full the property's $ 74.7 million mortgage loan and obtained a new loan in the amount of $ 117 million. (m) Properties, which are collateral for this mortgage loan, were classified as held for sale as of December 31, 2019. (n) 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. |
Schedule Of Principal Payments | Scheduled Principal Period Amortization Maturities Total 2020 $ 569 $ - $ 569 2021 591 497,800 498,391 2022 550 409,678 410,228 2023 2,323 343,429 345,752 2024 3,927 280,144 284,071 2025 3,799 - 3,799 Thereafter 14,701 1,269,774 1,284,475 Sub-total 26,460 2,800,825 2,827,285 Adjustment for unamortized debt discount/premium, net December 31, 2019 ( 2,170 ) - ( 2,170 ) Unamortized mark to market 1,752 - 1,752 Unamortized deferred financing costs ( 18,349 ) - ( 18,349 ) Totals $ 7,693 $ 2,800,825 $ 2,808,518 |
Mack-Cali Realty LP [Member] | |
Debt Instrument [Line Items] | |
Summary Of Mortgages, Loans Payable And Other Obligations | Effective December 31, December 31, Property/Project Name Lender Rate (a) 2019 2018 Maturity Park Square (b) Wells Fargo Bank N.A. LIBOR+1.87 % $ - $ 25,167 - Alterra I & II (c) Capital One/FreddieMac 3.85 % - 100,000 - The Chase at Overlook Ridge (c) New York Community Bank 3.74 % - 135,750 - Monaco (d) The Northwestern Mutual Life Insurance Co. 3.15 % 166,752 168,370 02/01/21 Port Imperial South 4/5 Retail American General Life & A/G PC 4.56 % 3,934 4,000 12/01/21 Port Imperial 4/5 Hotel (e) Fifth Third Bank LIBOR+3.40 % 74,000 73,350 04/09/22 Chase III (f) Fifth Third Bank LIBOR+2.50 % 24,064 - 05/16/22 Port Imperial South 9 (g) Bank of New York Mellon LIBOR+2.13 % 11,615 - 12/19/22 Portside 7 CBRE Capital Markets/FreddieMac 3.57 % 58,998 58,998 08/01/23 Short Hills Residential (h) People's United Bank LIBOR+2.15 % 9,431 - 03/26/23 250 Johnson (i) Nationwide Life Insurance Company 3.74 % 43,000 41,769 08/01/24 Liberty Towers (j) American General Life Insurance Company 3.37 % 232,000 - 10/01/24 The Charlotte (k) QuadReal Finance LIBOR+2.70 % 5,144 - 12/01/24 Portside 5/6 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 (l) New York Life Insurance Company 4.29 % 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 56,892 12/10/26 Short Hills Portfolio (m) 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 The Northwestern Mutual Life Insurance Co. 4.52 % 100,000 100,000 01/10/29 Soho Lofts (n) New York Community Bank 3.77 % 160,000 - 07/01/29 Riverwatch Commons (n) New York Community Bank 3.79 % 30,000 - 07/01/29 111 River St. Athene Annuity and Life Company 3.90 % 150,000 - 09/01/29 Port Imperial South 4/5 Garage American General Life & A/G PC 4.85 % 32,600 32,600 12/01/29 Principal balance outstanding 1,925,038 1,440,396 Unamortized deferred financing costs ( 17,004 ) ( 8,998 ) Total mortgages, loans payable and other obligations, net $ 1,908,034 $ 1,431,398 (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) On January 16, 2019, the loan was repaid using proceeds from the disposition of Park Square. (c) This mortgage was assumed by the buyer upon the Company's disposition of the properties on October 23, 2019, which was a non-cash transaction. (d) This mortgage loan, which includes unamortized fair value adjustment of $ 1.8 million as of December 31, 2019, was assumed by the Company in April 2017 with the consolidation of all the interests in Monaco Towers. (e) This construction loan has a maximum borrowing capacity of $ 94 million and provides, subject to certain conditions, two one year extension options with a fee of 20 basis points for each year. On June 28, 2019, the Company paid down the loan by $ 30 million using proceeds from the June 28, 2019 Rockpoint transaction. See Note 12: Commitments and Contingencies - Construction Projects. At its original scheduled maturity in October 2019, the loan was amended and restated with a new interest rate and a new maturity date of April 2022. (f) 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. (g) 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. (h) 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 (i) On July 29, 2019, the Company repaid the construction loan from the proceeds of a new $ 43 million mortgage loan that matures on August 1, 2024 . (j) In January 2020, the Company increased the size of the loan on Liberty Towers to $ 265 million, generating $ 33 million of additional proceeds. (k) 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. (l) On January 31, 2019, the Company acquired the majority equity partner's 50 percent interest. Concurrently with the closing, the joint venture repaid in full the property's $ 74.7 million mortgage loan and obtained a new loan in the amount of $ 117 million. (m) Properties, which are collateral for this mortgage loan, were classified as held for sale as of December 31, 2019. (n) 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. |
Schedule Of Principal Payments | Scheduled Principal Period Amortization Maturities Total 2020 $ 569 $ - $ 569 2021 591 497,800 498,391 2022 550 409,678 410,228 2023 2,323 343,429 345,752 2024 3,927 280,144 284,071 2025 3,799 - 3,799 Thereafter 14,701 1,269,774 1,284,475 Sub-total 26,460 2,800,825 2,827,285 Adjustment for unamortized debt discount/premium, net December 31, 2019 ( 2,170 ) - ( 2,170 ) Unamortized mark to market 1,752 - 1,752 Unamortized deferred financing costs ( 18,349 ) - ( 18,349 ) Totals $ 7,693 $ 2,800,825 $ 2,808,518 |
Disclosure Of Fair Value Of A_2
Disclosure Of Fair Value Of Assets And Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 Discount rates Suburban 7.5 % - 9.6 % Exit Capitalization rates Suburban 7.5 % - 9 % Market rental rates Suburban $ 26.00 - $ 50.00 Land properties held for sale on which the Company recognized impairment losses Developable units and market rate per unit Market rates per residential unit Suburban $ 26,500 - $ 35,000 Market rates per square foot Suburban $ 15.00 - $ 25.00 |
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 Discount rates Suburban 7.5 % - 9.6 % Exit Capitalization rates Suburban 7.5 % - 9 % Market rental rates Suburban $ 26.00 - $ 50.00 Land properties held for sale on which the Company recognized impairment losses Developable units and market rate per unit Market rates per residential unit Suburban $ 26,500 - $ 35,000 Market rates per square foot Suburban $ 15.00 - $ 25.00 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Line Items] | |
Future Minimum Rental Payments Of Ground Leases | 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 As of December 31, 2018 Year Amount 2019 $ 2,470 2020 2,491 2021 2,491 2022 2,491 2023 2,491 2024 through 2098 210,117 Total $ 222,551 |
Mack-Cali Realty LP [Member] | |
Commitments And Contingencies Disclosure [Line Items] | |
Future Minimum Rental Payments Of Ground Leases | 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 As of December 31, 2018 Year Amount 2019 $ 2,470 2020 2,491 2021 2,491 2022 2,491 2023 2,491 2024 through 2098 210,117 Total $ 222,551 |
Tenant Leases (Tables)
Tenant Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Line Items] | |
Future Minimum Rentals To Be Received Under Non-Cancelable Operating Leases | 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 As of December 31, 2018 Year Amount 2019 $ 314,708 2020 306,559 2021 284,120 2022 258,076 2023 220,533 2024 and thereafter 923,061 Total $ 2,307,057 |
Mack-Cali Realty LP [Member] | |
Leases [Line Items] | |
Future Minimum Rentals To Be Received Under Non-Cancelable Operating Leases | 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 As of December 31, 2018 Year Amount 2019 $ 314,708 2020 306,559 2021 284,120 2022 258,076 2023 220,533 2024 and thereafter 923,061 Total $ 2,307,057 |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Redeemable Noncontrolling Interest [Line Items] | |
Schedule Of Changes In The Value Of The Redeemable Noncontrolling Interests | 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 1,820 20,795 22,615 Distributions ( 1,820 ) ( 20,795 ) ( 22,615 ) Redemption Value Adjustment (including value adjustment attributable to Add On Investment Agreement) - 29,473 29,473 Redeemable noncontrolling interests as of December 31, 2019 $ 52,324 $ 451,058 $ 503,382 Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance January 1, 2018 $ 52,324 $ 159,884 $ 212,208 Redeemable Noncontrolling Interests Issued - 105,000 105,000 Net 52,324 264,884 317,208 Income Attributed to Noncontrolling Interests 1,820 12,159 13,979 Distributions ( 1,820 ) ( 12,159 ) ( 13,979 ) Redemption Value Adjustment - 13,251 13,251 Redeemable noncontrolling interests as of December 31, 2018 $ 52,324 $ 278,135 $ 330,459 |
Mack-Cali Realty LP [Member] | |
Redeemable Noncontrolling Interest [Line Items] | |
Schedule Of Changes In The Value Of The Redeemable Noncontrolling Interests | 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 1,820 20,795 22,615 Distributions ( 1,820 ) ( 20,795 ) ( 22,615 ) Redemption Value Adjustment (including value adjustment attributable to Add On Investment Agreement) - 29,473 29,473 Redeemable noncontrolling interests as of December 31, 2019 $ 52,324 $ 451,058 $ 503,382 Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance January 1, 2018 $ 52,324 $ 159,884 $ 212,208 Redeemable Noncontrolling Interests Issued - 105,000 105,000 Net 52,324 264,884 317,208 Income Attributed to Noncontrolling Interests 1,820 12,159 13,979 Distributions ( 1,820 ) ( 12,159 ) ( 13,979 ) Redemption Value Adjustment - 13,251 13,251 Redeemable noncontrolling interests as of December 31, 2018 $ 52,324 $ 278,135 $ 330,459 |
Mack-Cali Realty Corporation _2
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stockolders Equity [Line Items] | |
Schedule Of Stock Option Plans | Weighted Aggregate Average Intrinsic Shares Exercise Value Under Options Price $(000’s) Outstanding at January 1, 2017 ($ 17.31 ) 800,000 $ 17.31 $ 9,368 Granted, Lapsed or Cancelled - - Outstanding at December 31, 2017 ($ 17.31 ) 800,000 $ 17.31 3,400 Granted, Lapsed or Cancelled - - Outstanding at December 31, 2018 800,000 $ 17.31 1,824 Granted, Lapsed or Cancelled - - Outstanding at December 31, 2019 ($ 17.31 ) 800,000 $ 17.31 $ 4,656 Options exercisable at December 31, 2019 800,000 Available for grant at December 31, 2019 709,246 |
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 % |
Schedule Of Restricted Stock Awards | Weighted-Average Grant – Date Shares Fair Value Outstanding at January 1, 2017 145,278 $ 21.76 Granted 59,985 27.00 Vested ( 95,009 ) 20.73 Forfeited ( 1,936 ) 25.83 Outstanding at December 31, 2017 108,318 $ 25.49 Granted 40,185 20.16 Vested ( 72,502 ) 25.33 Forfeited ( 8,712 ) 25.83 Outstanding at December 31, 2018 67,289 $ 22.43 Granted 42,690 21.08 Vested ( 65,353 ) 22.34 Cancelled ( 1,936 ) 25.83 Outstanding at December 31, 2019 42,690 $ 21.08 |
Schedule Of Reconciliation Of Shares Used In Basic EPS Calculation To Shares Used In Diluted EPS Calculation | Year Ended December 31, Computation of Basic EPS 2019 2018 2017 Income from continuing operations $ 252,554 $ 80,267 $ 10,840 Add (deduct): Noncontrolling interests in consolidated joint ventures 3,904 1,216 1,018 Add (deduct): Noncontrolling interests in Operating Partnership ( 23,685 ) ( 6,866 ) ( 341 ) Add (deduct): Redeemable noncontrolling interests ( 22,615 ) ( 13,979 ) ( 8,840 ) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders ( 25,885 ) ( 11,425 ) ( 17,951 ) Income (loss) from continuing operations available to common shareholders 184,273 49,213 ( 15,274 ) Income (loss) from discontinued operations available to common shareholders ( 98,297 ) 23,473 20,508 Net income (loss) available to common shareholders for basic earnings per share $ 85,976 $ 72,686 $ 5,234 Weighted average common shares 90,557 90,388 90,005 Basic EPS : Income (loss) from continuing operations available to common shareholders $ 2.03 $ 0.54 $ ( 0.17 ) Income (loss) from discontinued operations available to common shareholders ( 1.08 ) 0.26 0.23 Net income (loss) available to common shareholders $ 0.95 $ 0.80 $ 0.06 Year Ended December 31, Computation of Diluted EPS 2019 2018 2017 Net income (loss) from continuing operations available to common shareholders $ 184,273 $ 49,213 $ ( 15,274 ) Add (deduct): Noncontrolling interests in Operating Partnership 23,685 6,866 341 Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to the Operating Partnership unitholders ( 2,855 ) ( 1,296 ) ( 2,074 ) Income (loss) from continuing operations for diluted earnings per share 205,103 54,783 ( 17,007 ) Income (loss) from discontinued operations for diluted earnings per share ( 108,718 ) 26,134 22,878 Net income (loss) available for diluted earnings per share $ 96,385 $ 80,917 $ 5,871 Weighted average common shares 100,689 100,724 100,703 Diluted EPS : Income (loss) from continuing operations available to common shareholders $ 2.03 $ 0.54 $ ( 0.17 ) Income (loss) from discontinued operations available to common shareholders ( 1.08 ) 0.26 0.23 Net income (loss) available to common shareholders $ 0.95 $ 0.80 $ 0.06 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): Year Ended December 31, 2019 2018 2017 Basic EPS shares 90,557 90,388 90,005 Add: Operating Partnership – common and vested LTIP units 9,963 10,246 10,405 Restricted Stock Awards - - 40 Stock Options 169 90 253 Diluted EPS Shares 100,689 100,724 100,703 |
Mack-Cali Realty LP [Member] | |
Stockolders Equity [Line Items] | |
Schedule Of Stock Option Plans | Weighted Aggregate Average Intrinsic Shares Exercise Value Under Options Price $(000’s) Outstanding at January 1, 2017 ($ 17.31 ) 800,000 $ 17.31 $ 9,368 Granted, Lapsed or Cancelled - - Outstanding at December 31, 2017 ($ 17.31 ) 800,000 $ 17.31 3,400 Granted, Lapsed or Cancelled - - Outstanding at December 31, 2018 800,000 $ 17.31 1,824 Granted, Lapsed or Cancelled - - Outstanding at December 31, 2019 ($ 17.31 ) 800,000 $ 17.31 $ 4,656 Options exercisable at December 31, 2019 800,000 Available for grant at December 31, 2019 709,246 |
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 % |
Schedule Of Restricted Stock Awards | Weighted-Average Grant – Date Shares Fair Value Outstanding at January 1, 2017 145,278 $ 21.76 Granted 59,985 27.00 Vested ( 95,009 ) 20.73 Forfeited ( 1,936 ) 25.83 Outstanding at December 31, 2017 108,318 $ 25.49 Granted 40,185 20.16 Vested ( 72,502 ) 25.33 Forfeited ( 8,712 ) 25.83 Outstanding at December 31, 2018 67,289 $ 22.43 Granted 42,690 21.08 Vested ( 65,353 ) 22.34 Cancelled ( 1,936 ) 25.83 Outstanding at December 31, 2019 42,690 $ 21.08 |
Schedule Of Reconciliation Of Shares Used In Basic EPS Calculation To Shares Used In Diluted EPS Calculation | Year Ended December 31, Computation of Basic EPU 2019 2018 2017 Income from continuing operations $ 252,554 $ 80,267 $ 10,840 Add (deduct): Noncontrolling interests in consolidated joint ventures 3,904 1,216 1,018 Add (deduct): Redeemable noncontrolling interests ( 22,615 ) ( 13,979 ) ( 8,840 ) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests ( 28,740 ) ( 12,721 ) ( 20,025 ) Income (loss) from continuing operations available to unitholders 205,103 54,783 ( 17,007 ) Income (loss) from discontinued operations available to unitholders ( 108,718 ) 26,134 22,878 Net income (loss) available to common unitholders for basic earnings per unit $ 96,385 $ 80,917 $ 5,871 Weighted average common units 100,520 100,634 100,410 Basic EPU : Income (loss) from continuing operations available to unitholders $ 2.03 $ 0.54 $ ( 0.17 ) Income (loss) from discontinued operations available to unitholders ( 1.08 ) 0.26 0.23 Net income (loss) available to common unitholders for basic earnings per unit $ 0.95 $ 0.80 $ 0.06 Year Ended December 31, Computation of Diluted EPU 2019 2018 2017 Net income (loss) from continuing operations available to common unitholders $ 205,103 $ 54,783 $ ( 17,007 ) Income (loss) from discontinued operations for diluted earnings per unit ( 108,718 ) 26,134 22,878 Net income (loss) available to common unitholders for diluted earnings per unit $ 96,385 $ 80,917 $ 5,871 Weighted average common unit 100,689 100,724 100,703 Diluted EPU : Income (loss) from continuing operations available to common unitholders $ 2.03 $ 0.54 $ ( 0.17 ) Income (loss) from discontinued operations available to common unitholders ( 1.08 ) 0.26 0.23 Net income (loss) available to common unitholders $ 0.95 $ 0.80 $ 0.06 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) : Year Ended December 31, 2019 2018 2017 Basic EPU units 100,520 100,634 100,410 Add: Restricted Stock Awards - - 40 Add: Stock Options 169 90 253 Diluted EPU Units 100,689 100,724 100,703 |
Noncontrolling Interests In S_2
Noncontrolling Interests In Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Mack-Cali Realty LP [Member] | |
Noncontrolling Interest [Line Items] | |
Changes In Noncontrolling Interests Of Subsidiaries | Common Units/ Unvested LTIP Vested LTIP Units Units Balance at January 1, 2017 10,488,105 657,373 Redemption of common units for shares of common stock ( 148,662 ) - Issuance of units 99,412 578,323 Cancellation of units - ( 4,819 ) Balance at December 31, 2017 10,438,855 1,230,877 Redemption of common units for shares of common stock ( 264,570 ) - Issuance of LTIP units - 864,024 Vested LTIP units 55,064 ( 55,064 ) Cancellation of units - ( 332,731 ) Balance at December 31, 2018 10,229,349 1,707,106 Redemption of common units for shares of common stock ( 38,011 ) - Redemption of common units ( 665,918 ) - Issuance of LTIP units - 565,623 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 December 31, 2019 9,612,064 1,826,331 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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: 2019 $ 178,699 $ 170,833 $ 1,403 $ 350,935 2018 251,477 113,805 432 365,714 2017 365,053 90,654 3,323 459,030 Total operating and interest expenses (a): 2019 $ 78,454 $ 89,512 $ 127,425 $ 295,391 2018 115,345 70,279 98,549 284,173 2017 175,401 63,590 85,873 324,864 Equity in earnings (loss) of unconsolidated joint ventures: 2019 $ ( 1,194 ) $ ( 125 ) $ - $ ( 1,319 ) 2018 2,319 ( 2,446 ) - ( 127 ) 2017 1,644 ( 7,725 ) - ( 6,081 ) Net operating income (loss) (b): 2019 $ 99,051 81,196 ( 126,022 ) 54,225 2018 138,451 41,080 ( 98,117 ) 81,414 2017 191,296 19,339 ( 82,550 ) 128,085 Total assets: 2019 $ 2,178,321 $ 3,079,409 $ 35,068 $ 5,292,798 2018 2,687,178 2,260,497 112,969 5,060,644 Total long-lived assets (c): 2019 $ 1,947,053 $ 2,812,306 $ 3,834 $ 4,763,193 2018 2,413,696 1,973,826 33,157 4,420,679 Total investments in unconsolidated joint ventures: 2019 $ 7,367 $ 201,724 $ - $ 209,091 2018 13,699 218,771 280 232,750 (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 | Year Ended December 31, 2019 2018 2017 Net operating income $ 54,225 $ 81,414 $ 128,085 Add (deduct): Depreciation and amortization ( 132,016 ) ( 112,244 ) ( 142,319 ) Property impairments - - - Land impairments ( 32,444 ) ( 24,566 ) - Gain on change of control of interests 13,790 14,217 - Realized gains (losses) and unrealized losses on disposition of rental property, net 345,926 99,436 2,364 Gain on disposition of developable land 522 30,939 - Gain on sale of investment in unconsolidated joint venture 903 - 23,131 Gain (loss) from extinguishment of debt, net 1,648 ( 8,929 ) ( 421 ) Income (loss) from continuing operations 252,554 80,267 10,840 Discontinued operations Income from discontinued operations 27,456 26,134 22,878 Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net ( 136,174 ) - - Total discontinued operations, net ( 108,718 ) 26,134 22,878 Net income 143,836 106,401 33,718 Noncontrolling interests in consolidated joint ventures 3,904 1,216 1,018 Noncontrolling interests in Operating Partnership ( 23,685 ) ( 6,866 ) ( 341 ) Noncontrolling interest in discontinued operations 10,421 ( 2,661 ) ( 2,370 ) Redeemable noncontrolling interests ( 22,615 ) ( 13,979 ) ( 8,840 ) Net income available to common shareholders $ 111,861 $ 84,111 $ 23,185 |
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: 2019 $ 178,699 $ 170,833 $ 1,403 $ 350,935 2018 251,477 113,805 432 365,714 2017 365,053 90,654 3,323 459,030 Total operating and interest expenses (a): 2019 $ 78,454 $ 89,512 $ 127,425 $ 295,391 2018 115,345 70,279 98,549 284,173 2017 175,401 63,590 85,873 324,864 Equity in earnings (loss) of unconsolidated joint ventures: 2019 $ ( 1,194 ) $ ( 125 ) $ - $ ( 1,319 ) 2018 2,319 ( 2,446 ) - ( 127 ) 2017 1,644 ( 7,725 ) - ( 6,081 ) Net operating income (loss) (b): 2019 $ 99,051 81,196 ( 126,022 ) 54,225 2018 138,451 41,080 ( 98,117 ) 81,414 2017 191,296 19,339 ( 82,550 ) 128,085 Total assets: 2019 $ 2,178,321 $ 3,079,409 $ 35,068 $ 5,292,798 2018 2,687,178 2,260,497 112,969 5,060,644 Total long-lived assets (c): 2019 $ 1,947,053 $ 2,812,306 $ 3,834 $ 4,763,193 2018 2,413,696 1,973,826 33,157 4,420,679 Total investments in unconsolidated joint ventures: 2019 $ 7,367 $ 201,724 $ - $ 209,091 2018 13,699 218,771 280 232,750 (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 | Year Ended December 31, 2019 2018 2017 Net operating income $ 54,225 $ 81,414 $ 128,085 Add (deduct): Depreciation and amortization ( 132,016 ) ( 112,244 ) ( 142,319 ) Property impairments - - - Land impairments ( 32,444 ) ( 24,566 ) - Gain on change of control of interests 13,790 14,217 - Realized gains (losses) and unrealized losses on disposition of rental property, net 345,926 99,436 2,364 Gain on disposition of developable land 522 30,939 - Gain on sale of investment in unconsolidated joint venture 903 - 23,131 Gain (loss) from extinguishment of debt, net 1,648 ( 8,929 ) ( 421 ) Income (loss) from continuing operations 252,554 80,267 10,840 Discontinued operations Income from discontinued operations 27,456 26,134 22,878 Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net ( 136,174 ) - - Total discontinued operations, net ( 108,718 ) 26,134 22,878 Net income 143,836 106,401 33,718 Noncontrolling interests in consolidated joint ventures 3,904 1,216 1,018 Redeemable noncontrolling interests ( 22,615 ) ( 13,979 ) ( 8,840 ) Net income (loss) available to common unitholders $ 125,125 $ 93,638 $ 25,896 |
Condensed Quarterly Financial_2
Condensed Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Condensed Quarterly Financial Information | Quarter Ended 2019 December 31 September 30 June 30 March 31 Total revenues $ 86,673 $ 87,391 $ 86,605 $ 90,266 Net income (loss) $ ( 55,408 ) $ ( 56,021 ) $ ( 20,329 ) $ 275,594 Net income (loss) available to common shareholders $ ( 54,652 ) $ ( 55,928 ) $ ( 22,054 ) $ 244,495 ` Basic earnings per common share: Income from continuing operations $ 0.53 $ ( 0.64 ) $ ( 0.45 ) $ 2.59 Discontinued operations ( 1.17 ) ( 0.01 ) 0.02 0.08 Net income (loss) available to common shareholders $ ( 0.64 ) $ ( 0.65 ) $ ( 0.43 ) $ 2.67 Diluted earnings per common share: Income from continuing operations $ 0.53 $ ( 0.64 ) $ ( 0.45 ) $ 2.58 Discontinued operations ( 1.17 ) ( 0.01 ) 0.02 0.08 Net income (loss) available to common shareholders $ ( 0.64 ) $ ( 0.65 ) $ ( 0.43 ) $ 2.66 Quarter Ended 2018 December 31 September 30 June 30 March 31 Total revenues $ 90,277 $ 90,951 $ 86,207 $ 98,279 Net income (loss) $ 52,523 $ 1,689 $ 1,501 $ 50,688 Net income (loss) available to common shareholders $ 43,804 $ ( 1,478 ) $ ( 1,251 ) $ 43,036 ` Basic earnings per common share: Income from continuing operations $ 0.37 $ ( 0.12 ) $ ( 0.13 ) $ 0.42 Discontinued operations 0.08 0.07 0.08 0.03 Net income (loss) available to common shareholders $ 0.45 $ ( 0.05 ) $ ( 0.05 ) $ 0.45 Diluted earnings per common share: Income from continuing operations $ 0.37 $ ( 0.12 ) $ ( 0.13 ) $ 0.42 Discontinued operations 0.08 0.07 0.08 0.03 Net income (loss) available to common shareholders $ 0.45 $ ( 0.05 ) $ ( 0.05 ) $ 0.45 |
Mack-Cali Realty LP [Member] | |
Summary Of Condensed Quarterly Financial Information | Quarter Ended 2019 December 31 September 30 June 30 March 31 Total revenues $ 86,673 $ 87,391 $ 86,605 $ 90,266 Net income (loss) $ ( 55,408 ) $ ( 56,021 ) $ ( 20,329 ) $ 275,594 Net income (loss) available to common unitholders $ ( 60,475 ) $ ( 62,087 ) $ ( 24,488 ) $ 272,175 Basic earnings per common unit: Income from continuing operations $ 0.53 $ ( 0.64 ) $ ( 0.45 ) $ 2.59 Discontinued operations ( 1.17 ) ( 0.01 ) 0.02 0.08 Net income (loss) available to common unitholders $ ( 0.64 ) $ ( 0.65 ) $ ( 0.43 ) $ 2.67 Diluted earnings per common units: Income from continuing operations $ 0.53 $ ( 0.64 ) $ ( 0.45 ) $ 2.58 Discontinued operations ( 1.17 ) ( 0.01 ) 0.02 0.08 Net income (loss) available to common unitholders $ ( 0.64 ) $ ( 0.65 ) $ ( 0.43 ) $ 2.66 Quarter Ended 2018 December 31 September 30 June 30 March 31 Total revenues $ 90,277 $ 90,951 $ 86,207 $ 98,279 Net income (loss) $ 52,523 $ 1,689 $ 1,501 $ 50,688 Net income (loss) available to common unitholders $ 48,757 $ ( 1,645 ) $ ( 1,393 ) $ 47,919 Basic earnings per common unit: Income from continuing operations $ 0.37 $ ( 0.12 ) $ ( 0.13 ) $ 0.42 Discontinued operations 0.08 0.07 0.08 0.03 Net income (loss) available to common unitholders $ 0.45 $ ( 0.05 ) $ ( 0.05 ) $ 0.45 Diluted earnings per common unit: Income from continuing operations $ 0.37 $ ( 0.12 ) $ ( 0.13 ) $ 0.42 Discontinued operations 0.08 0.07 0.08 0.03 Net income (loss) available to common unitholders $ 0.45 $ ( 0.05 ) $ ( 0.05 ) $ 0.45 |
Organization And Basis Of Pre_2
Organization And Basis Of Presentation (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)ft²propertyitemstate | Dec. 19, 2019ft² | Dec. 31, 2018USD ($)item | |
Real Estate Properties [Line Items] | |||
Percentage of ownership interest | 90.40% | 89.80% | |
Number of properties owned or investment interests | 71 | ||
Number of units | item | 208 | 1,317 | |
Number of states where properties are located | state | 4 | ||
Consolidated joint ventures, total real estate assets | $ | $ 503.1 | $ 480.4 | |
Consolidated joint ventures, mortgages | $ | 283.7 | 241.5 | |
Consolidated joint ventures, other liabilities | $ | $ 18.9 | $ 23 | |
Commercial Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of tenants | item | 400 | ||
Multi-Family Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of properties owned or investment interests | 21 | ||
Number of units | item | 6,524 | ||
Office [Member] | |||
Real Estate Properties [Line Items] | |||
Number of properties owned or investment interests | 42 | ||
Aggregate square feet of the property owned or investment interest | ft² | 10,700,000 | ||
Area of property (in square feet) | ft² | 6,600,000 | ||
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 | item | 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 | 2 | ||
Aggregate square feet of the property owned or investment interest | ft² | 81,700 | ||
Land [Member] | |||
Real Estate Properties [Line Items] | |||
Number of properties owned or investment interests | 1 |
Significant Accounting Polici_4
Significant Accounting Policies (Narrative) (Details) - USD ($) | Jan. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 03, 2020 | Jan. 03, 2019 | Dec. 31, 2016 |
Significant Accounting Policies [Line Items] | |||||||||
Capitalized development and construction salaries and other related costs | $ 2,100,000 | $ 2,300,000 | $ 2,200,000 | ||||||
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 | 4,625,000 | 5,028,000 | 4,612,000 | ||||||
Loss from extinguishment of debt, net | 1,648,000 | (10,750,000) | (421,000) | ||||||
Losses on extinguishment of debt, including discontinued operations | 1,800,000 | ||||||||
Deferred leasing costs | 0 | $ 3,463,000 | 3,146,000 | ||||||
Goodwill impairment | 0 | ||||||||
Difference between the estimated net basis and net assets of the rental property for federal income tax purposes | 529,160,000 | 529,160,000 | |||||||
Deferred tax asset | $ 9,800,000 | 9,800,000 | $ (5,300,000) | ||||||
Income taxes, material adjustment amount | $ 0 | ||||||||
Common stock, shares outstanding | 90,595,176 | 90,320,306 | 90,595,176 | 90,320,306 | 90,320,408 | ||||
Common units outstanding | 9,612,064 | 10,229,349 | 9,612,064 | 10,229,349 | 10,438,855 | 10,174,285 | 10,488,105 | ||
LTIP units outstanding | 1,826,331 | 1,707,106 | 1,826,331 | 1,707,106 | 1,230,877 | 1,762,170 | 657,373 | ||
Distributions payable, record date | Jan. 3, 2020 | Jan. 3, 2019 | |||||||
Distributions payable, approved date | Dec. 17, 2019 | Dec. 11, 2018 | |||||||
Common stock dividends and common unit distributions per share | $ 0.20 | $ 0.20 | |||||||
Dividends paid per common share | $ 0.80 | $ 0.80 | $ 0.70 | ||||||
Dividends paid, percent representing ordinary income | 47.00% | ||||||||
Dividends paid, percent representing return of capital to shareholders | 100.00% | ||||||||
Dividends paid, percent representing capital gain | 100.00% | 53.00% | |||||||
Stock compensation expense | $ 8,161,000 | $ 6,894,000 | $ 7,447,000 | ||||||
Distributions payable, pay date | Jan. 10, 2020 | Jan. 11, 2019 | |||||||
Increase (decrease) to valuation allowance | (5,300,000) | ||||||||
Federal income tax rate | 21.00% | ||||||||
Write off of unamortized deferred financing costs | $ 400,000 | 600,000 | 400,000 | ||||||
Gain (loss) from extinguishment of debt, net | 1,648,000 | (8,929,000) | (421,000) | ||||||
Accounting Standards Update 2017-12 [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Adjustment to retained earnings | $ 400,000 | ||||||||
Subsequent Event [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Common stock, shares outstanding | 90,595,197 | ||||||||
Common units outstanding | 9,488,794 | ||||||||
LTIP units outstanding | 1,949,601 | ||||||||
Mack-Cali Realty LP [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Loss from extinguishment of debt, net | 1,648,000 | (10,750,000) | |||||||
Taxable income | 71,151,000 | 82,106,000 | 97,037,000 | ||||||
Gain (loss) from extinguishment of debt, net | $ 1,648,000 | $ (8,929,000) | $ (421,000) | ||||||
Dividends paid | $ 400,000 | $ 400,000 | |||||||
Mack-Cali Realty LP [Member] | General Partner Common Unitholders [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Dividends paid | 18,100,000 | 18,100,000 | |||||||
Mack-Cali Realty LP [Member] | Limited Partner Common Unitholders [Member] | |||||||||
Significant Accounting Policies [Line Items] | |||||||||
Dividends paid | $ 1,900,000 | $ 2,000,000 |
Significant Accounting Polici_5
Significant Accounting Policies (Schedule Of Rental Property Improvements) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | ||
Land held for development (including pre-development costs, if any) | $ 388,702,000 | $ 465,930,000 |
Development and construction in progress, including land | 464,110,000 | 327,039,000 |
Total | 852,812,000 | 792,969,000 |
Buildings and improvement | 156,500,000 | 204,900,000 |
Development [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Land | 96,600,000 | 49,600,000 |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Buildings and improvement | $ 40,900,000 | |
Land | 48,500,000 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Development [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Buildings and improvement | 5,600,000 | |
Land | $ 500,000 |
Significant Accounting Polici_6
Significant Accounting Policies (Estimated Useful Lives Of Assets) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
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 (Acquisitio
Recent Transactions (Acquisitions) (Narrative) (Details) - USD ($) $ in Thousands | May 10, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Real Estate Properties [Line Items] | ||||
Purchase price of property | $ 97,504 | $ 112,511 | $ 90,422 | |
107 Morgan [Member] | ||||
Real Estate Properties [Line Items] | ||||
Purchase price of property | $ 67,200 | |||
Acquisition and other investment fundings handled by intermediary | $ 46,100 |
Recent Transactions (Consolidat
Recent Transactions (Consolidations) (Narrative) (Details) | Jan. 31, 2019USD ($)item | Jan. 30, 2019USD ($) | Aug. 02, 2018USD ($)item | Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($)item | Dec. 31, 2017USD ($) | Aug. 01, 2018USD ($) |
Real Estate Properties [Line Items] | |||||||
Number of units | item | 208 | 1,317 | |||||
Purchase price of property | $ 97,504,000 | $ 112,511,000 | $ 90,422,000 | ||||
Mortgage loan | 45,242,000 | $ 45,734,000 | |||||
Gain on change of control of interests | 13,790,000 | 14,217,000 | |||||
Issuance of loan | 43,300,000 | 30,400,000 | |||||
Loan balance | 2,808,517,000 | 2,792,651,000 | |||||
Noncontrolling interest's fair value | 205,776,000 | 210,523,000 | |||||
Mack-Cali Realty LP [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Purchase price of property | 97,504,000 | 112,511,000 | |||||
Gain on change of control of interests | $ 13,790,000 | 14,217,000 | |||||
Marbella Tower Urban Renewal Associates LLC [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Percentage of interest in venture | 24.27% | ||||||
Percentage of additional interest acquired | 50.00% | ||||||
Number of units | item | 412 | ||||||
Purchase price of property | $ 65,600,000 | ||||||
Mortgage loan, maturity month and year | August 2026 | ||||||
Spread over LIBOR | 4.07% | ||||||
Mortgage loan | $ 131,000,000 | $ 95,000,000 | |||||
Gain on change of control of interests | $ 14,200,000 | ||||||
Repayment of mortgage loans | $ 95,000,000 | ||||||
Issuance of loan | $ 37,400,000 | ||||||
Loan balance | 14,000,000 | ||||||
Noncontrolling interest's fair value | $ 29,800,000 | ||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Number of units | item | 2,611 | ||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Marbella Tower Urban Renewal Associates LLC [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Percentage of interest in venture | 74.27% | 24.27% | 74.27% | 24.27% | |||
Percentage of additional interest acquired | 50.00% | 50.00% | 50.00% | ||||
Number of units | item | 311 | ||||||
Purchase price of property | $ 77,500,000 | ||||||
Mortgage loan, maturity month and year | August 2026 | ||||||
Spread over LIBOR | 4.20% | ||||||
Mortgage loan | $ 117,000,000 | $ 74,700,000 | |||||
Gain on change of control of interests | $ 13,800,000 | ||||||
Repayment of mortgage loans | $ 74,700,000 | ||||||
Loan balance | 15,300,000 | ||||||
Noncontrolling interest's fair value | $ 13,700,000 |
Recent Transactions (Real Estat
Recent Transactions (Real Estate Held For Sale/Discontinued Operations/Dispositions) (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)ft²propertyitem | Dec. 31, 2018USD ($)ft²item | Dec. 19, 2019ft² | |
Real Estate Properties [Line Items] | |||
Unrealized losses on rental properties held for sale | $ (36,225,000) | ||
Land and other Impairments | $ 32,444,000 | $ 24,566,000 | |
Suburban Office Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Area of property (in square feet) | ft² | 6,600,000 | ||
Number of properties sold | property | 2 | ||
Area Of Real Estate Property Sold | ft² | 497,000 | ||
Gain (loss) on sale of property | $ 52,200,000 | ||
Office [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] | |||
Assets held for sale, Deferred charges and other assets | 70,414,000 | ||
Assets held for sale, Unbilled rents receivable, net | 32,144,000 | ||
Assets held for sale, Accounts payable, accrued expenses and other liabilities | $ 22,817,000 | ||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Suburban Office Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Area of property (in square feet) | ft² | 6,100,000 | ||
Number of properties held for sale | property | 35 | ||
Disposal Group, Not Discontinued Operations [Member] | |||
Real Estate Properties [Line Items] | |||
Unrealized losses on rental properties held for sale | $ (20,135,000) | ||
Area Of Real Estate Property Sold | ft² | 4,490,578 | 2,405,654 | |
Sales proceeds | $ 1,052,427,000 | $ 324,050,000 | |
Gain (loss) on sale of property | $ 382,151,000 | $ 119,571,000 | |
Number of building sold | item | 68 | 30 | |
Discontinued Operations [Member] | |||
Real Estate Properties [Line Items] | |||
Unrealized losses on rental properties held for sale | $ (137,876,000) | ||
Gain (loss) on sale of property | 1,702,000 | ||
Fort Lee, Newark, Paramus, Bridgewater, Morris Plains And Rahway, New Jersey [Member] | |||
Real Estate Properties [Line Items] | |||
Area of property (in square feet) | ft² | 845,000 | ||
Estimated expected sales proceeds | 123,100,000 | ||
Fort Lee, Newark, Paramus, Bridgewater, Morris Plains And Rahway, New Jersey [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||
Real Estate Properties [Line Items] | |||
Unrealized losses on rental properties held for sale | $ 20,100,000 | ||
Assets held for sale, Deferred charges and other assets | 2,900,000 | ||
Assets held for sale, Unbilled rents receivable, net | 1,700,000 | ||
Assets held for sale, Accounts payable, accrued expenses and other liabilities | 2,300,000 | ||
Expected assets to be written off | $ 3,900,000 | ||
Expected liabilities to be written off | $ 1,700,000 | ||
Fort Lee, Newark, Paramus, Bridgewater, Morris Plains And Rahway, New Jersey [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Office [Member] | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | item | 159 | ||
Number of properties held for sale | property | 35 | ||
Unrealized losses on rental properties held for sale | $ (174,100,000) | ||
Number of properties not expected to recover from estimated net sales proceeds | property | 21 | ||
Land and other Impairments | $ 32,400,000 | ||
Fort Lee, Newark, Paramus, Bridgewater, Morris Plains And Rahway, New Jersey [Member] | Discontinued Operations [Member] | Office [Member] | |||
Real Estate Properties [Line Items] | |||
Unrealized losses on rental properties held for sale | (137,900,000) | ||
Fort Lee, Parsippany, Madison, Short Hills, Edison, Red Bank, Florham Park [Member] | |||
Real Estate Properties [Line Items] | |||
Unrealized losses on rental properties held for sale | $ 174,100,000 | ||
Fort Lee, Parsippany, Madison, Short Hills, Edison, Red Bank, Florham Park [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||
Real Estate Properties [Line Items] | |||
Number of properties held for sale | property | 21 | ||
Assets held for sale, Deferred charges and other assets | $ 68,684,000 | ||
Assets held for sale, Unbilled rents receivable, net | 30,188,000 | ||
Assets held for sale, Accounts payable, accrued expenses and other liabilities | 21,025,000 | ||
Fort Lee, Parsippany, Madison, Short Hills, Edison, Red Bank, Florham Park [Member] | Discontinued Operations [Member] | |||
Real Estate Properties [Line Items] | |||
Unrealized losses on rental properties held for sale | 137,900,000 | ||
Land and other Impairments | $ 32,400,000 |
Recent Transactions (Impairment
Recent Transactions (Impairments) (Narrative) (Details) | Dec. 31, 2019property |
Conshohocken And Bala Cynwyd, Pennsylvania [Member] | |
Real Estate Properties [Line Items] | |
Number of real estate properties | 2 |
Recent Transactions (Land Impai
Recent Transactions (Land Impairments) (Narrative) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2018USD ($)property | Dec. 31, 2019property | |
Property, Plant and Equipment [Line Items] | ||
Land impairments | $ | $ 24.6 | |
Conshohocken And Bala Cynwyd, Pennsylvania [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Number of real estate properties | 2 | |
Conshohocken And Bala Cynwyd, Pennsylvania [Member] | Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Number of real estate properties | 2 |
Recent Transactions (Unconsolid
Recent Transactions (Unconsolidated Joint Venture Activity) (Narrative) (Details) - USD ($) $ in Thousands | Feb. 28, 2019 | Dec. 31, 2019 | Dec. 31, 2017 |
Real Estate Properties [Line Items] | |||
Gain (loss) on sale of investment in unconsolidated joint venture | $ 903 | $ 23,131 | |
Red Bank [Member] | |||
Real Estate Properties [Line Items] | |||
Gain on sale | $ 900 | ||
Red Bank [Member] | Unconsolidated Joint Venture Office Buildings [Member] | |||
Real Estate Properties [Line Items] | |||
Gain (loss) on sale of investment in unconsolidated joint venture | 4,200 | ||
Gain on sale | $ 900 |
Recent Transactions (Rockpoint
Recent Transactions (Rockpoint Transaction) (Narrative) (Details) $ in Thousands | Jun. 30, 2019USD ($) | Jun. 26, 2019USD ($)property | Mar. 10, 2017USD ($) | Feb. 27, 2017USD ($) | Jun. 26, 2016USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Preferred Units [Line Items] | |||||||||
Payment for borrowings | $ 617,000 | $ 494,000 | $ 866,000 | ||||||
RRLP [Member] | |||||||||
Preferred Units [Line Items] | |||||||||
Assets | 3,100,000 | 2,300,000 | |||||||
Mortgages and loans payable | 1,400,000 | 1,100 | |||||||
Other liabilities | $ 115,200 | 57,000 | |||||||
Investment Agreement [Member] | Rockpoint [Member] | |||||||||
Preferred Units [Line Items] | |||||||||
Contributed amount to obtain equity units | $ 300,000 | ||||||||
Incremental closing payments, Limited Partnership interest | $ 46,000 | $ 150,000 | $ 46,000 | 45,000 | $ 105,000 | ||||
Contributed equity value | $ 1,230,000 | ||||||||
Investment Agreement [Member] | Rockpoint [Member] | Maximum [Member] | |||||||||
Preferred Units [Line Items] | |||||||||
Contributed amount to obtain equity units | $ 300,000 | $ 300,000 | |||||||
Preferred Units, Contribution To Obtain Equity Units | $ 300,000 | ||||||||
Add On Investment Agreement [Member] | Rockpoint [Member] | |||||||||
Preferred Units [Line Items] | |||||||||
Contributed amount to obtain equity units | $ 100,000 | ||||||||
Number of properties in which additional interest was acquired during period | property | 2 | ||||||||
Payment for borrowings | $ 100,000 | ||||||||
Right of first refusal to invest | 100,000 | ||||||||
Add On Investment Agreement [Member] | Rockpoint [Member] | Maximum [Member] | |||||||||
Preferred Units [Line Items] | |||||||||
Preferred Units, Contribution To Obtain Equity Units | $ 154,000 |
Recent Transactions (Schedule O
Recent Transactions (Schedule Of Properties Acquired) (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)ft²item | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Business Acquisition [Line Items] | |||
Number of Buildings, Acquired | item | 3 | ||
Acquisition cost | $ 736,919,000 | ||
Mortgage loan | $ 45,242,000 | $ 45,734,000 | |
99 Wood Avenue [Member] | |||
Business Acquisition [Line Items] | |||
Number of Buildings, Acquired | item | 1 | ||
Rentable Square Feet, Acquired | ft² | 271,988 | ||
Acquisition cost | $ 61,858,000 | ||
Soho Lofts Apartments [Member] | |||
Business Acquisition [Line Items] | |||
Number of Buildings, Acquired | item | 1 | ||
Rentable Square Feet, Acquired | ft² | 377 | ||
Acquisition cost | $ 264,578,000 | ||
Liberty Towers [Member] | |||
Business Acquisition [Line Items] | |||
Number of Buildings, Acquired | item | 1 | ||
Rentable Square Feet, Acquired | ft² | 648 | ||
Acquisition cost | $ 410,483,000 | ||
Unsecured Revolving Credit Facility [Member] | Liberty Towers [Member] | |||
Business Acquisition [Line Items] | |||
Mortgage loan | $ 232,000,000 |
Recent Transactions (Schedule_2
Recent Transactions (Schedule Of Acquisition Cost Allocated To Net Assets Acquired) (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Business Acquisition [Line Items] | |
Land and leasehold interest | $ 103,532,000 |
Buildings and improvements and other assets | 608,174,000 |
Above market lease values | 487,000 |
In-place lease values | 27,206,000 |
Sub Total | 739,399,000 |
Less: Below market lease values | (2,480,000) |
Net assets recorded upon acquisition | 736,919,000 |
99 Wood Avenue [Member] | |
Business Acquisition [Line Items] | |
Land and leasehold interest | 9,261,000 |
Buildings and improvements and other assets | 45,576,000 |
Above market lease values | 431,000 |
In-place lease values | 8,264,000 |
Sub Total | 63,532,000 |
Less: Below market lease values | (1,674,000) |
Net assets recorded upon acquisition | $ 61,858,000 |
Amortization period | 4 years 3 months 18 days |
Soho Lofts Apartments [Member] | |
Business Acquisition [Line Items] | |
Land and leasehold interest | $ 27,601,000 |
Buildings and improvements and other assets | 231,663,000 |
In-place lease values | 5,480,000 |
Sub Total | 264,744,000 |
Less: Below market lease values | (166,000) |
Net assets recorded upon acquisition | $ 264,578,000 |
Soho Lofts Apartments [Member] | In-Place Leases [Member] | |
Business Acquisition [Line Items] | |
Amortization period | 9 months 18 days |
Liberty Towers [Member] | |
Business Acquisition [Line Items] | |
Land and leasehold interest | $ 66,670,000 |
Buildings and improvements and other assets | 330,935,000 |
Above market lease values | 56,000 |
In-place lease values | 13,462,000 |
Sub Total | 411,123,000 |
Less: Below market lease values | (640,000) |
Net assets recorded upon acquisition | $ 410,483,000 |
Liberty Towers [Member] | Above Market, In-Place And Below Market Leases [Member] | |
Business Acquisition [Line Items] | |
Amortization period | 6 months |
Recent Transactions (Schedule_3
Recent Transactions (Schedule Of Properties Which Commenced Initial Operations) (Details) | 12 Months Ended | |
Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($)item | |
Real Estate Properties [Line Items] | ||
Number of Apartment Units | item | 208 | 1,317 |
Total Development Costs Incurred | $ | $ 105,477,000 | $ 457,984,000 |
Unconsolidated Joint Venture Multi-Family Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Apartment Units | item | 2,611 | |
Unconsolidated Joint Venture Hotel [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Apartment Units | item | 351 | |
145 Front At City Square [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Apartment Units | item | 365 | |
Total Development Costs Incurred | $ | $ 97,483,000 | |
Signature Place At Morris Plains [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Apartment Units | item | 197 | |
Total Development Costs Incurred | $ | $ 56,715,000 | |
Portside 5/6 [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Apartment Units | item | 296 | |
Total Development Costs Incurred | $ | $ 114,694,000 | |
Riverhouse 11 At Port Imperial [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Apartment Units | item | 295 | |
Total Development Costs Incurred | $ | $ 130,369,000 | |
Residence Inn By Marriott (Phase I) [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Apartment Units | item | 164 | |
Total Development Costs Incurred | $ | $ 58,723,000 | |
Autograph Collection By Marriott (Phase II) [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Apartment Units | item | 208 | |
Total Development Costs Incurred | $ | $ 105,477,000 | |
Land [Member] | 145 Front At City Square [Member] | ||
Real Estate Properties [Line Items] | ||
Total Development Costs Incurred | $ | 4,400,000 | |
Land [Member] | Signature Place At Morris Plains [Member] | ||
Real Estate Properties [Line Items] | ||
Total Development Costs Incurred | $ | $ 900,000 |
Recent Transactions (Schedule_4
Recent Transactions (Schedule Of Net Assets Recorded Upon Consolidation) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | ||
Land and leasehold interest | $ 103,532,000 | |
Buildings and improvements and other assets, net | 608,174,000 | |
Above market lease values | 487,000 | |
In-place lease values | 27,206,000 | |
Less: Below market lease values | (2,480,000) | |
Sub Total | 739,399,000 | |
Net assets recorded upon acquisition | 736,919,000 | |
Marbella Tower Urban Renewal Associates LLC [Member] | ||
Business Acquisition [Line Items] | ||
Land and leasehold interest | 36,595,000 | $ 48,820,000 |
Buildings and improvements and other assets, net | 153,974,000 | 162,958,000 |
In-place lease values | 4,611,000 | 6,947,000 |
Less: Below market lease values | (80,000) | (108,000) |
Sub Total | 195,100,000 | 218,617,000 |
Less: Debt | (117,000,000) | (131,000,000) |
Net assets recorded upon acquisition | 78,100,000 | 87,617,000 |
Less: Noncontrolling interests | (13,722,000) | (22,812,000) |
Net assets recorded upon consolidation | $ 64,378,000 | $ 64,805,000 |
Marbella Tower Urban Renewal Associates LLC [Member] | In-Place And Below Market Leases [Member] | ||
Business Acquisition [Line Items] | ||
Amortization period | 6 years 2 months 12 days | 9 months 9 days |
Distribution of loan proceeds | $ 7,000,000 |
Recent Transactions (Schedule_5
Recent Transactions (Schedule Of Disposed Properties) (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2019USD ($)propertyshares | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($)ft²itempropertyshares | Dec. 31, 2018USD ($)ft²item | Dec. 31, 2017USD ($)property | Mar. 31, 2018USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
New mortgage loan/(repayments) | $ 44,695,000 | |||||
Carrying Amount of Mortgages | $ 45,242,000 | 45,734,000 | ||||
Unrealized losses on rental properties held for sale | $ (36,225,000) | |||||
Impairment charge | $ 24,600,000 | |||||
Valuation allowance | $ 9,800,000 | (5,300,000) | ||||
Number Of Units | item | 208 | 1,317 | ||||
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 | 68 | 30 | ||||
Number of properties Disposed | property | 2 | |||||
Rentable Square Feet, Disposed | ft² | 4,490,578 | 2,405,654 | ||||
Net Sales Proceeds | $ 1,052,427,000 | $ 324,050,000 | ||||
Net Carrying Value | 668,574,000 | 204,479,000 | ||||
Realized Gains (losses)/Unrealized Losses, net | $ 382,151,000 | 119,571,000 | ||||
Redemption Of Common Units, Shares | shares | 301,638 | |||||
Carrying Amount of Mortgages | $ 350,000,000 | |||||
Unrealized losses on rental properties held for sale | (20,135,000) | |||||
Totals | $ 345,926,000 | $ 99,436,000 | ||||
Number Of Units | item | 377 | |||||
Proceeds from sale of properties | $ 6,600,000 | |||||
Repayment of mortgage loans | 90,000,000 | |||||
Funds from qualified intermediary | $ 217,400,000 | |||||
Disposal Group, Not Discontinued Operations [Member] | 35 Waterview Boulevard [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 | 172,498 | |||||
Net Sales Proceeds | $ 25,994,000 | |||||
Net Carrying Value | 25,739,000 | |||||
Realized Gains (losses)/Unrealized Losses, net | $ 255,000 | |||||
Valuation allowance | 700,000 | |||||
Disposal Group, Not Discontinued Operations [Member] | Hamilton Portfolio [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of Buildings, Disposed | item | 6 | |||||
Rentable Square Feet, Disposed | ft² | 239,262 | |||||
Net Sales Proceeds | $ 17,546,000 | |||||
Net Carrying Value | 17,501,000 | |||||
Realized Gains (losses)/Unrealized Losses, net | $ 45,000 | |||||
Valuation allowance | 600,000 | |||||
Disposal Group, Not Discontinued Operations [Member] | Wall Portfolio First Closing [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of Buildings, Disposed | item | 5 | |||||
Rentable Square Feet, Disposed | ft² | 179,601 | |||||
Net Sales Proceeds | $ 14,053,000 | |||||
Net Carrying Value | 10,526,000 | |||||
Realized Gains (losses)/Unrealized Losses, net | $ 3,527,000 | |||||
Disposal Group, Not Discontinued Operations [Member] | 700 Horizon 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 | 120,000 | |||||
Net Sales Proceeds | $ 33,020,000 | |||||
Net Carrying Value | 16,053,000 | |||||
Realized Gains (losses)/Unrealized Losses, net | $ 16,967,000 | |||||
Disposal Group, Not Discontinued Operations [Member] | Wall Portfolio Second Closing [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of Buildings, Disposed | item | 3 | |||||
Rentable Square Feet, Disposed | ft² | 217,822 | |||||
Net Sales Proceeds | $ 30,209,000 | |||||
Net Carrying Value | 12,961,000 | |||||
Realized Gains (losses)/Unrealized Losses, net | $ 17,248,000 | |||||
Disposal Group, Not Discontinued Operations [Member] | 75 Livingston Avenue [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 | 94,221 | |||||
Net Sales Proceeds | $ 7,983,000 | |||||
Net Carrying Value | 5,609,000 | |||||
Realized Gains (losses)/Unrealized Losses, net | $ 2,374,000 | |||||
Disposal Group, Not Discontinued Operations [Member] | 20 Waterview Boulevard [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 | 225,550 | |||||
Net Sales Proceeds | $ 12,475,000 | |||||
Net Carrying Value | 11,795,000 | |||||
Realized Gains (losses)/Unrealized Losses, net | $ 680,000 | |||||
Valuation allowance | $ 11,000,000 | |||||
Disposal Group, Not Discontinued Operations [Member] | 20 Waterview Boulevard [Member] | Notes Receivable 6.0 Interest Rate [Member] | Buyer [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Noncash net sales proceeds | $ 2,800,000 | |||||
Disposal Group, Not Discontinued Operations [Member] | Westchester Financial Center [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of Buildings, Disposed | item | 2 | |||||
Rentable Square Feet, Disposed | ft² | 489,000 | |||||
Net Sales Proceeds | $ 81,769,000 | |||||
Net Carrying Value | 64,679,000 | |||||
Realized Gains (losses)/Unrealized Losses, net | 17,090,000 | |||||
Disposal Group, Not Discontinued Operations [Member] | Westchester Financial Center [Member] | Notes Receivable 3.0 Interest Rate [Member] | Buyer [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Noncash net sales proceeds | $ 4,000,000 | |||||
Disposal Group, Not Discontinued Operations [Member] | 65 Jackson Drive [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of Buildings, Disposed | item | 0 | |||||
Net Sales Proceeds | $ 1,510,000 | |||||
Realized Gains (losses)/Unrealized Losses, net | $ 1,510,000 | |||||
Disposal Group, Not Discontinued Operations [Member] | 600 Horizon 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 | 95,000 | |||||
Net Sales Proceeds | $ 15,127,000 | |||||
Net Carrying Value | 6,191,000 | |||||
Realized Gains (losses)/Unrealized Losses, net | $ 8,936,000 | |||||
Disposal Group, Not Discontinued Operations [Member] | 1 & 3 Barker Avenue [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of Buildings, Disposed | item | 2 | |||||
Rentable Square Feet, Disposed | ft² | 133,300 | |||||
Net Sales Proceeds | $ 15,140,000 | |||||
Net Carrying Value | 13,543,000 | |||||
Realized Gains (losses)/Unrealized Losses, net | $ 1,597,000 | |||||
Disposal Group, Not Discontinued Operations [Member] | 120 West Passaic Street [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 | 52,000 | |||||
Net Sales Proceeds | $ 2,667,000 | |||||
Net Carrying Value | 2,568,000 | |||||
Realized Gains (losses)/Unrealized Losses, net | $ 99,000 | |||||
Disposal Group, Not Discontinued Operations [Member] | Elmsford Distribution Center [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of Buildings, Disposed | item | 6 | |||||
Rentable Square Feet, Disposed | ft² | 387,400 | |||||
Net Sales Proceeds | $ 66,557,000 | |||||
Net Carrying Value | 17,314,000 | |||||
Realized Gains (losses)/Unrealized Losses, net | 49,243,000 | |||||
Disposal Group, Not Discontinued Operations [Member] | 721 Route 202/206 South [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 | 192,741 | |||||
Net Sales Proceeds | $ 5,651,000 | |||||
Net Carrying Value | 5,410,000 | |||||
Realized Gains (losses)/Unrealized Losses, net | $ 241,000 | |||||
Valuation allowance | 9,300,000 | |||||
Disposal Group, Not Discontinued Operations [Member] | Park Square Apartments [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 | 159 | |||||
Net Sales Proceeds | $ 34,045,000 | |||||
Net Carrying Value | 34,032,000 | |||||
Realized Gains (losses)/Unrealized Losses, net | $ 13,000 | |||||
Valuation allowance | 6,300,000 | |||||
Disposal Group, Not Discontinued Operations [Member] | 2115 Linwood Avenue [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 | 68,000 | |||||
Net Sales Proceeds | $ 15,197,000 | |||||
Net Carrying Value | 7,433,000 | |||||
Realized Gains (losses)/Unrealized Losses, net | $ 7,764,000 | |||||
Disposal Group, Not Discontinued Operations [Member] | 201 Littleton Road [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 | 88,369 | |||||
Net Sales Proceeds | $ 4,842,000 | |||||
Net Carrying Value | 4,937,000 | |||||
Realized Gains (losses)/Unrealized Losses, net | $ (95,000) | |||||
Valuation allowance | 3,600,000 | |||||
Disposal Group, Not Discontinued Operations [Member] | 320 & 321 University Avenue [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of Buildings, Disposed | item | 2 | |||||
Rentable Square Feet, Disposed | ft² | 147,406 | |||||
Net Sales Proceeds | $ 25,552,000 | |||||
Net Carrying Value | 18,456,000 | |||||
Realized Gains (losses)/Unrealized Losses, net | $ 7,096,000 | |||||
Disposal Group, Not Discontinued Operations [Member] | Flex Portfolio [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of Buildings, Disposed | item | 56 | |||||
Rentable Square Feet, Disposed | ft² | 3,148,512 | |||||
Net Sales Proceeds | $ 470,348,000 | |||||
Net Carrying Value | 214,758,000 | |||||
Realized Gains (losses)/Unrealized Losses, net | $ 255,590,000 | |||||
Disposal Group, Not Discontinued Operations [Member] | 650 From Road [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 | 348,510 | |||||
Net Sales Proceeds | $ 37,801,000 | |||||
Net Carrying Value | 40,046,000 | |||||
Realized Gains (losses)/Unrealized Losses, net | $ (2,245,000) | |||||
Valuation allowance | $ 900,000 | |||||
Disposal Group, Not Discontinued Operations [Member] | 3600 Route 66 [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 | 180,000 | |||||
Net Sales Proceeds | $ 25,237,000 | |||||
Net Carrying Value | 17,246,000 | |||||
Realized Gains (losses)/Unrealized Losses, net | $ 7,991,000 | |||||
Disposal Group, Not Discontinued Operations [Member] | Chase & Alterra Portfolio [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of Buildings, Disposed | item | 3 | |||||
Rentable Square Feet, Disposed | ft² | 1,386 | |||||
Net Sales Proceeds | $ 406,817,000 | |||||
Net Carrying Value | 293,030,000 | |||||
Realized Gains (losses)/Unrealized Losses, net | 113,787,000 | |||||
Carrying Amount of Mortgages | $ 235,800,000 | |||||
Disposal Group, Not Discontinued Operations [Member] | 5 Wood Hollow Road [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 | 317,040 | |||||
Net Sales Proceeds | $ 26,937,000 | |||||
Net Carrying Value | 33,226,000 | |||||
Realized Gains (losses)/Unrealized Losses, net | $ (6,289,000) | |||||
Impairment charge | $ 5,800,000 | |||||
Disposal Group, Not Discontinued Operations [Member] | Flex Portfolio [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of properties Disposed | property | 2 | |||||
Redemption Of Common Units, Shares | shares | 301,638 | 364,280 | ||||
Proceeds from sale of properties | $ 6,600,000 | $ 7,800,000 | ||||
Disposal Group, Not Discontinued Operations [Member] | Unsecured Revolving Credit Facility [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Carrying Amount of Mortgages | 119,900,000 | |||||
Discontinued Operations [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Realized Gains (losses)/Unrealized Losses, net | 1,702,000 | |||||
Unrealized losses on rental properties held for sale | (137,876,000) | |||||
Totals | $ (136,174,000) | |||||
Land [Member] | Disposal Group, Not Discontinued Operations [Member] | Hamilton Portfolio [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of properties Disposed | property | 2 |
Recent Transactions (Summary Of
Recent Transactions (Summary Of Income From Property Held For Sale, Net) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Less - Accumulated depreciation | $ (558,617,000) | $ (1,097,868,000) |
Rental property held for sale, net | 966,497,000 | 108,848,000 |
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 | 235,253,000 | |
Buildings & Other | 1,318,130,000 | |
Less - Accumulated depreciation | (412,785,000) | |
Less: Cumulative unrealized losses on property held for sale | (174,101,000) | |
Rental property held for sale, net | 966,497,000 | |
Unbilled rents receivable, net | 32,144,000 | |
Deferred charges, net | 34,332,000 | |
Total intangibles, net | 33,095,000 | |
Total deferred charges & other assets, net | 70,414,000 | |
Mortgages & loans payable, net | 123,650,000 | |
Total below market liability | 8,833,000 | |
Accounts payable, accrued exp & other liability | 22,817,000 | |
Unearned rents/deferred rental income | 2,952,000 | |
Fort Lee, Newark, Paramus, Bridgewater, Morris Plains And Rahway, New Jersey [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 | 24,376,000 | |
Buildings & Other | 159,857,000 | |
Less - Accumulated depreciation | (55,250,000) | |
Less: Cumulative unrealized losses on property held for sale | (20,135,000) | |
Rental property held for sale, net | 108,848,000 | |
Unbilled rents receivable, net | 1,700,000 | |
Total deferred charges & other assets, net | 2,900,000 | |
Accounts payable, accrued exp & other liability | $ 2,300,000 | |
Fort Lee, Parsippany, Madison, Short Hills, Edison, Red Bank, Florham Park [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 | 147,590,000 | |
Buildings & Other | 1,263,738,000 | |
Less - Accumulated depreciation | (401,212,000) | |
Less: Cumulative unrealized losses on property held for sale | (137,876,000) | |
Rental property held for sale, net | 872,240,000 | |
Unbilled rents receivable, net | 30,188,000 | |
Deferred charges, net | 32,900,000 | |
Total intangibles, net | 33,095,000 | |
Total deferred charges & other assets, net | 68,684,000 | |
Mortgages & loans payable, net | 123,650,000 | |
Total below market liability | 8,833,000 | |
Accounts payable, accrued exp & other liability | 21,025,000 | |
Unearned rents/deferred rental income | 2,952,000 | |
Other Assets Held, Assets Held For Sale [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 | 87,663,000 | |
Buildings & Other | 54,392,000 | |
Less - Accumulated depreciation | (11,573,000) | |
Less: Cumulative unrealized losses on property held for sale | (36,225,000) | |
Rental property held for sale, net | 94,257,000 | |
Unbilled rents receivable, net | 1,956,000 | |
Deferred charges, net | 1,432,000 | |
Total deferred charges & other assets, net | 1,730,000 | |
Accounts payable, accrued exp & other liability | $ 1,792,000 |
Recent Transactions (Schedule_6
Recent Transactions (Schedule Of Disposed Developable Land) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Total Development Costs Incurred | $ 105,477,000 | $ 457,984,000 |
Land and other Impairments | 32,444,000 | 24,566,000 |
Disposal Group, Not Discontinued Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net Sales Proceeds | 18,383,000 | 46,036,000 |
Net Carrying Value | 17,860,000 | 15,097,000 |
Gain on Disposition of Developable Land | 523,000 | 30,939,000 |
1 Lake Street [Member] | Disposal Group, Not Discontinued Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net Sales Proceeds | 46,036,000 | |
Net Carrying Value | 15,097,000 | |
Gain on Disposition of Developable Land | 30,939,000 | |
Total Development Costs Incurred | 3,000,000 | |
The Chase At Overlook Ridge [Member] | Disposal Group, Not Discontinued Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net Sales Proceeds | 685,000 | |
Net Carrying Value | 415,000 | |
Gain on Disposition of Developable Land | 270,000 | |
Land and other Impairments | 10,900,000 | |
Alterra At Overlook Ridge IA [Member] | Disposal Group, Not Discontinued Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net Sales Proceeds | 1,135,000 | |
Net Carrying Value | 839,000 | |
Gain on Disposition of Developable Land | 296,000 | |
150 Monument Street [Member] | Disposal Group, Not Discontinued Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net Sales Proceeds | 8,374,000 | |
Net Carrying Value | 7,874,000 | |
Gain on Disposition of Developable Land | 500,000 | |
51 Washington Street [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Land and other Impairments | 2,700,000 | |
51 Washington Street [Member] | Disposal Group, Not Discontinued Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net Sales Proceeds | 8,189,000 | |
Net Carrying Value | 8,732,000 | |
Gain on Disposition of Developable Land | $ (543,000) | |
Land and other Impairments | $ 13,600,000 |
Investments In Unconsolidated_3
Investments In Unconsolidated Joint Ventures (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)ft²itemproperty | Dec. 31, 2018USD ($)item | |
Schedule of Equity Method Investments [Line Items] | ||
Carrying Value | $ 209,091 | $ 232,750 |
Number of units | item | 208 | 1,317 |
Amount outstanding | $ 329,000 | $ 790,939 |
Management, leasing, development and other services fees | 2,400 | 2,400 |
Accounts receivable due from unconsolidated joint ventures | 600 | 200 |
Maximum exposure to loss | 152,300 | |
Estimated future funding commitments | 34,600 | |
Unconsolidated Joint Venture Other Property [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying Value | $ 209,091 | $ 232,750 |
Unconsolidated Joint Venture Office Buildings [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of properties | property | 2 | |
Area of property (in square feet) | ft² | 200,000 | |
Unconsolidated Joint Venture Retail Buildings [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of properties | property | 2 | |
Area of mixed use project (in square feet) | ft² | 81,700 | |
Unconsolidated Joint Venture Multi-Family Properties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of properties | property | 7 | |
Number of units | item | 2,611 | |
Unconsolidated Joint Venture Hotel [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of units | item | 351 | |
Unconsolidated Joint Venture Development Projects [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of units | item | 360 | |
Unconsolidated Joint Venture Land Parcels [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of units | item | 3,220 | |
Unconsolidated Joint Ventures [Member] | Guarantee of Indebtedness of Others [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Maximum borrowing capacity | $ 318,000 | |
Amount outstanding | 233,400 | |
Unconsolidated Joint Ventures [Member] | Parent Company [Member] | Guarantee of Indebtedness of Others [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Maximum borrowing capacity | 34,600 | |
Amount outstanding | $ 26,100 | |
Minimum [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of interest in venture | 20.00% | |
Maximum [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of interest in venture | 85.00% | |
Variable Interest Entity [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Carrying Value | $ 117,700 | |
Number of VIEs | property | 3 | |
Variable Interest Entity [Member] | Unconsolidated Joint Venture Development Projects [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of VIEs | property | 1 | |
Variable Interest Entity [Member] | Unconsolidated Joint Venture Property [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of VIEs | property | 2 |
Investments In Unconsolidated_4
Investments In Unconsolidated Joint Ventures (Summary Of Unconsolidated Joint Ventures) (Details) | Feb. 28, 2019USD ($) | Jan. 31, 2019USD ($)item | Jan. 30, 2019USD ($) | Dec. 11, 2018USD ($) | Aug. 02, 2018USD ($)item | Jan. 31, 2020USD ($) | Oct. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($)ft²item | Dec. 31, 2018USD ($)item | Dec. 31, 2017USD ($) | Aug. 01, 2018USD ($) |
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of Apartment Units | item | 208 | 1,317 | ||||||||||
Carrying Value | $ 209,091,000 | $ 232,750,000 | ||||||||||
Balance | 45,242,000 | $ 45,734,000 | ||||||||||
Purchase price of property | $ 97,504,000 | $ 112,511,000 | $ 90,422,000 | |||||||||
Minimum [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Company's Effective Ownership % | 20.00% | |||||||||||
Maximum [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Company's Effective Ownership % | 85.00% | |||||||||||
Marbella Tower Urban Renewal Associates LLC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of Apartment Units | item | 412 | |||||||||||
Company's Effective Ownership % | 24.27% | |||||||||||
Balance | $ 131,000,000 | $ 95,000,000 | ||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | 4.07% | |||||||||||
Percentage of additional interest acquired | 50.00% | |||||||||||
Repayment of mortgage loans | $ 95,000,000 | |||||||||||
Purchase price of property | $ 65,600,000 | |||||||||||
Mortgage loan, maturity month and year | August 2026 | |||||||||||
Metropolitan At 40 Park [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Rentable Square Feet (sf) | ft² | 50,973 | |||||||||||
Purchase price of property | $ 1,300,000 | |||||||||||
Crystal House [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Percentage of interest in developable land | 50.00% | |||||||||||
Number of approved units available for development | item | 738 | |||||||||||
PI North - Riverwalk C [Member] | Construction Loan [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 112,000,000 | |||||||||||
Red Bank [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Percentage of interest sold | 50.00% | |||||||||||
Gain on sale | $ 900,000 | |||||||||||
12 Vreeland Road [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Impairment of Real Estate | $ 3,700,000 | |||||||||||
The Shops At 40 Park Property [Member] | Metropolitan At 40 Park [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | 1.50% | |||||||||||
Residual ownership interest | 12.50% | 25.00% | 25.00% | |||||||||
Mortgage loan, maturity month and year | October 2021 | |||||||||||
Lofts At 40 Park Property [Member] | Metropolitan At 40 Park [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of Apartment Units | item | 59 | |||||||||||
Balance | $ 6,067,000 | |||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | 2.25% | |||||||||||
Residual ownership interest | 25.00% | 50.00% | ||||||||||
Indirect ownership interest | 50.00% | |||||||||||
Number of stories | item | 5 | |||||||||||
Mortgage loan, maturity month and year | October 2019 | |||||||||||
Lofts At 40 Park Property [Member] | Metropolitan At 40 Park [Member] | Construction Loan [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Balance | $ 13,145,000 | |||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | 2.50% | |||||||||||
Maximum borrowing capacity | $ 13,950,000 | |||||||||||
Mortgage loan, maturity month and year | February 2020 | |||||||||||
Lofts At 40 Park Property [Member] | Metropolitan At 40 Park [Member] | Subsequent Event [Member] | Construction Loan [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | 1.50% | |||||||||||
Maximum borrowing capacity | $ 18,200,000 | |||||||||||
Mortgage loan, maturity month and year | January 2023 | |||||||||||
Metropolitan Property [Member] | Metropolitan At 40 Park [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Balance | $ 35,161,000 | |||||||||||
Property Debt, Interest Rate | 3.25% | |||||||||||
Mortgage loan, maturity month and year | September 2020 | |||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of Apartment Units | item | 2,611 | |||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Marbella Tower Urban Renewal Associates LLC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of Apartment Units | item | 311 | |||||||||||
Company's Effective Ownership % | 74.27% | 24.27% | 74.27% | 24.27% | ||||||||
Balance | $ 117,000,000 | $ 74,700,000 | ||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | 4.20% | |||||||||||
Percentage of additional interest acquired | 50.00% | 50.00% | 50.00% | |||||||||
Repayment of mortgage loans | $ 74,700,000 | |||||||||||
Purchase price of property | $ 77,500,000 | |||||||||||
Mortgage loan, maturity month and year | August 2026 | |||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Metropolitan At 40 Park [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of Apartment Units | item | 189 | |||||||||||
Company's Effective Ownership % | 25.00% | |||||||||||
Carrying Value | $ 7,257,000 | $ 7,679,000 | ||||||||||
Balance | $ 54,373,000 | |||||||||||
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 | |||||||||||
Company's Effective Ownership % | 22.50% | |||||||||||
Carrying Value | $ 7,463,000 | 8,112,000 | ||||||||||
Balance | $ 82,000,000 | |||||||||||
Property Debt, Maturity Date | Nov. 10, 2026 | |||||||||||
Property Debt, Interest Rate | 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 | |||||||||||
Company's Effective Ownership % | 25.00% | |||||||||||
Carrying Value | $ 28,823,000 | 29,570,000 | ||||||||||
Balance | $ 159,492,000 | |||||||||||
Property Debt, Maturity Date | Apr. 1, 2020 | |||||||||||
Property Debt, Interest Rate | 3.17% | |||||||||||
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 | |||||||||||
Company's Effective Ownership % | 40.00% | |||||||||||
Carrying Value | $ 35,527,000 | 27,175,000 | ||||||||||
Balance | $ 28,208,000 | |||||||||||
Property Debt, Maturity Date | Dec. 6, 2021 | |||||||||||
Property Debt, Interest Rate | 2.75% | |||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Marbella II [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of Apartment Units | item | 311 | |||||||||||
Company's Effective Ownership % | 74.27% | 24.27% | 24.27% | |||||||||
Carrying Value | 15,414,000 | |||||||||||
Percentage of additional interest acquired | 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 | |||||||||||
Company's Effective Ownership % | 45.00% | |||||||||||
Carrying Value | $ 1,015,000 | 1,272,000 | ||||||||||
Balance | $ 29,261,000 | |||||||||||
Property Debt, Maturity Date | Aug. 1, 2025 | |||||||||||
Property Debt, Interest Rate | 3.70% | |||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Station House [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of Apartment Units | item | 378 | |||||||||||
Company's Effective Ownership % | 50.00% | |||||||||||
Carrying Value | $ 35,676,000 | 37,675,000 | ||||||||||
Balance | $ 96,861,000 | |||||||||||
Property Debt, Maturity Date | Jul. 1, 2033 | |||||||||||
Property Debt, Interest Rate | 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 | |||||||||||
Company's Effective Ownership % | 85.00% | |||||||||||
Carrying Value | $ 79,790,000 | 85,317,000 | ||||||||||
Balance | $ 192,000,000 | |||||||||||
Property Debt, Maturity Date | Aug. 1, 2029 | |||||||||||
Property Debt, Interest Rate | 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 | |||||||||||
Company's Effective Ownership % | 20.00% | |||||||||||
Carrying Value | $ 1,678,000 | 1,678,000 | ||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Liberty Landing [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of Apartment Units | item | 850 | |||||||||||
Company's Effective Ownership % | 50.00% | |||||||||||
Carrying Value | $ 337,000 | 337,000 | ||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Hillsborough 206 [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Rentable Square Feet (sf) | ft² | 160,000 | |||||||||||
Company's Effective Ownership % | 50.00% | |||||||||||
Carrying Value | $ 1,962,000 | 1,962,000 | ||||||||||
Unconsolidated Joint Venture Office Buildings [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Rentable Square Feet (sf) | ft² | 200,000 | |||||||||||
Unconsolidated Joint Venture Office Buildings [Member] | Red Bank [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Rentable Square Feet (sf) | ft² | 92,878 | |||||||||||
Company's Effective Ownership % | 50.00% | |||||||||||
Carrying Value | 3,127,000 | |||||||||||
Gain on sale | $ 900,000 | |||||||||||
Unconsolidated Joint Venture Office Buildings [Member] | 12 Vreeland Road [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Rentable Square Feet (sf) | ft² | 139,750 | |||||||||||
Company's Effective Ownership % | 50.00% | |||||||||||
Carrying Value | $ 3,846,000 | 7,019,000 | ||||||||||
Balance | $ 6,267,000 | |||||||||||
Property Debt, Maturity Date | Jul. 1, 2023 | |||||||||||
Property Debt, Interest Rate | 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 | |||||||||||
Company's Effective Ownership % | 31.25% | |||||||||||
Carrying Value | $ 3,521,000 | 3,442,000 | ||||||||||
Balance | $ 3,322,000 | |||||||||||
Property Debt, Maturity Date | Nov. 1, 2023 | |||||||||||
Property Debt, Interest Rate | 4.76% | |||||||||||
Unconsolidated Joint Venture Other Property [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Carrying Value | $ 209,091,000 | 232,750,000 | ||||||||||
Balance | $ 751,784,000 | |||||||||||
Unconsolidated Joint Venture Other Property [Member] | Marbella Tower Urban Renewal Associates LLC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of Apartment Units | item | 311 | |||||||||||
Company's Effective Ownership % | 24.27% | |||||||||||
Balance | $ 117,000,000 | |||||||||||
Percentage of additional interest acquired | 50.00% | |||||||||||
Repayment of mortgage loans | $ 74,700,000 | |||||||||||
Purchase price of property | $ 77,500,000 | |||||||||||
Unconsolidated Joint Venture Other Property [Member] | Riverwalk Retail [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Rentable Square Feet (sf) | ft² | 30,745 | |||||||||||
Company's Effective Ownership % | 20.00% | |||||||||||
Carrying Value | $ 1,467,000 | 1,539,000 | ||||||||||
Unconsolidated Joint Venture Other Property [Member] | Hyatt Regency Jersey City [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of Apartment Units | item | 351 | |||||||||||
Company's Effective Ownership % | 50.00% | |||||||||||
Carrying Value | 112,000 | |||||||||||
Balance | $ 100,000,000 | |||||||||||
Property Debt, Maturity Date | Oct. 1, 2026 | |||||||||||
Property Debt, Interest Rate | 3.668% | |||||||||||
Unconsolidated Joint Venture Other Property [Member] | Other [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Carrying Value | $ 729,000 | $ 1,320,000 |
Investments In Unconsolidated_5
Investments In Unconsolidated Joint Ventures (Summary Of Company's Equity In Earnings (Loss) Of Unconsolidated Joint Ventures) (Details) - USD ($) | Feb. 28, 2019 | Jan. 31, 2019 | Jan. 30, 2019 | Aug. 02, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Aug. 01, 2018 |
Schedule of Equity Method Investments [Line Items] | ||||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ (1,319,000) | $ (127,000) | $ (6,081,000) | |||||
Amortization of basis difference | 638,000 | 903,000 | 792,000 | |||||
Marbella Tower Urban Renewal Associates LLC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Percentage of additional interest acquired | 50.00% | |||||||
Company's Effective Ownership % | 24.27% | |||||||
Hillsborough 206 [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | 16,000 | (25,000) | ||||||
Red Bank [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Percentage of interest sold | 50.00% | |||||||
Gain on sale | $ 900,000 | |||||||
12 Vreeland Road [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Impairment of Real Estate | 3,700,000 | |||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Marbella I [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | 205,000 | 334,000 | ||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Metropolitan At 40 Park [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ (422,000) | (455,000) | (311,000) | |||||
Company's Effective Ownership % | 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 | $ 317,000 | 154,000 | 196,000 | |||||
Company's Effective Ownership % | 22.50% | |||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Marbella Tower Urban Renewal Associates LLC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Percentage of additional interest acquired | 50.00% | 50.00% | 50.00% | |||||
Company's Effective Ownership % | 74.27% | 24.27% | 74.27% | 24.27% | ||||
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 | $ (687,000) | (874,000) | (923,000) | |||||
Company's Effective Ownership % | 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 | $ (279,000) | (126,000) | (872,000) | |||||
Company's Effective Ownership % | 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 | $ (15,000) | 35,000 | 93,000 | |||||
Percentage of additional interest acquired | 50.00% | |||||||
Company's Effective Ownership % | 74.27% | 24.27% | 24.27% | |||||
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 | $ (172,000) | (232,000) | (252,000) | |||||
Company's Effective Ownership % | 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 | $ (2,000,000) | (2,096,000) | (1,793,000) | |||||
Company's Effective Ownership % | 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 | $ 1,587,000 | (975,000) | (6,356,000) | |||||
Economic tax credit certificate income | 2,600,000 | |||||||
Annual proceeds from economic tax credit | 3,000,000 | |||||||
Total proceeds from economic tax credit | $ 24,000,000 | |||||||
Company's Effective Ownership % | 85.00% | |||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Liberty Landing [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | (5,000) | (15,000) | ||||||
Company's Effective Ownership % | 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% | |||||||
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 | $ 8,000 | (215,000) | 238,000 | |||||
Company's Effective Ownership % | 50.00% | |||||||
Gain on sale | $ 900,000 | |||||||
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 | $ (3,172,000) | 285,000 | 496,000 | |||||
Company's Effective Ownership % | 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 | $ 79,000 | 73,000 | 89,000 | |||||
Company's Effective Ownership % | 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 | $ (1,319,000) | (127,000) | (6,081,000) | |||||
Unconsolidated Joint Venture Other Property [Member] | Marbella Tower Urban Renewal Associates LLC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Percentage of additional interest acquired | 50.00% | |||||||
Company's Effective Ownership % | 24.27% | |||||||
Unconsolidated Joint Venture Other Property [Member] | Riverwalk Retail [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Company's Effective Ownership % | 20.00% | |||||||
Unconsolidated Joint Venture Other Property [Member] | Hyatt Regency Jersey City [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Company's Effective Ownership % | 50.00% | |||||||
Unconsolidated Joint Venture Other Property [Member] | Roseland/North Retail, L.L.C./ Riverwalk At Port Imperial [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ (72,000) | (86,000) | (81,000) | |||||
Unconsolidated Joint Venture Other Property [Member] | South Pier At Harborside / Hyatt Regency Jersey City On The Hudson [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | 3,388,000 | 3,672,000 | 3,277,000 | |||||
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 | $ 121,000 | $ 497,000 | $ (176,000) |
Deferred Charges, Goodwill An_3
Deferred Charges, Goodwill And Other Assets, Net (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Aug. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Collateral for fair value of assets | $ 0 | $ 0 | |||||
Credit Risk Contract [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Derivatives, Net liability position | 0 | 0 | |||||
Designated as Hedging Instrument [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Terminated notional amount | $ 145,000,000 | $ 160,000,000 | |||||
Reclassification of a gain | 1,900,000 | ||||||
Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Ineffective gain (loss) in interest expense | 9,000 | ||||||
Notional Value | 280,000,000 | 280,000,000 | |||||
Terminated notional amount | 36,000 | 36,000 | |||||
Reclassification of a gain | 25,000 | ||||||
Derivatives, Net liability position | $ 16,000 | 16,000 | |||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Ineffective gain (loss) in interest expense | 0 | $ 200,000 | $ 37,000 | ||||
Estimated additional amount to be reclassified to interest expense | 16,000 | ||||||
Notional Value | $ 90,000,000 | ||||||
Interest And Other Investment Income (Loss) [Member] | Not Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||
Reclassification of a gain | $ 1,926,000 | $ (204,000) | $ (37,000) |
Deferred Charges, Goodwill An_4
Deferred Charges, Goodwill And Other Assets, Net (Schedule Of Deferred Charges, Goodwill And Other Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Deferred Charges, Goodwill And Other Assets [Line Items] | ||||
Deferred leasing costs | $ 142,424 | $ 173,822 | ||
Deferred financing costs - unsecured revolving credit facility | 5,559 | 5,356 | ||
Deferred charges, net | 147,983 | 179,178 | ||
Accumulated amortization | (59,522) | (71,326) | ||
Deferred charges, net | 88,461 | 107,852 | ||
Notes receivable | 1,625 | 47,409 | ||
In-place lease values, related intangibles and other assets, net | 86,092 | 89,860 | ||
Goodwill | 2,945 | 2,945 | ||
Right of use assets | 22,604 | |||
Prepaid expenses and other assets, net | 73,375 | 107,168 | ||
Total deferred charges, goodwill and other assets, net | 275,102 | 355,234 | ||
Liability | $ 23,800 | |||
Lease revenue | 296,142 | 317,783 | $ 403,635 | |
Acquired Above And Below Market Lease Intangibles [Member] | ||||
Deferred Charges, Goodwill And Other Assets [Line Items] | ||||
Lease revenue | 4,300 | 5,300 | $ 7,900 | |
Acquisition-related Costs [Member] | ||||
Deferred Charges, Goodwill And Other Assets [Line Items] | ||||
Net sales proceeds held by qualified intermediary | $ 28,100 | 49,200 | ||
Notes Receivable 5.85 Interest Rate [Member] | ||||
Deferred Charges, Goodwill And Other Assets [Line Items] | ||||
Notes receivable | 45,200 | |||
Mortgage loan, maturity month and year | May 2019 | |||
Interest rate | 5.85% | |||
Mortgage receivable | $ 0 | |||
Interest-Free Notes Receivable [Member] | ||||
Deferred Charges, Goodwill And Other Assets [Line Items] | ||||
Mortgage loan, maturity month and year | April 2023 | |||
Mortgage receivable | $ 1,600 | $ 2,200 | ||
Discontinued Operations [Member] | ||||
Deferred Charges, Goodwill And Other Assets [Line Items] | ||||
Total deferred charges, goodwill and other assets, net | $ 68,600 |
Deferred Charges, Goodwill An_5
Deferred Charges, Goodwill And Other Assets (Summary Of Scheduled Amortization) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
2020 | $ 3,408 | ||
2021 | 3,412 | ||
2022 | 3,272 | ||
2023 | 2,576 | ||
2024 | 2,219 | ||
Acquired Above Market Lease [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
2020 | (1,434) | ||
2021 | (1,197) | ||
2022 | (1,085) | ||
2023 | (961) | ||
2024 | (850) | ||
Acquired Below-Market Lease Intangibles [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
2020 | 4,842 | ||
2021 | 4,609 | ||
2022 | 4,357 | ||
2023 | 3,537 | ||
2024 | 3,069 | ||
In-Place Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
2020 | 17,120 | ||
2021 | 9,278 | ||
2022 | 8,210 | ||
2023 | 6,103 | ||
2024 | 4,521 | ||
Thereafter | 16,511 | ||
Total | 61,743 | ||
Amortization expense | $ 34,200 | $ 17,900 | $ 32,200 |
Deferred Charges, Goodwill An_6
Deferred Charges, Goodwill And Other Assets, Net (Schedule Of Fair Value Of The Derivative Financial Instruments) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | Deferred Charges, Goodwill And Other Assets [Member] | Cash Flow Hedging [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Asset Derivatives | $ 10,175 |
Deferred Charges, Goodwill An_7
Deferred Charges, Goodwill And Other Assets, Net (Schedule Of Cash Flow Hedging, Derivative Financial Instruments On The Income Statement) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Amount of Interest Expense presented in the consolidated statements | $ (90,569,000) | $ (77,346,000) | $ (84,523,000) | |
Not Designated as Hedging Instrument [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 | 3,551,000 | 2,944,000 | (2,381,000) | |
Not Designated as Hedging Instrument [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 (Reclassification for Forecasted Transactions No Longer Probable of Occurring) | 1,926,000 | (204,000) | (37,000) | |
Not 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 | (4,682,000) | 5,262,000 | 2,869,000 | |
Total Amount of Interest Expense presented in the consolidated statements | (90,569,000) | $ (77,346,000) | $ (84,523,000) | |
Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivative (Reclassification for Forecasted Transactions No Longer Probable of Occurring) | $ 1,900,000 | |||
Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivative (Reclassification for Forecasted Transactions No Longer Probable of Occurring) | $ 25,000 |
Restricted Cash (Schedule Of Re
Restricted Cash (Schedule Of Restricted Cash) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Restricted Cash [Abstract] | ||||
Security deposits | $ 5,677 | $ 10,257 | ||
Escrow and other reserve funds | 9,900 | 9,664 | ||
Total restricted cash | $ 15,577 | $ 19,921 | $ 39,792 | $ 53,952 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019USD ($)ft²item | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Properties | item | 21 |
Unrealized losses on disposition of rental property | $ | $ (144,090,000) |
Suburban Office Portfolio [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Area of real estate property held for sale (in square feet) | ft² | 6,600,000 |
Suburban Office Properties [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Number of properties sold | item | 2 |
Area of property sold (in square feet) | ft² | 497,000 |
Number Of Buildings Held For Sale | item | 35 |
Area of real estate property held for sale (in square feet) | ft² | 6,100,000 |
Sales proceeds | $ | $ 52,200,000 |
Discontinued Operations (Summar
Discontinued Operations (Summary Of Income From Discontinued Operations And Related Realized And Unrealized Gains (Losses)) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Discontinued Operations [Abstract] | |||
Total revenues | $ 175,938,000 | $ 164,891,000 | $ 157,171,000 |
Operating and other expenses | (70,640,000) | (68,093,000) | (62,654,000) |
Depreciation and amortization | (72,602,000) | (62,605,000) | (62,849,000) |
Interest expense | (5,240,000) | (6,238,000) | (8,790,000) |
Loss from early extinguishment of debt | (1,821,000) | ||
Income from discontinued operations | 27,456,000 | 26,134,000 | 22,878,000 |
Unrealized losses on disposition of rental property | (144,090,000) | ||
Realized gains on disposition of rental property | 7,916,000 | ||
Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net | (136,174,000) | ||
Total discontinued operations, net | (108,718,000) | 26,134,000 | 22,878,000 |
Valuation allowance | 9,800,000 | $ (5,300,000) | |
Accumulated depreciation | $ 558,617,000 | $ 1,097,868,000 |
Senior Unsecured Notes (Summary
Senior Unsecured Notes (Summary Of Senior Unsecured Notes) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Principal balance outstanding | $ 2,808,517,000 | $ 2,792,651,000 |
Adjustment for unamortized debt discount | (2,170,000) | |
Total debt | $ 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 | |
Unsecured Note [Member] | ||
Debt Instrument [Line Items] | ||
Principal balance outstanding | $ 575,000,000 | 575,000,000 |
Adjustment for unamortized debt discount | (2,170,000) | (2,838,000) |
Unamortized deferred financing costs | (1,346,000) | (1,848,000) |
Total debt | 571,484,000 | 570,314,000 |
Unsecured Note [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% | |
Unsecured Note [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) | Dec. 18, 2019USD ($) | Aug. 05, 2019USD ($) | Jun. 24, 2019USD ($) | Mar. 29, 2019USD ($) | Mar. 06, 2018 | Jan. 25, 2017USD ($)entity | Jan. 31, 2016USD ($) | Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)item | Jan. 07, 2019USD ($) | Mar. 29, 2017 | Mar. 22, 2017USD ($) | Jan. 26, 2017USD ($) |
Line of Credit Facility [Line Items] | |||||||||||||||
Loan balance | $ 2,808,517,000 | $ 2,792,651,000 | |||||||||||||
Outstanding borrowings under the facility | 329,000,000 | 790,939,000 | |||||||||||||
Payment for borrowings | 617,000,000 | 494,000,000 | $ 866,000,000 | ||||||||||||
Gain (Loss) from extinguishment of debt, net | $ 1,648,000 | (10,750,000) | $ (421,000) | ||||||||||||
Unsecured Revolving Credit Facility [Member] | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Number of lending institutions | item | 17 | ||||||||||||||
Borrowing capacity under the credit facility | $ 600,000,000 | ||||||||||||||
Credit facility maturity month and year | July 2017 | ||||||||||||||
Outstanding borrowings under the facility | $ 329,000,000 | 117,000,000 | |||||||||||||
2017 Credit Agreement [Member] | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Number of lending institutions | entity | 13 | ||||||||||||||
Borrowing capacity under the credit facility | $ 60,000,000 | ||||||||||||||
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 | 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] | |||||||||||||||
Borrowing capacity under the credit facility | 600,000,000 | ||||||||||||||
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. | ||||||||||||||
Loan period | 4 years | ||||||||||||||
Facility fee basis points | 0.25% | ||||||||||||||
Mortgage loan, maturity month and year | January 2021 | ||||||||||||||
2017 Credit Agreement, Letter Of Credit [Member] | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
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. | ||||||||||||||
Unsecured Term Loan [Member] | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Outstanding borrowings under the facility | $ 0 | ||||||||||||||
Unsecured Term Loan [Member] | Unsecured Revolving Credit Facility [Member] | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Outstanding borrowings under the facility | $ 329,000,000 | 790,900,000 | |||||||||||||
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 | $ 189,000 | $ 64,000 | 1,100,000 | ||||||||||||
Loan extension period | 1 year | ||||||||||||||
Interest rate swap | 1.6473% | ||||||||||||||
Interest rate | 3.1973% | ||||||||||||||
Borrowing capacity under the credit facility | $ 325,000,000 | ||||||||||||||
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. | ||||||||||||||
Outstanding borrowings under the facility | 323,900,000 | ||||||||||||||
Spread over LIBOR | 1.55% | ||||||||||||||
Loan period | 3 years | ||||||||||||||
Minimum percentage of initial borrowing | 50.00% | ||||||||||||||
Term commitment fee percent | 0.25% | ||||||||||||||
Payment for borrowings | 280,000,000 | 45,000,000 | |||||||||||||
Gain on early termination | 36,000 | 44,000 | |||||||||||||
Gain (Loss) from extinguishment of debt, net | $ (153,000) | (20,000) | |||||||||||||
Mortgage loan, maturity month and year | January 2020 | ||||||||||||||
2017 Term Loan [Member] | 2017 Credit Facility [Member] | |||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||
Credit facility extension fee, basis points | 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% | ||||||||||||||
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. | ||||||||||||||
Outstanding borrowings under the facility | $ 350,000,000 | ||||||||||||||
Spread over LIBOR | 1.55% | ||||||||||||||
Extension fee amount | $ 500,000 | ||||||||||||||
Payment for borrowings | 100,000,000 | $ 160,000,000 | $ 90,000,000 | ||||||||||||
Gain on early termination | 164,000 | $ 600,000 | $ 1,300,000 | ||||||||||||
Gain (Loss) from extinguishment of debt, net | $ (78,000) | ||||||||||||||
Mortgage loan, maturity month and year | January 2019 | 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] | 12 Months Ended |
Dec. 31, 2019 | |
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% 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% Unsecured Term Loan Leverage Ratio [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 50.00% |
50% And 55% 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% 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) - 2017 Credit Facility [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Line of Credit Facility [Line Items] | |
Facility Fee Basis Points | 0.25% |
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% |
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% |
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% |
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% |
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% |
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% |
Base Rate [Member] | Baa3 [Member] | BBB- [Member] | |
Line of Credit Facility [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.20% |
Base Rate [Member] | Baa2 [Member] | BBB [Member] | |
Line of Credit Facility [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.00% |
Base Rate [Member] | Baa1 [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] | 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) - Unsecured Revolving Credit Facility [Member] | 12 Months Ended |
Dec. 31, 2019 | |
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% |
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% |
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% |
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% |
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) | 12 Months Ended |
Dec. 31, 2019 | |
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% Unsecured 2017 Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.65% |
50% And 55% Unsecured 2017 Term Loan Leverage Ratio [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 50.00% |
50% And 55% 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% Unsecured 2016 Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.65% |
50% And 55% Unsecured 2016 Term Loan Leverage Ratio [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 50.00% |
50% And 55% 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% 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 | Dec. 31, 2019 |
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] | 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 | |
No Ratings Or Less Than Baa3 [Member] | 2016 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% | |
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) | |
Baa3 [Member] | 2016 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% | |
Baa2 [Member] | 2017 Term Loan [Member] | BBB [Member] | ||
Line of Credit Facility [Line Items] | ||
Unsecured Debt Ratings | BBB or Baa2 | |
Baa2 [Member] | 2016 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% | |
Baa1 [Member] | 2017 Term Loan [Member] | BBB+ [Member] | ||
Line of Credit Facility [Line Items] | ||
Unsecured Debt Ratings | BBB+ or Baa1 | |
Baa1 [Member] | 2016 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% | |
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 | |
A3 Or Higher [Member] | 2016 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% | |
Base Rate [Member] | 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 | 0.85% | |
Base Rate [Member] | Baa3 [Member] | 2016 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] | 2016 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] | 2016 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] | 2016 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) | 12 Months Ended | ||
Dec. 31, 2019USD ($)itemproperty | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Debt Instrument [Line Items] | |||
Cash paid for interest | $ 108,277,000 | $ 97,744,000 | $ 103,559,000 |
Interest capitalized | 19,325,000 | 27,047,000 | 20,240,000 |
Total indebtedness | 2,808,518,000 | ||
Adjusted total indebtedness | $ 2,808,518,000 | $ 2,792,651,000 | |
Total indebtedness, weighted average interest rate | 3.81% | 3.89% | |
Discontinued Operations [Member] | |||
Debt Instrument [Line Items] | |||
Cash paid for interest | $ 1,278,000 | ||
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 | $ 381,000,000 | ||
Other Property [Member] | |||
Debt Instrument [Line Items] | |||
Number of properties with encumbered company mortgages | property | 19 | ||
Carrying value of encumbered properties | $ 2,900,000,000 | ||
Unconsolidated Joint Venture [Member] | |||
Debt Instrument [Line Items] | |||
Interest capitalized | 1,339,000 | $ 816,000 | $ 1,056,000 |
Revolving Credit Facility Borrowing And Other Variable Rate Mortgage Debt [Member] | |||
Debt Instrument [Line Items] | |||
Total indebtedness | $ 509,656,000 | $ 309,705,000 | |
Total indebtedness, weighted average interest rate | 3.54% | 4.90% | |
Fixed Rate Debt And Other Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Total indebtedness | $ 2,298,862,000 | $ 2,482,946,000 | |
Total indebtedness, weighted average interest rate | 3.87% | 3.76% |
Mortgages, Loans Payable And _4
Mortgages, Loans Payable And Other Obligations (Summary Of Mortgages, Loans Payable And Other Obligations) (Details) | Jul. 29, 2019USD ($) | Jun. 28, 2019USD ($) | Jan. 31, 2019USD ($) | Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 31, 2020USD ($) | Jan. 30, 2019USD ($) |
Debt Instrument [Line Items] | ||||||||
Principal balance outstanding | $ 2,808,517,000 | $ 2,792,651,000 | ||||||
Loss from early extinguishment of debt | 1,821,000 | |||||||
Adjustment for unamortized debt discount | 2,170,000 | |||||||
Borrowings from revolving credit facility | 829,000,000 | 461,000,000 | $ 730,000,000 | |||||
Payment for borrowings | 617,000,000 | 494,000,000 | 866,000,000 | |||||
Mortgage loan | 45,242,000 | $ 45,734,000 | ||||||
Secured Debt [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal balance outstanding | 1,925,038,000 | 1,440,396,000 | ||||||
Unamortized deferred financing costs | (17,004,000) | (8,998,000) | ||||||
Total mortgages, loans payable and other obligations, net | $ 1,908,034,000 | 1,431,398,000 | ||||||
Secured Debt [Member] | Park Square Apartments [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Property Name | Park Square (b) | |||||||
Lender | Wells Fargo Bank N.A. | |||||||
Effective rate | 1.87% | |||||||
Principal balance outstanding | 25,167,000 | |||||||
Secured Debt [Member] | Alterra I & II [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Property Name | Alterra I & II (c) | |||||||
Lender | Capital One/FreddieMac | |||||||
Effective rate | 3.85% | |||||||
Principal balance outstanding | 100,000,000 | |||||||
Secured Debt [Member] | The Chase At Overlook Ridge [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Property Name | The Chase at Overlook Ridge (c) | |||||||
Lender | New York Community Bank | |||||||
Effective rate | 3.74% | |||||||
Principal balance outstanding | 135,750,000 | |||||||
Secured Debt [Member] | Monaco [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Property Name | Monaco (d) | |||||||
Lender | The Northwestern Mutual Life Insurance Co. | |||||||
Effective rate | 3.15% | |||||||
Principal balance outstanding | $ 166,752,000 | 168,370,000 | ||||||
Loan maturity date | Feb. 1, 2021 | |||||||
Secured Debt [Member] | Monaco [Member] | Construction Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 1,800,000 | |||||||
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 | $ 3,934,000 | 4,000,000 | ||||||
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 (e) | |||||||
Lender | Fifth Third Bank | |||||||
Effective rate | 3.40% | |||||||
Principal balance outstanding | $ 74,000,000 | 73,350,000 | ||||||
Loan maturity date | Apr. 9, 2022 | |||||||
Secured Debt [Member] | Port Imperial 4/5 Hotel [Member] | Construction Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 94,000,000 | |||||||
Number of extension options | item | 2 | |||||||
Loan extension period | 1 year | |||||||
Extension fee | 0.20% | |||||||
Payment for borrowings | $ 30,000,000 | |||||||
Secured Debt [Member] | Chase III Project [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Property Name | Chase III (f) | |||||||
Lender | Fifth Third Bank | |||||||
Effective rate | 2.50% | |||||||
Principal balance outstanding | $ 24,064,000 | |||||||
Loan maturity date | May 16, 2022 | |||||||
Secured Debt [Member] | Chase III Project [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% | |||||||
Secured Debt [Member] | Port Imperial South 9 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Property Name | Port Imperial South 9 (g) | |||||||
Lender | Bank of New York Mellon | |||||||
Effective rate | 2.13% | |||||||
Principal balance outstanding | $ 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% | |||||||
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 (h) | |||||||
Lender | People's United Bank | |||||||
Effective rate | 2.15% | |||||||
Principal balance outstanding | $ 9,431,000 | |||||||
Loan maturity date | Mar. 26, 2023 | |||||||
Secured Debt [Member] | 250 Johnson Road [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Property Name | 250 Johnson (i) | |||||||
Lender | Nationwide Life Insurance Company | |||||||
Effective rate | 3.74% | |||||||
Principal balance outstanding | $ 43,000,000 | 41,769,000 | ||||||
Loan maturity date | Aug. 1, 2024 | |||||||
Secured Debt [Member] | 250 Johnson Road [Member] | Construction Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan maturity date | Aug. 1, 2024 | |||||||
Payment for borrowings | $ 43,000,000 | |||||||
Secured Debt [Member] | Liberty Towers [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Property Name | Liberty Towers (j) | |||||||
Lender | American General Life Insurance Company | |||||||
Effective rate | 3.37% | |||||||
Principal balance outstanding | $ 232,000,000 | |||||||
Loan maturity date | Oct. 1, 2024 | |||||||
Secured Debt [Member] | The Charlotte [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Property Name | The Charlotte (k) | |||||||
Lender | QuadReal Finance | |||||||
Effective rate | 2.70% | |||||||
Principal balance outstanding | $ 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 | |||||||
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 (l) | |||||||
Lender | New York Life Insurance Company | |||||||
Effective rate | 4.29% | |||||||
Principal balance outstanding | $ 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 | 56,892,000 | ||||||
Loan maturity date | Dec. 10, 2026 | |||||||
Secured Debt [Member] | Short Hills Portfolio [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Property Name | Short Hills Portfolio (m) | |||||||
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 | |||||||
Number of extension options | item | 1 | |||||||
Loan extension period | 18 months | |||||||
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 | |||||||
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 | |||||||
Secured Debt [Member] | Soho Lofts Apartments [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Property Name | Soho Lofts (n) | |||||||
Lender | New York Community Bank | |||||||
Effective rate | 3.77% | |||||||
Principal balance outstanding | $ 160,000,000 | |||||||
Loan maturity date | Jul. 1, 2029 | |||||||
Secured Debt [Member] | Riverwatch Commons [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Property Name | Riverwatch Commons (n) | |||||||
Lender | New York Community Bank | |||||||
Effective rate | 3.79% | |||||||
Principal balance outstanding | $ 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 | |||||||
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 | |||||||
Lender | American General Life & A/G PC | |||||||
Effective rate | 4.85% | |||||||
Principal balance outstanding | $ 32,600,000 | $ 32,600,000 | ||||||
Loan maturity date | Dec. 1, 2029 | |||||||
Secured Debt [Member] | Subsequent Event [Member] | Liberty Towers [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 265,000,000 | |||||||
Additional borrowing capacity | $ 33,000,000 | |||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Marbella II [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Percentage of additional interest acquired | 50.00% | |||||||
Mortgage loan | $ 117,000,000 | $ 74,700,000 |
Mortgages, Loans Payable And _5
Mortgages, Loans Payable And Other Obligatons (Schedule Of Principal Payments) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Debt Disclosure [Abstract] | |
Scheduled Amortization, 2020 | $ 569 |
Scheduled Amortization, 2021 | 591 |
Scheduled Amortization, 2022 | 550 |
Scheduled Amortization, 2023 | 2,323 |
Scheduled Amortization, 2024 | 3,927 |
Scheduled Amortization, 2025 | 3,799 |
Scheduled Amortization, Thereafter | 14,701 |
Scheduled Amortization, Sub-total | 26,460 |
Adjustment for unamortized debt discount/premium, net December 31, 2019 | (2,170) |
Scheduled Amortization, Unamortized mark to market | 1,752 |
Unamortized deferred financing costs | (18,349) |
Scheduled Amortization, Total | 7,693 |
Principal Maturities, 2021 | 497,800 |
Principal Maturities, 2022 | 409,678 |
Principal Maturities, 2023 | 343,429 |
Principal Maturities, 2024 | 280,144 |
Principal Maturities, Thereafter | 1,269,774 |
Principal Maturities, Sub-total | 2,800,825 |
Principal Maturities, Total | 2,800,825 |
Total, 2020 | 569 |
Total, 2021 | 498,391 |
Total, 2022 | 410,228 |
Total, 2023 | 345,752 |
Total, 2024 | 284,071 |
Total, 2025 | 3,799 |
Total, Thereafter | 1,284,475 |
Total, Sub-total | 2,827,285 |
Adjustment for unamortized debt discount/premium, net December 31, 2019 | (2,170) |
Total, Unamortized mark to market | 1,752 |
Total, Unamortized deferred financing costs | (18,349) |
Total debt | $ 2,808,518 |
Employee Benefit 401(k) Plans (
Employee Benefit 401(k) Plans (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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 | $ 773,000 | $ 886,000 | $ 1,055,000 |
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) | 12 Months Ended | ||
Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($)ft²propertyitem | Dec. 19, 2019ft² | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair value of Company's long-term debt | $ 2,791,629,000 | $ 2,711,712,000 | |
Principal balance outstanding | 2,808,517,000 | 2,792,651,000 | |
Unrealized losses on rental properties held for sale | (36,225,000) | ||
Land and other Impairments | 32,444,000 | $ 24,566,000 | |
Fort Lee, Newark, Paramus, Bridgewater, Morris Plains And Rahway, New Jersey [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated expected sales proceeds | $ 123,100,000 | ||
Area of property (in square feet) | ft² | 845,000 | ||
Conshohocken And Bala Cynwyd, Pennsylvania [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Number of real estate properties | property | 2 | ||
Land and other Impairments | $ 2,700,000 | ||
Office [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Area of property (in square feet) | ft² | 6,600,000 | ||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Fort Lee, Newark, Paramus, Bridgewater, Morris Plains And Rahway, New Jersey [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Unrealized losses on rental properties held for sale | $ 20,100,000 | ||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Conshohocken And Bala Cynwyd, Pennsylvania [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Land and other Impairments | $ 24,600,000 | ||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Office [Member] | Parsippany, Paramus, Rochelle Park, Hamilton And Wall, New Jersey And White Plains, New York [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Number of properties held for sale | property | 6 | ||
Estimated expected sales proceeds | $ 124,000,000 | ||
Number of properties not expected to recover from estimated net sales proceeds | property | 4 | ||
Unrealized losses on rental properties held for sale | $ 20,100,000 | ||
Number of real estate properties | item | 159 | ||
Properties aggregate net book value | $ 108,800,000 | ||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Office [Member] | Fort Lee, Newark, Paramus, Bridgewater, Morris Plains And Rahway, New Jersey [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Number of properties held for sale | property | 35 | ||
Number of properties not expected to recover from estimated net sales proceeds | property | 21 | ||
Unrealized losses on rental properties held for sale | $ (174,100,000) | ||
Number of real estate properties | item | 159 | ||
Land and other Impairments | 32,400,000 | ||
Properties aggregate net book value | 966,000,000 | ||
Disposal Group, Not Discontinued Operations [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Unrealized losses on rental properties held for sale | $ (20,135,000) | ||
Discontinued Operations [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Unrealized losses on rental properties held for sale | (137,876,000) | ||
Discontinued Operations [Member] | Office [Member] | Fort Lee, Newark, Paramus, Bridgewater, Morris Plains And Rahway, New Jersey [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Unrealized losses on rental properties held for sale | $ (137,900,000) |
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 | Dec. 31, 2019USD ($) |
Minimum [Member] | Measurement Input, Discount Rate [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Office properties held for sale | 7.5 |
Minimum [Member] | Measurement Input, Cap Rate [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Office properties held for sale | 7.5 |
Minimum [Member] | Measurement Input, Market Rental Rate [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 Rate [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Office properties held for sale | 9.6 |
Maximum [Member] | Measurement Input, Cap Rate [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Office properties held for sale | 9 |
Maximum [Member] | Measurement Input, Market Rental Rate [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 ($) $ in Millions | 9 Months Ended | 11 Months Ended | 12 Months Ended | 16 Months Ended | 36 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 30, 2017 | Apr. 30, 2020 | |
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 | $ 49.5 | ||||||
Payments in lieu of property taxes (PILOT) | $ 1.1 | $ 1.1 | $ 1.1 | ||||
Harborside Plaza 5 [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Project period | 20 years | ||||||
Percentage of PILOT on project costs | 2.00% | ||||||
Total project costs | $ 170.9 | ||||||
Payments in lieu of property taxes (PILOT) | $ 4.4 | 4.4 | 3.9 | ||||
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 | 0.00% | ||||||
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) | $ 2.2 | ||||||
Port Imperial South 11 Development [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Project period | 15 years | ||||||
Payments in lieu of property taxes (PILOT) | $ 1 | ||||||
Percentage of PILOT on gross revenues | 10.00% | ||||||
111 River Realty [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Payments in lieu of property taxes (PILOT) | $ 1.4 | 1.4 | $ 1.3 | ||||
Annual Payments in lieu of property taxes (PILOT) | $ 1.2 | ||||||
111 River Realty [Member] | Scenario, Forecast [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Annual Payments in lieu of property taxes (PILOT) | $ 1.4 | ||||||
Monaco [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Project period | 10 years | ||||||
Payments in lieu of property taxes (PILOT) | $ 1.6 | $ 2.1 | $ 2.4 | ||||
Percentage of PILOT on gross revenues | 10.00% | ||||||
Marbella II [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Project period | 10 years | ||||||
Payments in lieu of property taxes (PILOT) | $ 1.4 | ||||||
Marbella II [Member] | Years 1-4 [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Percentage of PILOT on gross revenues | 10.00% | ||||||
Marbella II [Member] | Years 5-8 [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Percentage of PILOT on gross revenues | 12.00% | ||||||
Marbella II [Member] | Years 9-10 [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Percentage of PILOT on gross revenues | 14.00% | ||||||
Port Imperial South Parcel 8/9 [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Project period | 25 years | ||||||
Percentage of PILOT on gross revenues | 10.00% | ||||||
Port Imperial South Parcel 8/9 [Member] | Years 1-10 [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Percentage of PILOT on gross revenues | 11.00% | ||||||
Port Imperial South Parcel 8/9 [Member] | Years 11-18 [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Percentage of PILOT on gross revenues | 12.50% | ||||||
Port Imperial South Parcel 8/9 [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) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Lessee, Lease, Description [Line Items] | |||
Ground lease expense incurred | $ 2,600 | $ 2,300 | $ 2,600 |
Operating lease | $ 23,756 | ||
Number of ground leases | property | 5 | ||
Minimum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Term of lease contract | 6 years 3 months | ||
Borrowing rate | 5.637% | ||
Maximum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Term of lease contract | 82 years 6 months 29 days | ||
Borrowing rate | 7.618% | ||
Accounting Standards Update 2016-02 [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease | $ 23,800 |
Commitments And Contingencies_4
Commitments And Contingencies (Construction Projects) (Narrative) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($)item | Dec. 31, 2017USD ($) | Mar. 26, 2019item | |
Commitments And Contingencies [Line Items] | ||||
Costs of the project incurred | $ 17,881 | $ 23,799 | $ 29,493 | |
Number of units | item | 208 | 1,317 | ||
Amount outstanding | $ 329,000 | $ 790,939 | ||
XS Hotel Urban Renewal Associates LLC [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Number of units | item | 372 | |||
XS Hotel Urban Renewal Associates LLC, Residence Inn [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Number of units | item | 164 | |||
XS Hotel Urban Renewal Associates LLC, Marriott Envue [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Number of units | item | 208 | |||
Portside 5/6 [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Number of units | item | 296 | |||
Chase III, Overlook Ridge [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Costs of the project incurred | $ 64,300 | |||
Delivery date to tenant | the first quarter 2020 | |||
Number of units | item | 326 | |||
Amount of project costs funded | $ 38,700 | |||
Building 8/9 [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Delivery date to tenant | fourth quarter 2020 | |||
Number of units | item | 313 | |||
Amount of project costs funded | $ 50,900 | |||
Total project costs | 142,900 | |||
The Upton At Short Hills [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Costs of the project incurred | $ 50,400 | |||
Delivery date to tenant | fourth quarter 2020 | |||
Number of units | item | 198 | |||
Amount outstanding | $ 64,000 | |||
Amount of project costs funded | 35,400 | |||
Total project costs | 99,400 | |||
25 Christopher Columbus [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Costs of the project incurred | $ 151,900 | |||
Delivery date to tenant | first quarter 2022 | |||
Number of units | item | 750 | |||
Amount outstanding | $ 300,000 | |||
Amount of project costs funded | 122,500 | |||
Total project costs | 469,500 | |||
Amount to fund | 169,500 | |||
Construction Loan [Member] | Chase III, Overlook Ridge [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Amount outstanding | 62,000 | |||
Total project costs | 100,700 | |||
Construction Loan [Member] | Building 8/9 [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Development costs | 67,800 | |||
Amount outstanding | $ 92,000 |
Commitments And Contingencies_5
Commitments And Contingencies (Executive Employment Agreements) (Narrative) (Details) - USD ($) | Mar. 13, 2019 | Jun. 05, 2015 | Dec. 31, 2019 |
Changes In Executive Officers [Line Items] | |||
Shares granted | 800,000 | ||
Exercisable period | 10 years | ||
Messr DeMarco, CEO [Member] | |||
Changes In Executive Officers [Line Items] | |||
Annual base salary | $ 800,000 | ||
Annual bonus opportunity percentage | 150.00% | ||
Annual bonus opportunity threshold percentage | 75.00% | ||
Shares granted | 625,000 | ||
Exercisable period | 12 months | ||
Period for continuation of health insurance | 18 months | ||
Messr DeMarco, CEO [Member] | Maximum [Member] | |||
Changes In Executive Officers [Line Items] | |||
Annual bonus opportunity percentage | 250.00% | ||
Messieur DeBari [Member] | |||
Changes In Executive Officers [Line Items] | |||
Annual base salary | $ 450,000 | ||
Exercisable period | 12 months | ||
Period for continuation of health insurance | 18 months |
Commitments And Contingencies_6
Commitments And Contingencies (Other) (Narrative) (Details) - Property Lock-Ups Expired [Member] $ in Billions | 12 Months Ended |
Dec. 31, 2019USD ($)property | |
Commitments And Contingencies [Line Items] | |
Number of properties | property | 27 |
Properties aggregate net book value | $ | $ 1.9 |
Commitments And Contingencies_7
Commitments And Contingencies (Future Minimum Rental Payments Of Ground Leases) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Commitments And Contingencies [Abstract] | ||
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 | |
2019 | $ 2,470 | |
2020 | 2,491 | |
2021 | 2,491 | |
2022 | 2,491 | |
2023 | 2,491 | |
2024 through 2098 | 210,117 | |
Total lease payments | $ 222,551 |
Tenant Leases (Future Minimum R
Tenant Leases (Future Minimum Rentals To Be Received Under Non-Cancelable Operating Leases) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property Subject to or Available for Operating Lease [Line Items] | ||
2019 | $ 314,708,000 | |
2020 | $ 115,418,000 | 306,559,000 |
2021 | 107,027,000 | 284,120,000 |
2022 | 103,417,000 | 258,076,000 |
2023 | 99,544,000 | 220,533,000 |
2024 | 88,082,000 | |
Thereafter | 488,305,000 | 923,061,000 |
Total | $ 1,001,793,000 | $ 2,307,057,000 |
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 | Jun. 26, 2016USD ($) | Jun. 30, 2019 | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($)$ / shares | Apr. 30, 2017shares |
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
General and administrative | $ 57,535,000 | $ 53,865,000 | $ 50,475,000 | |||||||||||
Expiration period | 10 years | |||||||||||||
Minimum [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Percentage of interest in venture | 20.00% | |||||||||||||
Maximum [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Percentage of interest in venture | 85.00% | |||||||||||||
Mack-Cali Realty LP [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
General and administrative | $ 57,535,000 | $ 53,865,000 | $ 50,475,000 | |||||||||||
Common unit distribution per unit declared | $ / shares | $ 0.80 | $ 0.80 | $ 0.75 | |||||||||||
Rockpoint [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Estimated redemption value | $ 490,000,000 | |||||||||||||
Rockpoint [Member] | Cash Flow From Operations [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Invested capital | 400,000,000 | |||||||||||||
Rockpoint [Member] | Cash Flow From Capital Events, Distribution Five [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Invested capital | 400,000,000 | |||||||||||||
Rockpoint [Member] | Cash Flow From Capital Events, Distribution Six [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Invested capital | $ 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 | |||||||||||||
Series A Units [Member] | Mack-Cali Realty LP [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Preferred stock shares issued | shares | 42,800 | |||||||||||||
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 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 stock shares issued | shares | 9,213 | |||||||||||||
Preferred units shares issued | shares | 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 converted to common units | shares | 257,375 | |||||||||||||
Common unit distribution per unit declared | $ / shares | $ 35.80 | |||||||||||||
Preferred Units [Member] | Rockpoint [Member] | Cash Flow From Operations [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata distribution | 21.89% | |||||||||||||
Preferred Units [Member] | Rockpoint [Member] | Cash Flow From Capital Events, Distribution Five [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata distribution | 21.89% | |||||||||||||
Preferred Units [Member] | Rockpoint [Member] | Cash Flow From Capital Events, Distribution Six [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata distribution | 10.947% | |||||||||||||
Preferred Units [Member] | RRT [Member] | Cash Flow From Operations [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata distribution | 2.65% | |||||||||||||
Preferred Units [Member] | RRT [Member] | Cash Flow From Capital Events, Distribution Five [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata distribution | 2.65% | |||||||||||||
Preferred Units [Member] | RRT [Member] | Cash Flow From Capital Events, Distribution Six [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata distribution | 1.325% | |||||||||||||
Monaco [Member] | Series A-1 Units [Member] | Mack-Cali Realty LP [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Preferred units shares issued | shares | 9,122 | |||||||||||||
Common Units [Member] | RRT [Member] | Cash Flow From Operations [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata distribution | 75.46% | |||||||||||||
Common Units [Member] | RRT [Member] | Cash Flow From Capital Events, Distribution Five [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata distribution | 75.46% | |||||||||||||
Common Units [Member] | RRT [Member] | Cash Flow From Capital Events, Distribution Six [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata distribution | 87.728% | |||||||||||||
Investment Agreement [Member] | Rockpoint [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 | $ 46,000,000 | $ 45,000,000 | $ 105,000,000 | |||||||||
Contributed amount to obtain equity units | 300,000,000 | |||||||||||||
Investment Agreement [Member] | Rockpoint [Member] | Maximum [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Contributed amount to obtain equity units | $ 300,000,000 | |||||||||||||
Contributed amount to obtain equity units | $ 300,000,000 | $ 300,000,000 | ||||||||||||
Add On Investment Agreement [Member] | Rockpoint [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 | |||||||||||||
Add On Investment Agreement [Member] | Rockpoint [Member] | Maximum [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Contributed amount to obtain equity units | $ 154,000,000 | |||||||||||||
RRLP [Member] | Cash Flow From Operations [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Annual return on the equity value | 6.00% | |||||||||||||
RRLP [Member] | Rockpoint [Member] | Cash Flow From Operations [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Annual return | 6.00% | |||||||||||||
Base return | 4.64% | |||||||||||||
RRLP [Member] | Rockpoint [Member] | Cash Flow From Capital Events, Distribution Three [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Base return | 4.64% | |||||||||||||
RRLP [Member] | Rockpoint [Member] | Cash Flow From Capital Events, Distribution Four [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Capital base return | 4.64% | |||||||||||||
RRLP [Member] | Rockpoint [Member] | Cash Flow From Capital Events, Distribution Five [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Internal rate of return | 11.00% | |||||||||||||
RRLP [Member] | RRT [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Loan-to-value ratio | 65.00% | |||||||||||||
Equity capitalization percent | 10.00% | |||||||||||||
RRLP [Member] | RRT [Member] | Cash Flow From Operations [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Base return | 95.36% | |||||||||||||
RRLP [Member] | RRT [Member] | Cash Flow From Capital Events, Distribution Three [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Base return | 95.36% | |||||||||||||
RRLP [Member] | RRT [Member] | Cash Flow From Capital Events, Distribution Four [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Capital base return | 95.36% | |||||||||||||
RRLP [Member] | RRT [Member] | Cash Flow From Capital Events, Distribution Six [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Pro rata share | 50.00% | |||||||||||||
RRLP [Member] | Investment Agreement [Member] | Rockpoint [Member] | Cash Flow From Operations [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Base return | 5.00% | |||||||||||||
RRLP [Member] | Investment Agreement [Member] | Rockpoint [Member] | Cash Flow From Capital Events, Distribution Three [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Base return | 5.00% | |||||||||||||
RRLP [Member] | Investment Agreement [Member] | Rockpoint [Member] | Cash Flow From Capital Events, Distribution Four [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Capital base return | 5.00% | |||||||||||||
RRLP [Member] | Investment Agreement [Member] | RRT [Member] | Cash Flow From Operations [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Base return | 95.00% | |||||||||||||
RRLP [Member] | Investment Agreement [Member] | RRT [Member] | Cash Flow From Capital Events, Distribution Three [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Base return | 95.00% | |||||||||||||
RRLP [Member] | Investment Agreement [Member] | RRT [Member] | Cash Flow From Capital Events, Distribution Four [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Capital base return | 95.00% | |||||||||||||
RRLP [Member] | Credit Enhancement Note [Member] | ||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||||||||
Maximum borrowing capacity | $ 50,000,000 | |||||||||||||
Increased line of credit | $ 25,000,000 | |||||||||||||
Spread over LIBOR | 50.00% |
Redeemable Noncontrolling Int_4
Redeemable Noncontrolling Interests (Schedule Of Changes In The Value Of The Redeemable Noncontrolling Interests) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Redeemable Noncontrolling Interest [Line Items] | |||
Balance | $ 330,459,000 | ||
Income Attributed to Noncontrolling Interests | (22,615,000) | $ (13,979,000) | $ (8,840,000) |
Redemption Value Adjustment (including value adjustment attributable to Add On Investment Agreement) | (51,355,000) | (26,700,000) | (28,865,000) |
Redeemable noncontrolling interests | 503,382,000 | 330,459,000 | |
Redeemable Noncontrolling Interests [Member] | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Balance | 330,459,000 | 212,208,000 | |
Redeemable Noncontrolling Interests Issued (issuance costs) | 143,450,000 | 105,000,000 | |
Net | 473,909,000 | 317,208,000 | |
Income Attributed to Noncontrolling Interests | 22,615,000 | 13,979,000 | |
Distributions | (22,615,000) | (13,979,000) | |
Redemption Value Adjustment (including value adjustment attributable to Add On Investment Agreement) | 29,473,000 | 13,251,000 | |
Redeemable noncontrolling interests | 503,382,000 | 330,459,000 | 212,208,000 |
Issuance Costs | 1,500,000 | ||
Redeemable Noncontrolling Interests [Member] | Series A And Series A-1 Preferred Units [Member] | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Balance | 52,324,000 | 52,324,000 | |
Net | 52,324,000 | 52,324,000 | |
Income Attributed to Noncontrolling Interests | 1,820,000 | 1,820,000 | |
Distributions | (1,820,000) | (1,820,000) | |
Redeemable noncontrolling interests | 52,324,000 | 52,324,000 | 52,324,000 |
Redeemable Noncontrolling Interests [Member] | Rockpoint [Member] | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Balance | 278,135,000 | 159,884,000 | |
Redeemable Noncontrolling Interests Issued (issuance costs) | 143,450,000 | 105,000,000 | |
Net | 421,585,000 | 264,884,000 | |
Income Attributed to Noncontrolling Interests | 20,795,000 | 12,159,000 | |
Distributions | (20,795,000) | (12,159,000) | |
Redemption Value Adjustment (including value adjustment attributable to Add On Investment Agreement) | 29,473,000 | 13,251,000 | |
Redeemable noncontrolling interests | $ 451,058,000 | $ 278,135,000 | $ 159,884,000 |
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 ($) | 12 Months Ended | |
Dec. 31, 2019 | 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) | Jun. 05, 2015item$ / sharesshares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | May 31, 2013shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted average remaining contractual life | 5 years 4 months 24 days | 6 years 4 months 24 days | |||
Share price | $ / shares | $ 17.31 | ||||
Proceeds from stock options exercised | $ | $ 0 | $ 0 | $ 0 | ||
Stock options expense | $ | $ 0 | $ 193,000 | $ 464,000 | ||
Shares Under Options - Granted | 800,000 | ||||
Common stock trade share price | $ / shares | $ 25 | ||||
Annual installments | item | 3 | ||||
Exercisable period | 10 years | ||||
Common stock trading days | 30 days | ||||
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 |
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 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 800,000 | |||
Share price | $ 17.31 | |||
Exercisable period | 10 years | |||
Common stock trading days | 30 days | |||
Common stock trade share price | $ 25 | |||
Stock options expense | $ 0 | $ 193,000 | $ 464,000 | |
Messr DeMarco, CEO [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 625,000 | |||
Exercisable period | 12 months | |||
AO LTIP Units Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share price | $ 21.46 | |||
Share price - weighted average fair value of options granted | $ 3.98 | |||
Total unrecognized compensation cost | $ 2,000,000 | |||
Total unrecognized compensation cost, period of recognition | 3 years 2 months 12 days | |||
Stock options expense | $ 498,000 | $ 0 | ||
AO LTIP Units Award [Member] | Messr DeMarco, CEO [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 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 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unvested stock outstanding | 42,690 | 67,289 | 108,318 | 145,278 | ||
Shares granted | 42,690 | 40,185 | 59,985 | |||
Restricted Stock [Member] | 2013 Incentive Stock Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock compensation vesting period | 3 years | |||||
Shares granted | 37,550.54 | |||||
Restricted Stock [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock compensation vesting period | 1 year | |||||
Restricted Stock [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock compensation vesting period | 7 years | |||||
Unvested Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unvested stock outstanding | 42,690 | 67,289 | 95,801 | |||
Total Stockholder Return Based Awards [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total unrecognized compensation cost | $ 800,000 | |||||
Total unrecognized compensation cost, period of recognition | 4 months 24 days | |||||
Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unvested stock outstanding | 0 | |||||
Total unrecognized compensation cost | $ 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 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares granted | 800,000 | |||||
Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total unrecognized compensation cost | $ 0 | |||||
2016 LTIP Awards [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Dividends paid, percent representing common unit of limited partnership interest | 10.00% | |||||
Dividends paid, percent payable upon vesting of LTIP Unit | 90.00% | |||||
Total unrecognized compensation cost | $ 12,300,000 | |||||
Total unrecognized compensation cost, period of recognition | 2 years 2 months 12 days | |||||
Shares forfeited and cancelled | 354,422 | |||||
2016 TBV LTIP Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares granted | 79,266 | |||||
2016 OPP [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance period | 3 years | |||||
TSR percent | 50.00% | |||||
2016 OPP [Member] | Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance period | 3 years | |||||
2016 PBV LTIP Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares granted | 11,155 | |||||
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 | 390,654 | |||||
2017 TBV LTIP Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares granted | 80,434 | |||||
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 | 629,252 | |||||
2018 TBV LTIP Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares granted | 193,217 | |||||
2019 OPP [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance period | 3 years | |||||
TSR percent | 36.00% | |||||
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% | |||||
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 Rudin, Messieur DeMarco, And Messieur Tycher [Member] | 2017 TBV LTIP Units [Member] | Time-Based Award [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance period | 3 years | |||||
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 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] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares granted | 625,000 | |||||
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% | |||||
Messieur Tycher, Smetana, Wagner, Cardoso, And Hilton [Member] | 2019 TBV LTIP Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percent of the award | 50.00% | |||||
Messieur Tycher, Smetana, Wagner, Cardoso, And Hilton [Member] | 2019 PBV LTIP Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
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, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
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 | 14,337 | 26,620 | 19,728 | |
Deferred stock units converted | 193,949 | |||
Deferred stock units outstanding | 59,899 | 236,383 |
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 | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unvested stock outstanding | 42,690 | 67,289 | 108,318 | 145,278 |
Dividends declared per common share | $ 0.80 | $ 0.80 | $ 0.75 | |
Mack-Cali Realty LP [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Distribution declared per common unit | $ 0.80 | $ 0.80 | $ 0.75 | |
Unvested Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unvested stock outstanding | 42,690 | 67,289 | 95,801 | |
Unvested Restricted Stock [Member] | Mack-Cali Realty LP [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unvested stock outstanding | 42,690 | 67,289 | 95,801 | |
Unvested LTIP Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unvested stock outstanding | 1,826,331 | 1,707,106 | 1,230,877 | |
Unvested LTIP Units [Member] | Mack-Cali Realty LP [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unvested stock outstanding | 1,826,331 | 1,707,106 | 1,230,877 | |
Unvested AO LTIP Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unvested stock outstanding | 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 |
Mack-Cali Realty Corporation_10
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 | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Outstanding stock option price | $ 17.31 | $ 17.31 | $ 17.31 | |
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 | 800,000 | |
Shares Under Options - Outstanding, ending balance | 800,000 | 800,000 | 800,000 | |
Shares Under Options - Options exercisable | 800,000 | |||
Shares Under Options - Available for grant | 709,246 | |||
Weighted Average Exercise Price - Outstanding, beginning balance | $ 17.31 | $ 17.31 | $ 17.31 | |
Weighted Average Exercise Price - Outstanding, ending balance | $ 17.31 | $ 17.31 | $ 17.31 | |
Aggregate intrinsic value | $ 4,656 | $ 1,824 | $ 3,400 | $ 9,368 |
Mack-Cali Realty Corporation_11
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Schedule Of Weighted Average Assumptions) (Details) - AO LTIP Units Award [Member] | 12 Months Ended |
Dec. 31, 2019 | |
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] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life (in years) | 5 years 6 months |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life (in years) | 6 years |
Mack-Cali Realty Corporation_12
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Schedule Of Restricted Stock Awards) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital [Abstract] | |||
Shares, Outstanding, Beginning balance | 67,289 | 108,318 | 145,278 |
Shares, Granted | 42,690 | 40,185 | 59,985 |
Shares, Vested | (65,353) | (72,502) | (95,009) |
Shares, Forfeited | (1,936) | (8,712) | (1,936) |
Shares, Outstanding, Ending balance | 42,690 | 67,289 | 108,318 |
Weighted-Average Grant-Date Fair Value, Outstanding beginning balance | $ 22.43 | $ 25.49 | $ 21.76 |
Weighted-Average Grant-Date Fair Value, Granted | 21.08 | 20.16 | 27 |
Weighted-Average Grant-Date Fair Value, Vested | 22.34 | 25.33 | 20.73 |
Weighted-Average Grant-Date Fair Value, Forfeited | 25.83 | 25.83 | 25.83 |
Weighted-Average Grant-Date Fair Value, Outstanding ending balance | $ 21.08 | $ 22.43 | $ 25.49 |
Mack-Cali Realty Corporation_13
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 | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stockolders Equity [Line Items] | |||||||||||
Net income (loss) | $ 252,554 | $ 80,267 | $ 10,840 | ||||||||
Add (deduct): Noncontrolling interests in consolidated joint ventures | 3,904 | 1,216 | 1,018 | ||||||||
Add (deduct): Noncontrolling interests in Operating Partnership | (23,685) | (6,866) | (341) | ||||||||
Add (deduct): Redeemable noncontrolling interests | (22,615) | (13,979) | (8,840) | ||||||||
Add (deduct): Redeemable noncontrolling interest | (22,615) | (13,979) | (8,840) | ||||||||
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders | (25,885) | (11,425) | (17,951) | ||||||||
Income (loss) from continuing operations available to common shareholders | 184,273 | 49,213 | (15,274) | ||||||||
Income from discontinued operations available to common shareholders | (98,297) | 23,473 | 20,508 | ||||||||
Net income (loss) available to common shareholders for basic earnings per share | $ 85,976 | $ 72,686 | $ 5,234 | ||||||||
Weighted average common shares | 90,557 | 90,388 | 90,005 | ||||||||
Income (loss) from continuing operations available to common shareholders | $ 0.53 | $ (0.64) | $ (0.45) | $ 2.59 | $ 0.37 | $ (0.12) | $ (0.13) | $ 0.42 | $ 2.03 | $ 0.54 | $ (0.17) |
Income from discontinued operations available to common shareholders | (1.17) | (0.01) | 0.02 | 0.08 | 0.08 | 0.07 | 0.08 | 0.03 | (1.08) | 0.26 | 0.23 |
Net income available to common unitholders | (0.64) | (0.65) | (0.43) | 2.67 | 0.45 | (0.05) | (0.05) | 0.45 | $ 0.95 | $ 0.80 | $ 0.06 |
Mack-Cali Realty LP [Member] | |||||||||||
Stockolders Equity [Line Items] | |||||||||||
Net income (loss) | $ 252,554 | $ 80,267 | $ 10,840 | ||||||||
Add (deduct): Noncontrolling interests in consolidated joint ventures | 3,904 | 1,216 | 1,018 | ||||||||
Add (deduct): Redeemable noncontrolling interests | (22,615) | (13,979) | (8,840) | ||||||||
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders | (28,740) | (12,721) | (20,025) | ||||||||
Income (loss) from continuing operations available to common shareholders | 205,103 | 54,783 | (17,007) | ||||||||
Income from discontinued operations available to common shareholders | (108,718) | 26,134 | 22,878 | ||||||||
Net income (loss) available to common shareholders for basic earnings per share | $ 96,385 | $ 80,917 | $ 5,871 | ||||||||
Weighted average common units | 100,520 | 100,634 | 100,410 | ||||||||
Income (loss) from continuing operations available to common shareholders | 0.53 | (0.64) | (0.45) | 2.59 | 0.37 | (0.12) | (0.13) | 0.42 | $ 2.03 | $ 0.54 | $ (0.17) |
Income from discontinued operations available to common shareholders | (1.17) | (0.01) | 0.02 | 0.08 | 0.08 | 0.07 | 0.08 | 0.03 | (1.08) | 0.26 | 0.23 |
Net income available to common unitholders | $ (0.64) | $ (0.65) | $ (0.43) | $ 2.67 | $ 0.45 | $ (0.05) | $ (0.05) | $ 0.45 | $ 0.95 | $ 0.80 | $ 0.06 |
Mack-Cali Realty Corporation_14
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 | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stockolders Equity [Line Items] | |||||||||||
Net income (loss) from continuing operations available to common shareholders | $ 184,273,000 | $ 49,213,000 | $ (15,274,000) | ||||||||
Net income available to common shareholders | 252,554,000 | 80,267,000 | 10,840,000 | ||||||||
Add (deduct): Noncontrolling interests in Operating Partnership | 23,685,000 | 6,866,000 | 341,000 | ||||||||
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests in Operating Partnership unitholders | (2,855,000) | (1,296,000) | (2,074,000) | ||||||||
Income (loss) from continuing operations for diluted earnings per share | 205,103,000 | 54,783,000 | (17,007,000) | ||||||||
Income from discontinued operations for diluted earnings per share | (108,718,000) | 26,134,000 | 22,878,000 | ||||||||
Net income (loss) available for diluted earnings per share | $ 96,385,000 | $ 80,917,000 | $ 5,871,000 | ||||||||
Weighted average common shares | 100,689 | 100,724 | 100,703 | ||||||||
Income (loss) from continuing operations available to common shareholders | $ 0.53 | $ (0.64) | $ (0.45) | $ 2.58 | $ 0.37 | $ (0.12) | $ (0.13) | $ 0.42 | $ 2.03 | $ 0.54 | $ (0.17) |
Income from discontinued operations available to common shareholders | (1.17) | (0.01) | 0.02 | 0.08 | 0.08 | 0.07 | 0.08 | 0.03 | (1.08) | 0.26 | 0.23 |
Net income (loss) available to common shareholders | (0.64) | (0.65) | (0.43) | 2.66 | 0.45 | (0.05) | (0.05) | 0.45 | $ 0.95 | $ 0.80 | $ 0.06 |
Mack-Cali Realty LP [Member] | |||||||||||
Stockolders Equity [Line Items] | |||||||||||
Net income available to common shareholders | $ 252,554,000 | $ 80,267,000 | |||||||||
Income (loss) from continuing operations for diluted earnings per share | 205,103,000 | 54,783,000 | $ (17,007,000) | ||||||||
Income from discontinued operations for diluted earnings per share | (108,718,000) | 26,134,000 | 22,878,000 | ||||||||
Net income (loss) available for diluted earnings per share | $ 96,385,000 | $ 80,917,000 | $ 5,871,000 | ||||||||
Weighted average common unit | 100,689 | 100,724 | 100,703 | ||||||||
Income (loss) from continuing operations available to common shareholders | 0.53 | (0.64) | (0.45) | 2.58 | 0.37 | (0.12) | (0.13) | 0.42 | $ 2.03 | $ 0.54 | $ (0.17) |
Income from discontinued operations available to common shareholders | (1.17) | (0.01) | 0.02 | 0.08 | 0.08 | 0.07 | 0.08 | 0.03 | (1.08) | 0.26 | 0.23 |
Net income (loss) available to common shareholders | $ (0.64) | $ (0.65) | $ (0.43) | $ 2.66 | $ 0.45 | $ (0.05) | $ (0.05) | $ 0.45 | $ 0.95 | $ 0.80 | $ 0.06 |
Mack-Cali Realty Corporation_15
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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stockolders Equity [Line Items] | |||
Basic EPS shares | 90,557 | 90,388 | 90,005 |
Add: Operating Partnership - common and vested LTIP units | 9,963 | 10,246 | 10,405 |
Restricted Stock Awards | 40 | ||
Stock Options | 169 | 90 | 253 |
Diluted EPS Shares | 100,689 | 100,724 | 100,703 |
Mack-Cali Realty LP [Member] | |||
Stockolders Equity [Line Items] | |||
Basic EPU units | 100,520 | 100,634 | 100,410 |
Restricted Stock Awards | 40 | ||
Stock Options | 169 | 90 | 253 |
Diluted EPU Units | 100,689 | 100,724 | 100,703 |
Noncontrolling Interests In S_3
Noncontrolling Interests In Subsidiaries (Narrative) (Details) $ in Thousands | Mar. 26, 2019USD ($)item | Jun. 05, 2015shares | Mar. 31, 2019USD ($)propertyshares | Dec. 31, 2019USD ($)propertyitemshares | Dec. 31, 2018USD ($)item | Dec. 31, 2017USD ($) | Mar. 25, 2019 |
Noncontrolling Interest [Line Items] | |||||||
Number of common shares received upon redemption of common units | shares | 1 | ||||||
Rebalance of ownership percentage | $ | $ 1,800 | ||||||
Number of units | item | 208 | 1,317 | |||||
Purchase price of property | $ | $ 97,504 | $ 112,511 | $ 90,422 | ||||
Shares granted | shares | 800,000 | ||||||
Participation Rights [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Number of properties | property | 2 | ||||||
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] | |||||||
Purchase price of property | $ | $ 97,504 | $ 112,511 | |||||
Mack-Cali Realty LP [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Percentage of noncontrolling interest | 9.60% | 10.20% | |||||
Future Developments [Member] | Participation Rights [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Number of properties | property | 1 | ||||||
Disposal Group, Not Discontinued Operations [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Number of properties disposed | property | 2 | ||||||
Proceeds from sale of properties | $ | $ 6,600 | ||||||
Redemption of common units, shares | shares | 301,638 | ||||||
Number of units | item | 377 | ||||||
Disposal Group, Not Discontinued Operations [Member] | Flex Portfolio [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Number of properties disposed | property | 2 | ||||||
Proceeds from sale of properties | $ | $ 6,600 | $ 7,800 | |||||
Redemption of common units, shares | shares | 301,638 | 364,280 | |||||
XS Hotel Urban Renewal Associates LLC [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Percentage of interest in venture | 100.00% | 0.90% | |||||
Number of units | item | 372 | ||||||
Percentage of additional interest acquired | 10.00% | ||||||
Purchase price of property | $ | $ 5,000 | ||||||
XS Hotel Urban Renewal Associates LLC, Residence Inn [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Number of units | item | 164 | ||||||
XS Hotel Urban Renewal Associates LLC, Marriott Envue [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Number of units | item | 208 | ||||||
Messr DeMarco, CEO [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Shares granted | shares | 625,000 | ||||||
AO LTIP Units Award [Member] | Messr DeMarco, CEO [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Shares granted | shares | 625,000 |
Noncontrolling Interests In S_4
Noncontrolling Interests In Subsidiaries (Changes In Noncontrolling Interests Of Subsidiaries) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Noncontrolling Interests In Subsidiaries [Abstract] | |||
Balance, Beginning, Common Units | 10,229,349 | 10,438,855 | 10,488,105 |
Redemption of common units for shares of common stock | (38,011) | (264,570) | (148,662) |
Issuance of units, Common Units | 99,412 | ||
Redemption of common units | (665,918) | ||
Conversion of vested LTIP units to common units | 18,438 | ||
Vested LTIP units | 68,206 | 55,064 | |
Balance, Ending, Common Units | 9,612,064 | 10,229,349 | 10,438,855 |
Balance, Beginning, LTIP Units | 1,707,106 | 1,230,877 | 657,373 |
Issuance of units, LTIP Units | 565,623 | 864,024 | 578,323 |
Vested LTIP units | (86,644) | (55,064) | |
Cancellation of units | (359,754) | (332,731) | (4,819) |
Balance, Ending, LTIP Units | 1,826,331 | 1,707,106 | 1,230,877 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of business segments | segment | 2 | ||||||||||
Total revenues | $ 86,673,000 | $ 87,391,000 | $ 86,605,000 | $ 90,266,000 | $ 90,277,000 | $ 90,951,000 | $ 86,207,000 | $ 98,279,000 | $ 350,935,000 | $ 365,714,000 | $ 459,030,000 |
Foreign Locations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 0 | 0 | $ 0 | ||||||||
Long lived assets | $ 0 | $ 0 | $ 0 | $ 0 |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Selected Results Of Operations And Asset Information) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 86,673,000 | $ 87,391,000 | $ 86,605,000 | $ 90,266,000 | $ 90,277,000 | $ 90,951,000 | $ 86,207,000 | $ 98,279,000 | $ 350,935,000 | $ 365,714,000 | $ 459,030,000 |
Total operating and interest expenses | 295,391,000 | 284,173,000 | 324,864,000 | ||||||||
Equity in earnings (loss) of unconsolidated joint ventures | (1,319,000) | (127,000) | (6,081,000) | ||||||||
Net operating income (loss) | 54,225,000 | 81,414,000 | 128,085,000 | ||||||||
Total assets | 5,292,798,000 | 5,060,644,000 | 5,292,798,000 | 5,060,644,000 | |||||||
Total long-lived assets | 4,763,193,000 | 4,420,679,000 | 4,763,193,000 | 4,420,679,000 | |||||||
Total investments in unconsolidated joint ventures | 209,091,000 | 232,750,000 | 209,091,000 | 232,750,000 | |||||||
Commercial And Other Real Estate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 178,699,000 | 251,477,000 | 365,053,000 | ||||||||
Total operating and interest expenses | 78,454,000 | 115,345,000 | 175,401,000 | ||||||||
Equity in earnings (loss) of unconsolidated joint ventures | (1,194,000) | 2,319,000 | 1,644,000 | ||||||||
Net operating income (loss) | 99,051,000 | 138,451,000 | 191,296,000 | ||||||||
Total assets | 2,178,321,000 | 2,687,178,000 | 2,178,321,000 | 2,687,178,000 | |||||||
Total long-lived assets | 1,947,053,000 | 2,413,696,000 | 1,947,053,000 | 2,413,696,000 | |||||||
Total investments in unconsolidated joint ventures | 7,367,000 | 13,699,000 | 7,367,000 | 13,699,000 | |||||||
Multiple-Family Real Estate & Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 170,833,000 | 113,805,000 | 90,654,000 | ||||||||
Total operating and interest expenses | 89,512,000 | 70,279,000 | 63,590,000 | ||||||||
Equity in earnings (loss) of unconsolidated joint ventures | (125,000) | (2,446,000) | (7,725,000) | ||||||||
Net operating income (loss) | 81,196,000 | 41,080,000 | 19,339,000 | ||||||||
Total assets | 3,079,409,000 | 2,260,497,000 | 3,079,409,000 | 2,260,497,000 | |||||||
Total long-lived assets | 2,812,306,000 | 1,973,826,000 | 2,812,306,000 | 1,973,826,000 | |||||||
Total investments in unconsolidated joint ventures | 201,724,000 | 218,771,000 | 201,724,000 | 218,771,000 | |||||||
Corporate & Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 1,403,000 | 432,000 | 3,323,000 | ||||||||
Total operating and interest expenses | 127,425,000 | 98,549,000 | 85,873,000 | ||||||||
Net operating income (loss) | (126,022,000) | (98,117,000) | $ (82,550,000) | ||||||||
Total assets | 35,068,000 | 112,969,000 | 35,068,000 | 112,969,000 | |||||||
Total long-lived assets | $ 3,834,000 | 33,157,000 | $ 3,834,000 | 33,157,000 | |||||||
Total investments in unconsolidated joint ventures | $ 280,000 | $ 280,000 |
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 | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Net operating income | $ 54,225,000 | $ 81,414,000 | $ 128,085,000 | ||||||||
Depreciation and amortization | (132,016,000) | (112,244,000) | (142,319,000) | ||||||||
Land impairment | (32,444,000) | (24,566,000) | |||||||||
Gain on change of control of interests | 13,790,000 | 14,217,000 | |||||||||
Realized gains (losses) and unrealized losses on disposition of rental property, net | 345,926,000 | 99,436,000 | 2,364,000 | ||||||||
Gain on disposition of developable land | 522,000 | 30,939,000 | |||||||||
Gain on sale of investment in unconsolidated joint venture | 903,000 | 23,131,000 | |||||||||
Gain (loss) from extinguishment of debt, net | 1,648,000 | (8,929,000) | (421,000) | ||||||||
Income from continuing operations | 252,554,000 | 80,267,000 | 10,840,000 | ||||||||
Income from discontinued operations | 27,456,000 | 26,134,000 | 22,878,000 | ||||||||
Loss from early extinguishment of debt | (1,821,000) | ||||||||||
Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net | (136,174,000) | ||||||||||
Total discontinued operations, net | (108,718,000) | 26,134,000 | 22,878,000 | ||||||||
Net income | $ (55,408,000) | $ (56,021,000) | $ (20,329,000) | $ 275,594,000 | $ 52,523,000 | $ 1,689,000 | $ 1,501,000 | $ 50,688,000 | 143,836,000 | 106,401,000 | 33,718,000 |
Noncontrolling interests in consolidated joint ventures | 3,904,000 | 1,216,000 | 1,018,000 | ||||||||
Noncontrolling interests in Operating Partnership of income from continuing operations | (23,685,000) | (6,866,000) | (341,000) | ||||||||
Noncontrolling interest in discontinued operations | (10,421,000) | 2,661,000 | 2,370,000 | ||||||||
Redeemable noncontrolling interests | (22,615,000) | (13,979,000) | (8,840,000) | ||||||||
Net income available to common shareholders | (54,652,000) | (55,928,000) | (22,054,000) | 244,495,000 | 43,804,000 | (1,478,000) | (1,251,000) | 43,036,000 | 111,861,000 | 84,111,000 | 23,185,000 |
Mack-Cali Realty LP [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net operating income | 54,225,000 | 81,414,000 | 128,085,000 | ||||||||
Depreciation and amortization | (132,016,000) | (112,244,000) | (142,319,000) | ||||||||
Land impairment | (32,444,000) | (24,566,000) | |||||||||
Gain on change of control of interests | 13,790,000 | 14,217,000 | |||||||||
Realized gains (losses) and unrealized losses on disposition of rental property, net | 345,926,000 | 99,436,000 | 2,364,000 | ||||||||
Gain on disposition of developable land | 522,000 | 30,939,000 | |||||||||
Gain on sale of investment in unconsolidated joint venture | 903,000 | 23,131,000 | |||||||||
Gain (loss) from extinguishment of debt, net | 1,648,000 | (8,929,000) | (421,000) | ||||||||
Income from continuing operations | 252,554,000 | 80,267,000 | 10,840,000 | ||||||||
Income from discontinued operations | 27,456,000 | 26,134,000 | 22,878,000 | ||||||||
Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net | (136,174,000) | ||||||||||
Total discontinued operations, net | (108,718,000) | 26,134,000 | 22,878,000 | ||||||||
Net income | (55,408,000) | (56,021,000) | (20,329,000) | 275,594,000 | 52,523,000 | 1,689,000 | 1,501,000 | 50,688,000 | 143,836,000 | 106,401,000 | 33,718,000 |
Noncontrolling interests in consolidated joint ventures | 3,904,000 | 1,216,000 | 1,018,000 | ||||||||
Redeemable noncontrolling interests | (22,615,000) | (13,979,000) | (8,840,000) | ||||||||
Net income available to common shareholders | $ (60,475,000) | $ (62,087,000) | $ (24,488,000) | $ 272,175,000 | $ 48,757,000 | $ (1,645,000) | $ (1,393,000) | $ 47,919,000 | $ 125,125,000 | $ 93,638,000 | $ 25,896,000 |
Related Party Transactions (Det
Related Party Transactions (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)ft²property | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Related Party Transaction [Line Items] | |||
Revenue from leases | $ 296,142,000 | $ 317,783,000 | $ 403,635,000 |
Mack [Member] | |||
Related Party Transaction [Line Items] | |||
Due from related parties | 0 | 0 | |
Marshall [Member] | |||
Related Party Transaction [Line Items] | |||
Due to Related Parties, Current | 120,000 | 148,000 | |
Accounts Payable, Related Parties, Current | 0 | 0 | |
RG [Member] | |||
Related Party Transaction [Line Items] | |||
Related party revenue | $ 674,000 | 1,114,000 | 1,873,000 |
Leased Office Space 1 [Member] | Mack [Member] | |||
Related Party Transaction [Line Items] | |||
Area Of Real Estate Property | ft² | 5,930 | ||
Number of real estate properties | property | 1 | ||
Lease expiration date | January 2025 | ||
Previously Leased [Member] | |||
Related Party Transaction [Line Items] | |||
Number of real estate properties | property | 1 | ||
Previously Leased [Member] | Mack [Member] | |||
Related Party Transaction [Line Items] | |||
Area Of Real Estate Property | ft² | 7,034 | ||
Revenue from leases | $ 18,000 | $ 193,000 | $ 187,000 |
Condensed Quarterly Financial_3
Condensed Quarterly Financial Information (Summary Of Condensed Quarterly Financial Information) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Total revenues | $ 86,673,000 | $ 87,391,000 | $ 86,605,000 | $ 90,266,000 | $ 90,277,000 | $ 90,951,000 | $ 86,207,000 | $ 98,279,000 | $ 350,935,000 | $ 365,714,000 | $ 459,030,000 |
Net income (loss) | (55,408,000) | (56,021,000) | (20,329,000) | 275,594,000 | 52,523,000 | 1,689,000 | 1,501,000 | 50,688,000 | 143,836,000 | 106,401,000 | 33,718,000 |
Net income (loss) available to common shareholders | $ (54,652,000) | $ (55,928,000) | $ (22,054,000) | $ 244,495,000 | $ 43,804,000 | $ (1,478,000) | $ (1,251,000) | $ 43,036,000 | $ 111,861,000 | $ 84,111,000 | $ 23,185,000 |
Basic earnings per common share: | |||||||||||
Income from continuing operations | $ 0.53 | $ (0.64) | $ (0.45) | $ 2.59 | $ 0.37 | $ (0.12) | $ (0.13) | $ 0.42 | $ 2.03 | $ 0.54 | $ (0.17) |
Discontinued operations | (1.17) | (0.01) | 0.02 | 0.08 | 0.08 | 0.07 | 0.08 | 0.03 | (1.08) | 0.26 | 0.23 |
Net income available to common unitholders | (0.64) | (0.65) | (0.43) | 2.67 | 0.45 | (0.05) | (0.05) | 0.45 | 0.95 | 0.80 | 0.06 |
Diluted earnings per common share: | |||||||||||
Income from continuing operations | 0.53 | (0.64) | (0.45) | 2.58 | 0.37 | (0.12) | (0.13) | 0.42 | 2.03 | 0.54 | (0.17) |
Discontinued operations | (1.17) | (0.01) | 0.02 | 0.08 | 0.08 | 0.07 | 0.08 | 0.03 | (1.08) | 0.26 | 0.23 |
Net income (loss) available to common shareholders | $ (0.64) | $ (0.65) | $ (0.43) | $ 2.66 | $ 0.45 | $ (0.05) | $ (0.05) | $ 0.45 | $ 0.95 | $ 0.80 | $ 0.06 |
Mack-Cali Realty LP [Member] | |||||||||||
Total revenues | $ 86,673,000 | $ 87,391,000 | $ 86,605,000 | $ 90,266,000 | $ 90,277,000 | $ 90,951,000 | $ 86,207,000 | $ 98,279,000 | $ 350,935,000 | $ 365,714,000 | $ 459,030,000 |
Net income (loss) | (55,408,000) | (56,021,000) | (20,329,000) | 275,594,000 | 52,523,000 | 1,689,000 | 1,501,000 | 50,688,000 | 143,836,000 | 106,401,000 | 33,718,000 |
Net income (loss) available to common shareholders | $ (60,475,000) | $ (62,087,000) | $ (24,488,000) | $ 272,175,000 | $ 48,757,000 | $ (1,645,000) | $ (1,393,000) | $ 47,919,000 | $ 125,125,000 | $ 93,638,000 | $ 25,896,000 |
Basic earnings per common share: | |||||||||||
Income from continuing operations | $ 0.53 | $ (0.64) | $ (0.45) | $ 2.59 | $ 0.37 | $ (0.12) | $ (0.13) | $ 0.42 | $ 2.03 | $ 0.54 | $ (0.17) |
Discontinued operations | (1.17) | (0.01) | 0.02 | 0.08 | 0.08 | 0.07 | 0.08 | 0.03 | (1.08) | 0.26 | 0.23 |
Net income available to common unitholders | (0.64) | (0.65) | (0.43) | 2.67 | 0.45 | (0.05) | (0.05) | 0.45 | 0.95 | 0.80 | 0.06 |
Diluted earnings per common share: | |||||||||||
Income from continuing operations | 0.53 | (0.64) | (0.45) | 2.58 | 0.37 | (0.12) | (0.13) | 0.42 | 2.03 | 0.54 | (0.17) |
Discontinued operations | (1.17) | (0.01) | 0.02 | 0.08 | 0.08 | 0.07 | 0.08 | 0.03 | (1.08) | 0.26 | 0.23 |
Net income (loss) available to common shareholders | $ (0.64) | $ (0.65) | $ (0.43) | $ 2.66 | $ 0.45 | $ (0.05) | $ (0.05) | $ 0.45 | $ 0.95 | $ 0.80 | $ 0.06 |
Real Estate Investments And A_2
Real Estate Investments And Accumulated Depreciation (Schedule Of Real Estate Investments And Accumulated Depreciation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encumbrances | $ 1,908,034 | |||
Initial Costs, Land | 893,154 | |||
Initial Costs, Building and Improvements | 3,737,148 | |||
Costs Capitalized Subsequent to Acquisition | 1,179,762 | |||
Gross Amount at Which Carried at Close of Period, Land | 889,219 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,920,845 | |||
Total | 4,256,681 | $ 5,306,017 | $ 5,102,844 | $ 4,804,867 |
Accumulated Depreciation | 558,617 | $ 1,097,868 | $ 1,087,083 | $ 1,332,073 |
Real Estate Aggregate Cost, Tax Purpose | 4,100,000 | |||
Real Estate Held-for-sale Accumulated Depreciation | $ 412,800 | |||
Office [Member] | One Bridge Plaza [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1981 | |||
Acquired | 1996 | |||
Initial Costs, Land | $ 2,439 | |||
Initial Costs, Building and Improvements | 24,462 | |||
Costs Capitalized Subsequent to Acquisition | 8,034 | |||
Gross Amount at Which Carried at Close of Period, Land | 2,439 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 32,496 | |||
Total | 34,935 | |||
Accumulated Depreciation | $ 18,181 | |||
Office [Member] | 150 J.F. Kennedy Parkway [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1980 | |||
Acquired | 1997 | |||
Initial Costs, Land | $ 12,606 | |||
Initial Costs, Building and Improvements | 50,425 | |||
Costs Capitalized Subsequent to Acquisition | 20,119 | |||
Gross Amount at Which Carried at Close of Period, Land | 12,606 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 70,544 | |||
Total | 83,150 | |||
Accumulated Depreciation | $ 33,544 | |||
Office [Member] | 51 J.F. Kennedy Parkway [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1988 | |||
Acquired | 2017 | |||
Related Encumbrances | $ 69,525 | |||
Initial Costs, Land | 5,873 | |||
Initial Costs, Building and Improvements | 100,359 | |||
Costs Capitalized Subsequent to Acquisition | 1,129 | |||
Gross Amount at Which Carried at Close of Period, Land | 5,873 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 101,488 | |||
Total | 107,361 | |||
Accumulated Depreciation | $ 10,575 | |||
Office [Member] | 101 J.F. Kennedy Parkway [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1981 | |||
Acquired | 2017 | |||
Related Encumbrances | $ 29,225 | |||
Initial Costs, Land | 4,380 | |||
Initial Costs, Building and Improvements | 59,730 | |||
Costs Capitalized Subsequent to Acquisition | 2,224 | |||
Gross Amount at Which Carried at Close of Period, Land | 4,380 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 61,954 | |||
Total | 66,334 | |||
Accumulated Depreciation | $ 6,304 | |||
Office [Member] | 103 J.F. Kennedy Parkway [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1981 | |||
Acquired | 2017 | |||
Related Encumbrances | $ 24,899 | |||
Initial Costs, Land | 3,158 | |||
Initial Costs, Building and Improvements | 50,813 | |||
Costs Capitalized Subsequent to Acquisition | 1,337 | |||
Gross Amount at Which Carried at Close of Period, Land | 3,158 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 52,150 | |||
Total | 55,308 | |||
Accumulated Depreciation | $ 5,316 | |||
Office [Member] | 111 River St. [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 2002 | |||
Acquired | 2016 | |||
Related Encumbrances | $ 148,582 | |||
Initial Costs, Building and Improvements | 198,609 | |||
Costs Capitalized Subsequent to Acquisition | 18,073 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 216,682 | |||
Total | 216,682 | |||
Accumulated Depreciation | $ 20,643 | |||
Office [Member] | Harborside Plaza 2 [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1990 | |||
Acquired | 1996 | |||
Initial Costs, Land | $ 17,655 | |||
Initial Costs, Building and Improvements | 101,546 | |||
Costs Capitalized Subsequent to Acquisition | 69,341 | |||
Gross Amount at Which Carried at Close of Period, Land | 8,364 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 180,178 | |||
Total | 188,542 | |||
Accumulated Depreciation | $ 75,555 | |||
Office [Member] | Harborside Plaza 3 [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1990 | |||
Acquired | 1996 | |||
Initial Costs, Land | $ 17,655 | |||
Initial Costs, Building and Improvements | 101,878 | |||
Costs Capitalized Subsequent to Acquisition | 69,007 | |||
Gross Amount at Which Carried at Close of Period, Land | 8,363 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 180,177 | |||
Total | 188,540 | |||
Accumulated Depreciation | $ 75,555 | |||
Office [Member] | Harborside Plaza 4A [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 2000 | |||
Acquired | 2000 | |||
Initial Costs, Land | $ 1,244 | |||
Initial Costs, Building and Improvements | 56,144 | |||
Costs Capitalized Subsequent to Acquisition | 9,542 | |||
Gross Amount at Which Carried at Close of Period, Land | 1,244 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 65,686 | |||
Total | 66,930 | |||
Accumulated Depreciation | $ 33,741 | |||
Office [Member] | Harborside Plaza 5 [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 2002 | |||
Acquired | 2002 | |||
Initial Costs, Land | $ 6,218 | |||
Initial Costs, Building and Improvements | 170,682 | |||
Costs Capitalized Subsequent to Acquisition | 59,640 | |||
Gross Amount at Which Carried at Close of Period, Land | 5,705 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 230,835 | |||
Total | 236,540 | |||
Accumulated Depreciation | $ 104,813 | |||
Office [Member] | 101 Hudson [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1992 | |||
Acquired | 2005 | |||
Related Encumbrances | $ 248,659 | |||
Initial Costs, Land | 45,530 | |||
Initial Costs, Building and Improvements | 271,376 | |||
Costs Capitalized Subsequent to Acquisition | 38,827 | |||
Gross Amount at Which Carried at Close of Period, Land | 45,530 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 310,203 | |||
Total | 355,733 | |||
Accumulated Depreciation | $ 110,891 | |||
Office [Member] | 100 Overlook Center [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1988 | |||
Acquired | 1997 | |||
Initial Costs, Land | $ 2,378 | |||
Initial Costs, Building and Improvements | 21,754 | |||
Costs Capitalized Subsequent to Acquisition | 8,441 | |||
Gross Amount at Which Carried at Close of Period, Land | 2,378 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 30,195 | |||
Total | 32,573 | |||
Accumulated Depreciation | $ 14,453 | |||
Office [Member] | 5 Vaughn Drive [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1987 | |||
Acquired | 1995 | |||
Initial Costs, Land | $ 657 | |||
Initial Costs, Building and Improvements | 9,800 | |||
Costs Capitalized Subsequent to Acquisition | 2,004 | |||
Gross Amount at Which Carried at Close of Period, Land | 657 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 11,804 | |||
Total | 12,461 | |||
Accumulated Depreciation | $ 6,868 | |||
Office [Member] | 333 Thornall Street [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1984 | |||
Acquired | 2015 | |||
Initial Costs, Land | $ 5,542 | |||
Initial Costs, Building and Improvements | 40,762 | |||
Costs Capitalized Subsequent to Acquisition | 4,991 | |||
Gross Amount at Which Carried at Close of Period, Land | 5,542 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 45,754 | |||
Total | 51,295 | |||
Accumulated Depreciation | $ 5,994 | |||
Office [Member] | 343 Thornall Street [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1991 | |||
Acquired | 2006 | |||
Initial Costs, Land | $ 6,027 | |||
Initial Costs, Building and Improvements | 39,101 | |||
Costs Capitalized Subsequent to Acquisition | 14,720 | |||
Gross Amount at Which Carried at Close of Period, Land | 6,027 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 53,822 | |||
Total | 59,848 | |||
Accumulated Depreciation | $ 16,399 | |||
Office [Member] | 99 Wood Avenue South [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1987 | |||
Acquired | 2019 | |||
Initial Costs, Land | $ 9,261 | |||
Initial Costs, Building and Improvements | 45,576 | |||
Costs Capitalized Subsequent to Acquisition | 142 | |||
Gross Amount at Which Carried at Close of Period, Land | 9,261 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 45,718 | |||
Total | 54,979 | |||
Accumulated Depreciation | $ 2,064 | |||
Office [Member] | 101 Wood Avenue South [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1990 | |||
Acquired | 2016 | |||
Initial Costs, Land | $ 8,509 | |||
Initial Costs, Building and Improvements | 72,738 | |||
Costs Capitalized Subsequent to Acquisition | 913 | |||
Gross Amount at Which Carried at Close of Period, Land | 7,384 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 74,776 | |||
Total | 82,160 | |||
Accumulated Depreciation | $ 9,342 | |||
Office [Member] | 500 College Road East [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1984 | |||
Acquired | 1998 | |||
Initial Costs, Land | $ 614 | |||
Initial Costs, Building and Improvements | 20,626 | |||
Costs Capitalized Subsequent to Acquisition | 5,553 | |||
Gross Amount at Which Carried at Close of Period, Land | 614 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 26,179 | |||
Total | 26,793 | |||
Accumulated Depreciation | $ 15,053 | |||
Office [Member] | 581 Main Street [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1991 | |||
Acquired | 1997 | |||
Initial Costs, Land | $ 3,237 | |||
Initial Costs, Building and Improvements | 12,949 | |||
Costs Capitalized Subsequent to Acquisition | 35,066 | |||
Gross Amount at Which Carried at Close of Period, Land | 8,115 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 43,137 | |||
Total | 51,252 | |||
Accumulated Depreciation | $ 16,907 | |||
Office [Member] | 23 Main Street [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1977 | |||
Acquired | 2005 | |||
Initial Costs, Land | $ 4,336 | |||
Initial Costs, Building and Improvements | 19,544 | |||
Costs Capitalized Subsequent to Acquisition | 6,411 | |||
Gross Amount at Which Carried at Close of Period, Land | 4,336 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 25,956 | |||
Total | 30,291 | |||
Accumulated Depreciation | $ 9,301 | |||
Office [Member] | One River Center, Building 1 [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1983 | |||
Acquired | 2004 | |||
Initial Costs, Land | $ 3,070 | |||
Initial Costs, Building and Improvements | 17,414 | |||
Costs Capitalized Subsequent to Acquisition | 16,618 | |||
Gross Amount at Which Carried at Close of Period, Land | 2,451 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 34,651 | |||
Total | 37,102 | |||
Accumulated Depreciation | $ 9,762 | |||
Office [Member] | One River Center, Building 2 [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1983 | |||
Acquired | 2004 | |||
Initial Costs, Land | $ 2,468 | |||
Initial Costs, Building and Improvements | 15,043 | |||
Costs Capitalized Subsequent to Acquisition | 3,657 | |||
Gross Amount at Which Carried at Close of Period, Land | 2,452 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 18,716 | |||
Total | 21,168 | |||
Accumulated Depreciation | $ 8,081 | |||
Office [Member] | One River Center, Building 3 [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1984 | |||
Acquired | 2004 | |||
Initial Costs, Land | $ 4,051 | |||
Initial Costs, Building and Improvements | 24,790 | |||
Costs Capitalized Subsequent to Acquisition | 7,250 | |||
Gross Amount at Which Carried at Close of Period, Land | 4,627 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 31,464 | |||
Total | 36,091 | |||
Accumulated Depreciation | $ 12,478 | |||
Office [Member] | 100 Schultz Drive [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1989 | |||
Acquired | 2017 | |||
Initial Costs, Land | $ 1,953 | |||
Initial Costs, Building and Improvements | 6,790 | |||
Costs Capitalized Subsequent to Acquisition | 4,301 | |||
Gross Amount at Which Carried at Close of Period, Land | 1,953 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 11,091 | |||
Total | 13,044 | |||
Accumulated Depreciation | $ 949 | |||
Office [Member] | 200 Schultz Drive [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1989 | |||
Acquired | 2017 | |||
Initial Costs, Land | $ 2,184 | |||
Initial Costs, Building and Improvements | 8,259 | |||
Costs Capitalized Subsequent to Acquisition | 3,187 | |||
Gross Amount at Which Carried at Close of Period, Land | 2,184 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 11,446 | |||
Total | 13,630 | |||
Accumulated Depreciation | $ 1,477 | |||
Office [Member] | 325 Columbia Parkway [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1987 | |||
Acquired | 1994 | |||
Initial Costs, Land | $ 1,564 | |||
Costs Capitalized Subsequent to Acquisition | 18,072 | |||
Gross Amount at Which Carried at Close of Period, Land | 1,564 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 18,072 | |||
Total | 19,636 | |||
Accumulated Depreciation | $ 13,082 | |||
Office [Member] | 1 Giralda Farms [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1982 | |||
Acquired | 2017 | |||
Initial Costs, Land | $ 3,370 | |||
Initial Costs, Building and Improvements | 27,145 | |||
Costs Capitalized Subsequent to Acquisition | 2,177 | |||
Gross Amount at Which Carried at Close of Period, Land | 3,370 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 29,322 | |||
Total | 32,692 | |||
Accumulated Depreciation | $ 3,435 | |||
Office [Member] | 7 Giralda Farms [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1997 | |||
Acquired | 2017 | |||
Initial Costs, Land | $ 5,402 | |||
Initial Costs, Building and Improvements | 37,664 | |||
Costs Capitalized Subsequent to Acquisition | 936 | |||
Gross Amount at Which Carried at Close of Period, Land | 5,402 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 38,600 | |||
Total | 44,002 | |||
Accumulated Depreciation | $ 4,251 | |||
Office [Member] | 4 Campus Drive [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1983 | |||
Acquired | 2001 | |||
Initial Costs, Land | $ 5,213 | |||
Initial Costs, Building and Improvements | 20,984 | |||
Costs Capitalized Subsequent to Acquisition | 4,069 | |||
Gross Amount at Which Carried at Close of Period, Land | 5,213 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 25,053 | |||
Total | 30,266 | |||
Accumulated Depreciation | $ 12,399 | |||
Office [Member] | 6 Campus Drive [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1983 | |||
Acquired | 2001 | |||
Initial Costs, Land | $ 4,411 | |||
Initial Costs, Building and Improvements | 17,796 | |||
Costs Capitalized Subsequent to Acquisition | 4,044 | |||
Gross Amount at Which Carried at Close of Period, Land | 4,411 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 21,840 | |||
Total | 26,251 | |||
Accumulated Depreciation | $ 10,384 | |||
Office [Member] | 7 Campus Drive [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1982 | |||
Acquired | 1998 | |||
Initial Costs, Land | $ 1,932 | |||
Initial Costs, Building and Improvements | 27,788 | |||
Costs Capitalized Subsequent to Acquisition | 5,480 | |||
Gross Amount at Which Carried at Close of Period, Land | 1,932 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 33,269 | |||
Total | 35,200 | |||
Accumulated Depreciation | $ 17,953 | |||
Office [Member] | 8 Campus Drive [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1987 | |||
Acquired | 1998 | |||
Initial Costs, Land | $ 1,865 | |||
Initial Costs, Building and Improvements | 35,456 | |||
Costs Capitalized Subsequent to Acquisition | 12,626 | |||
Gross Amount at Which Carried at Close of Period, Land | 1,865 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 48,082 | |||
Total | 49,947 | |||
Accumulated Depreciation | $ 23,452 | |||
Office [Member] | 9 Campus Drive [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1983 | |||
Acquired | 2001 | |||
Initial Costs, Land | $ 3,277 | |||
Initial Costs, Building and Improvements | 11,796 | |||
Costs Capitalized Subsequent to Acquisition | 22,734 | |||
Gross Amount at Which Carried at Close of Period, Land | 5,842 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 31,965 | |||
Total | 37,807 | |||
Accumulated Depreciation | $ 14,327 | |||
Office [Member] | 2 Dryden Way [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1990 | |||
Acquired | 1998 | |||
Initial Costs, Land | $ 778 | |||
Initial Costs, Building and Improvements | 420 | |||
Costs Capitalized Subsequent to Acquisition | 110 | |||
Gross Amount at Which Carried at Close of Period, Land | 778 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 530 | |||
Total | 1,308 | |||
Accumulated Depreciation | $ 338 | |||
Office [Member] | 4 Gatehall Drive [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1988 | |||
Acquired | 2000 | |||
Initial Costs, Land | $ 8,452 | |||
Initial Costs, Building and Improvements | 33,929 | |||
Costs Capitalized Subsequent to Acquisition | 10,030 | |||
Gross Amount at Which Carried at Close of Period, Land | 8,452 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 43,959 | |||
Total | 52,411 | |||
Accumulated Depreciation | $ 20,052 | |||
Office [Member] | 2 Hilton Court [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1991 | |||
Acquired | 1998 | |||
Initial Costs, Land | $ 1,971 | |||
Initial Costs, Building and Improvements | 32,007 | |||
Costs Capitalized Subsequent to Acquisition | 4,495 | |||
Gross Amount at Which Carried at Close of Period, Land | 1,971 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 36,502 | |||
Total | 38,473 | |||
Accumulated Depreciation | $ 21,059 | |||
Office [Member] | 1 Sylvan Way [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1989 | |||
Acquired | 1998 | |||
Initial Costs, Land | $ 1,689 | |||
Initial Costs, Building and Improvements | 24,699 | |||
Costs Capitalized Subsequent to Acquisition | 5,675 | |||
Gross Amount at Which Carried at Close of Period, Land | 1,021 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 31,042 | |||
Total | 32,063 | |||
Accumulated Depreciation | $ 15,040 | |||
Office [Member] | 3 Sylvan Way [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1988 | |||
Acquired | 2015 | |||
Initial Costs, Land | $ 5,590 | |||
Initial Costs, Building and Improvements | 4,710 | |||
Costs Capitalized Subsequent to Acquisition | 10,952 | |||
Gross Amount at Which Carried at Close of Period, Land | 5,590 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 15,663 | |||
Total | 21,252 | |||
Accumulated Depreciation | $ 1,585 | |||
Office [Member] | 5 Sylvan Way [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1989 | |||
Acquired | 1998 | |||
Initial Costs, Land | $ 1,160 | |||
Initial Costs, Building and Improvements | 25,214 | |||
Costs Capitalized Subsequent to Acquisition | 7,835 | |||
Gross Amount at Which Carried at Close of Period, Land | 1,161 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 33,049 | |||
Total | 34,209 | |||
Accumulated Depreciation | $ 15,475 | |||
Office [Member] | 7 Sylvan Way [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1987 | |||
Acquired | 1998 | |||
Initial Costs, Land | $ 2,084 | |||
Initial Costs, Building and Improvements | 26,083 | |||
Costs Capitalized Subsequent to Acquisition | 16,396 | |||
Gross Amount at Which Carried at Close of Period, Land | 2,084 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 42,479 | |||
Total | 44,563 | |||
Accumulated Depreciation | 23,457 | |||
Land [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate Held-for-sale | $ 235,300 | |||
Multi-Family Properties [Member] | Soho Lofts [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 2017 | |||
Acquired | 2019 | |||
Related Encumbrances | $ 158,875 | |||
Initial Costs, Land | 27,601 | |||
Initial Costs, Building and Improvements | 224,039 | |||
Costs Capitalized Subsequent to Acquisition | 1,166 | |||
Gross Amount at Which Carried at Close of Period, Land | 27,601 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 225,205 | |||
Total | 252,806 | |||
Accumulated Depreciation | $ 4,220 | |||
Multi-Family Properties [Member] | Liberty Towers [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 2003 | |||
Acquired | 2019 | |||
Related Encumbrances | $ 230,667 | |||
Initial Costs, Land | 66,670 | |||
Initial Costs, Building and Improvements | 328,347 | |||
Costs Capitalized Subsequent to Acquisition | 398 | |||
Gross Amount at Which Carried at Close of Period, Land | 66,670 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 328,745 | |||
Total | 395,415 | |||
Accumulated Depreciation | $ 2,075 | |||
Multi-Family Properties [Member] | RoseGarden Monaco, L.L.C. [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 2011 | |||
Acquired | 2017 | |||
Related Encumbrances | $ 166,753 | |||
Initial Costs, Land | 58,761 | |||
Initial Costs, Building and Improvements | 240,871 | |||
Costs Capitalized Subsequent to Acquisition | 3,891 | |||
Gross Amount at Which Carried at Close of Period, Land | 58,761 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 244,762 | |||
Total | 303,523 | |||
Accumulated Depreciation | $ 16,861 | |||
Multi-Family Properties [Member] | Marbella I [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 2003 | |||
Acquired | 2018 | |||
Related Encumbrances | $ 130,167 | |||
Initial Costs, Land | 48,820 | |||
Initial Costs, Building and Improvements | 160,740 | |||
Costs Capitalized Subsequent to Acquisition | 3,665 | |||
Gross Amount at Which Carried at Close of Period, Land | 48,820 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 164,405 | |||
Total | 213,225 | |||
Accumulated Depreciation | $ 5,845 | |||
Multi-Family Properties [Member] | Marbella II [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 2016 | |||
Acquired | 2019 | |||
Related Encumbrances | $ 116,252 | |||
Initial Costs, Land | 36,595 | |||
Initial Costs, Building and Improvements | 152,440 | |||
Costs Capitalized Subsequent to Acquisition | 93 | |||
Gross Amount at Which Carried at Close of Period, Land | 36,595 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 152,533 | |||
Total | 189,128 | |||
Accumulated Depreciation | $ 3,542 | |||
Multi-Family Properties [Member] | Port Imperial South 11 [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 2018 | |||
Acquired | 2018 | |||
Related Encumbrances | $ 99,813 | |||
Initial Costs, Land | 22,047 | |||
Costs Capitalized Subsequent to Acquisition | 108,721 | |||
Gross Amount at Which Carried at Close of Period, Land | 22,047 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 108,721 | |||
Total | 130,768 | |||
Accumulated Depreciation | $ 3,398 | |||
Multi-Family Properties [Member] | Richmond Court [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1997 | |||
Acquired | 2013 | |||
Related Encumbrances | $ 29,759 | |||
Initial Costs, Land | 2,992 | |||
Initial Costs, Building and Improvements | 13,534 | |||
Costs Capitalized Subsequent to Acquisition | 1,908 | |||
Gross Amount at Which Carried at Close of Period, Land | 2,992 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 15,442 | |||
Total | 18,434 | |||
Accumulated Depreciation | $ 2,293 | |||
Multi-Family Properties [Member] | Riverwatch Commons [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1995 | |||
Acquired | 2013 | |||
Initial Costs, Land | $ 4,169 | |||
Initial Costs, Building and Improvements | 18,974 | |||
Costs Capitalized Subsequent to Acquisition | 2,196 | |||
Gross Amount at Which Carried at Close of Period, Land | 4,169 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 21,170 | |||
Total | 25,339 | |||
Accumulated Depreciation | $ 3,120 | |||
Multi-Family Properties [Member] | Signature Place At Morris Plains [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 2018 | |||
Acquired | 2018 | |||
Related Encumbrances | $ 42,560 | |||
Initial Costs, Land | 930 | |||
Costs Capitalized Subsequent to Acquisition | 56,410 | |||
Gross Amount at Which Carried at Close of Period, Land | 930 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 56,410 | |||
Total | 57,340 | |||
Accumulated Depreciation | $ 2,410 | |||
Multi-Family Properties [Member] | Quarry Place At Tuckahoe [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 2016 | |||
Acquired | 2016 | |||
Related Encumbrances | $ 40,499 | |||
Initial Costs, Land | 5,585 | |||
Initial Costs, Building and Improvements | 3,400 | |||
Costs Capitalized Subsequent to Acquisition | 48,934 | |||
Gross Amount at Which Carried at Close of Period, Land | 5,585 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 52,334 | |||
Total | 57,919 | |||
Accumulated Depreciation | $ 4,007 | |||
Multi-Family Properties [Member] | Portside At Pier One [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 2016 | |||
Acquired | 2016 | |||
Related Encumbrances | $ 58,723 | |||
Initial Costs, Building and Improvements | 73,713 | |||
Costs Capitalized Subsequent to Acquisition | 560 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 74,273 | |||
Total | 74,273 | |||
Accumulated Depreciation | $ 8,432 | |||
Multi-Family Properties [Member] | Portside 5/6 [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 2018 | |||
Acquired | 2018 | |||
Related Encumbrances | $ 96,457 | |||
Initial Costs, Building and Improvements | 37,114 | |||
Costs Capitalized Subsequent to Acquisition | 77,257 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 114,371 | |||
Total | 114,371 | |||
Accumulated Depreciation | $ 4,178 | |||
Multi-Family Properties [Member] | 145 Front Street [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 2018 | |||
Acquired | 2015 | |||
Related Encumbrances | $ 62,687 | |||
Initial Costs, Land | 4,380 | |||
Costs Capitalized Subsequent to Acquisition | 92,147 | |||
Gross Amount at Which Carried at Close of Period, Land | 4,380 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 92,147 | |||
Total | 96,527 | |||
Accumulated Depreciation | $ 3,791 | |||
Other Property [Member] | 100 Avenue At Port Imperial [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 2016 | |||
Acquired | 2016 | |||
Initial Costs, Land | $ 350 | |||
Costs Capitalized Subsequent to Acquisition | 30,811 | |||
Gross Amount at Which Carried at Close of Period, Land | 1,958 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 29,203 | |||
Total | 31,161 | |||
Accumulated Depreciation | $ 3,435 | |||
Other Property [Member] | 500 Avenue At Port Imperial [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 2013 | |||
Acquired | 2013 | |||
Related Encumbrances | $ 37,315 | |||
Initial Costs, Land | 13,099 | |||
Initial Costs, Building and Improvements | 56,669 | |||
Costs Capitalized Subsequent to Acquisition | (19,361) | |||
Gross Amount at Which Carried at Close of Period, Land | 13,099 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 37,308 | |||
Total | 50,407 | |||
Accumulated Depreciation | $ 5,904 | |||
Other Property [Member] | Residence Inn/Autograph Collection By Marriott [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 2019 | |||
Acquired | 2015 | |||
Related Encumbrances | $ 75,029 | |||
Initial Costs, Land | 23,660 | |||
Costs Capitalized Subsequent to Acquisition | 113,702 | |||
Gross Amount at Which Carried at Close of Period, Land | 23,660 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 113,702 | |||
Total | 137,362 | |||
Accumulated Depreciation | 2,031 | |||
Other Property [Member] | 34 Sylvan Way [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Costs, Land | 37,873 | |||
Initial Costs, Building and Improvements | 550 | |||
Costs Capitalized Subsequent to Acquisition | 42,390 | |||
Gross Amount at Which Carried at Close of Period, Land | 45,840 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 34,973 | |||
Total | 80,813 | |||
Accumulated Depreciation | 6,634 | |||
Projects Under Development And Developable Land [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encumbrances | 41,588 | |||
Initial Costs, Land | 319,819 | |||
Initial Costs, Building and Improvements | 559,896 | |||
Gross Amount at Which Carried at Close of Period, Land | 319,819 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 559,896 | |||
Total | 879,715 | |||
Accumulated Depreciation | 52,082 | |||
Furniture, Fixtures And Equipment [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Costs Capitalized Subsequent to Acquisition | 78,716 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 78,716 | |||
Total | 78,716 | |||
Accumulated Depreciation | $ 16,610 | |||
Buildings And Improvements [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Useful Live | 40 years | |||
Real Estate Held-for-sale | $ 1,300,000 | |||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Total | 5,810,064 | |||
Accumulated Depreciation | $ 971,402 |
Real Estate Investments And A_3
Real Estate Investments And Accumulated Depreciation (Schedule Of Changes In Rental Properties And Accumulated Depreciation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real Estate Investments And Accumulated Depreciation [Abstract] | |||
Rental Properties, Balance at beginning of year | $ 5,306,017 | $ 5,102,844 | $ 4,804,867 |
Rental Properties, Additions | 1,349,959 | 686,452 | 1,179,365 |
Rental Properties, Real estate held for sale | (1,553,383) | (184,233) | (310,089) |
Rental Properties, Properties sold | (824,167) | (238,873) | (538,424) |
Rental Properties, Retirements/disposals | (21,745) | (60,173) | (32,875) |
Rental Properties, Balance at end of year | 4,256,681 | 5,306,017 | 5,102,844 |
Accumulated Depreciation, Balance at beginning of year | 1,097,868 | 1,087,083 | 1,332,073 |
Accumulated Depreciation, Depreciation expense | 156,250 | 140,726 | 154,343 |
Accumulated Depreciation, Real estate held for sale | (411,833) | (30,404) | (126,503) |
Accumulated Depreciation, Properties sold | (261,923) | (39,364) | (217,625) |
Accumulated Depreciation, Repurposed buildings | (22,330) | ||
Accumulated Depreciation, Retirements/disposals | (21,745) | (60,173) | (32,875) |
Accumulated Depreciation, Balance at end of year | $ 558,617 | $ 1,097,868 | $ 1,087,083 |
Mortgage Loans On Real Estate (
Mortgage Loans On Real Estate (Schedule Of Mortgage Loans On Real Estate) (Details) - Borrower A [Member] - Land [Member] | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Interest Accrual Rate | 5.85% |
Interest Payment Rate | 5.85% |
Final Maturity Date | Jul. 21, 2019 |
Periodic Payment Terms | P&I |
Mortgage Loans On Real Estate_2
Mortgage Loans On Real Estate (Schedule Of Reconciliation On Real Estate) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |||
Beginning Balance | $ 45,242 | $ 45,734 | |
New mortgage loan | $ 44,695 | ||
Accrued interest | 813 | 2,508 | 1,039 |
Repayments | $ (46,055) | (3,000) | |
Ending Balance | $ 45,242 | $ 45,734 |