Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 27, 2021 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Entity Central Index Key | 0000924901 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | Mack-Cali Realty Corporation | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity File Number | 1-13274 | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 22-3305147 | |
Entity Address, Address Line One | Harborside 3, 210 Hudson St. | |
Entity Address, Address Line Two | Ste. 400 | |
Entity Address, City or Town | Jersey City | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07311 | |
City Area Code | 732 | |
Local Phone Number | 590-1010 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | CLI | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 90,946,165 | |
Mack-Cali Realty LP [Member] | ||
Entity Central Index Key | 0001067063 | |
Entity Registrant Name | Mack-Cali Realty, L.P. | |
Entity File Number | 333-57103 | |
Entity Filer Category | Large Accelerated Filer |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Rental property | ||
Land and leasehold interests | $ 632,292 | $ 639,636 |
Buildings and improvements | 3,854,494 | 3,743,831 |
Tenant improvements | 166,868 | 171,623 |
Furniture, fixtures and equipment | 90,082 | 83,553 |
Gross investment in rental property | 4,743,736 | 4,638,643 |
Less - accumulated depreciation and amortization | (693,868) | (656,331) |
Total investment in rental property | 4,049,868 | 3,982,312 |
Real estate held for sale, net | 84,834 | 656,963 |
Net investment in rental property | 4,134,702 | 4,639,275 |
Cash and cash equivalents | 37,628 | 38,096 |
Restricted cash | 16,147 | 14,207 |
Investments in unconsolidated joint ventures | 154,914 | 162,382 |
Unbilled rents receivable, net | 70,786 | 84,907 |
Deferred charges, goodwill and other assets, net | 173,379 | 199,541 |
Accounts receivable | 3,921 | 9,378 |
Total assets | 4,591,477 | 5,147,786 |
LIABILITIES AND EQUITY | ||
Senior unsecured notes, net | 572,653 | |
Revolving credit facility and term loans | 189,000 | 25,000 |
Mortgages, loans payable and other obligations, net | 2,170,284 | 2,204,144 |
Dividends and distributions payable | 386 | 1,493 |
Accounts payable, accrued expenses and other liabilities | 171,321 | 194,717 |
Rents received in advance and security deposits | 27,406 | 34,101 |
Accrued interest payable | 5,775 | 10,001 |
Total liabilities | 2,564,172 | 3,042,109 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 516,972 | 513,297 |
Mack-Cali Realty Corporation stockholders' equity: | ||
Common stock, $0.01 par value, 190,000,000 shares authorized, 90,947,154 and 90,712,417 shares outstanding | 909 | 907 |
Additional paid-in capital | 2,529,050 | 2,528,187 |
Dividends in excess of net earnings | (1,194,733) | (1,130,277) |
Total Mack-Cali Realty Corporation stockholders' equity | 1,335,226 | 1,398,817 |
Noncontrolling interests in subsidiaries: | ||
Operating Partnership | 132,683 | 148,791 |
Consolidated joint ventures | 42,424 | 44,772 |
Total noncontrolling interests in subsidiaries | 175,107 | 193,563 |
Total equity | 1,510,333 | 1,592,380 |
Total equity | 1,510,333 | 1,592,380 |
Total liabilities and equity | 4,591,477 | 5,147,786 |
Mack-Cali Realty LP [Member] | ||
Rental property | ||
Land and leasehold interests | 632,292 | 639,636 |
Buildings and improvements | 3,854,494 | 3,743,831 |
Tenant improvements | 166,868 | 171,623 |
Furniture, fixtures and equipment | 90,082 | 83,553 |
Gross investment in rental property | 4,743,736 | 4,638,643 |
Less - accumulated depreciation and amortization | (693,868) | (656,331) |
Total investment in rental property | 4,049,868 | 3,982,312 |
Real estate held for sale, net | 84,834 | 656,963 |
Net investment in rental property | 4,134,702 | 4,639,275 |
Cash and cash equivalents | 37,628 | 38,096 |
Restricted cash | 16,147 | 14,207 |
Investments in unconsolidated joint ventures | 154,914 | 162,382 |
Unbilled rents receivable, net | 70,786 | 84,907 |
Deferred charges, goodwill and other assets, net | 173,379 | 199,541 |
Accounts receivable | 3,921 | 9,378 |
Total assets | 4,591,477 | 5,147,786 |
LIABILITIES AND EQUITY | ||
Senior unsecured notes, net | 572,653 | |
Revolving credit facility and term loans | 189,000 | 25,000 |
Mortgages, loans payable and other obligations, net | 2,170,284 | 2,204,144 |
Dividends and distributions payable | 386 | 1,493 |
Accounts payable, accrued expenses and other liabilities | 171,321 | 194,717 |
Rents received in advance and security deposits | 27,406 | 34,101 |
Accrued interest payable | 5,775 | 10,001 |
Total liabilities | 2,564,172 | 3,042,109 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 516,972 | 513,297 |
Mack-Cali Realty Corporation stockholders' equity: | ||
General Partner, 90,947,154 and 90,712,417 common units outstanding | 1,266,901 | 1,330,048 |
Limited partners, 9,037,532 and 9,649,031 common units/LTIPs outstanding | 201,008 | 217,560 |
Total Mack-Cali Realty, L.P. partners' capital | 1,467,909 | 1,547,608 |
Noncontrolling interests in subsidiaries: | ||
Noncontrolling interests in consolidated joint ventures | 42,424 | 44,772 |
Total equity | 1,510,333 | 1,592,380 |
Total liabilities and equity | $ 4,591,477 | $ 5,147,786 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 190,000,000 | 190,000,000 |
Common stock, shares outstanding | 90,947,154 | 90,712,417 |
Mack-Cali Realty LP [Member] | ||
General Partner common units outstanding | 90,947,154 | 90,712,417 |
Limited partners common units outstanding | 9,037,532 | 9,649,031 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
REVENUES | ||||
Revenue from leases | $ 68,936 | $ 66,357 | $ 134,707 | $ 138,336 |
Total revenues | 81,247 | 74,197 | 157,340 | 157,801 |
EXPENSES | ||||
Real estate taxes | 12,222 | 10,777 | 24,053 | 21,917 |
Utilities | 3,151 | 3,113 | 7,243 | 6,966 |
Operating services | 19,090 | 15,842 | 34,540 | 32,063 |
Real estate services expenses | 3,213 | 3,085 | 6,531 | 6,807 |
General and administrative | 18,067 | 16,966 | 32,056 | 32,784 |
Dead deal and transaction-related costs | 2,745 | 277 | 2,745 | 277 |
Depreciation and amortization | 28,893 | 27,440 | 57,066 | 61,335 |
Property impairments | 6,041 | 6,041 | ||
Land and other impairments | 7,519 | 16,846 | 7,932 | 22,109 |
Total expenses | 100,941 | 94,346 | 178,207 | 184,258 |
OTHER (EXPENSE) INCOME | ||||
Interest expense | (16,554) | (20,611) | (34,164) | (41,529) |
Interest and other investment income (loss) | 95 | 7 | 112 | 39 |
Equity in earnings (loss) of unconsolidated joint ventures | 349 | (946) | (1,107) | (1,654) |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net | 3,521 | 3,521 | (7,915) | |
Gain on disposition of developable land | 111 | 111 | 4,813 | |
Loss from extinguishment of debt, net | (46,735) | |||
Total other income (expense) | (59,213) | (21,550) | (78,262) | (46,246) |
Net income (loss) from continuing operations | (78,907) | (41,699) | (99,129) | (72,703) |
Discontinued operations: | ||||
Income from discontinued operations | 2,796 | 20,694 | 13,758 | 41,600 |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | 2,080 | (11,929) | 24,861 | (39,675) |
Total discontinued operations, net | 4,876 | 8,765 | 38,619 | 1,925 |
Net income (loss) | (74,031) | (32,934) | (60,510) | (70,778) |
Noncontrolling interests in consolidated joint ventures | 1,198 | 829 | 2,533 | 1,005 |
Noncontrolling interests in Operating Partnership of income from continuing operations | 7,669 | 4,527 | 9,974 | 8,089 |
Noncontrolling interests in Operating Partnership in discontinued operations | (444) | (838) | (3,511) | (185) |
Redeemable noncontrolling interests | (6,471) | (6,471) | (12,942) | (12,942) |
Net income (loss) available to common shareholders | $ (72,079) | $ (34,887) | $ (64,456) | $ (74,811) |
Basic earnings per common share: | ||||
Income (loss) from continuing operations | $ (0.86) | $ (0.50) | $ (1.13) | $ (0.90) |
Discontinued operations | 0.05 | 0.09 | 0.38 | 0.02 |
Net income (loss) available to common shareholders | (0.81) | (0.41) | (0.75) | (0.88) |
Diluted earnings per common share: | ||||
Income (loss) from continuing operations | (0.86) | (0.50) | (1.13) | (0.90) |
Discontinued operations | 0.05 | 0.09 | 0.38 | 0.02 |
Net income (loss) available to common shareholders | $ (0.81) | $ (0.41) | $ (0.75) | $ (0.88) |
Basic weighted average shares outstanding | 90,774 | 90,629 | 90,733 | 90,622 |
Diluted weighted average shares outstanding | 99,873 | 100,213 | 99,817 | 100,198 |
Real Estate Services [Member] | ||||
REVENUES | ||||
Total revenues | $ 2,593 | $ 2,755 | $ 5,120 | $ 5,748 |
Parking Income [Member] | ||||
REVENUES | ||||
Total revenues | 3,484 | 3,034 | 6,570 | 8,299 |
Hotel Income [Member] | ||||
REVENUES | ||||
Total revenues | 2,714 | 772 | 3,767 | 2,397 |
Other Income [Member] | ||||
REVENUES | ||||
Total revenues | 3,520 | 1,279 | 7,176 | 3,021 |
Mack-Cali Realty LP [Member] | ||||
REVENUES | ||||
Revenue from leases | 68,936 | 66,357 | 134,707 | 138,336 |
Total revenues | 81,247 | 74,197 | 157,340 | 157,801 |
EXPENSES | ||||
Real estate taxes | 12,222 | 10,777 | 24,053 | 21,917 |
Utilities | 3,151 | 3,113 | 7,243 | 6,966 |
Operating services | 19,090 | 15,842 | 34,540 | 32,063 |
Real estate services expenses | 3,213 | 3,085 | 6,531 | 6,807 |
General and administrative | 18,067 | 16,966 | 32,056 | 32,784 |
Dead deal and transaction-related costs | 2,745 | 277 | 2,745 | 277 |
Depreciation and amortization | 28,893 | 27,440 | 57,066 | 61,335 |
Property impairments | 6,041 | 6,041 | ||
Land and other impairments | 7,519 | 16,846 | 7,932 | 22,109 |
Total expenses | 100,941 | 94,346 | 178,207 | 184,258 |
OTHER (EXPENSE) INCOME | ||||
Interest expense | (16,554) | (20,611) | (34,164) | (41,529) |
Interest and other investment income (loss) | 95 | 7 | 112 | 39 |
Equity in earnings (loss) of unconsolidated joint ventures | 349 | (946) | (1,107) | (1,654) |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net | 3,521 | 3,521 | (7,915) | |
Gain on disposition of developable land | 111 | 111 | 4,813 | |
Loss from extinguishment of debt, net | (46,735) | (46,735) | ||
Total other income (expense) | (59,213) | (21,550) | (78,262) | (46,246) |
Net income (loss) from continuing operations | (78,907) | (41,699) | (99,129) | (72,703) |
Discontinued operations: | ||||
Income from discontinued operations | 2,796 | 20,694 | 13,758 | 41,600 |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | 2,080 | (11,929) | 24,861 | (39,675) |
Total discontinued operations, net | 4,876 | 8,765 | 38,619 | 1,925 |
Net income (loss) | (74,031) | (32,934) | (60,510) | (70,778) |
Noncontrolling interests in consolidated joint ventures | 1,198 | 829 | 2,533 | 1,005 |
Redeemable noncontrolling interests | (6,471) | (6,471) | (12,942) | (12,942) |
Net income (loss) available to common shareholders | $ (79,304) | $ (38,576) | $ (70,919) | $ (82,715) |
Basic earnings per common share: | ||||
Income (loss) from continuing operations | $ (0.86) | $ (0.50) | $ (1.13) | $ (0.90) |
Discontinued operations | 0.05 | 0.09 | 0.38 | 0.02 |
Net income (loss) available to common shareholders | (0.81) | (0.41) | (0.75) | (0.88) |
Diluted earnings per common share: | ||||
Income (loss) from continuing operations | (0.86) | (0.50) | (1.13) | (0.90) |
Discontinued operations | 0.05 | 0.09 | 0.38 | 0.02 |
Net income (loss) available to common shareholders | $ (0.81) | $ (0.41) | $ (0.75) | $ (0.88) |
Basic weighted average units outstanding | 99,873 | 100,213 | 99,817 | 100,198 |
Diluted weighted average units outstanding | 99,873 | 100,213 | 99,817 | 100,198 |
Mack-Cali Realty LP [Member] | Real Estate Services [Member] | ||||
REVENUES | ||||
Total revenues | $ 2,593 | $ 2,755 | $ 5,120 | $ 5,748 |
Mack-Cali Realty LP [Member] | Parking Income [Member] | ||||
REVENUES | ||||
Total revenues | 3,484 | 3,034 | 6,570 | 8,299 |
Mack-Cali Realty LP [Member] | Hotel Income [Member] | ||||
REVENUES | ||||
Total revenues | 2,714 | 772 | 3,767 | 2,397 |
Mack-Cali Realty LP [Member] | Other Income [Member] | ||||
REVENUES | ||||
Total revenues | $ 3,520 | $ 1,279 | $ 7,176 | $ 3,021 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net income (loss) | $ (74,031) | $ (32,934) | $ (60,510) | $ (70,778) |
Other comprehensive income (loss): | ||||
Net unrealized gain (loss) on derivative instruments for interest rate swaps | (16) | |||
Comprehensive income (loss) | (74,031) | (32,934) | (60,510) | (70,794) |
Comprehensive (income) loss attributable to noncontrolling interests in consolidated joint ventures | 1,198 | 829 | 2,533 | 1,005 |
Comprehensive (income) loss attributable to redeemable noncontrolling interests | (6,471) | (6,471) | (12,942) | (12,942) |
Comprehensive (income) loss attributable to noncontrolling interests in Operating Partnership | 7,225 | 3,689 | 6,463 | 7,938 |
Comprehensive income (loss) attributable to common shareholders | (72,079) | (34,887) | (64,456) | (74,793) |
Mack-Cali Realty LP [Member] | ||||
Net income (loss) | (74,031) | (32,934) | $ (60,510) | $ (70,778) |
Other comprehensive income (loss): | ||||
Comprehensive income (loss) | (74,031) | (32,934) | ||
Comprehensive (income) loss attributable to noncontrolling interests in consolidated joint ventures | 1,198 | 829 | ||
Comprehensive (income) loss attributable to redeemable noncontrolling interests | (6,471) | (6,471) | ||
Comprehensive income (loss) attributable to common shareholders | $ (79,304) | $ (38,576) |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Equity - USD ($) $ 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]Noncontrolling Interests In Subsidiaries [Member] | Mack-Cali Realty LP [Member] | General Partner Common Units [Member] | Limited Partner Common Units/Vested LTIP Units [Member] | General Partner Common Unitholders [Member] | Limited Partner Common Unitholders [Member] | Noncontrolling Interest In Consolidated Joint Ventures [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, 2019 | $ 906 | $ 2,535,440 | $ (1,042,629) | $ (18) | $ 205,776 | $ 1,699,475 | |||||||||||||
Balance, shares at Dec. 31, 2019 | 90,595,000 | ||||||||||||||||||
Balance, value at Dec. 31, 2019 | $ 1,427,568 | $ 224,629 | $ (18) | $ 47,296 | $ 1,699,475 | ||||||||||||||
Balance, units at Dec. 31, 2019 | 90,595,000 | 9,612,000 | |||||||||||||||||
Net income (loss) | (74,811) | (7,904) | 11,937 | (70,778) | (74,811) | 4,033 | (70,778) | ||||||||||||
Common stock dividends | (18,119) | (18,119) | |||||||||||||||||
Common unit distributions | (18,119) | (1,480) | (19,599) | $ (18,119) | (1,480) | (1,480) | |||||||||||||
Redeemable noncontrolling interests | (5,040) | (533) | (12,942) | (18,515) | (5,040) | (13,475) | (18,515) | ||||||||||||
Change in noncontrolling interests in consolidated joint ventures | 133 | 133 | 133 | 133 | |||||||||||||||
Redemption of common units for common stock, value | $ 72 | ||||||||||||||||||
Redemption of common units, value | $ (98) | $ (2,141) | (2,141) | (2,141) | (2,141) | ||||||||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, value | $ 2 | 30 | 30 | 30 | 30 | ||||||||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, shares | 2,000 | ||||||||||||||||||
Directors' deferred compensation plan, value | $ 139 | $ 139 | 139 | 139 | 139 | ||||||||||||||
Stock compensation, value | 764 | 4,205 | 4,969 | ||||||||||||||||
Stock compensation, value | 764,000 | 4,205,000 | 4,969,000 | ||||||||||||||||
Cancellation of restricted shares, value | $ (201) | $ (201) | (201) | (201) | |||||||||||||||
Other comprehensive income (loss) | (34) | 18 | (16) | 18 | $ 18 | (34) | (16) | ||||||||||||
Rebalancing of ownership percentage between parent and subsidiaries | 2,353 | 2,353 | (2,353) | ||||||||||||||||
Balance, value at Jun. 30, 2020 | $ 906 | 2,533,686 | (1,135,559) | 194,463 | 1,593,496 | ||||||||||||||
Balance, shares at Jun. 30, 2020 | 90,597,000 | ||||||||||||||||||
Balance, value at Jun. 30, 2020 | $ 1,330,531 | 216,541 | $ 46,424 | 46,424 | 1,593,496 | ||||||||||||||
Balance, units at Jun. 30, 2020 | 90,597,000 | 9,586,000 | |||||||||||||||||
Balance, value at Mar. 31, 2020 | $ 906 | 2,533,909 | (1,100,672) | 198,017 | 1,632,160 | ||||||||||||||
Balance, shares at Mar. 31, 2020 | 90,596,000 | ||||||||||||||||||
Balance, value at Mar. 31, 2020 | 1,367,252 | 217,572 | 47,336 | 1,632,160 | |||||||||||||||
Balance, units at Mar. 31, 2020 | 90,596,000 | 9,518,000 | |||||||||||||||||
Net income (loss) | (34,887) | (3,689) | 5,642 | (32,934) | (34,887) | 1,953 | (32,934) | ||||||||||||
Common unit distributions | 790 | 790 | 790 | 790 | |||||||||||||||
Redeemable noncontrolling interests | (2,236) | (237) | (6,471) | (8,944) | (2,236) | (6,708) | (8,944) | ||||||||||||
Change in noncontrolling interests in consolidated joint ventures | (83) | (83) | (83) | (83) | |||||||||||||||
Vested LTIP units, shares | 68,000 | ||||||||||||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, value | 11 | 11 | 11 | 11 | |||||||||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, shares | 1,000 | 1,000 | |||||||||||||||||
Directors' deferred compensation plan, value | 57 | 57 | 57 | 57 | 57 | ||||||||||||||
Stock compensation, value | 334 | 2,105 | 2,439 | 334 | 2,105 | 2,439 | |||||||||||||
Rebalancing of ownership percentage between parent and subsidiaries | 1,611 | 1,611 | (1,611) | ||||||||||||||||
Balance, value at Jun. 30, 2020 | $ 906 | 2,533,686 | (1,135,559) | 194,463 | 1,593,496 | ||||||||||||||
Balance, shares at Jun. 30, 2020 | 90,597,000 | ||||||||||||||||||
Balance, value at Jun. 30, 2020 | 1,330,531 | 216,541 | 46,424 | $ 46,424 | 1,593,496 | ||||||||||||||
Balance, units at Jun. 30, 2020 | 90,597,000 | 9,586,000 | |||||||||||||||||
Balance, value at Dec. 31, 2020 | $ 907 | 2,528,187 | (1,130,277) | 193,563 | 1,592,380 | ||||||||||||||
Balance, shares at Dec. 31, 2020 | 90,712,000 | ||||||||||||||||||
Balance, value at Dec. 31, 2020 | 1,592,380 | 1,330,048 | $ 217,560 | $ 44,772 | 1,592,380 | ||||||||||||||
Balance, units at Dec. 31, 2020 | 90,712,000 | 9,649,000 | |||||||||||||||||
Net income (loss) | (64,456) | (6,463) | 10,409 | (64,456) | 3,946 | (60,510) | |||||||||||||
Common unit distributions | 643 | 643 | 643 | ||||||||||||||||
Redeemable noncontrolling interests | (3,341) | (334) | (12,942) | (3,341) | (13,276) | (16,617) | |||||||||||||
Change in noncontrolling interests in consolidated joint ventures | 185 | 185 | 185 | ||||||||||||||||
Vested LTIP units, value | $ 267 | ||||||||||||||||||
Redemption of common units for common stock, value | 2,716 | (2,716) | $ 2 | 2,714 | (2,716) | ||||||||||||||
Redemption of common units for common stock, shares | 175,000 | (175,000) | 175,000 | ||||||||||||||||
Redemption of common units, value | $ (10,869) | (10,869) | (10,869) | ||||||||||||||||
Redemption of common units, shares | (703,000) | ||||||||||||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, value | 29 | 29 | 29 | ||||||||||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, shares | 2,000 | 2,000 | |||||||||||||||||
Directors' deferred compensation plan, value | $ 138 | 138 | 138 | ||||||||||||||||
Stock compensation, value | 1,885 | 3,187 | $ 5,072 | ||||||||||||||||
Stock compensation, shares | 58,000 | ||||||||||||||||||
Stock compensation, value | 58,000 | 1,885,000 | 3,187,000 | 5,072,000 | |||||||||||||||
Cancellation of common stock, value | $ (118) | (118) | $ (118) | ||||||||||||||||
Cancellation of common stock, shares | 394,625 | ||||||||||||||||||
Cancellation of restricted shares, value | (118) | $ (118) | |||||||||||||||||
Rebalancing of ownership percentage between parent and subsidiaries | (444) | (444) | 444 | ||||||||||||||||
Balance, value at Jun. 30, 2021 | $ 909 | 2,529,050 | (1,194,733) | 175,107 | 1,510,333 | ||||||||||||||
Balance, shares at Jun. 30, 2021 | 90,947,000 | ||||||||||||||||||
Balance, value at Jun. 30, 2021 | 1,266,901 | 201,008 | 42,424 | 1,510,333 | 1,266,901 | $ 201,008 | 42,424 | 1,510,333 | |||||||||||
Balance, units at Jun. 30, 2021 | 90,947,000 | 9,038,000 | 90,947,000 | 9,038,000 | |||||||||||||||
Balance, value at Mar. 31, 2021 | $ 907 | 2,528,570 | (1,122,654) | 182,693 | 1,589,516 | ||||||||||||||
Balance, shares at Mar. 31, 2021 | 90,729,000 | ||||||||||||||||||
Balance, value at Mar. 31, 2021 | 1,336,498 | 209,571 | 43,447 | 1,589,516 | |||||||||||||||
Balance, units at Mar. 31, 2021 | 90,729,000 | 8,980,000 | |||||||||||||||||
Net income (loss) | (72,079) | (7,225) | 5,273 | (74,031) | (72,079) | (1,952) | (74,031) | ||||||||||||
Common unit distributions | 639 | 639 | 639 | 639 | |||||||||||||||
Redeemable noncontrolling interests | (1,550) | (155) | (6,471) | (8,176) | (1,550) | (6,626) | (8,176) | ||||||||||||
Change in noncontrolling interests in consolidated joint ventures | 175 | 175 | 175 | 175 | |||||||||||||||
Vested LTIP units, shares | 258,000 | ||||||||||||||||||
Redemption of common units for common stock, value | $ (175) | 2,716 | (2,716) | 2,716 | $ 2 | 2,714 | (2,716) | ||||||||||||
Redemption of common units for common stock, shares | 175,000 | 175,000 | |||||||||||||||||
Redemption of common units, value | (410) | (410) | (410) | (410) | |||||||||||||||
Redemption of common units, shares | (25,000) | ||||||||||||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, value | 11 | 11 | 11 | 11 | |||||||||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, shares | 1,000 | 1,000 | |||||||||||||||||
Directors' deferred compensation plan, value | 66 | 66 | 66 | 66 | 66 | ||||||||||||||
Stock compensation, value | 1,239 | 1,304 | 2,543 | 1,239 | 1,304 | 2,543 | |||||||||||||
Stock compensation, shares | 42,000 | 42,000 | |||||||||||||||||
Cancellation of restricted shares, value | |||||||||||||||||||
Cancellation of restricted shares, shares | |||||||||||||||||||
Rebalancing of ownership percentage between parent and subsidiaries | (2,000) | (2,000) | 2,000 | ||||||||||||||||
Balance, value at Jun. 30, 2021 | $ 909 | $ 2,529,050 | $ (1,194,733) | $ 175,107 | 1,510,333 | ||||||||||||||
Balance, shares at Jun. 30, 2021 | 90,947,000 | ||||||||||||||||||
Balance, value at Jun. 30, 2021 | $ 1,266,901 | $ 201,008 | $ 42,424 | $ 1,510,333 | $ 1,266,901 | $ 201,008 | $ 42,424 | $ 1,510,333 | |||||||||||
Balance, units at Jun. 30, 2021 | 90,947,000 | 9,038,000 | 90,947,000 | 9,038,000 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income (loss) | $ (60,510) | $ (70,778) | |
Net (income) loss from discontinued operations | (38,619) | (1,925) | |
Net income (loss) from continuing operations | (99,129) | (72,703) | |
Adjustments to reconcile net income (loss) to net cash provided by Operating activities: | |||
Depreciation and amortization, including related intangible assets | 55,397 | 59,642 | |
Amortization of directors deferred compensation stock units | 138 | 139 | |
Amortization of stock compensation | 5,072 | 4,969 | |
Amortization of deferred financing costs | 2,190 | 2,084 | |
Amortization of debt discount and mark-to-market | 232 | (474) | |
Equity in (earnings) loss of unconsolidated joint ventures | 1,107 | 1,654 | |
Distributions of cumulative earnings from unconsolidated joint ventures | 117 | 3,018 | |
Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net | (3,521) | 7,915 | |
Gain on disposition of developable land | (111) | (4,813) | |
Land and other impairments | 7,932 | 22,109 | |
Property impairments | 6,041 | ||
Loss from extinguishment of debt | 46,735 | ||
Changes in operating assets and liabilities: | |||
(Increase) decrease in unbilled rents receivable, net | (3,403) | 586 | |
Decrease (increase) in deferred charges, goodwill and other assets | 779 | (98) | |
Decrease (increase) in accounts receivable, net | 4,242 | (5,255) | |
Increase (decrease) in accounts payable, accrued expenses and other liabilities | (3,333) | 7,053 | |
(Decrease) Increase in rents received in advance and security deposits | 784 | (2,311) | |
Increase (decrease) in accrued interest payable | 273 | (67) | |
Net cash flows provided by operating activities - continuing operations | 21,542 | 23,448 | |
Net cash flows provided by operating activities - discontinuing operations | 6,405 | 44,806 | |
Net cash provided by operating activities | 27,947 | 68,254 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Rental property acquisitions and related intangibles | (16,159) | ||
Rental property additions and improvements | (32,077) | (104,411) | |
Development of rental property and other related costs | (120,023) | (146,810) | |
Proceeds from the sales of rental property | 42,702 | 16,455 | |
Proceeds from the sale of investments in joint ventures | 1,975 | ||
Repayment of notes receivable | 381 | 208 | |
Investment in unconsolidated joint ventures | (398) | (1,553) | |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 4,949 | 5,875 | |
Net cash used in investing activities - continuing operations | (102,491) | (246,395) | |
Net cash provided by investing activities - discontinuing operations | 592,590 | 52,215 | |
Net cash provided by (used in) investing activities | 490,099 | (194,180) | |
CASH FLOW FROM FINANCING ACTIVITIES | |||
Borrowings from revolving credit facility | 170,000 | 140,000 | |
Repayment of revolving credit facility | (33,000) | (140,000) | |
Borrowings from term loans | 150,000 | ||
Repayments of term loans | (123,000) | ||
Repayment of senior unsecured notes | (573,727) | ||
Proceeds from mortgages and loans payable | 93,772 | 181,358 | |
Repayment of mortgages, loans payable and other obligations | (129,770) | (281) | |
Payment of early debt extinguishment costs | (49,874) | ||
Common unit redemptions | (410) | (2,141) | |
Payment of financing costs | (7,339) | (656) | |
(Contributions) distributions to noncontrolling interests | 185 | 133 | |
Distributions to redeemable noncontrolling interests | (12,942) | (12,942) | |
Payment of common dividends and distributions | (468) | (40,274) | |
Net cash (used in) provided by financing activities | (516,573) | 125,197 | |
Net increase (decrease) in cash and cash equivalents | 1,473 | (729) | |
Cash, cash equivalents and restricted cash, beginning of period | [1] | 52,302 | 41,168 |
Cash, cash equivalents and restricted cash, end of period | [2] | 53,775 | 40,439 |
Mack-Cali Realty LP [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income (loss) | (60,510) | (70,778) | |
Net (income) loss from discontinued operations | (38,619) | (1,925) | |
Net income (loss) from continuing operations | (99,129) | (72,703) | |
Adjustments to reconcile net income (loss) to net cash provided by Operating activities: | |||
Depreciation and amortization, including related intangible assets | 55,397 | 59,642 | |
Amortization of directors deferred compensation stock units | 138 | 139 | |
Amortization of stock compensation | 5,072 | 4,969 | |
Amortization of deferred financing costs | 2,190 | 2,084 | |
Amortization of debt discount and mark-to-market | 232 | (474) | |
Equity in (earnings) loss of unconsolidated joint ventures | 1,107 | 1,654 | |
Distributions of cumulative earnings from unconsolidated joint ventures | 117 | 3,018 | |
Realized (gains) losses and unrealized (gains) losses on disposition of rental property, net | (3,521) | 7,915 | |
Gain on disposition of developable land | (111) | (4,813) | |
Land and other impairments | 7,932 | 22,109 | |
Property impairments | 6,041 | ||
Loss from extinguishment of debt | 46,735 | ||
Changes in operating assets and liabilities: | |||
(Increase) decrease in unbilled rents receivable, net | (3,403) | 586 | |
Decrease (increase) in deferred charges, goodwill and other assets | 779 | (98) | |
Decrease (increase) in accounts receivable, net | 4,242 | (5,255) | |
Increase (decrease) in accounts payable, accrued expenses and other liabilities | (3,333) | 7,053 | |
(Decrease) Increase in rents received in advance and security deposits | 784 | (2,311) | |
Increase (decrease) in accrued interest payable | 273 | (67) | |
Net cash flows provided by operating activities - continuing operations | 21,542 | 23,448 | |
Net cash flows provided by operating activities - discontinuing operations | 6,405 | 44,806 | |
Net cash provided by operating activities | 27,947 | 68,254 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Rental property acquisitions and related intangibles | (16,159) | ||
Rental property additions and improvements | (32,077) | (104,411) | |
Development of rental property and other related costs | (120,023) | (146,810) | |
Proceeds from the sales of rental property | 42,702 | 16,455 | |
Proceeds from the sale of investments in joint ventures | 1,975 | ||
Repayment of notes receivable | 381 | 208 | |
Investment in unconsolidated joint ventures | (398) | (1,553) | |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 4,949 | 5,875 | |
Net cash used in investing activities - continuing operations | (102,491) | (246,395) | |
Net cash provided by investing activities - discontinuing operations | 592,590 | 52,215 | |
Net cash provided by (used in) investing activities | 490,099 | (194,180) | |
CASH FLOW FROM FINANCING ACTIVITIES | |||
Borrowings from revolving credit facility | 170,000 | 140,000 | |
Repayment of revolving credit facility | (33,000) | (140,000) | |
Borrowings from term loans | 150,000 | ||
Repayments of term loans | (123,000) | ||
Repayment of senior unsecured notes | (573,727) | ||
Proceeds from mortgages and loans payable | 93,772 | 181,358 | |
Repayment of mortgages, loans payable and other obligations | (129,770) | (281) | |
Payment of early debt extinguishment costs | (49,874) | ||
Common unit redemptions | (410) | (2,141) | |
Payment of financing costs | (7,339) | (656) | |
(Contributions) distributions to noncontrolling interests | 185 | 133 | |
Distributions to redeemable noncontrolling interests | (12,942) | (12,942) | |
Payment of common dividends and distributions | (468) | (40,274) | |
Net cash (used in) provided by financing activities | (516,573) | 125,197 | |
Net increase (decrease) in cash and cash equivalents | 1,473 | (729) | |
Cash, cash equivalents and restricted cash, beginning of period | [1] | 52,302 | 41,168 |
Cash, cash equivalents and restricted cash, end of period | [2] | $ 53,775 | $ 40,439 |
[1] | Includes Restricted Cash of $ 14,207 and $ 15,577 as of December 31, 2020 and 2019, respectively. | ||
[2] | Includes Restricted Cash of $ 16,147 and $ 14,144 as of June 30, 2021 and 2020, respectively. |
Consolidated Statements Of Ca_2
Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Restricted cash | $ 16,147 | $ 14,207 | $ 14,144 | $ 15,577 |
Mack-Cali Realty LP [Member] | ||||
Restricted cash | $ 16,147 | $ 14,207 | $ 14,144 | $ 15,577 |
Organization And Basis Of Prese
Organization And Basis Of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
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 91.0 and 90.4 percent common unit interest in the Operating Partnership as of June 30, 2021 and December 31, 2020, 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 June 30, 2021, the Company owned or had interests in 38 real estate properties (the “Properties”). The Properties are comprised of 10 office buildings totaling approximately 5.5 million square feet and leased to approximately 110 tenants (which include one building, aggregating approximately 106,000 square feet owned by an unconsolidated joint venture in which the Company has an investment interest), 20 multi-family properties, totaling 6,018 apartment units (which include six properties aggregating 1,786 apartment units owned by unconsolidated joint ventures in which the Company has investment interests), four parking/retail properties totaling approximately 108,000 square feet (which include a building aggregating 51,000 square feet owned by unconsolidated joint ventures in which the Company has investment interests), three hotels containing 723 rooms (one of which is owned by an unconsolidated joint venture in which the Company has an investment interest) and one parcel of land leased to a third party. The Properties are located in three states in the Northeast, plus the District of Columbia. On December 19, 2019, the Company announced that its Board had determined to sell the Company’s entire suburban New Jersey office portfolio totaling approximately 6.6 million square feet (collectively, the “Suburban Office Portfolio”). As the decision to sell the Suburban Office Portfolio represented a strategic shift in the Company’s operations, these properties’ results (other than a property not qualified to be classified as held for sale) 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 June 30, 2021 and December 31, 2020, the Company’s investments in consolidated real estate joint ventures, which are variable interest entities in which the Company is deemed to be the primary beneficiary, other than Roseland Residential, L.P. (See Note 15: Redeemable Noncontrolling Interests – Rockpoint Transaction), have total real estate assets of $ 481.7 million and $ 486.1 million, respectively, other assets of $ 4.7 million and $ 4.5 million, respectively, mortgages of $ 285.8 million and $ 284.8 million, respectively, and other liabilities of $ 21.3 million and $ 21 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 91.0 and 90.4 percent common unit interest in the Operating Partnership as of June 30, 2021 and December 31, 2020, 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 June 30, 2021, the Company owned or had interests in 38 real estate properties (the “Properties”). The Properties are comprised of 10 office buildings totaling approximately 5.5 million square feet and leased to approximately 110 tenants (which include one building, aggregating approximately 106,000 square feet owned by an unconsolidated joint venture in which the Company has an investment interest), 20 multi-family properties, totaling 6,018 apartment units (which include six properties aggregating 1,786 apartment units owned by unconsolidated joint ventures in which the Company has investment interests), four parking/retail properties totaling approximately 108,000 square feet (which include a building aggregating 51,000 square feet owned by unconsolidated joint ventures in which the Company has investment interests), three hotels containing 723 rooms (one of which is owned by an unconsolidated joint venture in which the Company has an investment interest) and one parcel of land leased to a third party. The Properties are located in three states in the Northeast, plus the District of Columbia. On December 19, 2019, the Company announced that its Board had determined to sell the Company’s entire suburban New Jersey office portfolio totaling approximately 6.6 million square feet (collectively, the “Suburban Office Portfolio”). As the decision to sell the Suburban Office Portfolio represented a strategic shift in the Company’s operations, these properties’ results (other than a property not qualified to be classified as held for sale) 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 June 30, 2021 and December 31, 2020, the Company’s investments in consolidated real estate joint ventures, which are variable interest entities in which the Company is deemed to be the primary beneficiary, other than Roseland Residential, L.P. (See Note 15: Redeemable Noncontrolling Interests – Rockpoint Transaction), have total real estate assets of $ 481.7 million and $ 486.1 million, respectively, other assets of $ 4.7 million and $ 4.5 million, respectively, mortgages of $ 285.8 million and $ 284.8 million, respectively, and other liabilities of $ 21.3 million and $ 21 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 | 6 Months Ended |
Jun. 30, 2021 | |
Significant Accounting Policies [Line Items] | |
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES These financial statements should be read in conjunction with the Company’s audited Annual Report on Form 10-K for the year ended December 31, 2020, as certain disclosures in this Quarterly Report on Form 10-Q that would duplicate those included in the 10-K are not included in these financial statements. Rental Property Rental properties are stated at cost less accumulated depreciation and amortization. Costs directly related to the acquisition, development and construction of rental properties are capitalized. The Company adopted Financial Accounting Standards Board (“FASB”) guidance Accounting Standards Update (“ASU”) 2017-01 on January 1, 2017, which revises the definition of a business and is expected to result in more transactions to be accounted for as asset acquisitions and significantly limit transactions that would be accounted for as business combinations. Where an acquisition has been determined to be an asset acquisition, acquisition-related costs are capitalized. Capitalized development and construction costs include pre-construction costs essential to the development of the property, development and construction costs, interest, property taxes, insurance, salaries and other project costs incurred during the period of development. Capitalized development and construction salaries and related costs approximated $ 0.6 million and $ 0.4 million for the three months ended June 30, 2021 and 2020, respectively, and $ 1.2 million and $ 0.9 million for the six months ended June 30, 2021 and 2020, 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 June 30, 2021 and December 31, 2020 is real estate and building and tenant improvements not in service, as follows (dollars in thousands) : June 30, December 31, 2021 2020 Land held for development (including pre-development costs, if any) (a)(c) $ 355,199 $ 364,946 Development and construction in progress, including land (b) 794,268 733,560 Total $ 1,149,467 $ 1,098,506 (a) Includes predevelopment and infrastructure costs included in buildings and improvements of $ 162.1 million and $ 160.3 million as of June 30, 2021 and December 31, 2020, respectively. (b) Includes land of $ 74.3 million and $ 74.9 million as of June 30, 2021 and December 31, 2020, respectively. (c) Includes $ 27.3 million of land and $ 6.7 million of building and improvements pertaining to assets held for sale at June 30, 2021 . 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. Dividends and Distributions Payable On September 30, 2020, the Company announced that its Board of Directors was suspending its common dividends and distributions attributable to the third and fourth quarters 2020. As the Company’s management estimated that as of September 2020 it had satisfied its dividends obligations as a REIT on taxable income expected for 2020, the Board made the strategic decision to suspend its common dividends and distributions for the remainder of 2020 in an effort to provide greater financial flexibility during the pandemic and to retain incremental capital to support leasing initiatives at its Harborside commercial office properties on the Jersey City waterfront. On March 19, 2021, the Company announced that its Board of Directors would continue to suspend its common dividend for the remainder of 2021 in order to conserve capital and allow for greater financial flexibility during this period of heightened economic uncertainty and based on the Company’s projected 2021 taxable income estimates. The Company believes that with this suspension, it will still satisfy its dividends obligation as a REIT on taxable income estimated for 2021. The dividends and distributions payable at June 30, 2021 and December 31, 2020 represent amounts payable on unvested LTIP units. Impact of Recently-Issued Accounting Standards In March 2020, the FASB issued ASU 2020-04 Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments provide practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance is optional and is effective between March 12, 2020 and December 31, 2022. The guidance may be elected over time as reference rate reform activities occur. The Company is currently in the process of evaluating the impact the adoption of ASU 2020-04 will have on the Company’s consolidated financial statements. |
Mack-Cali Realty LP [Member] | |
Significant Accounting Policies [Line Items] | |
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES These financial statements should be read in conjunction with the Company’s audited Annual Report on Form 10-K for the year ended December 31, 2020, as certain disclosures in this Quarterly Report on Form 10-Q that would duplicate those included in the 10-K are not included in these financial statements. Rental Property Rental properties are stated at cost less accumulated depreciation and amortization. Costs directly related to the acquisition, development and construction of rental properties are capitalized. The Company adopted Financial Accounting Standards Board (“FASB”) guidance Accounting Standards Update (“ASU”) 2017-01 on January 1, 2017, which revises the definition of a business and is expected to result in more transactions to be accounted for as asset acquisitions and significantly limit transactions that would be accounted for as business combinations. Where an acquisition has been determined to be an asset acquisition, acquisition-related costs are capitalized. Capitalized development and construction costs include pre-construction costs essential to the development of the property, development and construction costs, interest, property taxes, insurance, salaries and other project costs incurred during the period of development. Capitalized development and construction salaries and related costs approximated $ 0.6 million and $ 0.4 million for the three months ended June 30, 2021 and 2020, respectively, and $ 1.2 million and $ 0.9 million for the six months ended June 30, 2021 and 2020, 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 June 30, 2021 and December 31, 2020 is real estate and building and tenant improvements not in service, as follows (dollars in thousands) : June 30, December 31, 2021 2020 Land held for development (including pre-development costs, if any) (a)(c) $ 355,199 $ 364,946 Development and construction in progress, including land (b) 794,268 733,560 Total $ 1,149,467 $ 1,098,506 (a) Includes predevelopment and infrastructure costs included in buildings and improvements of $ 162.1 million and $ 160.3 million as of June 30, 2021 and December 31, 2020, respectively. (b) Includes land of $ 74.3 million and $ 74.9 million as of June 30, 2021 and December 31, 2020, respectively. (c) Includes $ 27.3 million of land and $ 6.7 million of building and improvements pertaining to assets held for sale at June 30, 2021 . 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. Dividends and Distributions Payable On September 30, 2020, the Company announced that its Board of Directors was suspending its common dividends and distributions attributable to the third and fourth quarters 2020. As the Company’s management estimated that as of September 2020 it had satisfied its dividends obligations as a REIT on taxable income expected for 2020, the Board made the strategic decision to suspend its common dividends and distributions for the remainder of 2020 in an effort to provide greater financial flexibility during the pandemic and to retain incremental capital to support leasing initiatives at its Harborside commercial office properties on the Jersey City waterfront. On March 19, 2021, the Company announced that its Board of Directors would continue to suspend its common dividend for the remainder of 2021 in order to conserve capital and allow for greater financial flexibility during this period of heightened economic uncertainty and based on the Company’s projected 2021 taxable income estimates. The Company believes that with this suspension, it will still satisfy its dividends obligation as a REIT on taxable income estimated for 2021. The dividends and distributions payable at June 30, 2021 and December 31, 2020 represent amounts payable on unvested LTIP units. Impact of Recently-Issued Accounting Standards In March 2020, the FASB issued ASU 2020-04 Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments provide practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance is optional and is effective between March 12, 2020 and December 31, 2022. The guidance may be elected over time as reference rate reform activities occur. The Company is currently in the process of evaluating the impact the adoption of ASU 2020-04 will have on the Company’s consolidated financial statements. |
Recent Transactions
Recent Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Recent Transactions [Line Items] | |
Recent Transactions | 3. RECENT TRANSACTIONS Properties Commencing Initial Operations The following property commenced initial operations during the six months ended June 30, 2021 (dollars in thousands) : Total In Service Property # of Development Date Property Location Type Apartment Units Costs Incurred 03/01/21 The Upton (a) Short Hills, NJ Multi-Family 193 $ 99,980 Totals 193 $ 99,980 (a) As of June 30, 2021, 157 apartment units are currently available for occupancy. The development costs included approximately $ 2.9 million in land costs. Additionally, a land lease located in Parsippany, New Jersey, with two restaurant tenants, also commenced initial operations during the six months ended June 30, 2021. Development costs incurred amounted to $ 5.1 million. This land lease was sold by the Company on June 30, 2021. Real Estate Held for Sale/Discontinued Operations/Dispositions On December 19, 2019, the Company announced that its Board had determined to sell the Company’s entire suburban New Jersey office portfolio totaling approximately 6.6 million square feet, which excludes the Company’s office properties in Jersey City and Hoboken, New Jersey, (collectively, the “Suburban Office Portfolio”). As the decision to sell the Suburban Office Portfolio represented a strategic shift in the Company’s operations, these properties’ results (other than a property not qualified to be classified as held for sale) are being classified as discontinued operations for all periods presented herein. See Note 7: Discontinued Operations. In late 2019 through June 30, 2021, the Company completed the sale of 34 of these suburban office properties, totaling 5.8 million square feet, for net sales proceeds of $ 989 million. As of June 30, 2021, the Company has identified as held for sale the remaining two office properties (comprised of two identified disposal groups) in the Suburban Office Portfolio, totaling 0.5 million square feet (both of which the Company currently has under contract for sale for aggregate gross sales proceeds of approximately $ 54.3 million). In July 2021, the Company completed the sale of one of the properties held for sale, which was a 237,000 square foot office property, for a gross sales price of $29 million. The net proceeds were used to repay the outstanding balance of 2021 Term Loan of $27 million. The Company plans to complete the sale of substantially all of its remaining Suburban Office Portfolio properties during the remainder of 2021, and to use the available sales proceeds to pay down its corporate-level indebtedness. However, the Company cannot predict whether or to what extent the timing of these sales and the expected amount may be impacted by the ongoing coronavirus pandemic (“COVID-19”). After the completion of the Suburban Office Portfolio sales, the Company’s holdings will consist primarily of its Jersey City and Hoboken, New Jersey waterfront office portfolio and its multi-family rental portfolio, and related development projects and land holdings. Additionally, the Company also identified a small retail pad leased to others and several developable land parcels as held for sale as of June 30, 2021. As a result of recent sales contracts in place and after considering the current market conditions as a result of the challenging economic climate with the current worldwide COVID-19 pandemic, the Company determined that the carrying value of three of the remaining held for sale properties and a land parcel held for sale was not expected to be recovered from estimated net sales proceeds, and accordingly, during the three and six months ended June 30, 2021, recognized an unrealized held for sale loss allowance of $ 1.4 million and $ 2.6 million, respectively, (of which $ 1.0 million and $ 2.1 million is included in discontinued operations), for the property and land impairments of $ 0.4 million. The following table summarizes the real estate held for sale, net, and other assets and liabilities (dollars in thousands) : Suburban Other Office Assets Portfolio (a) Held for Sale Total Land $ 13,854 $ 40,509 $ 54,363 Building & Other 83,409 24,291 107,700 Less: Accumulated depreciation ( 24,303 ) ( 7,991 ) ( 32,294 ) Less: Cumulative unrealized losses on property held for sale ( 27,748 ) ( 17,187 ) ( 44,935 ) Real estate held for sale, net $ 45,212 $ 39,622 $ 84,834 Suburban Other Office Assets Other assets and liabilities Portfolio (a) Held for Sale Total Unbilled rents receivable, net (b) $ 1,915 $ - $ 1,915 Deferred charges, net (b) 1,563 138 1,701 Total intangibles, net (b) 3,377 - 3,377 Total deferred charges & other assets, net 5,712 138 5,850 Total below market liability (b) 86 - 86 Accounts payable, accrued exp & other liability 7,018 265 7,283 Unearned rents/deferred rental income (b) 943 213 1,156 (a) Classified as discontinued operations at June 30, 2021 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 six months ended June 30, 2021 (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 Type Proceeds Value Losses, net Losses, net 01/13/21 100 Overlook Center Princeton, New Jersey 1 149,600 Office $ 34,724 (a) $ 26,488 $ 8,236 03/25/21 Metropark portfolio Edison and Iselin, New Jersey 4 926,656 Office 247,351 233,826 13,525 04/20/21 Short Hills portfolio (b) Short Hills, New Jersey 4 828,413 Office 248,664 245,800 2,864 06/11/21 Red Bank portfolio Red Bank, New Jersey 5 659,490 Office 80,730 78,364 2,366 06/30/21 Retail land leases Hanover and Parsippany, New Jersey - - Land Lease 41,957 37,951 $ 4,006 - Sub-total 14 2,564,159 653,426 622,429 4,006 26,991 Unrealized gains(losses) on real estate held for sale ( 485 ) ( 2,130 ) Totals 14 2,564,159 $ 653,426 $ 622,429 $ 3,521 $ 24,861 (a) As part of the consideration from the buyer, 678,302 Common Units were redeemed by the Company at a book value of $ 10.5 million, which was a non-cash portion of this sales transaction. The balance of the proceeds was received in cash and used to repay the Company's borrowings on its unsecured revolving credit facility. See Note 17: Noncontrolling Interests in Subsidiaries - Noncontrolling Interests in Operating Partnership. (b) The mortgage loan encumbering three of the properties was defeased at closing, for which the Company incurred costs of $ 22.6 million. These costs were expensed as loss from extinguishment of debt during the three months ended June 30, 2021. On May 24, 2021, the Company disposed of a developable land parcel located in Hamilton, New Jersey, for net sales proceeds of $ 745,000 (and recorded a net gain of $ 111,000 on the disposition). Impairments on Properties and Land Held and Used The Company determined that, due to the shortening of its expected period of ownership, which occurred during the second quarter 2021, the Company evaluated the recoverability of the carrying value of its office property in Hoboken, New Jersey, and determined that it was necessary to reduce the carrying value of the property to its estimated fair value. Accordingly, the Company recorded an impairment charge of $ 6.0 million on the office property at June 30, 2021, which is included in property impairments on the consolidated statement of operations. Also as a result of the Company’s shortening of its expected holding period in the second quarter 2021, the Company evaluated the recoverability of the carrying values of its land parcels and determined that it was necessary to reduce the carrying values of a held-and-used developable land parcel located in Jersey City, New Jersey, to its estimated fair value and recorded in land and other impairment charges an amount of $ 7.5 million for the three and six months ended June 30, 2021. |
Mack-Cali Realty LP [Member] | |
Recent Transactions [Line Items] | |
Recent Transactions | 3. RECENT TRANSACTIONS Properties Commencing Initial Operations The following property commenced initial operations during the six months ended June 30, 2021 (dollars in thousands) : Total In Service Property # of Development Date Property Location Type Apartment Units Costs Incurred 03/01/21 The Upton (a) Short Hills, NJ Multi-Family 193 $ 99,980 Totals 193 $ 99,980 (a) As of June 30, 2021, 157 apartment units are currently available for occupancy. The development costs included approximately $ 2.9 million in land costs. Additionally, a land lease located in Parsippany, New Jersey, with two restaurant tenants, also commenced initial operations during the six months ended June 30, 2021. Development costs incurred amounted to $ 5.1 million. This land lease was sold by the Company on June 30, 2021. Real Estate Held for Sale/Discontinued Operations/Dispositions On December 19, 2019, the Company announced that its Board had determined to sell the Company’s entire suburban New Jersey office portfolio totaling approximately 6.6 million square feet, which excludes the Company’s office properties in Jersey City and Hoboken, New Jersey, (collectively, the “Suburban Office Portfolio”). As the decision to sell the Suburban Office Portfolio represented a strategic shift in the Company’s operations, these properties’ results (other than a property not qualified to be classified as held for sale) are being classified as discontinued operations for all periods presented herein. See Note 7: Discontinued Operations. In late 2019 through June 30, 2021, the Company completed the sale of 34 of these suburban office properties, totaling 5.8 million square feet, for net sales proceeds of $ 989 million. As of June 30, 2021, the Company has identified as held for sale the remaining two office properties (comprised of two identified disposal groups) in the Suburban Office Portfolio, totaling 0.5 million square feet (both of which the Company currently has under contract for sale for aggregate gross sales proceeds of approximately $ 54.3 million). In July 2021, the Company completed the sale of one of the properties held for sale, which was a 237,000 square foot office property, for a gross sales price of $29 million. The net proceeds were used to repay the outstanding balance of 2021 Term Loan of $27 million. The Company plans to complete the sale of substantially all of its remaining Suburban Office Portfolio properties during the remainder of 2021, and to use the available sales proceeds to pay down its corporate-level indebtedness. However, the Company cannot predict whether or to what extent the timing of these sales and the expected amount may be impacted by the ongoing coronavirus pandemic (“COVID-19”). After the completion of the Suburban Office Portfolio sales, the Company’s holdings will consist primarily of its Jersey City and Hoboken, New Jersey waterfront office portfolio and its multi-family rental portfolio, and related development projects and land holdings. Additionally, the Company also identified a small retail pad leased to others and several developable land parcels as held for sale as of June 30, 2021. As a result of recent sales contracts in place and after considering the current market conditions as a result of the challenging economic climate with the current worldwide COVID-19 pandemic, the Company determined that the carrying value of three of the remaining held for sale properties and a land parcel held for sale was not expected to be recovered from estimated net sales proceeds, and accordingly, during the three and six months ended June 30, 2021, recognized an unrealized held for sale loss allowance of $ 1.4 million and $ 2.6 million, respectively, (of which $ 1.0 million and $ 2.1 million is included in discontinued operations), for the property and land impairments of $ 0.4 million. The following table summarizes the real estate held for sale, net, and other assets and liabilities (dollars in thousands) : Suburban Other Office Assets Portfolio (a) Held for Sale Total Land $ 13,854 $ 40,509 $ 54,363 Building & Other 83,409 24,291 107,700 Less: Accumulated depreciation ( 24,303 ) ( 7,991 ) ( 32,294 ) Less: Cumulative unrealized losses on property held for sale ( 27,748 ) ( 17,187 ) ( 44,935 ) Real estate held for sale, net $ 45,212 $ 39,622 $ 84,834 Suburban Other Office Assets Other assets and liabilities Portfolio (a) Held for Sale Total Unbilled rents receivable, net (b) $ 1,915 $ - $ 1,915 Deferred charges, net (b) 1,563 138 1,701 Total intangibles, net (b) 3,377 - 3,377 Total deferred charges & other assets, net 5,712 138 5,850 Total below market liability (b) 86 - 86 Accounts payable, accrued exp & other liability 7,018 265 7,283 Unearned rents/deferred rental income (b) 943 213 1,156 (a) Classified as discontinued operations at June 30, 2021 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 six months ended June 30, 2021 (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 Type Proceeds Value Losses, net Losses, net 01/13/21 100 Overlook Center Princeton, New Jersey 1 149,600 Office $ 34,724 (a) $ 26,488 $ 8,236 03/25/21 Metropark portfolio Edison and Iselin, New Jersey 4 926,656 Office 247,351 233,826 13,525 04/20/21 Short Hills portfolio (b) Short Hills, New Jersey 4 828,413 Office 248,664 245,800 2,864 06/11/21 Red Bank portfolio Red Bank, New Jersey 5 659,490 Office 80,730 78,364 2,366 06/30/21 Retail land leases Hanover and Parsippany, New Jersey - - Land Lease 41,957 37,951 $ 4,006 - Sub-total 14 2,564,159 653,426 622,429 4,006 26,991 Unrealized gains(losses) on real estate held for sale ( 485 ) ( 2,130 ) Totals 14 2,564,159 $ 653,426 $ 622,429 $ 3,521 $ 24,861 (a) As part of the consideration from the buyer, 678,302 Common Units were redeemed by the Company at a book value of $ 10.5 million, which was a non-cash portion of this sales transaction. The balance of the proceeds was received in cash and used to repay the Company's borrowings on its unsecured revolving credit facility. See Note 17: Noncontrolling Interests in Subsidiaries - Noncontrolling Interests in Operating Partnership. (b) The mortgage loan encumbering three of the properties was defeased at closing, for which the Company incurred costs of $ 22.6 million. These costs were expensed as loss from extinguishment of debt during the three months ended June 30, 2021. On May 24, 2021, the Company disposed of a developable land parcel located in Hamilton, New Jersey, for net sales proceeds of $ 745,000 (and recorded a net gain of $ 111,000 on the disposition). Impairments on Properties and Land Held and Used The Company determined that, due to the shortening of its expected period of ownership, which occurred during the second quarter 2021, the Company evaluated the recoverability of the carrying value of its office property in Hoboken, New Jersey, and determined that it was necessary to reduce the carrying value of the property to its estimated fair value. Accordingly, the Company recorded an impairment charge of $ 6.0 million on the office property at June 30, 2021, which is included in property impairments on the consolidated statement of operations. Also as a result of the Company’s shortening of its expected holding period in the second quarter 2021, the Company evaluated the recoverability of the carrying values of its land parcels and determined that it was necessary to reduce the carrying values of a held-and-used developable land parcel located in Jersey City, New Jersey, to its estimated fair value and recorded in land and other impairment charges an amount of $ 7.5 million for the three and six months ended June 30, 2021. |
Investments In Unconsolidated J
Investments In Unconsolidated Joint Ventures | 6 Months Ended |
Jun. 30, 2021 | |
Investments In Unconsolidated Joint Ventures [Line Items] | |
Investments In Unconsolidated Joint Ventures | 4. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES As of June 30, 2021, the Company had an aggregate investment of approximately $ 154.9 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 June 30, 2021, the unconsolidated joint ventures owned: one office property aggregating approximately 0.1 million square feet, six multi-family properties totaling 1,786 apartment units, a retail property aggregating approximately 51,000 square feet, a 351 -room hotel, a development project for up to approximately 360 apartment units, which commenced initial operation in March 2021; and interests and/or rights to developable land parcels able to accommodate up to 1,621 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 June 30, 2021, such debt had a total borrowing capacity of up to $ 304.0 million of which the Company agreed to guarantee up to $ 33.2 million. As of June 30, 2021, the outstanding balance of such debt totaled $ 288.4 million of which $ 31.6 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 $ 1.8 million and $ 0.6 million for such services in the three months ended June 30, 2021 and 2020, respectively. The Company had $ 0.3 million and $ 0.3 million in accounts receivable due from its unconsolidated joint ventures as of June 30, 2021 and December 31, 2020, respectively. Included in the Company’s investments in unconsolidated joint ventures as of June 30, 2021 are three unconsolidated development 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 $ 105.8 million as of June 30, 2021. The Company’s maximum exposure to loss as a result of its involvement with these VIEs is estimated to be approximately $ 139.8 million, which includes the Company’s current investment and estimated future funding commitments/guarantees of approximately $ 34.0 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 June 30, 2021 and December 31, 2020 (dollars in thousands) : Property Debt Number of Company's Carrying Value As of June 30, 2021 Apartment Units Effective June 30, December 31, Maturity Interest Entity / Property Name or Rentable SF Ownership % (a) 2021 2020 Balance Date Rate Multi-family Metropolitan and Lofts at 40 Park (b) (c) 189 units 25.00 % $ 2,851 $ 3,347 $ 60,767 (d) (d) RiverTrace at Port Imperial 316 units 22.50 % 6,320 6,667 82,000 11/10/26 3.21 % PI North - Riverwalk C (e) 360 units 40.00 % 36,632 36,992 96,419 12/06/21 L+ 2.75 % Riverpark at Harrison 141 units 45.00 % 507 681 30,192 07/01/35 3.19 % Station House 378 units 50.00 % 33,508 34,026 94,244 07/01/33 4.82 % Urby at Harborside (f) 762 units 85.00 % 69,124 72,752 192,000 08/01/29 5.197 % PI North - Land (b) (g) 771 potential units 20.00 % 1,678 1,678 - - - Liberty Landing 850 potential units 50.00 % 337 337 - - - Office 12 Vreeland Road (h) 139,750 sf 50.00 % - 1,811 - - - Offices at Crystal Lake 106,345 sf 31.25 % 3,610 3,744 2,122 11/01/23 4.76 % Other Hyatt Regency Hotel Jersey City 351 rooms 50.00 % - - 100,000 10/01/26 3.668 % Other (i) 347 347 - - - Totals: $ 154,914 $ 162,382 $ 657,744 (a) Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable. (b) The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the Company is not expected to meaningfully participate in the venture's cash flows in the near term. (c) Through the joint venture, the Company also owns a 25 percent interest in a 50,973 square feet retail building ("Shops at 40 Park") and a 50 percent interest in a 59 -unit, five story multi-family rental property ("Lofts at 40 Park"). (d) Property debt balance consists of: (i) an interest only loan, collateralized by the Metropolitan at 40 Park, with a balance of $ 36,500 , bears interest at LIBOR + 2.85 percent, matures in October 2023 ; (ii) an amortizable loan, collateralized by the Shops at 40 Park, with a balance of $ 6,067 , bears interest at LIBOR + 1.50 percent and matures in October 2021 ; (iii) an interest only loan, collateralized by the Lofts at 40 Park, with a balance of $ 18,200 , which bears interest at LIBOR + 1.50 percent and matures in January 2023 . (e) The venture has a construction loan with a maximum borrowing amount of $ 112,000 , of which the Company has guaranteed 10 percent of the principal outstanding. The loan has a one-year extension option. (f) The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines. The Company has guaranteed $ 22 million of the principal outstanding debt. (g) The Company owns a 20 percent residual interest in undeveloped land parcels: parcels 6, I, and J that can accommodate the development of 771 apartment units. (h) On April 29, 2021, the Company sold its interest in the joint venture for a gross sales price of approximately $ 2 million. (i) 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 six months ended June 30, 2021 and 2020 (dollars in thousands) : Three Months Ended Six Months Ended June 30, June 30, Entity / Property Name 2021 2020 2021 2020 Multi-family Metropolitan and Lofts at 40 Park $ ( 265 ) $ ( 195 ) ( 496 ) $ ( 335 ) RiverTrace at Port Imperial ( 5 ) 35 ( 10 ) 133 Crystal House (c) - ( 181 ) - ( 340 ) PI North - Riverwalk C (d) ( 458 ) - ( 458 ) - Riverpark at Harrison ( 76 ) ( 66 ) ( 126 ) ( 125 ) Station House ( 454 ) ( 672 ) ( 819 ) ( 1,139 ) Urby at Harborside 1,680 ( 26 ) 936 ( 9 ) PI North - Land ( 62 ) ( 119 ) ( 118 ) ( 238 ) Office 12 Vreeland Road 2 147 2 258 Offices at Crystal Lake ( 16 ) 54 ( 135 ) 75 Other Riverwalk Retail (b) - - - ( 11 ) Hyatt Regency Hotel Jersey City - ( 50 ) - ( 50 ) Other 3 127 117 127 Company's equity in earnings (loss) of unconsolidated joint ventures (a) $ 349 $ ( 946 ) $ ( 1,107 ) $ ( 1,654 ) (a) Amounts are net of amortization of basis differences of $ 143 and $ 143 for the three months ended June 30, 2021 and 2020, respectively, and $ 286 and $ 295 for the six months ended June 30, 2021 and 2020, respectively. (b) On March 12, 2020, the Company acquired its equity partner's 80 percent interest and increased ownership to 100 percent. (c) On December 31, 2020, the Crystal House Apartment Investors LLC, an unconsolidated joint venture property sold its sole apartment property. The Company realized its share of the gain on the property sale from the unconsolidated joint venture of $ 35.1 million. (d) The property commenced operations in second quarter 2021. |
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 June 30, 2021, the Company had an aggregate investment of approximately $ 154.9 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 June 30, 2021, the unconsolidated joint ventures owned: one office property aggregating approximately 0.1 million square feet, six multi-family properties totaling 1,786 apartment units, a retail property aggregating approximately 51,000 square feet, a 351 -room hotel, a development project for up to approximately 360 apartment units, which commenced initial operation in March 2021; and interests and/or rights to developable land parcels able to accommodate up to 1,621 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 June 30, 2021, such debt had a total borrowing capacity of up to $ 304.0 million of which the Company agreed to guarantee up to $ 33.2 million. As of June 30, 2021, the outstanding balance of such debt totaled $ 288.4 million of which $ 31.6 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 $ 1.8 million and $ 0.6 million for such services in the three months ended June 30, 2021 and 2020, respectively. The Company had $ 0.3 million and $ 0.3 million in accounts receivable due from its unconsolidated joint ventures as of June 30, 2021 and December 31, 2020, respectively. Included in the Company’s investments in unconsolidated joint ventures as of June 30, 2021 are three unconsolidated development 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 $ 105.8 million as of June 30, 2021. The Company’s maximum exposure to loss as a result of its involvement with these VIEs is estimated to be approximately $ 139.8 million, which includes the Company’s current investment and estimated future funding commitments/guarantees of approximately $ 34.0 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 June 30, 2021 and December 31, 2020 (dollars in thousands) : Property Debt Number of Company's Carrying Value As of June 30, 2021 Apartment Units Effective June 30, December 31, Maturity Interest Entity / Property Name or Rentable SF Ownership % (a) 2021 2020 Balance Date Rate Multi-family Metropolitan and Lofts at 40 Park (b) (c) 189 units 25.00 % $ 2,851 $ 3,347 $ 60,767 (d) (d) RiverTrace at Port Imperial 316 units 22.50 % 6,320 6,667 82,000 11/10/26 3.21 % PI North - Riverwalk C (e) 360 units 40.00 % 36,632 36,992 96,419 12/06/21 L+ 2.75 % Riverpark at Harrison 141 units 45.00 % 507 681 30,192 07/01/35 3.19 % Station House 378 units 50.00 % 33,508 34,026 94,244 07/01/33 4.82 % Urby at Harborside (f) 762 units 85.00 % 69,124 72,752 192,000 08/01/29 5.197 % PI North - Land (b) (g) 771 potential units 20.00 % 1,678 1,678 - - - Liberty Landing 850 potential units 50.00 % 337 337 - - - Office 12 Vreeland Road (h) 139,750 sf 50.00 % - 1,811 - - - Offices at Crystal Lake 106,345 sf 31.25 % 3,610 3,744 2,122 11/01/23 4.76 % Other Hyatt Regency Hotel Jersey City 351 rooms 50.00 % - - 100,000 10/01/26 3.668 % Other (i) 347 347 - - - Totals: $ 154,914 $ 162,382 $ 657,744 (a) Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable. (b) The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the Company is not expected to meaningfully participate in the venture's cash flows in the near term. (c) Through the joint venture, the Company also owns a 25 percent interest in a 50,973 square feet retail building ("Shops at 40 Park") and a 50 percent interest in a 59 -unit, five story multi-family rental property ("Lofts at 40 Park"). (d) Property debt balance consists of: (i) an interest only loan, collateralized by the Metropolitan at 40 Park, with a balance of $ 36,500 , bears interest at LIBOR + 2.85 percent, matures in October 2023 ; (ii) an amortizable loan, collateralized by the Shops at 40 Park, with a balance of $ 6,067 , bears interest at LIBOR + 1.50 percent and matures in October 2021 ; (iii) an interest only loan, collateralized by the Lofts at 40 Park, with a balance of $ 18,200 , which bears interest at LIBOR + 1.50 percent and matures in January 2023 . (e) The venture has a construction loan with a maximum borrowing amount of $ 112,000 , of which the Company has guaranteed 10 percent of the principal outstanding. The loan has a one-year extension option. (f) The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines. The Company has guaranteed $ 22 million of the principal outstanding debt. (g) The Company owns a 20 percent residual interest in undeveloped land parcels: parcels 6, I, and J that can accommodate the development of 771 apartment units. (h) On April 29, 2021, the Company sold its interest in the joint venture for a gross sales price of approximately $ 2 million. (i) 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 six months ended June 30, 2021 and 2020 (dollars in thousands) : Three Months Ended Six Months Ended June 30, June 30, Entity / Property Name 2021 2020 2021 2020 Multi-family Metropolitan and Lofts at 40 Park $ ( 265 ) $ ( 195 ) ( 496 ) $ ( 335 ) RiverTrace at Port Imperial ( 5 ) 35 ( 10 ) 133 Crystal House (c) - ( 181 ) - ( 340 ) PI North - Riverwalk C (d) ( 458 ) - ( 458 ) - Riverpark at Harrison ( 76 ) ( 66 ) ( 126 ) ( 125 ) Station House ( 454 ) ( 672 ) ( 819 ) ( 1,139 ) Urby at Harborside 1,680 ( 26 ) 936 ( 9 ) PI North - Land ( 62 ) ( 119 ) ( 118 ) ( 238 ) Office 12 Vreeland Road 2 147 2 258 Offices at Crystal Lake ( 16 ) 54 ( 135 ) 75 Other Riverwalk Retail (b) - - - ( 11 ) Hyatt Regency Hotel Jersey City - ( 50 ) - ( 50 ) Other 3 127 117 127 Company's equity in earnings (loss) of unconsolidated joint ventures (a) $ 349 $ ( 946 ) $ ( 1,107 ) $ ( 1,654 ) (a) Amounts are net of amortization of basis differences of $ 143 and $ 143 for the three months ended June 30, 2021 and 2020, respectively, and $ 286 and $ 295 for the six months ended June 30, 2021 and 2020, respectively. (b) On March 12, 2020, the Company acquired its equity partner's 80 percent interest and increased ownership to 100 percent. (c) On December 31, 2020, the Crystal House Apartment Investors LLC, an unconsolidated joint venture property sold its sole apartment property. The Company realized its share of the gain on the property sale from the unconsolidated joint venture of $ 35.1 million. (d) The property commenced operations in second quarter 2021. |
Deferred Charges, Goodwill And
Deferred Charges, Goodwill And Other Assets, Net | 6 Months Ended |
Jun. 30, 2021 | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Deferred Charges, Goodwill And Other Assets, Net | 5. DEFERRED CHARGES, GOODWILL AND OTHER ASSETS, NET June 30, December 31, (dollars in thousands) 2021 2020 Deferred leasing costs $ 90,432 $ 112,421 Deferred financing costs - revolving credit facility (a) 6,684 5,559 97,116 117,980 Accumulated amortization ( 36,970 ) ( 52,428 ) Deferred charges, net 60,146 65,552 Notes receivable (b) 11,053 1,167 In-place lease values, related intangibles and other assets, net 46,430 71,608 Goodwill (c) 2,945 2,945 Right of use assets (d) 22,298 22,298 Prepaid expenses and other assets, net 30,507 35,971 Total deferred charges, goodwill and other assets, net (e) $ 173,379 $ 199,541 (a) Deferred financing costs related to all other debt liabilities (other than for the 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 June 30, 2021 and December 31, 2020, respectively, an interest-free note receivable with a net present value of $ 0.9 million and $ 1.2 million which matures in April 2023 . Also includes $ 10 million as of June 30, 2021 of seller-financing provided by the Company to the buyers of the Metropark portfolio. The receivable is secured against available cash of one of the properties disposed of and earns an annual return of four percent for 90 days after the disposition, with the interest rate increasing to 15 percent thereafter. The Company believes these balances are fully collectible. (c) All goodwill is attributable to the Company’s Multi-family Real Estate and Services segment. (d) This amount has a corresponding liability of $ 23.7 million, which is included in Accounts payable, accrued expense and other liabilities. See Note 13: Commitments and Contingencies – Ground Lease agreements for further details. (e) Includes as of June 30, 2021 and December 31, 2020, $ 5.7 million and $ 42.5 million, respectively, for properties classified as discontinued operations. DERIVATIVE FINANCIAL INSTRUMENTS Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. As of June 30, 2021 and December 31, 2020, the Company did no t have any outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk. The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next 12 months, the Company estimates no additional amount to be reclassified to interest expense. The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statement of Operations for the six months ending June 30, 2021 and 2020 (dollars in thousands) : Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI on Derivative Location of Gain or (Loss) Reclassified from Accumulated OCI into Income Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative and Reclassification for Forecasted Transactions No Longer Probable of Occurring) Total Amount of Interest Expense presented in the consolidated statements 2021 2020 2021 2020 2021 2020 2021 2020 Three months ended June 30, Interest rate swaps $ - $ - Interest expense $ - $ - Interest and other investment income (loss) $ - $ - $ ( 16,554 ) $ ( 20,611 ) Six months ended June 30, Interest rate swaps $ - $ - Interest expense $ - $ 16 $ - $ - $ ( 34,164 ) $ ( 41,529 ) Credit-risk-related Contingent Features The Company had agreements with each of its derivative counterparties that contained a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness was accelerated by the lender due to the Company's default on the indebtedness. As of June 30, 2021, the Company did no t have any outstanding derivatives. |
Mack-Cali Realty LP [Member] | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Deferred Charges, Goodwill And Other Assets, Net | 5. DEFERRED CHARGES, GOODWILL AND OTHER ASSETS, NET June 30, December 31, (dollars in thousands) 2021 2020 Deferred leasing costs $ 90,432 $ 112,421 Deferred financing costs - revolving credit facility (a) 6,684 5,559 97,116 117,980 Accumulated amortization ( 36,970 ) ( 52,428 ) Deferred charges, net 60,146 65,552 Notes receivable (b) 11,053 1,167 In-place lease values, related intangibles and other assets, net 46,430 71,608 Goodwill (c) 2,945 2,945 Right of use assets (d) 22,298 22,298 Prepaid expenses and other assets, net 30,507 35,971 Total deferred charges, goodwill and other assets, net (e) $ 173,379 $ 199,541 (a) Deferred financing costs related to all other debt liabilities (other than for the 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 June 30, 2021 and December 31, 2020, respectively, an interest-free note receivable with a net present value of $ 0.9 million and $ 1.2 million which matures in April 2023 . Also includes $ 10 million as of June 30, 2021 of seller-financing provided by the Company to the buyers of the Metropark portfolio. The receivable is secured against available cash of one of the properties disposed of and earns an annual return of four percent for 90 days after the disposition, with the interest rate increasing to 15 percent thereafter. The Company believes these balances are fully collectible. (c) All goodwill is attributable to the Company’s Multi-family Real Estate and Services segment. (d) This amount has a corresponding liability of $ 23.7 million, which is included in Accounts payable, accrued expense and other liabilities. See Note 13: Commitments and Contingencies – Ground Lease agreements for further details. (e) Includes as of June 30, 2021 and December 31, 2020, $ 5.7 million and $ 42.5 million, respectively, for properties classified as discontinued operations. DERIVATIVE FINANCIAL INSTRUMENTS Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. As of June 30, 2021 and December 31, 2020, the Company did no t have any outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk. The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next 12 months, the Company estimates no additional amount to be reclassified to interest expense. The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statement of Operations for the six months ending June 30, 2021 and 2020 (dollars in thousands) : Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI on Derivative Location of Gain or (Loss) Reclassified from Accumulated OCI into Income Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative and Reclassification for Forecasted Transactions No Longer Probable of Occurring) Total Amount of Interest Expense presented in the consolidated statements 2021 2020 2021 2020 2021 2020 2021 2020 Three months ended June 30, Interest rate swaps $ - $ - Interest expense $ - $ - Interest and other investment income (loss) $ - $ - $ ( 16,554 ) $ ( 20,611 ) Six months ended June 30, Interest rate swaps $ - $ - Interest expense $ - $ 16 $ - $ - $ ( 34,164 ) $ ( 41,529 ) Credit-risk-related Contingent Features The Company had agreements with each of its derivative counterparties that contained a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness was accelerated by the lender due to the Company's default on the indebtedness. As of June 30, 2021, the Company did no t have any outstanding derivatives. |
Restricted Cash
Restricted Cash | 6 Months Ended |
Jun. 30, 2021 | |
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, leasing costs and property expenses established pursuant to certain mortgage financing arrangements, and is comprised of the following (dollars in thousands) : June 30, December 31, 2021 2020 Security deposits $ 6,468 $ 5,289 Escrow and other reserve funds 9,679 8,918 Total restricted cash $ 16,147 $ 14,207 |
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, leasing costs and property expenses established pursuant to certain mortgage financing arrangements, and is comprised of the following (dollars in thousands) : June 30, December 31, 2021 2020 Security deposits $ 6,468 $ 5,289 Escrow and other reserve funds 9,679 8,918 Total restricted cash $ 16,147 $ 14,207 |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2021 | |
Discontinued Operations | 7. DISCONTINUED OPERATIONS On December 19, 2019, the Company announced that its Board had determined to sell the Company’s entire Suburban Office Portfolio totaling approximately 6.6 million square feet. As the decision to sell the Suburban Office Portfolio represented a strategic shift in the Company’s operations, these properties’ results (other than a property not qualified to be classified as held for sale) are being classified as discontinued operations for all periods presented herein. In late 2019 and through June 30, 2021, the Company completed the sale of 34 of these suburban office properties, totaling 5.8 million square feet, for net sales proceeds of $ 989 million. As of June 30, 2021, the Company has identified as held for sale the remaining two office properties (comprised of two disposal groups) in the Suburban Office Portfolio, totaling 0.5 million square feet (both of which the Company currently has under contract for sale for aggregate gross sales proceeds of approximately $ 54.3 million). In July 2021, the Company completed the sale of one of the properties held for sale, which was a 237,000 square foot office property, for a gross sales price of $29 million. The net proceeds were used to repay the outstanding balance of 2021 Term Loan of $27 million. The Company plans to complete the sale of substantially all of its remaining Suburban Office Portfolio properties during the remainder of 2021, and to use the available sales proceeds to pay down its corporate-level indebtedness. However, the Company cannot predict whether or to what extent the timing of these sales and the expected amount may be impacted by the ongoing coronavirus (“COVID-19”). After the completion of the Suburban Office Portfolio sales, the Company’s holdings will consist primarily of its Jersey City and Hoboken, New Jersey waterfront class A office portfolio and its multi-family rental portfolio, and related development projects and land holdings. As a result of recent sales contracts in place and after considering the current market conditions as a result of the challenging economic climate with the current worldwide COVID-19 pandemic, the Company determined that the carrying value of both of the remaining held for sale properties was not expected to be recovered from estimated net sales proceeds, and accordingly recognized an unrealized held for sale loss allowance of $ 1.0 million and $ 2.1 million, respectively, during the three and six months ended June 30, 2021. 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 six months ended June 30, 2021 and 2020 (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Total revenues $ 5,845 $ 37,512 $ 27,482 $ 77,574 Operating and other expenses ( 2,519 ) ( 14,157 ) ( 11,242 ) ( 30,653 ) Depreciation and amortization ( 253 ) ( 1,354 ) ( 912 ) ( 2,708 ) Interest expense ( 277 ) ( 1,307 ) ( 1,570 ) ( 2,613 ) Income from discontinued operations 2,796 20,694 13,758 41,600 Unrealized gains (losses) on disposition of rental property (a) ( 951 ) ( 11,929 ) 69 ( 56,997 ) Realized gains (losses) on disposition of rental property (b) 3,031 - 24,792 17,322 Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 2,080 ( 11,929 ) 24,861 ( 39,675 ) Total discontinued operations, net $ 4,876 $ 8,765 $ 38,619 $ 1,925 (a) Represents valuation allowances, including reversals, and impairment charges on properties classified as discontinued operations in 2020. (b) See Note 3: Real Estate Transactions – Dispositions for further information regarding properties sold and related gains (losses) . |
Mack-Cali Realty LP [Member] | |
Discontinued Operations | 7. DISCONTINUED OPERATIONS On December 19, 2019, the Company announced that its Board had determined to sell the Company’s entire Suburban Office Portfolio totaling approximately 6.6 million square feet. As the decision to sell the Suburban Office Portfolio represented a strategic shift in the Company’s operations, these properties’ results (other than a property not qualified to be classified as held for sale) are being classified as discontinued operations for all periods presented herein. In late 2019 and through June 30, 2021, the Company completed the sale of 34 of these suburban office properties, totaling 5.8 million square feet, for net sales proceeds of $ 989 million. As of June 30, 2021, the Company has identified as held for sale the remaining two office properties (comprised of two disposal groups) in the Suburban Office Portfolio, totaling 0.5 million square feet (both of which the Company currently has under contract for sale for aggregate gross sales proceeds of approximately $ 54.3 million). In July 2021, the Company completed the sale of one of the properties held for sale, which was a 237,000 square foot office property, for a gross sales price of $29 million. The net proceeds were used to repay the outstanding balance of 2021 Term Loan of $27 million. The Company plans to complete the sale of substantially all of its remaining Suburban Office Portfolio properties during the remainder of 2021, and to use the available sales proceeds to pay down its corporate-level indebtedness. However, the Company cannot predict whether or to what extent the timing of these sales and the expected amount may be impacted by the ongoing coronavirus (“COVID-19”). After the completion of the Suburban Office Portfolio sales, the Company’s holdings will consist primarily of its Jersey City and Hoboken, New Jersey waterfront class A office portfolio and its multi-family rental portfolio, and related development projects and land holdings. As a result of recent sales contracts in place and after considering the current market conditions as a result of the challenging economic climate with the current worldwide COVID-19 pandemic, the Company determined that the carrying value of both of the remaining held for sale properties was not expected to be recovered from estimated net sales proceeds, and accordingly recognized an unrealized held for sale loss allowance of $ 1.0 million and $ 2.1 million, respectively, during the three and six months ended June 30, 2021. 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 six months ended June 30, 2021 and 2020 (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Total revenues $ 5,845 $ 37,512 $ 27,482 $ 77,574 Operating and other expenses ( 2,519 ) ( 14,157 ) ( 11,242 ) ( 30,653 ) Depreciation and amortization ( 253 ) ( 1,354 ) ( 912 ) ( 2,708 ) Interest expense ( 277 ) ( 1,307 ) ( 1,570 ) ( 2,613 ) Income from discontinued operations 2,796 20,694 13,758 41,600 Unrealized gains (losses) on disposition of rental property (a) ( 951 ) ( 11,929 ) 69 ( 56,997 ) Realized gains (losses) on disposition of rental property (b) 3,031 - 24,792 17,322 Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 2,080 ( 11,929 ) 24,861 ( 39,675 ) Total discontinued operations, net $ 4,876 $ 8,765 $ 38,619 $ 1,925 (a) Represents valuation allowances, including reversals, and impairment charges on properties classified as discontinued operations in 2020. (b) See Note 3: Real Estate Transactions – Dispositions for further information regarding properties sold and related gains (losses) . |
Senior Unsecured Notes
Senior Unsecured Notes | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Line Items] | |
Senior Unsecured Notes | 8 . SENIOR UNSECURED NOTES A summary of the Company’s senior unsecured notes as of June 30, 2021 and December 31, 2020 is as follows (dollars in thousands) : June 30, December 31, Effective 2021 2020 Rate 4.500 % Senior Unsecured Notes, due April 18, 2022 (1) $ - $ 300,000 - % 3.150 % Senior Unsecured Notes, due May 15, 2023 (1) - 275,000 - % Principal balance outstanding - 575,000 Adjustment for unamortized debt discount - ( 1,504 ) Unamortized deferred financing costs - ( 843 ) Total senior unsecured notes, net $ - $ 572,653 (1) On May 6, 2021, the Company retired these notes earlier than their maturity, using net sales proceeds from completed office property sales and borrowings under its 2021 credit facility and term loan. In conjunction with the notes being discharged, the Company incurred costs of $ 24.2 million (including a make-whole premium) which was expensed as loss from extinguishment of debt during the three and six months ended June 30, 2021. See Note 9: Revolving Credit Facility and Term Loans. |
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 June 30, 2021 and December 31, 2020 is as follows (dollars in thousands) : June 30, December 31, Effective 2021 2020 Rate 4.500 % Senior Unsecured Notes, due April 18, 2022 (1) $ - $ 300,000 - % 3.150 % Senior Unsecured Notes, due May 15, 2023 (1) - 275,000 - % Principal balance outstanding - 575,000 Adjustment for unamortized debt discount - ( 1,504 ) Unamortized deferred financing costs - ( 843 ) Total senior unsecured notes, net $ - $ 572,653 (1) On May 6, 2021, the Company retired these notes earlier than their maturity, using net sales proceeds from completed office property sales and borrowings under its 2021 credit facility and term loan. In conjunction with the notes being discharged, the Company incurred costs of $ 24.2 million (including a make-whole premium) which was expensed as loss from extinguishment of debt during the three and six months ended June 30, 2021. See Note 9: Revolving Credit Facility and Term Loans. |
Revolving Credit Facility And T
Revolving Credit Facility And Term Loans | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Line Items] | |
Revolving Credit Facility And Term Loans | 9. REVOLVING CREDIT FACILITY AND TERM LOANS On May 6, 2021, the Company entered into a revolving credit and term loan agreement (“2021 Credit Agreement”) with a group of seven lenders that provides for a $ 250 million senior secured revolving credit facility (the “2021 Credit Facility") and a $ 150 million senior secured term loan facility (the “2021 Term Loan”), and delivered written notice to the administrative agent to terminate the 2017 Credit Agreement, which termination shall become effective on May 13, 2021. The terms of the 2021 Credit Facility included: (1) a three year term ending in May 2024 ; (2) revolving credit loans may be made to the Company in an aggregate principal amount of up to $ 250 million (subject to increase as discussed below), with a sublimit under the 2021 Credit Facility for the issuance of letters of credit in an amount not to exceed $ 50 million; and (3) a first priority lien in unencumbered properties of the Company with an appraised value greater than or equal to $ 800 million which must include the Company’s Harborside 2/3 and Harborside 5 properties; and (4) a facility fee payable quarterly equal to 35 basis points if usage of the 2021 Credit Facility is less than or equal to 50%, and 25 basis points if usage of the 2021 Credit Facility is greater than 50%. The terms of the 2021 Term Loan include: (1) an eighteen month term ending in November 2022 ; (2) a single draw of the term loan commitments up to an aggregate principal amount of $ 150 million; and (3) a first priority lien in unencumbered properties of the Company with an appraised value greater than or equal to $ 800 million which must include the Company’s Harborside 2/3 and Harborside 5 properties. Interest on borrowings under the 2021 Credit Facility and 2021 Term Loan shall be based on applicable base rate (the “Base Rate”) plus a margin ranging from 125 basis points to 275 basis points depending on the Base Rate elected, currently 0.12 %. The Base Rate shall be either (A) the highest of (i) the Wall Street Journal prime rate, (ii) the greater of the then effective (x) Federal Funds Effective Rate, or (y) Overnight Bank Funding Rate plus 50 basis points, and (iii) a LIBO Rate, as adjusted for statutory reserve requirements for eurocurrency liabilities (the “Adjusted LIBO Rate”) and calculated for a one-month interest period, plus 100 basis points (such highest amount being the “ABR Rate”), or (B) the Adjusted LIBO Rate for the applicable interest period; provided, however, that the ABR Rate shall not be less than 1% and the Adjusted LIBO Rate shall not be less than zero. The 2021 Credit Agreement, which applies to both the 2021 Credit Facility and 2021 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, and which require compliance with financial ratios relating to the minimum collateral pool value ($ 800 million), maximum collateral pool leverage ratio ( 40 percent), minimum number of collateral pool properties ( two ), the maximum total leverage ratio ( 65 percent), the minimum debt service coverage ratio (1.10 times until May 6, 2022, 1.20 times from May 7, 2022 through May 6, 2023, and 1.40 times thereafter ), and the minimum tangible net worth ratio ( 80 % of tangible net worth as of December 31, 2020 plus 80 % of net cash proceeds of equity issuances by the General Partner or the Operating Partnership). The 2021 Credit Agreement contains “change of control” provisions that permit the lenders to declare a default and require the immediate repayment of all outstanding borrowings under the 2021 Credit Facility. These change of control provisions, which have been an event of default under the agreements governing the Company’s revolving credit facilities since June 2000, are triggered if, among other things, a majority of the seats on the Board of Directors (other than vacant seats) become occupied by directors who were neither nominated by the Board of Directors, nor appointed by the Board of Directors. Furthermore, construction loans secured by two multi-family residential property development projects contain cross-acceleration provisions that would constitute an event of default requiring immediate repayment of the construction loans if the change of control provisions under the 2021 Credit Facility are triggered and the lenders declare a default and exercise their rights under the 2021 Credit Facility and accelerate repayment of the outstanding borrowings thereunder. If these change of control provisions were triggered, the Company could seek a forbearance, waiver or amendment of the change of control provisions from the lenders, however there can be no assurance that the Company would be able to obtain such forbearance, waiver or amendment on acceptable terms or at all. If an event of default has occurred and is continuing, the entire outstanding balance under the 2021 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. On May 6, 2021, the Company drew the full $ 150 million available under the 2021 Term Loan and borrowed $ 145 million from the 2021 Credit Facility to retire the Company’s Senior Unsecured Notes. (See Note 8: Senior Unsecured Notes.) In June 2021, the Company paid down a total of $ 123 million of borrowings under the 2021 Term Loan, using proceeds from the Company’s suburban office property dispositions. On July 27, 2021, the Company repaid the outstanding balance of the 2021 Term Loan of $27 million, using proceeds from the disposition of a property held for sale as of June 30, 2021 (see Note 3: Recent Transactions – Real Estate Held for Sale/Discontinued Operations/Dispositions). The terms of the 2017 Credit Facility included: (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, 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), of which $ 10.6 million of letters of credit had been issued as of May 6, 2021; (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 maintained a debt rating from Moody’s or S&P, or such debt ratings fell below Baa3 and BBB-, based on a defined leverage ratio; and (4) a facility fee, 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 maintained a debt rating from Moody’s or S&P or such debt ratings fell below Baa3 and BBB-, based on a defined leverage ratio. In January 2021, the Company elected to exercise the first option to extend the 2017 Credit Facility maturity date for a period of six months . Accordingly, the term of the 2017 Credit Facility was extended to July 2021 , with the Company’s payment of the 7.5 basis point extension fee. 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 borrowing capacity, payable quarterly in arrears, on the 2017 Credit Facility were 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% (ratio through May 6, 2021) 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 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 The Company was in compliance with its debt covenants under its revolving credit facility and term loan as of June 30, 2021. As of June 30, 2021 the Company had borrowings of $ 162 million and $ 27 million under its revolving credit facility and term loan, respectively, and as of December 31, 2020, the Company’s borrowings under its revolving credit facility totaled $ 25 million and no outstanding borrowings under its term loan. |
Mack-Cali Realty LP [Member] | |
Debt Disclosure [Line Items] | |
Revolving Credit Facility And Term Loans | 9. REVOLVING CREDIT FACILITY AND TERM LOANS On May 6, 2021, the Company entered into a revolving credit and term loan agreement (“2021 Credit Agreement”) with a group of seven lenders that provides for a $ 250 million senior secured revolving credit facility (the “2021 Credit Facility") and a $ 150 million senior secured term loan facility (the “2021 Term Loan”), and delivered written notice to the administrative agent to terminate the 2017 Credit Agreement, which termination shall become effective on May 13, 2021. The terms of the 2021 Credit Facility included: (1) a three year term ending in May 2024 ; (2) revolving credit loans may be made to the Company in an aggregate principal amount of up to $ 250 million (subject to increase as discussed below), with a sublimit under the 2021 Credit Facility for the issuance of letters of credit in an amount not to exceed $ 50 million; and (3) a first priority lien in unencumbered properties of the Company with an appraised value greater than or equal to $ 800 million which must include the Company’s Harborside 2/3 and Harborside 5 properties; and (4) a facility fee payable quarterly equal to 35 basis points if usage of the 2021 Credit Facility is less than or equal to 50%, and 25 basis points if usage of the 2021 Credit Facility is greater than 50%. The terms of the 2021 Term Loan include: (1) an eighteen month term ending in November 2022 ; (2) a single draw of the term loan commitments up to an aggregate principal amount of $ 150 million; and (3) a first priority lien in unencumbered properties of the Company with an appraised value greater than or equal to $ 800 million which must include the Company’s Harborside 2/3 and Harborside 5 properties. Interest on borrowings under the 2021 Credit Facility and 2021 Term Loan shall be based on applicable base rate (the “Base Rate”) plus a margin ranging from 125 basis points to 275 basis points depending on the Base Rate elected, currently 0.12 %. The Base Rate shall be either (A) the highest of (i) the Wall Street Journal prime rate, (ii) the greater of the then effective (x) Federal Funds Effective Rate, or (y) Overnight Bank Funding Rate plus 50 basis points, and (iii) a LIBO Rate, as adjusted for statutory reserve requirements for eurocurrency liabilities (the “Adjusted LIBO Rate”) and calculated for a one-month interest period, plus 100 basis points (such highest amount being the “ABR Rate”), or (B) the Adjusted LIBO Rate for the applicable interest period; provided, however, that the ABR Rate shall not be less than 1% and the Adjusted LIBO Rate shall not be less than zero. The 2021 Credit Agreement, which applies to both the 2021 Credit Facility and 2021 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, and which require compliance with financial ratios relating to the minimum collateral pool value ($ 800 million), maximum collateral pool leverage ratio ( 40 percent), minimum number of collateral pool properties ( two ), the maximum total leverage ratio ( 65 percent), the minimum debt service coverage ratio (1.10 times until May 6, 2022, 1.20 times from May 7, 2022 through May 6, 2023, and 1.40 times thereafter ), and the minimum tangible net worth ratio ( 80 % of tangible net worth as of December 31, 2020 plus 80 % of net cash proceeds of equity issuances by the General Partner or the Operating Partnership). The 2021 Credit Agreement contains “change of control” provisions that permit the lenders to declare a default and require the immediate repayment of all outstanding borrowings under the 2021 Credit Facility. These change of control provisions, which have been an event of default under the agreements governing the Company’s revolving credit facilities since June 2000, are triggered if, among other things, a majority of the seats on the Board of Directors (other than vacant seats) become occupied by directors who were neither nominated by the Board of Directors, nor appointed by the Board of Directors. Furthermore, construction loans secured by two multi-family residential property development projects contain cross-acceleration provisions that would constitute an event of default requiring immediate repayment of the construction loans if the change of control provisions under the 2021 Credit Facility are triggered and the lenders declare a default and exercise their rights under the 2021 Credit Facility and accelerate repayment of the outstanding borrowings thereunder. If these change of control provisions were triggered, the Company could seek a forbearance, waiver or amendment of the change of control provisions from the lenders, however there can be no assurance that the Company would be able to obtain such forbearance, waiver or amendment on acceptable terms or at all. If an event of default has occurred and is continuing, the entire outstanding balance under the 2021 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. On May 6, 2021, the Company drew the full $ 150 million available under the 2021 Term Loan and borrowed $ 145 million from the 2021 Credit Facility to retire the Company’s Senior Unsecured Notes. (See Note 8: Senior Unsecured Notes.) In June 2021, the Company paid down a total of $ 123 million of borrowings under the 2021 Term Loan, using proceeds from the Company’s suburban office property dispositions. On July 27, 2021, the Company repaid the outstanding balance of the 2021 Term Loan of $27 million, using proceeds from the disposition of a property held for sale as of June 30, 2021 (see Note 3: Recent Transactions – Real Estate Held for Sale/Discontinued Operations/Dispositions). The terms of the 2017 Credit Facility included: (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, 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), of which $ 10.6 million of letters of credit had been issued as of May 6, 2021; (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 maintained a debt rating from Moody’s or S&P, or such debt ratings fell below Baa3 and BBB-, based on a defined leverage ratio; and (4) a facility fee, 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 maintained a debt rating from Moody’s or S&P or such debt ratings fell below Baa3 and BBB-, based on a defined leverage ratio. In January 2021, the Company elected to exercise the first option to extend the 2017 Credit Facility maturity date for a period of six months . Accordingly, the term of the 2017 Credit Facility was extended to July 2021 , with the Company’s payment of the 7.5 basis point extension fee. 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 borrowing capacity, payable quarterly in arrears, on the 2017 Credit Facility were 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% (ratio through May 6, 2021) 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 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 The Company was in compliance with its debt covenants under its revolving credit facility and term loan as of June 30, 2021. As of June 30, 2021 the Company had borrowings of $ 162 million and $ 27 million under its revolving credit facility and term loan, respectively, and as of December 31, 2020, the Company’s borrowings under its revolving credit facility totaled $ 25 million and no outstanding borrowings under its term loan. |
Mortgages, Loans Payable And Ot
Mortgages, Loans Payable And Other Obligations | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021, 20 of the Company’s properties, with a total carrying value of approximately $ 3.2 billion and three of the Company’s land and development projects, with a total carrying value of approximately $ 677 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 requirements under its mortgages and loans payable as of June 30, 2021. A summary of the Company’s mortgages, loans payable and other obligations as of June 30, 2021 and December 31, 2020 is as follows (dollars in thousands) : Effective June 30, December 31, Property/Project Name Lender Rate (a) 2021 2020 Maturity Port Imperial South 4/5 Retail American General Life & A/G PC 4.56 % $ 3,831 $ 3,866 12/01/21 Port Imperial South 9 (c) Bank of New York Mellon LIBOR+ 2.13 % 74,069 46,357 12/19/22 Portside 7 CBRE Capital Markets/FreddieMac 3.57 % 58,998 58,998 08/01/23 Short Hills Residential (d) People's United Bank LIBOR+ 2.15 % 55,785 42,459 03/26/23 Port Imperial 4/5 Hotel (b) Fifth Third Bank LIBOR+ 3.40 % 89,000 94,000 04/01/23 250 Johnson Nationwide Life Insurance Company 3.74 % 43,000 43,000 08/01/24 Liberty Towers (e) American General Life Insurance Company 3.37 % 265,000 265,000 10/01/24 The Charlotte (f) QuadReal Finance LIBOR+ 2.70 % 214,278 161,544 12/01/24 Portside 5/6 (g) New York Life Insurance Company 4.56 % 97,000 97,000 03/10/26 Marbella (BLVD 425) New York Life Insurance Company 4.17 % 131,000 131,000 08/10/26 Marbella II (BLVD 401) New York Life Insurance Company 4.29 % 117,000 117,000 08/10/26 101 Hudson Wells Fargo CMBS 3.20 % 250,000 250,000 10/11/26 Worcester MUFG Union Bank LIBOR+ 1.84 % 63,000 63,000 12/10/26 RXR - Short Hills (h) Wells Fargo CMBS 4.15 % - 124,500 04/01/27 150 Main St. Natixis Real Estate Capital LLC 4.48 % 41,000 41,000 08/05/27 Monaco (BLVD 475 N/S) (i) The Northwestern Mutual Life Insurance Co. 2.91 % 165,000 165,000 11/10/27 Port Imperial South 11 The Northwestern Mutual Life Insurance Co. 4.52 % 100,000 100,000 01/10/29 Soho Lofts (j) New York Community Bank 3.77 % 160,000 160,000 07/01/29 111 River St. Athene Annuity and Life Company 3.90 % 150,000 150,000 09/01/29 Port Imperial South 4/5 Garage (k) American General Life & A/G PC 4.85 % 32,904 33,138 12/01/29 Emery at Overlook Ridge (l) New York Community Bank 3.21 % 72,000 72,000 01/01/31 Principal balance outstanding 2,182,865 2,218,862 Unamortized deferred financing costs ( 12,581 ) ( 14,718 ) Total mortgages, loans payable and other obligations, net $ 2,170,284 $ 2,204,144 (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) The loan required an initial debt service coverage test for quarter ended September 30, 2020. Subsequent to September 30, 2020, the Company executed an agreement moving the initial debt service coverage test to March 31, 2021. In May 2021, the Company executed an agreement moving the initial debt service coverage test to September 30, 2021 and extend its maturity date to April 2023, with a six month extension option. The Company repaid $5 million of the outstanding principal and has guaranteed $ 14.5 million of the outstanding principal, subject to certain conditions. (c) This construction loan has a maximum borrowing capacity of $ 92 million and provides, subject to certain conditions, and a one year extension option with a fee of 15 basis points, of which the Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions. (d) This construction loan has a maximum borrowing capacity of $ 64 million and provides, subject to certain conditions, and an 18 month extension option with a fee of 30 basis points, of which the Company has guaranteed 15 percent of the outstanding principal, subject to certain conditions. (e) In January 2020, the Company increased the size of the loan on Liberty Towers to $ 265 million, generating $ 33 million of additional proceeds. (f) 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. (g) The Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions. (h) Properties which were collateral for this mortgage loan were disposed of on April 20, 2021. This mortgage loan does not permit early pre-payment. In April 2021, as a result of the disposal of the properties, the Company paid costs of approximately $ 22.6 million at closing to defease this loan, which was expensed as loss from extinguishment of debt in the second quarter 2021. See Note 3-Recent Transactions. (i) In November 2020, the Company modified this mortgage loan, extending the maturity date from February 2021 to November 2027. As of June 30, 2021 the Company has an outstanding guaranty of $ 12 million subject to adjustment based on property occupancy levels. (j) Effective rate reflects the first five years of interest payments at a fixed rate. Interest payments after that period ends are based on LIBOR plus 2.75 % annually. (k) The loan was modified to defer interest and principal payments for a six month period ending December 31, 2020. As of June 30, 2021, deferred interest of $0.8 million has been added to the principal balance. (l) In December 2020, the Company obtained a new $ 72 million mortgage loan collateralized by the Emery that matures on January 1, 2031 and received net loan proceeds of $ 10.4 million after repaying its construction loan. CASH PAID FOR INTEREST AND INTEREST CAPITALIZED Cash paid for interest for the six months ended June 30, 2021 and 2020 was $ 48,451,000 and $ 52,441,000 (of which $ 1,699,000 and $ 2,570,000 pertained to properties classified as discontinued operations), respectively. Interest capitalized by the Company for the six months ended June 30, 2021 and 2020 was $ 16,378,000 and $ 11,788,000 , respectively (which amounts included $ 338,000 and $ 681,000 for the six months ended June 30, 2021 and 2020, respectively, of interest capitalized on the Company’s investments in unconsolidated joint ventures which were substantially in development). SUMMARY OF INDEBTEDNESS As of June 30, 2021, the Company’s total indebtedness of $ 2,359,284,000 (weighted average interest rate of 3.60 percent) was comprised of $ 680,864,000 of revolving credit and term loan borrowings and other variable rate mortgage debt (weighted average rate of 8.30 percent) and fixed rate debt and other obligations of $ 1,678,420,000 (weighted average rate of 3.72 percent). As of December 31, 2020, the Company’s total indebtedness of $ 2,801,797,000 (weighted average interest rate of 3.76 percent) was comprised of $ 427,419,000 of revolving credit facility borrowings and other variable rate mortgage debt (weighted average rate of 3.38 percent) and fixed rate debt and other obligations of $ 2,374,378,000 (weighted average rate of 3.83 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 June 30, 2021, 20 of the Company’s properties, with a total carrying value of approximately $ 3.2 billion and three of the Company’s land and development projects, with a total carrying value of approximately $ 677 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 requirements under its mortgages and loans payable as of June 30, 2021. A summary of the Company’s mortgages, loans payable and other obligations as of June 30, 2021 and December 31, 2020 is as follows (dollars in thousands) : Effective June 30, December 31, Property/Project Name Lender Rate (a) 2021 2020 Maturity Port Imperial South 4/5 Retail American General Life & A/G PC 4.56 % $ 3,831 $ 3,866 12/01/21 Port Imperial South 9 (c) Bank of New York Mellon LIBOR+ 2.13 % 74,069 46,357 12/19/22 Portside 7 CBRE Capital Markets/FreddieMac 3.57 % 58,998 58,998 08/01/23 Short Hills Residential (d) People's United Bank LIBOR+ 2.15 % 55,785 42,459 03/26/23 Port Imperial 4/5 Hotel (b) Fifth Third Bank LIBOR+ 3.40 % 89,000 94,000 04/01/23 250 Johnson Nationwide Life Insurance Company 3.74 % 43,000 43,000 08/01/24 Liberty Towers (e) American General Life Insurance Company 3.37 % 265,000 265,000 10/01/24 The Charlotte (f) QuadReal Finance LIBOR+ 2.70 % 214,278 161,544 12/01/24 Portside 5/6 (g) New York Life Insurance Company 4.56 % 97,000 97,000 03/10/26 Marbella (BLVD 425) New York Life Insurance Company 4.17 % 131,000 131,000 08/10/26 Marbella II (BLVD 401) New York Life Insurance Company 4.29 % 117,000 117,000 08/10/26 101 Hudson Wells Fargo CMBS 3.20 % 250,000 250,000 10/11/26 Worcester MUFG Union Bank LIBOR+ 1.84 % 63,000 63,000 12/10/26 RXR - Short Hills (h) Wells Fargo CMBS 4.15 % - 124,500 04/01/27 150 Main St. Natixis Real Estate Capital LLC 4.48 % 41,000 41,000 08/05/27 Monaco (BLVD 475 N/S) (i) The Northwestern Mutual Life Insurance Co. 2.91 % 165,000 165,000 11/10/27 Port Imperial South 11 The Northwestern Mutual Life Insurance Co. 4.52 % 100,000 100,000 01/10/29 Soho Lofts (j) New York Community Bank 3.77 % 160,000 160,000 07/01/29 111 River St. Athene Annuity and Life Company 3.90 % 150,000 150,000 09/01/29 Port Imperial South 4/5 Garage (k) American General Life & A/G PC 4.85 % 32,904 33,138 12/01/29 Emery at Overlook Ridge (l) New York Community Bank 3.21 % 72,000 72,000 01/01/31 Principal balance outstanding 2,182,865 2,218,862 Unamortized deferred financing costs ( 12,581 ) ( 14,718 ) Total mortgages, loans payable and other obligations, net $ 2,170,284 $ 2,204,144 (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) The loan required an initial debt service coverage test for quarter ended September 30, 2020. Subsequent to September 30, 2020, the Company executed an agreement moving the initial debt service coverage test to March 31, 2021. In May 2021, the Company executed an agreement moving the initial debt service coverage test to September 30, 2021 and extend its maturity date to April 2023, with a six month extension option. The Company repaid $5 million of the outstanding principal and has guaranteed $ 14.5 million of the outstanding principal, subject to certain conditions. (c) This construction loan has a maximum borrowing capacity of $ 92 million and provides, subject to certain conditions, and a one year extension option with a fee of 15 basis points, of which the Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions. (d) This construction loan has a maximum borrowing capacity of $ 64 million and provides, subject to certain conditions, and an 18 month extension option with a fee of 30 basis points, of which the Company has guaranteed 15 percent of the outstanding principal, subject to certain conditions. (e) In January 2020, the Company increased the size of the loan on Liberty Towers to $ 265 million, generating $ 33 million of additional proceeds. (f) 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. (g) The Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions. (h) Properties which were collateral for this mortgage loan were disposed of on April 20, 2021. This mortgage loan does not permit early pre-payment. In April 2021, as a result of the disposal of the properties, the Company paid costs of approximately $ 22.6 million at closing to defease this loan, which was expensed as loss from extinguishment of debt in the second quarter 2021. See Note 3-Recent Transactions. (i) In November 2020, the Company modified this mortgage loan, extending the maturity date from February 2021 to November 2027. As of June 30, 2021 the Company has an outstanding guaranty of $ 12 million subject to adjustment based on property occupancy levels. (j) Effective rate reflects the first five years of interest payments at a fixed rate. Interest payments after that period ends are based on LIBOR plus 2.75 % annually. (k) The loan was modified to defer interest and principal payments for a six month period ending December 31, 2020. As of June 30, 2021, deferred interest of $0.8 million has been added to the principal balance. (l) In December 2020, the Company obtained a new $ 72 million mortgage loan collateralized by the Emery that matures on January 1, 2031 and received net loan proceeds of $ 10.4 million after repaying its construction loan. CASH PAID FOR INTEREST AND INTEREST CAPITALIZED Cash paid for interest for the six months ended June 30, 2021 and 2020 was $ 48,451,000 and $ 52,441,000 (of which $ 1,699,000 and $ 2,570,000 pertained to properties classified as discontinued operations), respectively. Interest capitalized by the Company for the six months ended June 30, 2021 and 2020 was $ 16,378,000 and $ 11,788,000 , respectively (which amounts included $ 338,000 and $ 681,000 for the six months ended June 30, 2021 and 2020, respectively, of interest capitalized on the Company’s investments in unconsolidated joint ventures which were substantially in development). SUMMARY OF INDEBTEDNESS As of June 30, 2021, the Company’s total indebtedness of $ 2,359,284,000 (weighted average interest rate of 3.60 percent) was comprised of $ 680,864,000 of revolving credit and term loan borrowings and other variable rate mortgage debt (weighted average rate of 8.30 percent) and fixed rate debt and other obligations of $ 1,678,420,000 (weighted average rate of 3.72 percent). As of December 31, 2020, the Company’s total indebtedness of $ 2,801,797,000 (weighted average interest rate of 3.76 percent) was comprised of $ 427,419,000 of revolving credit facility borrowings and other variable rate mortgage debt (weighted average rate of 3.38 percent) and fixed rate debt and other obligations of $ 2,374,378,000 (weighted average rate of 3.83 percent). |
Employee Benefit 401(k) Plans
Employee Benefit 401(k) Plans | 6 Months Ended |
Jun. 30, 2021 | |
Compensation And Retirement Disclosure [Line Items] | |
Employee Benefit 401(k) Plans | 11. EMPLOYEE BENEFIT 401(k) PLANS Employees of the General Partner, who meet certain minimum age and service requirements, are eligible to participate in the Mack-Cali Realty Corporation 401(k) Savings/Retirement Plan (the “401(k) Plan”). Eligible employees may elect to defer from one percent up to 60 percent of their annual compensation on a pre-tax basis to the 401(k) Plan, subject to certain limitations imposed by federal law. The amounts contributed by employees are immediately vested and non-forfeitable. The Company may make discretionary matching or profit sharing contributions to the 401(k) Plan on behalf of eligible participants in any plan year. Participants are always 100 percent vested in their pre-tax contributions and will begin vesting in any matching or profit sharing contributions made on their behalf after two years of service with the Company at a rate of 20 percent per year, becoming 100 percent vested after a total of six years of service with the Company. All contributions are allocated as a percentage of compensation of the eligible participants for the Plan year. The assets of the 401(k) Plan are held in trust and a separate account is established for each participant. A participant may receive a distribution of his or her vested account balance in the 401(k) Plan in a single sum or in installment payments upon his or her termination of service with the Company. Total expense recognized by the Company for the 401(k) Plan for the three months ended June 30, 2021 and 2020 was $ 158,000 and $ 175,000 , respectively, and $ 338,000 and $ 431,000 for the six months ended June 30, 2021 and 2020, respectively. |
Mack-Cali Realty LP [Member] | |
Compensation And Retirement Disclosure [Line Items] | |
Employee Benefit 401(k) Plans | 11. EMPLOYEE BENEFIT 401(k) PLANS Employees of the General Partner, who meet certain minimum age and service requirements, are eligible to participate in the Mack-Cali Realty Corporation 401(k) Savings/Retirement Plan (the “401(k) Plan”). Eligible employees may elect to defer from one percent up to 60 percent of their annual compensation on a pre-tax basis to the 401(k) Plan, subject to certain limitations imposed by federal law. The amounts contributed by employees are immediately vested and non-forfeitable. The Company may make discretionary matching or profit sharing contributions to the 401(k) Plan on behalf of eligible participants in any plan year. Participants are always 100 percent vested in their pre-tax contributions and will begin vesting in any matching or profit sharing contributions made on their behalf after two years of service with the Company at a rate of 20 percent per year, becoming 100 percent vested after a total of six years of service with the Company. All contributions are allocated as a percentage of compensation of the eligible participants for the Plan year. The assets of the 401(k) Plan are held in trust and a separate account is established for each participant. A participant may receive a distribution of his or her vested account balance in the 401(k) Plan in a single sum or in installment payments upon his or her termination of service with the Company. Total expense recognized by the Company for the 401(k) Plan for the three months ended June 30, 2021 and 2020 was $ 158,000 and $ 175,000 , respectively, and $ 338,000 and $ 431,000 for the six months ended June 30, 2021 and 2020, respectively. |
Disclosure Of Fair Value Of Ass
Disclosure Of Fair Value Of Assets And Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 and December 31, 2020. 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 June 30, 2021 and December 31, 2020. The fair value of the Company’s long-term debt, consisting of senior unsecured notes, revolving credit facility, term loan and mortgages, loans payable and other obligations aggregated approximately $ 2,379,285,000 and $ 2,879,002,000 as compared to the book value of approximately $ 2,359,284,000 and $ 2,801,797,000 as of June 30, 2021 and December 31, 2020, 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 for impairment analysis are considered to be Level 3 valuations within the fair value hierarchy, as there are significant unobservable assumptions. Assumptions that were utilized in the fair value calculations include, but are not limited to discount rates, market capitalization rates, expected lease rental rates, room rental and food and beverage revenue rates, third party broker information and information from potential buyers, as applicable. Valuations of real estate identified as held for sale are based on estimated sale prices, net of estimated selling costs, of such property. In the absence of an executed sales agreement with a set sales price, management’s estimate of the net sales price may be based on a number of unobservable assumptions, including, but not limited to, the Company’s estimates of future 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 June 30, 2021, assumptions that were utilized in the fair value calculation included: Primary Valuation Unobservable Location Range of Description Techniques Assumptions Type Rates Office properties held for sale and held and used on which the Company recognized impairment losses or unrealized allowance reversals Sale prices per purchase and sale agreements, discounted cash flows and direct capitalization Discount rates Suburban 10 % Waterfront 8% Capitalization rates Suburban 8.5% - 9.25% Waterfront 5.75% Market rental rates per square foot Suburban $ 34.50 Waterfront $48.00 - $51.00 Land holdings held for sale and held and used on which the Company recognized impairment losses Developable area and units and market rate per square foot or sale prices per purchase and sale agreements Market rates per square foot Suburban $ 12.00 Market rate per residential unit Waterfront $85,000 The Company identified two office properties (comprised of two disposal groups), a small retail pad leased to others and several developable land parcels as held for sale as of June 30, 2021 with an aggregate carrying value of $ 84.8 million. As a result of recent sales contracts in place and after considering the current market conditions as a result of the challenging economic climate with the current worldwide COVID-19 pandemic, the Company determined that the carrying value of three of the remaining held for sale properties and a land parcel held for sale was not expected to be recovered from estimated net sales proceeds and accordingly, during the three and six months ended June 30, 2021, recognized an unrealized held for sale loss allowance of $ 1.4 million and $ 2.6 million, respectively, for the properties and recorded land and other impairments of $ 0.4 million. The Company determined that, due to the shortening of its expected period of ownership which occurred during the second quarter 2021, the Company evaluated the recoverability of the carrying value of its office property in Hoboken, New Jersey, and determined that it was necessary to reduce the carrying value of the property to its estimated fair value. Accordingly, the Company recorded an impairment charge of $ 6.0 million on the office property at June 30, 2021, which is included in property impairments on the consolidated statement of operations. Also as a result of the Company’s shortening of its expected holding period in the second quarter 2021, the Company evaluated the recoverability of the carrying values of its land parcels and determined that it was necessary to reduce the carrying values of a held-and-used land parcel to its estimated fair value and recorded land and other impairment charges of $ 7.5 million for the three and six months ended June 30, 2021. Disclosure about fair value of assets and liabilities is based on pertinent information available to management as of June 30, 2021 and December 31, 2020. 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 June 30, 2021 and current estimates of fair value may differ significantly from the amounts presented herein. The recent outbreak of COVID-19 worldwide has significantly slowed global economic activity and caused significant volatility in financial markets. As such, there is currently significant uncertainty around the breadth and duration of business disruptions related to COVID-19, as well as its impact on the U.S. economy. The current economic environment can and will be significantly adversely affected by many factors beyond the Company’s control. The extent to which COVID-19 impacts the Company’s fair value estimates in the future will depend on developments going forward, many of which are highly uncertain and cannot be predicted. In consideration of the magnitude of such uncertainties under the current climate, management has considered all available information at its properties and in the marketplace to provide its estimates as of June 30, 2021. |
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 June 30, 2021 and December 31, 2020. 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 June 30, 2021 and December 31, 2020. The fair value of the Company’s long-term debt, consisting of senior unsecured notes, revolving credit facility, term loan and mortgages, loans payable and other obligations aggregated approximately $ 2,379,285,000 and $ 2,879,002,000 as compared to the book value of approximately $ 2,359,284,000 and $ 2,801,797,000 as of June 30, 2021 and December 31, 2020, 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 for impairment analysis are considered to be Level 3 valuations within the fair value hierarchy, as there are significant unobservable assumptions. Assumptions that were utilized in the fair value calculations include, but are not limited to discount rates, market capitalization rates, expected lease rental rates, room rental and food and beverage revenue rates, third party broker information and information from potential buyers, as applicable. Valuations of real estate identified as held for sale are based on estimated sale prices, net of estimated selling costs, of such property. In the absence of an executed sales agreement with a set sales price, management’s estimate of the net sales price may be based on a number of unobservable assumptions, including, but not limited to, the Company’s estimates of future 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 June 30, 2021, assumptions that were utilized in the fair value calculation included: Primary Valuation Unobservable Location Range of Description Techniques Assumptions Type Rates Office properties held for sale and held and used on which the Company recognized impairment losses or unrealized allowance reversals Sale prices per purchase and sale agreements, discounted cash flows and direct capitalization Discount rates Suburban 10 % Waterfront 8% Capitalization rates Suburban 8.5% - 9.25% Waterfront 5.75% Market rental rates per square foot Suburban $ 34.50 Waterfront $48.00 - $51.00 Land holdings held for sale and held and used on which the Company recognized impairment losses Developable area and units and market rate per square foot or sale prices per purchase and sale agreements Market rates per square foot Suburban $ 12.00 Market rate per residential unit Waterfront $85,000 The Company identified two office properties (comprised of two disposal groups), a small retail pad leased to others and several developable land parcels as held for sale as of June 30, 2021 with an aggregate carrying value of $ 84.8 million. As a result of recent sales contracts in place and after considering the current market conditions as a result of the challenging economic climate with the current worldwide COVID-19 pandemic, the Company determined that the carrying value of three of the remaining held for sale properties and a land parcel held for sale was not expected to be recovered from estimated net sales proceeds and accordingly, during the three and six months ended June 30, 2021, recognized an unrealized held for sale loss allowance of $ 1.4 million and $ 2.6 million, respectively, for the properties and recorded land and other impairments of $ 0.4 million. The Company determined that, due to the shortening of its expected period of ownership which occurred during the second quarter 2021, the Company evaluated the recoverability of the carrying value of its office property in Hoboken, New Jersey, and determined that it was necessary to reduce the carrying value of the property to its estimated fair value. Accordingly, the Company recorded an impairment charge of $ 6.0 million on the office property at June 30, 2021, which is included in property impairments on the consolidated statement of operations. Also as a result of the Company’s shortening of its expected holding period in the second quarter 2021, the Company evaluated the recoverability of the carrying values of its land parcels and determined that it was necessary to reduce the carrying values of a held-and-used land parcel to its estimated fair value and recorded land and other impairment charges of $ 7.5 million for the three and six months ended June 30, 2021. Disclosure about fair value of assets and liabilities is based on pertinent information available to management as of June 30, 2021 and December 31, 2020. 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 June 30, 2021 and current estimates of fair value may differ significantly from the amounts presented herein. The recent outbreak of COVID-19 worldwide has significantly slowed global economic activity and caused significant volatility in financial markets. As such, there is currently significant uncertainty around the breadth and duration of business disruptions related to COVID-19, as well as its impact on the U.S. economy. The current economic environment can and will be significantly adversely affected by many factors beyond the Company’s control. The extent to which COVID-19 impacts the Company’s fair value estimates in the future will depend on developments going forward, many of which are highly uncertain and cannot be predicted. In consideration of the magnitude of such uncertainties under the current climate, management has considered all available information at its properties and in the marketplace to provide its estimates as of June 30, 2021. |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies [Line Items] | |
Commitments And Contingencies | 13. COMMITMENTS AND CONTINGENCIES TAX ABATEMENT AGREEMENTS Pursuant to agreements with certain municipalities, the Company is required to make payments in lieu of property taxes (“PILOT”) on certain of its properties and has tax abatement agreements on other properties, as follows: The Harborside Plaza 4-A agreement with the City of Jersey City, as amended, which commenced in 2002, is for a term of 20 years. The annual PILOT is equal to two percent of Total Project Costs, as defined. Total Project Costs are $ 49.5 million. The PILOT totaled $ 264,000 and $ 264,000 for the three months ended June 30, 2021 and 2020, respectively, and $ 528,000 and $ 528,000 for the six months ended June 30, 2021 and 2020, respectively. The Harborside Plaza 5 agreement, also with the City of Jersey City, as amended, which commenced in 2002, is for a term of 20 years. The annual PILOT is equal to two percent of Total Project Costs, as defined. Total Project Costs are $ 170.9 million. The PILOT totaled $ 1.1 million and $ 1.1 million for the three months ended June 30, 2021 and 2020, respectively, and $ 2.2 million and $ 2.2 million for the six months ended June 30, 2021 and 2020, 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 agreement expired in December 31, 2020. The Port Imperial Hotel development project agreement with the City of Weehawken is for a term of 15 years following substantial completion, which occurred in December 201 8. The annual PILOT is equal to two percent of Total Project Costs, as defined therein. The PILOT totaled $ 0.5 million and $ 0.5 million for the three months ended June 30, 2021 and 2020, respectively, and $ 1.0 million and $ 1.1 million for the six months ended June 30, 2021 and 2020, respectively. The Port Imperial South 11 development project agreement with the City of Weehawken is for a term of 15 years following substantial completion, which occurred in August 2018. The annual PILOT is equal to 10 percent of Gross Revenues, as defined therein. The PILOT totaled $ 0.4 million and $ 0.3 million for the three months ended June 30, 2021 and 2020, respectively, and $ 0.7 million and $ 0.6 million for the six months ended June 30, 2021 and 2020, respectively. The 111 River Realty agreement with the City of Hoboken, which commenced on October 1, 2001 expires in April 2022. The PILOT payment equaled $ 1.2 million annually through April 2017 and then increased to $ 1.4 million annually until expiration. The PILOT totaled $ 0.4 million and $ 0.4 million for the three months June 30, 2021 and 2020, respectively, and $ 0.7 million and $ 0.7 million for the six months ended June 30, 2021 and 2020, respectively. The Monaco Towers agreement with the City of Jersey City, which commenced in 2011, is for a term of 10 years (expired in February 2021). The annual PILOT is equal to 10 percent of gross revenues, as defined. The PILOT totaled zero and $ 0.5 million for the three months ended June 30, 2021 and 2020, respectively, and $ 0.5 million and $ 1.1 million for the six months ended June 30, 2021 and 2020, respectively. The Marbella II agreement with the City of Jersey City, which commenced in 2016, is for a term of 10 years. The annual PILOT is equal to 10 percent of gross revenues for years 1-4, 12 percent of gross revenues for years 5-8 and 14 percent of gross revenue for years 9-10, as defined therein. The PILOT totaled $ 0.3 million and $ 0.3 million for the three months ended June 30, 2021 and 2020, respectively and $ 0.6 and $ 0.6 million for the six months ended June 30, 2021 and 2020, respectively. The Port Imperial Parcel 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 third quarter 2021. The annual PILOT is equal to 11 percent of gross revenue for years 1-10, 12.5 percent for years 11-18 and 14 percent for years 19-25, as defined therein. The Port Imperial South Park Parcel development project agreement with the Township of Weehawken is for a term of 25 years following substantial completion. The project is anticipated to begin construction in late 2021 with substantial completion in 2024. 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 June 30, 2021 and December 31, 2020, are as follows (dollars in thousands) : As of June 30, 2021 Year Amount July 1 through December 31, 2021 $ 848 2022 1,695 2023 1,702 2024 1,721 2025 1,728 2026 through 2101 152,980 Total lease payments 160,674 Less: imputed interest ( 23,650 ) Total $ 137,024 As of December 31, 2020 Year Amount 2021 $ 1,750 2022 1,750 2023 1,756 2024 1,776 2025 1,742 2026 through 2101 152,980 Total lease payments 161,754 Less: imputed interest ( 138,152 ) Total $ 23,602 Ground lease expense incurred by the Company amounted to $ 380,000 and $ 680,000 for the three months ended June 30, 2021 and 2020, respectively, and $ 640,000 and $ 1.3 million for the six months ended June 30, 2021 and 2020, respectively. In conjunction with the adoption of ASU 2016-02 (Topic 842), starting on January 1, 2019, the Company capitalized operating leases, which had a balance of $ 22.3 million at June 30, 2021 for three 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 7.576 percent to 7.618 percent for the remaining ground lease terms ranging from 80.83 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 $ 143.8 million, of which construction costs of $ 125.8 million has been incurred through June 30, 2021, is expected to be ready for occupancy in July 2021 . The Company has funded $ 51.8 million as of June 30, 2021, and the remaining construction costs are expected to be funded from a $ 92 million construction loan (of which $ 74.0 million was drawn as of June 30, 2021). 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 $ 383.8 million has been incurred through June 30, 2021, is expected to be ready for occupancy in first quarter 2022 . The Company has funded $ 169.5 million of the construction costs, and the remaining construction costs are expected to be funded from a $ 300 million construction loan (of which $ 214.3 million was drawn as of June 30, 2021). MANAGEMENT CHANGES On March 3, 2021, the Company announced that its Board of Directors had appointed Mahbod Nia as Chief Executive Officer of the Company. The appointment was effective as of March 8, 2021 (the “CEO Effective Date”). The Company’s Board approved and the Company entered into an employment agreement dated March 2, 2021 with Mr. Nia (the “CEO Employment Agreement”) that provides as follows: · An initial term of three years , commencing on the Effective Date, subject to automatic annual renewals thereafter unless earlier terminated; An annual base salary of $ 800,000 , subject to potential merit increases (but not decreases) each year A target annual bonus opportunity of 150 % of base salary (the “Target Bonus”), with a threshold bonus of 50 % of the Target Bonus, and a maximum bonus of 200 % of the Target Bonus, based on performance goals to be established annually by the Compensation Committee. On March 10, 2021 Mr. Nia was granted a one-time sign-on “inducement” award of 950,000 stock options to purchase the Company’s common stock, at an exercise price equal to the closing price of the common stock on the date of grant, which will vest and become exercisable in three substantially equal installments on each of the first 3 anniversaries following the date of grant (the “Sign-On Award”). Each calendar year while Mr. Nia is employed (including 2021), Mr. Nia will be eligible for an annual equity award under the Company’s then-current equity incentive plan with an aggregate grant date fair value of $ 4,000,000 . One-half of each annual equity award will vest subject to time-based vesting conditions, and one-half of each annual equity award will vest subject to performance-based vesting conditions.· In addition to standard employee benefits (including health coverage for Mr. Nia and his dependents in the U.S. and the U.K, not to exceed a cost to the Company of $ 25,000 per year), Mr. Nia will receive up to $ 30,000 per year in tax compliance assistance, reimbursement of attorneys’ fees in connection with negotiating the Employment Agreement up to $ 100,000 , and, in the event that Mr. Nia relocates his principal residence to the Jersey City, New Jersey metropolitan area, reimbursement for relocation costs up to $ 50,000 in the aggregate. Under the CEO Employment Agreement, Mr. Nia will be subject to certain restrictive covenants, including non-competition and non-solicitation covenants during his employment and for one year following termination of employment, and perpetual confidentiality and non-disparagement covenants. Concurrent with the appointment of Mr. Nia as Chief Executive Officer, MaryAnne Gilmartin’s tenure as interim Chief Executive Officer of the Company ended as of the Effective Date. In connection with Ms. Gilmartin’s appointment, as interim Chief Executive Officer effective as of July 25, 2020, the Company entered into a letter agreement (the “Letter Agreement”) with MAG Partners 2.0 LLC (“MAG Partners”), an entity wholly owned by Ms. Gilmartin. Pursuant to the Letter Agreement, MAG Partners agreed to make Ms. Gilmartin’s services available to the Company to serve as its interim Chief Executive Officer. The term of this arrangement and Ms. Gilmartin’s appointment as interim Chief Executive Officer (the “Term”) was to continue until the earliest to occur of (i) the commencement of employment of a permanent Chief Executive Officer of the Company, (ii) a period of six months has elapsed, or an earlier or later date selected by the Board, and (iii) Ms. Gilmartin’s death or disability, or the termination of the arrangement by MAG Partners (including a resignation by Ms. Gilmartin of her appointment as interim Chief Executive Officer). On January 22, 2021, the Company entered into a six -month extension (the “Extension Letter”) of the Letter Agreement with MAG Partners, pursuant to which MAG Partners made Ms. Gilmartin’s services available to the Company to serve as its interim Chief Executive Officer. Pursuant to the Extension Letter, the term of the Letter Agreement was extended until July 25, 2021 (the “Extended Term”). However, Ms. Gilmartin’s appointment as interim Chief Executive Officer was to end upon the earlier to occur of (x) the commencement of employment of a permanent Chief Executive Officer of the Company or (y) a date selected by the Board of Directors of the Company, and during any remaining portion of the Extended Term, MAG Partners would continue to make Ms. Gilmartin reasonably available to assist with the transition of Ms. Gilmartin’s duties to her successor and with any other matters that the Company may reasonably request. In addition, if the Extended Term ends at any time prior to July 25, 2021 (other than a termination by the Company for cause), then the Company will continue to pay MAG Partners its monthly $ 150,000 cash retainer fee through July 25, 2021. Pursuant to the Letter Agreement, during the Term the Company will pay to MAG Partners a monthly fee of $ 150,000 , subject to proration for any partial month (but continuing for a minimum of three months following commencement of the Term if the Term is ended by the Board for any reason other than for “cause”). MAG Partners is also eligible to receive a one-time cash sign-on bonus of $ 300,000 and, unless the Term is ended by the Board for “cause,” a one-time completion bonus of $ 200,000 at the end of the Term (but no later than March 12, 2021, when it was paid). In addition, the Company has granted to MAG Partners fully vested stock options to purchase up to 230,000 shares of common stock with an exercise price of $ 14.39 per share, and up to 100,000 shares of common stock with an exercise price of $ 20.00 per share, pursuant to a Stock Option Agreement by and between MAG Partners and the Company (the “Option Agreement”), of which 157,505 of the options were issued after shareholder approval at the Company’s 2021 Annual Meeting of Stockholders. On June 9, 2021, the Company, appointed Anna Malhari as Executive Vice President and Chief Operating Officer of the Company. The appointment is effective as of June 9, 2021 (the “Effective Date”). The Company entered into, an amended and restated employment agreement dated as of June 9, 2021 with Ms. Malhari (the “Malhari Employment Agreement”) that provides as follows: · An initial term ending December 31, 2023, commencing on the Effective Date, subject to automatic annual renewals thereafter unless earlier terminated; · An annual base salary of $ 300,000 , subject to potential merit increases (but not decreases) each year; · A target annual bonus opportunity of 100 % of base salary (the “Target Bonus”), with a threshold bonus of 50 % of the Target Bonus, and a maximum bonus of 150 % of the Target Bonus, based on performance goals to be established annually by the Compensation Committee; · Promptly following the Effective Date, Ms. Malhari will be granted a one-time long-term incentive compensation award with a grant date fair value of $ 100,000 , with 50 % of such award subject to time-based vesting conditions and 50 % of such award subject to performance-based vesting conditions; · Upon a termination without “cause” (as defined in the Employment Agreement) or by Ms. Malhari for “good reason” (as defined in the Employment Agreement), subject to execution of a release of claims, Ms. Malhari will be entitled to (i) cash severance equal to 1.5 times (the “Multiplier”) the sum of her base salary and Target Bonus, paid in a lump sum as soon as practicable following the date of termination, but, if such termination occurs within the period commencing 3 months prior to a “change in control” (as defined in the Malhari Employment Agreement) and ending one year following a “change in control,” the Multiplier will increase to 2.0 times; (ii) up to 18 months of continued medical coverage for Ms. Malhari and her dependents; (iii) accelerated vesting of time-based equity awards; and (iv) eligibility to vest in a prorated amount of outstanding performance-based equity awards, based on the amount of time Ms. Malhari remained employed during the applicable performance period and actual performance over the applicable performance period. Under the Malhari Employment Agreement, Ms. Malhari will be subject to certain restrictive covenants, including non-competition and non-solicitation covenants during her employment and for one year following termination of employment, and perpetual confidentiality and non-disparagement covenants. On May 13, 2021, the Company determined that effective May 13, 2021, Marshall Tycher would step down as an executive officer and employee of the Company. Mr. Tycher will serve in a consulting role as a senior advisor to the Company from May 14, 2021 through November 14, 2022 (the “Consulting Term”). The transitioning of Mr. Tycher to a senior advisor role is in furtherance of the Company’s strategic transformation with a focus on further simplification of the Company and realization of operational efficiencies that the Company believes will result in a streamlined organizational architecture that management anticipates will result in financial and operational benefits to the Company. In connection with Mr. Tycher’s separation from the Company, Mr. Tycher entered into a separation and release agreement with the Company dated May 19, 2021 (the “Release”) and a separate Consulting and Cooperation Agreement dated as of May 13, 2021 between the Company and Mr. Tycher (the “Consulting Agreement”). Mr. Tycher’s separation from the Company has been deemed a termination without cause under the terms and conditions of Mr. Tycher’s existing employment agreement dated April 26, 2017 (the “Employment Agreement”). Under the terms of the Release Agreement, and consistent with the terms of the Employment Agreement and the relevant award agreements, Mr. Tycher will: · immediately vest in 29,230 previously earned but unvested performance-based long-term incentive plan units (“LTIP Units”); · immediately vest in 31,963 unvested time-based LTIP Units and 1,162 time-vesting restricted stock units (“RSUs”) previously granted to Mr. Tycher; · be eligible to vest in a maximum of 162,290 performance-based LTIP Units and 2,153 performance-vesting RSUs previously granted to Mr. Tycher, subject to the achievement of applicable performance criteria over the performance period applicable under the award agreements governing such LTIP Units and RSUs; and · immediately forfeit 101,625 performance-based LTIPs and 48,960 PRSUs previously granted to Mr. Tycher. Mr. Tycher otherwise is eligible to receive the severance payments and benefits upon a termination without cause (outside of a change in control) under his Employment Agreement described under the heading “Employment Contracts; Potential Payments Upon Termination or Change in Control—Marshall B. Tycher Employment Agreement,” as set forth in the Company’s definitive proxy statement filed with the Securities and Exchange Commission on April 28, 2021, which descriptions are incorporated by reference herein. Under the terms of the Consulting Agreement, Mr. Tycher will: · provide certain consulting, cooperation and transition services to the Company and general support, oversight and development services for the Company’s multi-family operations; · receive a monthly consulting fee of $33,334 during the first twelve (12) months of the Consulting Term; · be eligible to receive, upon and subject to the occurrence of thirteen separate milestone events to the extent each such milestone event may occur during the Consulting Term, a success fee ranging from $50,000 to $150,000 per milestone, up to a maximum aggregate of $1,250,000 if all milestones are achieved during the Consulting Term; · be eligible for continued vesting in 12,720 time-based LTIP Units and 54,155 time-vesting RSUs previously granted to Mr. Tycher, subject to Mr. Tycher’s performance of the Consulting Agreement through the end of the Consulting Term; · be eligible for continued vesting in a maximum of 72,688 performance-based LTIP Units previously granted to Mr. Tycher, subject to Mr. Tycher’s performance of the Consulting Agreement through the end of the Consulting Term and the achievement of applicable performance criteria over the performance period applicable under the award agreements governing such LTIP Units; and · be eligible for continued vesting in 18,387 performance-based LTIP Units and 51,393 performance-vesting RSUs previously granted to Mr. Tycher, in each case subject to Mr. Tycher’s achievement of certain performance milestones set forth in the Consulting Agreement and the achievement of the applicable performance criteria over the performance period applicable under the award agreements governing such LTIP Units and RSUs. During the three months ended June 30, 2021, the Company’s total costs incurred, net of LTIP forfeitures, relating to the management restructuring activities discussed above, including the severance and related costs for the departure of the Company’s former executive officers, as well as other terminated employees, amounted to $ 7.1 million ($ 6.0 million of which was included in general and administrative expense and $ 1.1 million of which was included in operating service). During the six months ended June 30, 2021, the Company’s total costs incurred, net of LTIP forfeitures, relating to the management restructuring activities discussed above, including the severance and related costs for the departure of the Company’s former executive officer and the departure of the Company’s former interim chief executive officer, as well as other terminated employees, amounted to $ 10.2 million ($ 8.4 million of which was included in general and administrative expense and $ 1.8 million of which was included in operating services expense). OTHER Through February 2016, the Company could not dispose of or distribute certain of its properties, which were originally contributed by certain unrelated common unitholders of the Operating Partnership, without the express written consent of such common unitholders, as applicable, except in a manner which did not result in recognition of any built-in-gain (which may result in an income tax liability) or which reimbursed the appropriate specific common unitholders for the tax consequences of the recognition of such built-in-gains (collectively, the “Property Lock-Ups”). Upon the expiration in February 2016 of the Property Lock-Ups, the Company is generally required to use commercially reasonable efforts to prevent any sale, transfer or other disposition of the subject properties from resulting in the recognition of built-in gain to the specific common unitholders, which include members of the Mack Group (which includes William L. Mack, a former director; David S. Mack, a former director; and Earle I. Mack, a former director), the Robert Martin Group, and the Cali Group (which includes John R. Cali, a former director). As of June 30, 2021, after the effects of tax-free exchanges on certain of the originally contributed properties, either wholly or partially, over time, six of the Company’s properties, as well as certain land and development projects, including properties classified as held for sale as of June 30, 2021, with an aggregate carrying value of approximately $ 1.1 billion, are subject to these conditions. As of July 2021, the Company has outstanding stay-on award agreements with 40 employees, which provides them with the potential to receive compensation, in cash or Company stock, contingent upon remaining with the Company in good standing until the occurrence of certain corporate transactions, which have not been identified. The total potential cost of such awards is currently estimated to be up to approximately $ 5.6 million, including the potential future issuance of up to 82,629 shares of the Company’s common stock. Such cash or stock awards would only be earned and payable if such transaction was identified and communicated to the employee within seven years of the agreement dates, which all occurred in late 2020 and early 2021 and all other conditions were satisfied. In September 2020, the General Partner's Board of Directors approved a discretionary reimbursement of approximately $ 6.1 million in fees and expenses incurred by Bow Street LLC in connection with its proxy solicitations in 2019 and 2020 that resulted in the election of Bow Street's nominees as directors of the General Partner at the 2019 and 2020 annual meetings of stockholders of the General Partner. The Board of Directors determined that the reimbursement was appropriate in light of the benefit to the General Partner and its stockholders of the refreshment of the Board of Directors that resulted from the proxy contests. The Company reimbursed this amount to Bow Street in three substantially equal payments in November 2020, January 2021 and April 2021. The Company recorded the full $ 6.1 million as general and administrative expense in the year ended December 31, 2020 when the obligation was committed to. Bow Street is an affiliate of A. Akiva Katz, a director of the General Partner, who is a co-founder and managing partner of Bow Street. |
Mack-Cali Realty LP [Member] | |
Commitments And Contingencies [Line Items] | |
Commitments And Contingencies | 13. COMMITMENTS AND CONTINGENCIES TAX ABATEMENT AGREEMENTS Pursuant to agreements with certain municipalities, the Company is required to make payments in lieu of property taxes (“PILOT”) on certain of its properties and has tax abatement agreements on other properties, as follows: The Harborside Plaza 4-A agreement with the City of Jersey City, as amended, which commenced in 2002, is for a term of 20 years. The annual PILOT is equal to two percent of Total Project Costs, as defined. Total Project Costs are $ 49.5 million. The PILOT totaled $ 264,000 and $ 264,000 for the three months ended June 30, 2021 and 2020, respectively, and $ 528,000 and $ 528,000 for the six months ended June 30, 2021 and 2020, respectively. The Harborside Plaza 5 agreement, also with the City of Jersey City, as amended, which commenced in 2002, is for a term of 20 years. The annual PILOT is equal to two percent of Total Project Costs, as defined. Total Project Costs are $ 170.9 million. The PILOT totaled $ 1.1 million and $ 1.1 million for the three months ended June 30, 2021 and 2020, respectively, and $ 2.2 million and $ 2.2 million for the six months ended June 30, 2021 and 2020, 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 agreement expired in December 31, 2020. The Port Imperial Hotel development project agreement with the City of Weehawken is for a term of 15 years following substantial completion, which occurred in December 201 8. The annual PILOT is equal to two percent of Total Project Costs, as defined therein. The PILOT totaled $ 0.5 million and $ 0.5 million for the three months ended June 30, 2021 and 2020, respectively, and $ 1.0 million and $ 1.1 million for the six months ended June 30, 2021 and 2020, respectively. The Port Imperial South 11 development project agreement with the City of Weehawken is for a term of 15 years following substantial completion, which occurred in August 2018. The annual PILOT is equal to 10 percent of Gross Revenues, as defined therein. The PILOT totaled $ 0.4 million and $ 0.3 million for the three months ended June 30, 2021 and 2020, respectively, and $ 0.7 million and $ 0.6 million for the six months ended June 30, 2021 and 2020, respectively. The 111 River Realty agreement with the City of Hoboken, which commenced on October 1, 2001 expires in April 2022. The PILOT payment equaled $ 1.2 million annually through April 2017 and then increased to $ 1.4 million annually until expiration. The PILOT totaled $ 0.4 million and $ 0.4 million for the three months June 30, 2021 and 2020, respectively, and $ 0.7 million and $ 0.7 million for the six months ended June 30, 2021 and 2020, respectively. The Monaco Towers agreement with the City of Jersey City, which commenced in 2011, is for a term of 10 years (expired in February 2021). The annual PILOT is equal to 10 percent of gross revenues, as defined. The PILOT totaled zero and $ 0.5 million for the three months ended June 30, 2021 and 2020, respectively, and $ 0.5 million and $ 1.1 million for the six months ended June 30, 2021 and 2020, respectively. The Marbella II agreement with the City of Jersey City, which commenced in 2016, is for a term of 10 years. The annual PILOT is equal to 10 percent of gross revenues for years 1-4, 12 percent of gross revenues for years 5-8 and 14 percent of gross revenue for years 9-10, as defined therein. The PILOT totaled $ 0.3 million and $ 0.3 million for the three months ended June 30, 2021 and 2020, respectively and $ 0.6 and $ 0.6 million for the six months ended June 30, 2021 and 2020, respectively. The Port Imperial Parcel 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 third quarter 2021. The annual PILOT is equal to 11 percent of gross revenue for years 1-10, 12.5 percent for years 11-18 and 14 percent for years 19-25, as defined therein. The Port Imperial South Park Parcel development project agreement with the Township of Weehawken is for a term of 25 years following substantial completion. The project is anticipated to begin construction in late 2021 with substantial completion in 2024. 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 June 30, 2021 and December 31, 2020, are as follows (dollars in thousands) : As of June 30, 2021 Year Amount July 1 through December 31, 2021 $ 848 2022 1,695 2023 1,702 2024 1,721 2025 1,728 2026 through 2101 152,980 Total lease payments 160,674 Less: imputed interest ( 23,650 ) Total $ 137,024 As of December 31, 2020 Year Amount 2021 $ 1,750 2022 1,750 2023 1,756 2024 1,776 2025 1,742 2026 through 2101 152,980 Total lease payments 161,754 Less: imputed interest ( 138,152 ) Total $ 23,602 Ground lease expense incurred by the Company amounted to $ 380,000 and $ 680,000 for the three months ended June 30, 2021 and 2020, respectively, and $ 640,000 and $ 1.3 million for the six months ended June 30, 2021 and 2020, respectively. In conjunction with the adoption of ASU 2016-02 (Topic 842), starting on January 1, 2019, the Company capitalized operating leases, which had a balance of $ 22.3 million at June 30, 2021 for three 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 7.576 percent to 7.618 percent for the remaining ground lease terms ranging from 80.83 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 $ 143.8 million, of which construction costs of $ 125.8 million has been incurred through June 30, 2021, is expected to be ready for occupancy in July 2021 . The Company has funded $ 51.8 million as of June 30, 2021, and the remaining construction costs are expected to be funded from a $ 92 million construction loan (of which $ 74.0 million was drawn as of June 30, 2021). 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 $ 383.8 million has been incurred through June 30, 2021, is expected to be ready for occupancy in first quarter 2022 . The Company has funded $ 169.5 million of the construction costs, and the remaining construction costs are expected to be funded from a $ 300 million construction loan (of which $ 214.3 million was drawn as of June 30, 2021). MANAGEMENT CHANGES On March 3, 2021, the Company announced that its Board of Directors had appointed Mahbod Nia as Chief Executive Officer of the Company. The appointment was effective as of March 8, 2021 (the “CEO Effective Date”). The Company’s Board approved and the Company entered into an employment agreement dated March 2, 2021 with Mr. Nia (the “CEO Employment Agreement”) that provides as follows: · An initial term of three years , commencing on the Effective Date, subject to automatic annual renewals thereafter unless earlier terminated; An annual base salary of $ 800,000 , subject to potential merit increases (but not decreases) each year A target annual bonus opportunity of 150 % of base salary (the “Target Bonus”), with a threshold bonus of 50 % of the Target Bonus, and a maximum bonus of 200 % of the Target Bonus, based on performance goals to be established annually by the Compensation Committee. On March 10, 2021 Mr. Nia was granted a one-time sign-on “inducement” award of 950,000 stock options to purchase the Company’s common stock, at an exercise price equal to the closing price of the common stock on the date of grant, which will vest and become exercisable in three substantially equal installments on each of the first 3 anniversaries following the date of grant (the “Sign-On Award”). Each calendar year while Mr. Nia is employed (including 2021), Mr. Nia will be eligible for an annual equity award under the Company’s then-current equity incentive plan with an aggregate grant date fair value of $ 4,000,000 . One-half of each annual equity award will vest subject to time-based vesting conditions, and one-half of each annual equity award will vest subject to performance-based vesting conditions.· In addition to standard employee benefits (including health coverage for Mr. Nia and his dependents in the U.S. and the U.K, not to exceed a cost to the Company of $ 25,000 per year), Mr. Nia will receive up to $ 30,000 per year in tax compliance assistance, reimbursement of attorneys’ fees in connection with negotiating the Employment Agreement up to $ 100,000 , and, in the event that Mr. Nia relocates his principal residence to the Jersey City, New Jersey metropolitan area, reimbursement for relocation costs up to $ 50,000 in the aggregate. Under the CEO Employment Agreement, Mr. Nia will be subject to certain restrictive covenants, including non-competition and non-solicitation covenants during his employment and for one year following termination of employment, and perpetual confidentiality and non-disparagement covenants. Concurrent with the appointment of Mr. Nia as Chief Executive Officer, MaryAnne Gilmartin’s tenure as interim Chief Executive Officer of the Company ended as of the Effective Date. In connection with Ms. Gilmartin’s appointment, as interim Chief Executive Officer effective as of July 25, 2020, the Company entered into a letter agreement (the “Letter Agreement”) with MAG Partners 2.0 LLC (“MAG Partners”), an entity wholly owned by Ms. Gilmartin. Pursuant to the Letter Agreement, MAG Partners agreed to make Ms. Gilmartin’s services available to the Company to serve as its interim Chief Executive Officer. The term of this arrangement and Ms. Gilmartin’s appointment as interim Chief Executive Officer (the “Term”) was to continue until the earliest to occur of (i) the commencement of employment of a permanent Chief Executive Officer of the Company, (ii) a period of six months has elapsed, or an earlier or later date selected by the Board, and (iii) Ms. Gilmartin’s death or disability, or the termination of the arrangement by MAG Partners (including a resignation by Ms. Gilmartin of her appointment as interim Chief Executive Officer). On January 22, 2021, the Company entered into a six -month extension (the “Extension Letter”) of the Letter Agreement with MAG Partners, pursuant to which MAG Partners made Ms. Gilmartin’s services available to the Company to serve as its interim Chief Executive Officer. Pursuant to the Extension Letter, the term of the Letter Agreement was extended until July 25, 2021 (the “Extended Term”). However, Ms. Gilmartin’s appointment as interim Chief Executive Officer was to end upon the earlier to occur of (x) the commencement of employment of a permanent Chief Executive Officer of the Company or (y) a date selected by the Board of Directors of the Company, and during any remaining portion of the Extended Term, MAG Partners would continue to make Ms. Gilmartin reasonably available to assist with the transition of Ms. Gilmartin’s duties to her successor and with any other matters that the Company may reasonably request. In addition, if the Extended Term ends at any time prior to July 25, 2021 (other than a termination by the Company for cause), then the Company will continue to pay MAG Partners its monthly $ 150,000 cash retainer fee through July 25, 2021. Pursuant to the Letter Agreement, during the Term the Company will pay to MAG Partners a monthly fee of $ 150,000 , subject to proration for any partial month (but continuing for a minimum of three months following commencement of the Term if the Term is ended by the Board for any reason other than for “cause”). MAG Partners is also eligible to receive a one-time cash sign-on bonus of $ 300,000 and, unless the Term is ended by the Board for “cause,” a one-time completion bonus of $ 200,000 at the end of the Term (but no later than March 12, 2021, when it was paid). In addition, the Company has granted to MAG Partners fully vested stock options to purchase up to 230,000 shares of common stock with an exercise price of $ 14.39 per share, and up to 100,000 shares of common stock with an exercise price of $ 20.00 per share, pursuant to a Stock Option Agreement by and between MAG Partners and the Company (the “Option Agreement”), of which 157,505 of the options were issued after shareholder approval at the Company’s 2021 Annual Meeting of Stockholders. On June 9, 2021, the Company, appointed Anna Malhari as Executive Vice President and Chief Operating Officer of the Company. The appointment is effective as of June 9, 2021 (the “Effective Date”). The Company entered into, an amended and restated employment agreement dated as of June 9, 2021 with Ms. Malhari (the “Malhari Employment Agreement”) that provides as follows: · An initial term ending December 31, 2023, commencing on the Effective Date, subject to automatic annual renewals thereafter unless earlier terminated; · An annual base salary of $ 300,000 , subject to potential merit increases (but not decreases) each year; · A target annual bonus opportunity of 100 % of base salary (the “Target Bonus”), with a threshold bonus of 50 % of the Target Bonus, and a maximum bonus of 150 % of the Target Bonus, based on performance goals to be established annually by the Compensation Committee; · Promptly following the Effective Date, Ms. Malhari will be granted a one-time long-term incentive compensation award with a grant date fair value of $ 100,000 , with 50 % of such award subject to time-based vesting conditions and 50 % of such award subject to performance-based vesting conditions; · Upon a termination without “cause” (as defined in the Employment Agreement) or by Ms. Malhari for “good reason” (as defined in the Employment Agreement), subject to execution of a release of claims, Ms. Malhari will be entitled to (i) cash severance equal to 1.5 times (the “Multiplier”) the sum of her base salary and Target Bonus, paid in a lump sum as soon as practicable following the date of termination, but, if such termination occurs within the period commencing 3 months prior to a “change in control” (as defined in the Malhari Employment Agreement) and ending one year following a “change in control,” the Multiplier will increase to 2.0 times; (ii) up to 18 months of continued medical coverage for Ms. Malhari and her dependents; (iii) accelerated vesting of time-based equity awards; and (iv) eligibility to vest in a prorated amount of outstanding performance-based equity awards, based on the amount of time Ms. Malhari remained employed during the applicable performance period and actual performance over the applicable performance period. Under the Malhari Employment Agreement, Ms. Malhari will be subject to certain restrictive covenants, including non-competition and non-solicitation covenants during her employment and for one year following termination of employment, and perpetual confidentiality and non-disparagement covenants. On May 13, 2021, the Company determined that effective May 13, 2021, Marshall Tycher would step down as an executive officer and employee of the Company. Mr. Tycher will serve in a consulting role as a senior advisor to the Company from May 14, 2021 through November 14, 2022 (the “Consulting Term”). The transitioning of Mr. Tycher to a senior advisor role is in furtherance of the Company’s strategic transformation with a focus on further simplification of the Company and realization of operational efficiencies that the Company believes will result in a streamlined organizational architecture that management anticipates will result in financial and operational benefits to the Company. In connection with Mr. Tycher’s separation from the Company, Mr. Tycher entered into a separation and release agreement with the Company dated May 19, 2021 (the “Release”) and a separate Consulting and Cooperation Agreement dated as of May 13, 2021 between the Company and Mr. Tycher (the “Consulting Agreement”). Mr. Tycher’s separation from the Company has been deemed a termination without cause under the terms and conditions of Mr. Tycher’s existing employment agreement dated April 26, 2017 (the “Employment Agreement”). Under the terms of the Release Agreement, and consistent with the terms of the Employment Agreement and the relevant award agreements, Mr. Tycher will: · immediately vest in 29,230 previously earned but unvested performance-based long-term incentive plan units (“LTIP Units”); · immediately vest in 31,963 unvested time-based LTIP Units and 1,162 time-vesting restricted stock units (“RSUs”) previously granted to Mr. Tycher; · be eligible to vest in a maximum of 162,290 performance-based LTIP Units and 2,153 performance-vesting RSUs previously granted to Mr. Tycher, subject to the achievement of applicable performance criteria over the performance period applicable under the award agreements governing such LTIP Units and RSUs; and · immediately forfeit 101,625 performance-based LTIPs and 48,960 PRSUs previously granted to Mr. Tycher. Mr. Tycher otherwise is eligible to receive the severance payments and benefits upon a termination without cause (outside of a change in control) under his Employment Agreement described under the heading “Employment Contracts; Potential Payments Upon Termination or Change in Control—Marshall B. Tycher Employment Agreement,” as set forth in the Company’s definitive proxy statement filed with the Securities and Exchange Commission on April 28, 2021, which descriptions are incorporated by reference herein. Under the terms of the Consulting Agreement, Mr. Tycher will: · provide certain consulting, cooperation and transition services to the Company and general support, oversight and development services for the Company’s multi-family operations; · receive a monthly consulting fee of $33,334 during the first twelve (12) months of the Consulting Term; · be eligible to receive, upon and subject to the occurrence of thirteen separate milestone events to the extent each such milestone event may occur during the Consulting Term, a success fee ranging from $50,000 to $150,000 per milestone, up to a maximum aggregate of $1,250,000 if all milestones are achieved during the Consulting Term; · be eligible for continued vesting in 12,720 time-based LTIP Units and 54,155 time-vesting RSUs previously granted to Mr. Tycher, subject to Mr. Tycher’s performance of the Consulting Agreement through the end of the Consulting Term; · be eligible for continued vesting in a maximum of 72,688 performance-based LTIP Units previously granted to Mr. Tycher, subject to Mr. Tycher’s performance of the Consulting Agreement through the end of the Consulting Term and the achievement of applicable performance criteria over the performance period applicable under the award agreements governing such LTIP Units; and · be eligible for continued vesting in 18,387 performance-based LTIP Units and 51,393 performance-vesting RSUs previously granted to Mr. Tycher, in each case subject to Mr. Tycher’s achievement of certain performance milestones set forth in the Consulting Agreement and the achievement of the applicable performance criteria over the performance period applicable under the award agreements governing such LTIP Units and RSUs. During the three months ended June 30, 2021, the Company’s total costs incurred, net of LTIP forfeitures, relating to the management restructuring activities discussed above, including the severance and related costs for the departure of the Company’s former executive officers, as well as other terminated employees, amounted to $ 7.1 million ($ 6.0 million of which was included in general and administrative expense and $ 1.1 million of which was included in operating service). During the six months ended June 30, 2021, the Company’s total costs incurred, net of LTIP forfeitures, relating to the management restructuring activities discussed above, including the severance and related costs for the departure of the Company’s former executive officer and the departure of the Company’s former interim chief executive officer, as well as other terminated employees, amounted to $ 10.2 million ($ 8.4 million of which was included in general and administrative expense and $ 1.8 million of which was included in operating services expense). OTHER Through February 2016, the Company could not dispose of or distribute certain of its properties, which were originally contributed by certain unrelated common unitholders of the Operating Partnership, without the express written consent of such common unitholders, as applicable, except in a manner which did not result in recognition of any built-in-gain (which may result in an income tax liability) or which reimbursed the appropriate specific common unitholders for the tax consequences of the recognition of such built-in-gains (collectively, the “Property Lock-Ups”). Upon the expiration in February 2016 of the Property Lock-Ups, the Company is generally required to use commercially reasonable efforts to prevent any sale, transfer or other disposition of the subject properties from resulting in the recognition of built-in gain to the specific common unitholders, which include members of the Mack Group (which includes William L. Mack, a former director; David S. Mack, a former director; and Earle I. Mack, a former director), the Robert Martin Group, and the Cali Group (which includes John R. Cali, a former director). As of June 30, 2021, after the effects of tax-free exchanges on certain of the originally contributed properties, either wholly or partially, over time, six of the Company’s properties, as well as certain land and development projects, including properties classified as held for sale as of June 30, 2021, with an aggregate carrying value of approximately $ 1.1 billion, are subject to these conditions. As of July 2021, the Company has outstanding stay-on award agreements with 40 employees, which provides them with the potential to receive compensation, in cash or Company stock, contingent upon remaining with the Company in good standing until the occurrence of certain corporate transactions, which have not been identified. The total potential cost of such awards is currently estimated to be up to approximately $ 5.6 million, including the potential future issuance of up to 82,629 shares of the Company’s common stock. Such cash or stock awards would only be earned and payable if such transaction was identified and communicated to the employee within seven years of the agreement dates, which all occurred in late 2020 and early 2021 and all other conditions were satisfied. In September 2020, the General Partner's Board of Directors approved a discretionary reimbursement of approximately $ 6.1 million in fees and expenses incurred by Bow Street LLC in connection with its proxy solicitations in 2019 and 2020 that resulted in the election of Bow Street's nominees as directors of the General Partner at the 2019 and 2020 annual meetings of stockholders of the General Partner. The Board of Directors determined that the reimbursement was appropriate in light of the benefit to the General Partner and its stockholders of the refreshment of the Board of Directors that resulted from the proxy contests. The Company reimbursed this amount to Bow Street in three substantially equal payments in November 2020, January 2021 and April 2021. The Company recorded the full $ 6.1 million as general and administrative expense in the year ended December 31, 2020 when the obligation was committed to. Bow Street is an affiliate of A. Akiva Katz, a director of the General Partner, who is a co-founder and managing partner of Bow Street. |
Tenant Leases
Tenant Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Line Items] | |
Tenant Leases | 14. TENANT LEASES The Company’s consolidated office properties are leased to tenants under operating leases with various expiration dates through 2042 . 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 June 30, 2021 and December 31, 2020 are as follows (dollars in thousands) : As of June 30, 2021 Year Amount July 1 through December 31, 2021 $ 58,200 2022 115,749 2023 113,972 2024 97,780 2025 93,525 2026 and thereafter 505,081 Total $ 984,307 As of December 31, 2020 Year Amount 2021 $ 117,228 2022 114,101 2023 108,406 2024 92,605 2025 88,309 2026 and thereafter 462,920 Total $ 983,569 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 Company’s consolidated office properties are leased to tenants under operating leases with various expiration dates through 2042 . 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 June 30, 2021 and December 31, 2020 are as follows (dollars in thousands) : As of June 30, 2021 Year Amount July 1 through December 31, 2021 $ 58,200 2022 115,749 2023 113,972 2024 97,780 2025 93,525 2026 and thereafter 505,081 Total $ 984,307 As of December 31, 2020 Year Amount 2021 $ 117,228 2022 114,101 2023 108,406 2024 92,605 2025 88,309 2026 and thereafter 462,920 Total $ 983,569 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 | 6 Months Ended |
Jun. 30, 2021 | |
Redeemable Noncontrolling Interest [Line Items] | |
Redeemable Noncontrolling Interests | 15. REDEEMABLE NONCONTROLLING INTERESTS The Company evaluates the terms of the partnership units issued in accordance with the FASB’s Distinguishing Liabilities from Equity guidance. Units which embody an unconditional obligation requiring the Company to redeem the units for cash after a specified or determinable date (or dates) or upon the occurrence of an event that is not solely within the control of the issuer are determined to be contingently redeemable under this guidance and are included as Redeemable noncontrolling interests and classified within the mezzanine section between Total liabilities and Stockholders’ equity on the Company’s Consolidated Balance Sheets. Convertible units for which the Company has the option to settle redemption amounts in cash or Common Stock are included in the caption Noncontrolling interests in subsidiaries within the equity section on the Company’s Consolidated Balance Sheet. Rockpoint Transaction On February 27, 2017, the Company, Roseland Residential Trust (“RRT”), the Company’s subsidiary through which the Company conducts its multi-family residential real estate operations, Roseland Residential, L.P. (“RRLP”), the operating partnership through which RRT conducts all of its operations, and certain other affiliates of the Company entered into a preferred equity investment agreement (the “Original Investment Agreement”) with certain affiliates of Rockpoint Group, L.L.C. (Rockpoint Group, L.L.C. and its affiliates, collectively, “Rockpoint”). The Original Investment Agreement provided for RRT to contribute property to RRLP in exchange for common units of limited partnership interests in RRLP (the “Common Units”) and for multiple equity investments by Rockpoint in RRLP from time to time for up to an aggregate of $ 300 million of preferred units of limited partnership interests in RRLP (the “Preferred Units”). The initial closing under the Original Investment Agreement occurred on March 10, 2017 for $ 150 million of Preferred Units and the parties agreed that the Company’s contributed equity value (“RRT Contributed Equity Value”), was $ 1.23 billion at closing. During the year ended December 31, 2018, a total additional amount of $ 105 million of Preferred Units were issued and sold to Rockpoint pursuant to the Original Investment Agreement. During the three months ended March 31, 2019, a total additional amount of $ 45 million of Preferred Units were issued and sold to Rockpoint pursuant to the Original Investment Agreement, which brought the Preferred Units to the full balance of $ 300 million . In addition, certain contributions of property to RRLP by RRT subsequent to the execution of the Original Investment Agreement resulted in RRT being issued approximately $ 46 million of Preferred Units and Common Units in RRLP prior to June 26, 2019. On June 26, 2019, the Company, RRT, RRLP, certain other affiliates of the Company and Rockpoint entered into an additional preferred equity investment agreement (the “Add On Investment Agreement”). The closing under the Add On Investment Agreement occurred on June 28, 2019. Pursuant to the Add On Investment Agreement, Rockpoint invested an additional $ 100 million in Preferred Units and the Company and RRT agreed to contribute to RRLP two additional properties located in Jersey City, New Jersey. The Company used the $ 100 million in proceeds received to repay outstanding borrowings under its unsecured revolving credit facility and other debt by June 30, 2019. In addition, Rockpoint has a right of first refusal to invest another $ 100 million in Preferred Units in the event RRT determines that RRLP requires additional capital prior to March 1, 2023 and, subject thereto, RRLP may issue up to approximately $ 154 million in Preferred Units to RRT or an affiliate so long as at the time of such funding RRT determines in good faith that RRLP has a valid business purpose to use such proceeds. Included in general and administrative expenses for the year ended December 31, 2019 were $ 371,000 in fees associated with the modifications of the Original Investment Agreement, which were made upon signing of the Add On Investment Agreement. Under the terms of the new transaction with Rockpoint, the cash flow from operations of RRLP will be distributable to Rockpoint and RRT as follows: first, to provide a 6 % annual return to Rockpoint and RRT on their capital invested in Preferred Units (the “Preferred Base Return”); second, 95.36 % to RRT and 4.64 % to Rockpoint until RRT has received a 6 % annual return (the “RRT Base Return”) on the equity value of the properties contributed by it to RRLP in exchange for Common Units (previously 95 % and 5 %, respectively, under the Original Investment Agreement), subject to adjustment in the event RRT contributes additional property to RRLP in the future; and third, pro rata to Rockpoint and RRT based on total respective capital invested in and contributed equity value of Preferred Units and Common Units (based on Rockpoint’s $ 400 million of invested capital at June 30, 2021, 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 June 30, 2021, 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 June 30, 2021, 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 June 30, 2021. 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 $ 474 million as of June 30, 2021. Preferred Units On February 3, 2017, the Operating Partnership issued 42,800 shares of a new class of 3.5 percent Series A Preferred Limited Partnership Units of the Operating Partnership (the “Series A Units”). The Series A Units were issued to the Company’s partners in the Plaza VIII & IX Associates L.L.C. joint venture that owns a development site adjacent to the Company’s Harborside property in Jersey City, New Jersey as non-cash consideration for their approximate 37.5 percent interest in the joint venture. Each Series A Unit has a stated value of $ 1,000 , pays dividends quarterly at an annual rate of 3.5 percent (subject to increase under certain circumstances), is convertible into 28.15 common units of limited partnership interests of the Operating Partnership beginning generally five years from the date of issuance, or an aggregate of up to 1,204,820 common units. The conversion rate was based on a value of $ 35.52 per common unit. The Series A Units have a liquidation and dividend preference senior to the common units and include customary anti-dilution protections for stock splits and similar events. The Series A Units are redeemable for cash at their stated value beginning five years from the date of issuance at the option of the holder. On February 28, 2017, the Operating Partnership authorized the issuance of 9,213 shares of a new class of 3.5 percent Series A-1 Preferred Limited Partnership Units of the Operating Partnership (the “Series A-1 Units”). 9,122 Series A-1 Units were issued on February 28, 2017 and an additional 91 Series A-1 Units were issued in April 2017 pursuant to acquiring additional interests in a joint venture that owns Monaco Towers in Jersey City, New Jersey. The Series A-1 Units were issued as non-cash consideration for the partner’s approximate 13.8 percent ownership interest in the joint venture. Each Series A-1 Unit has a stated value of $ 1,000 (the “Stated Value”), pays dividends quarterly at an annual rate equal to the greater of (x) 3.5 percent, or (y) the then-effective annual dividend yield on the General Partner’s common stock, and is convertible into 27.936 common units of limited partnership interests of the Operating Partnership beginning generally five years from the date of issuance, or an aggregate of up to 257,375 Common Units. The conversion rate was based on a value of $ 35.80 per common unit. The Series A-1 Units have a liquidation and dividend preference senior to the Common Units and include customary anti-dilution protections for stock splits and similar events. The Series A-1 Units are redeemable for cash at their stated value beginning five years from the date of issuance at the option of the holder. The Series A-1 Units are pari passu with the 42,800 3.5 % Series A Units issued on February 3, 2017. The following tables set forth the changes in Redeemable noncontrolling interests for the three months ended June 30, 2021 and 2020, respectively (dollars in thousands) : Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance at April 1, 2021 $ 52,324 $ 462,943 $ 515,267 Redeemable Noncontrolling Interests Issued - - - Net 52,324 462,943 515,267 Income Attributed to Noncontrolling Interests 455 6,016 6,471 Distributions ( 455 ) ( 6,016 ) ( 6,471 ) Redemption Value Adjustment - 1,705 1,705 Balance at June 30, 2021 $ 52,324 $ 464,648 $ 516,972 Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance at April 1, 2020 $ 52,324 $ 454,158 $ 506,482 Redeemable Noncontrolling Interests Issued - - - Net 52,324 454,158 506,482 Income Attributed to Noncontrolling Interests 455 6,016 6,471 Distributions ( 455 ) ( 6,016 ) ( 6,471 ) Redemption Value Adjustment - 2,473 2,473 Balance at June 30, 2020 $ 52,324 $ 456,631 $ 508,955 Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance January 1, 2021 $ 52,324 $ 460,973 $ 513,297 Redeemable Noncontrolling Interests Issued - - - Net 52,324 460,973 513,297 Income Attributed to Noncontrolling Interests 910 12,032 12,942 Distributions ( 910 ) ( 12,032 ) ( 12,942 ) Redemption Value Adjustment - 3,675 3,675 Redeemable noncontrolling interests as of June 30, 2021 $ 52,324 $ 464,648 $ 516,972 Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance January 1, 2020 $ 52,324 $ 451,058 $ 503,382 Redeemable Noncontrolling Interests Issued - - - Net 52,324 451,058 503,382 Income Attributed to Noncontrolling Interests 910 12,032 12,942 Distributions ( 910 ) ( 12,032 ) ( 12,942 ) Redemption Value Adjustment - 5,573 5,573 Redeemable noncontrolling interests as of June 31, 2020 $ 52,324 $ 456,631 $ 508,955 |
Mack-Cali Realty LP [Member] | |
Redeemable Noncontrolling Interest [Line Items] | |
Redeemable Noncontrolling Interests | 15. REDEEMABLE NONCONTROLLING INTERESTS The Company evaluates the terms of the partnership units issued in accordance with the FASB’s Distinguishing Liabilities from Equity guidance. Units which embody an unconditional obligation requiring the Company to redeem the units for cash after a specified or determinable date (or dates) or upon the occurrence of an event that is not solely within the control of the issuer are determined to be contingently redeemable under this guidance and are included as Redeemable noncontrolling interests and classified within the mezzanine section between Total liabilities and Stockholders’ equity on the Company’s Consolidated Balance Sheets. Convertible units for which the Company has the option to settle redemption amounts in cash or Common Stock are included in the caption Noncontrolling interests in subsidiaries within the equity section on the Company’s Consolidated Balance Sheet. Rockpoint Transaction On February 27, 2017, the Company, Roseland Residential Trust (“RRT”), the Company’s subsidiary through which the Company conducts its multi-family residential real estate operations, Roseland Residential, L.P. (“RRLP”), the operating partnership through which RRT conducts all of its operations, and certain other affiliates of the Company entered into a preferred equity investment agreement (the “Original Investment Agreement”) with certain affiliates of Rockpoint Group, L.L.C. (Rockpoint Group, L.L.C. and its affiliates, collectively, “Rockpoint”). The Original Investment Agreement provided for RRT to contribute property to RRLP in exchange for common units of limited partnership interests in RRLP (the “Common Units”) and for multiple equity investments by Rockpoint in RRLP from time to time for up to an aggregate of $ 300 million of preferred units of limited partnership interests in RRLP (the “Preferred Units”). The initial closing under the Original Investment Agreement occurred on March 10, 2017 for $ 150 million of Preferred Units and the parties agreed that the Company’s contributed equity value (“RRT Contributed Equity Value”), was $ 1.23 billion at closing. During the year ended December 31, 2018, a total additional amount of $ 105 million of Preferred Units were issued and sold to Rockpoint pursuant to the Original Investment Agreement. During the three months ended March 31, 2019, a total additional amount of $ 45 million of Preferred Units were issued and sold to Rockpoint pursuant to the Original Investment Agreement, which brought the Preferred Units to the full balance of $ 300 million . In addition, certain contributions of property to RRLP by RRT subsequent to the execution of the Original Investment Agreement resulted in RRT being issued approximately $ 46 million of Preferred Units and Common Units in RRLP prior to June 26, 2019. On June 26, 2019, the Company, RRT, RRLP, certain other affiliates of the Company and Rockpoint entered into an additional preferred equity investment agreement (the “Add On Investment Agreement”). The closing under the Add On Investment Agreement occurred on June 28, 2019. Pursuant to the Add On Investment Agreement, Rockpoint invested an additional $ 100 million in Preferred Units and the Company and RRT agreed to contribute to RRLP two additional properties located in Jersey City, New Jersey. The Company used the $ 100 million in proceeds received to repay outstanding borrowings under its unsecured revolving credit facility and other debt by June 30, 2019. In addition, Rockpoint has a right of first refusal to invest another $ 100 million in Preferred Units in the event RRT determines that RRLP requires additional capital prior to March 1, 2023 and, subject thereto, RRLP may issue up to approximately $ 154 million in Preferred Units to RRT or an affiliate so long as at the time of such funding RRT determines in good faith that RRLP has a valid business purpose to use such proceeds. Included in general and administrative expenses for the year ended December 31, 2019 were $ 371,000 in fees associated with the modifications of the Original Investment Agreement, which were made upon signing of the Add On Investment Agreement. Under the terms of the new transaction with Rockpoint, the cash flow from operations of RRLP will be distributable to Rockpoint and RRT as follows: first, to provide a 6 % annual return to Rockpoint and RRT on their capital invested in Preferred Units (the “Preferred Base Return”); second, 95.36 % to RRT and 4.64 % to Rockpoint until RRT has received a 6 % annual return (the “RRT Base Return”) on the equity value of the properties contributed by it to RRLP in exchange for Common Units (previously 95 % and 5 %, respectively, under the Original Investment Agreement), subject to adjustment in the event RRT contributes additional property to RRLP in the future; and third, pro rata to Rockpoint and RRT based on total respective capital invested in and contributed equity value of Preferred Units and Common Units (based on Rockpoint’s $ 400 million of invested capital at June 30, 2021, 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 June 30, 2021, 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 June 30, 2021, 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 June 30, 2021. 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 $ 474 million as of June 30, 2021. Preferred Units On February 3, 2017, the Operating Partnership issued 42,800 shares of a new class of 3.5 percent Series A Preferred Limited Partnership Units of the Operating Partnership (the “Series A Units”). The Series A Units were issued to the Company’s partners in the Plaza VIII & IX Associates L.L.C. joint venture that owns a development site adjacent to the Company’s Harborside property in Jersey City, New Jersey as non-cash consideration for their approximate 37.5 percent interest in the joint venture. Each Series A Unit has a stated value of $ 1,000 , pays dividends quarterly at an annual rate of 3.5 percent (subject to increase under certain circumstances), is convertible into 28.15 common units of limited partnership interests of the Operating Partnership beginning generally five years from the date of issuance, or an aggregate of up to 1,204,820 common units. The conversion rate was based on a value of $ 35.52 per common unit. The Series A Units have a liquidation and dividend preference senior to the common units and include customary anti-dilution protections for stock splits and similar events. The Series A Units are redeemable for cash at their stated value beginning five years from the date of issuance at the option of the holder. On February 28, 2017, the Operating Partnership authorized the issuance of 9,213 shares of a new class of 3.5 percent Series A-1 Preferred Limited Partnership Units of the Operating Partnership (the “Series A-1 Units”). 9,122 Series A-1 Units were issued on February 28, 2017 and an additional 91 Series A-1 Units were issued in April 2017 pursuant to acquiring additional interests in a joint venture that owns Monaco Towers in Jersey City, New Jersey. The Series A-1 Units were issued as non-cash consideration for the partner’s approximate 13.8 percent ownership interest in the joint venture. Each Series A-1 Unit has a stated value of $ 1,000 (the “Stated Value”), pays dividends quarterly at an annual rate equal to the greater of (x) 3.5 percent, or (y) the then-effective annual dividend yield on the General Partner’s common stock, and is convertible into 27.936 common units of limited partnership interests of the Operating Partnership beginning generally five years from the date of issuance, or an aggregate of up to 257,375 Common Units. The conversion rate was based on a value of $ 35.80 per common unit. The Series A-1 Units have a liquidation and dividend preference senior to the Common Units and include customary anti-dilution protections for stock splits and similar events. The Series A-1 Units are redeemable for cash at their stated value beginning five years from the date of issuance at the option of the holder. The Series A-1 Units are pari passu with the 42,800 3.5 % Series A Units issued on February 3, 2017. The following tables set forth the changes in Redeemable noncontrolling interests for the three months ended June 30, 2021 and 2020, respectively (dollars in thousands) : Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance at April 1, 2021 $ 52,324 $ 462,943 $ 515,267 Redeemable Noncontrolling Interests Issued - - - Net 52,324 462,943 515,267 Income Attributed to Noncontrolling Interests 455 6,016 6,471 Distributions ( 455 ) ( 6,016 ) ( 6,471 ) Redemption Value Adjustment - 1,705 1,705 Balance at June 30, 2021 $ 52,324 $ 464,648 $ 516,972 Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance at April 1, 2020 $ 52,324 $ 454,158 $ 506,482 Redeemable Noncontrolling Interests Issued - - - Net 52,324 454,158 506,482 Income Attributed to Noncontrolling Interests 455 6,016 6,471 Distributions ( 455 ) ( 6,016 ) ( 6,471 ) Redemption Value Adjustment - 2,473 2,473 Balance at June 30, 2020 $ 52,324 $ 456,631 $ 508,955 Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance January 1, 2021 $ 52,324 $ 460,973 $ 513,297 Redeemable Noncontrolling Interests Issued - - - Net 52,324 460,973 513,297 Income Attributed to Noncontrolling Interests 910 12,032 12,942 Distributions ( 910 ) ( 12,032 ) ( 12,942 ) Redemption Value Adjustment - 3,675 3,675 Redeemable noncontrolling interests as of June 30, 2021 $ 52,324 $ 464,648 $ 516,972 Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance January 1, 2020 $ 52,324 $ 451,058 $ 503,382 Redeemable Noncontrolling Interests Issued - - - Net 52,324 451,058 503,382 Income Attributed to Noncontrolling Interests 910 12,032 12,942 Distributions ( 910 ) ( 12,032 ) ( 12,942 ) Redemption Value Adjustment - 5,573 5,573 Redeemable noncontrolling interests as of June 31, 2020 $ 52,324 $ 456,631 $ 508,955 |
Mack-Cali Realty Corporation St
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders Equity [Line Items] | |
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital | 16. MACK-CALI REALTY CORPORATION STOCKHOLDERS’ EQUITY AND MACK-CALI REALTY, L.P.’S PARTNERS’ CAPITAL To maintain its qualification as a REIT, not more than 50 percent in value of the outstanding shares of the General Partner may be owned, directly or indirectly, by five or fewer individuals at any time during the last half of any taxable year of the General Partner, other than its initial taxable year (defined to include certain entities), applying certain constructive ownership rules. To help ensure that the General Partner will not fail this test, the General Partner’s Charter provides, among other things, certain restrictions on the transfer of common stock to prevent further concentration of stock ownership. Moreover, to evidence compliance with these requirements, the General Partner must maintain records that disclose the actual ownership of its outstanding common stock and demands written statements each year from the holders of record of designated percentages of its common stock requesting the disclosure of the beneficial owners of such common stock. Partners’ Capital in the accompanying consolidated financial statements relates to (a) General Partners’ capital consisting of common units in the Operating Partnership held by the General Partner, and (b) Limited Partners’ capital consisting of common units and LTIP units held by the limited partners. See Note 17: Noncontrolling Interests in Subsidiaries. The following table reflects the activity of the General Partner capital for the six months ended June 30, 2021 and 2020, respectively (dollars in thousands) : Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Opening Balance $ 1,406,823 $ 1,434,143 $ 1,398,817 $ 1,493,699 Net loss available to common shareholders ( 72,079 ) ( 34,887 ) ( 64,456 ) ( 74,811 ) Common stock distributions - - - ( 18,119 ) Redeemable noncontrolling interests ( 1,550 ) ( 2,236 ) ( 3,341 ) ( 5,040 ) Redemption of common units for common stock 2,716 - 2,716 - Shares issued under Dividend Reinvestment and Stock Purchase Plan 11 11 29 30 Directors' deferred compensation plan 66 57 138 139 Stock Compensation 1,239 334 1,885 764 Cancellation of common stock - - ( 118 ) - Other comprehensive income (loss) - - - 18 Rebalancing of ownership percent between parent and subsidiaries ( 2,000 ) 1,611 ( 444 ) 2,353 Balance at June 30 $ 1,335,226 $ 1,399,033 $ 1,335,226 $ 1,399,033 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 June 30, 2021, 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 had been reserved for issuance. In June 2021, stockholders of the Company approved amendments to the 2013 Plan to increase the total shares reserved for issuance under the plan from 4,600,000 to 6,565,000 shares. In March 2021, the General Partner granted 950,000 stock options to the chief executive officer as an employment “inducement award” that is intended to comply with New York Stock Exchange Rule 303A.08. In connection with Ms. Gilmartin’s appointment as the Company’s interim Chief Executive Officer, the Company granted to MAG Partners fully vested stock options to purchase up to 230,000 shares of common stock with an exercise price of $ 14.39 per share, and up to 100,000 shares of common stock with an exercise price of $ 20.00 per share, of which 157,505 of the options were issued after shareholder approval at the Company’s 2021 Annual Meeting of Stockholders on June 9, 2021. See Note 13-Commitments and Contingencies. In connection with his appointment as Chief Executive Officer, Mr. Nia was granted 950,000 stock options on March 10, 2021 that had an exercise price equal to the closing price of the Company’s common stock on the grant date of $ 15.79 per share. The stock options will vest in one-third increments on each of the first three anniversaries of the date of grant, subject to earlier vesting on certain termination events. See Note 13-Commitments and Contingencies. There were no stock options that were exercised under any stock option plans for the six months ended June 30, 2021 and 2020, respectively. The Company has a policy of issuing new shares to satisfy stock option exercises. As of June 30, 2021 and December 31, 2020, the stock options outstanding had a weighted average remaining contractual life of approximately 4.3 and 3.6 years, respectively. The Company recognized stock options expense of $ 224,000 and zero for the three months ended June 30, 2021 and 2020, respectively, and $ 338,000 and zero for the six months ended June 30, 2021 and 2020, respectively. AO LTIP UNITS (Appreciation-Only LTIP Units) Pursuant to the terms of the DeMarco employment agreement, the Company entered into an AO Long-Term Incentive Plan Award Agreement (the “AO LTIP Award Agreement”) with Mr. DeMarco on March 13, 2019 that provided for the grant to Mr. DeMarco of 625,000 AO LTIP Units. AO LTIP Units are a class of partnership interests in the Operating Partnership that are intended to qualify as “profits interests” for federal income tax purposes and generally only allow the recipient to realize value to the extent the fair market value of a share of Common Stock exceeds the threshold level set at the time the AO LTIP Units are granted, subject to any vesting conditions applicable to the award. The threshold level was fixed at $ 21.46 in the AO LTIP Award Agreement, the closing price of the Common Stock as reported on the New York Stock Exchange (the “NYSE”) on the date of grant. The value of vested AO LTIP Units is realized through conversion of the AO LTIP Units into common units of limited partnership interests of the Operating Partnership (the “Common Units”). The number of Common Units into which vested AO LTIP Units may be converted is determined based on the quotient of (i) the excess of the fair market value of the Common Stock on the conversion date over the threshold level designated at the time the AO LTIP Unit was granted (i.e., $ 21.46 ), divided by (ii) the fair market value of the Common Stock on the conversion date. AO LTIP Units, once vested, have a finite term during which they may be converted into Common Units, within ten years from the grant date of the AO LTIP Units or they are forfeited. In addition, the AO LTIP Units issued to Mr. DeMarco are subject to the following vesting conditions: (i) 250,000 of the AO LTIP Units shall vest and become exercisable on the earliest date on which the closing price of the Common Stock, as reported on the NYSE, or if the Common Stock is not then traded on the NYSE, then the closing price of the Common Stock on any other securities exchange on which the Common Stock is traded or quoted (the “Securities Market”), has been equal to or greater than $ 25.00 per share for at least 30 consecutive trading days, provided that such date occurs prior to March 13, 2023 (the “Outside Date”); (ii) an additional 250,000 of the AO LTIP Units shall vest and become exercisable on the earliest date on which the closing price of the Common Stock, as reported on the NYSE, or if the Common Stock is not then traded on the NYSE, then the closing price of the Common Stock on the Securities Market, has been equal to or greater than $ 28.00 per share for at least 30 consecutive trading days, provided that such date occurs prior to the Outside Date; and (iii) an additional 125,000 of the AO LTIP Units shall vest and become exercisable on the earliest date on which the closing price of the Common Stock, as reported on the NYSE, or if the Common Stock is not then traded on the NYSE, then the closing price of the Common Stock on the Securities Market, has been equal to or greater than $ 31.00 per share for at least 30 consecutive trading days, provided that such date occurs prior to the Outside Date. Mr. DeMarco will generally receive special income allocations in respect of an AO LTIP Unit equal to 10 percent (or such other percentage specified in the applicable award agreement) of the income allocated in respect of a Common Unit. Upon conversion of AO LTIP Units to Common Units, Mr. DeMarco will be entitled to receive in respect of each such AO LTIP Unit, on a per unit basis, a special cash distribution equal to 10 % (or such other percentage specified in the applicable award agreement) of the distributions received by a holder of an equivalent number of Common Units during the period from the grant date of the AO LTIP Units through the date of conversion. The Company has reserved shares of common stock under the 2013 Plan for issuance upon vesting and conversion of the AO LTIP Units in accordance with their terms and conditions. As of June 30, 2021, the Company had $ 1.1 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 1.7 years. The Company recognized AO LTIP unit expense of $ 155,000 and $ 155,000 for the three months ended June 30, 2021 and 2020, respectively, and $ 310,000 and $ 310,000 for the six months ended June 30, 2021 and 2020, respectively. LONG-TERM INCENTIVE PLAN AWARDS On April 20, 2018, the Company granted LTIP awards to senior management of the Company, including the General Partner’s executive officers (the “2018 LTIP Awards”). All of the 2018 LTIP Awards were in the form of LTIP Units and constitute awards under the 2013 Plan. For Messrs. DeMarco and Tycher, approximately twenty-five percent ( 25 %) of the grant date fair value of the 2018 LTIP Award was in the form of a time-based award that vests after three years on April 20, 2021 (the “2018 TBV LTIP Units”), and the remaining approximately seventy-five percent ( 75 %) of the grant date fair value of the 2018 LTIP Award was in the form of a performance-based award under the Company’s Outperformance Plan (the “2018 OPP”) adopted by the General Partner’s Board of Directors, consisting of a multi-year, performance-based equity compensation plan and related forms of award agreement (the “2018 PBV LTIP Units”). For all other executive officers, approximately fifty percent ( 50 %) of the grant date fair value of the 2018 LTIP Award was in the form of 2018 TBV LTIP Units and the remaining approximately fifty percent ( 50 %) of the grant date fair value of the 2018 LTIP Award was in the form of 2018 PBV LTIP Units. The 2018 TBV LTIP Units vested on April 20, 2021. 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. As the targets for vesting were partially achieved, 31.25 percent of the 2018 PBV LTIP Units vested and the unvested 2018 PBV LTIP Units were forfeited on April 19, 2021. On March 22, 2019, the Company granted LTIP awards to senior management of the Company, including the General Partner’s executive officers (the “2019 LTIP Awards”). All of the 2019 LTIP Awards were in the form of LTIP Units and constitute awards under the 2013 Plan. For Mr. DeMarco, approximately 25 percent of the target 2019 LTIP Awards were in the form of time-based LTIP Units that vest after three years on March 22, 2022 (the “2019 TBV LTIP Units”), and the remaining approximately 75 percent of the grant date fair value of his 2019 LTIP Award will be in the form of performance-based LTIP Units under the Company’s Outperformance Plan (the “2019 OPP”) adopted by the General Partner’s Board of Directors, consisting of a multi-year, performance-based equity compensation plan and related forms of award agreement (the “2019 PBV LTIP Units”). For Messrs. Tycher, Smetana, Wagner, Cardoso and Hilton, fifty percent ( 50 %) of the grant date fair value of their respective 2019 LTIP Awards is in the form of 2019 TBV LTIP Units and the remaining fifty percent ( 50 %) of the grant date fair value of their respective 2019 LTIP Awards is in the form of 2019 PBV LTIP Units. Mr. DeBari, who was promoted to Chief Accounting Officer on March 13, 2019, received 100 percent of his 2019 LTIP Award in the form of 2019 TBV LTIP Units. The 2019 OPP was designed to align the interests of senior management to relative and absolute performance of the Company over a three year performance period from March 22, 2019 through March 21, 2022. Participants of performance-based awards in the 2019 OPP will only earn the full awards if, over the three year performance period, the Company achieves a thirty-six percent ( 36 %) absolute total stockholder return (“TSR”) and if the Company’s TSR is in the 75th percentile of performance as compared to the office REITs in the NAREIT index. On March 24, 2020, the Company granted LTIP awards to senior management of the Company, including the General Partner’s executive officers (the “2020 LTIP Awards”). All of the 2020 LTIP Awards were in the form of LTIP Units and constitute awards under the 2013 Plan. All of the target 2020 LTIP Awards were in the form of performance-based LTIP Units under the Company’s Outperformance Plan (the “2020 OPP”) adopted by the General Partner’s Board of Directors, consisting of a multi-year, performance-based equity compensation plan and related forms of award agreement (the “2020 PBV LTIP Units”). The 2020 OPP was designed to align the interests of senior management to relative and absolute performance of the Company over a three year performance period from March 24, 2020 through March 23, 2023. Participants of performance-based awards in the 2020 OPP will only earn the full awards if, over the three year performance period, the Company achieves a thirty-six percent ( 36 %) absolute total stockholder return (“TSR”) and if the Company’s TSR is in the 75th percentile of performance as compared to the REITs in the NAREIT index. On January 4, 2021, in accordance with Mr. Cardoso’s employment agreement, the Company granted LTIP awards (the “J Series 2021 LTIP Awards”). All of the J Series 2021 LTIP Awards were in the form of LTIP Units and constitute awards under the 2013 Plan. All of the target 2021 LTIP Awards were in the form of performance-based LTIP Units under the Company’s Outperformance Plan (the “J Series 2021 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 “J Series 2021 PBV LTIP Units”). The J Series 2021 OPP was subject to the achievement of certain sales performance milestones with respect to commercial asset dispositions by the Company over a performance period from August 1, 2020 through December 31, 2022. These sales milestones will be based on the aggregate gross sales prices of the assets, provided that the asset will only be included in the milestone if it is sold for not less than 85 % of its estimated net asset value, as defined in the agreement. On April 21, 2021, the Company granted long-term incentive plan awards to senior management of the Company, including the General Partner’s executive officers (the “2021 RSU LTIP Awards”). All of the 2021 RSU LTIP Awards were in the form of restricted stock units (each, an “RSU”) and constitute awards under the 2013 Plan. Each RSU entitles the holder to one share of the General Partner’s common stock upon settlement. 291,951 of the RSUs are subject to time-based vesting conditions (the “TRSUs”) and will vest in three equal, annual installments over a three year period commencing on April 21, 2022. 452,730 of the RSUs are subject to performance based vesting conditions (the “PRSUs”). Recipients will only earn the full amount of the PRSUs if, over the three year performance period, the General Partner achieves a thirty-six percent ( 36 %) absolute total stockholder return (“TSR”) and if the General Partner’s TSR is in the 75th percentile of performance as compared to a group of twenty-four (24) peer REITs. Up to an additional 291,951 RSUs were granted subject to the achievement of certain outperformance conditions (the “OPRSUs”). Recipients will only earn the full amount of the OPRSUs of the General Partner achieves adjusted funds from operations of $ 0.60 per share in the fiscal year ending December 31, 2023. The 2021 RSU LTIP Awards are designed to align the interests of senior management to relative and absolute performance of the Company over a three year performance period from April 21, 2021 through April 20, 2024. RSUs will remain subject to forfeiture depending on the extent that the 2021 RSU LTIP Awards vest. LTIP Units will remain subject to forfeiture depending on the extent that the 2019 LTIP Awards, 2020 LTIP Awards, J Series 2021 LTIP Awards and 2021 RSU LTIP Awards vest. The number of LTIP Units to be issued initially to recipients of the 2019 PBV LTIP Awards, 2020 PBV LTIP Awards, J Series LTIP Awards and PRSUs is the maximum number of LTIP Units or common stock that may be earned under the awards. The number of LTIP Units or common stock that actually vest for each award recipient will be determined at the end of the performance measurement period. For the 2019 LTIP Awards, 2020 LTIP Awards and PRSUs, TSR for the Company and for the Index over the three year measurement period and other circumstances will determine how many LTIP Units or common 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. For the J Series LTIP Awards, achievement of the sales performance milestone will determine how many LTIP Units vest for Mr. Cardoso, and if the amount vested is fewer than the number issued, the balance will be forfeited as of the end of the Measurement Period. 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 2019 TBV LTIP Units and 2020 TBV LTIP Units or the end of the measurement period for the 2019 PBV LTIP Units, 2020 PBV LTIP Units and J Series 2021 PBV LTIP Units, the number of LTIP Units, both vested and unvested, will be entitled to receive distributions in an amount per unit equal to distributions, both regular and special, payable on a Common Unit. Prior to vesting, recipients of TRSUs will be entitled to receive TRSU dividend equivalent amounts which shall be paid concurrently with the common cash dividend. Prior to vesting, recipients of PRSUs and OPRSUs will not be entitled to receive dividend equivalent amounts. PRSU and OPRSU dividend equivalent amounts will accrue but shall only become payable upon vesting of the PRSUs and OPRSUs. As of June 30, 2021, the Company had $ 7.2 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 1.9 years. DEFERRED STOCK COMPENSATION PLAN FOR DIRECTORS The Amended and Restated Deferred Compensation Plan for Directors, which commenced January 1, 1999, allows non - employee directors of the Company to elect to defer up to 100 percent of their annual retainer fee into deferred stock units. The deferred stock units are convertible into an equal number of shares of common stock upon the directors’ termination of service from the Board of Directors or a change in control of the Company, as defined in the plan. Pursuant to the termination of service of five directors from the Board of Directors on June 12, 2019, the Company converted 193,949 deferred stock units into shares of common stock. Pursuant to the termination of service of two directors from the Board of Directors on June 12, 2020, the Company converted 61,277 deferred stock units into shares of common stock. Deferred stock units are credited to each director quarterly using the closing price of the Company’s common stock on the applicable dividend record date for the respective quarter. Each participating director’s account is also credited for an equivalent amount of deferred stock units based on the dividend rate for each quarter. During the three months ended June 30, 2021 and 2020, 3,798 and 3,907 deferred stock units were earned, respectively. During the six months ended June 30, 2021 and 2020, 8,381 and 9,710 deferred stock units were earned, respectively. As of June 30, 2021 and December 31, 2020, there were 28,862 and 17,854 deferred stock units outstanding, respectively. EARNINGS PER SHARE/UNIT Basic EPS or EPU excludes dilution and is computed by dividing net income available to common shareholders or unitholders by the weighted average number of shares or units outstanding for the period. Diluted EPS or EPU reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. In the calculation of basic and diluted EPS and EPU, a redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders or unitholders is included in the calculation to arrive at the numerator of net income (loss) available to common shareholders or unitholders. The following information presents the Company’s results for the three and six months ended June 30, 2021 and 2020 in accordance with ASC 260, Earnings Per Share (dollars in thousands, except per share amounts) : Mack-Cali Realty Corporation: Three Months Ended Six Months Ended June 30, June 30, Computation of Basic EPS 2021 2020 2021 2020 Loss from continuing operations $ ( 78,907 ) $ ( 41,699 ) $ ( 99,129 ) $ ( 72,703 ) Add (deduct): Noncontrolling interests in consolidated joint ventures 1,198 829 2,533 1,005 Add (deduct): Noncontrolling interests in Operating Partnership 7,669 4,527 9,974 8,089 Add (deduct): Redeemable noncontrolling interests ( 6,471 ) ( 6,471 ) ( 12,942 ) ( 12,942 ) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders ( 1,550 ) ( 2,236 ) ( 3,341 ) ( 5,040 ) Loss from continuing operations available to common shareholders ( 78,061 ) ( 45,050 ) ( 102,905 ) ( 81,591 ) Income (loss) from discontinued operations available to common shareholders 4,432 7,927 35,108 1,740 Net loss available to common shareholders for basic earnings per share $ ( 73,629 ) $ ( 37,123 ) $ ( 67,797 ) $ ( 79,851 ) Weighted average common shares 90,774 90,629 90,733 90,622 Basic EPS : Loss from continuing operations available to common shareholders $ ( 0.86 ) $ ( 0.50 ) $ ( 1.13 ) $ ( 0.90 ) Income (loss) from discontinued operations available to common shareholders 0.05 0.09 0.38 0.02 Net loss available to common shareholders $ ( 0.81 ) $ ( 0.41 ) $ ( 0.75 ) $ ( 0.88 ) Three Months Ended Six Months Ended June 30, June 30, Computation of Diluted EPS 2021 2020 2021 2020 Net loss from continuing operations available to common shareholders $ ( 78,061 ) $ ( 45,050 ) $ ( 102,905 ) $ ( 81,591 ) Add (deduct): Noncontrolling interests in Operating Partnership ( 7,669 ) ( 4,527 ) ( 9,974 ) ( 8,089 ) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to the Operating Partnership unitholders ( 155 ) ( 237 ) ( 334 ) ( 533 ) Loss from continuing operations for diluted earnings per share ( 85,885 ) ( 49,814 ) ( 113,213 ) ( 90,213 ) Income (loss) from discontinued operations for diluted earnings per share 4,876 8,765 38,619 1,925 Net loss available for diluted earnings per share $ ( 81,009 ) $ ( 41,049 ) $ ( 74,594 ) $ ( 88,288 ) Weighted average common shares 99,873 100,213 99,817 100,198 Diluted EPS : Loss from continuing operations available to common shareholders $ ( 0.86 ) $ ( 0.50 ) $ ( 1.13 ) $ ( 0.90 ) Income (loss) from discontinued operations available to common shareholders 0.05 0.09 0.38 0.02 Net loss available to common shareholders $ ( 0.81 ) $ ( 0.41 ) $ ( 0.75 ) $ ( 0.88 ) The following schedule reconciles the weighted average shares used in the basic EPS calculation to the shares used in the diluted EPS calculation (in thousands) : Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Basic EPS shares 90,774 90,629 90,733 90,622 Add: Operating Partnership – common and vested LTIP units 9,099 9,584 9,084 9,576 Diluted EPS Shares 99,873 100,213 99,817 100,198 Contingently issuable shares under Restricted Stock Awards were excluded from the denominator during all periods presented as such securities were anti-dilutive during the periods. Shares issuable under all outstanding stock options were excluded from the denominator during all periods presented 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. Dividends declared per common share for the three-month periods ended June 30, 2021 and 2020 was zero and $ 0.20 per share, respectively. Dividends declared per common share for the six-month periods ended June 30, 2021 and 2020 were zero and $ 0.40 per share, respectively. Mack-Cali Realty, L.P.: Three Months Ended Six Months Ended June 30, June 30, Computation of Basic EPU 2021 2020 2021 2020 Loss from continuing operations $ ( 78,907 ) $ ( 41,699 ) $ ( 99,129 ) $ ( 72,703 ) Add (deduct): Noncontrolling interests in consolidated joint ventures 1,198 829 2,533 1,005 Add (deduct): Redeemable noncontrolling interests ( 6,471 ) ( 6,471 ) ( 12,942 ) ( 12,942 ) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests ( 1,705 ) ( 2,473 ) ( 3,675 ) ( 5,573 ) Loss from continuing operations available to unitholders ( 85,885 ) ( 49,814 ) ( 113,213 ) ( 90,213 ) Income (loss) from discontinued operations available to unitholders 4,876 8,765 38,619 1,925 Net loss available to common unitholders for basic earnings per unit $ ( 81,009 ) $ ( 41,049 ) $ ( 74,594 ) $ ( 88,288 ) Weighted average common units 99,873 100,213 99,817 100,198 Basic EPU : Loss from continuing operations available to unitholders $ ( 0.86 ) $ ( 0.50 ) $ ( 1.13 ) $ ( 0.90 ) Income (loss) from discontinued operations available to unitholders 0.05 0.09 0.38 0.02 Net loss available to common unitholders for basic earnings per unit $ ( 0.81 ) $ ( 0.41 ) $ ( 0.75 ) $ ( 0.88 ) Three Months Ended Six Months Ended June 30, June 30, Computation of Diluted EPU 2021 2020 2021 2020 Net loss from continuing operations available to common unitholders $ ( 85,885 ) $ ( 49,814 ) $ ( 113,213 ) $ ( 90,213 ) Income (loss) from discontinued operations for diluted earnings per unit 4,876 8,765 38,619 1,925 Net loss available to common unitholders for diluted earnings per unit $ ( 81,009 ) $ ( 41,049 ) $ ( 74,594 ) $ ( 88,288 ) Weighted average common unit 99,873 100,213 99,817 100,198 Diluted EPU : Loss from continuing operations available to common unitholders $ ( 0.86 ) $ ( 0.50 ) $ ( 1.13 ) $ ( 0.90 ) Income (loss) from discontinued operations available to common unitholders 0.05 0.09 0.38 0.02 Net loss available to common unitholders $ ( 0.81 ) $ ( 0.41 ) $ ( 0.75 ) $ ( 0.88 ) The following schedule reconciles the weighted average units used in the basic EPU calculation to the units used in the diluted EPU calculation (in thousands) : Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2020 2020 Basic EPU units 99,873 100,213 99,817 100,198 Diluted EPU Units 99,873 100,213 99,817 100,198 Contingently issuable shares under Restricted Stock Awards were excluded from the denominator during all periods presented as such securities were anti-dilutive during the periods. Shares issuable under all outstanding stock options were excluded from the denominator 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. Distributions declared per common unit for the three-month periods ended June 30, 2021 and 2020 was zero and $ 0.20 per unit, respectively. Distribution declared per common share for the six-month periods ended June 30, 2021 and 2020 were zero and $ 0.40 per unit, respectively. |
Mack-Cali Realty LP [Member] | |
Stockholders Equity [Line Items] | |
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital | 16. MACK-CALI REALTY CORPORATION STOCKHOLDERS’ EQUITY AND MACK-CALI REALTY, L.P.’S PARTNERS’ CAPITAL To maintain its qualification as a REIT, not more than 50 percent in value of the outstanding shares of the General Partner may be owned, directly or indirectly, by five or fewer individuals at any time during the last half of any taxable year of the General Partner, other than its initial taxable year (defined to include certain entities), applying certain constructive ownership rules. To help ensure that the General Partner will not fail this test, the General Partner’s Charter provides, among other things, certain restrictions on the transfer of common stock to prevent further concentration of stock ownership. Moreover, to evidence compliance with these requirements, the General Partner must maintain records that disclose the actual ownership of its outstanding common stock and demands written statements each year from the holders of record of designated percentages of its common stock requesting the disclosure of the beneficial owners of such common stock. Partners’ Capital in the accompanying consolidated financial statements relates to (a) General Partners’ capital consisting of common units in the Operating Partnership held by the General Partner, and (b) Limited Partners’ capital consisting of common units and LTIP units held by the limited partners. See Note 17: Noncontrolling Interests in Subsidiaries. The following table reflects the activity of the General Partner capital for the six months ended June 30, 2021 and 2020, respectively (dollars in thousands) : Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Opening Balance $ 1,406,823 $ 1,434,143 $ 1,398,817 $ 1,493,699 Net loss available to common shareholders ( 72,079 ) ( 34,887 ) ( 64,456 ) ( 74,811 ) Common stock distributions - - - ( 18,119 ) Redeemable noncontrolling interests ( 1,550 ) ( 2,236 ) ( 3,341 ) ( 5,040 ) Redemption of common units for common stock 2,716 - 2,716 - Shares issued under Dividend Reinvestment and Stock Purchase Plan 11 11 29 30 Directors' deferred compensation plan 66 57 138 139 Stock Compensation 1,239 334 1,885 764 Cancellation of common stock - - ( 118 ) - Other comprehensive income (loss) - - - 18 Rebalancing of ownership percent between parent and subsidiaries ( 2,000 ) 1,611 ( 444 ) 2,353 Balance at June 30 $ 1,335,226 $ 1,399,033 $ 1,335,226 $ 1,399,033 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 June 30, 2021, 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 had been reserved for issuance. In June 2021, stockholders of the Company approved amendments to the 2013 Plan to increase the total shares reserved for issuance under the plan from 4,600,000 to 6,565,000 shares. In March 2021, the General Partner granted 950,000 stock options to the chief executive officer as an employment “inducement award” that is intended to comply with New York Stock Exchange Rule 303A.08. In connection with Ms. Gilmartin’s appointment as the Company’s interim Chief Executive Officer, the Company granted to MAG Partners fully vested stock options to purchase up to 230,000 shares of common stock with an exercise price of $ 14.39 per share, and up to 100,000 shares of common stock with an exercise price of $ 20.00 per share, of which 157,505 of the options were issued after shareholder approval at the Company’s 2021 Annual Meeting of Stockholders on June 9, 2021. See Note 13-Commitments and Contingencies. In connection with his appointment as Chief Executive Officer, Mr. Nia was granted 950,000 stock options on March 10, 2021 that had an exercise price equal to the closing price of the Company’s common stock on the grant date of $ 15.79 per share. The stock options will vest in one-third increments on each of the first three anniversaries of the date of grant, subject to earlier vesting on certain termination events. See Note 13-Commitments and Contingencies. There were no stock options that were exercised under any stock option plans for the six months ended June 30, 2021 and 2020, respectively. The Company has a policy of issuing new shares to satisfy stock option exercises. As of June 30, 2021 and December 31, 2020, the stock options outstanding had a weighted average remaining contractual life of approximately 4.3 and 3.6 years, respectively. The Company recognized stock options expense of $ 224,000 and zero for the three months ended June 30, 2021 and 2020, respectively, and $ 338,000 and zero for the six months ended June 30, 2021 and 2020, respectively. AO LTIP UNITS (Appreciation-Only LTIP Units) Pursuant to the terms of the DeMarco employment agreement, the Company entered into an AO Long-Term Incentive Plan Award Agreement (the “AO LTIP Award Agreement”) with Mr. DeMarco on March 13, 2019 that provided for the grant to Mr. DeMarco of 625,000 AO LTIP Units. AO LTIP Units are a class of partnership interests in the Operating Partnership that are intended to qualify as “profits interests” for federal income tax purposes and generally only allow the recipient to realize value to the extent the fair market value of a share of Common Stock exceeds the threshold level set at the time the AO LTIP Units are granted, subject to any vesting conditions applicable to the award. The threshold level was fixed at $ 21.46 in the AO LTIP Award Agreement, the closing price of the Common Stock as reported on the New York Stock Exchange (the “NYSE”) on the date of grant. The value of vested AO LTIP Units is realized through conversion of the AO LTIP Units into common units of limited partnership interests of the Operating Partnership (the “Common Units”). The number of Common Units into which vested AO LTIP Units may be converted is determined based on the quotient of (i) the excess of the fair market value of the Common Stock on the conversion date over the threshold level designated at the time the AO LTIP Unit was granted (i.e., $ 21.46 ), divided by (ii) the fair market value of the Common Stock on the conversion date. AO LTIP Units, once vested, have a finite term during which they may be converted into Common Units, within ten years from the grant date of the AO LTIP Units or they are forfeited. In addition, the AO LTIP Units issued to Mr. DeMarco are subject to the following vesting conditions: (i) 250,000 of the AO LTIP Units shall vest and become exercisable on the earliest date on which the closing price of the Common Stock, as reported on the NYSE, or if the Common Stock is not then traded on the NYSE, then the closing price of the Common Stock on any other securities exchange on which the Common Stock is traded or quoted (the “Securities Market”), has been equal to or greater than $ 25.00 per share for at least 30 consecutive trading days, provided that such date occurs prior to March 13, 2023 (the “Outside Date”); (ii) an additional 250,000 of the AO LTIP Units shall vest and become exercisable on the earliest date on which the closing price of the Common Stock, as reported on the NYSE, or if the Common Stock is not then traded on the NYSE, then the closing price of the Common Stock on the Securities Market, has been equal to or greater than $ 28.00 per share for at least 30 consecutive trading days, provided that such date occurs prior to the Outside Date; and (iii) an additional 125,000 of the AO LTIP Units shall vest and become exercisable on the earliest date on which the closing price of the Common Stock, as reported on the NYSE, or if the Common Stock is not then traded on the NYSE, then the closing price of the Common Stock on the Securities Market, has been equal to or greater than $ 31.00 per share for at least 30 consecutive trading days, provided that such date occurs prior to the Outside Date. Mr. DeMarco will generally receive special income allocations in respect of an AO LTIP Unit equal to 10 percent (or such other percentage specified in the applicable award agreement) of the income allocated in respect of a Common Unit. Upon conversion of AO LTIP Units to Common Units, Mr. DeMarco will be entitled to receive in respect of each such AO LTIP Unit, on a per unit basis, a special cash distribution equal to 10 % (or such other percentage specified in the applicable award agreement) of the distributions received by a holder of an equivalent number of Common Units during the period from the grant date of the AO LTIP Units through the date of conversion. The Company has reserved shares of common stock under the 2013 Plan for issuance upon vesting and conversion of the AO LTIP Units in accordance with their terms and conditions. As of June 30, 2021, the Company had $ 1.1 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 1.7 years. The Company recognized AO LTIP unit expense of $ 155,000 and $ 155,000 for the three months ended June 30, 2021 and 2020, respectively, and $ 310,000 and $ 310,000 for the six months ended June 30, 2021 and 2020, respectively. LONG-TERM INCENTIVE PLAN AWARDS On April 20, 2018, the Company granted LTIP awards to senior management of the Company, including the General Partner’s executive officers (the “2018 LTIP Awards”). All of the 2018 LTIP Awards were in the form of LTIP Units and constitute awards under the 2013 Plan. For Messrs. DeMarco and Tycher, approximately twenty-five percent ( 25 %) of the grant date fair value of the 2018 LTIP Award was in the form of a time-based award that vests after three years on April 20, 2021 (the “2018 TBV LTIP Units”), and the remaining approximately seventy-five percent ( 75 %) of the grant date fair value of the 2018 LTIP Award was in the form of a performance-based award under the Company’s Outperformance Plan (the “2018 OPP”) adopted by the General Partner’s Board of Directors, consisting of a multi-year, performance-based equity compensation plan and related forms of award agreement (the “2018 PBV LTIP Units”). For all other executive officers, approximately fifty percent ( 50 %) of the grant date fair value of the 2018 LTIP Award was in the form of 2018 TBV LTIP Units and the remaining approximately fifty percent ( 50 %) of the grant date fair value of the 2018 LTIP Award was in the form of 2018 PBV LTIP Units. The 2018 TBV LTIP Units vested on April 20, 2021. 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. As the targets for vesting were partially achieved, 31.25 percent of the 2018 PBV LTIP Units vested and the unvested 2018 PBV LTIP Units were forfeited on April 19, 2021. On March 22, 2019, the Company granted LTIP awards to senior management of the Company, including the General Partner’s executive officers (the “2019 LTIP Awards”). All of the 2019 LTIP Awards were in the form of LTIP Units and constitute awards under the 2013 Plan. For Mr. DeMarco, approximately 25 percent of the target 2019 LTIP Awards were in the form of time-based LTIP Units that vest after three years on March 22, 2022 (the “2019 TBV LTIP Units”), and the remaining approximately 75 percent of the grant date fair value of his 2019 LTIP Award will be in the form of performance-based LTIP Units under the Company’s Outperformance Plan (the “2019 OPP”) adopted by the General Partner’s Board of Directors, consisting of a multi-year, performance-based equity compensation plan and related forms of award agreement (the “2019 PBV LTIP Units”). For Messrs. Tycher, Smetana, Wagner, Cardoso and Hilton, fifty percent ( 50 %) of the grant date fair value of their respective 2019 LTIP Awards is in the form of 2019 TBV LTIP Units and the remaining fifty percent ( 50 %) of the grant date fair value of their respective 2019 LTIP Awards is in the form of 2019 PBV LTIP Units. Mr. DeBari, who was promoted to Chief Accounting Officer on March 13, 2019, received 100 percent of his 2019 LTIP Award in the form of 2019 TBV LTIP Units. The 2019 OPP was designed to align the interests of senior management to relative and absolute performance of the Company over a three year performance period from March 22, 2019 through March 21, 2022. Participants of performance-based awards in the 2019 OPP will only earn the full awards if, over the three year performance period, the Company achieves a thirty-six percent ( 36 %) absolute total stockholder return (“TSR”) and if the Company’s TSR is in the 75th percentile of performance as compared to the office REITs in the NAREIT index. On March 24, 2020, the Company granted LTIP awards to senior management of the Company, including the General Partner’s executive officers (the “2020 LTIP Awards”). All of the 2020 LTIP Awards were in the form of LTIP Units and constitute awards under the 2013 Plan. All of the target 2020 LTIP Awards were in the form of performance-based LTIP Units under the Company’s Outperformance Plan (the “2020 OPP”) adopted by the General Partner’s Board of Directors, consisting of a multi-year, performance-based equity compensation plan and related forms of award agreement (the “2020 PBV LTIP Units”). The 2020 OPP was designed to align the interests of senior management to relative and absolute performance of the Company over a three year performance period from March 24, 2020 through March 23, 2023. Participants of performance-based awards in the 2020 OPP will only earn the full awards if, over the three year performance period, the Company achieves a thirty-six percent ( 36 %) absolute total stockholder return (“TSR”) and if the Company’s TSR is in the 75th percentile of performance as compared to the REITs in the NAREIT index. On January 4, 2021, in accordance with Mr. Cardoso’s employment agreement, the Company granted LTIP awards (the “J Series 2021 LTIP Awards”). All of the J Series 2021 LTIP Awards were in the form of LTIP Units and constitute awards under the 2013 Plan. All of the target 2021 LTIP Awards were in the form of performance-based LTIP Units under the Company’s Outperformance Plan (the “J Series 2021 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 “J Series 2021 PBV LTIP Units”). The J Series 2021 OPP was subject to the achievement of certain sales performance milestones with respect to commercial asset dispositions by the Company over a performance period from August 1, 2020 through December 31, 2022. These sales milestones will be based on the aggregate gross sales prices of the assets, provided that the asset will only be included in the milestone if it is sold for not less than 85 % of its estimated net asset value, as defined in the agreement. On April 21, 2021, the Company granted long-term incentive plan awards to senior management of the Company, including the General Partner’s executive officers (the “2021 RSU LTIP Awards”). All of the 2021 RSU LTIP Awards were in the form of restricted stock units (each, an “RSU”) and constitute awards under the 2013 Plan. Each RSU entitles the holder to one share of the General Partner’s common stock upon settlement. 291,951 of the RSUs are subject to time-based vesting conditions (the “TRSUs”) and will vest in three equal, annual installments over a three year period commencing on April 21, 2022. 452,730 of the RSUs are subject to performance based vesting conditions (the “PRSUs”). Recipients will only earn the full amount of the PRSUs if, over the three year performance period, the General Partner achieves a thirty-six percent ( 36 %) absolute total stockholder return (“TSR”) and if the General Partner’s TSR is in the 75th percentile of performance as compared to a group of twenty-four (24) peer REITs. Up to an additional 291,951 RSUs were granted subject to the achievement of certain outperformance conditions (the “OPRSUs”). Recipients will only earn the full amount of the OPRSUs of the General Partner achieves adjusted funds from operations of $ 0.60 per share in the fiscal year ending December 31, 2023. The 2021 RSU LTIP Awards are designed to align the interests of senior management to relative and absolute performance of the Company over a three year performance period from April 21, 2021 through April 20, 2024. RSUs will remain subject to forfeiture depending on the extent that the 2021 RSU LTIP Awards vest. LTIP Units will remain subject to forfeiture depending on the extent that the 2019 LTIP Awards, 2020 LTIP Awards, J Series 2021 LTIP Awards and 2021 RSU LTIP Awards vest. The number of LTIP Units to be issued initially to recipients of the 2019 PBV LTIP Awards, 2020 PBV LTIP Awards, J Series LTIP Awards and PRSUs is the maximum number of LTIP Units or common stock that may be earned under the awards. The number of LTIP Units or common stock that actually vest for each award recipient will be determined at the end of the performance measurement period. For the 2019 LTIP Awards, 2020 LTIP Awards and PRSUs, TSR for the Company and for the Index over the three year measurement period and other circumstances will determine how many LTIP Units or common 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. For the J Series LTIP Awards, achievement of the sales performance milestone will determine how many LTIP Units vest for Mr. Cardoso, and if the amount vested is fewer than the number issued, the balance will be forfeited as of the end of the Measurement Period. 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 2019 TBV LTIP Units and 2020 TBV LTIP Units or the end of the measurement period for the 2019 PBV LTIP Units, 2020 PBV LTIP Units and J Series 2021 PBV LTIP Units, the number of LTIP Units, both vested and unvested, will be entitled to receive distributions in an amount per unit equal to distributions, both regular and special, payable on a Common Unit. Prior to vesting, recipients of TRSUs will be entitled to receive TRSU dividend equivalent amounts which shall be paid concurrently with the common cash dividend. Prior to vesting, recipients of PRSUs and OPRSUs will not be entitled to receive dividend equivalent amounts. PRSU and OPRSU dividend equivalent amounts will accrue but shall only become payable upon vesting of the PRSUs and OPRSUs. As of June 30, 2021, the Company had $ 7.2 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 1.9 years. DEFERRED STOCK COMPENSATION PLAN FOR DIRECTORS The Amended and Restated Deferred Compensation Plan for Directors, which commenced January 1, 1999, allows non - employee directors of the Company to elect to defer up to 100 percent of their annual retainer fee into deferred stock units. The deferred stock units are convertible into an equal number of shares of common stock upon the directors’ termination of service from the Board of Directors or a change in control of the Company, as defined in the plan. Pursuant to the termination of service of five directors from the Board of Directors on June 12, 2019, the Company converted 193,949 deferred stock units into shares of common stock. Pursuant to the termination of service of two directors from the Board of Directors on June 12, 2020, the Company converted 61,277 deferred stock units into shares of common stock. Deferred stock units are credited to each director quarterly using the closing price of the Company’s common stock on the applicable dividend record date for the respective quarter. Each participating director’s account is also credited for an equivalent amount of deferred stock units based on the dividend rate for each quarter. During the three months ended June 30, 2021 and 2020, 3,798 and 3,907 deferred stock units were earned, respectively. During the six months ended June 30, 2021 and 2020, 8,381 and 9,710 deferred stock units were earned, respectively. As of June 30, 2021 and December 31, 2020, there were 28,862 and 17,854 deferred stock units outstanding, respectively. EARNINGS PER SHARE/UNIT Basic EPS or EPU excludes dilution and is computed by dividing net income available to common shareholders or unitholders by the weighted average number of shares or units outstanding for the period. Diluted EPS or EPU reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. In the calculation of basic and diluted EPS and EPU, a redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders or unitholders is included in the calculation to arrive at the numerator of net income (loss) available to common shareholders or unitholders. The following information presents the Company’s results for the three and six months ended June 30, 2021 and 2020 in accordance with ASC 260, Earnings Per Share (dollars in thousands, except per share amounts) : Mack-Cali Realty Corporation: Three Months Ended Six Months Ended June 30, June 30, Computation of Basic EPS 2021 2020 2021 2020 Loss from continuing operations $ ( 78,907 ) $ ( 41,699 ) $ ( 99,129 ) $ ( 72,703 ) Add (deduct): Noncontrolling interests in consolidated joint ventures 1,198 829 2,533 1,005 Add (deduct): Noncontrolling interests in Operating Partnership 7,669 4,527 9,974 8,089 Add (deduct): Redeemable noncontrolling interests ( 6,471 ) ( 6,471 ) ( 12,942 ) ( 12,942 ) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders ( 1,550 ) ( 2,236 ) ( 3,341 ) ( 5,040 ) Loss from continuing operations available to common shareholders ( 78,061 ) ( 45,050 ) ( 102,905 ) ( 81,591 ) Income (loss) from discontinued operations available to common shareholders 4,432 7,927 35,108 1,740 Net loss available to common shareholders for basic earnings per share $ ( 73,629 ) $ ( 37,123 ) $ ( 67,797 ) $ ( 79,851 ) Weighted average common shares 90,774 90,629 90,733 90,622 Basic EPS : Loss from continuing operations available to common shareholders $ ( 0.86 ) $ ( 0.50 ) $ ( 1.13 ) $ ( 0.90 ) Income (loss) from discontinued operations available to common shareholders 0.05 0.09 0.38 0.02 Net loss available to common shareholders $ ( 0.81 ) $ ( 0.41 ) $ ( 0.75 ) $ ( 0.88 ) Three Months Ended Six Months Ended June 30, June 30, Computation of Diluted EPS 2021 2020 2021 2020 Net loss from continuing operations available to common shareholders $ ( 78,061 ) $ ( 45,050 ) $ ( 102,905 ) $ ( 81,591 ) Add (deduct): Noncontrolling interests in Operating Partnership ( 7,669 ) ( 4,527 ) ( 9,974 ) ( 8,089 ) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to the Operating Partnership unitholders ( 155 ) ( 237 ) ( 334 ) ( 533 ) Loss from continuing operations for diluted earnings per share ( 85,885 ) ( 49,814 ) ( 113,213 ) ( 90,213 ) Income (loss) from discontinued operations for diluted earnings per share 4,876 8,765 38,619 1,925 Net loss available for diluted earnings per share $ ( 81,009 ) $ ( 41,049 ) $ ( 74,594 ) $ ( 88,288 ) Weighted average common shares 99,873 100,213 99,817 100,198 Diluted EPS : Loss from continuing operations available to common shareholders $ ( 0.86 ) $ ( 0.50 ) $ ( 1.13 ) $ ( 0.90 ) Income (loss) from discontinued operations available to common shareholders 0.05 0.09 0.38 0.02 Net loss available to common shareholders $ ( 0.81 ) $ ( 0.41 ) $ ( 0.75 ) $ ( 0.88 ) The following schedule reconciles the weighted average shares used in the basic EPS calculation to the shares used in the diluted EPS calculation (in thousands) : Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Basic EPS shares 90,774 90,629 90,733 90,622 Add: Operating Partnership – common and vested LTIP units 9,099 9,584 9,084 9,576 Diluted EPS Shares 99,873 100,213 99,817 100,198 Contingently issuable shares under Restricted Stock Awards were excluded from the denominator during all periods presented as such securities were anti-dilutive during the periods. Shares issuable under all outstanding stock options were excluded from the denominator during all periods presented 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. Dividends declared per common share for the three-month periods ended June 30, 2021 and 2020 was zero and $ 0.20 per share, respectively. Dividends declared per common share for the six-month periods ended June 30, 2021 and 2020 were zero and $ 0.40 per share, respectively. Mack-Cali Realty, L.P.: Three Months Ended Six Months Ended June 30, June 30, Computation of Basic EPU 2021 2020 2021 2020 Loss from continuing operations $ ( 78,907 ) $ ( 41,699 ) $ ( 99,129 ) $ ( 72,703 ) Add (deduct): Noncontrolling interests in consolidated joint ventures 1,198 829 2,533 1,005 Add (deduct): Redeemable noncontrolling interests ( 6,471 ) ( 6,471 ) ( 12,942 ) ( 12,942 ) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests ( 1,705 ) ( 2,473 ) ( 3,675 ) ( 5,573 ) Loss from continuing operations available to unitholders ( 85,885 ) ( 49,814 ) ( 113,213 ) ( 90,213 ) Income (loss) from discontinued operations available to unitholders 4,876 8,765 38,619 1,925 Net loss available to common unitholders for basic earnings per unit $ ( 81,009 ) $ ( 41,049 ) $ ( 74,594 ) $ ( 88,288 ) Weighted average common units 99,873 100,213 99,817 100,198 Basic EPU : Loss from continuing operations available to unitholders $ ( 0.86 ) $ ( 0.50 ) $ ( 1.13 ) $ ( 0.90 ) Income (loss) from discontinued operations available to unitholders 0.05 0.09 0.38 0.02 Net loss available to common unitholders for basic earnings per unit $ ( 0.81 ) $ ( 0.41 ) $ ( 0.75 ) $ ( 0.88 ) Three Months Ended Six Months Ended June 30, June 30, Computation of Diluted EPU 2021 2020 2021 2020 Net loss from continuing operations available to common unitholders $ ( 85,885 ) $ ( 49,814 ) $ ( 113,213 ) $ ( 90,213 ) Income (loss) from discontinued operations for diluted earnings per unit 4,876 8,765 38,619 1,925 Net loss available to common unitholders for diluted earnings per unit $ ( 81,009 ) $ ( 41,049 ) $ ( 74,594 ) $ ( 88,288 ) Weighted average common unit 99,873 100,213 99,817 100,198 Diluted EPU : Loss from continuing operations available to common unitholders $ ( 0.86 ) $ ( 0.50 ) $ ( 1.13 ) $ ( 0.90 ) Income (loss) from discontinued operations available to common unitholders 0.05 0.09 0.38 0.02 Net loss available to common unitholders $ ( 0.81 ) $ ( 0.41 ) $ ( 0.75 ) $ ( 0.88 ) The following schedule reconciles the weighted average units used in the basic EPU calculation to the units used in the diluted EPU calculation (in thousands) : Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2020 2020 Basic EPU units 99,873 100,213 99,817 100,198 Diluted EPU Units 99,873 100,213 99,817 100,198 Contingently issuable shares under Restricted Stock Awards were excluded from the denominator during all periods presented as such securities were anti-dilutive during the periods. Shares issuable under all outstanding stock options were excluded from the denominator 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. Distributions declared per common unit for the three-month periods ended June 30, 2021 and 2020 was zero and $ 0.20 per unit, respectively. Distribution declared per common share for the six-month periods ended June 30, 2021 and 2020 were zero and $ 0.40 per unit, respectively. |
Noncontrolling Interests In Sub
Noncontrolling Interests In Subsidiaries | 6 Months Ended |
Jun. 30, 2021 | |
Noncontrolling Interest [Line Items] | |
Noncontrolling Interests In Subsidiaries | 17. NONCONTROLLING INTERESTS IN SUBSIDIARIES Noncontrolling interests in subsidiaries in the accompanying consolidated financial statements relate to (i) common units (“Common Units”) and LTIP units in the Operating Partnership, held by parties other than the General Partner (“Limited Partners”), and (ii) interests in consolidated joint ventures for the portion of such ventures not owned by the Company. The following table reflects the activity of noncontrolling interests for the six months ended June 30, 2021 and 2020, respectively (dollars in thousands): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Opening Balance $ 182,693 $ 198,017 $ 193,563 $ 205,776 Net (loss) income ( 1,952 ) 1,953 3,946 4,033 Unit distributions 639 790 643 ( 1,480 ) Redeemable noncontrolling interests ( 6,626 ) ( 6,708 ) ( 13,276 ) ( 13,475 ) Change in noncontrolling interests in consolidated joint ventures 175 ( 83 ) 185 133 Redemption of common units for common stock ( 2,716 ) - ( 2,716 ) - Redemption of common units ( 410 ) - ( 10,869 ) ( 2,141 ) Stock compensation 1,304 2,105 3,187 4,205 Cancellation of unvested LTIP units - - - ( 201 ) Other comprehensive income (loss) - - - ( 34 ) Rebalancing of ownership percentage between parent and subsidiaries 2,000 ( 1,611 ) 444 ( 2,353 ) Balance at June 30 $ 175,107 $ 194,463 $ 175,107 $ 194,463 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 six months ended June 30, 2021, the Company has increased noncontrolling interests in the Operating Partnership and decreased additional paid-in capital in Mack-Cali Realty Corporation stockholders’ equity by approximately $ 0.4 million as of June 30, 2021. NONCONTROLLING INTERESTS IN OPERATING PARTNERSHIP (applicable only to General Partner) Common Units During the six months ended June 30, 2021, the Company redeemed 678,302 common units at their fair market value of $ 10.5 million, which was included as part of the buyer’s purchase consideration in the disposition of an office property in January 2021. See Note 3: Recent Transactions. During the six months ended June 30, 2021, the Company redeemed for cash 24,860 common units at their fair value of $ 0.4 million. Certain individuals and entities own common units in the Operating Partnership. A common unit and a share of Common Stock of the General Partner have substantially the same economic characteristics in as much as they effectively share equally in the net income or loss of the Operating Partnership. Common unitholders have the right to redeem their common units, subject to certain restrictions. The redemption is required to be satisfied in shares of Common Stock, cash, or a combination thereof, calculated as follows: one share of the General Partner’s Common Stock, or cash equal to the fair market value of a share of the General Partner’s Common Stock at the time of redemption, for each common unit. The General Partner, in its sole discretion, determines the form of redemption of common units (i.e., whether a common unitholder receives Common Stock, cash, or any combination thereof). If the General Partner elects to satisfy the redemption with shares of Common Stock as opposed to cash, it is obligated to issue shares of its Common Stock to the redeeming unitholder. Regardless of the rights described above, the common unitholders may not put their units for cash to the General Partner or the Operating Partnership under any circumstances. When a unitholder redeems a common unit, noncontrolling interests in the Operating Partnership is reduced and Mack-Cali Realty Corporation Stockholders’ equity is increased. LTIP Units On March 8, 2016, the Company granted 2016 LTIP Awards to senior management of the Company, including the General Partner’s executive officers. On April 4, 2017, the Company granted 2017 LTIP Awards to senior management of the Company, including the General Partner’s executive officers. On April 20, 2018, the Company granted 2018 LTIP Awards to senior management of the Company, including the General Partner’s executive officers. On March 22, 2019, the Company granted 2019 LTIP Awards to senior management of the Company, including the General Partner’s executive officers. On March 24, 2020, the Company granted 2020 LTIP Awards to senior management of the Company, including the General Partner’s executive officers. On January 4, 2021, the Company granted J Series 2021 LTIP Awards to one of the General Partner’s executive officers. All of the 2016 LTIP Awards, 2017 LTIP Awards, 2018 LTIP Awards, 2019 LTIP Awards, 2020 LTIP Awards and J Series 2021 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. Noncontrolling Interests Ownership in Operating Partnership As of June 30, 2021 and December 31, 2020, the noncontrolling interests common unitholders owned 9.0 percent and 9.6 percent of the Operating Partnership, respectively. NONCONTROLLING INTERESTS IN CONSOLIDATED JOINT VENTURES (applicable to General Partner and Operating Partnership) The Company consolidates certain joint ventures in which it has ownership interests. Various entities and/or individuals hold noncontrolling interests in these ventures. PARTICIPATION RIGHTS The Company’s interests in a potential future development provides for the initial distributions of net cash flow solely to the Company, and thereafter, other parties have participation rights in 50 percent of the excess net cash flow remaining after the distribution to the Company of the aggregate amount equal to the sum of: (a) the Company’s capital contributions, plus (b) an IRR of 10 percent per annum. |
Mack-Cali Realty LP [Member] | |
Noncontrolling Interest [Line Items] | |
Noncontrolling Interests In Subsidiaries | 17. NONCONTROLLING INTERESTS IN SUBSIDIARIES Noncontrolling interests in subsidiaries in the accompanying consolidated financial statements relate to (i) common units (“Common Units”) and LTIP units in the Operating Partnership, held by parties other than the General Partner (“Limited Partners”), and (ii) interests in consolidated joint ventures for the portion of such ventures not owned by the Company. The following table reflects the activity of noncontrolling interests for the six months ended June 30, 2021 and 2020, respectively (dollars in thousands): Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Opening Balance $ 182,693 $ 198,017 $ 193,563 $ 205,776 Net (loss) income ( 1,952 ) 1,953 3,946 4,033 Unit distributions 639 790 643 ( 1,480 ) Redeemable noncontrolling interests ( 6,626 ) ( 6,708 ) ( 13,276 ) ( 13,475 ) Change in noncontrolling interests in consolidated joint ventures 175 ( 83 ) 185 133 Redemption of common units for common stock ( 2,716 ) - ( 2,716 ) - Redemption of common units ( 410 ) - ( 10,869 ) ( 2,141 ) Stock compensation 1,304 2,105 3,187 4,205 Cancellation of unvested LTIP units - - - ( 201 ) Other comprehensive income (loss) - - - ( 34 ) Rebalancing of ownership percentage between parent and subsidiaries 2,000 ( 1,611 ) 444 ( 2,353 ) Balance at June 30 $ 175,107 $ 194,463 $ 175,107 $ 194,463 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 six months ended June 30, 2021, the Company has increased noncontrolling interests in the Operating Partnership and decreased additional paid-in capital in Mack-Cali Realty Corporation stockholders’ equity by approximately $ 0.4 million as of June 30, 2021. NONCONTROLLING INTERESTS IN OPERATING PARTNERSHIP (applicable only to General Partner) Common Units During the six months ended June 30, 2021, the Company redeemed 678,302 common units at their fair market value of $ 10.5 million, which was included as part of the buyer’s purchase consideration in the disposition of an office property in January 2021. See Note 3: Recent Transactions. During the six months ended June 30, 2021, the Company redeemed for cash 24,860 common units at their fair value of $ 0.4 million. Certain individuals and entities own common units in the Operating Partnership. A common unit and a share of Common Stock of the General Partner have substantially the same economic characteristics in as much as they effectively share equally in the net income or loss of the Operating Partnership. Common unitholders have the right to redeem their common units, subject to certain restrictions. The redemption is required to be satisfied in shares of Common Stock, cash, or a combination thereof, calculated as follows: one share of the General Partner’s Common Stock, or cash equal to the fair market value of a share of the General Partner’s Common Stock at the time of redemption, for each common unit. The General Partner, in its sole discretion, determines the form of redemption of common units (i.e., whether a common unitholder receives Common Stock, cash, or any combination thereof). If the General Partner elects to satisfy the redemption with shares of Common Stock as opposed to cash, it is obligated to issue shares of its Common Stock to the redeeming unitholder. Regardless of the rights described above, the common unitholders may not put their units for cash to the General Partner or the Operating Partnership under any circumstances. When a unitholder redeems a common unit, noncontrolling interests in the Operating Partnership is reduced and Mack-Cali Realty Corporation Stockholders’ equity is increased. LTIP Units On March 8, 2016, the Company granted 2016 LTIP Awards to senior management of the Company, including the General Partner’s executive officers. On April 4, 2017, the Company granted 2017 LTIP Awards to senior management of the Company, including the General Partner’s executive officers. On April 20, 2018, the Company granted 2018 LTIP Awards to senior management of the Company, including the General Partner’s executive officers. On March 22, 2019, the Company granted 2019 LTIP Awards to senior management of the Company, including the General Partner’s executive officers. On March 24, 2020, the Company granted 2020 LTIP Awards to senior management of the Company, including the General Partner’s executive officers. On January 4, 2021, the Company granted J Series 2021 LTIP Awards to one of the General Partner’s executive officers. All of the 2016 LTIP Awards, 2017 LTIP Awards, 2018 LTIP Awards, 2019 LTIP Awards, 2020 LTIP Awards and J Series 2021 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. Noncontrolling Interests Ownership in Operating Partnership As of June 30, 2021 and December 31, 2020, the noncontrolling interests common unitholders owned 9.0 percent and 9.6 percent of the Operating Partnership, respectively. NONCONTROLLING INTERESTS IN CONSOLIDATED JOINT VENTURES (applicable to General Partner and Operating Partnership) The Company consolidates certain joint ventures in which it has ownership interests. Various entities and/or individuals hold noncontrolling interests in these ventures. PARTICIPATION RIGHTS The Company’s interests in a potential future development provides 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 | 6 Months Ended |
Jun. 30, 2021 | |
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 six months ended June 30, 2021 and 2020. The Company had no long lived assets in foreign locations as of June 30, 2021 and December 31, 2020. 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 six months ended June 30, 2021 and 2020 and selected asset information as of June 30, 2021 and December 31, 2020 regarding the Company’s operating segments are as follows. Amounts for prior periods have been restated to conform to the current period segment reporting presentation (dollars in thousands) : Commercial Multi-family Corporate Total & Other Real Estate Real Estate & Services (d) & Other (e) Company Total revenues: Three months ended: June 30, 2021 $ 41,446 $ 40,279 $ ( 478 ) $ 81,247 June 30, 2020 36,307 38,234 ( 344 ) 74,197 Six months ended: June 30, 2021 80,701 77,596 ( 957 ) 157,340 June 30, 2020 77,403 81,081 ( 683 ) 157,801 Total operating and interest expenses (a): Three months ended: June 30, 2021 $ 16,306 $ 30,909 $ 27,732 $ 74,947 June 30, 2020 16,277 22,144 32,243 70,664 Six months ended: June 30, 2021 35,973 53,065 52,182 141,220 June 30, 2020 36,473 44,917 60,914 142,304 Equity in earnings (loss) of unconsolidated joint ventures: Three months ended: June 30, 2021 $ ( 14 ) $ 363 $ - $ 349 June 30, 2020 ( 377 ) ( 569 ) - ( 946 ) Six months ended: June 30, 2021 ( 133 ) ( 974 ) - ( 1,107 ) June 30, 2020 ( 494 ) ( 1,160 ) - ( 1,654 ) Net operating income (loss) (b): Three months ended: June 30, 2021 $ 25,126 $ 9,733 $ ( 28,210 ) $ 6,649 June 30, 2020 19,653 15,521 ( 32,587 ) 2,587 Six months ended: June 30, 2021 44,595 23,557 ( 53,139 ) 15,013 June 30, 2020 40,436 35,004 ( 61,597 ) 13,843 Total assets: June 30, 2021 $ 1,257,056 $ 3,304,351 $ 30,070 $ 4,591,477 December 31, 2020 1,881,161 3,249,516 17,109 5,147,786 Total long-lived assets (c): June 30, 2021 $ 1,109,042 $ 3,101,034 $ ( 1,642 ) $ 4,208,434 December 31, 2020 1,693,054 3,035,485 ( 1,411 ) 4,727,128 Total investments in unconsolidated joint ventures: June 30, 2021 $ 3,610 $ 151,304 $ - $ 154,914 December 31, 2020 5,555 156,827 - 162,382 (a) Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; real estate services expenses; general and administrative, acquisition related costs and interest expense (net of interest income). All interest expense, net of interest and other investment income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods. (b) Net operating income represents total revenues less total operating and interest expenses (as defined and classified in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the period. (c) Long-lived assets are comprised of net investment in rental property, unbilled rents receivable and goodwill. (d) Segment assets and operations were owned through a consolidated variable interest entity commencing in February 2018, and which also include the Company’s consolidated hotel operations. (e) Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense), as well as intercompany eliminations necessary to reconcile to consolidated Company totals. Mack-Cali Realty Corporation The following schedule reconciles net operating income to net income (loss) available to common shareholders (dollars in thousands) : Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net operating income $ 6,649 $ 2,587 $ 15,013 $ 13,843 Add (deduct): Depreciation and amortization ( 28,893 ) ( 27,440 ) ( 57,066 ) ( 61,335 ) Land and other impairments ( 7,519 ) ( 16,846 ) ( 7,932 ) ( 22,109 ) Property impairments (6,041) - (6,041) - Gain on change of control of interests - - - - Realized gains (losses) and unrealized losses on disposition of rental property, net 3,521 - 3,521 ( 7,915 ) Gain on disposition of developable land 111 - 111 4,813 Gain on sale from unconsolidated joint ventures - - - - Loss from extinguishment of debt, net (46,735) - (46,735) - Loss from continuing operations ( 78,907 ) ( 41,699 ) ( 99,129 ) ( 72,703 ) Discontinued operations Income from discontinued operations 2,796 20,694 13,758 41,600 Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 2,080 ( 11,929 ) 24,861 ( 39,675 ) Total discontinued operations, net 4,876 8,765 38,619 1,925 Net loss ( 74,031 ) ( 32,934 ) ( 60,510 ) ( 70,778 ) Noncontrolling interests in consolidated joint ventures 1,198 829 2,533 1,005 Noncontrolling interests in Operating Partnership 7,669 4,527 9,974 8,089 Noncontrolling interest in discontinued operations ( 444 ) ( 838 ) ( 3,511 ) ( 185 ) Redeemable noncontrolling interests ( 6,471 ) ( 6,471 ) ( 12,942 ) ( 12,942 ) Net loss available to common shareholders $ ( 72,079 ) $ ( 34,887 ) $ ( 64,456 ) $ ( 74,811 ) Mack-Cali Realty, L.P. The following schedule reconciles net operating income to net income (loss) available to common unitholders (dollars in thousands) : Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net operating income $ 6,649 $ 2,587 $ 15,013 $ 13,843 Add (deduct): Depreciation and amortization ( 28,893 ) ( 27,440 ) ( 57,066 ) ( 61,335 ) Land and other impairments ( 7,519 ) ( 16,846 ) ( 7,932 ) ( 22,109 ) Property impairments (6,041) - (6,041) - Realized gains (losses) and unrealized losses on disposition of rental property, net 3,521 - 3,521 ( 7,915 ) Gain on disposition of developable land 111 - 111 4,813 Loss from extinguishment of debt, net (46,735) - (46,735) - Loss from continuing operations ( 78,907 ) ( 41,699 ) ( 99,129 ) ( 72,703 ) Discontinued operations Income from discontinued operations 2,796 20,694 13,758 41,600 Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 2,080 ( 11,929 ) 24,861 ( 39,675 ) Total discontinued operations, net 4,876 8,765 38,619 1,925 Net loss ( 74,031 ) ( 32,934 ) ( 60,510 ) ( 70,778 ) Noncontrolling interests in consolidated joint ventures 1,198 829 2,533 1,005 Redeemable noncontrolling interests ( 6,471 ) ( 6,471 ) ( 12,942 ) ( 12,942 ) Net loss available to common unitholders $ ( 79,304 ) $ ( 38,576 ) $ ( 70,919 ) $ ( 82,715 ) |
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 six months ended June 30, 2021 and 2020. The Company had no long lived assets in foreign locations as of June 30, 2021 and December 31, 2020. 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 six months ended June 30, 2021 and 2020 and selected asset information as of June 30, 2021 and December 31, 2020 regarding the Company’s operating segments are as follows. Amounts for prior periods have been restated to conform to the current period segment reporting presentation (dollars in thousands) : Commercial Multi-family Corporate Total & Other Real Estate Real Estate & Services (d) & Other (e) Company Total revenues: Three months ended: June 30, 2021 $ 41,446 $ 40,279 $ ( 478 ) $ 81,247 June 30, 2020 36,307 38,234 ( 344 ) 74,197 Six months ended: June 30, 2021 80,701 77,596 ( 957 ) 157,340 June 30, 2020 77,403 81,081 ( 683 ) 157,801 Total operating and interest expenses (a): Three months ended: June 30, 2021 $ 16,306 $ 30,909 $ 27,732 $ 74,947 June 30, 2020 16,277 22,144 32,243 70,664 Six months ended: June 30, 2021 35,973 53,065 52,182 141,220 June 30, 2020 36,473 44,917 60,914 142,304 Equity in earnings (loss) of unconsolidated joint ventures: Three months ended: June 30, 2021 $ ( 14 ) $ 363 $ - $ 349 June 30, 2020 ( 377 ) ( 569 ) - ( 946 ) Six months ended: June 30, 2021 ( 133 ) ( 974 ) - ( 1,107 ) June 30, 2020 ( 494 ) ( 1,160 ) - ( 1,654 ) Net operating income (loss) (b): Three months ended: June 30, 2021 $ 25,126 $ 9,733 $ ( 28,210 ) $ 6,649 June 30, 2020 19,653 15,521 ( 32,587 ) 2,587 Six months ended: June 30, 2021 44,595 23,557 ( 53,139 ) 15,013 June 30, 2020 40,436 35,004 ( 61,597 ) 13,843 Total assets: June 30, 2021 $ 1,257,056 $ 3,304,351 $ 30,070 $ 4,591,477 December 31, 2020 1,881,161 3,249,516 17,109 5,147,786 Total long-lived assets (c): June 30, 2021 $ 1,109,042 $ 3,101,034 $ ( 1,642 ) $ 4,208,434 December 31, 2020 1,693,054 3,035,485 ( 1,411 ) 4,727,128 Total investments in unconsolidated joint ventures: June 30, 2021 $ 3,610 $ 151,304 $ - $ 154,914 December 31, 2020 5,555 156,827 - 162,382 (a) Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; real estate services expenses; general and administrative, acquisition related costs and interest expense (net of interest income). All interest expense, net of interest and other investment income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods. (b) Net operating income represents total revenues less total operating and interest expenses (as defined and classified in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the period. (c) Long-lived assets are comprised of net investment in rental property, unbilled rents receivable and goodwill. (d) Segment assets and operations were owned through a consolidated variable interest entity commencing in February 2018, and which also include the Company’s consolidated hotel operations. (e) Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense), as well as intercompany eliminations necessary to reconcile to consolidated Company totals. Mack-Cali Realty Corporation The following schedule reconciles net operating income to net income (loss) available to common shareholders (dollars in thousands) : Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net operating income $ 6,649 $ 2,587 $ 15,013 $ 13,843 Add (deduct): Depreciation and amortization ( 28,893 ) ( 27,440 ) ( 57,066 ) ( 61,335 ) Land and other impairments ( 7,519 ) ( 16,846 ) ( 7,932 ) ( 22,109 ) Property impairments (6,041) - (6,041) - Gain on change of control of interests - - - - Realized gains (losses) and unrealized losses on disposition of rental property, net 3,521 - 3,521 ( 7,915 ) Gain on disposition of developable land 111 - 111 4,813 Gain on sale from unconsolidated joint ventures - - - - Loss from extinguishment of debt, net (46,735) - (46,735) - Loss from continuing operations ( 78,907 ) ( 41,699 ) ( 99,129 ) ( 72,703 ) Discontinued operations Income from discontinued operations 2,796 20,694 13,758 41,600 Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 2,080 ( 11,929 ) 24,861 ( 39,675 ) Total discontinued operations, net 4,876 8,765 38,619 1,925 Net loss ( 74,031 ) ( 32,934 ) ( 60,510 ) ( 70,778 ) Noncontrolling interests in consolidated joint ventures 1,198 829 2,533 1,005 Noncontrolling interests in Operating Partnership 7,669 4,527 9,974 8,089 Noncontrolling interest in discontinued operations ( 444 ) ( 838 ) ( 3,511 ) ( 185 ) Redeemable noncontrolling interests ( 6,471 ) ( 6,471 ) ( 12,942 ) ( 12,942 ) Net loss available to common shareholders $ ( 72,079 ) $ ( 34,887 ) $ ( 64,456 ) $ ( 74,811 ) Mack-Cali Realty, L.P. The following schedule reconciles net operating income to net income (loss) available to common unitholders (dollars in thousands) : Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net operating income $ 6,649 $ 2,587 $ 15,013 $ 13,843 Add (deduct): Depreciation and amortization ( 28,893 ) ( 27,440 ) ( 57,066 ) ( 61,335 ) Land and other impairments ( 7,519 ) ( 16,846 ) ( 7,932 ) ( 22,109 ) Property impairments (6,041) - (6,041) - Realized gains (losses) and unrealized losses on disposition of rental property, net 3,521 - 3,521 ( 7,915 ) Gain on disposition of developable land 111 - 111 4,813 Loss from extinguishment of debt, net (46,735) - (46,735) - Loss from continuing operations ( 78,907 ) ( 41,699 ) ( 99,129 ) ( 72,703 ) Discontinued operations Income from discontinued operations 2,796 20,694 13,758 41,600 Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 2,080 ( 11,929 ) 24,861 ( 39,675 ) Total discontinued operations, net 4,876 8,765 38,619 1,925 Net loss ( 74,031 ) ( 32,934 ) ( 60,510 ) ( 70,778 ) Noncontrolling interests in consolidated joint ventures 1,198 829 2,533 1,005 Redeemable noncontrolling interests ( 6,471 ) ( 6,471 ) ( 12,942 ) ( 12,942 ) Net loss available to common unitholders $ ( 79,304 ) $ ( 38,576 ) $ ( 70,919 ) $ ( 82,715 ) |
Significant Accounting Polici_2
Significant Accounting Policies (Policy) | 6 Months Ended |
Jun. 30, 2021 | |
Significant Accounting Policies [Line Items] | |
Rental Property | Rental Property Rental properties are stated at cost less accumulated depreciation and amortization. Costs directly related to the acquisition, development and construction of rental properties are capitalized. The Company adopted Financial Accounting Standards Board (“FASB”) guidance Accounting Standards Update (“ASU”) 2017-01 on January 1, 2017, which revises the definition of a business and is expected to result in more transactions to be accounted for as asset acquisitions and significantly limit transactions that would be accounted for as business combinations. Where an acquisition has been determined to be an asset acquisition, acquisition-related costs are capitalized. Capitalized development and construction costs include pre-construction costs essential to the development of the property, development and construction costs, interest, property taxes, insurance, salaries and other project costs incurred during the period of development. Capitalized development and construction salaries and related costs approximated $ 0.6 million and $ 0.4 million for the three months ended June 30, 2021 and 2020, respectively, and $ 1.2 million and $ 0.9 million for the six months ended June 30, 2021 and 2020, 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 June 30, 2021 and December 31, 2020 is real estate and building and tenant improvements not in service, as follows (dollars in thousands) : June 30, December 31, 2021 2020 Land held for development (including pre-development costs, if any) (a)(c) $ 355,199 $ 364,946 Development and construction in progress, including land (b) 794,268 733,560 Total $ 1,149,467 $ 1,098,506 (a) Includes predevelopment and infrastructure costs included in buildings and improvements of $ 162.1 million and $ 160.3 million as of June 30, 2021 and December 31, 2020, respectively. (b) Includes land of $ 74.3 million and $ 74.9 million as of June 30, 2021 and December 31, 2020, respectively. (c) Includes $ 27.3 million of land and $ 6.7 million of building and improvements pertaining to assets held for sale at June 30, 2021 . 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. |
Dividends And Distributions Payable | Dividends and Distributions Payable On September 30, 2020, the Company announced that its Board of Directors was suspending its common dividends and distributions attributable to the third and fourth quarters 2020. As the Company’s management estimated that as of September 2020 it had satisfied its dividends obligations as a REIT on taxable income expected for 2020, the Board made the strategic decision to suspend its common dividends and distributions for the remainder of 2020 in an effort to provide greater financial flexibility during the pandemic and to retain incremental capital to support leasing initiatives at its Harborside commercial office properties on the Jersey City waterfront. On March 19, 2021, the Company announced that its Board of Directors would continue to suspend its common dividend for the remainder of 2021 in order to conserve capital and allow for greater financial flexibility during this period of heightened economic uncertainty and based on the Company’s projected 2021 taxable income estimates. The Company believes that with this suspension, it will still satisfy its dividends obligation as a REIT on taxable income estimated for 2021. The dividends and distributions payable at June 30, 2021 and December 31, 2020 represent amounts payable on unvested LTIP units. |
Impact Of Recently-Issued Accounting Standards | Impact of Recently-Issued Accounting Standards In March 2020, the FASB issued ASU 2020-04 Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments provide practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance is optional and is effective between March 12, 2020 and December 31, 2022. The guidance may be elected over time as reference rate reform activities occur. The Company is currently in the process of evaluating the impact the adoption of ASU 2020-04 will have on the Company’s consolidated financial statements. |
Mack-Cali Realty LP [Member] | |
Significant Accounting Policies [Line Items] | |
Rental Property | Rental Property Rental properties are stated at cost less accumulated depreciation and amortization. Costs directly related to the acquisition, development and construction of rental properties are capitalized. The Company adopted Financial Accounting Standards Board (“FASB”) guidance Accounting Standards Update (“ASU”) 2017-01 on January 1, 2017, which revises the definition of a business and is expected to result in more transactions to be accounted for as asset acquisitions and significantly limit transactions that would be accounted for as business combinations. Where an acquisition has been determined to be an asset acquisition, acquisition-related costs are capitalized. Capitalized development and construction costs include pre-construction costs essential to the development of the property, development and construction costs, interest, property taxes, insurance, salaries and other project costs incurred during the period of development. Capitalized development and construction salaries and related costs approximated $ 0.6 million and $ 0.4 million for the three months ended June 30, 2021 and 2020, respectively, and $ 1.2 million and $ 0.9 million for the six months ended June 30, 2021 and 2020, 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 June 30, 2021 and December 31, 2020 is real estate and building and tenant improvements not in service, as follows (dollars in thousands) : June 30, December 31, 2021 2020 Land held for development (including pre-development costs, if any) (a)(c) $ 355,199 $ 364,946 Development and construction in progress, including land (b) 794,268 733,560 Total $ 1,149,467 $ 1,098,506 (a) Includes predevelopment and infrastructure costs included in buildings and improvements of $ 162.1 million and $ 160.3 million as of June 30, 2021 and December 31, 2020, respectively. (b) Includes land of $ 74.3 million and $ 74.9 million as of June 30, 2021 and December 31, 2020, respectively. (c) Includes $ 27.3 million of land and $ 6.7 million of building and improvements pertaining to assets held for sale at June 30, 2021 . 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. |
Dividends And Distributions Payable | Dividends and Distributions Payable On September 30, 2020, the Company announced that its Board of Directors was suspending its common dividends and distributions attributable to the third and fourth quarters 2020. As the Company’s management estimated that as of September 2020 it had satisfied its dividends obligations as a REIT on taxable income expected for 2020, the Board made the strategic decision to suspend its common dividends and distributions for the remainder of 2020 in an effort to provide greater financial flexibility during the pandemic and to retain incremental capital to support leasing initiatives at its Harborside commercial office properties on the Jersey City waterfront. On March 19, 2021, the Company announced that its Board of Directors would continue to suspend its common dividend for the remainder of 2021 in order to conserve capital and allow for greater financial flexibility during this period of heightened economic uncertainty and based on the Company’s projected 2021 taxable income estimates. The Company believes that with this suspension, it will still satisfy its dividends obligation as a REIT on taxable income estimated for 2021. The dividends and distributions payable at June 30, 2021 and December 31, 2020 represent amounts payable on unvested LTIP units. |
Impact Of Recently-Issued Accounting Standards | Impact of Recently-Issued Accounting Standards In March 2020, the FASB issued ASU 2020-04 Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments provide practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance is optional and is effective between March 12, 2020 and December 31, 2022. The guidance may be elected over time as reference rate reform activities occur. The Company is currently in the process of evaluating the impact the adoption of ASU 2020-04 will have on the Company’s consolidated financial statements. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Significant Accounting Policies [Line Items] | |
Schedule Of Rental Property Improvements | June 30, December 31, 2021 2020 Land held for development (including pre-development costs, if any) (a)(c) $ 355,199 $ 364,946 Development and construction in progress, including land (b) 794,268 733,560 Total $ 1,149,467 $ 1,098,506 (a) Includes predevelopment and infrastructure costs included in buildings and improvements of $ 162.1 million and $ 160.3 million as of June 30, 2021 and December 31, 2020, respectively. (b) Includes land of $ 74.3 million and $ 74.9 million as of June 30, 2021 and December 31, 2020, respectively. (c) Includes $ 27.3 million of land and $ 6.7 million of building and improvements pertaining to assets held for sale at June 30, 2021 . |
Mack-Cali Realty LP [Member] | |
Significant Accounting Policies [Line Items] | |
Schedule Of Rental Property Improvements | June 30, December 31, 2021 2020 Land held for development (including pre-development costs, if any) (a)(c) $ 355,199 $ 364,946 Development and construction in progress, including land (b) 794,268 733,560 Total $ 1,149,467 $ 1,098,506 (a) Includes predevelopment and infrastructure costs included in buildings and improvements of $ 162.1 million and $ 160.3 million as of June 30, 2021 and December 31, 2020, respectively. (b) Includes land of $ 74.3 million and $ 74.9 million as of June 30, 2021 and December 31, 2020, respectively. (c) Includes $ 27.3 million of land and $ 6.7 million of building and improvements pertaining to assets held for sale at June 30, 2021 . |
Recent Transactions (Tables)
Recent Transactions (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Real Estate Properties [Line Items] | |
Schedule Of Properties Which Commenced Initial Operations | Total In Service Property # of Development Date Property Location Type Apartment Units Costs Incurred 03/01/21 The Upton (a) Short Hills, NJ Multi-Family 193 $ 99,980 Totals 193 $ 99,980 (a) As of June 30, 2021, 157 apartment units are currently available for occupancy. The development costs included approximately $ 2.9 million in land costs. |
Schedule Of Real Estate Held For Sale/Discontinued Operations/Dispositions | Suburban Other Office Assets Portfolio (a) Held for Sale Total Land $ 13,854 $ 40,509 $ 54,363 Building & Other 83,409 24,291 107,700 Less: Accumulated depreciation ( 24,303 ) ( 7,991 ) ( 32,294 ) Less: Cumulative unrealized losses on property held for sale ( 27,748 ) ( 17,187 ) ( 44,935 ) Real estate held for sale, net $ 45,212 $ 39,622 $ 84,834 Suburban Other Office Assets Other assets and liabilities Portfolio (a) Held for Sale Total Unbilled rents receivable, net (b) $ 1,915 $ - $ 1,915 Deferred charges, net (b) 1,563 138 1,701 Total intangibles, net (b) 3,377 - 3,377 Total deferred charges & other assets, net 5,712 138 5,850 Total below market liability (b) 86 - 86 Accounts payable, accrued exp & other liability 7,018 265 7,283 Unearned rents/deferred rental income (b) 943 213 1,156 |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |
Real Estate Properties [Line Items] | |
Schedule Of Disposed Properties | The Company disposed of the following rental properties during the six months ended June 30, 2021 (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 Type Proceeds Value Losses, net Losses, net 01/13/21 100 Overlook Center Princeton, New Jersey 1 149,600 Office $ 34,724 (a) $ 26,488 $ 8,236 03/25/21 Metropark portfolio Edison and Iselin, New Jersey 4 926,656 Office 247,351 233,826 13,525 04/20/21 Short Hills portfolio (b) Short Hills, New Jersey 4 828,413 Office 248,664 245,800 2,864 06/11/21 Red Bank portfolio Red Bank, New Jersey 5 659,490 Office 80,730 78,364 2,366 06/30/21 Retail land leases Hanover and Parsippany, New Jersey - - Land Lease 41,957 37,951 $ 4,006 - Sub-total 14 2,564,159 653,426 622,429 4,006 26,991 Unrealized gains(losses) on real estate held for sale ( 485 ) ( 2,130 ) Totals 14 2,564,159 $ 653,426 $ 622,429 $ 3,521 $ 24,861 (a) As part of the consideration from the buyer, 678,302 Common Units were redeemed by the Company at a book value of $ 10.5 million, which was a non-cash portion of this sales transaction. The balance of the proceeds was received in cash and used to repay the Company's borrowings on its unsecured revolving credit facility. See Note 17: Noncontrolling Interests in Subsidiaries - Noncontrolling Interests in Operating Partnership. (b) The mortgage loan encumbering three of the properties was defeased at closing, for which the Company incurred costs of $ 22.6 million. These costs were expensed as loss from extinguishment of debt during the three months ended June 30, 2021. |
Mack-Cali Realty LP [Member] | |
Real Estate Properties [Line Items] | |
Schedule Of Properties Which Commenced Initial Operations | Total In Service Property # of Development Date Property Location Type Apartment Units Costs Incurred 03/01/21 The Upton (a) Short Hills, NJ Multi-Family 193 $ 99,980 Totals 193 $ 99,980 (a) As of June 30, 2021, 157 apartment units are currently available for occupancy. The development costs included approximately $ 2.9 million in land costs. |
Schedule Of Real Estate Held For Sale/Discontinued Operations/Dispositions | Suburban Other Office Assets Portfolio (a) Held for Sale Total Land $ 13,854 $ 40,509 $ 54,363 Building & Other 83,409 24,291 107,700 Less: Accumulated depreciation ( 24,303 ) ( 7,991 ) ( 32,294 ) Less: Cumulative unrealized losses on property held for sale ( 27,748 ) ( 17,187 ) ( 44,935 ) Real estate held for sale, net $ 45,212 $ 39,622 $ 84,834 Suburban Other Office Assets Other assets and liabilities Portfolio (a) Held for Sale Total Unbilled rents receivable, net (b) $ 1,915 $ - $ 1,915 Deferred charges, net (b) 1,563 138 1,701 Total intangibles, net (b) 3,377 - 3,377 Total deferred charges & other assets, net 5,712 138 5,850 Total below market liability (b) 86 - 86 Accounts payable, accrued exp & other liability 7,018 265 7,283 Unearned rents/deferred rental income (b) 943 213 1,156 |
Mack-Cali Realty LP [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |
Real Estate Properties [Line Items] | |
Schedule Of Disposed Properties | The Company disposed of the following rental properties during the six months ended June 30, 2021 (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 Type Proceeds Value Losses, net Losses, net 01/13/21 100 Overlook Center Princeton, New Jersey 1 149,600 Office $ 34,724 (a) $ 26,488 $ 8,236 03/25/21 Metropark portfolio Edison and Iselin, New Jersey 4 926,656 Office 247,351 233,826 13,525 04/20/21 Short Hills portfolio (b) Short Hills, New Jersey 4 828,413 Office 248,664 245,800 2,864 06/11/21 Red Bank portfolio Red Bank, New Jersey 5 659,490 Office 80,730 78,364 2,366 06/30/21 Retail land leases Hanover and Parsippany, New Jersey - - Land Lease 41,957 37,951 $ 4,006 - Sub-total 14 2,564,159 653,426 622,429 4,006 26,991 Unrealized gains(losses) on real estate held for sale ( 485 ) ( 2,130 ) Totals 14 2,564,159 $ 653,426 $ 622,429 $ 3,521 $ 24,861 (a) As part of the consideration from the buyer, 678,302 Common Units were redeemed by the Company at a book value of $ 10.5 million, which was a non-cash portion of this sales transaction. The balance of the proceeds was received in cash and used to repay the Company's borrowings on its unsecured revolving credit facility. See Note 17: Noncontrolling Interests in Subsidiaries - Noncontrolling Interests in Operating Partnership. (b) The mortgage loan encumbering three of the properties was defeased at closing, for which the Company incurred costs of $ 22.6 million. These costs were expensed as loss from extinguishment of debt during the three months ended June 30, 2021. |
Investments In Unconsolidated_2
Investments In Unconsolidated Joint Ventures (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments In Unconsolidated Joint Ventures [Line Items] | |
Summary Of Unconsolidated Joint Ventures | Property Debt Number of Company's Carrying Value As of June 30, 2021 Apartment Units Effective June 30, December 31, Maturity Interest Entity / Property Name or Rentable SF Ownership % (a) 2021 2020 Balance Date Rate Multi-family Metropolitan and Lofts at 40 Park (b) (c) 189 units 25.00 % $ 2,851 $ 3,347 $ 60,767 (d) (d) RiverTrace at Port Imperial 316 units 22.50 % 6,320 6,667 82,000 11/10/26 3.21 % PI North - Riverwalk C (e) 360 units 40.00 % 36,632 36,992 96,419 12/06/21 L+ 2.75 % Riverpark at Harrison 141 units 45.00 % 507 681 30,192 07/01/35 3.19 % Station House 378 units 50.00 % 33,508 34,026 94,244 07/01/33 4.82 % Urby at Harborside (f) 762 units 85.00 % 69,124 72,752 192,000 08/01/29 5.197 % PI North - Land (b) (g) 771 potential units 20.00 % 1,678 1,678 - - - Liberty Landing 850 potential units 50.00 % 337 337 - - - Office 12 Vreeland Road (h) 139,750 sf 50.00 % - 1,811 - - - Offices at Crystal Lake 106,345 sf 31.25 % 3,610 3,744 2,122 11/01/23 4.76 % Other Hyatt Regency Hotel Jersey City 351 rooms 50.00 % - - 100,000 10/01/26 3.668 % Other (i) 347 347 - - - Totals: $ 154,914 $ 162,382 $ 657,744 (a) Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable. (b) The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the Company is not expected to meaningfully participate in the venture's cash flows in the near term. (c) Through the joint venture, the Company also owns a 25 percent interest in a 50,973 square feet retail building ("Shops at 40 Park") and a 50 percent interest in a 59 -unit, five story multi-family rental property ("Lofts at 40 Park"). (d) Property debt balance consists of: (i) an interest only loan, collateralized by the Metropolitan at 40 Park, with a balance of $ 36,500 , bears interest at LIBOR + 2.85 percent, matures in October 2023 ; (ii) an amortizable loan, collateralized by the Shops at 40 Park, with a balance of $ 6,067 , bears interest at LIBOR + 1.50 percent and matures in October 2021 ; (iii) an interest only loan, collateralized by the Lofts at 40 Park, with a balance of $ 18,200 , which bears interest at LIBOR + 1.50 percent and matures in January 2023 . (e) The venture has a construction loan with a maximum borrowing amount of $ 112,000 , of which the Company has guaranteed 10 percent of the principal outstanding. The loan has a one-year extension option. (f) The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines. The Company has guaranteed $ 22 million of the principal outstanding debt. (g) The Company owns a 20 percent residual interest in undeveloped land parcels: parcels 6, I, and J that can accommodate the development of 771 apartment units. (h) On April 29, 2021, the Company sold its interest in the joint venture for a gross sales price of approximately $ 2 million. (i) The Company owns other interests in various unconsolidated joint ventures, including interests in assets previously owned and interest in ventures whose businesses are related to its core operations. These ventures are not expected to significantly impact the Company's operations in the near term. |
Summary Of Company's Equity In Earnings (Loss) Of Unconsolidated Joint Ventures | Three Months Ended Six Months Ended June 30, June 30, Entity / Property Name 2021 2020 2021 2020 Multi-family Metropolitan and Lofts at 40 Park $ ( 265 ) $ ( 195 ) ( 496 ) $ ( 335 ) RiverTrace at Port Imperial ( 5 ) 35 ( 10 ) 133 Crystal House (c) - ( 181 ) - ( 340 ) PI North - Riverwalk C (d) ( 458 ) - ( 458 ) - Riverpark at Harrison ( 76 ) ( 66 ) ( 126 ) ( 125 ) Station House ( 454 ) ( 672 ) ( 819 ) ( 1,139 ) Urby at Harborside 1,680 ( 26 ) 936 ( 9 ) PI North - Land ( 62 ) ( 119 ) ( 118 ) ( 238 ) Office 12 Vreeland Road 2 147 2 258 Offices at Crystal Lake ( 16 ) 54 ( 135 ) 75 Other Riverwalk Retail (b) - - - ( 11 ) Hyatt Regency Hotel Jersey City - ( 50 ) - ( 50 ) Other 3 127 117 127 Company's equity in earnings (loss) of unconsolidated joint ventures (a) $ 349 $ ( 946 ) $ ( 1,107 ) $ ( 1,654 ) (a) Amounts are net of amortization of basis differences of $ 143 and $ 143 for the three months ended June 30, 2021 and 2020, respectively, and $ 286 and $ 295 for the six months ended June 30, 2021 and 2020, respectively. (b) On March 12, 2020, the Company acquired its equity partner's 80 percent interest and increased ownership to 100 percent. (c) On December 31, 2020, the Crystal House Apartment Investors LLC, an unconsolidated joint venture property sold its sole apartment property. The Company realized its share of the gain on the property sale from the unconsolidated joint venture of $ 35.1 million. (d) The property commenced operations in second quarter 2021. |
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 June 30, 2021 Apartment Units Effective June 30, December 31, Maturity Interest Entity / Property Name or Rentable SF Ownership % (a) 2021 2020 Balance Date Rate Multi-family Metropolitan and Lofts at 40 Park (b) (c) 189 units 25.00 % $ 2,851 $ 3,347 $ 60,767 (d) (d) RiverTrace at Port Imperial 316 units 22.50 % 6,320 6,667 82,000 11/10/26 3.21 % PI North - Riverwalk C (e) 360 units 40.00 % 36,632 36,992 96,419 12/06/21 L+ 2.75 % Riverpark at Harrison 141 units 45.00 % 507 681 30,192 07/01/35 3.19 % Station House 378 units 50.00 % 33,508 34,026 94,244 07/01/33 4.82 % Urby at Harborside (f) 762 units 85.00 % 69,124 72,752 192,000 08/01/29 5.197 % PI North - Land (b) (g) 771 potential units 20.00 % 1,678 1,678 - - - Liberty Landing 850 potential units 50.00 % 337 337 - - - Office 12 Vreeland Road (h) 139,750 sf 50.00 % - 1,811 - - - Offices at Crystal Lake 106,345 sf 31.25 % 3,610 3,744 2,122 11/01/23 4.76 % Other Hyatt Regency Hotel Jersey City 351 rooms 50.00 % - - 100,000 10/01/26 3.668 % Other (i) 347 347 - - - Totals: $ 154,914 $ 162,382 $ 657,744 (a) Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable. (b) The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the Company is not expected to meaningfully participate in the venture's cash flows in the near term. (c) Through the joint venture, the Company also owns a 25 percent interest in a 50,973 square feet retail building ("Shops at 40 Park") and a 50 percent interest in a 59 -unit, five story multi-family rental property ("Lofts at 40 Park"). (d) Property debt balance consists of: (i) an interest only loan, collateralized by the Metropolitan at 40 Park, with a balance of $ 36,500 , bears interest at LIBOR + 2.85 percent, matures in October 2023 ; (ii) an amortizable loan, collateralized by the Shops at 40 Park, with a balance of $ 6,067 , bears interest at LIBOR + 1.50 percent and matures in October 2021 ; (iii) an interest only loan, collateralized by the Lofts at 40 Park, with a balance of $ 18,200 , which bears interest at LIBOR + 1.50 percent and matures in January 2023 . (e) The venture has a construction loan with a maximum borrowing amount of $ 112,000 , of which the Company has guaranteed 10 percent of the principal outstanding. The loan has a one-year extension option. (f) The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines. The Company has guaranteed $ 22 million of the principal outstanding debt. (g) The Company owns a 20 percent residual interest in undeveloped land parcels: parcels 6, I, and J that can accommodate the development of 771 apartment units. (h) On April 29, 2021, the Company sold its interest in the joint venture for a gross sales price of approximately $ 2 million. (i) The Company owns other interests in various unconsolidated joint ventures, including interests in assets previously owned and interest in ventures whose businesses are related to its core operations. These ventures are not expected to significantly impact the Company's operations in the near term. |
Summary Of Company's Equity In Earnings (Loss) Of Unconsolidated Joint Ventures | Three Months Ended Six Months Ended June 30, June 30, Entity / Property Name 2021 2020 2021 2020 Multi-family Metropolitan and Lofts at 40 Park $ ( 265 ) $ ( 195 ) ( 496 ) $ ( 335 ) RiverTrace at Port Imperial ( 5 ) 35 ( 10 ) 133 Crystal House (c) - ( 181 ) - ( 340 ) PI North - Riverwalk C (d) ( 458 ) - ( 458 ) - Riverpark at Harrison ( 76 ) ( 66 ) ( 126 ) ( 125 ) Station House ( 454 ) ( 672 ) ( 819 ) ( 1,139 ) Urby at Harborside 1,680 ( 26 ) 936 ( 9 ) PI North - Land ( 62 ) ( 119 ) ( 118 ) ( 238 ) Office 12 Vreeland Road 2 147 2 258 Offices at Crystal Lake ( 16 ) 54 ( 135 ) 75 Other Riverwalk Retail (b) - - - ( 11 ) Hyatt Regency Hotel Jersey City - ( 50 ) - ( 50 ) Other 3 127 117 127 Company's equity in earnings (loss) of unconsolidated joint ventures (a) $ 349 $ ( 946 ) $ ( 1,107 ) $ ( 1,654 ) (a) Amounts are net of amortization of basis differences of $ 143 and $ 143 for the three months ended June 30, 2021 and 2020, respectively, and $ 286 and $ 295 for the six months ended June 30, 2021 and 2020, respectively. (b) On March 12, 2020, the Company acquired its equity partner's 80 percent interest and increased ownership to 100 percent. (c) On December 31, 2020, the Crystal House Apartment Investors LLC, an unconsolidated joint venture property sold its sole apartment property. The Company realized its share of the gain on the property sale from the unconsolidated joint venture of $ 35.1 million. (d) The property commenced operations in second quarter 2021. |
Deferred Charges, Goodwill An_2
Deferred Charges, Goodwill And Other Assets, Net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Schedule Of Deferred Charges, Goodwill And Other Assets | June 30, December 31, (dollars in thousands) 2021 2020 Deferred leasing costs $ 90,432 $ 112,421 Deferred financing costs - revolving credit facility (a) 6,684 5,559 97,116 117,980 Accumulated amortization ( 36,970 ) ( 52,428 ) Deferred charges, net 60,146 65,552 Notes receivable (b) 11,053 1,167 In-place lease values, related intangibles and other assets, net 46,430 71,608 Goodwill (c) 2,945 2,945 Right of use assets (d) 22,298 22,298 Prepaid expenses and other assets, net 30,507 35,971 Total deferred charges, goodwill and other assets, net (e) $ 173,379 $ 199,541 (a) Deferred financing costs related to all other debt liabilities (other than for the 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 June 30, 2021 and December 31, 2020, respectively, an interest-free note receivable with a net present value of $ 0.9 million and $ 1.2 million which matures in April 2023 . Also includes $ 10 million as of June 30, 2021 of seller-financing provided by the Company to the buyers of the Metropark portfolio. The receivable is secured against available cash of one of the properties disposed of and earns an annual return of four percent for 90 days after the disposition, with the interest rate increasing to 15 percent thereafter. The Company believes these balances are fully collectible. (c) All goodwill is attributable to the Company’s Multi-family Real Estate and Services segment. (d) This amount has a corresponding liability of $ 23.7 million, which is included in Accounts payable, accrued expense and other liabilities. See Note 13: Commitments and Contingencies – Ground Lease agreements for further details. (e) Includes as of June 30, 2021 and December 31, 2020, $ 5.7 million and $ 42.5 million, respectively, for properties classified as discontinued operations. |
Schedule Of Cash Flow Hedging, Derivative Financial Instruments On The Income Statement | Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI on Derivative Location of Gain or (Loss) Reclassified from Accumulated OCI into Income Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative and Reclassification for Forecasted Transactions No Longer Probable of Occurring) Total Amount of Interest Expense presented in the consolidated statements 2021 2020 2021 2020 2021 2020 2021 2020 Three months ended June 30, Interest rate swaps $ - $ - Interest expense $ - $ - Interest and other investment income (loss) $ - $ - $ ( 16,554 ) $ ( 20,611 ) Six months ended June 30, Interest rate swaps $ - $ - Interest expense $ - $ 16 $ - $ - $ ( 34,164 ) $ ( 41,529 ) |
Mack-Cali Realty LP [Member] | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Schedule Of Deferred Charges, Goodwill And Other Assets | June 30, December 31, (dollars in thousands) 2021 2020 Deferred leasing costs $ 90,432 $ 112,421 Deferred financing costs - revolving credit facility (a) 6,684 5,559 97,116 117,980 Accumulated amortization ( 36,970 ) ( 52,428 ) Deferred charges, net 60,146 65,552 Notes receivable (b) 11,053 1,167 In-place lease values, related intangibles and other assets, net 46,430 71,608 Goodwill (c) 2,945 2,945 Right of use assets (d) 22,298 22,298 Prepaid expenses and other assets, net 30,507 35,971 Total deferred charges, goodwill and other assets, net (e) $ 173,379 $ 199,541 (a) Deferred financing costs related to all other debt liabilities (other than for the 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 June 30, 2021 and December 31, 2020, respectively, an interest-free note receivable with a net present value of $ 0.9 million and $ 1.2 million which matures in April 2023 . Also includes $ 10 million as of June 30, 2021 of seller-financing provided by the Company to the buyers of the Metropark portfolio. The receivable is secured against available cash of one of the properties disposed of and earns an annual return of four percent for 90 days after the disposition, with the interest rate increasing to 15 percent thereafter. The Company believes these balances are fully collectible. (c) All goodwill is attributable to the Company’s Multi-family Real Estate and Services segment. (d) This amount has a corresponding liability of $ 23.7 million, which is included in Accounts payable, accrued expense and other liabilities. See Note 13: Commitments and Contingencies – Ground Lease agreements for further details. (e) Includes as of June 30, 2021 and December 31, 2020, $ 5.7 million and $ 42.5 million, respectively, for properties classified as discontinued operations. |
Schedule Of Cash Flow Hedging, Derivative Financial Instruments On The Income Statement | Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI on Derivative Location of Gain or (Loss) Reclassified from Accumulated OCI into Income Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income Location of Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative and Reclassification for Forecasted Transactions No Longer Probable of Occurring) Total Amount of Interest Expense presented in the consolidated statements 2021 2020 2021 2020 2021 2020 2021 2020 Three months ended June 30, Interest rate swaps $ - $ - Interest expense $ - $ - Interest and other investment income (loss) $ - $ - $ ( 16,554 ) $ ( 20,611 ) Six months ended June 30, Interest rate swaps $ - $ - Interest expense $ - $ 16 $ - $ - $ ( 34,164 ) $ ( 41,529 ) |
Restricted Cash (Tables)
Restricted Cash (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Restricted Cash [Line Items] | |
Schedule Of Restricted Cash | June 30, December 31, 2021 2020 Security deposits $ 6,468 $ 5,289 Escrow and other reserve funds 9,679 8,918 Total restricted cash $ 16,147 $ 14,207 |
Mack-Cali Realty LP [Member] | |
Restricted Cash [Line Items] | |
Schedule Of Restricted Cash | June 30, December 31, 2021 2020 Security deposits $ 6,468 $ 5,289 Escrow and other reserve funds 9,679 8,918 Total restricted cash $ 16,147 $ 14,207 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Summary Of Income From Discontinued Operations And Related Realized And Unrealized Gains (Losses) (Details) | Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Total revenues $ 5,845 $ 37,512 $ 27,482 $ 77,574 Operating and other expenses ( 2,519 ) ( 14,157 ) ( 11,242 ) ( 30,653 ) Depreciation and amortization ( 253 ) ( 1,354 ) ( 912 ) ( 2,708 ) Interest expense ( 277 ) ( 1,307 ) ( 1,570 ) ( 2,613 ) Income from discontinued operations 2,796 20,694 13,758 41,600 Unrealized gains (losses) on disposition of rental property (a) ( 951 ) ( 11,929 ) 69 ( 56,997 ) Realized gains (losses) on disposition of rental property (b) 3,031 - 24,792 17,322 Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 2,080 ( 11,929 ) 24,861 ( 39,675 ) Total discontinued operations, net $ 4,876 $ 8,765 $ 38,619 $ 1,925 (a) Represents valuation allowances, including reversals, and impairment charges on properties classified as discontinued operations in 2020. (b) See Note 3: Real Estate Transactions – Dispositions for further information regarding properties sold and related gains (losses) . |
Mack-Cali Realty LP [Member] | |
Summary Of Income From Discontinued Operations And Related Realized And Unrealized Gains (Losses) (Details) | Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Total revenues $ 5,845 $ 37,512 $ 27,482 $ 77,574 Operating and other expenses ( 2,519 ) ( 14,157 ) ( 11,242 ) ( 30,653 ) Depreciation and amortization ( 253 ) ( 1,354 ) ( 912 ) ( 2,708 ) Interest expense ( 277 ) ( 1,307 ) ( 1,570 ) ( 2,613 ) Income from discontinued operations 2,796 20,694 13,758 41,600 Unrealized gains (losses) on disposition of rental property (a) ( 951 ) ( 11,929 ) 69 ( 56,997 ) Realized gains (losses) on disposition of rental property (b) 3,031 - 24,792 17,322 Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 2,080 ( 11,929 ) 24,861 ( 39,675 ) Total discontinued operations, net $ 4,876 $ 8,765 $ 38,619 $ 1,925 (a) Represents valuation allowances, including reversals, and impairment charges on properties classified as discontinued operations in 2020. (b) See Note 3: Real Estate Transactions – Dispositions for further information regarding properties sold and related gains (losses) . |
Senior Unsecured Notes (Tables)
Senior Unsecured Notes (Tables) - Senior Unsecured Notes [Member] | 6 Months Ended |
Jun. 30, 2021 | |
Debt Instrument [Line Items] | |
Summary Of Senior Unsecured Notes | June 30, December 31, Effective 2021 2020 Rate 4.500 % Senior Unsecured Notes, due April 18, 2022 (1) $ - $ 300,000 - % 3.150 % Senior Unsecured Notes, due May 15, 2023 (1) - 275,000 - % Principal balance outstanding - 575,000 Adjustment for unamortized debt discount - ( 1,504 ) Unamortized deferred financing costs - ( 843 ) Total senior unsecured notes, net $ - $ 572,653 (1) On May 6, 2021, the Company retired these notes earlier than their maturity, using net sales proceeds from completed office property sales and borrowings under its 2021 credit facility and term loan. In conjunction with the notes being discharged, the Company incurred costs of $ 24.2 million (including a make-whole premium) which was expensed as loss from extinguishment of debt during the three and six months ended June 30, 2021. See Note 9: Revolving Credit Facility and Term Loans. |
Mack-Cali Realty LP [Member] | |
Debt Instrument [Line Items] | |
Summary Of Senior Unsecured Notes | June 30, December 31, Effective 2021 2020 Rate 4.500 % Senior Unsecured Notes, due April 18, 2022 (1) $ - $ 300,000 - % 3.150 % Senior Unsecured Notes, due May 15, 2023 (1) - 275,000 - % Principal balance outstanding - 575,000 Adjustment for unamortized debt discount - ( 1,504 ) Unamortized deferred financing costs - ( 843 ) Total senior unsecured notes, net $ - $ 572,653 (1) On May 6, 2021, the Company retired these notes earlier than their maturity, using net sales proceeds from completed office property sales and borrowings under its 2021 credit facility and term loan. In conjunction with the notes being discharged, the Company incurred costs of $ 24.2 million (including a make-whole premium) which was expensed as loss from extinguishment of debt during the three and six months ended June 30, 2021. See Note 9: Revolving Credit Facility and Term Loans. |
Revolving Credit Facility And_2
Revolving Credit Facility And Term Loans (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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% (ratio through May 6, 2021) 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] | 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% (ratio through May 6, 2021) 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 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 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 |
Mortgages, Loans Payable And _2
Mortgages, Loans Payable And Other Obligations (Tables) - Secured Debt [Member] | 6 Months Ended |
Jun. 30, 2021 | |
Debt Instrument [Line Items] | |
Summary Of Mortgages, Loans Payable And Other Obligations | Effective June 30, December 31, Property/Project Name Lender Rate (a) 2021 2020 Maturity Port Imperial South 4/5 Retail American General Life & A/G PC 4.56 % $ 3,831 $ 3,866 12/01/21 Port Imperial South 9 (c) Bank of New York Mellon LIBOR+ 2.13 % 74,069 46,357 12/19/22 Portside 7 CBRE Capital Markets/FreddieMac 3.57 % 58,998 58,998 08/01/23 Short Hills Residential (d) People's United Bank LIBOR+ 2.15 % 55,785 42,459 03/26/23 Port Imperial 4/5 Hotel (b) Fifth Third Bank LIBOR+ 3.40 % 89,000 94,000 04/01/23 250 Johnson Nationwide Life Insurance Company 3.74 % 43,000 43,000 08/01/24 Liberty Towers (e) American General Life Insurance Company 3.37 % 265,000 265,000 10/01/24 The Charlotte (f) QuadReal Finance LIBOR+ 2.70 % 214,278 161,544 12/01/24 Portside 5/6 (g) New York Life Insurance Company 4.56 % 97,000 97,000 03/10/26 Marbella (BLVD 425) New York Life Insurance Company 4.17 % 131,000 131,000 08/10/26 Marbella II (BLVD 401) New York Life Insurance Company 4.29 % 117,000 117,000 08/10/26 101 Hudson Wells Fargo CMBS 3.20 % 250,000 250,000 10/11/26 Worcester MUFG Union Bank LIBOR+ 1.84 % 63,000 63,000 12/10/26 RXR - Short Hills (h) Wells Fargo CMBS 4.15 % - 124,500 04/01/27 150 Main St. Natixis Real Estate Capital LLC 4.48 % 41,000 41,000 08/05/27 Monaco (BLVD 475 N/S) (i) The Northwestern Mutual Life Insurance Co. 2.91 % 165,000 165,000 11/10/27 Port Imperial South 11 The Northwestern Mutual Life Insurance Co. 4.52 % 100,000 100,000 01/10/29 Soho Lofts (j) New York Community Bank 3.77 % 160,000 160,000 07/01/29 111 River St. Athene Annuity and Life Company 3.90 % 150,000 150,000 09/01/29 Port Imperial South 4/5 Garage (k) American General Life & A/G PC 4.85 % 32,904 33,138 12/01/29 Emery at Overlook Ridge (l) New York Community Bank 3.21 % 72,000 72,000 01/01/31 Principal balance outstanding 2,182,865 2,218,862 Unamortized deferred financing costs ( 12,581 ) ( 14,718 ) Total mortgages, loans payable and other obligations, net $ 2,170,284 $ 2,204,144 (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) The loan required an initial debt service coverage test for quarter ended September 30, 2020. Subsequent to September 30, 2020, the Company executed an agreement moving the initial debt service coverage test to March 31, 2021. In May 2021, the Company executed an agreement moving the initial debt service coverage test to September 30, 2021 and extend its maturity date to April 2023, with a six month extension option. The Company repaid $5 million of the outstanding principal and has guaranteed $ 14.5 million of the outstanding principal, subject to certain conditions. (c) This construction loan has a maximum borrowing capacity of $ 92 million and provides, subject to certain conditions, and a one year extension option with a fee of 15 basis points, of which the Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions. (d) This construction loan has a maximum borrowing capacity of $ 64 million and provides, subject to certain conditions, and an 18 month extension option with a fee of 30 basis points, of which the Company has guaranteed 15 percent of the outstanding principal, subject to certain conditions. (e) In January 2020, the Company increased the size of the loan on Liberty Towers to $ 265 million, generating $ 33 million of additional proceeds. (f) 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. (g) The Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions. (h) Properties which were collateral for this mortgage loan were disposed of on April 20, 2021. This mortgage loan does not permit early pre-payment. In April 2021, as a result of the disposal of the properties, the Company paid costs of approximately $ 22.6 million at closing to defease this loan, which was expensed as loss from extinguishment of debt in the second quarter 2021. See Note 3-Recent Transactions. (i) In November 2020, the Company modified this mortgage loan, extending the maturity date from February 2021 to November 2027. As of June 30, 2021 the Company has an outstanding guaranty of $ 12 million subject to adjustment based on property occupancy levels. (j) Effective rate reflects the first five years of interest payments at a fixed rate. Interest payments after that period ends are based on LIBOR plus 2.75 % annually. (k) The loan was modified to defer interest and principal payments for a six month period ending December 31, 2020. As of June 30, 2021, deferred interest of $0.8 million has been added to the principal balance. (l) In December 2020, the Company obtained a new $ 72 million mortgage loan collateralized by the Emery that matures on January 1, 2031 and received net loan proceeds of $ 10.4 million after repaying its construction loan. |
Mack-Cali Realty LP [Member] | |
Debt Instrument [Line Items] | |
Summary Of Mortgages, Loans Payable And Other Obligations | Effective June 30, December 31, Property/Project Name Lender Rate (a) 2021 2020 Maturity Port Imperial South 4/5 Retail American General Life & A/G PC 4.56 % $ 3,831 $ 3,866 12/01/21 Port Imperial South 9 (c) Bank of New York Mellon LIBOR+ 2.13 % 74,069 46,357 12/19/22 Portside 7 CBRE Capital Markets/FreddieMac 3.57 % 58,998 58,998 08/01/23 Short Hills Residential (d) People's United Bank LIBOR+ 2.15 % 55,785 42,459 03/26/23 Port Imperial 4/5 Hotel (b) Fifth Third Bank LIBOR+ 3.40 % 89,000 94,000 04/01/23 250 Johnson Nationwide Life Insurance Company 3.74 % 43,000 43,000 08/01/24 Liberty Towers (e) American General Life Insurance Company 3.37 % 265,000 265,000 10/01/24 The Charlotte (f) QuadReal Finance LIBOR+ 2.70 % 214,278 161,544 12/01/24 Portside 5/6 (g) New York Life Insurance Company 4.56 % 97,000 97,000 03/10/26 Marbella (BLVD 425) New York Life Insurance Company 4.17 % 131,000 131,000 08/10/26 Marbella II (BLVD 401) New York Life Insurance Company 4.29 % 117,000 117,000 08/10/26 101 Hudson Wells Fargo CMBS 3.20 % 250,000 250,000 10/11/26 Worcester MUFG Union Bank LIBOR+ 1.84 % 63,000 63,000 12/10/26 RXR - Short Hills (h) Wells Fargo CMBS 4.15 % - 124,500 04/01/27 150 Main St. Natixis Real Estate Capital LLC 4.48 % 41,000 41,000 08/05/27 Monaco (BLVD 475 N/S) (i) The Northwestern Mutual Life Insurance Co. 2.91 % 165,000 165,000 11/10/27 Port Imperial South 11 The Northwestern Mutual Life Insurance Co. 4.52 % 100,000 100,000 01/10/29 Soho Lofts (j) New York Community Bank 3.77 % 160,000 160,000 07/01/29 111 River St. Athene Annuity and Life Company 3.90 % 150,000 150,000 09/01/29 Port Imperial South 4/5 Garage (k) American General Life & A/G PC 4.85 % 32,904 33,138 12/01/29 Emery at Overlook Ridge (l) New York Community Bank 3.21 % 72,000 72,000 01/01/31 Principal balance outstanding 2,182,865 2,218,862 Unamortized deferred financing costs ( 12,581 ) ( 14,718 ) Total mortgages, loans payable and other obligations, net $ 2,170,284 $ 2,204,144 (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) The loan required an initial debt service coverage test for quarter ended September 30, 2020. Subsequent to September 30, 2020, the Company executed an agreement moving the initial debt service coverage test to March 31, 2021. In May 2021, the Company executed an agreement moving the initial debt service coverage test to September 30, 2021 and extend its maturity date to April 2023, with a six month extension option. The Company repaid $5 million of the outstanding principal and has guaranteed $ 14.5 million of the outstanding principal, subject to certain conditions. (c) This construction loan has a maximum borrowing capacity of $ 92 million and provides, subject to certain conditions, and a one year extension option with a fee of 15 basis points, of which the Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions. (d) This construction loan has a maximum borrowing capacity of $ 64 million and provides, subject to certain conditions, and an 18 month extension option with a fee of 30 basis points, of which the Company has guaranteed 15 percent of the outstanding principal, subject to certain conditions. (e) In January 2020, the Company increased the size of the loan on Liberty Towers to $ 265 million, generating $ 33 million of additional proceeds. (f) 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. (g) The Company has guaranteed 10 percent of the outstanding principal, subject to certain conditions. (h) Properties which were collateral for this mortgage loan were disposed of on April 20, 2021. This mortgage loan does not permit early pre-payment. In April 2021, as a result of the disposal of the properties, the Company paid costs of approximately $ 22.6 million at closing to defease this loan, which was expensed as loss from extinguishment of debt in the second quarter 2021. See Note 3-Recent Transactions. (i) In November 2020, the Company modified this mortgage loan, extending the maturity date from February 2021 to November 2027. As of June 30, 2021 the Company has an outstanding guaranty of $ 12 million subject to adjustment based on property occupancy levels. (j) Effective rate reflects the first five years of interest payments at a fixed rate. Interest payments after that period ends are based on LIBOR plus 2.75 % annually. (k) The loan was modified to defer interest and principal payments for a six month period ending December 31, 2020. As of June 30, 2021, deferred interest of $0.8 million has been added to the principal balance. (l) In December 2020, the Company obtained a new $ 72 million mortgage loan collateralized by the Emery that matures on January 1, 2031 and received net loan proceeds of $ 10.4 million after repaying its construction loan. |
Disclosure Of Fair Value Of A_2
Disclosure Of Fair Value Of Assets And Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Line Items] | |
Schedule Of Valuation Techniques And Significant Unobservable Assumptions | Primary Valuation Unobservable Location Range of Description Techniques Assumptions Type Rates Office properties held for sale and held and used on which the Company recognized impairment losses or unrealized allowance reversals Sale prices per purchase and sale agreements, discounted cash flows and direct capitalization Discount rates Suburban 10 % Waterfront 8% Capitalization rates Suburban 8.5% - 9.25% Waterfront 5.75% Market rental rates per square foot Suburban $ 34.50 Waterfront $48.00 - $51.00 Land holdings held for sale and held and used on which the Company recognized impairment losses Developable area and units and market rate per square foot or sale prices per purchase and sale agreements Market rates per square foot Suburban $ 12.00 Market rate per residential unit Waterfront $85,000 |
Mack-Cali Realty LP [Member] | |
Fair Value Disclosures [Line Items] | |
Schedule Of Valuation Techniques And Significant Unobservable Assumptions | Primary Valuation Unobservable Location Range of Description Techniques Assumptions Type Rates Office properties held for sale and held and used on which the Company recognized impairment losses or unrealized allowance reversals Sale prices per purchase and sale agreements, discounted cash flows and direct capitalization Discount rates Suburban 10 % Waterfront 8% Capitalization rates Suburban 8.5% - 9.25% Waterfront 5.75% Market rental rates per square foot Suburban $ 34.50 Waterfront $48.00 - $51.00 Land holdings held for sale and held and used on which the Company recognized impairment losses Developable area and units and market rate per square foot or sale prices per purchase and sale agreements Market rates per square foot Suburban $ 12.00 Market rate per residential unit Waterfront $85,000 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Line Items] | |
Future Minimum Rental Payments Of Ground Leases | As of June 30, 2021 Year Amount July 1 through December 31, 2021 $ 848 2022 1,695 2023 1,702 2024 1,721 2025 1,728 2026 through 2101 152,980 Total lease payments 160,674 Less: imputed interest ( 23,650 ) Total $ 137,024 As of December 31, 2020 Year Amount 2021 $ 1,750 2022 1,750 2023 1,756 2024 1,776 2025 1,742 2026 through 2101 152,980 Total lease payments 161,754 Less: imputed interest ( 138,152 ) Total $ 23,602 |
Mack-Cali Realty LP [Member] | |
Commitments And Contingencies Disclosure [Line Items] | |
Future Minimum Rental Payments Of Ground Leases | As of June 30, 2021 Year Amount July 1 through December 31, 2021 $ 848 2022 1,695 2023 1,702 2024 1,721 2025 1,728 2026 through 2101 152,980 Total lease payments 160,674 Less: imputed interest ( 23,650 ) Total $ 137,024 As of December 31, 2020 Year Amount 2021 $ 1,750 2022 1,750 2023 1,756 2024 1,776 2025 1,742 2026 through 2101 152,980 Total lease payments 161,754 Less: imputed interest ( 138,152 ) Total $ 23,602 |
Tenant Leases (Tables)
Tenant Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Line Items] | |
Future Minimum Rentals To Be Received Under Non-Cancelable Operating Leases | As of June 30, 2021 Year Amount July 1 through December 31, 2021 $ 58,200 2022 115,749 2023 113,972 2024 97,780 2025 93,525 2026 and thereafter 505,081 Total $ 984,307 As of December 31, 2020 Year Amount 2021 $ 117,228 2022 114,101 2023 108,406 2024 92,605 2025 88,309 2026 and thereafter 462,920 Total $ 983,569 |
Mack-Cali Realty LP [Member] | |
Leases [Line Items] | |
Future Minimum Rentals To Be Received Under Non-Cancelable Operating Leases | As of June 30, 2021 Year Amount July 1 through December 31, 2021 $ 58,200 2022 115,749 2023 113,972 2024 97,780 2025 93,525 2026 and thereafter 505,081 Total $ 984,307 As of December 31, 2020 Year Amount 2021 $ 117,228 2022 114,101 2023 108,406 2024 92,605 2025 88,309 2026 and thereafter 462,920 Total $ 983,569 |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interests (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Redeemable Noncontrolling Interest [Line Items] | |
Schedule Of Changes In The Value Of The Redeemable Noncontrolling Interests | The following tables set forth the changes in Redeemable noncontrolling interests for the three months ended June 30, 2021 and 2020, respectively (dollars in thousands) : Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance at April 1, 2021 $ 52,324 $ 462,943 $ 515,267 Redeemable Noncontrolling Interests Issued - - - Net 52,324 462,943 515,267 Income Attributed to Noncontrolling Interests 455 6,016 6,471 Distributions ( 455 ) ( 6,016 ) ( 6,471 ) Redemption Value Adjustment - 1,705 1,705 Balance at June 30, 2021 $ 52,324 $ 464,648 $ 516,972 Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance at April 1, 2020 $ 52,324 $ 454,158 $ 506,482 Redeemable Noncontrolling Interests Issued - - - Net 52,324 454,158 506,482 Income Attributed to Noncontrolling Interests 455 6,016 6,471 Distributions ( 455 ) ( 6,016 ) ( 6,471 ) Redemption Value Adjustment - 2,473 2,473 Balance at June 30, 2020 $ 52,324 $ 456,631 $ 508,955 Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance January 1, 2021 $ 52,324 $ 460,973 $ 513,297 Redeemable Noncontrolling Interests Issued - - - Net 52,324 460,973 513,297 Income Attributed to Noncontrolling Interests 910 12,032 12,942 Distributions ( 910 ) ( 12,032 ) ( 12,942 ) Redemption Value Adjustment - 3,675 3,675 Redeemable noncontrolling interests as of June 30, 2021 $ 52,324 $ 464,648 $ 516,972 Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance January 1, 2020 $ 52,324 $ 451,058 $ 503,382 Redeemable Noncontrolling Interests Issued - - - Net 52,324 451,058 503,382 Income Attributed to Noncontrolling Interests 910 12,032 12,942 Distributions ( 910 ) ( 12,032 ) ( 12,942 ) Redemption Value Adjustment - 5,573 5,573 Redeemable noncontrolling interests as of June 31, 2020 $ 52,324 $ 456,631 $ 508,955 |
Mack-Cali Realty LP [Member] | |
Redeemable Noncontrolling Interest [Line Items] | |
Schedule Of Changes In The Value Of The Redeemable Noncontrolling Interests | The following tables set forth the changes in Redeemable noncontrolling interests for the three months ended June 30, 2021 and 2020, respectively (dollars in thousands) : Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance at April 1, 2021 $ 52,324 $ 462,943 $ 515,267 Redeemable Noncontrolling Interests Issued - - - Net 52,324 462,943 515,267 Income Attributed to Noncontrolling Interests 455 6,016 6,471 Distributions ( 455 ) ( 6,016 ) ( 6,471 ) Redemption Value Adjustment - 1,705 1,705 Balance at June 30, 2021 $ 52,324 $ 464,648 $ 516,972 Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance at April 1, 2020 $ 52,324 $ 454,158 $ 506,482 Redeemable Noncontrolling Interests Issued - - - Net 52,324 454,158 506,482 Income Attributed to Noncontrolling Interests 455 6,016 6,471 Distributions ( 455 ) ( 6,016 ) ( 6,471 ) Redemption Value Adjustment - 2,473 2,473 Balance at June 30, 2020 $ 52,324 $ 456,631 $ 508,955 Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance January 1, 2021 $ 52,324 $ 460,973 $ 513,297 Redeemable Noncontrolling Interests Issued - - - Net 52,324 460,973 513,297 Income Attributed to Noncontrolling Interests 910 12,032 12,942 Distributions ( 910 ) ( 12,032 ) ( 12,942 ) Redemption Value Adjustment - 3,675 3,675 Redeemable noncontrolling interests as of June 30, 2021 $ 52,324 $ 464,648 $ 516,972 Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance January 1, 2020 $ 52,324 $ 451,058 $ 503,382 Redeemable Noncontrolling Interests Issued - - - Net 52,324 451,058 503,382 Income Attributed to Noncontrolling Interests 910 12,032 12,942 Distributions ( 910 ) ( 12,032 ) ( 12,942 ) Redemption Value Adjustment - 5,573 5,573 Redeemable noncontrolling interests as of June 31, 2020 $ 52,324 $ 456,631 $ 508,955 |
Mack-Cali Realty Corporation _2
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders Equity [Line Items] | |
Schedule Of General Partner Capital | Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Opening Balance $ 1,406,823 $ 1,434,143 $ 1,398,817 $ 1,493,699 Net loss available to common shareholders ( 72,079 ) ( 34,887 ) ( 64,456 ) ( 74,811 ) Common stock distributions - - - ( 18,119 ) Redeemable noncontrolling interests ( 1,550 ) ( 2,236 ) ( 3,341 ) ( 5,040 ) Redemption of common units for common stock 2,716 - 2,716 - Shares issued under Dividend Reinvestment and Stock Purchase Plan 11 11 29 30 Directors' deferred compensation plan 66 57 138 139 Stock Compensation 1,239 334 1,885 764 Cancellation of common stock - - ( 118 ) - Other comprehensive income (loss) - - - 18 Rebalancing of ownership percent between parent and subsidiaries ( 2,000 ) 1,611 ( 444 ) 2,353 Balance at June 30 $ 1,335,226 $ 1,399,033 $ 1,335,226 $ 1,399,033 |
Schedule Of Reconciliation Of Shares Used In Basic EPS Calculation To Shares Used In Diluted EPS Calculation | Three Months Ended Six Months Ended June 30, June 30, Computation of Basic EPS 2021 2020 2021 2020 Loss from continuing operations $ ( 78,907 ) $ ( 41,699 ) $ ( 99,129 ) $ ( 72,703 ) Add (deduct): Noncontrolling interests in consolidated joint ventures 1,198 829 2,533 1,005 Add (deduct): Noncontrolling interests in Operating Partnership 7,669 4,527 9,974 8,089 Add (deduct): Redeemable noncontrolling interests ( 6,471 ) ( 6,471 ) ( 12,942 ) ( 12,942 ) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders ( 1,550 ) ( 2,236 ) ( 3,341 ) ( 5,040 ) Loss from continuing operations available to common shareholders ( 78,061 ) ( 45,050 ) ( 102,905 ) ( 81,591 ) Income (loss) from discontinued operations available to common shareholders 4,432 7,927 35,108 1,740 Net loss available to common shareholders for basic earnings per share $ ( 73,629 ) $ ( 37,123 ) $ ( 67,797 ) $ ( 79,851 ) Weighted average common shares 90,774 90,629 90,733 90,622 Basic EPS : Loss from continuing operations available to common shareholders $ ( 0.86 ) $ ( 0.50 ) $ ( 1.13 ) $ ( 0.90 ) Income (loss) from discontinued operations available to common shareholders 0.05 0.09 0.38 0.02 Net loss available to common shareholders $ ( 0.81 ) $ ( 0.41 ) $ ( 0.75 ) $ ( 0.88 ) Three Months Ended Six Months Ended June 30, June 30, Computation of Diluted EPS 2021 2020 2021 2020 Net loss from continuing operations available to common shareholders $ ( 78,061 ) $ ( 45,050 ) $ ( 102,905 ) $ ( 81,591 ) Add (deduct): Noncontrolling interests in Operating Partnership ( 7,669 ) ( 4,527 ) ( 9,974 ) ( 8,089 ) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to the Operating Partnership unitholders ( 155 ) ( 237 ) ( 334 ) ( 533 ) Loss from continuing operations for diluted earnings per share ( 85,885 ) ( 49,814 ) ( 113,213 ) ( 90,213 ) Income (loss) from discontinued operations for diluted earnings per share 4,876 8,765 38,619 1,925 Net loss available for diluted earnings per share $ ( 81,009 ) $ ( 41,049 ) $ ( 74,594 ) $ ( 88,288 ) Weighted average common shares 99,873 100,213 99,817 100,198 Diluted EPS : Loss from continuing operations available to common shareholders $ ( 0.86 ) $ ( 0.50 ) $ ( 1.13 ) $ ( 0.90 ) Income (loss) from discontinued operations available to common shareholders 0.05 0.09 0.38 0.02 Net loss available to common shareholders $ ( 0.81 ) $ ( 0.41 ) $ ( 0.75 ) $ ( 0.88 ) The following schedule reconciles the weighted average shares used in the basic EPS calculation to the shares used in the diluted EPS calculation (in thousands) : Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Basic EPS shares 90,774 90,629 90,733 90,622 Add: Operating Partnership – common and vested LTIP units 9,099 9,584 9,084 9,576 Diluted EPS Shares 99,873 100,213 99,817 100,198 |
Mack-Cali Realty LP [Member] | |
Stockholders Equity [Line Items] | |
Schedule Of Reconciliation Of Shares Used In Basic EPS Calculation To Shares Used In Diluted EPS Calculation | Three Months Ended Six Months Ended June 30, June 30, Computation of Basic EPU 2021 2020 2021 2020 Loss from continuing operations $ ( 78,907 ) $ ( 41,699 ) $ ( 99,129 ) $ ( 72,703 ) Add (deduct): Noncontrolling interests in consolidated joint ventures 1,198 829 2,533 1,005 Add (deduct): Redeemable noncontrolling interests ( 6,471 ) ( 6,471 ) ( 12,942 ) ( 12,942 ) Add (deduct): Redemption value adjustment of redeemable noncontrolling interests ( 1,705 ) ( 2,473 ) ( 3,675 ) ( 5,573 ) Loss from continuing operations available to unitholders ( 85,885 ) ( 49,814 ) ( 113,213 ) ( 90,213 ) Income (loss) from discontinued operations available to unitholders 4,876 8,765 38,619 1,925 Net loss available to common unitholders for basic earnings per unit $ ( 81,009 ) $ ( 41,049 ) $ ( 74,594 ) $ ( 88,288 ) Weighted average common units 99,873 100,213 99,817 100,198 Basic EPU : Loss from continuing operations available to unitholders $ ( 0.86 ) $ ( 0.50 ) $ ( 1.13 ) $ ( 0.90 ) Income (loss) from discontinued operations available to unitholders 0.05 0.09 0.38 0.02 Net loss available to common unitholders for basic earnings per unit $ ( 0.81 ) $ ( 0.41 ) $ ( 0.75 ) $ ( 0.88 ) Three Months Ended Six Months Ended June 30, June 30, Computation of Diluted EPU 2021 2020 2021 2020 Net loss from continuing operations available to common unitholders $ ( 85,885 ) $ ( 49,814 ) $ ( 113,213 ) $ ( 90,213 ) Income (loss) from discontinued operations for diluted earnings per unit 4,876 8,765 38,619 1,925 Net loss available to common unitholders for diluted earnings per unit $ ( 81,009 ) $ ( 41,049 ) $ ( 74,594 ) $ ( 88,288 ) Weighted average common unit 99,873 100,213 99,817 100,198 Diluted EPU : Loss from continuing operations available to common unitholders $ ( 0.86 ) $ ( 0.50 ) $ ( 1.13 ) $ ( 0.90 ) Income (loss) from discontinued operations available to common unitholders 0.05 0.09 0.38 0.02 Net loss available to common unitholders $ ( 0.81 ) $ ( 0.41 ) $ ( 0.75 ) $ ( 0.88 ) The following schedule reconciles the weighted average units used in the basic EPU calculation to the units used in the diluted EPU calculation (in thousands) : Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2020 2020 Basic EPU units 99,873 100,213 99,817 100,198 Diluted EPU Units 99,873 100,213 99,817 100,198 |
Noncontrolling Interests In S_2
Noncontrolling Interests In Subsidiaries (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Noncontrolling Interest [Line Items] | |
Schedule Of Activity Of Noncontrolling Interests | Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Opening Balance $ 182,693 $ 198,017 $ 193,563 $ 205,776 Net (loss) income ( 1,952 ) 1,953 3,946 4,033 Unit distributions 639 790 643 ( 1,480 ) Redeemable noncontrolling interests ( 6,626 ) ( 6,708 ) ( 13,276 ) ( 13,475 ) Change in noncontrolling interests in consolidated joint ventures 175 ( 83 ) 185 133 Redemption of common units for common stock ( 2,716 ) - ( 2,716 ) - Redemption of common units ( 410 ) - ( 10,869 ) ( 2,141 ) Stock compensation 1,304 2,105 3,187 4,205 Cancellation of unvested LTIP units - - - ( 201 ) Other comprehensive income (loss) - - - ( 34 ) Rebalancing of ownership percentage between parent and subsidiaries 2,000 ( 1,611 ) 444 ( 2,353 ) Balance at June 30 $ 175,107 $ 194,463 $ 175,107 $ 194,463 |
Mack-Cali Realty LP [Member] | |
Noncontrolling Interest [Line Items] | |
Schedule Of Activity Of Noncontrolling Interests | Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Opening Balance $ 182,693 $ 198,017 $ 193,563 $ 205,776 Net (loss) income ( 1,952 ) 1,953 3,946 4,033 Unit distributions 639 790 643 ( 1,480 ) Redeemable noncontrolling interests ( 6,626 ) ( 6,708 ) ( 13,276 ) ( 13,475 ) Change in noncontrolling interests in consolidated joint ventures 175 ( 83 ) 185 133 Redemption of common units for common stock ( 2,716 ) - ( 2,716 ) - Redemption of common units ( 410 ) - ( 10,869 ) ( 2,141 ) Stock compensation 1,304 2,105 3,187 4,205 Cancellation of unvested LTIP units - - - ( 201 ) Other comprehensive income (loss) - - - ( 34 ) Rebalancing of ownership percentage between parent and subsidiaries 2,000 ( 1,611 ) 444 ( 2,353 ) Balance at June 30 $ 175,107 $ 194,463 $ 175,107 $ 194,463 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | |
Schedule Of Selected Results Of Operations And Asset Information | Commercial Multi-family Corporate Total & Other Real Estate Real Estate & Services (d) & Other (e) Company Total revenues: Three months ended: June 30, 2021 $ 41,446 $ 40,279 $ ( 478 ) $ 81,247 June 30, 2020 36,307 38,234 ( 344 ) 74,197 Six months ended: June 30, 2021 80,701 77,596 ( 957 ) 157,340 June 30, 2020 77,403 81,081 ( 683 ) 157,801 Total operating and interest expenses (a): Three months ended: June 30, 2021 $ 16,306 $ 30,909 $ 27,732 $ 74,947 June 30, 2020 16,277 22,144 32,243 70,664 Six months ended: June 30, 2021 35,973 53,065 52,182 141,220 June 30, 2020 36,473 44,917 60,914 142,304 Equity in earnings (loss) of unconsolidated joint ventures: Three months ended: June 30, 2021 $ ( 14 ) $ 363 $ - $ 349 June 30, 2020 ( 377 ) ( 569 ) - ( 946 ) Six months ended: June 30, 2021 ( 133 ) ( 974 ) - ( 1,107 ) June 30, 2020 ( 494 ) ( 1,160 ) - ( 1,654 ) Net operating income (loss) (b): Three months ended: June 30, 2021 $ 25,126 $ 9,733 $ ( 28,210 ) $ 6,649 June 30, 2020 19,653 15,521 ( 32,587 ) 2,587 Six months ended: June 30, 2021 44,595 23,557 ( 53,139 ) 15,013 June 30, 2020 40,436 35,004 ( 61,597 ) 13,843 Total assets: June 30, 2021 $ 1,257,056 $ 3,304,351 $ 30,070 $ 4,591,477 December 31, 2020 1,881,161 3,249,516 17,109 5,147,786 Total long-lived assets (c): June 30, 2021 $ 1,109,042 $ 3,101,034 $ ( 1,642 ) $ 4,208,434 December 31, 2020 1,693,054 3,035,485 ( 1,411 ) 4,727,128 Total investments in unconsolidated joint ventures: June 30, 2021 $ 3,610 $ 151,304 $ - $ 154,914 December 31, 2020 5,555 156,827 - 162,382 (a) Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; real estate services expenses; general and administrative, acquisition related costs and interest expense (net of interest income). All interest expense, net of interest and other investment income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods. (b) Net operating income represents total revenues less total operating and interest expenses (as defined and classified in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the period. (c) Long-lived assets are comprised of net investment in rental property, unbilled rents receivable and goodwill. (d) Segment assets and operations were owned through a consolidated variable interest entity commencing in February 2018, and which also include the Company’s consolidated hotel operations. (e) Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense), as well as intercompany eliminations necessary to reconcile to consolidated Company totals. |
Schedule Of Reconciliation Of Net Operating Income To Net Income Available To Common Shareholders | Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net operating income $ 6,649 $ 2,587 $ 15,013 $ 13,843 Add (deduct): Depreciation and amortization ( 28,893 ) ( 27,440 ) ( 57,066 ) ( 61,335 ) Land and other impairments ( 7,519 ) ( 16,846 ) ( 7,932 ) ( 22,109 ) Property impairments (6,041) - (6,041) - Gain on change of control of interests - - - - Realized gains (losses) and unrealized losses on disposition of rental property, net 3,521 - 3,521 ( 7,915 ) Gain on disposition of developable land 111 - 111 4,813 Gain on sale from unconsolidated joint ventures - - - - Loss from extinguishment of debt, net (46,735) - (46,735) - Loss from continuing operations ( 78,907 ) ( 41,699 ) ( 99,129 ) ( 72,703 ) Discontinued operations Income from discontinued operations 2,796 20,694 13,758 41,600 Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 2,080 ( 11,929 ) 24,861 ( 39,675 ) Total discontinued operations, net 4,876 8,765 38,619 1,925 Net loss ( 74,031 ) ( 32,934 ) ( 60,510 ) ( 70,778 ) Noncontrolling interests in consolidated joint ventures 1,198 829 2,533 1,005 Noncontrolling interests in Operating Partnership 7,669 4,527 9,974 8,089 Noncontrolling interest in discontinued operations ( 444 ) ( 838 ) ( 3,511 ) ( 185 ) Redeemable noncontrolling interests ( 6,471 ) ( 6,471 ) ( 12,942 ) ( 12,942 ) Net loss available to common shareholders $ ( 72,079 ) $ ( 34,887 ) $ ( 64,456 ) $ ( 74,811 ) |
Mack-Cali Realty LP [Member] | |
Segment Reporting Information [Line Items] | |
Schedule Of Selected Results Of Operations And Asset Information | Commercial Multi-family Corporate Total & Other Real Estate Real Estate & Services (d) & Other (e) Company Total revenues: Three months ended: June 30, 2021 $ 41,446 $ 40,279 $ ( 478 ) $ 81,247 June 30, 2020 36,307 38,234 ( 344 ) 74,197 Six months ended: June 30, 2021 80,701 77,596 ( 957 ) 157,340 June 30, 2020 77,403 81,081 ( 683 ) 157,801 Total operating and interest expenses (a): Three months ended: June 30, 2021 $ 16,306 $ 30,909 $ 27,732 $ 74,947 June 30, 2020 16,277 22,144 32,243 70,664 Six months ended: June 30, 2021 35,973 53,065 52,182 141,220 June 30, 2020 36,473 44,917 60,914 142,304 Equity in earnings (loss) of unconsolidated joint ventures: Three months ended: June 30, 2021 $ ( 14 ) $ 363 $ - $ 349 June 30, 2020 ( 377 ) ( 569 ) - ( 946 ) Six months ended: June 30, 2021 ( 133 ) ( 974 ) - ( 1,107 ) June 30, 2020 ( 494 ) ( 1,160 ) - ( 1,654 ) Net operating income (loss) (b): Three months ended: June 30, 2021 $ 25,126 $ 9,733 $ ( 28,210 ) $ 6,649 June 30, 2020 19,653 15,521 ( 32,587 ) 2,587 Six months ended: June 30, 2021 44,595 23,557 ( 53,139 ) 15,013 June 30, 2020 40,436 35,004 ( 61,597 ) 13,843 Total assets: June 30, 2021 $ 1,257,056 $ 3,304,351 $ 30,070 $ 4,591,477 December 31, 2020 1,881,161 3,249,516 17,109 5,147,786 Total long-lived assets (c): June 30, 2021 $ 1,109,042 $ 3,101,034 $ ( 1,642 ) $ 4,208,434 December 31, 2020 1,693,054 3,035,485 ( 1,411 ) 4,727,128 Total investments in unconsolidated joint ventures: June 30, 2021 $ 3,610 $ 151,304 $ - $ 154,914 December 31, 2020 5,555 156,827 - 162,382 (a) Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; real estate services expenses; general and administrative, acquisition related costs and interest expense (net of interest income). All interest expense, net of interest and other investment income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods. (b) Net operating income represents total revenues less total operating and interest expenses (as defined and classified in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the period. (c) Long-lived assets are comprised of net investment in rental property, unbilled rents receivable and goodwill. (d) Segment assets and operations were owned through a consolidated variable interest entity commencing in February 2018, and which also include the Company’s consolidated hotel operations. (e) Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense), as well as intercompany eliminations necessary to reconcile to consolidated Company totals. |
Schedule Of Reconciliation Of Net Operating Income To Net Income Available To Common Shareholders | Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net operating income $ 6,649 $ 2,587 $ 15,013 $ 13,843 Add (deduct): Depreciation and amortization ( 28,893 ) ( 27,440 ) ( 57,066 ) ( 61,335 ) Land and other impairments ( 7,519 ) ( 16,846 ) ( 7,932 ) ( 22,109 ) Property impairments (6,041) - (6,041) - Realized gains (losses) and unrealized losses on disposition of rental property, net 3,521 - 3,521 ( 7,915 ) Gain on disposition of developable land 111 - 111 4,813 Loss from extinguishment of debt, net (46,735) - (46,735) - Loss from continuing operations ( 78,907 ) ( 41,699 ) ( 99,129 ) ( 72,703 ) Discontinued operations Income from discontinued operations 2,796 20,694 13,758 41,600 Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net 2,080 ( 11,929 ) 24,861 ( 39,675 ) Total discontinued operations, net 4,876 8,765 38,619 1,925 Net loss ( 74,031 ) ( 32,934 ) ( 60,510 ) ( 70,778 ) Noncontrolling interests in consolidated joint ventures 1,198 829 2,533 1,005 Redeemable noncontrolling interests ( 6,471 ) ( 6,471 ) ( 12,942 ) ( 12,942 ) Net loss available to common unitholders $ ( 79,304 ) $ ( 38,576 ) $ ( 70,919 ) $ ( 82,715 ) |
Organization And Basis Of Pre_2
Organization And Basis Of Presentation (Narrative) (Details) $ in Millions | 6 Months Ended | ||
Jun. 30, 2021USD ($)ft²roompropertyitemstate | Dec. 31, 2020USD ($) | Dec. 19, 2019ft² | |
Real Estate Properties [Line Items] | |||
Percentage of ownership interest | 91.00% | 90.40% | |
Number of properties owned or investment interests | 38 | ||
Number of states where properties are located | state | 3 | ||
Consolidated joint ventures, total real estate assets | $ | $ 481.7 | $ 486.1 | |
Consolidated joint ventures, other assets | $ | 4.7 | 4.5 | |
Consolidated joint ventures, mortgages | $ | 285.8 | 284.8 | |
Consolidated joint ventures, other liabilities | $ | $ 21.3 | $ 21 | |
Commercial Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of tenants | item | 110 | ||
Multi-Family Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of properties owned or investment interests | 20 | ||
Number of units | item | 6,018 | ||
Office [Member] | |||
Real Estate Properties [Line Items] | |||
Number of properties owned or investment interests | 10 | ||
Aggregate square feet of the property owned or investment interest | ft² | 5,500,000 | ||
Unconsolidated Joint Venture Office Buildings [Member] | |||
Real Estate Properties [Line Items] | |||
Number of properties owned or investment interests | 1 | ||
Aggregate square feet of the property owned or investment interest | ft² | 106,000,000,000 | ||
Area of property (in square feet) | ft² | 100,000 | ||
Unconsolidated Joint Venture Multi-Family Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of properties owned or investment interests | 6 | ||
Number of units | item | 1,786 | ||
Unconsolidated Joint Venture Office/Flex Buildings And Hotel [Member] | |||
Real Estate Properties [Line Items] | |||
Number of properties owned or investment interests | 3 | ||
Number of units | room | 723 | ||
Parking/Retail [Member] | |||
Real Estate Properties [Line Items] | |||
Number of properties owned or investment interests | 4 | ||
Aggregate square feet of the property owned or investment interest | ft² | 108,000 | ||
Unconsolidated Joint Venture Parking/Retail Buildings [Member] | |||
Real Estate Properties [Line Items] | |||
Number of properties owned or investment interests | 1 | ||
Aggregate square feet of the property owned or investment interest | ft² | 51,000 | ||
Land [Member] | |||
Real Estate Properties [Line Items] | |||
Number of properties owned or investment interests | 1 | ||
Suburban Office Portfolio [Member] | |||
Real Estate Properties [Line Items] | |||
Area of property (in square feet) | ft² | 6,600,000 |
Significant Accounting Polici_4
Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Significant Accounting Policies [Line Items] | ||||
Capitalized development and construction salaries and other related costs | $ 600 | $ 400 | $ 1,200 | $ 900 |
Maximum period after cessation of major construction activity that projects are considered complete | 1 year | |||
Gain (Loss) from extinguishment of debt, net | $ (46,735) | |||
Mack-Cali Realty LP [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Gain (Loss) from extinguishment of debt, net | $ (46,735) | $ (46,735) |
Significant Accounting Polici_5
Significant Accounting Policies (Schedule Of Rental Property Improvements) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Land held for development (including pre-development costs, if any) | $ 355,199 | $ 364,946 |
Development and construction in progress, including land | 794,268 | 733,560 |
Total | 1,149,467 | 1,098,506 |
Buildings and improvement | 162,100 | 160,300 |
Development [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Land | 74,300 | $ 74,900 |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Buildings and improvement | 6,700 | |
Land | $ 27,300 |
Recent Transactions (Properties
Recent Transactions (Properties Commencing Initial Operations) (Narrative) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Real Estate Properties [Line Items] | |
Development costs | $ 99,980 |
Parsippany, New Jersey [Member] | |
Real Estate Properties [Line Items] | |
Development costs | $ 5,100 |
Recent Transactions (Real Estat
Recent Transactions (Real Estate Held For Sale/Discontinued Operations/Dispositions) (Narrative) (Details) $ in Thousands | May 24, 2021USD ($) | Jun. 30, 2021USD ($)ft²itemproperty | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)ft²propertyitem | Jun. 30, 2020USD ($) | Mar. 31, 2021USD ($)ft²property | Dec. 31, 2020USD ($) | Dec. 19, 2019ft² |
Real Estate Properties [Line Items] | ||||||||
Unrealized gains (losses) on real estate held for sale | $ (485) | |||||||
Land and other impairments | $ 7,519 | $ 16,846 | 7,932 | $ 22,109 | ||||
Proceeds from the sale of property | 42,702 | $ 16,455 | ||||||
Book value | $ 4,743,736 | $ 4,743,736 | $ 4,638,643 | |||||
Suburban Office Portfolio [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Area of property (in square feet) | ft² | 6,600,000 | |||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Suburban Office Portfolio [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of real estate properties | item | 2 | 2 | ||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Properties Disposed One [Member] | Suburban Office Portfolio [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of real estate properties | property | 2 | 2 | ||||||
Area of property (in square feet) | ft² | 500,000 | 500,000 | ||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Office [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of properties held for sale | property | 2 | 2 | ||||||
Number of disposal groups | property | 2 | |||||||
Disposal Group, Not Discontinued Operations [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Unrealized gains (losses) on real estate held for sale | $ (2,130) | |||||||
Area Of Real Estate Property Sold | ft² | 2,564,159 | 2,564,159 | ||||||
Gain (loss) on sale of property | $ 26,991 | |||||||
Disposal Group, Not Discontinued Operations [Member] | Suburban Office Portfolio [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Area of property (in square feet) | ft² | 5,800,000 | |||||||
Gain (loss) on sale of property | $ 989,000 | |||||||
Disposal Group, Not Discontinued Operations [Member] | Properties Disposed One [Member] | Suburban Office Portfolio [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of properties sold | property | 34 | |||||||
Disposal Group, Not Discontinued Operations [Member] | Properties Disposed Two [Member] | Suburban Office Portfolio [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Gain (loss) on sale of property | 54,300 | |||||||
Parsippany, Madison, Short Hills, Edison, And Red Bank, New Jersey [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Unrealized gains (losses) on real estate held for sale | $ 1,400 | $ 2,600 | ||||||
Parsippany, Madison, Short Hills, Edison, And Red Bank, New Jersey [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of properties held for sale | property | 3 | 3 | ||||||
Unrealized gains (losses) on real estate held for sale | $ 1,400 | $ 2,600 | ||||||
Land and other impairments | 400 | |||||||
Parsippany, Madison, Short Hills, Edison, And Red Bank, New Jersey [Member] | Discontinued Operations [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Unrealized gains (losses) on real estate held for sale | 1,000 | $ 2,100 | ||||||
Land and other impairments | $ 400 | |||||||
Hamilton, New Jersey [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Gain (loss) on sale of property | $ 111 | |||||||
Proceeds from the sale of property | $ 745 |
Recent Transactions (Impairment
Recent Transactions (Impairments On Properties Held And Used) (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Real Estate Properties [Line Items] | ||||
Land and other impairments | $ 7,519 | $ 16,846 | $ 7,932 | $ 22,109 |
Land Parcels [Member] | ||||
Real Estate Properties [Line Items] | ||||
Land and other impairments | 7,500 | |||
Disposal Group, Not Discontinued Operations [Member] | Land Parcels [Member] | ||||
Real Estate Properties [Line Items] | ||||
Land and other impairments | $ 7,500 | 7,500 | ||
Hoboken, New Jersey [Member] | Disposal Group, Not Discontinued Operations [Member] | ||||
Real Estate Properties [Line Items] | ||||
Property impairments | $ 6,000 |
Recent Transactions (Schedule O
Recent Transactions (Schedule Of Properties Which Commenced Initial Operations) (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021USD ($)item | Mar. 31, 2021item | |
Real Estate Properties [Line Items] | ||
Number of Apartment Units | 193 | |
Total Development Costs Incurred | $ | $ 99,980 | |
Number of restaurant tenants | 2 | |
Upton [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Apartment Units | 193 | |
Total number of Apartment Units | 157 | |
Total Development Costs Incurred | $ | $ 99,980 | |
Upton [Member] | Land [Member] | ||
Real Estate Properties [Line Items] | ||
Total Development Costs Incurred | $ | $ 2,900 |
Recent Transactions (Schedule_2
Recent Transactions (Schedule Of Real Estate Held For Sale/Discontinued Operations/Dispositions) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Less: Accumulated depreciation | $ (693,868) | $ (656,331) |
Real estate held for sale, net | 84,834 | $ 656,963 |
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 | 54,363 | |
Buildings & Other | 107,700 | |
Less: Accumulated depreciation | (32,294) | |
Less: Cumulative unrealized losses on property held for sale | (44,935) | |
Real estate held for sale, net | 84,834 | |
Unbilled rents receivable, net | 1,915 | |
Deferred charges, net | 1,701 | |
Total intangibles, net | 3,377 | |
Total deferred charges & other assets, net | 5,850 | |
Total below market liability | 86 | |
Accounts payable, accrued exp & other liability | 7,283 | |
Unearned rents/deferred rental income | 1,156 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Other Assets Held for Sale [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Land | 40,509 | |
Buildings & Other | 24,291 | |
Less: Accumulated depreciation | (7,991) | |
Less: Cumulative unrealized losses on property held for sale | (17,187) | |
Real estate held for sale, net | 39,622 | |
Deferred charges, net | 138 | |
Total deferred charges & other assets, net | 138 | |
Accounts payable, accrued exp & other liability | 265 | |
Unearned rents/deferred rental income | 213 | |
Suburban Office Portfolio [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Land | 13,854 | |
Buildings & Other | 83,409 | |
Less: Accumulated depreciation | (24,303) | |
Less: Cumulative unrealized losses on property held for sale | (27,748) | |
Real estate held for sale, net | 45,212 | |
Unbilled rents receivable, net | 1,915 | |
Deferred charges, net | 1,563 | |
Total intangibles, net | 3,377 | |
Total deferred charges & other assets, net | 5,712 | |
Total below market liability | 86 | |
Accounts payable, accrued exp & other liability | 7,018 | |
Unearned rents/deferred rental income | $ 943 |
Recent Transactions (Schedule_3
Recent Transactions (Schedule Of Disposed Properties) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021USD ($)ft² | Jun. 30, 2021USD ($)ft²itemshares | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Unrealized gains (losses) on real estate held for sale | $ (485) | |
Totals | $ 3,521 | |
100 Overlook Center [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Redemption of common units, shares | shares | 678,302 | |
Value of units redeemed | $ 10,500 | |
Short Hills Portfolio [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Closing costs paid | $ 22,600 | |
Disposal Group, Not Discontinued Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of buildings | item | 14 | |
Rentable Square Feet | ft² | 2,564,159 | 2,564,159 |
Net Sales Proceeds | $ 653,426 | |
Net Carrying Value | 622,429 | |
Realized Gains (Losses)/Unrealized Losses, net | 4,006 | |
Realized Gains (losses)/Unrealized Losses, net | 26,991 | |
Unrealized gains (losses) on real estate held for sale | (2,130) | |
Totals | $ 24,861 | |
Disposal Group, Not Discontinued Operations [Member] | 100 Overlook Center [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of buildings | item | 1 | |
Rentable Square Feet | ft² | 149,600 | 149,600 |
Net Sales Proceeds | $ 34,724 | |
Net Carrying Value | 26,488 | |
Realized Gains (losses)/Unrealized Losses, net | $ 8,236 | |
Disposal Group, Not Discontinued Operations [Member] | Metropark Portfolio [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of buildings | item | 4 | |
Rentable Square Feet | ft² | 926,656 | 926,656 |
Net Sales Proceeds | $ 247,351 | |
Net Carrying Value | 233,826 | |
Realized Gains (losses)/Unrealized Losses, net | $ 13,525 | |
Disposal Group, Not Discontinued Operations [Member] | Short Hills Portfolio [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of buildings | item | 4 | |
Rentable Square Feet | ft² | 828,413 | 828,413 |
Net Sales Proceeds | $ 248,664 | |
Net Carrying Value | 245,800 | |
Realized Gains (losses)/Unrealized Losses, net | $ 2,864 | |
Disposal Group, Not Discontinued Operations [Member] | Red Bank Portfolio [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of buildings | item | 5 | |
Rentable Square Feet | ft² | 659,490 | 659,490 |
Net Sales Proceeds | $ 80,730 | |
Net Carrying Value | 78,364 | |
Realized Gains (losses)/Unrealized Losses, net | 2,366 | |
Disposal Group, Not Discontinued Operations [Member] | Retail Land Leases [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net Sales Proceeds | 41,957 | |
Net Carrying Value | 37,951 | |
Realized Gains (Losses)/Unrealized Losses, net | $ 4,006 |
Investments In Unconsolidated_3
Investments In Unconsolidated Joint Ventures (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)ft²propertyitem | Dec. 31, 2020USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Carrying Value | $ 154,914 | $ 162,382 | |
Amount outstanding | 189,000 | 25,000 | |
Management, leasing, development and other services fees | $ 600 | 1,800 | |
Accounts receivable due from unconsolidated joint ventures | 300 | 300 | |
Maximum exposure to loss | 139,800 | ||
Estimated future funding commitments | 34,000 | ||
Unconsolidated Joint Venture Other Property [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Carrying Value | $ 154,914 | $ 162,382 | |
Unconsolidated Joint Venture Office Buildings [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of properties | property | 1 | ||
Area of property (in square feet) | ft² | 100,000 | ||
Unconsolidated Joint Venture Retail Buildings [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of properties | property | 1 | ||
Area of mixed use project (in square feet) | ft² | 51,000 | ||
Unconsolidated Joint Venture Multi-Family Properties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of properties | property | 6 | ||
Number of units | item | 1,786 | ||
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 Development Projects [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of VIEs | property | 1 | ||
Unconsolidated Joint Venture Land Parcels [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of units | item | 1,621 | ||
Unconsolidated Joint Ventures [Member] | Guarantee of Indebtedness of Others [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Maximum borrowing capacity | $ 304,000 | ||
Amount outstanding | 288,400 | ||
Unconsolidated Joint Ventures [Member] | Parent Company [Member] | Guarantee of Indebtedness of Others [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Maximum guaranteed amount | 33,200 | ||
Guaranteed amount | $ 31,600 | ||
Unconsolidated Joint Venture Property [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of VIEs | property | 2 | ||
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 | $ 105,800 | ||
Number of VIEs | property | 3 |
Investments In Unconsolidated_4
Investments In Unconsolidated Joint Ventures (Summary Of Unconsolidated Joint Ventures) (Details) $ in Thousands | Apr. 29, 2021USD ($) | Jun. 30, 2021USD ($)ft²item | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) |
Schedule of Equity Method Investments [Line Items] | ||||
Carrying Value | $ 154,914 | $ 162,382 | ||
Purchase price of property | $ 32,077 | $ 104,411 | ||
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% | |||
PI North - Riverwalk C [Member] | Construction Loan [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Maximum borrowing capacity | $ 112,000 | |||
Percent of principal loan outstanding | 10.00% | |||
PI North - Land [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Apartment Units | item | 771 | |||
Residual ownership interest | 20.00% | |||
12 Vreeland Road [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Gain on sale | $ 2,000 | |||
The Shops At 40 Park Property [Member] | Metropolitan And Lofts At 40 Park [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Rentable Square Feet (sf) | ft² | 50,973 | |||
Balance | $ 6,067 | |||
Property Debt, Interest Rate, Spread Over LIBOR | 0.015% | |||
Residual ownership interest | 25.00% | |||
Mortgage loan, maturity month and year | October 2021 | |||
Lofts At 40 Park Property [Member] | Metropolitan And Lofts At 40 Park [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Apartment Units | item | 59 | |||
Balance | $ 18,200 | |||
Property Debt, Interest Rate, Spread Over LIBOR | 0.015% | |||
Indirect ownership interest | 50.00% | |||
Number of stories | item | 5 | |||
Mortgage loan, maturity month and year | January 2023 | |||
Metropolitan Property [Member] | Metropolitan And Lofts At 40 Park [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Balance | $ 36,500 | |||
Property Debt, Interest Rate, Spread Over LIBOR | 0.0285% | |||
Mortgage loan, maturity month and year | October 2023 | |||
Unconsolidated Joint Venture Multi-Family Properties [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Apartment Units | item | 1,786 | |||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Metropolitan And Lofts At 40 Park [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Apartment Units | item | 189 | |||
Company's Effective Ownership % | 25.00% | |||
Carrying Value | $ 2,851 | 3,347 | ||
Balance | $ 60,767 | |||
Unconsolidated Joint Venture Multi-Family Properties [Member] | RiverTrace At Port Imperial [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Apartment Units | item | 316 | |||
Company's Effective Ownership % | 22.50% | |||
Carrying Value | $ 6,320 | 6,667 | ||
Balance | $ 82,000 | |||
Property Debt, Maturity Date | Nov. 10, 2026 | |||
Property Debt, Interest Rate | 3.21% | |||
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 | $ 36,632 | 36,992 | ||
Balance | $ 96,419 | |||
Property Debt, Maturity Date | Dec. 6, 2021 | |||
Property Debt, Interest Rate | 2.75% | |||
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 | $ 507 | 681 | ||
Balance | $ 30,192 | |||
Property Debt, Maturity Date | Jul. 1, 2035 | |||
Property Debt, Interest Rate | 3.19% | |||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Station House [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Apartment Units | item | 378 | |||
Company's Effective Ownership % | 50.00% | |||
Carrying Value | $ 33,508 | 34,026 | ||
Balance | $ 94,244 | |||
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 | $ 69,124 | 72,752 | ||
Balance | $ 192,000 | |||
Property Debt, Maturity Date | Aug. 1, 2029 | |||
Property Debt, Interest Rate | 5.197% | |||
Guaranteed amount | $ 22,000 | |||
Unconsolidated Joint Venture Multi-Family Properties [Member] | PI North - Land [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Apartment Units | item | 771 | |||
Company's Effective Ownership % | 20.00% | |||
Carrying Value | $ 1,678 | 1,678 | ||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Liberty Landing [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Apartment Units | item | 850 | |||
Company's Effective Ownership % | 50.00% | |||
Carrying Value | $ 337 | 337 | ||
Unconsolidated Joint Venture Office Buildings [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Rentable Square Feet (sf) | ft² | 100,000 | |||
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 | 1,811 | |||
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 | $ 3,610 | 3,744 | ||
Balance | $ 2,122 | |||
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 | $ 154,914 | 162,382 | ||
Balance | $ 657,744 | |||
Unconsolidated Joint Venture Other Property [Member] | Hyatt Regency Hotel Jersey City [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Apartment Units | item | 351 | |||
Company's Effective Ownership % | 50.00% | |||
Balance | $ 100,000 | |||
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 | $ 347 | $ 347 |
Investments In Unconsolidated_5
Investments In Unconsolidated Joint Ventures (Summary Of Company's Equity In Earnings (Loss) Of Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | Apr. 29, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Mar. 12, 2020 |
Schedule of Equity Method Investments [Line Items] | |||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ 349 | $ (946) | $ (1,107) | $ (1,654) | |||
Amortization of basis difference | 143 | 143 | 286 | 295 | |||
12 Vreeland Road [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Gain on sale | $ 2,000 | ||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Metropolitan And Lofts At 40 Park [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ (265) | (195) | $ (496) | (335) | |||
Company's Effective Ownership % | 25.00% | 25.00% | |||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | RiverTrace At Port Imperial [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ (5) | 35 | $ (10) | 133 | |||
Company's Effective Ownership % | 22.50% | 22.50% | |||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Crystal House [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | (181) | (340) | |||||
Gain on sale | $ 35,100 | ||||||
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 | $ (458) | $ (458) | |||||
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 | $ (76) | (66) | $ (126) | (125) | |||
Company's Effective Ownership % | 45.00% | 45.00% | |||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Station House [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ (454) | (672) | $ (819) | (1,139) | |||
Company's Effective Ownership % | 50.00% | 50.00% | |||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Urby At Harborside [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ 1,680 | (26) | $ 936 | (9) | |||
Company's Effective Ownership % | 85.00% | 85.00% | |||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | PI North Pier Land [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ (62) | (119) | $ (118) | (238) | |||
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 | $ 2 | 147 | $ 2 | 258 | |||
Company's Effective Ownership % | 50.00% | 50.00% | |||||
Unconsolidated Joint Venture Office Buildings [Member] | Offices At Crystal Lake [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ (16) | 54 | $ (135) | 75 | |||
Company's Effective Ownership % | 31.25% | 31.25% | |||||
Unconsolidated Joint Venture Other Property [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ 349 | (946) | $ (1,107) | (1,654) | |||
Unconsolidated Joint Venture Other Property [Member] | Riverwalk Retail [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | (11) | ||||||
Company's Effective Ownership % | 80.00% | ||||||
Unconsolidated Joint Venture Other Property [Member] | Hyatt Regency Hotel Jersey City [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | (50) | (50) | |||||
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 | $ 3 | $ 127 | $ 117 | $ 127 |
Deferred Charges, Goodwill An_3
Deferred Charges, Goodwill And Other Assets, Net (Narrative) (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Credit Risk Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net liability | $ 0 | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative notional amount | 0 | $ 0 |
Estimated additional amount to be reclassified to interest expense | $ 0 |
Deferred Charges, Goodwill An_4
Deferred Charges, Goodwill And Other Assets, Net (Schedule Of Deferred Charges, Goodwill And Other Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |||
Deferred leasing costs | $ 90,432 | $ 112,421 | |
Deferred financing costs - unsecured revolving credit facility | 6,684 | 5,559 | |
Deferred charges, gross | 97,116 | 117,980 | |
Accumulated amortization | (36,970) | (52,428) | |
Deferred charges, net | 60,146 | 65,552 | |
Notes receivable | 11,053 | 1,167 | |
In-place lease values, related intangibles and other assets, net | 46,430 | 71,608 | |
Goodwill | 2,945 | 2,945 | |
Right of use assets | 22,298 | 22,298 | |
Prepaid expenses and other assets, net | 30,507 | 35,971 | |
Total deferred charges, goodwill and other assets, net | 173,379 | 199,541 | |
Liability | 23,700 | ||
Interest-Free Notes Receivable [Member] | |||
Deferred Charges, Goodwill And Other Assets [Line Items] | |||
Notes receivable | $ 900 | 1,200 | |
Mortgage loan, maturity month and year | April 2023 | ||
Interest rate | 15.00% | ||
Annual return on the equity value | 4.00% | ||
Seller Financing Receivable [Member] | |||
Deferred Charges, Goodwill And Other Assets [Line Items] | |||
Notes receivable | $ 10,000 | ||
Discontinued Operations [Member] | |||
Deferred Charges, Goodwill And Other Assets [Line Items] | |||
Total deferred charges, goodwill and other assets, net | $ 5,700 | $ 42,500 |
Deferred Charges, Goodwill An_5
Deferred Charges, Goodwill And Other Assets, Net (Schedule Of Cash Flow Hedging, Derivative Financial Instruments On The Income Statement) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Amount of Interest Expense presented in the consolidated statements | $ (16,554) | $ (20,611) | $ (34,164) | $ (41,529) |
Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Amount of Interest Expense presented in the consolidated statements | $ (16,554) | $ (20,611) | $ (34,164) | (41,529) |
Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | Interest Expense [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income | $ 16 |
Restricted Cash (Schedule Of Re
Restricted Cash (Schedule Of Restricted Cash) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Restricted Cash [Abstract] | ||||
Security deposits | $ 6,468 | $ 5,289 | ||
Escrow and other reserve funds | 9,679 | 8,918 | ||
Total restricted cash | $ 16,147 | $ 14,207 | $ 14,144 | $ 15,577 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) $ in Thousands, ft² in Millions | 3 Months Ended | 6 Months Ended | 27 Months Ended | |||
Jun. 30, 2021USD ($)ft²property | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)ft²itemproperty | Jun. 30, 2020USD ($) | Mar. 31, 2021USD ($)ft²property | Dec. 19, 2019ft² | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Unrealized gains (losses) on disposition of rental property | $ (951) | $ (11,929) | $ 69 | $ (56,997) | ||
Proceeds from the sale of property | $ 42,702 | $ 16,455 | ||||
Suburban Office Portfolio [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Area of property (in square feet) | ft² | 6.6 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Suburban Office Portfolio [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of disposal groups | item | 2 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Disposal Group One [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Unrealized gains (losses) on disposition of rental property | $ 1,000 | $ (2,100) | ||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Properties Disposed One [Member] | Suburban Office Portfolio [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of real estate properties | property | 2 | 2 | ||||
Area of property (in square feet) | ft² | 0.5 | 0.5 | ||||
Disposal Group, Not Discontinued Operations [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of properties sold | item | 14 | |||||
Sales proceeds | $ 653,426 | |||||
Gain (loss) on sale of property | 26,991 | |||||
Disposal Group, Not Discontinued Operations [Member] | Suburban Office Portfolio [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of properties sold | property | 34 | |||||
Sales proceeds | $ 989,000 | |||||
Area of property (in square feet) | ft² | 5.8 | |||||
Disposal Group, Not Discontinued Operations [Member] | Properties Disposed Two [Member] | Suburban Office Portfolio [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain (loss) on sale of property | $ 54,300 |
Discontinued Operations (Summar
Discontinued Operations (Summary Of Income From Discontinued Operations And Related Realized And Unrealized Gains (Losses)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Total revenues | $ 5,845 | $ 37,512 | $ 27,482 | $ 77,574 |
Operating and other expenses | (2,519) | (14,157) | (11,242) | (30,653) |
Depreciation and amortization | (253) | (1,354) | (912) | (2,708) |
Interest expense | (277) | (1,307) | (1,570) | (2,613) |
Income from discontinued operations | 2,796 | 20,694 | 13,758 | 41,600 |
Unrealized gains (losses) on disposition of rental property | (951) | (11,929) | 69 | (56,997) |
Realized gains (losses) on disposition of rental property | 3,031 | 24,792 | 17,322 | |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | 2,080 | (11,929) | 24,861 | (39,675) |
Total discontinued operations, net | 4,876 | 8,765 | 38,619 | 1,925 |
Mack-Cali Realty LP [Member] | ||||
Income from discontinued operations | 2,796 | 20,694 | 13,758 | 41,600 |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | 2,080 | (11,929) | 24,861 | (39,675) |
Total discontinued operations, net | $ 4,876 | $ 8,765 | $ 38,619 | $ 1,925 |
Senior Unsecured Notes (Summary
Senior Unsecured Notes (Summary Of Senior Unsecured Notes) (Details) - USD ($) | May 06, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||
Principal balance outstanding | $ 2,359,284,000 | $ 2,801,797,000 | |
Total debt | $ 2,359,284,000 | 2,801,797,000 | |
4.500% Senior Unsecured Notes Due April 18, 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate of senior unsecured notes | 4.50% | ||
Maturity date of the senior unsecured notes | Apr. 18, 2022 | ||
3.150% Senior Unsecured Notes, Due May 15, 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate of senior unsecured notes | 3.15% | ||
Maturity date of the senior unsecured notes | May 15, 2023 | ||
Senior Unsecured Notes [Member] | |||
Debt Instrument [Line Items] | |||
Principal balance outstanding | 575,000,000 | ||
Adjustment for unamortized debt discount | (1,504,000) | ||
Unamortized deferred financing costs | (843,000) | ||
Total debt | 572,653,000 | ||
Extinguishment of debt | $ 24,200,000 | ||
Senior Unsecured Notes [Member] | 4.500% Senior Unsecured Notes Due April 18, 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Principal balance outstanding | 300,000,000 | ||
Senior Unsecured Notes [Member] | 3.150% Senior Unsecured Notes, Due May 15, 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Principal balance outstanding | $ 275,000,000 |
Revolving Credit Facility And_3
Revolving Credit Facility And Term Loans (Narrative) (Details) | May 06, 2021USD ($)property | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Jun. 30, 2021USD ($)item | Dec. 31, 2020USD ($) | Jan. 25, 2017USD ($) |
Line of Credit Facility [Line Items] | ||||||
Loan balance | $ 2,359,284,000 | $ 2,359,284,000 | $ 2,801,797,000 | |||
Gain (Loss) from extinguishment of debt, net | (46,735,000) | |||||
Outstanding borrowings under the facility | $ 189,000,000 | $ 189,000,000 | $ 25,000,000 | |||
2017 Credit Agreement [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Terms of dividend restriction | The Company was in compliance with its debt covenants under its revolving credit facility and term loan as of June 30, 2021. | |||||
2017 Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Borrowing capacity under the credit facility | $ 600,000,000 | |||||
Credit facility maturity month and year | January 2021 | |||||
Number of extension options | item | 2 | |||||
Credit facility, extension period | 6 months | |||||
Terms of the unsecured facility | The terms of the 2017 Credit Facility included: (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, 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), of which $10.6 million of letters of credit had been issued as of May 6, 2021; (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 maintained a debt rating from Moody’s or S&P, or such debt ratings fell below Baa3 and BBB-, based on a defined leverage ratio; and (4) a facility fee, 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 maintained a debt rating from Moody’s or S&P or such debt ratings fell below Baa3 and BBB-, based on a defined leverage ratio. In January 2021, the Company elected to exercise the first option to extend the 2017 Credit Facility maturity date for a period of six months. Accordingly, the term of the 2017 Credit Facility was extended to July 2021, with the Company’s payment of the 7.5 basis point extension fee. | |||||
Loan period | 4 years | |||||
2017 Credit Agreement, Letter Of Credit [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Borrowing capacity under the credit facility | $ 60,000,000 | |||||
Proceeds from Letters of Credit | $ 10,600,000 | |||||
2017 Credit Facility, Extension One [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Credit facility, extension period | 6 months | |||||
Credit facility extension fee, basis points | 7.50% | 7.50% | ||||
Mortgage loan, maturity month and year | July 2021 | |||||
2021 Credit Agreement [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Spread over LIBOR | 0.0012% | |||||
Appraisal value | $ 800,000,000 | |||||
Debt service coverage ratio | the minimum debt service coverage ratio (1.10 times until May 6, 2022, 1.20 times from May 7, 2022 through May 6, 2023, and 1.40 times thereafter | |||||
Percentage of net cash proceeds of equity issuances | 80.00% | |||||
2021 Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Borrowing capacity under the credit facility | $ 250,000,000 | |||||
Terms of the unsecured facility | The terms of the 2021 Credit Facility included: (1) a three year term ending in May 2024; (2) revolving credit loans may be made to the Company in an aggregate principal amount of up to $250 million (subject to increase as discussed below), with a sublimit under the 2021 Credit Facility for the issuance of letters of credit in an amount not to exceed $50 million; and (3) a first priority lien in unencumbered properties of the Company with an appraised value greater than or equal to $800 million which must include the Company’s Harborside 2/3 and Harborside 5 properties; and (4) a facility fee payable quarterly equal to 35 basis points if usage of the 2021 Credit Facility is less than or equal to 50%, and 25 basis points if usage of the 2021 Credit Facility is greater than 50%. | |||||
Loan period | 3 years | |||||
Credit facility, Maturity month and year | May 2024 | |||||
Secured debt | $ 250,000,000 | |||||
Outstanding borrowings under the facility | 145,000,000 | |||||
2021 Term Loan [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Loan balance | 150,000,000 | |||||
Borrowing capacity under the credit facility | $ 150,000,000 | |||||
Terms of the unsecured facility | The terms of the 2021 Term Loan include: (1) an eighteen month term ending in November 2022; (2) a single draw of the term loan commitments up to an aggregate principal amount of $150 million; and (3) a first priority lien in unencumbered properties of the Company with an appraised value greater than or equal to $800 million which must include the Company’s Harborside 2/3 and Harborside 5 properties. | |||||
Loan period | 18 months | |||||
Credit facility, Maturity month and year | November 2022 | |||||
Secured debt | $ 150,000,000 | |||||
Debt paid | $ 123,000,000 | |||||
2021 Credit Agreement, Letter Of Credit [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Borrowing capacity under the credit facility | $ 50,000,000 | |||||
2021 Credit Facility, Usage Less Or Equal To Fifty Percent [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Facility fee basis points | 0.35% | |||||
2021 Credit Facility, Usage Greater Than Fifty Percent [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Facility fee basis points | 0.25% | |||||
Harborside 2/3 And Harborside 5 [Member] | 2021 Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Appraisal value | $ 800,000,000 | |||||
Harborside 2/3 And Harborside 5 [Member] | 2021 Term Loan [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Appraisal value | $ 800,000,000 | |||||
Unsecured Term Loan [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Loan balance | 27,000,000 | $ 27,000,000 | ||||
Unsecured Term Loan [Member] | Unsecured Revolving Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Outstanding borrowings under the facility | $ 0 | $ 0 | $ 25,000,000 | |||
2017 Term Loan [Member] | 2017 Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Credit facility extension fee, basis points | 7.50% | 7.50% | ||||
Minimum [Member] | 2021 Credit Agreement [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Spread over LIBOR | 1.25% | |||||
Number of collateral pool properties | property | 2 | |||||
Tangible net worth ratio | 80.00% | |||||
Maximum [Member] | 2021 Credit Agreement [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Spread over LIBOR | 2.75% | |||||
Maximum collateral pool leverage ratio | 40.00% | |||||
Total leverage ratio | 65.00% | |||||
Senior Unsecured Notes [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Loan balance | $ 575,000,000 | |||||
Unamortized deferred financing costs | $ 843,000 | |||||
Adjusted LIBO Rate [Member] | 2021 Credit Agreement [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Spread over LIBOR | 1.00% | |||||
Overnight Bank Funding Rate [Member] | 2021 Credit Agreement [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Spread over LIBOR | 0.50% |
Revolving Credit Facility And_4
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] | 6 Months Ended |
Jun. 30, 2021 | |
45% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.25% |
Facility Fee Basis Points | 0.20% |
45% Unsecured Term Loan Leverage Ratio [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 45.00% |
45% And 50% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.30% |
Facility Fee Basis Points | 0.25% |
45% And 50% Unsecured Term Loan Leverage Ratio [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 45.00% |
45% And 50% Unsecured Term Loan Leverage Ratio [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 50.00% |
50% And 55% (Current ratio) Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.35% |
Facility Fee Basis Points | 0.30% |
55% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.60% |
Facility Fee Basis Points | 0.35% |
55% Unsecured Term Loan Leverage Ratio [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 55.00% |
Base Rate [Member] | 45% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.25% |
Base Rate [Member] | 45% And 50% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.30% |
Base Rate [Member] | 50% And 55% (Current ratio) Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.35% |
Base Rate [Member] | 55% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.60% |
Revolving Credit Facility And_5
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] | 6 Months Ended |
Jun. 30, 2021 | |
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% |
Revolving Credit Facility And_6
Revolving Credit Facility And Term Loans (Schedule Of Interest Rate On Outstanding Borrowings Payable) (Details) - 2017 Term Loan [Member] | 6 Months Ended |
Jun. 30, 2021 | |
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 | 1.85% |
Baa3 [Member] | BBB- [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB- or Baa3 (interest rate based on Company's election through March 5, 2018) |
Interest Rate - Applicable Basis Points Above LIBOR | 1.40% |
Baa2 [Member] | BBB [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB or Baa2 |
Interest Rate - Applicable Basis Points Above LIBOR | 1.15% |
Baa1 [Member] | BBB+ [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB+ or Baa1 |
Interest Rate - Applicable Basis Points Above LIBOR | 1.00% |
A3 Or Higher [Member] | A- Or Higher [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | A- or A3 or higher |
Interest Rate - Applicable Basis Points Above LIBOR | 0.90% |
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 | 0.85% |
Base Rate [Member] | Baa3 [Member] | BBB- [Member] | |
Line of Credit Facility [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.40% |
Base Rate [Member] | Baa2 [Member] | BBB [Member] | |
Line of Credit Facility [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.15% |
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% |
Mortgages, Loans Payable And _3
Mortgages, Loans Payable And Other Obligations (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)itemproperty | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | ||||
Number of properties with encumbered company mortgages | property | 20 | |||
Carrying value of encumbered properties | $ 3,200,000,000 | |||
Cash paid for interest | $ 52,441,000 | 48,451,000 | ||
Interest capitalized | 16,378,000 | $ 11,788,000 | ||
Total indebtedness | $ 2,359,284,000 | $ 2,801,797,000 | ||
Total indebtedness, weighted average interest rate | 3.60% | 3.76% | ||
Discontinued Operations [Member] | ||||
Debt Instrument [Line Items] | ||||
Cash paid for interest | $ 1,699,000 | 2,570,000 | ||
Projects Under Development And Developable Land [Member] | ||||
Debt Instrument [Line Items] | ||||
Number of projects with encumbered company mortgages | item | 3 | |||
Carrying value of encumbered properties | $ 677,000,000 | |||
Unconsolidated Joint Venture [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest capitalized | 338,000 | $ 681,000 | ||
Revolving Credit Facility Borrowing And Other Variable Rate Mortgage Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Total indebtedness | $ 680,864,000 | $ 427,419,000 | ||
Total indebtedness, weighted average interest rate | 8.30% | 3.38% | ||
Fixed Rate Debt And Other Obligations [Member] | ||||
Debt Instrument [Line Items] | ||||
Total indebtedness | $ 1,678,420,000 | $ 2,374,378,000 | ||
Total indebtedness, weighted average interest rate | 3.72% | 3.83% |
Mortgages, Loans Payable And _4
Mortgages, Loans Payable And Other Obligations (Summary Of Mortgages, Loans Payable And Other Obligations) (Details) | 1 Months Ended | 6 Months Ended | ||||
Apr. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Jun. 30, 2021USD ($)item | Jun. 30, 2020USD ($) | Mar. 31, 2021USD ($) | Jan. 31, 2020USD ($) | |
Debt Instrument [Line Items] | ||||||
Principal balance outstanding | $ 2,801,797,000 | $ 2,359,284,000 | ||||
Repayment of revolving credit facility and money market loans | $ 33,000,000 | $ 140,000,000 | ||||
Port Imperial 4/5 Garage Development [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loan maturity date | Dec. 1, 2029 | |||||
Secured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal balance outstanding | 2,218,862,000 | $ 2,182,865,000 | ||||
Unamortized deferred financing costs | (14,718,000) | (12,581,000) | ||||
Total mortgages, loans payable and other obligations, net | 2,204,144,000 | $ 2,170,284,000 | ||||
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 | 3,866,000 | $ 3,831,000 | ||||
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 (b) | |||||
Lender | Fifth Third Bank | |||||
Effective rate | 3.40% | |||||
Principal balance outstanding | 94,000,000 | $ 89,000,000 | ||||
Loan maturity date | Apr. 1, 2023 | |||||
Loan extension period | 6 months | |||||
Guaranteed amount | $ 14,500,000 | |||||
Secured Debt [Member] | Port Imperial South 9 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Property Name | Port Imperial South 9 (c) | |||||
Lender | Bank of New York Mellon | |||||
Effective rate | 2.13% | |||||
Principal balance outstanding | 46,357,000 | $ 74,069,000 | ||||
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 | |||||
Loan extension period | 1 year | |||||
Extension fee | 0.15% | |||||
Percent of principal loan outstanding | 10.00% | |||||
Secured Debt [Member] | Portside 7 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Property Name | Portside 7 | |||||
Lender | CBRE Capital Markets/FreddieMac | |||||
Effective rate | 3.57% | |||||
Principal balance outstanding | 58,998,000 | $ 58,998,000 | ||||
Loan maturity date | Aug. 1, 2023 | |||||
Secured Debt [Member] | Short Hills Residential [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Property Name | Short Hills Residential (d) | |||||
Lender | People's United Bank | |||||
Effective rate | 2.15% | |||||
Principal balance outstanding | 42,459,000 | $ 55,785,000 | ||||
Loan maturity date | Mar. 26, 2023 | |||||
Secured Debt [Member] | Short Hills Residential [Member] | Construction Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loan extension period | 18 months | |||||
Percent of principal loan outstanding | 15.00% | |||||
Secured Debt [Member] | 250 Johnson Road [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Property Name | 250 Johnson | |||||
Lender | Nationwide Life Insurance Company | |||||
Effective rate | 3.74% | |||||
Principal balance outstanding | 43,000,000 | $ 43,000,000 | ||||
Loan maturity date | Aug. 1, 2024 | |||||
Secured Debt [Member] | Liberty Towers [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Property Name | Liberty Towers (e) | |||||
Lender | American General Life Insurance Company | |||||
Effective rate | 3.37% | |||||
Principal balance outstanding | 265,000,000 | $ 265,000,000 | ||||
Loan maturity date | Oct. 1, 2024 | |||||
Secured Debt [Member] | Liberty Towers [Member] | Construction Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 265,000,000 | |||||
Additional borrowing capacity | $ 33,000,000 | |||||
Secured Debt [Member] | The Charlotte [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Property Name | The Charlotte (f) | |||||
Lender | QuadReal Finance | |||||
Effective rate | 2.70% | |||||
Principal balance outstanding | 161,544,000 | $ 214,278,000 | ||||
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 (g) | |||||
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 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Property Name | Marbella (BLVD 425) | |||||
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 (BLVD 401) | |||||
Lender | New York Life Insurance Company | |||||
Effective rate | 4.29% | |||||
Principal balance outstanding | 117,000,000 | $ 117,000,000 | ||||
Loan maturity date | Aug. 10, 2026 | |||||
Secured Debt [Member] | 101 Hudson [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Property Name | 101 Hudson | |||||
Lender | Wells Fargo CMBS | |||||
Effective rate | 3.20% | |||||
Principal balance outstanding | 250,000,000 | $ 250,000,000 | ||||
Loan maturity date | Oct. 11, 2026 | |||||
Secured Debt [Member] | Worcester [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Property Name | Worcester | |||||
Lender | MUFG Union Bank | |||||
Effective rate | 1.84% | |||||
Principal balance outstanding | 63,000,000 | $ 63,000,000 | ||||
Loan maturity date | Dec. 10, 2026 | |||||
Secured Debt [Member] | RXR - Short Hills [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Property Name | RXR - Short Hills (h) | |||||
Lender | Wells Fargo CMBS | |||||
Principal balance outstanding | 124,500,000 | |||||
Closing costs to defease loan | $ 22,600,000 | |||||
Secured Debt [Member] | Short Hills Portfolio [Member] | Construction Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 64,000,000 | |||||
Extension fee | 0.30% | |||||
Secured Debt [Member] | 150 Main St [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Property Name | 150 Main St. | |||||
Lender | Natixis Real Estate Capital LLC | |||||
Effective rate | 4.48% | |||||
Principal balance outstanding | 41,000,000 | $ 41,000,000 | ||||
Loan maturity date | Aug. 5, 2027 | |||||
Secured Debt [Member] | Monaco (BLVD 495 N/S) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Property Name | Monaco (BLVD 475 N/S) (i) | |||||
Lender | The Northwestern Mutual Life Insurance Co. | |||||
Effective rate | 2.91% | |||||
Principal balance outstanding | 165,000,000 | $ 165,000,000 | ||||
Loan maturity date | Nov. 10, 2027 | |||||
Guaranteed amount | $ 12,000,000 | |||||
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 | |||||
Percent of principal loan outstanding | 10.00% | |||||
Secured Debt [Member] | Soho Lofts [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Property Name | Soho Lofts (j) | |||||
Lender | New York Community Bank | |||||
Effective rate | 3.77% | |||||
Principal balance outstanding | 160,000,000 | $ 160,000,000 | ||||
Loan maturity date | Jul. 1, 2029 | |||||
Secured Debt [Member] | Riverwatch Commons [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Effective percentage after five years | 2.75% | |||||
Secured Debt [Member] | 111 River St. [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Property Name | 111 River St. | |||||
Lender | Athene Annuity and Life Company | |||||
Effective rate | 3.90% | |||||
Principal balance outstanding | 150,000,000 | $ 150,000,000 | ||||
Loan maturity date | Sep. 1, 2029 | |||||
Secured Debt [Member] | Port Imperial 4/5 Garage Development [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Property Name | Port Imperial South 4/5 Garage (k) | |||||
Lender | American General Life & A/G PC | |||||
Effective rate | 4.85% | |||||
Principal balance outstanding | 33,138,000 | $ 32,904,000 | ||||
Secured Debt [Member] | Emery At Overlook Ridge [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Property Name | Emery at Overlook Ridge (l) | |||||
Lender | New York Community Bank | |||||
Effective rate | 3.21% | |||||
Principal balance outstanding | 72,000,000 | $ 72,000,000 | ||||
Loan maturity date | Jan. 1, 2031 | |||||
Mortgage loan | 72,000,000 | |||||
Gain (loss) on sale of property | $ 10,400,000 |
Employee Benefit 401(k) Plans (
Employee Benefit 401(k) Plans (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
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 | $ 158,000 | $ 175,000 | $ 338,000 | $ 431,000 |
Minimum [Member] | ||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Employer contribution vesting period | 2 years | |||
Maximum [Member] | ||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Employer contribution vesting period | 6 years |
Disclosure Of Fair Value Of A_3
Disclosure Of Fair Value Of Assets And Liabilities (Narrative) (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($)property | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)property | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Fair value of Company's long-term debt | $ 2,379,285,000 | $ 2,379,285,000 | $ 2,879,002,000 | ||
Principal balance outstanding | 2,359,284,000 | 2,359,284,000 | $ 2,801,797,000 | ||
Unrealized gains (losses) on real estate held for sale | (485,000) | ||||
Properties aggregate net book value | 84,800,000 | ||||
Land and other impairments | 7,519,000 | $ 16,846,000 | 7,932,000 | $ 22,109,000 | |
Parsippany, Madison, Short Hills, Edison, And Red Bank, New Jersey [Member] | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Unrealized gains (losses) on real estate held for sale | 1,400,000 | $ 2,600,000 | |||
Land Parcels [Member] | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Land and other impairments | $ 7,500,000 | ||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Parsippany, Madison, Short Hills, Edison, And Red Bank, New Jersey [Member] | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Number of properties held for sale | property | 3 | 3 | |||
Unrealized gains (losses) on real estate held for sale | $ 1,400,000 | $ 2,600,000 | |||
Land and other impairments | $ 400,000 | ||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Office [Member] | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Number of properties held for sale | property | 2 | 2 | |||
Number of disposal groups | property | 2 | ||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Retail Property [Member] | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Number of properties held for sale | property | 1 | 1 | |||
Disposal Group, Not Discontinued Operations [Member] | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Unrealized gains (losses) on real estate held for sale | $ (2,130,000) | ||||
Gain (loss) on sale of property | 26,991,000 | ||||
Disposal Group, Not Discontinued Operations [Member] | Hoboken, New Jersey [Member] | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Property impairments | 6,000,000 | ||||
Disposal Group, Not Discontinued Operations [Member] | Land Parcels [Member] | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Land and other impairments | $ 7,500,000 | 7,500,000 | |||
Discontinued Operations [Member] | Parsippany, Madison, Short Hills, Edison, And Red Bank, New Jersey [Member] | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Unrealized gains (losses) on real estate held for sale | 1,000,000 | $ 2,100,000 | |||
Land and other impairments | $ 400,000 |
Disclosure Of Fair Value Of A_4
Disclosure Of Fair Value Of Assets And Liabilities (Schedule Of Valuation Techniques And Significant Unobservable Assumptions) (Details) - Level 3 [Member] | Jun. 30, 2021 |
Measurement Assumptions, Discount Rates [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Office properties held for sale | 10 |
Measurement Assumptions, Market Rental Rates Per Square Foot [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Office properties held for sale | 34.50 |
Measurement Assumptions, Market Rates Per Square Foot [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Land properties held for sale | 12 |
Commitments And Contingencies_2
Commitments And Contingencies (Tax Abatement Agreements) (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 16 Months Ended | 60 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Apr. 30, 2017 | Apr. 30, 2022 | |
Harborside Plaza 4-A [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Project period | 20 years | |||||
Percentage of PILOT on project costs | 2.00% | |||||
Total project costs | $ 49,500,000 | |||||
Payments in lieu of property taxes (PILOT) | $ 264,000,000,000 | $ 264,000 | $ 528,000 | $ 528,000 | ||
Harborside Plaza 5 [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Project period | 20 years | |||||
Percentage of PILOT on project costs | 2.00% | |||||
Total project costs | $ 170,900,000 | |||||
Payments in lieu of property taxes (PILOT) | 1,100,000 | 1,100,000 | $ 2,200,000 | 2,200,000 | ||
Port Imperial South 1/3 Garage [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Project period | 5 years | |||||
Percentage of taxes paid based on the land value | 100.00% | |||||
Port Imperial South 1/3 Garage [Member] | Tax Year 1 [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Annual percentage of cost for phase in | 1.00% | |||||
Port Imperial South 1/3 Garage [Member] | Tax Year 2 [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Annual percentage of cost for phase in | 95.00% | |||||
Port Imperial South 1/3 Garage [Member] | Tax Year 3 [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Annual percentage of cost for phase in | 95.00% | |||||
Port Imperial South 1/3 Garage [Member] | Tax Year 4 [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Annual percentage of cost for phase in | 95.00% | |||||
Port Imperial South 1/3 Garage [Member] | Tax Year 5 [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Annual percentage of cost for phase in | 95.00% | |||||
Port Imperial Hotel Development [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Project period | 15 years | |||||
Percentage of PILOT on project costs | 2.00% | |||||
Payments in lieu of property taxes (PILOT) | 500,000 | 500,000 | $ 1,000,000 | 1,100,000 | ||
Port Imperial South 11 Development [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Project period | 15 years | |||||
Payments in lieu of property taxes (PILOT) | 400,000 | 300,000 | $ 700,000 | 600,000 | ||
Percentage of PILOT on gross revenues | 10.00% | |||||
111 River Realty [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Payments in lieu of property taxes (PILOT) | 400,000 | 400,000 | $ 700,000 | 700,000 | ||
Annual Payments in lieu of property taxes (PILOT) | $ 1,200,000 | |||||
111 River Realty [Member] | Scenario, Forecast [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Annual Payments in lieu of property taxes (PILOT) | $ 1,400,000 | |||||
Monaco (BLVD 495 N/S) [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Project period | 10 years | |||||
Percentage of PILOT on project costs | 10.00% | |||||
Payments in lieu of property taxes (PILOT) | 0 | 500,000 | $ 500,000 | 1,100,000 | ||
Marbella II [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Project period | 10 years | |||||
Payments in lieu of property taxes (PILOT) | $ 300,000 | $ 300,000 | $ 600,000 | $ 600,000 | ||
Marbella II [Member] | Years 1-4 [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Percentage of PILOT on project costs | 10.00% | |||||
Marbella II [Member] | Years 5-8 [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Percentage of PILOT on project costs | 12.00% | |||||
Marbella II [Member] | Years 9-10 [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Percentage of PILOT on project costs | 14.00% | |||||
Port Imperial South 9 [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Project period | 25 years | |||||
Total project costs | $ 143,800,000 | |||||
Port Imperial South 9 [Member] | Years 1-10 [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Percentage of PILOT on project costs | 11.00% | |||||
Port Imperial South 9 [Member] | Years 11-18 [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Percentage of PILOT on gross revenues | 12.50% | |||||
Port Imperial South 9 [Member] | Years 19-25 [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Percentage of PILOT on gross revenues | 14.00% | |||||
Port Imperial South Park Parcel [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Project period | 25 years | |||||
Percentage of PILOT on gross revenues | 10.00% |
Commitments And Contingencies_3
Commitments And Contingencies (Ground Lease Agreements) (Narrative) (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)item | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Lessee, Lease, Description [Line Items] | |||||
Ground lease expense incurred | $ 380,000 | $ 680,000 | $ 640,000 | $ 1,300,000 | |
Operating lease | $ 137,024,000 | $ 137,024,000 | $ 23,602,000 | ||
Number of ground leases | item | 3 | ||||
Minimum [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Term of lease contract | 80 years 9 months 29 days | 80 years 9 months 29 days | |||
Borrowing rate | 7.576% | 7.576% | |||
Maximum [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Term of lease contract | 82 years 6 months 29 days | 82 years 6 months 29 days | |||
Borrowing rate | 7.618% | 7.618% | |||
Accounting Standards Update 2016-02 [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Operating lease | $ 22,300,000 | $ 22,300,000 |
Commitments And Contingencies_4
Commitments And Contingencies (Construction Projects) (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($)item | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)item | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Commitments And Contingencies [Line Items] | |||||
Costs of the project incurred | $ 3,151 | $ 3,113 | $ 7,243 | $ 6,966 | |
Amount outstanding | $ 189,000 | 189,000 | $ 25,000 | ||
Port Imperial South 9 [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Construction costs incurred | $ 125,800 | ||||
Delivery date to tenant | July 2021 | ||||
Number of units | item | 313 | 313 | |||
Amount outstanding | $ 74,000 | $ 74,000 | |||
Total project costs | 143,800 | ||||
Amount to fund | $ 51,800 | 51,800 | |||
25 Christopher Columbus [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Construction costs incurred | $ 383,800 | ||||
Delivery date to tenant | first quarter 2022 | ||||
Number of units | item | 750 | 750 | |||
Amount outstanding | $ 214,300 | $ 214,300 | |||
Total project costs | 469,500 | ||||
Amount to fund | 169,500 | 169,500 | |||
Construction Loan [Member] | Port Imperial South 9 [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Amount outstanding | 92,000 | 92,000 | |||
Construction Loan [Member] | 25 Christopher Columbus [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Amount outstanding | $ 300,000 | $ 300,000 |
Commitments And Contingencies_5
Commitments And Contingencies (Management Changes) (Narrative) (Details) - USD ($) | Jun. 10, 2021 | Jun. 09, 2021 | Mar. 10, 2021 | Mar. 08, 2021 | Jul. 26, 2020 | Jul. 25, 2020 | Jun. 30, 2021 | Jun. 30, 2021 |
Commitments And Contingencies [Line Items] | ||||||||
Performance period | 3 years | |||||||
MAG Partners [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Shares granted | 157,505 | |||||||
Monthly fee | $ 150,000 | $ 150,000 | ||||||
One-time bonus | 300,000 | |||||||
One-time completion bonus | $ 200,000 | |||||||
Maximum [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Annual bonus opportunity threshold percentage | 200.00% | |||||||
Mahbod Nia, CEO [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Shares granted | 950,000 | |||||||
Annual bonus opportunity percentage | 150.00% | |||||||
Annual base salary | $ 800,000 | |||||||
Annual bonus opportunity threshold percentage | 50.00% | |||||||
Annual Aggregate grant date fair value | $ 4,000,000 | |||||||
Employee agreement | 3 years | |||||||
Mahbod Nia, CEO [Member] | Maximum [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Annual health coverage | $ 25,000 | |||||||
Annual tax compliance assistance | 30,000 | |||||||
Reimbursement of attorneys' fees to negotiate the Employment Agreement | 100,000 | |||||||
Reimbursement for relocation costs | $ 50,000 | |||||||
Anna Malhari, EVP and COO [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Annual bonus opportunity percentage | 100.00% | |||||||
Annual base salary | $ 300,000 | |||||||
Annual bonus opportunity threshold percentage | 50.00% | |||||||
Annual maximum bonus percentage | 150.00% | |||||||
Annual Aggregate grant date fair value | $ 100,000 | |||||||
Time-based vesting condtions, percentage | 50.00% | |||||||
Performance-based vesting conditions, percentage | 50.00% | |||||||
Termination terms | Upon a termination without “cause” (as defined in the Employment Agreement) or by Ms. Malhari for “good reason” (as defined in the Employment Agreement), subject to execution of a release of claims, Ms. Malhari will be entitled to (i) cash severance equal to 1.5 times (the “Multiplier”) the sum of her base salary and Target Bonus, paid in a lump sum as soon as practicable following the date of termination, but, if such termination occurs within the period commencing 3 months prior to a “change in control” (as defined in the Malhari Employment Agreement) and ending one year following a “change in control,” the Multiplier will increase to 2.0 times; (ii) up to 18 months of continued medical coverage for Ms. Malhari and her dependents; (iii) accelerated vesting of time-based equity awards; and (iv) eligibility to vest in a prorated amount of outstanding performance-based equity awards, based on the amount of time Ms. Malhari remained employed during the applicable performance period and actual performance over the applicable performance period. | |||||||
Marshall Tycher, Previous CEO [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Release agreement terms | · immediately vest in 29,230 previously earned but unvested performance-based long-term incentive plan units (“LTIP Units”);· immediately vest in 31,963 unvested time-based LTIP Units and 1,162 time-vesting restricted stock units (“RSUs”) previously granted to Mr. Tycher;· be eligible to vest in a maximum of 162,290 performance-based LTIP Units and 2,153 performance-vesting RSUs previously granted to Mr. Tycher, subject to the achievement of applicable performance criteria over the performance period applicable under the award agreements governing such LTIP Units and RSUs; and· immediately forfeit 101,625 performance-based LTIPs and 48,960 PRSUs previously granted to Mr. Tycher. | |||||||
Consulting agreement terms | · provide certain consulting, cooperation and transition services to the Company and general support, oversight and development services for the Company’s multi-family operations;· receive a monthly consulting fee of $33,334 during the first twelve (12) months of the Consulting Term;· be eligible to receive, upon and subject to the occurrence of thirteen separate milestone events to the extent each such milestone event may occur during the Consulting Term, a success fee ranging from $50,000 to $150,000 per milestone, up to a maximum aggregate of $1,250,000 if all milestones are achieved during the Consulting Term;· be eligible for continued vesting in 12,720 time-based LTIP Units and 54,155 time-vesting RSUs previously granted to Mr. Tycher, subject to Mr. Tycher’s performance of the Consulting Agreement through the end of the Consulting Term;· be eligible for continued vesting in a maximum of 72,688 performance-based LTIP Units previously granted to Mr. Tycher, subject to Mr. Tycher’s performance of the Consulting Agreement through the end of the Consulting Term and the achievement of applicable performance criteria over the performance period applicable under the award agreements governing such LTIP Units; and · be eligible for continued vesting in 18,387 performance-based LTIP Units and 51,393 performance-vesting RSUs previously granted to Mr. Tycher, in each case subject to Mr. Tycher’s achievement of certain performance milestones set forth in the Consulting Agreement and the achievement of the applicable performance criteria over the performance period applicable under the award agreements governing such LTIP Units and RSUs. | |||||||
Employee Severance [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Restructuring costs | $ 7,100,000 | $ 10,200,000 | ||||||
Employee Severance [Member] | General and Administrative Expense [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Restructuring costs | 6,000,000 | 8,400,000 | ||||||
Employee Severance [Member] | Operating Services Expense [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Restructuring costs | $ 1,100,000 | $ 1,800,000 |
Commitments And Contingencies_6
Commitments And Contingencies (Other) (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Sep. 30, 2020USD ($)employeeitemshares | Jun. 30, 2021USD ($)property | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)property | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Commitments And Contingencies [Line Items] | ||||||
Properties aggregate net book value | $ 84,800 | |||||
Number of payments | item | 3 | |||||
Reimbursement expense | $ 6,100 | |||||
General and administrative | $ 18,067 | $ 16,966 | $ 32,056 | $ 32,784 | ||
Stay-On Award Agreement [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Number of employees | employee | 40 | |||||
Potential shares | shares | 82,629 | |||||
Exercisable time period | 7 years | |||||
Bow Street LLC [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
General and administrative | $ 6,100 | |||||
Property Lock-Ups Expired [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Number of properties | property | 6 | 6 | ||||
Properties aggregate net book value | $ 1,100,000 | |||||
Maximum [Member] | Stay-On Award Agreement [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Stay on award agreement cost | $ 5,600 |
Commitments And Contingencies_7
Commitments And Contingencies (Future Minimum Rental Payments Of Ground Leases) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Commitments And Contingencies [Abstract] | ||
Remaining | $ 848 | |
Year one | 1,695 | $ 1,750 |
Year two | 1,702 | 1,750 |
Year three | 1,721 | 1,756 |
Year four | 1,728 | 1,776 |
Year five | 1,742 | |
2026 through 2101 | 152,980 | 152,980 |
Total lease payments | 160,674 | 161,754 |
Less: imputed interest | (23,650) | (138,152) |
Total | $ 137,024 | $ 23,602 |
Tenant Leases (Future Minimum R
Tenant Leases (Future Minimum Rentals To Be Received Under Non-Cancelable Operating Leases) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Property Subject to or Available for Operating Lease [Line Items] | ||
April 1 through December 31, 2021 | $ 58,200 | |
Year one | 115,749 | $ 117,228 |
Year two | 113,972 | 114,101 |
Year three | 97,780 | 108,406 |
Year four | 93,525 | 92,605 |
Year Five | 88,309 | |
2026 and thereafter | 505,081 | 462,920 |
Total | $ 984,307 | $ 983,569 |
Tenant Leases [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Operating leases with various expiration dates through year | 2042 | |
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. 30, 2021USD ($)$ / shares | Jun. 30, 2020USD ($)$ / shares | Mar. 31, 2019USD ($) | Jun. 30, 2021USD ($)$ / shares | Jun. 30, 2020USD ($)$ / shares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Apr. 30, 2017shares |
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
General and administrative | $ 18,067,000 | $ 16,966,000 | $ 32,056,000 | $ 32,784,000 | |||||||||||
Payment for borrowings | $ 33,000,000 | 140,000,000 | |||||||||||||
Minimum [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Percentage of interest in venture | 20.00% | 20.00% | |||||||||||||
Maximum [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Percentage of interest in venture | 85.00% | 85.00% | |||||||||||||
Mack-Cali Realty LP [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
General and administrative | $ 18,067,000 | $ 16,966,000 | $ 32,056,000 | $ 32,784,000 | |||||||||||
Common unit distribution per unit declared | $ / shares | $ 0 | $ 0.20 | $ 0 | $ 0.40 | |||||||||||
Payment for borrowings | $ 33,000,000 | $ 140,000,000 | |||||||||||||
Series A Units [Member] | Mack-Cali Realty LP [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Preferred units shares issued | shares | 42,800 | ||||||||||||||
Preferred unit annual rate | 3.50% | ||||||||||||||
Percentage of interest in venture | 37.50% | ||||||||||||||
Preferred unit in operating partnership | $ 1,000 | ||||||||||||||
Convertible preferred units | shares | 28.15 | ||||||||||||||
Expiration period | 5 years | ||||||||||||||
Shares that may be converted to common units | shares | 1,204,820 | ||||||||||||||
Common unit distribution per unit declared | $ / shares | $ 35.52 | ||||||||||||||
Series A-1 Units [Member] | Mack-Cali Realty LP [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Preferred units shares issued | shares | 9,213 | 91 | |||||||||||||
Preferred unit annual rate | 3.50% | ||||||||||||||
Percentage of interest in venture | 13.80% | ||||||||||||||
Preferred unit in operating partnership | $ 1,000 | ||||||||||||||
Convertible preferred units | shares | 27.936 | ||||||||||||||
Expiration period | 5 years | 5 years | |||||||||||||
Shares that may be converted to common units | shares | 257,375 | ||||||||||||||
Common unit distribution per unit declared | $ / shares | $ 35.80 | ||||||||||||||
Monaco (BLVD 495 N/S) [Member] | Series A-1 Units [Member] | Mack-Cali Realty LP [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Preferred units shares issued | shares | 9,122 | ||||||||||||||
Investment Agreement [Member] | Minimum [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Incremental closing payments, Limited Partnership interest | $ 105,000,000 | ||||||||||||||
RRLP [Member] | Cash Flow From Operations [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Annual return on the equity value | 6.00% | ||||||||||||||
RRLP [Member] | Investment Agreement [Member] | Cash Flow From Capital Events, Distribution Four [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Capital base return | 5.00% | ||||||||||||||
RRLP [Member] | Credit Enhancement Note [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Maximum borrowing capacity | $ 50,000,000 | $ 50,000,000 | |||||||||||||
Increased line of credit | 25,000,000 | $ 25,000,000 | |||||||||||||
Spread over LIBOR | 50.00% | ||||||||||||||
Rockpoint [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Estimated redemption value | $ 474,000,000 | ||||||||||||||
Rockpoint [Member] | Cash Flow From Operations [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Invested capital | 400,000,000 | 400,000,000 | |||||||||||||
Rockpoint [Member] | Cash Flow From Capital Events, Distribution Five [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Invested capital | 400,000,000 | 400,000,000 | |||||||||||||
Rockpoint [Member] | Cash Flow From Capital Events, Distribution Six [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Invested capital | $ 400,000,000 | $ 400,000,000 | |||||||||||||
Rockpoint [Member] | Distribution One [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Purchase price | $ 173,500,000 | ||||||||||||||
Purchase price, less distributions | 198,500,000 | ||||||||||||||
Rockpoint [Member] | Distribution Two [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Purchase price, less distributions | $ 1,500,000 | ||||||||||||||
Rockpoint [Member] | Preferred Units [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Pro rata distribution | 10.947% | ||||||||||||||
Rockpoint [Member] | Preferred Units [Member] | Cash Flow From Operations [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Pro rata distribution | 21.89% | ||||||||||||||
Rockpoint [Member] | Preferred Units [Member] | Cash Flow From Capital Events, Distribution Five [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Pro rata distribution | 21.89% | ||||||||||||||
Rockpoint [Member] | Investment Agreement [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Contributed equity value | $ 1,230,000,000 | ||||||||||||||
Incremental closing payments, Limited Partnership interest | $ 46,000,000 | $ 150,000,000 | $ 45,000,000 | ||||||||||||
Rockpoint [Member] | Investment Agreement [Member] | Maximum [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Contributed amount to obtain equity units | $ 300,000,000 | ||||||||||||||
Rockpoint [Member] | Add On Investment Agreement [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Contributed amount to obtain equity units | $ 100,000,000 | ||||||||||||||
Number of properties in which additional interest was acquired during period | property | 2 | ||||||||||||||
Right of first refusal to invest | $ 100,000,000 | ||||||||||||||
General and administrative | $ 371,000 | ||||||||||||||
Payment for borrowings | $ 100,000,000 | ||||||||||||||
Rockpoint [Member] | Add On Investment Agreement [Member] | Maximum [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Contributed amount to obtain equity units | $ 154,000,000 | ||||||||||||||
Rockpoint [Member] | RRLP [Member] | Cash Flow From Operations [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Annual return | 6.00% | ||||||||||||||
Base return | 4.64% | ||||||||||||||
Rockpoint [Member] | RRLP [Member] | Cash Flow From Capital Events, Distribution Three [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Base return | 4.64% | ||||||||||||||
Rockpoint [Member] | RRLP [Member] | Cash Flow From Capital Events, Distribution Four [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Capital base return | 4.64% | ||||||||||||||
Rockpoint [Member] | RRLP [Member] | Cash Flow From Capital Events, Distribution Five [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Internal rate of return | 11.00% | ||||||||||||||
Rockpoint [Member] | RRLP [Member] | Cash Flow From Capital Events, Distribution Six [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Pro rata share | 50.00% | ||||||||||||||
Rockpoint [Member] | RRLP [Member] | Investment Agreement [Member] | Cash Flow From Operations [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Base return | 5.00% | ||||||||||||||
Rockpoint [Member] | RRLP [Member] | Investment Agreement [Member] | Cash Flow From Capital Events, Distribution Three [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Base return | 95.00% | ||||||||||||||
RRT [Member] | Preferred Units [Member] | Cash Flow From Operations [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Pro rata distribution | 2.65% | ||||||||||||||
RRT [Member] | Preferred Units [Member] | Cash Flow From Capital Events, Distribution Five [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Pro rata distribution | 2.65% | ||||||||||||||
RRT [Member] | Preferred Units [Member] | Cash Flow From Capital Events, Distribution Six [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Pro rata distribution | 1.325% | ||||||||||||||
RRT [Member] | Common Units [Member] | Cash Flow From Operations [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Pro rata distribution | 75.46% | ||||||||||||||
RRT [Member] | Common Units [Member] | Cash Flow From Capital Events, Distribution Five [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Pro rata distribution | 75.46% | ||||||||||||||
RRT [Member] | Common Units [Member] | Cash Flow From Capital Events, Distribution Six [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Pro rata distribution | 87.728% | ||||||||||||||
RRT [Member] | RRLP [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Loan-to-value ratio | 65.00% | ||||||||||||||
Equity capitalization percent | 10.00% | ||||||||||||||
RRT [Member] | RRLP [Member] | Cash Flow From Operations [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Base return | 95.36% | ||||||||||||||
RRT [Member] | RRLP [Member] | Cash Flow From Capital Events, Distribution Three [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Base return | 95.36% | ||||||||||||||
RRT [Member] | RRLP [Member] | Cash Flow From Capital Events, Distribution Four [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Capital base return | 95.36% | ||||||||||||||
RRT [Member] | RRLP [Member] | Investment Agreement [Member] | Cash Flow From Operations [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Base return | 95.00% | ||||||||||||||
RRT [Member] | RRLP [Member] | Investment Agreement [Member] | Cash Flow From Capital Events, Distribution Three [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Base return | 5.00% | ||||||||||||||
RRT [Member] | RRLP [Member] | Investment Agreement [Member] | Cash Flow From Capital Events, Distribution Four [Member] | |||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||||
Capital base return | 95.00% |
Redeemable Noncontrolling Int_4
Redeemable Noncontrolling Interests (Schedule Of Changes In The Value Of The Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Redeemable Noncontrolling Interest [Line Items] | ||||
Balance | $ 513,297 | |||
Income Attributed to Noncontrolling Interests | $ (6,471) | $ (6,471) | (12,942) | $ (12,942) |
Redemption Value Adjustment | (8,176) | (8,944) | (16,617) | (18,515) |
Balance | 516,972 | 516,972 | ||
Redeemable Noncontrolling Interests [Member] | ||||
Redeemable Noncontrolling Interest [Line Items] | ||||
Balance | 515,267 | 506,482 | 513,297 | 503,382 |
Net | 515,267 | 506,482 | 513,297 | 503,382 |
Income Attributed to Noncontrolling Interests | 6,471 | 6,471 | 12,942 | 12,942 |
Distributions | (6,471) | (6,471) | (12,942) | (12,942) |
Redemption Value Adjustment | 1,705 | 2,473 | 3,675 | 5,573 |
Balance | 516,972 | 508,955 | 516,972 | 508,955 |
Redeemable Noncontrolling Interests [Member] | Series A And Series A-1 Preferred Units In MCRLP [Member] | ||||
Redeemable Noncontrolling Interest [Line Items] | ||||
Balance | 52,324 | 52,324 | 52,324 | 52,324 |
Net | 52,324 | 52,324 | 52,324 | 52,324 |
Income Attributed to Noncontrolling Interests | 455 | 455 | 910 | 910 |
Distributions | (455) | (455) | (910) | (910) |
Balance | 52,324 | 52,324 | 52,324 | 52,324 |
Rockpoint [Member] | Redeemable Noncontrolling Interests [Member] | ||||
Redeemable Noncontrolling Interest [Line Items] | ||||
Balance | 462,943 | 454,158 | 460,973 | 451,058 |
Net | 462,943 | 454,158 | 460,973 | 451,058 |
Income Attributed to Noncontrolling Interests | 6,016 | 6,016 | 12,032 | 12,032 |
Distributions | (6,016) | (6,016) | (12,032) | (12,032) |
Redemption Value Adjustment | 1,705 | 2,473 | 3,675 | 5,573 |
Balance | $ 464,648 | $ 456,631 | $ 464,648 | $ 456,631 |
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 ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2012 | |
Stockholders 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] | ||
Stockholders 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) - USD ($) | Mar. 10, 2021 | Jul. 26, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Jul. 25, 2020 | May 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Weighted average remaining contractual life | 4 years 3 months 18 days | 3 years 7 months 6 days | |||||||
Options exercised | 0 | 0 | |||||||
Stock options expense | $ 224,000 | $ 0 | $ 338,000 | $ 0 | |||||
Mahbod Nia, CEO [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share price | $ 15.79 | ||||||||
Shares Under Options - Granted | 950,000 | ||||||||
2013 Incentive Stock Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Reserved stocks for issuance | 6,565,000 | 6,565,000 | 4,600,000 | ||||||
MAG Partners [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares Under Options - Granted | 157,505 | ||||||||
MAG Partners [Member] | Maximum [Member] | Common Class At $14.39 [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares authorized | 230,000 | ||||||||
Share price issued | $ 14.39 | ||||||||
MAG Partners [Member] | Maximum [Member] | Common Class At $20.00 [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share price | $ 20 | ||||||||
Number of shares authorized | 100,000 | ||||||||
Share price issued | $ 20 |
Mack-Cali Realty Corporation _5
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (AO LTIP Units (Appreciation-Only LTIP Units)) (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options expense | $ 224,000 | $ 0 | $ 338,000 | $ 0 | |
AO LTIP Units Award [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share price | $ 21.46 | $ 21.46 | |||
Exercisable period | 10 years | ||||
Total unrecognized compensation cost | $ 1,100,000 | $ 1,100,000 | |||
Total unrecognized compensation cost, period of recognition | 1 year 8 months 12 days | ||||
Stock options expense | $ 155,000 | $ 155,000 | $ 310,000 | $ 310,000 | |
AO LTIP Units Award [Member] | Messr DeMarco, CEO [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted | 625,000 | ||||
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 (Long-Term Incentive Plan Awards) (Narrative) (Details) $ / shares in Units, $ in Millions | Apr. 21, 2021itemshares | Nov. 03, 2020 | Mar. 22, 2019 | Mar. 13, 2019 | Apr. 20, 2018 | Jun. 30, 2021USD ($)shares | Dec. 31, 2023$ / shares | Apr. 19, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percentage of units forfeited | 31.25% | |||||||
Performance period | 3 years | |||||||
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% | |||||||
Unvested LTIP [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Total unrecognized compensation cost | $ | $ 7.2 | |||||||
Total unrecognized compensation cost, period of recognition | 1 year 10 months 24 days | |||||||
2018 OPP [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Performance period | 3 years | |||||||
TSR percent | 36.00% | |||||||
2019 OPP [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Performance period | 3 years | |||||||
TSR percent | 36.00% | |||||||
2020 OPP [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Performance period | 3 years | |||||||
TSR percent | 36.00% | |||||||
2021 RSU LTIP Awards [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Performance period | 3 years | |||||||
2021 RSU LTIP Awards [Member] | Time-Based Award [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares granted | 291,951 | |||||||
Annual installments | item | 3 | |||||||
Exercisable time period | 3 years | |||||||
2021 RSU LTIP Awards [Member] | Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Performance period | 3 years | |||||||
TSR percent | 36.00% | |||||||
Shares granted | 452,730 | |||||||
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] | 2019 LTIP Awards [Member] | Time-Based Award [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percent of the award | 25.00% | |||||||
Messr DeMarco, CEO [Member] | 2019 LTIP Awards [Member] | Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Remaining percent of the award | 75.00% | |||||||
Messr DeMarco, CEO [Member] | 2019 TBV LTIP Units [Member] | Time-Based Award [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Performance period | 3 years | |||||||
Messieur Tycher, Smetana, Wagner, Cardoso, And Hilton [Member] | 2019 LTIP Awards [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percent of the award | 50.00% | |||||||
Remaining percent of the award | 50.00% | |||||||
Messr DeBari [Member] | 2019 LTIP Awards [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percent of the award | 100.00% | |||||||
Ricardo Cardoso [Member] | J Series 2021 OPP [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percent of estimated net asset | 85.00% | |||||||
Maximum [Member] | Outperformance RSUs [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares granted | 291,951 | |||||||
Scenario, Forecast [Member] | Outperformance RSUs [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share price | $ / shares | $ 0.60 |
Mack-Cali Realty Corporation _7
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Deferred Stock Compensation Plan For Directors) (Narrative) (Details) - shares | Jun. 12, 2020 | Jun. 12, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
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 | 3,798 | 3,907 | 8,381 | 9,710 | |||
Deferred stock units converted | 61,277 | 193,949 | |||||
Deferred stock units outstanding | 28,862 | 28,862 | 17,854 |
Mack-Cali Realty Corporation _8
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Earnings Per Share/Unit) (Narrative) (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Dividends declared per common share | $ 0 | $ 0.20 | $ 0 | $ 0.40 |
Mack-Cali Realty LP [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Distribution declared per common unit | $ 0 | $ 0.20 | $ 0 | $ 0.40 |
Mack-Cali Realty Corporation _9
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Schedule Of General Partner Capital) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Investment Company, Financial Highlights [Line Items] | ||||
Balance | $ 1,398,817 | |||
Common stock distributions | $ (1,480) | |||
Redeemable noncontrolling interests | $ (6,471) | $ (6,471) | (12,942) | (12,942) |
Redemption of common units | (410) | (10,869) | (2,141) | |
Directors' deferred compensation plan | 66 | 57 | 138 | 139 |
Cancellation of common stock, value | (118) | |||
Other comprehensive income (loss) | (16) | |||
Balance | 1,335,226 | 1,335,226 | ||
General Partner Common Unitholders [Member] | ||||
Investment Company, Financial Highlights [Line Items] | ||||
Balance | 1,406,823 | 1,434,143 | 1,398,817 | 1,493,699 |
Net income (loss) available to common shareholders | (72,079) | (34,887) | (64,456) | (74,811) |
Common stock distributions | (18,119) | |||
Redeemable noncontrolling interests | (1,550) | (2,236) | (3,341) | (5,040) |
Redemption of common units for common stock | 2,716 | 2,716 | ||
Shares issued under Dividend Reinvestment and Stock Purchase Plan | 11 | 11 | 29 | 30 |
Directors' deferred compensation plan | 66 | 57 | 138 | 139 |
Stock compensation | 1,239 | 334 | 1,885 | 764 |
Cancellation of common stock, value | (118) | |||
Other comprehensive income (loss) | 18 | |||
Rebalancing of ownership percent between parent and subsidiaries | (2,000) | 1,611 | (444) | 2,353 |
Balance | $ 1,335,226 | $ 1,399,033 | $ 1,335,226 | $ 1,399,033 |
Mack-Cali Realty Corporation_10
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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Stockholders Equity [Line Items] | ||||
Income (loss) from continuing operations | $ (78,907) | $ (41,699) | $ (99,129) | $ (72,703) |
Add (deduct): Noncontrolling interests in consolidated joint ventures | 1,198 | 829 | 2,533 | 1,005 |
Add (deduct): Noncontrolling interests in Operating Partnership | 7,669 | 4,527 | 9,974 | 8,089 |
Add (deduct): Redeemable noncontrolling interests | (6,471) | (6,471) | (12,942) | (12,942) |
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders | (1,550) | (2,236) | (3,341) | (5,040) |
Income (loss) from continuing operations available to common shareholders | (78,061) | (45,050) | (102,905) | (81,591) |
Income (loss) from discontinued operations available to common shareholders | 4,432 | 7,927 | 35,108 | 1,740 |
Net income (loss) available to common shareholders for basic earnings per share | $ (73,629) | $ (37,123) | $ (67,797) | $ (79,851) |
Weighted average common shares | 90,774 | 90,629 | 90,733 | 90,622 |
Income (loss) from continuing operations available to common shareholders | $ (0.86) | $ (0.50) | $ (1.13) | $ (0.90) |
Income (loss) from discontinued operations available to common shareholders | 0.05 | 0.09 | 0.38 | 0.02 |
Net income (loss) available to common shareholders | $ (0.81) | $ (0.41) | $ (0.75) | $ (0.88) |
Mack-Cali Realty LP [Member] | ||||
Stockholders Equity [Line Items] | ||||
Income (loss) from continuing operations | $ (78,907) | $ (41,699) | $ (99,129) | $ (72,703) |
Add (deduct): Noncontrolling interests in consolidated joint ventures | 1,198 | 829 | 2,533 | 1,005 |
Add (deduct): Redeemable noncontrolling interests | (6,471) | (6,471) | (12,942) | (12,942) |
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders | (1,705) | (2,473) | (3,675) | (5,573) |
Income (loss) from continuing operations available to common shareholders | (85,885) | (49,814) | (113,213) | (90,213) |
Income (loss) from discontinued operations available to common shareholders | 4,876 | 8,765 | 38,619 | 1,925 |
Net income (loss) available to common shareholders for basic earnings per share | $ (81,009) | $ (41,049) | $ (74,594) | $ (88,288) |
Weighted average common units | 99,873 | 100,213 | 99,817 | 100,198 |
Income (loss) from continuing operations available to common shareholders | $ (0.86) | $ (0.50) | $ (1.13) | $ (0.90) |
Income (loss) from discontinued operations available to common shareholders | 0.05 | 0.09 | 0.38 | 0.02 |
Net income (loss) available to common shareholders | $ (0.81) | $ (0.41) | $ (0.75) | $ (0.88) |
Mack-Cali Realty Corporation_11
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Earnings Per Share Tables - Diluted Computation Of EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Stockholders Equity [Line Items] | ||||
Net income (loss) from continuing operations available to common shareholders | $ (78,061) | $ (45,050) | $ (102,905) | $ (81,591) |
Add (deduct): Noncontrolling interests in Operating Partnership | (7,669) | (4,527) | (9,974) | (8,089) |
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests in the Operating Partnership unitholders | (155) | (237) | (334) | (533) |
Income (loss) from continuing operations for diluted earnings per share | (85,885) | (49,814) | (113,213) | (90,213) |
Income (loss) from discontinued operations for diluted earnings per share | 4,876 | 8,765 | 38,619 | 1,925 |
Net income (loss) available for diluted earnings per share | $ (81,009) | $ (41,049) | $ (74,594) | $ (88,288) |
Weighted average common shares | 99,873 | 100,213 | 99,817 | 100,198 |
Income (loss) from continuing operations available to common shareholders | $ (0.86) | $ (0.50) | $ (1.13) | $ (0.90) |
Income (loss) from discontinued operations available to common shareholders | 0.05 | 0.09 | 0.38 | 0.02 |
Net income (loss) available to common shareholders | $ (0.81) | $ (0.41) | $ (0.75) | $ (0.88) |
Mack-Cali Realty LP [Member] | ||||
Stockholders Equity [Line Items] | ||||
Net income (loss) from continuing operations available to common shareholders | $ (85,885) | $ (49,814) | $ (113,213) | $ (90,213) |
Income (loss) from discontinued operations for diluted earnings per share | 4,876 | 8,765 | 38,619 | 1,925 |
Net income (loss) available for diluted earnings per share | $ (81,009) | $ (41,049) | $ (74,594) | $ (88,288) |
Weighted average common unit | 99,873 | 100,213 | 99,817 | 100,198 |
Income (loss) from continuing operations available to common shareholders | $ (0.86) | $ (0.50) | $ (1.13) | $ (0.90) |
Income (loss) from discontinued operations available to common shareholders | 0.05 | 0.09 | 0.38 | 0.02 |
Net income (loss) available to common shareholders | $ (0.81) | $ (0.41) | $ (0.75) | $ (0.88) |
Mack-Cali Realty Corporation_12
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Schedule Of Reconciliation Of Shares Used In Basic EPS Calculation To Shares Used In Diluted EPS Calculation) (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Stockholders Equity [Line Items] | ||||
Basic EPS shares | 90,774 | 90,629 | 90,733 | 90,622 |
Add: Operating Partnership - common and vested LTIP units | 9,099 | 9,584 | 9,084 | 9,576 |
Diluted EPS Shares | 99,873 | 100,213 | 99,817 | 100,198 |
Mack-Cali Realty LP [Member] | ||||
Stockholders Equity [Line Items] | ||||
Basic EPU units | 99,873 | 100,213 | 99,817 | 100,198 |
Diluted EPU Units | 99,873 | 100,213 | 99,817 | 100,198 |
Noncontrolling Interests In S_3
Noncontrolling Interests In Subsidiaries (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2019 | Jun. 30, 2021 | Dec. 31, 2020 | |
Noncontrolling Interest [Line Items] | |||
Number of common shares received upon redemption of common units | 1 | ||
Rebalance of ownership percentage | $ 0.4 | ||
Participation Rights [Member] | |||
Noncontrolling Interest [Line Items] | |||
Excess net cash flow remaining after the distribution to the Company | 50.00% | ||
Internal rate of return | 10.00% | ||
Mack-Cali Realty LP [Member] | |||
Noncontrolling Interest [Line Items] | |||
Percentage of noncontrolling interest | 9.00% | 9.60% | |
Flex Portfolio [Member] | |||
Noncontrolling Interest [Line Items] | |||
Redemption of common units, shares | 24,860 | ||
Proceeds from sale of properties | $ 0.4 | ||
Disposal Group, Not Discontinued Operations [Member] | Flex Portfolio [Member] | |||
Noncontrolling Interest [Line Items] | |||
Redemption of common units, shares | 678,302 | ||
Proceeds from sale of properties | $ 10.5 | ||
AO LTIP Units Award [Member] | |||
Noncontrolling Interest [Line Items] | |||
Exercisable period | 10 years | ||
AO LTIP Units Award [Member] | Messr DeMarco, CEO [Member] | |||
Noncontrolling Interest [Line Items] | |||
Shares granted | 625,000 |
Noncontrolling Interests In S_4
Noncontrolling Interests In Subsidiaries (Schedule Of Activity Of Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Noncontrolling Interest [Line Items] | ||||
Balance, value | $ 193,563 | |||
Common stock distributions | $ (1,480) | |||
Common unit distributions | $ 639 | $ 790 | 643 | |
Redeemable noncontrolling interests | (6,471) | (6,471) | (12,942) | (12,942) |
Redemption of common units, value | (410) | (10,869) | (2,141) | |
Other comprehensive income (loss) | (16) | |||
Balance, value | 175,107 | 175,107 | ||
Noncontrolling Interests In Subsidiaries [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Balance, value | 182,693 | 198,017 | 193,563 | 205,776 |
Net income | (1,952) | 1,953 | 3,946 | 4,033 |
Common stock distributions | (1,480) | |||
Common unit distributions | 639 | 790 | 643 | |
Redeemable noncontrolling interests | (6,626) | (6,708) | (13,276) | (13,475) |
Change in noncontrolling interests in consolidated joint ventures | 175 | (83) | 185 | 133 |
Redemption of common units for common stock | (2,716) | (2,716) | ||
Redemption of common units, value | (410) | (10,869) | (2,141) | |
Stock compensation | 1,304 | 2,105 | 3,187 | 4,205 |
Cancellation of unvested LTIP units | (201) | |||
Other comprehensive income (loss) | (34) | |||
Rebalancing of ownership percentage between parent and subsidiaries | 2,000 | (1,611) | 444 | (2,353) |
Balance, value | $ 175,107 | $ 194,463 | $ 175,107 | $ 194,463 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)segment | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of business segments | segment | 2 | ||||
Total revenues | $ 81,247,000 | $ 74,197,000 | $ 157,340,000 | $ 157,801,000 | |
Foreign Locations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 0 | $ 0 | |||
Long lived assets | $ 0 | $ 0 | $ 0 |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Selected Results Of Operations And Asset Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Total revenues | $ 81,247 | $ 74,197 | $ 157,340 | $ 157,801 | |
Total operating and interest expenses | 74,947 | 70,664 | 141,220 | 142,304 | |
Equity in earnings (loss) of unconsolidated joint ventures | 349 | (946) | (1,107) | (1,654) | |
Net operating income (loss) | 6,649 | 2,587 | 15,013 | 13,843 | |
Total assets | 4,591,477 | 4,591,477 | $ 5,147,786 | ||
Total long-lived assets | 4,208,434 | 4,208,434 | 4,727,128 | ||
Total investments in unconsolidated joint ventures | 154,914 | 154,914 | 162,382 | ||
Commercial And Other Real Estate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 41,446 | 36,307 | 80,701 | 77,403 | |
Total operating and interest expenses | 16,306 | 16,277 | 35,973 | 36,473 | |
Equity in earnings (loss) of unconsolidated joint ventures | (14) | (377) | (133) | (494) | |
Net operating income (loss) | 25,126 | 19,653 | 44,595 | 40,436 | |
Total assets | 1,257,056 | 1,257,056 | 1,881,161 | ||
Total long-lived assets | 1,109,042 | 1,109,042 | 1,693,054 | ||
Total investments in unconsolidated joint ventures | 3,610 | 3,610 | 5,555 | ||
Multiple-Family Real Estate & Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 40,279 | 38,234 | 77,596 | 81,081 | |
Total operating and interest expenses | 30,909 | 22,144 | 53,065 | 44,917 | |
Equity in earnings (loss) of unconsolidated joint ventures | 363 | (569) | (974) | (1,160) | |
Net operating income (loss) | 9,733 | 15,521 | 23,557 | 35,004 | |
Total assets | 3,304,351 | 3,304,351 | 3,249,516 | ||
Total long-lived assets | 3,101,034 | 3,101,034 | 3,035,485 | ||
Total investments in unconsolidated joint ventures | 151,304 | 151,304 | 156,827 | ||
Corporate & Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | (478) | (344) | (957) | (683) | |
Total operating and interest expenses | 27,732 | 32,243 | 52,182 | 60,914 | |
Net operating income (loss) | (28,210) | $ (32,587) | (53,139) | $ (61,597) | |
Total assets | 30,070 | 30,070 | 17,109 | ||
Total long-lived assets | $ (1,642) | $ (1,642) | $ (1,411) |
Segment Reporting (Schedule O_2
Segment Reporting (Schedule Of Reconciliation Of Net Operating Income To Net Income Available To Common Shareholders) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Net operating income | $ 6,649 | $ 2,587 | $ 15,013 | $ 13,843 |
Depreciation and amortization | (28,893) | (27,440) | (57,066) | (61,335) |
Land and other impairments | (7,519) | (16,846) | (7,932) | (22,109) |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net | 3,521 | 3,521 | (7,915) | |
Gain on disposition of developable land | 111 | 111 | 4,813 | |
Income (loss) from continuing operations | (78,907) | (41,699) | (99,129) | (72,703) |
Income from discontinued operations | 2,796 | 20,694 | 13,758 | 41,600 |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | 2,080 | (11,929) | 24,861 | (39,675) |
Total discontinued operations, net | 4,876 | 8,765 | 38,619 | 1,925 |
Net income (loss) | (74,031) | (32,934) | (60,510) | (70,778) |
Noncontrolling interests in consolidated joint ventures | 1,198 | 829 | 2,533 | 1,005 |
Noncontrolling interests in Operating Partnership | 7,669 | 4,527 | 9,974 | 8,089 |
Noncontrolling interests in Operating Partnership in discontinued operations | (444) | (838) | (3,511) | (185) |
Redeemable noncontrolling interests | (6,471) | (6,471) | (12,942) | (12,942) |
Net income (loss) available to common shareholders | (72,079) | (34,887) | (64,456) | (74,811) |
Mack-Cali Realty LP [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net operating income | 6,649 | 2,587 | 15,013 | 13,843 |
Depreciation and amortization | (28,893) | (27,440) | (57,066) | (61,335) |
Land and other impairments | (7,519) | (16,846) | (7,932) | (22,109) |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property, net | 3,521 | 3,521 | (7,915) | |
Gain on disposition of developable land | 111 | 111 | 4,813 | |
Income (loss) from continuing operations | (78,907) | (41,699) | (99,129) | (72,703) |
Income from discontinued operations | 2,796 | 20,694 | 13,758 | 41,600 |
Realized gains (losses) and unrealized gains (losses) on disposition of rental property and impairments, net | 2,080 | (11,929) | 24,861 | (39,675) |
Total discontinued operations, net | 4,876 | 8,765 | 38,619 | 1,925 |
Net income (loss) | (74,031) | (32,934) | (60,510) | (70,778) |
Noncontrolling interests in consolidated joint ventures | 1,198 | 829 | 2,533 | 1,005 |
Redeemable noncontrolling interests | (6,471) | (6,471) | (12,942) | (12,942) |
Net income (loss) available to common shareholders | $ (79,304) | $ (38,576) | $ (70,919) | $ (82,715) |