Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 21, 2013 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | MACK CALI REALTY CORP | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 30-Sep-13 | |
Entity Central Index Key | 924901 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Entity Common Stock, Shares Outstanding | 88,023,335 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Rental property | ||
Land and leasehold interests | $755,643 | $782,315 |
Buildings and improvements | 3,908,139 | 4,104,472 |
Tenant improvements | 445,623 | 489,608 |
Furniture, fixtures and equipment | 4,535 | 3,041 |
Gross investment in rental property | 5,113,940 | 5,379,436 |
Less - accumulated depreciation and amortization | -1,392,064 | -1,478,214 |
Total investment in rental property | 3,721,876 | 3,901,222 |
Rental property held for sale, net | 60,863 | |
Net investment in rental property | 3,721,876 | 3,962,085 |
Cash and cash equivalents | 308,043 | 58,245 |
Investments in unconsolidated joint ventures | 131,859 | 132,339 |
Unbilled rents receivable, net | 134,695 | 139,984 |
Deferred charges, goodwill and other assets | 284,399 | 204,874 |
Restricted cash | 19,213 | 19,339 |
Accounts receivable, net of allowance for doubtful accounts of $3,122 and $2,614 | 9,178 | 9,179 |
Total assets | 4,609,263 | 4,526,045 |
LIABILITIES AND EQUITY | ||
Senior unsecured notes | 1,616,337 | 1,446,894 |
Mortgages, loans payable and other obligations | 752,344 | 757,495 |
Dividends and distributions payable | 30,003 | 44,855 |
Accounts payable, accrued expenses and other liabilities | 130,588 | 124,822 |
Rents received in advance and security deposits | 45,857 | 55,917 |
Accrued interest payable | 23,472 | 27,555 |
Total liabilities | 2,598,601 | 2,457,538 |
Commitments and contingencies | ||
Mack-Cali Realty Corporation stockholders' equity: | ||
Common stock, $0.01 par value, 190,000,000 shares authorized, 88,021,807 and 87,536,292 shares outstanding | 880 | 875 |
Additional paid-in capital | 2,536,837 | 2,530,621 |
Dividends in excess of net earnings | -817,387 | -764,522 |
Total Mack-Cali Realty Corporation stockholders' equity | 1,720,330 | 1,766,974 |
Noncontrolling interests in subsidiaries: | ||
Operating Partnership | 234,282 | 245,091 |
Consolidated joint ventures | 56,050 | 56,442 |
Total noncontrolling interests in subsidiaries | 290,332 | 301,533 |
Total equity | 2,010,662 | 2,068,507 |
Total liabilities and equity | $4,609,263 | $4,526,045 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets [Abstract] | ||
Allowance for doubtful accounts receivable | $3,122 | $2,614 |
Common stock, par value per share | $0.01 | $0.01 |
Common stock, shares authorized | 190,000,000 | 190,000,000 |
Common stock, shares outstanding | 88,021,807 | 87,536,292 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
REVENUES | ||||
Base rents | $134,882 | $132,388 | $403,943 | $401,920 |
Escalations and recoveries from tenants | 17,173 | 19,717 | 54,117 | 56,540 |
Construction services | 678 | 1,169 | 15,650 | 9,235 |
Real estate services | 7,003 | 1,247 | 20,088 | 3,519 |
Parking income | 1,642 | 1,427 | 4,631 | 4,553 |
Other income | 1,127 | 849 | 3,335 | 10,524 |
Total revenues | 162,505 | 156,797 | 501,764 | 486,291 |
EXPENSES | ||||
Real estate taxes | 20,572 | 20,472 | 62,055 | 64,587 |
Utilities | 18,043 | 16,647 | 48,070 | 44,645 |
Operating services | 25,852 | 24,261 | 76,487 | 71,859 |
Direct construction costs | 609 | 979 | 14,945 | 8,594 |
Real estate services expenses | 5,552 | 536 | 15,809 | 1,542 |
General and administrative | 12,151 | 12,580 | 37,235 | 35,150 |
Depreciation and amortization | 46,094 | 43,492 | 135,122 | 130,720 |
Impairments | 48,700 | 48,700 | ||
Total expenses | 177,573 | 118,967 | 438,423 | 357,097 |
Operating income | -15,068 | 37,830 | 63,341 | 129,194 |
OTHER (EXPENSE) INCOME | ||||
Interest expense | -30,936 | -30,428 | -92,075 | -92,539 |
Interest and other investment income | 187 | 7 | 1,287 | 27 |
Equity in earnings (loss) of unconsolidated joint ventures | -229 | 2,418 | -2,059 | 4,751 |
Loss from early extinguishment of debt | -4,415 | |||
Total other (expense) income | -30,978 | -28,003 | -92,847 | -92,176 |
Income (loss) from continuing operations | -46,046 | 9,827 | -29,506 | 37,018 |
Discontinued operations: | ||||
Income from discontinued operations | 2,164 | 6,337 | 11,842 | 17,446 |
Loss from early extinguishment of debt | -703 | |||
Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net | 47,321 | 12 | 61,079 | 2,390 |
Total discontinued operations, net | 49,485 | 6,349 | 72,218 | 19,836 |
Net income | 3,439 | 16,176 | 42,712 | 56,854 |
Noncontrolling interest in consolidated joint ventures | 1,838 | 85 | 1,962 | 256 |
Noncontrolling interest in Operating Partnership | 5,314 | -1,207 | 3,295 | -4,543 |
Noncontrolling interest in discontinued operations | -5,948 | -773 | -8,699 | -2,418 |
Net income available to common shareholders | $4,643 | $14,281 | $39,270 | $50,149 |
Basic earnings per common share: | ||||
Income (loss) from continuing operations | ($0.44) | $0.10 | ($0.28) | $0.37 |
Discontinued operations | $0.49 | $0.06 | $0.73 | $0.20 |
Net income available to common shareholders | $0.05 | $0.16 | $0.45 | $0.57 |
Diluted earnings per common share: | ||||
Income (loss) from continuing operations | ($0.44) | $0.10 | ($0.28) | $0.37 |
Discontinued operations | $0.49 | $0.06 | $0.73 | $0.20 |
Net income available to common shareholders | $0.05 | $0.16 | $0.45 | $0.57 |
Basic weighted average shares outstanding | 87,793 | 87,826 | 87,724 | 87,814 |
Diluted weighted average shares outstanding | 99,787 | 100,075 | 99,778 | 100,071 |
Consolidated_Statement_Of_Chan
Consolidated Statement Of Changes In Equity (USD $) | Common Stock [Member] | Additional Paid-In Capital [Member] | Dividends In Excess Of Net Earnings [Member] | Noncontrolling Interests In Subsidiaries [Member] | Total |
In Thousands | |||||
Balance, value at Dec. 31, 2012 | $875 | $2,530,621 | ($764,522) | $301,533 | $2,068,507 |
Balance, shares at Dec. 31, 2012 | 87,536 | ||||
Net income | 39,270 | 3,442 | 42,712 | ||
Common stock dividends | -92,135 | -92,135 | |||
Common unit distributions | -12,634 | -12,634 | |||
Increase in noncontrolling interest | 1,570 | 1,570 | |||
Redemption of common units for common stock, value | 2 | 3,084 | -3,086 | ||
Redemption of common units for common stock, shares | 155 | ||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, value | 191 | 191 | |||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, shares | 7 | ||||
Stock compensation, value | 3 | 2,448 | 2,451 | ||
Stock compensation, shares | 324 | ||||
Rebalancing of ownership percentage between parent and subsidiaries | 493 | -493 | |||
Balance, value at Sep. 30, 2013 | $880 | $2,536,837 | ($817,387) | $290,332 | $2,010,662 |
Balance, shares at Sep. 30, 2013 | 88,022 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $42,712,000 | $56,854,000 |
Adjustments to reconcile net income to net cash provided by Operating activities: | ||
Depreciation and amortization, including related intangible assets | 135,148,000 | 130,683,000 |
Depreciation and amortization on discontinued operations | 8,196,000 | 13,363,000 |
Amortization of stock compensation | 2,451,000 | 2,338,000 |
Amortization of deferred financing costs and debt discount | 2,379,000 | 1,945,000 |
Write off of unamortized discount on senior unsecured notes | 156,000 | 370,000 |
Equity in loss (earnings) of unconsolidated joint venture, net | 2,059,000 | -4,751,000 |
Distributions of cumulative earnings from unconsolidated joint ventures | 6,468,000 | 2,680,000 |
Realized (gains) and unrealized losses on disposition of rental property and impairments, net | -61,079,000 | -2,390,000 |
Impairments | 48,700,000 | |
Changes in operating assets and liabilities: | ||
Increase in unbilled rents receivable, net | -8,504,000 | -2,438,000 |
Increase in deferred charges, goodwill and other assets | -27,584,000 | -22,521,000 |
Decrease (increase) in accounts receivable, net | 1,000 | -909,000 |
Increase in accounts payable, accrued expenses and other liabilities | 5,967,000 | 8,056,000 |
Decrease in rents received in advance and security deposits | -10,059,000 | -2,472,000 |
Decrease in accrued interest payable | -4,083,000 | -7,733,000 |
Net cash provided by operating activities | 142,928,000 | 173,075,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Rental property acquisitions and related intangibles | -149,200,000 | |
Rental property additions and improvements | -67,172,000 | -59,105,000 |
Development of rental property | -12,954,000 | -16,301,000 |
Proceeds from the sale of rental property | 332,540,000 | 4,023,000 |
Issuance of notes and mortgage receivable | -16,425,000 | |
Repayment of notes receivable | 208,000 | |
Investment in unconsolidated joint ventures | -32,235,000 | -32,477,000 |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 20,671,000 | 1,028,000 |
Payment of contingent consideration | -2,755,000 | |
Decrease in restricted cash | 126,000 | 906,000 |
Net cash provided by (used in) investing activities | 72,804,000 | -101,926,000 |
CASH FLOW FROM FINANCING ACTIVITIES | ||
Borrowings from revolving credit facility | 289,000,000 | 420,026,000 |
Repayment of revolving credit facility | -289,000,000 | -408,526,000 |
Proceeds from senior unsecured notes | 268,928,000 | 299,403,000 |
Repayment of senior unsecured notes | -100,000,000 | -221,019,000 |
Proceeds from mortgages and loans payable | 2,343,000 | |
Repayment of mortgages, loans payable and other obligations | -12,185,000 | -22,424,000 |
Payment of financing costs | -5,459,000 | -2,635,000 |
Payment of dividends and distributions | -119,561,000 | -134,927,000 |
Net cash provided by (used in) financing activities | 34,066,000 | -70,102,000 |
Net increase in cash and cash equivalents | 249,798,000 | 1,047,000 |
Cash and cash equivalents, beginning of period | 58,245,000 | 20,496,000 |
Cash and cash equivalents, end of period | $308,043,000 | $21,543,000 |
Organization_And_Basis_Of_Pres
Organization And Basis Of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Organization And Basis Of Presentation [Abstract] | |
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 “Company”), is a fully-integrated, self-administered, self-managed real estate investment trust (“REIT”) providing leasing, management, acquisition, development, construction and tenant-related services for its properties and third parties. As of September 30, 2013, the Company owned or had interests in 275 properties plus developable land (collectively, the “Properties”). The Properties aggregate approximately 30.7 million square feet, which are comprised of 251 buildings, primarily office and office/flex buildings totaling approximately 30.2 million square feet (which include 21 buildings, primarily office buildings aggregating approximately 2.6 million square feet owned by unconsolidated joint ventures in which the Company has investment interests), six industrial/warehouse buildings totaling approximately 387,400 square feet, nine multi-family properties totaling 3,319 apartments (which include seven properties aggregating 2,597 apartments owned by unconsolidated joint ventures in which the Company has investment interests), five parking/retail properties totaling approximately 115,600 square feet (which include two buildings aggregating 81,500 square feet owned by unconsolidated joint ventures in which the Company has investment interests), one hotel (which is owned by an unconsolidated joint venture in which the Company has an investment interest) and three parcels of land leased to others. The Properties are located in seven states, primarily in the Northeast, plus the District of Columbia. | |
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 Mack-Cali Realty, L.P. (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 one or more of the essential characteristics of a controlling financial interest; (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 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. | |
The preparation of financial statements in conformity with generally accepted accounting principles (“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. Actual results could differ from those estimates. Certain reclassifications have been made to prior period amounts in order to conform with current period presentation. | |
Significant_Accounting_Policie
Significant Accounting Policies | 9 Months Ended | |
Sep. 30, 2013 | ||
Significant Accounting Policies [Abstract] | ||
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES | |
Rental | ||
PropertyRental properties are stated at cost less accumulated depreciation and amortization. Costs directly related to the acquisition, development and construction of rental properties are capitalized. Acquisition-related costs are expensed as incurred. 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 $1.9 million and $0.8 million for the three months ended September 30, 2013 and 2012, respectively, and $3.7 million and $2.2 million for the nine months ended September 30, 2013 and 2012, respectively. Included in total rental property is construction, tenant improvement and development in-progress of $44.9 million and $107.6 million (which included costs related to two properties placed in service during the nine months ended September 30, 2013) as of September 30, 2013 and December 31, 2012, 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. | ||
The Company considers a construction project as substantially completed and held available for occupancy upon the completion of tenant 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 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 square footage of each portion, and capitalizes only those costs associated with the portion under construction. | ||
Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: | ||
Leasehold interests | Remaining lease term | |
Buildings and improvements | 5 to 40 years | |
Tenant improvements | The shorter of the term of the | |
related lease or useful life | ||
Furniture, fixtures and equipment | 5 to 10 years | |
Upon acquisition of rental property, the Company estimates the fair value of acquired tangible assets, consisting of land, building and improvements, and identified intangible assets and liabilities assumed, generally consisting of the fair value of (i) above and below market leases, (ii) in-place leases and (iii) tenant relationships. The Company allocates the purchase price to the assets acquired and liabilities assumed based on their fair values. The Company records goodwill or a gain on bargain purchase (if any) if the net assets acquired/liabilities assumed exceed the purchase consideration of a transaction. In estimating the fair value of the tangible and intangible assets acquired, the Company considers information obtained about each property as a result of its due diligence and marketing and leasing activities, and utilizes various valuation methods, such as estimated cash flow projections utilizing appropriate discount and capitalization rates, estimates of replacement costs net of depreciation, and available market information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. | ||
Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The capitalized above-market lease values are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. | ||
Other intangible assets acquired include amounts for in-place lease values and tenant relationship values, which are based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the respective tenant. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. Characteristics considered by management in valuing tenant relationships include the nature and extent of the Company’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals. The value of in-place leases are amortized to expense over the remaining initial terms of the respective leases. The value of tenant relationship intangibles are amortized to expense over the anticipated life of the relationships. | ||
On a periodic basis, management assesses whether there are any indicators that the value of the Company’s rental properties held for use may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment. The criteria considered by management include reviewing low leased percentages, significant near-term lease expirations, recently acquired properties, current and historical operating and/or cash flow losses, near-term mortgage debt maturities or other factors that might impact the Company’s intent and ability to hold the property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the property over the fair value of the property. The Company’s estimates of aggregate future cash flows expected to be generated by each property are based on a number of assumptions. These assumptions are generally based on management’s experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and costs to operate each property. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved, and actual losses or impairments may be realized in the future. | ||
As of September 30, 2013 and December 31, 2012, the Company’s consolidated real estate joint ventures in which the Company is deemed to be the primary beneficiary have total real estate assets of $210.6 million and $198.3 million, respectively, mortgages of $79.4 million and $77.1 million, respectively, and other liabilities of $16.6 million and $16.5 million, respectively. | ||
Rental Property | ||
Held for Sale and | ||
Discontinued | ||
OperationsWhen assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the sales price, net of selling costs, of such assets. If, in management’s opinion, the estimated net sales price of the assets which have been identified as held for sale is less than the net book value of the assets, a valuation allowance is established. Properties identified as held for sale and/or disposed of are presented in discontinued operations for all periods presented. See Note 7: Discontinued Operations. | ||
If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used. A property that is reclassified is measured and recorded individually at the lower of (a) its carrying amount before the property was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the property been continuously classified as held and used, or (b) the fair value at the date of the subsequent decision not to sell. | ||
Investments in | ||
Unconsolidated | ||
Joint VenturesThe Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. The Company applies the equity method by initially recording these investments at cost, as Investments in Unconsolidated Joint Ventures, subsequently adjusted for equity in earnings and cash contributions and distributions. The outside basis portion of the Company’s joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Generally, the Company would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Company has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Company only recognizes its share of such income to the extend it exceeds its share of previously unrecognized losses. | ||
On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the value of the investment. The Company’s estimates of value for each investment (particularly in commercial real estate joint ventures) are based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the values estimated by management in its impairment analyses may not be realized, and actual losses or impairment may be realized in the future. See Note 4: Investments in Unconsolidated Joint Ventures. | ||
Cash and Cash | ||
EquivalentsAll highly liquid investments with a maturity of three months or less when purchased are considered to be cash equivalents. | ||
Deferred | ||
Financing CostsCosts incurred in obtaining financing are capitalized and amortized over the term of the related indebtedness. Amortization of such costs is included in interest expense and was $954,000 and $673,000 for the three months ended September 30, 2013 and 2012, respectively, and $2,379,000 and $1,945,000 for the nine months ended September 30, 2013 and 2012, respectively. If a financing obligation is extinguished early, any unamortized deferred financing costs are written off and included in gains (loss) on early extinguishment of debt. Such unamortized costs which were written off amounted to $156,000 and zero for the three months ended September 30, 2013 and 2012, respectively, and $156,000 and $370,000 for the nine months ended September 30, 2013 and 2012, respectively. | ||
Deferred | ||
Leasing CostsCosts incurred in connection with leases are capitalized and amortized on a straight-line basis over the terms of the related leases and included in depreciation and amortization. Unamortized deferred leasing costs are charged to amortization expense upon early termination of the lease. Certain employees of the Company are compensated for providing leasing services to the Properties. The portion of such compensation, which is capitalized and amortized, approximated $962,000 and $1,156,000 for the three months ended September 30, 2013 and 2012, respectively, and $3,168,000 and $3,312,000 for the nine months ended September 30, 2013 and 2012, respectively. | ||
GoodwillGoodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Management performs an annual impairment test for goodwill during the fourth quarter. Additionally, management evaluates the recoverability of goodwill whenever events or changes in circumstances indicate that the carrying amounts of goodwill may not be fully recoverable. | ||
Derivative | ||
InstrumentsThe Company measures derivative instruments, including certain derivative instruments embedded in other contracts, at fair value and records them as an asset or liability, depending on the Company’s rights or obligations under the applicable derivative contract. For derivatives designated and qualifying as fair value hedges, the changes in the fair value of both the derivative instrument and the hedged item are recorded in earnings. For derivatives designated as cash flow hedges, the effective portions of the derivative are reported in other comprehensive income (“OCI”) and are subsequently reclassified into earnings when the hedged item affects earnings. Changes in fair value of derivative instruments not designated as hedging and ineffective portions of hedges are recognized in earnings in the affected period. | ||
Revenue | ||
RecognitionBase rental revenue is recognized on a straight-line basis over the terms of the respective leases. Unbilled rents receivable represents the cumulative amount by which straight-line rental revenue exceeds rents currently billed in accordance with the lease agreements. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed-rate renewal options for below-market leases. The capitalized above-market lease values for acquired properties are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed-rate renewal options of the respective leases. Escalations and recoveries from tenants are received from tenants for certain costs as provided in the lease agreements. These costs generally include real estate taxes, utilities, insurance, common area maintenance and other recoverable costs. See Note 14: Tenant Leases. Construction services revenue includes fees earned and reimbursements received by the Company for providing construction management and general contractor services to clients. Construction services revenue is recognized on the percentage of completion method. Using this method, profits are recorded on the basis of our estimates of the overall profit and percentage of completion of individual contracts. A portion of the estimated profits is accrued based upon estimates of the percentage of completion of the construction contract. This revenue recognition method involves inherent risks relating to profit and cost estimates. Real estate services revenue includes property management, development and leasing commission fees and other services, and payroll and related costs reimbursed from clients. Fee income derived from the Company’s unconsolidated joint ventures (which are capitalized by such ventures) are recognized to the extent attributable to the unaffiliated ownership interests. Other income includes income from tenants for additional services arranged for by the Company and income from tenants for early lease terminations. | ||
Allowance for | ||
Doubtful AccountsManagement periodically performs a detailed review of amounts due from tenants to determine if accounts receivable balances are impaired based on factors affecting the collectability of those balances. Management’s estimate of the allowance for doubtful accounts requires management to exercise significant judgment about the timing, frequency and severity of collection losses, which affects the allowance and net income. | ||
Income and | ||
Other TaxesThe Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”). As a REIT, the Company generally will not be subject to corporate federal income tax (including alternative minimum tax) on net income that it currently distributes to its shareholders, provided that the Company satisfies certain organizational and operational requirements including the requirement to distribute at least 90 percent of its REIT taxable income to its shareholders. The Company has elected to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (each a “TRS”). In general, a TRS of the Company may perform additional services for tenants of the Company and generally may engage in any real estate or non-real estate related business (except for the operation or management of health care facilities or lodging facilities or the providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal income tax. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax (including any applicable alternative minimum tax) on its taxable income at regular corporate tax rates. The Company is subject to certain state and local taxes. | ||
Pursuant to the amended provisions related to uncertain tax provisions of ASC 740, Income Taxes, the Company recognized no material adjustments regarding its tax accounting treatment. The Company expects to recognize interest and penalties related to uncertain tax positions, if any, as income tax expense, which is included in general and administrative expense. | ||
In the normal course of business, the Company or one of its subsidiaries is subject to examination by federal, state and local jurisdictions in which it operates, where applicable. As of September 30, 2013, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are generally from the year 2008 forward. | ||
Earnings | ||
Per ShareThe Company presents both basic and diluted earnings per share (“EPS”). Basic EPS excludes dilution and is computed by dividing net income available to common shareholders by the weighted average number of shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS amount. Shares whose issuance is contingent upon the satisfaction of certain conditions shall be considered outstanding and included in the computation of diluted EPS as follows (i) if all necessary conditions have been satisfied by the end of the period (the events have occurred), those shares shall be included as of the beginning of the period in which the conditions were satisfied (or as of the date of the grant, if later) or (ii) if all necessary conditions have not been satisfied by the end of the period, the number of contingently issuable shares included in diluted EPS shall be based on the number of shares, if any, that would be issuable if the end of the reporting period were the end of the contingency period (for example, the number of shares that would be issuable based on current period earnings or period-end market price) and if the result would be dilutive. Those contingently issuable shares shall be included in the denominator of diluted EPS as of the beginning of the period (or as of the date of the grant, if later). | ||
Dividends and | ||
Distributions | ||
PayableThe dividends and distributions payable at September 30, 2013 represents dividends payable to common shareholders (87,766,758 shares) and distributions payable to noncontrolling interest common unitholders of the Operating Partnership (11,987,175 common units) for all such holders of record as of October 3, 2013 with respect to the third quarter 2013. The third quarter 2013 common stock dividends and common unit distributions of $0.30 per common share and unit were approved by the Board of Directors on September 12, 2013. The common stock dividends and common unit distributions payable were paid on October 11, 2013. | ||
The dividends and distributions payable at December 31, 2012 represents dividends payable to common shareholders (87,537,250 shares) and distributions payable to noncontrolling interest common unitholders of the Operating Partnership (12,141,836 common units) for all such holders of record as of January 4, 2013 with respect to the fourth quarter 2012. The fourth quarter 2012 common stock dividends and common unit distributions of $0.45 per common share and unit were approved by the Board of Directors on December 3, 2012. The common stock dividends and common unit distributions payable were paid on January 11, 2013. | ||
Costs Incurred | ||
For Stock | ||
IssuancesCosts incurred in connection with the Company’s stock issuances are reflected as a reduction of additional paid-in capital. | ||
Stock | ||
CompensationThe Company accounts for stock compensation in accordance with the provisions of ASC 718, Compensation-Stock Compensation. These provisions require that the estimated fair value of restricted stock (“Restricted Stock Awards”), TSR-based Performance Shares and stock options (if any) at the grant date be amortized ratably into expense over the appropriate vesting period. The Company recorded stock compensation expense of $755,000 and $579,000 for the three months ended September 30, 2013 and 2012, respectively, and $2,402,000 and $1,971,000 for the nine months ended September 30, 2013 and 2012, respectively. | ||
Other | ||
Comprehensive | ||
IncomeOther comprehensive income (loss) includes items that are recorded in equity, such as unrealized holding gains or losses on marketable securities available for sale. There was no difference in other comprehensive income to net income for the three and nine months ended September 30, 2013 and 2012, and no accumulated other comprehensive income as of September 30, 2013 and 2012. | ||
Real_Estate_Transactions
Real Estate Transactions | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Real Estate Transactions [Abstract] | ||||||||||||||
Real Estate Transactions | 3. REAL ESTATE TRANSACTIONS | |||||||||||||
Acquisitions | ||||||||||||||
On January 18, 2013, the Company acquired Alterra at Overlook Ridge 1A (“Alterra 1A”), a 310-unit multi-family rental property located in Revere, Massachusetts, for approximately $61.3 million in cash, which was funded primarily through borrowings under the Company’s unsecured revolving credit facility. | ||||||||||||||
On April 4, 2013, the Company acquired Alterra at Overlook Ridge IB (“Alterra 1B”), a 412-unit multi-family rental property located in Revere, Massachusetts, for approximately $88 million in cash, which was funded primarily through borrowings under the Company’s unsecured revolving credit facility. | ||||||||||||||
The purchase prices were allocated to the net assets acquired during the nine months ended September 30, 2013 as follows (in thousands): | ||||||||||||||
Total | ||||||||||||||
Alterra 1A | Alterra 1B | Acquisitions | ||||||||||||
Land | $ | 9,042 | $ | 12,055 | $ | 21,097 | ||||||||
Buildings and improvements | 50,671 | 71,409 | 122,080 | |||||||||||
Furniture, fixtures and equipment | 801 | 1,474 | 2,275 | |||||||||||
In-place lease values | 931 | -1 | 3,148 | -1 | 4,079 | |||||||||
61,445 | 88,086 | 149,531 | ||||||||||||
Less: Below market lease values | 195 | -1 | 136 | -1 | 331 | |||||||||
195 | 136 | 331 | ||||||||||||
Net cash paid at acquisition | $ | 61,250 | $ | 87,950 | $ | 149,200 | ||||||||
(1) In-place lease values and below market lease values will be amortized over one year or less. | ||||||||||||||
For the nine months ended September 30, 2013, included in general and administrative expense was an aggregate of approximately $214,000 in transaction costs related to the property acquisitions. | ||||||||||||||
Consolidation | ||||||||||||||
On October 23, 2012, as part of the Roseland transaction, the Company had acquired a 26.25 percent interest in a to-be-built, 108-unit multi-family rental property located in Eastchester, New York (the “Eastchester Project”) for approximately $4.9 million. The remaining interests in the development project-owning entity, 150 Main Street, L.L.C. (“Eastchester”) was owned 26.25 percent by JMP Eastchester, L.L.C. and 47.5 percent by Hudson Valley Land Holdings, L.L.C. (“HVLH”). The Eastchester Project is expected to start in the near term. Estimated total development costs of $46 million are expected to be funded with a $27.5 million construction loan and the balance of $18.5 million to be funded with member capital. | ||||||||||||||
On August 22, 2013, the operating agreement of Eastchester was modified which increased the Company’s effective ownership to 76.25 percent, with the remaining 23.75 percent owned by HVLH. The agreement also provided the Company with control of all major decisions. Accordingly, effective from this date, the Company is consolidating Eastchester under the provisions of ASC 810, Consolidation. As the carrying value approximated the fair value of the net assets acquired, there was no holding period gain or loss recognized on this transaction. The following table summarizes the net assets recorded upon consolidation (in thousands): | ||||||||||||||
Land | $ | 5,585 | ||||||||||||
Construction in progress | 3,387 | |||||||||||||
8,972 | ||||||||||||||
Cash and cash equivalents | 79 | |||||||||||||
Other assets | 47 | |||||||||||||
Accounts payable | -325 | |||||||||||||
-199 | ||||||||||||||
Noncontrolling interest recorded upon consolidation | -1,252 | |||||||||||||
Net assets recorded upon consolidation | $ | 7,521 | ||||||||||||
Properties Commencing Initial Operations | ||||||||||||||
The following properties commenced initial operations during the nine months ended September 30, 2013 (dollars in thousands, except per square foot): | ||||||||||||||
Garage | Development | Development | ||||||||||||
# of | Rentable | Parking | Costs Incurred | Costs Per | ||||||||||
Date | Property/Address | Location | Type | Bldgs. | Square Feet | Spaces | by Company | Square Foot | ||||||
6/5/13 | 14 Sylvan Way | Parsippany, New Jersey | Office | 1 | 203,506 | - | $ | 51,484 | (a) | $ | 253 | |||
8/1/13 | Port Imperial South 4/5 | Weehawken, New Jersey | Parking/Retail | 1 | 16,736 | 850 | 71,107 | (b) | N/A | |||||
Totals | 2 | 220,242 | 850 | $ | 122,591 | |||||||||
(a)Development costs included approximately $13.0 million in land costs and $4.3 million in leasing costs. Amounts are as of September 30, 2013. | ||||||||||||||
(b)Development costs included approximately $13.1 million in land costs. Amounts are as of September 30, 2013. | ||||||||||||||
Property Sales | ||||||||||||||
On August 27, 2013, the Company completed the sale of its 1.66 million square foot Pennsylvania office portfolio and three developable land parcels for approximately $233 million: $201 million in cash, a $10 million mortgage on one of the properties ($8 million of which was funded at closing) and subordinated equity interests in each of the properties being sold with capital accounts aggregating $22 million. Net sale proceeds from the sale aggregated $207 million which was comprised of the $233 million gross sales price less the subordinated equity interests of $22 million and $4 million in closing costs. As of September 30, 2013, approximately $55.3 million of the cash received from the sale was being held by a qualified intermediary pending reinvestment, which is a noncash item included in deferred charges, goodwill and other assets. The purchasers of the Pennsylvania office portfolio are joint ventures formed between the Company and affiliates of the Keystone Property Group (the “Keystone Affiliates”). The mortgage loan has a term of two years with a one year extension option and bears interest at LIBOR plus six percent. The Company's equity interests in the joint ventures will be subordinated to Keystone Affiliates receiving a 15 percent internal rate of return (“IRR”) after which the Company will receive a ten percent IRR on its subordinated equity and then all profit will be split equally. In connection with these partial sale transactions, because the buyer receives a preferential return, the Company only recognized profit to the extent that they received net proceeds in excess of their entire carrying value of the properties, effectively reflecting their retained subordinate equity interest at zero. | ||||||||||||||
As part of the transaction, the Company has rights to own, after zoning-approval-subdivision, land at the 150 Monument Road property located in Bala Cynwyd, Pennsylvania, for a contemplated multi-family residential development. | ||||||||||||||
The Company sold the following office properties during the nine months ended September 30, 2013 (dollars in thousands): See Note 7: Discontinued Operations. | ||||||||||||||
Rentable | Net | Net | ||||||||||||
Sale | # of | Square | Sales | Book | Realized | |||||||||
Date | Property/Address | Location | Bldgs. | Feet | Proceeds | Value | Gain (loss) | |||||||
4/10/13 | 19 Skyline Drive (a) | Hawthorne, New York | 1 | 248,400 | $ | 16,131 | $ | 16,005 | $ | 126 | ||||
4/26/13 | 55 Corporate Drive | Bridgewater, New Jersey | 1 | 204,057 | 70,967 | 51,308 | 19,659 | |||||||
5/2/13 | 200 Riser Road | Little Ferry, New Jersey | 1 | 286,628 | 31,775 | 14,852 | 16,923 | |||||||
5/13/13 | 777 Passaic Avenue | Clifton, New Jersey | 1 | 75,000 | 5,640 | 3,713 | 1,927 | |||||||
5/30/13 | 16 and 18 Sentry Parkway West (b) | Blue Bell, Pennsylvania | 2 | 188,103 | 19,041 | 19,721 | -680 | |||||||
5/31/13 | 51 Imclone Drive (c) | Branchburg, New Jersey | 1 | 63,213 | 6,101 | 5,278 | 823 | |||||||
6/28/13 | 40 Richards Avenue | Norwalk, Connecticut | 1 | 145,487 | 15,858 | 17,027 | -1,169 | |||||||
7/10/13 | 106 Allen Road | Bernards Township, New Jersey | 1 | 132,010 | 17,677 | 13,522 | 4,155 | |||||||
8/27/13 | Pennsylvania office portfolio (d) (e) | Suburban Philadelphia, Pennsylvania | 15 | 1,663,511 | 207,425 | 164,259 | 43,166 | |||||||
Totals: | 24 | 3,006,409 | $ | 390,615 | $ | 305,685 | $ | 84,930 | ||||||
(a) | The Company recognized a valuation allowance of $7.1 million on this property at December 31, 2012. In connection with the sale, the Company provided an interest-free note receivable to the buyer of $5 million (with a net present value of $3.6 million at September 30, 2013) which matures in ten years and requires monthly payments of principal. See Note 5: Deferred charges, goodwill and other assets. | |||||||||||||
(b) | The Company recorded an $8.4 million impairment charge on these properties at December 31, 2012. The Company has retained a subordinated interest in these properties. | |||||||||||||
(c) | The property was encumbered by a mortgage loan which was satisfied by the Company at the time of the sale. The Company incurred $0.7 million in costs for the debt satisfaction, which was included in discontinued operations: loss from early extinguishment of debt for the nine months ended September 30, 2013. | |||||||||||||
(d) | In order to reduce the carrying value of five of the properties to their estimated fair market values, the Company recorded impairment charges of $23.9 million at June 30, 2013. The fair value used in the impairment charges was based on the purchase and sale agreement for the properties ultimately sold. | |||||||||||||
(e) | The portfolio sale also included three developable land parcels. | |||||||||||||
Impairments | ||||||||||||||
Nine of the Company’s office properties located in Roseland, Parsippany, Warren and Lyndhurst, New Jersey, aggregating approximately 1.3 million square feet, are collateral for mortgage loans scheduled to mature on August 11, 2014 and May 11, 2016, with principal balances totaling $159.2 million as of September 30, 2013. As of September 30, 2013, the Company estimated that the carrying value of the properties may not be recoverable over their anticipated holding periods. In order to reduce the carrying value of the properties to their estimated fair market values, the Company recorded impairment charges of $48.5 million at September 30, 2013, which resulted from the current decline in leasing activity and market rents of the properties identified. The Company’s estimated fair values were derived utilizing a discounted cash flow (“DCF”) model including all estimated cash inflows and outflows over a specified holding period. These cash flows were comprised of inputs which included contractual revenues and forecasted revenues and expenses based upon market conditions and expectations for growth. The capitalization rate of 8.5 percent and discount rates ranging from 10 percent to 15 percent utilized in DCF were based upon the risk profile of the properties’ cash flows and observable rates that the Company believes to be within a reasonable range of current market rates for each respective property. Based on these inputs the Company determined that its valuation of these investments was classified within Level 3 of the fair value hierarchy, as provided by ASC 820, Fair Value Measurements and Disclosures. | ||||||||||||||
Investments_In_Unconsolidated_
Investments In Unconsolidated Joint Ventures | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Investments In Unconsolidated Joint Ventures [Abstract] | ||||||||||||
Investments In Unconsolidated Joint Ventures | 4. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES | |||||||||||
As of September 30, 2013, the Company had an aggregate investment of approximately $131.9 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 September 30, 2013, the unconsolidated joint ventures owned: 20 office and two retail properties aggregating approximately 2.3 million square feet, seven multi-family properties totaling 2,597 apartments, a 350-room hotel, a senior mezzanine loan position in the capital stack of a 1.7 million square foot commercial property; development projects for up to approximately 2,631 apartments; and interests and/or rights to developable land parcels able to accommodate up to 3,708 apartments, and 1.2 million square feet of office space. The Company’s unconsolidated interests range from 7.5 percent to 80 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 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 had $856,000 and $370,000 in accounts receivable due from its unconsolidated joint ventures as of September 30, 2013 and December 31, 2012, respectively. | ||||||||||||
Included in the Company’s investments in unconsolidated joint ventures as of September 30, 2013 are five unconsolidated development joint ventures, which are VIEs for which the Company is not the primary beneficiary. These joint ventures are primarily established to develop real estate property for long-term investment and were deemed VIEs primarily based on the fact that the equity investment at risk was not sufficient to permit the entities to finance their activities without additional financial support. The initial equity contributed to these entities was not sufficient to fully finance the real estate construction as development costs are funded by the partners throughout the construction period. The Company determined that it was not the primary beneficiary of these VIEs based on the fact that the Company has shared control of these entities along with the entity’s partners and therefore does not have controlling financial interests in these VIEs. The Company’s aggregate investment in these VIEs was approximately $10.7 million as of September 30, 2013. The Company’s maximum exposure to loss as a result of its involvement with these VIEs is estimated to be approximately $13.7 million, which includes the Company’s current investment and estimated future funding commitments of approximately $3.1 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 party 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 financial position of the unconsolidated joint ventures in which the Company had investment interests as of September 30, 2013 and December 31, 2012: (dollars in thousands) | ||||||||||||
September 30, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
Assets: | ||||||||||||
Rental property, net | $ | 736,487 | $ | 180,254 | ||||||||
Loan receivable | 44,459 | 42,276 | ||||||||||
Other assets | 434,714 | 311,847 | ||||||||||
Total assets | $ | 1,215,660 | $ | 534,377 | ||||||||
Liabilities and partners'/ | ||||||||||||
members' capital: | ||||||||||||
Mortgages and loans payable | $ | 600,473 | $ | 168,908 | ||||||||
Other liabilities | 71,552 | 12,141 | ||||||||||
Partners'/members' capital | 543,635 | 353,328 | ||||||||||
Total liabilities and | ||||||||||||
partners'/members' capital | $ | 1,215,660 | $ | 534,377 | ||||||||
The following is a summary of the Company's investments in unconsolidated joint ventures as of September 30, 2013 and December 31, 2012: (dollars in thousands) | ||||||||||||
September 30, | December 31, | |||||||||||
Entity | 2013 | 2012 | ||||||||||
Plaza VIII & IX Associates, L.L.C. | $ | 4,065 | $ | 4,321 | ||||||||
South Pier at Harborside | -2,095 | -1,225 | ||||||||||
Red Bank Corporate Plaza, L.L.C. | 3,972 | 3,876 | ||||||||||
12 Vreeland Associates, L.L.C. | 5,439 | 12,840 | ||||||||||
Boston Downtown Crossing | - | 13,012 | ||||||||||
Gale Jefferson, L.L.C. | - | 1,029 | ||||||||||
Stamford SM LLC | 35,667 | 34,006 | ||||||||||
Marbella RoseGarden, L.L.C. | 15,976 | 16,918 | ||||||||||
RoseGarden Monaco Holdings, L.L.C. | 3,524 | 4,761 | ||||||||||
Rosewood Lafayette Holdings, L.L.C. | 1,119 | 1,988 | ||||||||||
PruRose Port Imperial South 15, LLC | - | 606 | ||||||||||
Rosewood Morristown, L.L.C. | 6,603 | 7,091 | ||||||||||
Overlook Ridge JV, L.L.C. | 178 | 31 | ||||||||||
Overlook Ridge, L.L.C. | - | - | ||||||||||
Overlook Ridge JV 2C/3B, L.L.C. | - | 179 | ||||||||||
Roseland/North Retail, L.L.C. | 1,967 | 2,161 | ||||||||||
BNES Associates III | 1,708 | 1,955 | ||||||||||
Portside Master Company, L.L.C. | 3,449 | 3,651 | ||||||||||
PruRose Port Imperial South 13, LLC | 2,451 | 2,920 | ||||||||||
Roseland/Port Imperial Partners, L.P. | 2,755 | 2,582 | ||||||||||
RoseGarden Marbella South, L.L.C. | 7,160 | 6,182 | ||||||||||
PruRose Riverwalk G, L.L.C. | 3,515 | 4,136 | ||||||||||
Elmajo Urban Renewal Associates, LLC | 232 | 629 | ||||||||||
Estuary Urban Renewal Unit B, LLC | 74 | 220 | ||||||||||
RiverPark at Harrison I, L.L.C. | 3,404 | 2,606 | ||||||||||
150 Main Street, L.L.C. | - | 2,395 | ||||||||||
RoseGarden Monaco, L.L.C. | 1,208 | 1,165 | ||||||||||
Hillsborough 206 Holdings, L.L.C. | 1,989 | 1,967 | ||||||||||
Grand Jersey Waterfront Urban Renewal Associates, L.L.C. | 397 | 337 | ||||||||||
Crystal House Apartments Investors LLC | 26,928 | - | ||||||||||
Other | 174 | - | ||||||||||
Company's investment in unconsolidated joint ventures | $ | 131,859 | $ | 132,339 | ||||||||
The following is a summary of the results from operations of the unconsolidated joint ventures for the period in which the Company had investment interests during the three and nine months ended September 30, 2013 and 2012: (dollars in thousands) | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Total revenues | $ | 99,117 | $ | 17,311 | $ | 202,810 | $ | 44,369 | ||||
Operating and other expenses | -48,621 | -9,169 | -137,889 | -25,428 | ||||||||
Depreciation and amortization | -11,556 | -2,497 | -24,730 | -7,285 | ||||||||
Interest expense | -3,934 | -1,675 | -9,256 | -5,017 | ||||||||
Net income | $ | 35,006 | $ | 3,970 | $ | 30,935 | $ | 6,639 | ||||
The following is a summary of the Company’s equity in earnings (loss) of unconsolidated joint ventures for the three and nine months ended September 30, 2013 and 2012: (dollars in thousands) | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
Entity | 2013 | 2012 | 2013 | 2012 | ||||||||
Plaza VIII & IX Associates, L.L.C. | $ | 24 | $ | 21 | $ | 52 | $ | 43 | ||||
South Pier at Harborside | 835 | 1,080 | 1,380 | 1,884 | ||||||||
Red Bank Corporate Plaza, L.L.C. | 99 | 94 | 306 | 298 | ||||||||
12 Vreeland Associates, L.L.C. | -25 | 279 | -1 | 603 | ||||||||
Boston Downtown Crossing | - | -6 | 646 | -333 | ||||||||
Gale Jefferson, L.L.C. | - | 23 | 68 | 63 | ||||||||
Stamford SM LLC | 1,023 | 927 | 2,805 | 2,193 | ||||||||
Marbella RoseGarden, L.L.C. | -170 | - | -446 | - | ||||||||
RoseGarden Monaco Holdings, L.L.C. | -416 | - | -1,238 | - | ||||||||
Rosewood Lafayette Holdings, L.L.C. | -295 | - | -869 | - | ||||||||
PruRose Port Imperial South 15, LLC | - | - | -606 | - | ||||||||
Rosewood Morristown, L.L.C. | -152 | - | -393 | - | ||||||||
Overlook Ridge JV, L.L.C. | - | - | - | - | ||||||||
Overlook Ridge, L.L.C. | - | - | - | - | ||||||||
Overlook Ridge JV 2C/3B, L.L.C. | 53 | - | 204 | - | ||||||||
Roseland/North Retail, L.L.C. | -62 | - | -194 | - | ||||||||
BNES Associates III | -37 | - | -108 | - | ||||||||
Portside Master Company, L.L.C. | -109 | - | -222 | - | ||||||||
PruRose Port Imperial South 13, LLC | -181 | - | -459 | - | ||||||||
Roseland/Port Imperial Partners, L.P. | - | - | - | - | ||||||||
RoseGarden Marbella South, L.L.C. | -20 | - | -57 | - | ||||||||
PruRose Riverwalk G, L.L.C. | -198 | - | -576 | - | ||||||||
Elmajo Urban Renewal Associates, LLC | -87 | - | -255 | - | ||||||||
Estuary Urban Renewal Unit B, LLC | -44 | - | -107 | - | ||||||||
RiverPark at Harrison I, L.L.C. | - | - | - | - | ||||||||
150 Main Street, L.L.C. | - | - | - | - | ||||||||
RoseGarden Monaco, L.L.C. | - | - | - | - | ||||||||
Hillsborough 206 Holdings, L.L.C. | - | - | - | - | ||||||||
Grand Jersey Waterfront Urban Renewal Associates, L.L.C. | - | - | - | - | ||||||||
Crystal House Apartments Investors LLC | -1,149 | - | -2,671 | - | ||||||||
Other | 682 | 682 | ||||||||||
Company's equity in earnings of unconsolidated joint ventures | $ | -229 | $ | 2,418 | $ | -2,059 | $ | 4,751 | ||||
Plaza VIII and IX Associates, L.L.C. | ||||||||||||
The Company has a joint venture with Columbia Development Company, L.L.C. (“Columbia”), which owns land for future development currently used as a parking facility and located on the Hudson River waterfront in Jersey City, New Jersey, adjacent to the Company’s Harborside complex. The Company holds a 50 percent interest in the venture. | ||||||||||||
South Pier at Harborside – Hotel | ||||||||||||
The Company has a joint venture with Hyatt Corporation (“Hyatt”) which owns a 350-room hotel on the South Pier at Harborside, Jersey City, New Jersey. The Company holds a 50 percent interest in the venture. | ||||||||||||
The venture has a non-recourse mortgage loan with a balance as of September 30, 2013 of $63.1 million collateralized by the hotel property. The loan carries an interest rate of 6.15 percent and matures in November 2016. The venture also has a loan with a balance as of September 30, 2013 of $4.6 million with the City of Jersey City, provided by the U.S. Department of Housing and Urban Development. The loan currently bears interest at fixed rates ranging from 6.09 percent to 6.62 percent and matures in August 2020. The Company has posted a $4.6 million letter of credit in support of this loan, half of which is indemnified by Hyatt. | ||||||||||||
Red Bank Corporate Plaza, L.L.C. | ||||||||||||
The Company has a joint venture with The PRC Group, which owns Red Bank Corporate Plaza, a 92,878 square foot office building located in Red Bank, New Jersey. The property is fully leased to Hovnanian Enterprises, Inc. through September 30, 2017. The Company holds a 50 percent interest in the venture. | ||||||||||||
The venture has a $16.8 million mortgage loan collateralized by the office property, which bears interest at a rate of the London Interbank Offered Rate (“LIBOR”) plus 300 basis points and matures in May 2016. LIBOR was 0.18 percent at September 30, 2013. The loan includes contingent guarantees for a portion of the principal by the Company based on certain conditions. On September 22, 2011, the interest rate on 75 percent of the loan was fixed at 3.99375 percent effective from October 17, 2011 through maturity. | ||||||||||||
The Company performed management, leasing, and other services for the property owned by the joint venture and recognized $26,000 and $25,000 in fees for such services in the three months ended September 30, 2013 and 2012, respectively, and $80,000 and $75,000 for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||
12 Vreeland Associates, L.L.C. | ||||||||||||
The Company entered into a joint venture to form M-C Vreeland, LLC (“M‑C Vreeland”), which acquired a 50 percent interest in 12 Vreeland Associates, L.L.C., which owns a 139,750 square foot office property located at 12 Vreeland Road, Florham Park, New Jersey. | ||||||||||||
On June 18, 2013, 12 Vreeland Associates, L.L.C. obtained a mortgage loan which is collateralized by its office property. The amortizable loan with a balance of $15.8 million as of September 30, 2013 bears interest at 2.87 percent and matures on July 2023. The venture subsequently distributed $14.8 million of the loan proceeds, of which the Company’s share was $7.4 million. | ||||||||||||
The operating agreement of M-C Vreeland provides, among other things, for the Participation Rights (see Note 16: Noncontrolling Interests in Subsidiaries – Participation Rights). | ||||||||||||
Boston Downtown Crossing | ||||||||||||
The Company had a joint venture with affiliates of Vornado Realty LP (“Vornado”) and JP Morgan Chase Bank (“JPM”), which was created to acquire and redevelop the Filenes property located in the Downtown Crossing district of Boston, Massachusetts (the “Filenes Property”). The venture was organized in contemplation of developing and converting the Filenes Property into a condominium consisting of a retail unit, an office unit, a parking unit, a hotel unit and a residential unit, aggregating 1.2 million square feet. The Company, through subsidiaries, separately holds approximately a 15 percent indirect ownership interest in each of the units. The project is subject to governmental approvals. | ||||||||||||
On April 23, 2013, the Company and JPM sold their interests in the venture for $45 million, of which the Company’s share was $13.5 million. The Company realized its share of the gain on the sale of $754,000 which is included in equity in earnings. | ||||||||||||
Gale Jefferson, L.L.C. | ||||||||||||
The Company had a joint venture with a Gale Affiliate to form M-C Jefferson, L.L.C. (“M-C Jefferson”) which owned an 8.33 percent indirect interest in One Jefferson Road LLC (“One Jefferson”), which developed and managed a 100,010 square foot office property at One Jefferson Road, Parsippany, New Jersey (the “Jefferson Property”). The property is fully leased to a single tenant through August 2025. | ||||||||||||
One Jefferson had a loan in the amount of $20.2 million, which bore interest at a rate of LIBOR plus 160 basis points and was scheduled to mature in October 2013. On January 4, 2013, Gale Jefferson, L.L.C. sold its membership interest to JPM for $3.2 million, of which the Company’s share was $1.1 million. The Company realized its share of the gain on the sale of $69,000 which is included in equity in earnings. | ||||||||||||
The Company performed management, leasing, and other services for the Jefferson Property and recognized zero and $48,000 in income for such services in the three months ended September 30, 2013 and 2012, respectively, and zero and $144,000 for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||
Stamford SM LLC | ||||||||||||
On February 17, 2012, the Company entered into a joint venture to form Stamford SM LLC (“Stamford SM”) which acquired a senior mezzanine loan (the “Mezz Loan”) position in the capital stack of a 1.7 million square foot class A portfolio in Stamford, Connecticut for $40 million. The Mezz Loan has a face value of $50 million and is secured by the equity interests in a seven-building portfolio containing 1.67 million square feet of class A office space and 106 residential rental units totaling 70,500 square feet, all located in the Stamford Central Business District. The interest-only Mezz Loan has a carrying value of $44.3 million as of September 30, 2013. The Mezz Loan is subject to an agreement, which provides subject to certain conditions, that principal proceeds above $47 million are paid to another party. The Mezz Loan bears interest at LIBOR plus 325 basis points and matures in August 2014. | ||||||||||||
The operating agreement of Stamford SM provides, among other things, for distributions of net available cash in accordance with its members’ respective ownership percentages. The Company holds an 80 percent interest in the venture. The Company and the 20 percent member share equally in decision-making on all major decisions involving the operations of the venture. | ||||||||||||
Marbella RoseGarden, L.L.C. | ||||||||||||
On October 23, 2012, as part of the Roseland Transaction, the Company acquired a 24.27 percent indirect residual interest in an entity that owns a 412-unit, 40-story multi-family rental property which aggregates 369,607 square feet and is located in Jersey City, New Jersey (the “Marbella Property”). | ||||||||||||
The Company owns 48.5325 percent of Marbella RoseGarden, L.L.C. (“RoseGarden”) with the remaining interest owned by MG Marbella Partners, L.L.C. | ||||||||||||
RoseGarden owns a 50 percent interest in the property-owning entity, PruRose/Marbella I, L.L.C. (“PruRose/Marbella”), with the remaining interest owned by Prudential-Marbella Partnership (“Prudential-Marbella”). | ||||||||||||
In general, the operating agreement of PruRose/Marbella provides that operating cash flows are distributed to members first to Prudential-Marbella and then to RoseGarden based on a 9.5 percent operating return on each members’ capital balance in priorities as detailed in the operating agreement. Excess operating cash flows are distributed to the members in accordance with their ownership percentages. As of September 30, 2013, Prudential-Marbella had a capital balance of $7.6 million and RoseGarden had a capital balance of $0.1 million. There was no accumulated unpaid operating return as of September 30, 2013. | ||||||||||||
Net cash flows from a capital event are distributed first to the extent of any accumulated unpaid operating return and then to repay each members’ capital balance in the same priority as operating cash flows, with any excess distributed to the members in accordance with their ownership percentages. | ||||||||||||
In general, the operating agreement of RoseGarden provides for the distribution of available cash flow to the members in accordance with their ownership percentages. | ||||||||||||
PruRose/Marbella has a mortgage loan, with a balance of $95 million as of September 30, 2013, which bears interest at 4.99 percent and matures in May 2018. The interest-only loan is collateralized by the Marbella Property. | ||||||||||||
The Company performed management, leasing, and other services for PruRose/Marbella and recognized $83,000 and $262,000 in income for such services in the three and nine months ended September 30, 2013, respectively. | ||||||||||||
RoseGarden Monaco Holdings, L.L.C. | ||||||||||||
On October 23, 2012, as part of the Roseland Transaction, the Company acquired a 15 percent indirect residual interest in an entity that owns two 50-story multi-family rental properties with 523 units (the “Monaco Property”). The Monaco Property aggregates 477,254 square feet and is located in Jersey City, New Jersey. | ||||||||||||
The Company owns 50 percent of RoseGarden Monaco Holdings L.L.C. (“RoseGarden Monaco”) with the remaining interest owned by MG Monaco, L.L.C. RoseGarden Monaco holds a 60 percent interest in Monaco Holdings, L.L.C. (“Monaco Holdings”) with the remaining interest owned by Hudson Hotel Monaco L.L.C. | ||||||||||||
Monaco Holdings owns a 50 percent interest in the property-owning entity, PruRose Monaco Holdings, L.L.C. (“PruRose Monaco”) with the remaining interest owned by The Prudential Insurance Company of America (“Prudential”). | ||||||||||||
In general, the operating agreement of PruRose Monaco provides that operating cash flows are distributed to members first to Prudential and then to Monaco Holdings based on a nine percent operating return on each members’ capital balance in priorities as detailed in the operating agreement. Excess operating cash flows are distributed to the members in accordance with their ownership percentages. As of September 30, 2013, Prudential had a capital balance of $76 million and an accumulated unpaid operating return of $3.4 million. It is not anticipated that Monaco Holdings will be required to fund any capital. | ||||||||||||
Net cash flows from a capital event are distributed first to the extent of any accumulated unpaid operating return and then to repay each members’ capital balance in the same priority as operating cash flows, with any excess distributed to the members in accordance with their ownership percentages. | ||||||||||||
The operating agreement of Monaco Holdings provides, among other things, for the distributions of net cash flows to the members, first, in respect of unrecovered capital on a pro rata basis, with any remaining cash flow in accordance with their ownership percentages. | ||||||||||||
The operating agreement of RoseGarden Monaco provides, among other things, for the distribution of available cash flow to the members in accordance with their ownership percentages. | ||||||||||||
PruRose Monaco has an interest-only mortgage loan, collateralized by the property with a balance of $165 million as of September 30, 2013. The mortgage loan bears interest at 4.19 percent and matures in February 2021. | ||||||||||||
The Company performed management, leasing, and other services for PruRose Monaco and recognized $115,000 and $350,000 in income for such services in the three and nine months ended September 30, 2013, respectively. | ||||||||||||
Rosewood Lafayette Holdings, L.L.C. | ||||||||||||
On October 23, 2012, as part of the Roseland Transaction, the Company acquired a 25 percent indirect residual interest in an entity that owns a 217-unit multi-family rental property which aggregates 185,733 square feet and is located in Morristown, New Jersey (the “Highlands Property”). | ||||||||||||
The Company owns 50 percent of Rosewood Lafayette Holdings, L.L.C. (“Rosewood”) with the remaining interest owned by Woodmont Transit Village, L.L.C. | ||||||||||||
Rosewood owns a 50 percent interest in the property-owning entity, Rosewood Lafayette Commons, L.L.C. (“Rosewood Lafayette”) with the remaining interest owned by Prudential. | ||||||||||||
In general, the operating agreement of Rosewood Lafayette provides that operating cash flows are distributed to members first to Prudential and then to Rosewood based on an eight percent operating return to December 23, 2012 and nine percent thereafter on each members’ capital balance in priorities as detailed in the operating agreement. Excess operating cash flows are distributed to the members in accordance with their ownership percentages. As of September 30, 2013, Prudential had a capital balance of $29.5 million and an accumulated unpaid operating return of $2.1 million. It is not anticipated that Rosewood will be required to fund any capital. | ||||||||||||
Net cash flows from a capital event are distributed first to the extent of any accumulated unpaid operating return and then to repay each members’ capital balance in the same priority as operating cash flows, with any excess distributed to the members in accordance with their ownership percentages. | ||||||||||||
In general, the operating agreement of Rosewood provides for the distribution of available cash flow to the members in accordance with their ownership percentages. | ||||||||||||
Rosewood Lafayette has a mortgage loan, with a balance of $39.5 million as of September 30, 2013, which bears interest at 4.0 percent and matures in July 2015. The loan requires principal and interest payments based on a 30-year amortization schedule and is collateralized by the Highlands Property. | ||||||||||||
The Company performed management, leasing, and other services for Rosewood Lafayette and recognized $48,000 and $142,000 in income for such services in the three and nine months ended September 30, 2013, respectively. | ||||||||||||
PruRose Port Imperial South 15, LLC | ||||||||||||
On October 23, 2012, as part of the Roseland Transaction, the Company acquired a 50 percent residual interest in PruRose Port Imperial South 15, LLC (“Port Imperial 15”), an entity that owns a 236-unit multi-family rental property which aggregates 214,402 square feet and is located in Weehawken, New Jersey (the “RiversEdge Property”). | ||||||||||||
Port Imperial 15 is owned 50 percent by the Company and 50 percent by PRII Port Imperial South 15, LLC (“Prudential-Port”). | ||||||||||||
In general, the operating agreement of Port Imperial 15 provides that operating cash flows are distributed to members first to Prudential-Port and then to the Company based on a nine percent operating return on each members’ capital balance in priorities as detailed in the operating agreement. Excess operating cash flows are distributed to the members in accordance with their ownership percentages. As of September 30, 2013, Prudential-Port had a capital balance of $33.8 million and an accumulated unpaid operating return of $5.1 million. It is not anticipated that the Company will be required to fund any capital. | ||||||||||||
Net cash flows from a capital event are distributed first to the extent of any accumulated unpaid operating return and then to repay each members’ capital balance in the same priority as operating cash flows, with any excess distributed to the members in accordance with their ownership percentages. | ||||||||||||
Subject to a letter agreement, 20 percent of distributions received by the Company, in excess of an eight percent IRR shall be paid to a third party based on certain conditions. | ||||||||||||
Port Imperial 15 had a mortgage loan, with a balance of $57 million which bore interest at LIBOR plus 235 basis points and was scheduled to mature in August 2013. On August 29, 2013, Port Imperial 15 refinanced such mortgage loan. The new loan has a balance of $57.5 million as of September 30, 2013, bears interest at 4.32 percent and matures in September 2020. The interest-only loan is collateralized by the RiversEdge Property. | ||||||||||||
The Company performed management, leasing, and other services for Port Imperial 15 and recognized $62,000 and $185,000 in income for such services in the three and nine months ended September 30, 2013, respectively. | ||||||||||||
Rosewood Morristown, L.L.C. | ||||||||||||
On October 23, 2012, as part of the Roseland Transaction, the Company acquired a 50 percent interest in Rosewood Morristown, L.L.C. (“Rosewood”) with the remaining interest owned by Woodmont Epsteins, L.L.C. | ||||||||||||
Rosewood owns a 50 percent interest in Morristown Epsteins, L.L.C. (“Morristown”) with the remaining 50 percent owned by a third party. Morristown owns an interest in a 76-unit-for-sale luxury condominium community (the “40 Park Condominiums Property”), three of which were unsold at acquisition, all of which have been sold as of September 30, 2013. Morristown also owns land where it intends to build a 91-unit, seven-story, multi-family rental property (the “Lofts at 40 Park Property”). Morristown also owns a 50 percent residual interest in the entity that owns a 130-unit multi-family rental and 10,730 square feet retail building (the “Metropolitan Property”) and a 50,973 square feet retail building (the “Shops at 40 Park Property”), Epsteins B Rentals, L.L.C. (“Epsteins”), with the remaining interest owned by Prudential. All of the properties are located in Morristown, New Jersey. | ||||||||||||
The operating agreement of Morristown provides, among other things, for the distribution of net available cash to the members, as follows: | ||||||||||||
· | to pay accrued and unpaid interest at a rate of eight percent on the balance note, as defined; | |||||||||||
· | to Rosewood in an amount equal to its current year’s annual preferred return rate of eight percent on its adjusted capital, as defined; | |||||||||||
· | to pay the outstanding balance remaining on the balance note, which was $975,000 as of September 30, 2013; | |||||||||||
· | to Rosewood in an amount equal to its adjusted capital balance, which was $3.2 million as of September 30, 2013; and | |||||||||||
· | to the members in accordance with their ownership percentages. | |||||||||||
The operating agreement of Rosewood provides, among other things, for the distribution of net cash flow to the members in accordance with their ownership percentages. | ||||||||||||
PR II/Morristown Prudential, LLC, an affiliate of Prudential, has a 15 percent participating interest in the net sales proceeds from the sale of the 40 Park Condominiums Property units, as defined, pursuant to an August 2011 Participation Agreement, related to a previously satisfied mezzanine loan. | ||||||||||||
In general, the operating agreement of Epsteins provides that operating cash flows are distributed to members first to Prudential and then to Rosewood based on a nine percent return on each members’ capital balance in priorities as detailed in the operating agreement. Excess operating cash flows are distributed to the members in accordance with their ownership percentages. As of September 30, 2013, Prudential had a capital balance of $19.1 million and an accumulated unpaid operating return of $203,000, and Rosewood had a capital balance of $0.7 million and no accumulated unpaid operating returns as of September 30, 2013. | ||||||||||||
Net cash flows from a capital event are distributed first to the extent of any accumulated unpaid operating return balance and then to repay each members’ capital balance in the same priority as operating cash flows, with any excess distributed to the members in accordance with their ownership percentages. | ||||||||||||
Epsteins had a mortgage loan with a balance of $48.5 million bearing interest at LIBOR plus 275 basis points which was refinanced on August 14, 2013 with loan proceeds and Prudential Capital. The new loan, collateralized by the Metropolitan Property, with a balance of $38.6 million bearing interest at 3.25 percent matures in September 2020 and is interest-only through September 2015. The new loan, collateralized by the Shops at 40 Park Property, with a balance of $6.5 million bearing interest at 3.63 percent matures in August 2018 and is interest-only through July 2015. The loan provides for additional proceeds of $1 million based on certain operating thresholds being achieved. | ||||||||||||
Morristown has a mortgage loan, with a balance of $1.1 million as of September 30, 2013, which bears interest at LIBOR plus 250 basis points and matures in September 2014. The loan is collateralized by the Lofts at 40 Park Property and is fully guaranteed by the Company. | ||||||||||||
The Company performed management, leasing, and other services for Epsteins and recognized $47,000 and $134,000 in income for such services in the three and nine months ended September 30, 2013, respectively. | ||||||||||||
Overlook Ridge JV, L.L.C. | ||||||||||||
On October 23, 2012, as part of the Roseland Transaction, the Company acquired a 25 percent indirect interest in an entity that owns a 251-unit multi-family rental property (“Quarrystone I Property”) and a 50 percent indirect interest in an entity that owns a land parcel located in Malden, Massachusetts (“Overlook Phase III”). The Quarrystone I Property aggregates 278,721 square feet and is located in Malden, Massachusetts. | ||||||||||||
The Company owns 50 percent of Overlook Ridge JV, L.L.C. (“Overlook Ridge JV”) with the remaining interest owned by Rowe Contracting Company (“Rowe”). | ||||||||||||
Overlook Ridge JV owns a 50 percent interest in the property-owning entity, LR JV-C Associates, L.L.C. (“LR Overlook”) with the remaining interest owned by Lennar Massachusetts Properties Inc. (“Lennar”) and a 100 percent interest in the property-owning entity LR Overlook Phase III, L.L.C. (“LR Overlook Phase III”). | ||||||||||||
In general, the operating agreement of LR Overlook provides, among other things, for distributions of cash flow to the members in accordance with their ownership percentages, subject to the repayment of priority partnership loans. As of September 30, 2013, Lennar has a priority partnership loan of $18.8 million, which has an accrued interest balance of $14.4 million. | ||||||||||||
The operating agreement of Overlook Ridge JV provides, among other things, for the distribution of distributable cash, as defined, to the members, as follows: | ||||||||||||
· | First, to the members in proportion to their respective unrecovered capital percentages, as defined in the agreement, until each member’s unrecovered capital has been reduced to zero; and | |||||||||||
· | Second, to the members in accordance with their ownership percentages. | |||||||||||
LR Overlook has mortgage loans, with a balance of $69.9 million as of September 30, 2013, which mature in March 2016. The senior loan, with a balance of $52.9 million, which bears interest at LIBOR plus 200 basis points is collateralized by the Quarrystone I property. The junior loan, with a balance of $17 million, which bears interest at LIBOR plus 90 basis points is collateralized by a $17 million letter of credit provided by an affiliate of Lennar. | ||||||||||||
LR Overlook Phase III has a mortgage loan, with a balance of $5.6 million as of September 30, 2013, which bears interest at a rate of LIBOR plus 250 basis points and matures in April 2015. The loan provides, subject to certain conditions, a one-year extension option with a fee of 25 basis points. The interest-only loan is collateralized by the Overlook Phase III Land. The Company has guaranteed repayment of up to $1.5 million and all interest under the loan. | ||||||||||||
The Company performed management, leasing, and other services for LR Overlook and recognized $46,000 and $137,000 in income for such services in the three and nine months ended September 30, 2013, respectively. | ||||||||||||
Overlook Ridge, L.L.C. | ||||||||||||
On October 23, 2012, as part of the Roseland Transaction, the Company acquired a 50 percent interest in land parcels at Overlook Ridge, L.L.C. (“Overlook Ridge”), referred to as Sites IIIA, IIIC, and IIID (“Overlook Land”), which are located in Malden and Revere, Massachusetts. The remaining interest in the property-owning entity, Overlook Ridge, is owned by Rowe. | ||||||||||||
The operating agreement of Overlook Ridge provides, among other things, for the distribution of net cash flow to the members, as follows: | ||||||||||||
· | First, to the members in proportion to their unrecovered capital percentages, as defined, until the cumulative amounts distributed equal such member’s return of six percent on the unrecovered capital; and | |||||||||||
· | Second, to the members in accordance with their ownership percentages. | |||||||||||
In addition, the operating agreement provides that both Rowe and the Company receive a notional land capital account based on the development of each Overlook Land, as defined. Based on the anticipated development of each remaining Overlook Land, the total notional land capital account is approximately $20 million, and is allocated 97 percent to Rowe and three percent to the Company. | ||||||||||||
Overlook Ridge has a mortgage loan collateralized by Overlook Land, not to exceed $17.4 million, with a balance of $16.5 million as of September 30, 2013. The loan bears interest at a rate of LIBOR plus 350 basis points and matures in March 2014. The loan provides, subject to certain conditions, a one-year extension option with a fee of 25 basis points. The Company has guaranteed repayment of the outstanding principal balance of the loan. | ||||||||||||
Overlook Ridge JV 2C/3B, L.L.C. | ||||||||||||
On October 23, 2012, as part of the Roseland Transaction, the Company acquired a 25 percent indirect residual interest in a to-be-built, 371-unit multi-family rental development spanning four buildings (the “Overlook 2C/3B Project”) which is located in Malden, Massachusetts. Construction began in January 2013 with anticipated initial deliveries in the first quarter 2014. | ||||||||||||
The Company owns a 50 percent interest in Overlook Ridge JV 2C/3B, L.L.C. (“Overlook 2C/3B”) with the remaining interest owned by Rowe. Overlook 2C/3B owns a 50 percent interest in the development project-owning entity, Overlook Ridge Apartments Investors LLC (“Overlook Apartments Investors”) with the remaining interests owned by Overlook Ridge Apartments Member LLC (“Overlook Apartments Member”). Pursuant to the operating agreement Overlook Apartments Member is required to fund $23.9 million of the total development costs of $79.4 million, with the balance to be funded by a $55.5 million construction loan. | ||||||||||||
In general, the operating agreement of Overlook Apartments Investors provides that operating cash flows are distributed to members first to Overlook Apartments Member and then to Overlook 2C/3B based on a 6.5 percent preferred return on each members’ capital balance in priorities as detailed in the operating agreement. Excess operating cash flows are distributed to the members in accordance with their ownership percentages. As of September 30, 2013, Overlook Apartments Member had a capital balance of $23.9 million with an accumulated unpaid preferred return of $1.1 million. It is anticipated that Overlook 2C/3B will not be required to fund any capital. | ||||||||||||
Net cash flows from a capital event are distributed first to the extent of any accumulated unpaid preferred return, then to repay each members’ capital balance in the same priority as operating cash flows, then 100 percent to Overlook Apartments Member until it receives a nine percent IRR, and then 70 percent to Overlook Apartments Member and 30 percent to Overlook 2C/3B, pari passu, until Overlook Apartments Member receives an 11 percent IRR, as defined, with any excess distributed to the members in accordance with their ownership percentages. | ||||||||||||
Overlook 2C/3B and its affiliates are restricted from commencing any new residential real property development at Overlook Ridge until January 2015, without the prior written consent of Overlook Apartments Member. Thereafter, Overlook Apartments Member has a right of first offer to participate in future Overlook Ridge Projects, all as more fully set forth in the operating agreement of Overlook Ridge Apartments Investors. | ||||||||||||
Overlook Apartments Investors has a construction loan not to exceed $55.5 million with a balance of $5.2 million as of September 30, 2013, which bears interest at LIBOR plus 250 basis points and matures in December 2015. The loan provides, subject to certain conditions, two one-year extension options with a fee of 25 basis points each. The Company has guaranteed lien-free completion of the project to the lender and Overlook Apartments Member. The Company has also guaranteed repayment of $8.3 million of the loan. Upon the project achieving a debt service coverage ratio of 1.25, as defined, the repayment guaranty ends. Additionally, the Company has guaranteed payment of all interest due under the loan. On January 18, 2013, the interest rate on an amount not expected to exceed 95 percent of the outstanding loan balance was fixed at 3.0875 percent from September 3, 2013 to November 2, 2015. | ||||||||||||
The operating agreement of Overlook 2C/3B provides, among other things, for the distribution of net operating cash flow to the members, as follows: | ||||||||||||
· | First, to each member in proportion to and to the extent of such member’s unrecovered return of nine percent on unrecovered capital; and | |||||||||||
· | Second, to the members in accordance with their ownership percentages. | |||||||||||
Rowe has an unrecovered notional capital account balance of $7.2 million and the Company has an unrecovered capital account with $0.2 million associated with its land capital as of September 30, 2013. | ||||||||||||
The Company performed development, management, and other services for Overlook Apartments Investors and recognized $209,000 and $387,000 in income for such services in the three and nine months ended September 30, 2013, respectively. | ||||||||||||
Roseland/North Retail, L.L.C. | ||||||||||||
On October 23, 2012, as part of the Roseland Transaction, the Company acquired a 20 percent residual interest in Port Imperial North Retail, L.L.C. (“PI North Retail”), an entity that owns commercial condominium units (the “Riverwalk Property”), with the remaining interest owned by PR II Port Imperial Retail, LLC (“Prudential-PI”). The Riverwalk Property aggregates 30,745 square feet of retail space and is located in West New York, New Jersey. | ||||||||||||
In general, the operating agreement of PI North Retail provides that operating cash flows are distributed first to Prudential-PI and then to the Company based on a nine percent operating return on each members’ capital balance in priorities as detailed in the operating agreement. Excess operating cash flows are distributed to the members in accordance with ownership percentages. As of September 30, 2013, Prudential-PI had a capital balance of $4.3 million and an accumulated unpaid operating return of $1.6 million and the Company had no capital balance. | ||||||||||||
Net cash flows from a capital event are distributed first to the extent of any accumulated unpaid operating return and then to repay each members’ capital balance in the same priority as operating cash flows, with any excess distributed to the members in accordance with their ownership percentages. | ||||||||||||
The Company performed management, leasing, and other services for PI North Retail and recognized $8,000 and $23,000 in income for such services in the three and nine months ended September 30, 2013, respectively. | ||||||||||||
BNES Associates III | ||||||||||||
On October 23, 2012, as part of the Roseland Transaction, the Company acquired a 31.25 percent indirect interest in an entity that owns a 106,345 square foot fully-leased office property located in West Orange, New Jersey. | ||||||||||||
The Company owns 50 percent of BNES Associates III (“BNES”) with the remaining interest owned by L.A.H. Partners Crystal Lake, L.L.C. BNES owns a 62.50 percent interest in the property-owning entity, The Offices at Crystal Lake, L.L.C. (“Crystal Lake”). | ||||||||||||
The operating agreement of Crystal Lake provides, among other things, for the distribution of net cash flow to the members in accordance with their percentage interests. | ||||||||||||
Crystal Lake has a mortgage loan, with a balance of $7.5 million as of September 30, 2013 collateralized by the office property, which bears interest at 4.76 percent and matures in November 2023. | ||||||||||||
Portside Master Company, L.L.C. | ||||||||||||
On October 23, 2012, as part of the Roseland Transaction, the Company acquired a 38.25 percent indirect residual interest in a to-be-built, 176-unit multi-family rental property (“Portside at Pier One Building Seven Project”). The Portside at Pier One Building Seven Project is located in East Boston, Massachusetts and began construction in December 2012 with anticipated initial deliveries in the third quarter 2014. The project is subject to a ground lease with the Massachusetts Port Authority. The ground lease provides for fixed and percentage rent. | ||||||||||||
The Company owns 85 percent of Portside Master Company, L.L.C. (“Portside Master”) with the remaining interest owned by Portside Boston, L.L.C. Portside Master holds a 45 percent interest in the development project-owning entity, Portside Apartment Holdings, L.L.C. (“Portside Apartment Holdings”) with the remaining interest owned by PR II Portside Investors L.L.C. (“Prudential Portside”). Pursuant to the operating agreement, Prudential Portside is required to fund $23.8 million of the estimated total development costs of $66.3 million, with the balance to be funded by a $42.5 million construction loan. | ||||||||||||
In general, the operating agreement of Portside Apartment Holdings provides that operating cash flows are distributed to members first to Prudential Portside and then to Portside Master based on a nine percent operating return on each members’ capital balance in priorities as detailed in the operating agreement. Excess operating cash flows are distributed to the members in accordance with their ownership percentages. As of September 30, 2013, Prudential Portside had a capital balance of $16.8 million and an unpaid operating return of $0.6 million. It is anticipated that Portside Master will not be required to fund any capital. | ||||||||||||
Net cash flows from a capital event are distributed first to the extent of any accumulated unpaid operating return, then to repay each members’ capital balance in the same priority as operating cash flows, and then 65 percent to Prudential Portside and 35 percent to Portside Master, pari passu, until Prudential Portside receives a 12 percent IRR, as defined, with any excess distributed to the members in accordance with their ownership percentages. | ||||||||||||
The operating agreement of Portside Master provides, among other things, for the distribution of net cash flow to the members in accordance with their ownership percentages. | ||||||||||||
Portside Apartment Holdings has a construction loan in an amount not to exceed $42.5 million with no balance at September 30, 2013, which bears interest at LIBOR plus 250 basis points and matures in December 2015. The loan provides, subject to certain conditions, two one-year extension options with a fee of 12.5 basis points for year one and 25 basis points for year two. The Company has guaranteed lien-free completion of the project to the lender, Prudential Portside and Massachusetts Port Authority. The Company has also guaranteed repayment of 50 percent of the loan until project completion, when the repayment guaranty is reduced to 25 percent. The Company’s repayment guaranty is further reduced to 10 percent upon achieving a debt service coverage ratio of 1.25, as defined. Additionally, the Company has guaranteed payment of all interest due under the loan. | ||||||||||||
The Company performed development, management, and other services for Portside Apartment Holdings and recognized $149,000 and $360,000 in income for such services in the three and nine months ended September 30, 2013, respectively. | ||||||||||||
PruRose Port Imperial South 13, LLC | ||||||||||||
On October 23, 2012, as part of the Roseland Transaction, the Company acquired a 20 percent residual interest in a to-be-built, 280-unit multi-family rental property (“Port Imperial 13”) located in Weehawken, New Jersey. Port Imperial 13 began construction in January 2013 with anticipated initial deliveries in the fourth quarter 2014. | ||||||||||||
The remaining interest in the PruRose Port Imperial South 13, LLC (“PruRose 13”) is owned by PR II Port Imperial South 13 Investor LLC (“Prudential 13”). Pursuant to the operating agreement, Prudential 13 is required to fund $23.1 million of the estimated total development costs of $96.4 million, not including contributed land capital of $21 million, which is allocated $19.2 million to Prudential 13 and $1.8 million to the Company, with the balance to be funded by a $73.4 million construction loan. | ||||||||||||
In general, the operating agreement of PruRose 13 provides that operating cash flows are distributed to members first to Prudential 13 and then to the Company based on a nine percent operating return on each members’ capital balance in priorities as detailed in the operating agreement. Excess operating cash flows are distributed to the members in accordance with their ownership percentages. As of September 30, 2013, Prudential 13 had a capital balance of $40.5 million and an accumulated unpaid operating return of $2.7 million and the Company had a capital balance of $1.8 million and an accumulated unpaid operating return of $0.1 million. | ||||||||||||
Net cash flows from a capital event are distributed first to the extent of any accumulated unpaid operating return and then to repay each members’ capital balance in the same priority as operating cash flows, with any excess distributed to the members in accordance with their ownership percentages. | ||||||||||||
Subject to an agreement, 20 percent of distributions received by the Company, in excess of an eight percent IRR, shall be paid to another party. | ||||||||||||
PruRose 13 has a construction loan in an amount not to exceed $73.4 million with no balance at September 30, 2013. The loan bears interest at a rate of LIBOR plus 215 basis points and matures in June 2016. The loan provides, subject to certain conditions, a one-year extension option followed by a six-month extension option with a fee of 25 basis points each. The Company has guaranteed lien-free completion of the project to the lender and Prudential. The Company has also guaranteed repayment of up to $11 million of the loan. The Company’s guaranty of repayment is reduced to $7.4 million upon achieving a debt service coverage ratio of 1.25, and to zero upon achieving a debt service coverage ratio of 1.40, as defined. Additionally, the Company has guaranteed payment of all interest due under the loan. On December 28, 2012, the interest rate on an amount not expected to exceed 95 percent of the outstanding loan balance was fixed at 2.79 percent from July 1, 2013 to January 1, 2016. | ||||||||||||
The Company performed development, management, and other services for PruRose 13 and recognized $212,000 and $537,000 in income for such services in the three and nine months ended September 30, 2013, respectively. | ||||||||||||
Roseland/Port Imperial Partners, L.P. | ||||||||||||
On October 23, 2012, as part of the Roseland Transaction, the Company acquired a 20 percent residual interest in a to-be-built, 363-unit multi-family rental property (the “Parcel C Project”), undeveloped land parcels, parcels 6, I and J (“Port Imperial North Land”), and a parcel of land with a ground lease to a retail tenant all located in West New York, New Jersey. | ||||||||||||
The remaining interests in the development project-owning entity, Roseland/Port Imperial Partners, L.P. (“Roseland/PI”) are owned 79 percent by Prudential and one percent by Prudential-Port Imperial LLC (“Prudential LLC”). | ||||||||||||
The operating agreement of Roseland/PI provides, among other things, for the distribution of net cash flow to the members, as follows: | ||||||||||||
· | to Prudential and Prudential LLC, in proportion to the excess of their operating return of ten percent on Prudential’s Parcel C contribution, as defined, accrued to the date of such distribution over the aggregate amounts previously distributed to such partner for such return; | |||||||||||
· | to the partners, to the extent of any excess of such partner’s operating return of ten percent on its additional capital contributions over the aggregate amounts previously distributed for such return; and | |||||||||||
· | to the partners in accordance with their percentage interests. | |||||||||||
As of September 30, 2013, Prudential and Prudential LLC had a Parcel C capital balance of $18.2 million and an accumulated unpaid operating return of $3.8 million and the Company had a capital balance of $26,000. Construction of the Parcel C Project is expected to start in 2015. | ||||||||||||
In addition, the operating agreement provides each member a land capital account associated with the Port Imperial North Land. As of September 30, 2013, Prudential and Prudential LLC had a land capital account balance of $57.7 million and the Company had a land capital account of $5.0 million. The land capital account balances do not earn a return and will be contributed to a development entity upon construction start for each development parcel, as defined. Also, as of September 30, 2013, Prudential and Prudential LLC had a capital balance of $584,000 and an accumulated unpaid operating return of $23,000 and the Company had a capital balance of $146,000 and an accumulated unpaid operating return of $6,000 related to the Port Imperial North land. | ||||||||||||
RoseGarden Marbella South, L.L.C. | ||||||||||||
On October 23, 2012, as part of the Roseland Transaction, the Company acquired a 24.27 percent indirect residual interest in a to-be-built, 311-unit high-rise multi-family rental property (the “Marbella II Project”) which is located in Jersey City, New Jersey. The Marbella II Project began construction in the third quarter 2013. | ||||||||||||
The Company owns 48.5325 percent of RoseGarden Marbella South, L.L.C. (“RoseGarden South”) with the remaining interest owned by MG Marbella Partners II, L.L.C. | ||||||||||||
RoseGarden South holds a 50 percent interest in the development project-owning entity, PruRose Marbella II, L.L.C. (“PruRose/Marbella II”), with the remaining interest owned by PRISA III Investments LLC (“Prudential-Marbella II”). Total estimated development costs of $132.1 million are anticipated to be funded with $54.7 million of member capital, $41.4 million from Prudential-Marbella II and $13.3 million from the Company, with the balance to be funded by a $77.4 million construction loan. | ||||||||||||
In general, the operating agreement of PruRose/Marbella II provides that operating cash flows are distributed to members pro-rata based on a nine percent operating return on each members’ capital balance in priorities as detailed in the operating agreement. Excess operating cash flows are distributed to the members in accordance with their ownership percentages. As of September 30, 2013, Prudential-Marbella II had a capital balance of $3.4 million and an accumulated unpaid operating return of $0.3 million and RoseGarden South had a capital balance of $1.7 million with an unpaid operating return of $39,000. | ||||||||||||
Net cash flows from a capital event are distributed first to the extent of any accumulated unpaid operating return and then to repay each members’ capital balance in the same priority as operating cash flows, with any excess distributed to the members in accordance with their ownership percentages. | ||||||||||||
Net cash flow for RoseGarden South is distributed to the members in accordance with their ownership percentages. | ||||||||||||
On October 1, 2013, PruRose/Marbella II closed on a construction loan in an amount not to exceed $77.4 million. The loan bears interest at a rate of LIBOR plus 225 basis points and matures April 1, 2017 and provides subject to certain conditions, two one year extension options with a fee of 25 basis points for each year. The Company has guaranteed lien-free completion of the project to the lender and Prudential-Marbella II. Additionally, the Company has guaranteed payments of all interest, operating deficits and deferred equity due under the loan. | ||||||||||||
The Company performed development, management and other services for PruRose Marbella II and recognized $195,000 and $213,000 in income for such services in the three and nine months ended September 30, 2013, respectively. | ||||||||||||
PruRose Riverwalk G, L.L.C. | ||||||||||||
On October 23, 2012, as part of the Roseland Transaction, the Company acquired a 25 percent indirect residual interest in a to-be-built, 12-story, 316-unit multi-family rental property (the “RiverTrace Project”). The RiverTrace Project is located in West New York, New Jersey. The RiverTrace Project began construction in November 2011 with anticipated initial deliveries in the fourth quarter 2013. | ||||||||||||
The Company owns 50 percent of PruRose Riverwalk G, L.L.C. (“PruRose Riverwalk”) with the remaining interest owned by Prudential. | ||||||||||||
PruRose Riverwalk owns a 50 percent interest in the project-owning entity, Riverwalk G Urban Renewal, L.L.C. (“Riverwalk G”), with the remaining interest owned by West New York Parcel G Apartments Investors, LLC (“Investor”). Pursuant to the operating agreement, Investor is required to fund $35 million of the estimated total development costs of $118.1 million, with the balance to be funded by an $83.1 million construction loan. | ||||||||||||
In general, the operating agreement of Riverwalk G provides that operating cash flows are distributed to members first to Investor and then to PruRose Riverwalk based on a 7.75 percent operating return on each members’ capital balance in priorities as detailed in the operating agreement. Excess operating cash flows are distributed to the members in accordance with their ownership percentages. As of September 30, 2013, Investor had a capital balance of $35 million and an unpaid operating return of $6.0 million. It is not anticipated that PruRose Riverwalk will be required to fund any capital. | ||||||||||||
Net cash flows from a capital event are distributed first to the extent of any accumulated unpaid operating return, then to repay each members’ capital balance in the same priority as operating cash flows, and then 100 percent to Investor until Investor receives a 7.75 percent IRR, as defined, with any excess distributed to the members in accordance with their ownership percentages. | ||||||||||||
The operating agreement of PruRose Riverwalk provides, among other things, for the distribution of net cash flow to the members in accordance with their ownership percentages. In addition, the operating agreement requires that the initial $1.3 million in distributions to the Company be redirected to Prudential. | ||||||||||||
Riverwalk G has a construction loan in an amount not to exceed $83.1 million, with a balance of $54.6 million as of September 30, 2013, which bears interest at six percent and matures in July 2021. The interest-only loan is collateralized by the RiverTrace Project. The Company has guaranteed a lien-free completion of the project to the lender and Investor. The Company guarantees $15.0 million of the loan principal until six months after completion of the project. | ||||||||||||
The Company performed development, management, and other services for Riverwalk G and recognized $30,000 and $379,000 in income for such services in the three and nine months ended September 30, 2013, respectively. | ||||||||||||
ELMAJO Urban Renewal Associates, LLC/Estuary Urban Renewal Unit B, LLC | ||||||||||||
On October 23, 2012, as part of the Roseland Transaction, the Company acquired a 7.5 percent residual interest in a to-be-built, three-building, 582 multi-family rental property located in Weehawken, New Jersey (the “Lincoln Harbor Project”), with the remaining interest owned by ELMAJO Management, Inc. (“EMI”). The first phase, Building A, with 181 units, and Building C, with 174 units, began construction in 2012 and the second phase, Building B, with 227 units, began construction in January 2013 with anticipated initial deliveries in the first quarter 2014. On March 13, 2013, Estuary Urban Renewal Unit B, LLC (“Estuary UR”) was formed to own and develop the second phase, Building B. Estimated total development costs for the Lincoln Harbor Project is $218.3 million. EMI is required to fund any capital requirements in excess of construction financing. The Company has no funding requirements to the venture. | ||||||||||||
The operating agreements of ELMAJO Urban Renewal Associates, LLC (“ELMAJO UR”), the entity which owns the Lincoln Harbor Project, Building A and C, and Estuary UR, the entity that owns the Lincoln Harbor Project Building B, provides, among other things, for the distribution of net distributable cash to the members, as follows: | ||||||||||||
· | First, to the members to the extent of and in proportion to their respective preferred return of 8.50 percent on the member’s unrecovered capital; and | |||||||||||
· | Second, to the members in accordance with their ownership percentages. | |||||||||||
As of September 30, 2013, EMI and Estuary UR have a combined capital balance of $73.9 million and an unpaid preferred return of $13.5 million. | ||||||||||||
ELMAJO UR has a construction loan for Building A and Building C in an amount not to exceed $95 million, with a balance of $40.2 million as of September 30, 2013, which bears interest at LIBOR plus 210 basis points and matures in June 2016. The loan provides, subject to certain conditions, a one-year extension option with a fee of 25 basis points. | ||||||||||||
Estuary UR has a construction loan for Building B in an amount not to exceed $57 million, with a balance of $4.1 million as of September 30, 2013, which bears interest at LIBOR plus 210 basis points and matures in January 2017. The loan provides, subject to certain conditions, a one-year extension option with a fee of 25 basis points. | ||||||||||||
The Company performed development and other services for ELMAJO UR and Estuary UR and recognized $255,000 and $735,000 in income for such services in the three and nine months ended September 30, 2013, respectively. | ||||||||||||
RiverPark at Harrison I, L.L.C. | ||||||||||||
On October 23, 2012, as part of the Roseland Transaction, the Company acquired a 36 percent interest in a multi-phase project located in Harrison, New Jersey (the “RiverPark Project”). Construction of a 141-unit multi-family rental property of the RiverPark Project is projected to start in the near term. Estimated total development costs of $28.2 million are expected to be funded with a $23.4 million construction loan, with the balance to be funded with member capital. The Company is required to fund 40.5 percent of capital. | ||||||||||||
The remaining interests in the development project-owning entity, RiverPark at Harrison I Urban Renewal, L.L.C. (“RiverPark”) are owned 36 percent by Chall Enterprises, L.L.C. and 28 percent by an investor group. | ||||||||||||
In general, the operating agreement of RiverPark provides, among other things, for the distribution of net cash flow to the members in accordance with their ownership percentages. | ||||||||||||
On June 27, 2013, RiverPark obtained a construction loan in an amount not to exceed $23.4 million with a balance of $0.9 million as of September 30, 2013. The loan, which bears interest at LIBOR plus 235 basis points, matures in June 2016 and provides, subject to certain conditions, two one-year extension options with a fee of 20 basis points for each year. The Company has guaranteed lien-free completion of the project to the lender and repayment of 25 percent of the principal amount at maturity. The Company’s repayment guaranty is reduced to 10 percent upon project completion, achieving a debt service coverage ratio of 1.30 and satisfaction of the loan-to-value ratio of 65 percent, as defined. Additionally, the Company has guaranteed payment of all interest due under the loan. | ||||||||||||
150 Main Street, L.L.C. | ||||||||||||
On October 23, 2012, as part of the Roseland transaction, the Company had acquired a 26.25 percent interest in a to-be-built, 108-unit multi-family rental property located in Eastchester, New York (the “Eastchester Project”) for approximately $4.9 million. The remaining interests in the development project-owning entity, 150 Main Street, L.L.C. (“Eastchester”) was owned 26.25 percent by JMP Eastchester, L.L.C. and 47.5 percent by Hudson Valley Land Holdings, L.L.C. (“HVLH”). The Eastchester Project is expected to start in the near term. Estimated total development costs of $46 million are expected to be funded with a $27.5 million construction loan and the balance of $18.5 million to be funded with member capital. | ||||||||||||
The operating agreement of Eastchester provides, among other things, for the distribution of net operating cash flow to the members, as follows: | ||||||||||||
· | to HVLH to the extent of its accrued but unpaid preferred return of eight percent on the unrecovered allocated land value, as defined; | |||||||||||
· | to the members, pro rata, to the extent of their respective accrued but unpaid return of eight percent on their unrecovered capital percentages; and | |||||||||||
· | to the members in accordance with their ownership percentages. | |||||||||||
Net cash flows from a capital event are distributed to the members, first, in respect of unrecovered return and then unrecovered capital on a pro rata basis, with any excess in accordance with their ownership percentages. | ||||||||||||
On August 22, 2013, the operating agreement of Eastchester was modified which increased the Company’s effective ownership to 76.25 percent, with the remaining 23.75 percent owned by HVLH. The agreement also provided the Company with control of all major decisions. Accordingly, effective from this date, the Company is consolidating Eastchester under the provisions of ASC 810, Consolidation. As the carrying value approximated the fair value of the net assets acquired, there was no holding period gain or loss recognized on this transaction. | ||||||||||||
The Company performed development and other services for Eastchester and recognized $87,000 and $102,000 in income for such services in the three and nine months ended September 30, 2013, respectively. | ||||||||||||
RoseGarden Monaco, L.L.C. | ||||||||||||
On October 23, 2012, as part of the Roseland Transaction, the Company acquired a 41.67 percent interest in the rights to acquire a land parcel (“San Remo Land”) located in Jersey City, New Jersey, pursuant to an agreement which expires in 2017. | ||||||||||||
The remaining interest in the rights-owning entity, RoseGarden Monaco, L.L.C. is owned by MG Monaco Partners, L.L.C. The operating agreement requires capital contributions and distributions in accordance with their ownership percentages. | ||||||||||||
Hillsborough 206 Holdings, L.L.C. | ||||||||||||
On October 23, 2012, as part of the Roseland Transaction, the Company acquired a 50 percent interest in a site zoned for retail uses (excluding supermarkets) which is located in Hillsborough, New Jersey. | ||||||||||||
The remaining interest in the property-owning entity, Hillsborough 206 Holdings, L.L.C. (“Hillsborough 206”) is owned by BNE Investors VIII, L.L.C. | ||||||||||||
The operating agreement of Hillsborough 206 provides, among other things, for the distribution of distributable cash to the members, in accordance with their ownership percentages. | ||||||||||||
Grand Jersey Waterfront Urban Renewal Associates, L.L.C. | ||||||||||||
On October 23, 2012, as part of the Roseland Transaction, the Company acquired a 50 percent interest in an entity designated as redeveloper of a land parcel (“Liberty Landings”) located in Jersey City, New Jersey. The remaining interest in the entity, Grand Jersey Waterfront Urban Renewal Associates, L.L.C., is owned by Waterfront Realty Company, L.L.C. | ||||||||||||
Capital requirements are funded in accordance with ownership percentages. | ||||||||||||
Crystal House Apartments Investors LLC | ||||||||||||
On March 20, 2013, the Company entered into a joint venture with a fund advised by UBS Global Asset Management (“UBS”) to form Crystal House Apartments Investors LLC (“CHAI”) which acquired the 828-unit multi-family property known as Crystal House located in Arlington, Virginia (“Crystal House Property”) for approximately $262.5 million. The acquisition included vacant land to accommodate the development of approximately 295 additional units of which 252 are currently approved. The Company holds a 25 percent interest in the Crystal House property and a 50 percent interest in the vacant land. | ||||||||||||
In general, the operating agreement of CHAI provides that net operating cash flows are distributed to the members in accordance with ownership percentages. Net cash flows from a capital event are distributed first to the members in accordance with ownership percentages until they receive a nine percent IRR, as defined, with any excess distributed 50 percent to the Company and 50 percent to UBS. | ||||||||||||
CHAI obtained a mortgage loan on the acquired property, which has a balance of $165 million as of September 30, 2013, bears interest at 3.17 percent and matures in March 2020. The loan, which is interest-only during the initial 5-year term and amortizable over a 30-year period for the remaining term, is collateralized by the Crystal House Property. | ||||||||||||
The Company performed management, leasing and other services for CHAI and recognized $109,000 and $228,000 in income for such services in the three and nine months ended September 30, 2013. | ||||||||||||
Other | ||||||||||||
The Company acquires other ownership interests in various ventures from time to time, including residual interests in assets previously owned and interests in ventures whose business is related to its core operations. These ventures are not expected to significantly impact the Company’s operations in the near term. | ||||||||||||
Deferred_Charges_Goodwill_And_
Deferred Charges, Goodwill And Other Assets | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Deferred Charges, Goodwill And Other Assets [Abstract] | ||||||
Deferred Charges, Goodwill And Other Assets | 5. DEFERRED CHARGES, GOODWILL AND OTHER ASSETS | |||||
September 30, | December 31, | |||||
(dollars in thousands) | 2013 | 2012 | ||||
Deferred leasing costs | $ | 253,654 | $ | 267,197 | ||
Deferred financing costs | 25,396 | 20,447 | ||||
279,050 | 287,644 | |||||
Accumulated amortization | -124,437 | -131,613 | ||||
Deferred charges, net | 154,613 | 156,031 | ||||
Notes receivable | 22,047 | - | ||||
In-place lease values, related intangible and other assets, net | 13,501 | 19,284 | ||||
Goodwill | 2,945 | 2,945 | ||||
Prepaid expenses and other assets, net | 91,293 | 26,614 | ||||
Total deferred charges, goodwill and other assets | $ | 284,399 | $ | 204,874 | ||
Restricted_Cash
Restricted Cash | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Restricted Cash [Abstract] | ||||||
Restricted Cash | 6. RESTRICTED CASH | |||||
Restricted cash includes tenant security deposits for certain of the Company’s properties, and escrow and reserve funds for debt service, real estate taxes, property insurance, capital improvements, tenant improvements, and leasing costs established pursuant to certain mortgage financing arrangements, and is comprised of the following: (dollars in thousands) | ||||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
Security deposits | $ | 7,780 | $ | 7,165 | ||
Escrow and other reserve funds | 11,433 | 12,174 | ||||
Total restricted cash | $ | 19,213 | $ | 19,339 | ||
Discontinued_Operations
Discontinued Operations | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Discontinued Operations [Abstract] | |||||||||||||
Discontinued Operations | 7. DISCONTINUED OPERATIONS | ||||||||||||
The Company sold 24 office properties aggregating 3 million square feet and three developable land parcels for total net sales proceeds of approximately $390.6 million during the nine months ended September 30, 2013 and has presented them as discontinued operations in its statement of operations for all periods presented. (See Note 3: Real Estate Transactions – Property Sales). | |||||||||||||
As the Company disposed of 2200 Renaissance Boulevard in King of Prussia, Pennsylvania; 95 Chestnut Ridge Road in Montvale, New Jersey; and three office buildings in Moorestown, New Jersey during the year ended December 31, 2012, the Company has presented the results from these assets as discontinued operations in its statements of operations for all periods presented. | |||||||||||||
The following table summarizes income from discontinued operations and the related realized gains (losses) and unrealized losses on disposition of rental property and impairments, net, for the three and nine month periods ended September 30, 2013 and 2012: (dollars in thousands) | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Total revenues | $ | 6,405 | $ | 17,376 | $ | 33,610 | $ | 51,790 | |||||
Operating and other expenses | -2,472 | -6,606 | -13,454 | -20,308 | |||||||||
Depreciation and amortization | -1,769 | -4,351 | -8,196 | -13,363 | |||||||||
Interest expense (net of interest income) | - | -82 | -118 | -673 | |||||||||
Income from discontinued operations | 2,164 | 6,337 | 11,842 | 17,446 | |||||||||
Loss from early extinguishment of debt | - | - | -703 | - | |||||||||
Impairments | - | - | -23,851 | - | |||||||||
Unrealized losses on disposition of rental property | - | - | - | -2,134 | |||||||||
Realized gains on disposition of rental property | 47,321 | 12 | 84,930 | 4,524 | |||||||||
Realized gains (losses) and unrealized losses on | |||||||||||||
disposition of rental property and impairments, net | 47,321 | 12 | 61,079 | 2,390 | |||||||||
Total discontinued operations, net | $ | 49,485 | $ | 6,349 | $ | 72,218 | $ | 19,836 | |||||
Senior_Unsecured_Notes
Senior Unsecured Notes | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Debt Disclosure [Abstract] | ||||||||||
Senior Unsecured Notes | 8. SENIOR UNSECURED NOTES | |||||||||
On May 8, 2013, the Company completed the sale of $275 million face amount of 3.15 percent senior unsecured notes due May 15, 2023 with interest payable semi-annually in arrears. The net proceeds from the issuance of approximately $266.5 million, after underwriting discount and offering expenses, were used primarily to repay outstanding borrowings under the Company’s unsecured revolving credit facility. | ||||||||||
A summary of the Company’s senior unsecured notes as of September 30, 2013 and December 31, 2012 is as follows: (dollars in thousands) | ||||||||||
September 30, | December 31, | Effective | ||||||||
2013 | 2012 | Rate (1) | ||||||||
4.600% Senior Unsecured Notes, due June 15, 2013 (2) | - | $ | 99,987 | 4.742 | % | |||||
5.125% Senior Unsecured Notes, due February 15, 2014 | $ | 200,090 | 200,270 | 5.110 | % | |||||
5.125% Senior Unsecured Notes, due January 15, 2015 | 149,879 | 149,810 | 5.297 | % | ||||||
5.800% Senior Unsecured Notes, due January 15, 2016 | 200,180 | 200,237 | 5.806 | % | ||||||
2.500% Senior Unsecured Notes, due December 15, 2017 | 248,781 | 248,560 | 2.803 | % | ||||||
7.750% Senior Unsecured Notes, due August 15, 2019 | 248,746 | 248,585 | 8.017 | % | ||||||
4.500% Senior Unsecured Notes, due April 18, 2022 | 299,490 | 299,445 | 4.612 | % | ||||||
3.150% Senior Unsecured Notes, due May 15, 2023 | 269,171 | - | 3.517 | % | ||||||
Total senior unsecured notes | $ | 1,616,337 | $ | 1,446,894 | ||||||
(1)Includes the cost of terminated treasury lock agreements (if any), offering and other transaction costs and the discount/premium on the notes, as applicable. | ||||||||||
(2)These notes were paid at maturity using available cash. | ||||||||||
The terms of the Company’s senior unsecured notes include certain restrictions and covenants which require compliance with financial ratios relating to the maximum amount of debt leverage, the maximum amount of secured indebtedness, the minimum amount of debt service coverage and the maximum amount of unsecured debt as a percent of unsecured assets. | ||||||||||
Unsecured_Revolving_Credit_Fac
Unsecured Revolving Credit Facility | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Debt Disclosure [Abstract] | |||||
Unsecured Revolving Credit Facility | 9. UNSECURED REVOLVING CREDIT FACILITY | ||||
On July 16, 2013, the Company amended and restated its unsecured revolving credit facility with a group of 17 lenders. The $600 million facility is expandable to $1 billion and matures in July 2017. It has two six month extension options each requiring the payment of a 7.5 basis point fee. The interest rate on outstanding borrowings (not electing the Company’s competitive bid feature) and the facility fee on the current borrowing capacity payable quarterly in arrears are based upon the Operating Partnership’s unsecured debt ratings, as follows: | |||||
Operating Partnership's | Interest Rate - | ||||
Unsecured Debt Ratings: | Applicable Basis Points | Facility Fee | |||
Higher of S&P or Moody's | Above LIBOR | Basis Points | |||
No ratings or less than BBB-/Baa3 | 170.0 | 35.0 | |||
BBB- or Baa3 | 130.0 | 30.0 | |||
BBB or Baa2(current) | 110.0 | 20.0 | |||
BBB+ or Baa1 | 100.0 | 15.0 | |||
A- or A3 or higher | 92.5 | 12.5 | |||
The facility has a competitive bid feature, which allows the Company to solicit bids from lenders under the facility to borrow up to $300 million at interest rates less than those above. | |||||
The terms of the unsecured facility include certain restrictions and covenants which limit, among other things the incurrence of additional indebtedness, the incurrence of liens and the disposition of real estate properties (to the extent that: (i) such property dispositions cause the Company to default on any of the financial ratios of the facility described below, or (ii) the property dispositions are completed while the Company is under an event of default under the facility, unless, under certain circumstances, such disposition is being carried out to cure such default), and which require compliance with financial ratios relating to the maximum leverage ratio, the maximum amount of secured indebtedness, the minimum amount of fixed charge coverage, the maximum amount of unsecured indebtedness, the minimum amount of unencumbered property interest coverage and certain investment limitations. If an event of default has occurred and is continuing, the Company will not make any excess distributions except to enable the Company to continue to qualify as a REIT under the Code. | |||||
The lending group for the credit facility consists of: JPMorgan Chase Bank, N.A., as administrative agent; Bank of America, N.A., as syndication agent; Deutsche Bank AG New York Branch; U.S. Bank National Association and Wells Fargo Bank, N.A., as documentation agents; Capital One, National Association; Citibank N.A.; Comerica Bank; PNC Bank, National Association; SunTrust Bank; The Bank of Tokyo-Mitsubishi UFJ, LTD.; The Bank of New York Mellon; as managing agents; and Compass Bank; Branch Banking and Trust Company; TD Bank, N.A.; Citizens Bank of Pennsylvania; Mega International Commercial Bank Co., LTD. New York Branch, as participants. | |||||
As of September 30, 2013 and December 31, 2012, the Company had no outstanding borrowings under its unsecured revolving credit facility. | |||||
Through July 15, 2013, the Company had a $600 million unsecured revolving credit facility, which had an interest rate on outstanding borrowings of LIBOR plus 125 basis points and a facility fee of 25 basis points. | |||||
MONEY MARKET LOAN | |||||
The Company has an agreement with JPMorgan Chase Bank to participate in a noncommitted money market loan program (“Money Market Loan”). The Money Market Loan is an unsecured borrowing of up to $75 million arranged by JPMorgan Chase Bank with maturities of 30 days or less. The rate of interest on the Money Market Loan borrowing is set at the time of each borrowing. As of September 30, 2013 and December 31, 2012, the Company had no outstanding borrowings under the Money Market Loan. | |||||
Mortgages_Loans_Payable_And_Ot
Mortgages, Loans Payable And Other Obligations | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
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. As of September 30, 2013, 30 of the Company’s properties, with a total book value of approximately $989 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. | ||||||||||||
A summary of the Company’s mortgages, loans payable and other obligations as of September 30, 2013 and December 31, 2012 is as follows: (dollars in thousands) | ||||||||||||
Effective | September 30, | December 31, | ||||||||||
Property Name | Lender | Rate (a) | 2013 | 2012 | Maturity | |||||||
51 Imclone (b) | Wells Fargo CMBS | 8.390 | % | - | $ | 3,878 | - | |||||
9200 Edmonston Road (c) | Principal Commercial Funding L.L.C. | 5.534 | % | $ | 4,158 | 4,305 | 5/1/13 | |||||
6305 Ivy Lane (d) | RGA Reinsurance Company | 5.525 | % | 5,811 | 5,984 | 10/1/13 | ||||||
Port Imperial South 4/5 | Wells Fargo Bank N.A. | LIBOR+3.50 | % | 36,355 | 34,889 | 12/31/13 | ||||||
395 West Passaic | State Farm Life Insurance Co. | 6.004 | % | 9,858 | 10,231 | 5/1/14 | ||||||
6301 Ivy Lane | RGA Reinsurance Company | 5.520 | % | 5,514 | 5,667 | 7/1/14 | ||||||
35 Waterview Boulevard | Wells Fargo CMBS | 6.348 | % | 18,502 | 18,746 | 8/11/14 | ||||||
6 Becker, 85 Livingston, | Wells Fargo CMBS | 10.220 | % | 63,945 | 63,126 | 8/11/14 | ||||||
75 Livingston & | ||||||||||||
20 Waterview (e) | ||||||||||||
4 Sylvan | Wells Fargo CMBS | 10.190 | % | 14,524 | 14,485 | 8/11/14 | ||||||
10 Independence | Wells Fargo CMBS | 12.440 | % | 16,536 | 16,251 | 8/11/14 | ||||||
Port Imperial South | Wells Fargo Bank N.A. | LIBOR+1.75 | % | 43,045 | 42,168 | 9/19/15 | ||||||
4 Becker | Wells Fargo CMBS | 9.550 | % | 38,681 | 38,274 | 5/11/16 | ||||||
5 Becker (f) | Wells Fargo CMBS | 12.830 | % | 12,912 | 12,507 | 5/11/16 | ||||||
210 Clay | Wells Fargo CMBS | 13.420 | % | 12,638 | 12,275 | 5/11/16 | ||||||
Various (g) | Prudential Insurance | 6.332 | % | 147,939 | 149,281 | 1/15/17 | ||||||
23 Main Street | JPMorgan CMBS | 5.587 | % | 29,997 | 30,395 | 9/1/18 | ||||||
Harborside Plaza 5 | The Northwestern Mutual Life | 6.842 | % | 225,996 | 228,481 | 11/1/18 | ||||||
Insurance Co. & New York Life | ||||||||||||
Insurance Co. | ||||||||||||
233 Canoe Brook Road | The Provident Bank | 4.375 | % | 3,895 | 3,945 | 2/1/19 | ||||||
100 Walnut Avenue | Guardian Life Insurance Co. | 7.311 | % | 18,852 | 19,025 | 2/1/19 | ||||||
One River Center (h) | Guardian Life Insurance Co. | 7.311 | % | 43,186 | 43,582 | 2/1/19 | ||||||
Total mortgages, loans payable and other obligations | $ | 752,344 | $ | 757,495 | ||||||||
(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) | With the sale of the property on May 31, 2013, the mortgage was satisfied by the Company. The Company incurred $0.7 million in costs for the debt satisfaction, which was included in discontinued operations: loss from early extinguishment of debt for the nine months ended September 30, 2013. | |||||||||||
(c) | The lease with the tenant occupying 100 percent of the building expired on May 1, 2013 and the tenant continues to occupy the building on a month-to-month basis. The mortgage loan matured on May 1, 2013 and was not repaid. The Company received a notice of default from the lender on July 17, 2013. The Company has requested a modification of the loan terms and is also in discussions regarding a deed-in-lieu of foreclosure with the lender. | |||||||||||
(d) | On October 1, 2013, the Company repaid the mortgage loan at par, using available cash. The original maturity date was January 1, 2014. | |||||||||||
(e) | Mortgage is cross collateralized by the four properties. | |||||||||||
(f) | The cash flow from this property is insufficient to cover operating costs and debt service. Consequently, the Company notified the lender and suspended debt service payments in August 2013. The Company has begun discussions with the lender regarding a modification of loan terms. The Company recorded an impairment charge on this asset along with eight other office properties as of September 30, 2013. See Note 3: Real Estate Transactions – Impairments. | |||||||||||
(g) | Mortgage is collateralized by seven properties. The Operating Partnership has agreed, subject to certain conditions, to guarantee repayment of a portion of the loan. | |||||||||||
(h) | Mortgage is collateralized by the three properties comprising One River Center. | |||||||||||
CASH PAID FOR INTEREST AND INTEREST CAPITALIZED | ||||||||||||
Cash paid for interest for the nine months ended September 30, 2013 and 2012 was $97,284,000 and $98,191,000, respectively. Interest capitalized by the Company for the nine months ended September 30, 2013 and 2012 was $10,262,000 and $1,427,000, respectively. | ||||||||||||
SUMMARY OF INDEBTEDNESS | ||||||||||||
As of September 30, 2013, the Company’s total indebtedness of $2,368,681,000 (weighted average interest rate of 5.62 percent) was comprised of $79,400,000 of variable rate mortgage debt (weighted average rate of 2.74 percent) and fixed rate debt and other obligations of $2,289,281,000 (weighted average rate of 5.72 percent). | ||||||||||||
As of December 31, 2012, the Company’s total indebtedness of $2,204,389,000 (weighted average interest rate of 5.86 percent) was comprised of $77,057,000 of variable rate mortgage debt (weighted average rate of 3.32 percent) and fixed rate debt and other obligations of $2,127,332,000 (weighted average rate of 5.95 percent). | ||||||||||||
Employee_Benefit_401k_Plans_An
Employee Benefit 401(k) Plans And Deferred Retirement Compensation Agreements | 9 Months Ended |
Sep. 30, 2013 | |
Employee Benefit 401(k) Plans And Deferred Retirement Compensation Agreements [Abstract] | |
Employee Benefit 401(k) Plans And Deferred Retirement Compensation Agreements | 11. EMPLOYEE BENEFIT 401(k) PLANS AND DEFERRED RETIREMENT |
COMPENSATION AGREEMENTS | |
Employees of the Company, 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. The 401(k) Plan was recently amended to provide for employees of the Roseland business to receive matching contributions. Total expense recognized by the Company for the 401(k) Plan for the three months ended September 30, 2013 and 2012 was $24,000 and zero, respectively, and $91,000 and zero for the nine months ended September 30, 2013 and 2012, respectively. | |
On September 12, 2012, the Board of Directors of the Company approved multi-year deferred retirement compensation agreements for those executive officers in place on such date (the “Deferred Retirement Compensation Agreements”). Pursuant to the Deferred Retirement Compensation Agreements, the Company will make annual contributions of stock units (“Stock Units”) representing shares of the Company’s common stock on January 1 of each year from 2013 through 2017 into a deferred compensation account maintained on behalf of each Messrs. Hersh, Lefkowitz and Thomas. The annual contribution for Messrs. Hersh, Lefkowitz and Thomas shall be in an amount of Stock Units equal to $500,000, $160,000 and $100,000, respectively. The Company granted 25,333 Stock Units in the nine months ended September 30, 2013. Vesting of each annual contribution of Stock Units will occur on December 31 of each year, subject to continued employment. Upon the payment of dividends on the Company’s common stock, Messrs. Hersh, Lefkowitz and Thomas shall be entitled to dividend equivalent payments in respect of both vested and unvested Stock Units payable in the form of additional Stock Units. The Stock Units shall become payable within 30 days after the earliest of any of the following triggering events: (a) the executive’s death or disability; (b) the date of the executive’s separation from service to the Company; and (c) the effective date of a change in control, in each case as such terms are defined in the employment agreements of Messrs. Hersh, Lefkowitz and Thomas. Upon the occurrence of a triggering event, the Stock Units shall be paid in cash based on the closing price of the Company’s common stock on the date of such triggering event. | |
Disclosure_Of_Fair_Value_Of_Fi
Disclosure Of Fair Value Of Financial Instruments | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure Of Fair Value Of Financial Instruments [Abstract] | |
Disclosure Of Fair Value Of Financial Instruments | 12. DISCLOSURE OF FAIR VALUE OF FINANCIAL INSTRUMENTS |
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 financial instruments at September 30, 2013 and December 31, 2012. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. | |
Cash equivalents, receivables, accounts payable, and accrued expenses and other liabilities are carried at amounts which reasonably approximate their fair values as of September 30, 2013 and December 31, 2012. | |
The fair value of the Company’s long-term debt, consisting of senior unsecured notes, an unsecured revolving credit facility and mortgages, loans payable and other obligations aggregated approximately $2.5 billion and $2.4 billion as compared to the book value of approximately $2.4 billion and $2.2 billion as of September 30, 2013 and December 31, 2012, respectively. The fair value of the Company’s long-term debt is categorized as a level 3 basis (as provided by ASC 820, Fair Value Measurements and Disclosures). The fair value is 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. | |
Disclosure about fair value of financial instruments is based on pertinent information available to management as of September 30, 2013 and December 31, 2012. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since September 30, 2013 and current estimates of fair value may differ significantly from the amounts presented herein. | |
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended | ||
Sep. 30, 2013 | |||
Commitments And Contingencies [Abstract] | |||
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 located in Jersey City and has a tax abatement agreement with Weehawken, New Jersey, 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 PILOT is equal to two percent of Total Project Costs, as defined. Total Project Costs are $49.5 million. The PILOT totaled $247,000 and $247,000 for the three months ended September 30, 2013 and 2012, respectively, and $742,000 and $742,000 for the nine months ended September 30, 2013 and 2012, 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 PILOT is equal to two percent of Total Project Costs, as defined. Total Project Costs are $170.9 million. The PILOT totaled $854,000 and $854,000 for the three months ended September 30, 2013 and 2012, respectively, and $2.6 million and $2.6 million for the nine months ended September 30, 2013 and 2012, respectively. | |||
The Company also has an agreement with the City of Weehawken for its Port Imperial 4/5 garage development project (acquired in the Roseland Transaction). The agreement was executed in March 2011 and has a term of five years beginning when the first certificate of occupancy is issued for any portion of the project, which was issued in the third quarter 2013. The agreement provides that real estate taxes be paid initially on the land value of the project only and allows for a phase in of real estate taxes on the value of the improvements over a five year period. | |||
At the conclusion of the above-referenced PILOT agreements, it is expected that the properties will be assessed by the municipality and be subject to real estate taxes at the then prevailing rates. | |||
LITIGATION | |||
The Company is a defendant in litigation arising in the normal course of its business activities. Management does not believe that the ultimate resolution of these matters will have a materially adverse effect upon the Company’s financial condition taken as whole. | |||
GROUND LEASE AGREEMENTS | |||
Future minimum rental payments under the terms of all non-cancelable ground leases under which the Company is the lessee, as of September 30, 2013, are as follows: (dollars in thousands) | |||
Year | Amount | ||
October 1 through December 31, 2013 | $ | 88 | |
2014 | 367 | ||
2015 | 371 | ||
2016 | 371 | ||
2017 | 267 | ||
2018 through 2084 | 16,051 | ||
Total | $ | 17,515 | |
Ground lease expense incurred by the Company during the three months ended September 30, 2013 and 2012 amounted to $102,000 and $102,000, respectively, and $305,000 and $305,000 for the nine months ended September 30, 2013 and 2012, respectively. | |||
ROSELAND CONTINGENT CONSIDERATION | |||
On October 23, 2012, the Company acquired the real estate development and management businesses (the “Roseland Business”) of Roseland Partners, L.L.C. (“Roseland Partners”), a premier multi-family rental community developer and manager based in Short Hills, New Jersey, and the Roseland Partners’ interests (the “Roseland Transaction”), principally through unconsolidated joint venture interests in various entities which, directly or indirectly, own or have rights with respect to various residential and/or commercial properties or vacant land (collectively, the “Roseland Assets”). | |||
The purchase price for the Roseland Transaction included the fair value of contingent consideration pursuant to an earn-out (“Earn Out”) agreement of approximately $10 million. The Earn Out largely represents contingent consideration and requires the Company to pay Roseland Partners an aggregate maximum of $15.6 million. The Earn Out is based on defined criteria, as follows: (i) the Roseland Assets component of up to $8.6 million for the completion of certain developments ($2.8 million), and the start of construction on others ($2.8 million), obtaining tax credits/grants on others ($3.0 million), all of which are payable over various periods of up to three years; and (ii) total return to shareholders for up to an additional $7 million, based on a total return to shareholders measured on a three year cumulative basis and on discrete years, both on an absolute basis and in comparison to a peer group. Each of the Earn Out elements were separately valued as of the acquisition date with an aggregate fair value of contingent consideration of approximately $10 million (representing $6.3 million for the Roseland Assets and $3.7 million for the total return to shareholders component). During the second quarter of 2013, the Company recognized a benefit of $1 million related to a decline in fair value in the Earn Out liability, which is included in Interest and other investment income for the nine months ended September 30, 2013. Prospectively, the Earn Out liability will be remeasured at fair value quarterly until the contingency has been resolved, with any changes in fair value representing a charge or benefit directly to earnings (with no adjustment to purchase accounting). As a result of the achievement of certain of the defined criteria, the Company paid Roseland Partners $2.8 million of the Earn Out on January 25, 2013. | |||
The purchase consideration for the Roseland Transaction is subject to the return of a portion of the purchase price of up to $2.0 million upon the failure to achieve a certain level of fee revenue from the Roseland Business during the 33-month period following the closing date. Because the fee target was highly probable, no discount was ascribed to this contingently returnable consideration. Also, at the closing, approximately $34 million in cash of the purchase price was deposited in escrow to secure certain of the indemnification obligations of Roseland Partners and its affiliates. In April 2013, $6.7 million of the escrow was released to the Roseland Partners. | |||
OTHER | |||
The Company may not dispose of or distribute certain of its properties, currently comprised of seven properties with an aggregate net book value of approximately $124.8 million, which were originally contributed by certain unrelated common unitholders, without the express written consent of such common unitholders, as applicable, except in a manner which does not result in recognition of any built-in-gain (which may result in an income tax liability) or which reimburses the appropriate specific common unitholders for the tax consequences of the recognition of such built-in-gains (collectively, the “Property Lock-Ups”). The aforementioned restrictions do not apply in the event that the Company sells all of its properties or in connection with a sale transaction which the Company’s Board of Directors determines is reasonably necessary to satisfy a material monetary default on any unsecured debt, judgment or liability of the Company or to cure any material monetary default on any mortgage secured by a property. The Property Lock-Ups expire periodically through 2016. Upon the expiration of the Property Lock-Ups, the Company is generally required to use commercially reasonable efforts to prevent any sale, transfer or other disposition of the subject properties from resulting in the recognition of built-in gain to the specific common unitholders, which include members of the Mack Group (which includes William L. Mack, Chairman of the Company’s Board of Directors; David S. Mack, director; Earle I. Mack, a former director; and Mitchell E. Hersh, president, chief executive officer and director), the Robert Martin Group (which includes Robert F. Weinberg, a former director; and Timothy M. Jones, former president), the Cali Group (which includes John R. Cali, a former director, and John J. Cali, a former director). 121 of the Company’s properties, with an aggregate net book value of approximately $1.6 billion, have lapsed restrictions and are subject to these conditions. | |||
In December 2011, the Company entered into a development agreement (the “Development Agreement”) with Ironstate Development LLC (“Ironstate”) for the development of residential towers with associated parking and ancillary retail space on land owned by the Company at its Harborside complex in Jersey City, New Jersey (the “Harborside Residential Project”). The first phase of the project is expected to consist of a parking pedestal to support a high-rise tower of approximately 763 apartment units and is estimated to cost approximately $291 million, of which development costs of $9.0 million have been incurred through September 30, 2013. The parties anticipate the first phase will be ready for occupancy by approximately the first quarter of 2016. In October 2013, the first phase of the project was awarded $33 million in tax credits from New Jersey Economic Development Authority (NJEDA). | |||
Pursuant to the Development Agreement, the Company and Ironstate shall co-develop the Harborside Residential Project with Ironstate responsible for obtaining all required development permits and approvals. Major decisions with respect to the Harborside Residential Project will require the consent of the Company and Ironstate. The Company and Ironstate will have 85 and 15 percent interests, respectively, in the Harborside Residential Project. The Company will receive capital credit of $30 per approved developable square foot for its land, aggregating to approximately $20.3 million at September 30, 2013. In addition to the capital credit it will receive for its land contribution, the Company currently expects that it will fund approximately $77 million of the development costs of the project. | |||
The Development Agreement is subject to obtaining required approvals and development financing as well as numerous customary undertakings, covenants, obligations and conditions. The Company has the right to reasonably determine that any phase of the Harborside Residential Project is not economically viable and may elect not to proceed, subject to certain conditions, with no further obligations to Ironstate other than reimbursement to Ironstate of all or a portion of the costs incurred by it to obtain any required approvals. | |||
In July 2012, the Company entered into a ground lease with Wegmans Food Markets, Inc. (“Wegmans”) at its undeveloped site located at Sylvan Way and Ridgedale Avenue in Hanover Township, New Jersey. Subject to receiving all necessary governmental approvals, Wegmans intends to construct a store of approximately 140,000 square feet on a finished pad to be delivered by the Company in the second quarter of 2014. The Company expects to incur costs of approximately $15.7 million for the development of the site through the first quarter of 2015 (of which the Company has incurred $3.5 million through September 30, 2013). | |||
Tenant_Leases
Tenant Leases | 9 Months Ended | ||
Sep. 30, 2013 | |||
Tenant Leases [Abstract] | |||
Tenant Leases | 14. TENANT LEASES | ||
The Properties are leased to tenants under operating leases with various expiration dates through 2033. Substantially all of the 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 operating leases at September 30, 2013 are as follows (dollars in thousands): | |||
Year | Amount | ||
October 1 through December 31, 2013 | $ | 125,682 | |
2014 | 495,819 | ||
2015 | 444,042 | ||
2016 | 399,155 | ||
2017 | 348,011 | ||
2018 and thereafter | 1,290,172 | ||
Total | $ | 3,102,881 | |
MackCali_Realty_Corporation_St
Mack-Cali Realty Corporation Stockholders' Equity | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Mack-Cali Realty Corporation Stockholders' Equity [Abstract] | ||||||||
Mack-Cali Realty Corporation Stockholders' Equity | 15. MACK-CALI REALTY CORPORATION STOCKHOLDERS’ EQUITY | |||||||
To maintain its qualification as a REIT, not more than 50 percent in value of the outstanding shares of the Company may be owned, directly or indirectly, by five or fewer individuals at any time during the last half of any taxable year of the Company, other than its initial taxable year (defined to include certain entities), applying certain constructive ownership rules. To help ensure that the Company will not fail this test, the Company’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 Company 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. | ||||||||
SHARE REPURCHASE PROGRAM | ||||||||
In September 2012, the Board of Directors renewed and authorized an increase to the Company’s repurchase program (“Repurchase Program”). The Company 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. The Company has purchased and retired 394,625 shares of its outstanding common stock for an aggregate cost of approximately $11 million through September 30, 2013 (none of which has occurred in the nine months ended September 30, 2013), with a remaining authorization under the Repurchase Program of $139 million. | ||||||||
DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN | ||||||||
The Company has a Dividend Reinvestment and Stock Purchase Plan (the “DRIP”) which commenced in March 1999 under which 5.5 million shares of the Company’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 Company’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 Securities and Exchange Commission (“SEC”) for the 5.5 million shares of the Company’s common stock reserved for issuance under the DRIP. | ||||||||
STOCK OPTION PLANS | ||||||||
In May 2013, the Company established the 2013 Incentive Stock Plan (the “2013 Plan”) under which a total of 4,600,000 shares have been reserved for issuance. In May 2004, the Company established the 2004 Incentive Stock Plan (the “2004 Plan”) under which a total of 2,500,000 shares had been reserved for issuance. The 2004 Plan was terminated upon establishment of the 2013 Plan. No options have been granted through September 30, 2013 under the 2013 Plan or the 2004 Plan. In September 2000, the Company established the 2000 Employee Stock Option Plan (“2000 Employee Plan”) and the Amended and Restated 2000 Director Stock Option Plan (“2000 Director Plan,” and together with the 2000 Employee Plan, the “2000 Plans”). In May 2002, shareholders of the Company approved amendments to both of the 2000 Plans to increase the total shares reserved for issuance under both of the 2000 Plans from 2,700,000 to 4,350,000 shares of the Company’s common stock (from 2,500,000 to 4,000,000 shares under the 2000 Employee Plan and from 200,000 to 350,000 shares under the 2000 Director Plan). As the 2000 Plans expired in 2010, stock options may no longer be issued under those plans. Stock options granted under the 2000 Employee Plan became exercisable over a five-year period. All stock options granted under the 2000 Director Plan became exercisable in one year. All options were granted at the fair market value at the dates of grant and have terms of ten years. As of September 30, 2013 and December 31, 2012, the stock options outstanding, which were all exercisable, had a weighted average remaining contractual life of approximately one and 0.1 years, respectively. | ||||||||
Information regarding the Company’s stock option plans is summarized below: | ||||||||
Shares | Weighted Average Exercise Price | Aggregate Intrinsic Value $(000’s) | ||||||
Under Options | ||||||||
Outstanding at January 1, 2013 | 183,870 | $ | 29.51 | - | ||||
Lapsed or Cancelled | -168,870 | $ | 28.53 | |||||
Outstanding at September 30, 2013 ($35.59 – $45.47) | 15,000 | $ | 40.54 | - | ||||
Options exercisable at September 30, 2013 | 15,000 | |||||||
Available for grant at September 30, 2013 | 4,600,000 | |||||||
No cash was received from options exercised under all stock option plans for the three and nine months ended September 30, 2013 and 2012, respectively. The total intrinsic value of options exercised during each of the three and nine months ended September 30, 2013 and 2012 was zero. The Company has a policy of issuing new shares to satisfy stock option exercises. | ||||||||
The Company recognized no stock options expense for the three and nine months ended September 30, 2013 and 2012, respectively. | ||||||||
RESTRICTED STOCK AWARDS | ||||||||
The Company has issued stock awards (“Restricted Stock Awards”) to officers, certain other employees, and nonemployee members of the Board of Directors of the Company, which allow the holders to each receive a certain amount of shares of the Company’s common stock generally over a one to seven-year vesting period, of which 351,592 unvested shares were outstanding at September 30, 2013. Of the outstanding Restricted Stock Awards issued to executive officers and senior management, 319,667 are contingent upon the Company meeting certain performance goals to be set by the Executive Compensation and Option Committee of the Board of Directors of the Company each year, with the remaining based on time and service. All currently outstanding and unvested Restricted Stock Awards provided to the officers and certain other employees were issued under the 2004 Plan. Currently outstanding and unvested Restricted Stock Awards provided to directors were issued under the 2004 Plan. | ||||||||
On September 12, 2012, the Board of Directors of the Company approved the recommendations and ratified the determinations of the Executive Compensation and Option Committee of the Board of Directors (the “Committee”) with respect to new Restricted Stock Awards totaling 319,667 shares for those executive officers in place on such date. The new Restricted Stock Awards may vest commencing January 1, 2014 and with the number of Restricted Stock Awards scheduled to be vested and earned on each vesting date on an annual basis over a five to seven year vesting schedule, with each annual vesting of each tranche of Restricted Stock Awards being subject to the attainment of annual performance goals to be set by the Committee for each year. | ||||||||
Information regarding Restricted Stock Awards grant activity for the nine months ended September 30, 2013 is summarized below: | ||||||||
Weighted-Average | ||||||||
Grant – Date | ||||||||
Shares | Fair Value | |||||||
Outstanding at January 1, 2013 | 134,328 | $ | 31.65 | |||||
Granted | 68,139 | 28.65 | ||||||
Vested | -106,463 | 33.32 | ||||||
Forfeited | -146 | 26.36 | ||||||
Outstanding at September 30, 2013 | 95,858 | $ | 27.67 | |||||
TSR-BASED AWARDS | ||||||||
Also on September 12, 2012, the Board of Directors of the Company approved the recommendations and ratified the determinations of the Committee with respect to new multi-year total stockholder return (“TSR”) based awards (the “TSR-Based Awards”) totaling 5,160 performance shares (the “Performance Shares”) for those executive officers in place on such date, each Performance Share evidencing the right to receive $1,000 in the Company’s common stock upon vesting. In accordance with the amended and restated TSR-Based Awards agreements entered into between the Company and those executive officers in June 2013, the Performance Shares may vest commencing December 31, 2014, with the number of Performance Shares scheduled to be granted annually over the next four years. The vesting of each tranche of Performance Shares is subject to the attainment at each performance period end of a minimum stock price and either an absolute TSR target or a relative TSR target (the “TSR Performance Targets”) in comparison to a selection of Peer Group REITs, in each case as shall be fixed by the Committee for each performance period. TSR, for purposes of the TSR-Based Performance Agreements, shall be equal to the share appreciation in the relevant period. The Company granted 1,032 Performance Shares in the nine months ended September 30, 2013, which were valued in accordance with ASC 718, Compensation - Stock Compensation, at their fair value, utilizing a Monte-Carlo simulation to estimate the probability of the vesting conditions being satisfied. The Company has reserved shares of common stock under the 2004 Plan for issuance upon vesting of the Performance Shares in accordance with the terms and conditions of the TSR-Based Awards. | ||||||||
As of September 30, 2013, the Company had $0.7 million of total unrecognized compensation cost related to unvested stock compensation granted under the Company’s stock compensation plans. That cost is expected to be recognized over a weighted average period of 0.4 years. | ||||||||
DEFERRED STOCK COMPENSATION PLAN FOR DIRECTORS | ||||||||
The Amended and Restated Deferred Compensation Plan for Directors, which commenced January 1, 1999, allows non‑employee directors of the Company to elect to defer up to 100 percent of their annual retainer fee into deferred stock units. The deferred stock units are convertible into an equal number of shares of common stock upon the directors’ termination of service from the Board of Directors or a change in control of the Company, as defined in the plan. 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 nine months ended September 30, 2013 and 2012, 16,332 and 13,057 deferred stock units were earned, respectively. As of September 30, 2013 and December 31, 2012, there were 130,481 and 115,331 director stock units outstanding, respectively. | ||||||||
EARNINGS PER SHARE | ||||||||
Basic EPS excludes dilution and is computed by dividing net income available to common shareholders by the weighted average number of shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. | ||||||||
The following information presents the Company’s results for the three months ended September 30, 2013 and 2012 in accordance with ASC 260, Earnings Per Share: (in thousands, except per share amounts) | ||||||||
Three Months Ended | ||||||||
September 30, | ||||||||
Computation of Basic EPS | 2013 | 2012 | ||||||
Income (loss) from continuing operations | $ | -46,046 | $ | 9,827 | ||||
Add: Noncontrolling interest in consolidated joint ventures | 1,838 | 85 | ||||||
Deduct: Noncontrolling interest in Operating Partnership | 5,314 | -1,207 | ||||||
Income (loss) from continuing operations available to common shareholders | -38,894 | 8,705 | ||||||
Income from discontinued operations available to common | ||||||||
shareholders | 43,537 | 5,576 | ||||||
Net income available to common shareholders | $ | 4,643 | $ | 14,281 | ||||
Weighted average common shares | 87,793 | 87,826 | ||||||
Basic EPS: | ||||||||
Income (loss) from continuing operations available to common shareholders | $ | -0.44 | $ | 0.10 | ||||
Income from discontinued operations available to common | ||||||||
shareholders | 0.49 | 0.06 | ||||||
Net income available to common shareholders | $ | 0.05 | $ | 0.16 | ||||
Three Months Ended | ||||||||
September 30, | ||||||||
Computation of Diluted EPS | 2013 | 2012 | ||||||
Income (loss) from continuing operations available to common shareholders | $ | -38,894 | $ | 8,705 | ||||
Add: Noncontrolling interest in Operating Partnership | -5,314 | 1,207 | ||||||
Income (loss) from continuing operations for diluted earnings per share | -44,208 | 9,912 | ||||||
Income from discontinued operations for diluted earnings | ||||||||
per share | 49,485 | 6,349 | ||||||
Net income available to common shareholders | $ | 5,277 | $ | 16,261 | ||||
Weighted average common shares | 99,787 | 100,075 | ||||||
Diluted EPS: | ||||||||
Income (loss) from continuing operations available to common shareholders | $ | -0.44 | $ | 0.10 | ||||
Income from discontinued operations available to common | ||||||||
shareholders | 0.49 | 0.06 | ||||||
Net income available to common shareholders | $ | 0.05 | $ | 0.16 | ||||
Contingently issuable shares under the TSR Award plan were excluded from the denominator in 2013 because the criteria had not been met as of September 30, 2013. | ||||||||
The following information presents the Company’s results for the nine months ended September 30, 2013 and 2012 in accordance with ASC 260, Earnings Per Share: (in thousands, except per share amounts) | ||||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
Computation of Basic EPS | 2013 | 2012 | ||||||
Income (loss) from continuing operations | $ | -29,506 | $ | 37,018 | ||||
Add: Noncontrolling interest in consolidated joint ventures | 1,962 | 256 | ||||||
Deduct: Noncontrolling interest in Operating Partnership | 3,295 | -4,543 | ||||||
Income (loss) from continuing operations available to common shareholders | -24,249 | 32,731 | ||||||
Income from discontinued operations available to common | ||||||||
shareholders | 63,519 | 17,418 | ||||||
Net income available to common shareholders | $ | 39,270 | $ | 50,149 | ||||
Weighted average common shares | 87,724 | 87,814 | ||||||
Basic EPS: | ||||||||
Income (loss) from continuing operations available to common shareholders | $ | -0.28 | $ | 0.37 | ||||
Income from discontinued operations available to common | ||||||||
shareholders | 0.73 | 0.20 | ||||||
Net income available to common shareholders | $ | 0.45 | $ | 0.57 | ||||
Nine Months Ended | ||||||||
September 30, | ||||||||
Computation of Diluted EPS | 2013 | 2012 | ||||||
Income (loss) from continuing operations available to common shareholders | $ | -24,249 | $ | 32,731 | ||||
Add: Noncontrolling interest in Operating Partnership | -3,295 | 4,543 | ||||||
Income (loss) from continuing operations for diluted earnings per share | -27,544 | 37,274 | ||||||
Income from discontinued operations for diluted earnings | ||||||||
per share | 72,218 | 19,836 | ||||||
Net income available to common shareholders | $ | 44,674 | $ | 57,110 | ||||
Weighted average common shares | 99,778 | 100,071 | ||||||
Diluted EPS: | ||||||||
Income (loss) from continuing operations available to common shareholders | $ | -0.28 | $ | 0.37 | ||||
Income from discontinued operations available to common | ||||||||
shareholders | 0.73 | 0.20 | ||||||
Net income available to common shareholders | $ | 0.45 | $ | 0.57 | ||||
The following schedule reconciles the shares used in the basic EPS calculation to the shares used in the diluted EPS calculation: (in thousands) | ||||||||
Three Months Ended | Nine Months Ended | |||||||
September 30, | September 30, | |||||||
2013 | 2012 | 2013 | 2012 | |||||
Basic EPS shares | 87,793 | 87,826 | 87,724 | 87,814 | ||||
Add: Operating Partnership – common units | 11,994 | 12,177 | 12,054 | 12,184 | ||||
Restricted Stock Awards | - | 72 | - | 73 | ||||
Diluted EPS Shares | 99,787 | 100,075 | 99,778 | 100,071 | ||||
Unvested restricted stock outstanding as of September 30, 2013 and 2012 were 351,592 and 105,843, respectively. | ||||||||
Dividends declared per common share for the three month periods ended September 30, 2013 and 2012 was $0.30 and $0.45 per share, respectively. Dividends declared per common share for the nine month periods ended September 30, 2013 and 2012 was $1.05 and $1.35 per share, respectively. | ||||||||
Noncontrolling_Interests_In_Su
Noncontrolling Interests In Subsidiaries | 9 Months Ended | |
Sep. 30, 2013 | ||
Noncontrolling Interests In Subsidiaries [Abstract] | ||
Noncontrolling Interests In Subsidiaries | 16. NONCONTROLLING INTERESTS IN SUBSIDIARIES | |
Noncontrolling interests in subsidiaries in the accompanying consolidated financial statements relate to (i) common units in the Operating Partnership, held by parties other than the Company, and (ii) interests in consolidated joint ventures for the portion of such ventures not owned by the Company. | ||
OPERATING PARTNERSHIP | ||
Common Units | ||
Certain individuals and entities own common units in the Operating Partnership. A common unit and a share of Common Stock of the Company 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 Company’s Common Stock, or cash equal to the fair market value of a share of the Company’s Common Stock at the time of redemption, for each common unit. The Company, 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 Company 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 Company or the Operating Partnership under any circumstances. When a unitholder redeems a common unit, noncontrolling interest in the Operating Partnership is reduced and Mack-Cali Realty Corporation Stockholders’ equity is increased. | ||
Unit Transactions | ||
The following table sets forth the changes in noncontrolling interests in subsidiaries which relate to the common units in the Operating Partnership for the nine months ended September 30, 2013. | ||
Common | ||
Units | ||
Balance at January 1, 2013 | 12,141,836 | |
Redemption of common units for shares of common stock | -154,661 | |
Balance at September 30, 2013 | 11,987,175 | |
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 interest unitholders in the subsidiary) while the parent retains its controlling interest in its subsidiary should be accounted for as equity transactions. The carrying amount of the noncontrolling interest shall be adjusted to reflect the change in its ownership interest in the subsidiary, with the offset to equity attributable to the parent. Accordingly, as a result of equity transactions which caused changes in ownership percentages between Mack-Cali Realty Corporation stockholders’ equity and noncontrolling interests in the Operating Partnership that occurred during the nine months ended September 30, 2013, the Company has decreased noncontrolling interests in the Operating Partnership and increased additional paid-in capital in Mack-Cali Realty Corporation stockholders’ equity by approximately $0.5 million as of September 30, 2013. | ||
Noncontrolling Interest Ownership | ||
As of September 30, 2013 and December 31, 2012, the noncontrolling interest common unitholders owned 12.0 percent and 12.2 percent of the Operating Partnership, respectively. | ||
CONSOLIDATED JOINT VENTURES | ||
The Company consolidates certain joint ventures in which it has ownership interests. Various entities and/or individuals hold noncontrolling interests in these ventures. | ||
PARTICIPATION RIGHTS | ||
The Company’s interests in certain real estate projects (three properties and a future development) each provide for the initial distributions of net cash flow solely to the Company, and thereafter, other parties, have participation rights (“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 internal rate of return (“IRR”) of 10 percent per annum. | ||
Segment_Reporting
Segment Reporting | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Segment Reporting | 17. SEGMENT REPORTING | |||||||||||||||
The Company operates in three business segments: (i) commercial and other real estate, (ii) multifamily real estate, and (iii) multifamily services. The Company provides leasing, property management, acquisition, development, construction and tenant-related services for its commercial and other real estate and multifamily real estate portfolio. The Company’s multifamily services business also provides similar services for third parties. The Company no longer considers construction services as a reportable segment as it has significantly reduced its operations. The Company had no revenues from foreign countries recorded for the nine months ended September 30, 2013 and 2012. The Company had no long lived assets in foreign locations as of September 30, 2013 and December 31, 2012. 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 in its real estate segments (commercial and other, and multifamily) and net operating income from its multifamily services segment. | ||||||||||||||||
Selected results of operations for the three and nine months ended September 30, 2013 and 2012 and selected asset information as of September 30, 2013 and December 31, 2012 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) | ||||||||||||||||
Real Estate | ||||||||||||||||
Commercial | Multifamily | Corporate | Total | |||||||||||||
& Other | Multifamily | Services | & Other (d) | Company | ||||||||||||
Total revenues: | ||||||||||||||||
Three months ended: | ||||||||||||||||
30-Sep-13 | $ | 153,602 | $ | 3,736 | $ | 6,867 | (e) | $ | -1,700 | $ | 162,505 | |||||
30-Sep-12 | 155,314 | - | - | 1,483 | 156,797 | |||||||||||
Nine months ended: | ||||||||||||||||
30-Sep-13 | $ | 465,564 | $ | 8,673 | $ | 18,745 | (f) | $ | 8,782 | $ | 501,764 | |||||
30-Sep-12 | 477,345 | - | - | 8,946 | 486,291 | |||||||||||
Total operating and | ||||||||||||||||
interest expenses (a): | ||||||||||||||||
Three months ended: | ||||||||||||||||
30-Sep-13 | $ | 72,498 | $ | 1,960 | $ | 8,214 | $ | 30,856 | $ | 113,528 | ||||||
30-Sep-12 | 70,584 | - | - | 35,312 | 105,896 | |||||||||||
Nine months ended: | ||||||||||||||||
30-Sep-13 | $ | 210,917 | $ | 4,066 | $ | 23,345 | $ | 107,061 | $ | 345,389 | ||||||
30-Sep-12 | 205,774 | - | - | 113,115 | 318,889 | |||||||||||
Equity in earnings (loss) of | ||||||||||||||||
unconsolidated joint ventures: | ||||||||||||||||
Three months ended: | ||||||||||||||||
30-Sep-13 | $ | 1,919 | $ | -2,830 | $ | 682 | - | $ | -229 | |||||||
30-Sep-12 | 2,418 | - | - | - | 2,418 | |||||||||||
Nine months ended: | ||||||||||||||||
30-Sep-13 | $ | 5,149 | $ | -7,890 | $ | 682 | - | $ | -2,059 | |||||||
30-Sep-12 | 4,751 | - | - | - | 4,751 | |||||||||||
Net operating income (loss) (b): | ||||||||||||||||
Three months ended: | ||||||||||||||||
30-Sep-13 | $ | 83,023 | $ | -1,054 | $ | -665 | $ | -32,556 | $ | 48,748 | ||||||
30-Sep-12 | 87,148 | - | - | -33,829 | 53,319 | |||||||||||
Nine months ended: | ||||||||||||||||
30-Sep-13 | $ | 259,796 | $ | -3,283 | $ | -3,918 | $ | -98,279 | $ | 154,316 | ||||||
30-Sep-12 | 276,322 | - | - | -104,169 | 172,153 | |||||||||||
Total assets: | ||||||||||||||||
30-Sep-13 | $ | 3,997,545 | $ | 245,573 | $ | 12,297 | $ | 353,848 | $ | 4,609,263 | ||||||
31-Dec-12 | 4,382,843 | 65,723 | 12,159 | 65,320 | 4,526,045 | |||||||||||
Total long-lived assets (c): | ||||||||||||||||
30-Sep-13 | $ | 3,720,747 | $ | 235,629 | $ | 194 | $ | 31,860 | $ | 3,988,430 | ||||||
31-Dec-12 | 4,160,362 | 62,525 | - | 11,521 | 4,234,408 | |||||||||||
(a)Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; direct construction costs; real estate services expenses; general and administrative and interest expense (net of interest income). All interest expense, net of interest 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 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, goodwill and investments in unconsolidated joint ventures. | ||||||||||||||||
(d)Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense, construction services revenue and direct construction costs) as well as intercompany eliminations necessary to reconcile to consolidated Company totals. | ||||||||||||||||
(e)Includes $665 of fees earned for this period from the multifamily real estate segment, which are eliminated in consolidation. | ||||||||||||||||
(f)Includes $1,432 of fees earned for this period from the multifamily real estate segment, which are eliminated in consolidation. | ||||||||||||||||
The following schedule reconciles net operating income to net income available to common shareholders: (dollars in thousands) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net operating income | $ | 48,748 | $ | 53,319 | $ | 154,316 | $ | 172,153 | ||||||||
Less: | ||||||||||||||||
Depreciation and amortization | -46,094 | -43,492 | -135,122 | -130,720 | ||||||||||||
Loss from early extinguishment of debt | - | - | - | -4,415 | ||||||||||||
Impairments | -48,700 | - | -48,700 | - | ||||||||||||
Income from continuing operations | -46,046 | 9,827 | -29,506 | 37,018 | ||||||||||||
Discontinued operations: | ||||||||||||||||
Income from discontinued operations | 2,164 | 6,337 | 11,842 | 17,446 | ||||||||||||
Loss from early extinguishment of debt | - | - | -703 | - | ||||||||||||
Realized gains (losses) and unrealized losses | ||||||||||||||||
on disposition of rental property and impairments, net | 47,321 | 12 | 61,079 | 2,390 | ||||||||||||
Total discontinued operations, net | 49,485 | 6,349 | 72,218 | 19,836 | ||||||||||||
Net income | 3,439 | 16,176 | 42,712 | 56,854 | ||||||||||||
Noncontrolling interest in consolidated joint ventures | 1,838 | 85 | 1,962 | 256 | ||||||||||||
Noncontrolling interest in Operating Partnership | 5,314 | -1,207 | 3,295 | -4,543 | ||||||||||||
Noncontrolling interest in discontinued operations | -5,948 | -773 | -8,699 | -2,418 | ||||||||||||
Net income available to common shareholders | $ | 4,643 | $ | 14,281 | $ | 39,270 | $ | 50,149 | ||||||||
Significant_Accounting_Policie1
Significant Accounting Policies (Policy) | 9 Months Ended | |
Sep. 30, 2013 | ||
Significant Accounting Policies [Abstract] | ||
Rental Property | Rental | |
PropertyRental properties are stated at cost less accumulated depreciation and amortization. Costs directly related to the acquisition, development and construction of rental properties are capitalized. Acquisition-related costs are expensed as incurred. 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 $1.9 million and $0.8 million for the three months ended September 30, 2013 and 2012, respectively, and $3.7 million and $2.2 million for the nine months ended September 30, 2013 and 2012, respectively. Included in total rental property is construction, tenant improvement and development in-progress of $44.9 million and $107.6 million (which included costs related to two properties placed in service during the nine months ended September 30, 2013) as of September 30, 2013 and December 31, 2012, 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. | ||
The Company considers a construction project as substantially completed and held available for occupancy upon the completion of tenant 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 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 square footage of each portion, and capitalizes only those costs associated with the portion under construction. | ||
Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows: | ||
Leasehold interests | Remaining lease term | |
Buildings and improvements | 5 to 40 years | |
Tenant improvements | The shorter of the term of the | |
related lease or useful life | ||
Furniture, fixtures and equipment | 5 to 10 years | |
Upon acquisition of rental property, the Company estimates the fair value of acquired tangible assets, consisting of land, building and improvements, and identified intangible assets and liabilities assumed, generally consisting of the fair value of (i) above and below market leases, (ii) in-place leases and (iii) tenant relationships. The Company allocates the purchase price to the assets acquired and liabilities assumed based on their fair values. The Company records goodwill or a gain on bargain purchase (if any) if the net assets acquired/liabilities assumed exceed the purchase consideration of a transaction. In estimating the fair value of the tangible and intangible assets acquired, the Company considers information obtained about each property as a result of its due diligence and marketing and leasing activities, and utilizes various valuation methods, such as estimated cash flow projections utilizing appropriate discount and capitalization rates, estimates of replacement costs net of depreciation, and available market information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. | ||
Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The capitalized above-market lease values are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. | ||
Other intangible assets acquired include amounts for in-place lease values and tenant relationship values, which are based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the respective tenant. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. Characteristics considered by management in valuing tenant relationships include the nature and extent of the Company’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals. The value of in-place leases are amortized to expense over the remaining initial terms of the respective leases. The value of tenant relationship intangibles are amortized to expense over the anticipated life of the relationships. | ||
On a periodic basis, management assesses whether there are any indicators that the value of the Company’s rental properties held for use may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment. The criteria considered by management include reviewing low leased percentages, significant near-term lease expirations, recently acquired properties, current and historical operating and/or cash flow losses, near-term mortgage debt maturities or other factors that might impact the Company’s intent and ability to hold the property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the property over the fair value of the property. The Company’s estimates of aggregate future cash flows expected to be generated by each property are based on a number of assumptions. These assumptions are generally based on management’s experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and costs to operate each property. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved, and actual losses or impairments may be realized in the future. | ||
As of September 30, 2013 and December 31, 2012, the Company’s consolidated real estate joint ventures in which the Company is deemed to be the primary beneficiary have total real estate assets of $210.6 million and $198.3 million, respectively, mortgages of $79.4 million and $77.1 million, respectively, and other liabilities of $16.6 million and $16.5 million, respectively. | ||
Rental Property Held For Sale And Discontinued Operations | Rental Property | |
Held for Sale and | ||
Discontinued | ||
OperationsWhen assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the sales price, net of selling costs, of such assets. If, in management’s opinion, the estimated net sales price of the assets which have been identified as held for sale is less than the net book value of the assets, a valuation allowance is established. Properties identified as held for sale and/or disposed of are presented in discontinued operations for all periods presented. See Note 7: Discontinued Operations. | ||
If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used. A property that is reclassified is measured and recorded individually at the lower of (a) its carrying amount before the property was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the property been continuously classified as held and used, or (b) the fair value at the date of the subsequent decision not to sell. | ||
Investments In Unconsolidated Joint Ventures | Investments in | |
Unconsolidated | ||
Joint VenturesThe Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. The Company applies the equity method by initially recording these investments at cost, as Investments in Unconsolidated Joint Ventures, subsequently adjusted for equity in earnings and cash contributions and distributions. The outside basis portion of the Company’s joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Generally, the Company would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Company has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Company only recognizes its share of such income to the extend it exceeds its share of previously unrecognized losses. | ||
On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the value of the investment. The Company’s estimates of value for each investment (particularly in commercial real estate joint ventures) are based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the values estimated by management in its impairment analyses may not be realized, and actual losses or impairment may be realized in the future. See Note 4: Investments in Unconsolidated Joint Ventures. | ||
Cash And Cash Equivalents | Cash and Cash | |
EquivalentsAll highly liquid investments with a maturity of three months or less when purchased are considered to be cash equivalents. | ||
Deferred Financing Costs | ||
Deferred | ||
Financing CostsCosts incurred in obtaining financing are capitalized and amortized over the term of the related indebtedness. Amortization of such costs is included in interest expense and was $954,000 and $673,000 for the three months ended September 30, 2013 and 2012, respectively, and $2,379,000 and $1,945,000 for the nine months ended September 30, 2013 and 2012, respectively. If a financing obligation is extinguished early, any unamortized deferred financing costs are written off and included in gains (loss) on early extinguishment of debt. Such unamortized costs which were written off amounted to $156,000 and zero for the three months ended September 30, 2013 and 2012, respectively, and $156,000 and $370,000 for the nine months ended September 30, 2013 and 2012, respectively. | ||
Deferred Leasing Costs | Deferred | |
Leasing CostsCosts incurred in connection with leases are capitalized and amortized on a straight-line basis over the terms of the related leases and included in depreciation and amortization. Unamortized deferred leasing costs are charged to amortization expense upon early termination of the lease. Certain employees of the Company are compensated for providing leasing services to the Properties. The portion of such compensation, which is capitalized and amortized, approximated $962,000 and $1,156,000 for the three months ended September 30, 2013 and 2012, respectively, and $3,168,000 and $3,312,000 for the nine months ended September 30, 2013 and 2012, respectively. | ||
Goodwill | GoodwillGoodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Management performs an annual impairment test for goodwill during the fourth quarter. Additionally, management evaluates the recoverability of goodwill whenever events or changes in circumstances indicate that the carrying amounts of goodwill may not be fully recoverable. | |
Derivative Instruments | Derivative | |
InstrumentsThe Company measures derivative instruments, including certain derivative instruments embedded in other contracts, at fair value and records them as an asset or liability, depending on the Company’s rights or obligations under the applicable derivative contract. For derivatives designated and qualifying as fair value hedges, the changes in the fair value of both the derivative instrument and the hedged item are recorded in earnings. For derivatives designated as cash flow hedges, the effective portions of the derivative are reported in other comprehensive income (“OCI”) and are subsequently reclassified into earnings when the hedged item affects earnings. Changes in fair value of derivative instruments not designated as hedging and ineffective portions of hedges are recognized in earnings in the affected period. | ||
Revenue Recognition | Revenue | |
RecognitionBase rental revenue is recognized on a straight-line basis over the terms of the respective leases. Unbilled rents receivable represents the cumulative amount by which straight-line rental revenue exceeds rents currently billed in accordance with the lease agreements. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed-rate renewal options for below-market leases. The capitalized above-market lease values for acquired properties are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed-rate renewal options of the respective leases. Escalations and recoveries from tenants are received from tenants for certain costs as provided in the lease agreements. These costs generally include real estate taxes, utilities, insurance, common area maintenance and other recoverable costs. See Note 14: Tenant Leases. Construction services revenue includes fees earned and reimbursements received by the Company for providing construction management and general contractor services to clients. Construction services revenue is recognized on the percentage of completion method. Using this method, profits are recorded on the basis of our estimates of the overall profit and percentage of completion of individual contracts. A portion of the estimated profits is accrued based upon estimates of the percentage of completion of the construction contract. This revenue recognition method involves inherent risks relating to profit and cost estimates. Real estate services revenue includes property management, development and leasing commission fees and other services, and payroll and related costs reimbursed from clients. Fee income derived from the Company’s unconsolidated joint ventures (which are capitalized by such ventures) are recognized to the extent attributable to the unaffiliated ownership interests. Other income includes income from tenants for additional services arranged for by the Company and income from tenants for early lease terminations. | ||
Allowance For Doubtful Accounts | Allowance for | |
Doubtful AccountsManagement periodically performs a detailed review of amounts due from tenants to determine if accounts receivable balances are impaired based on factors affecting the collectability of those balances. Management’s estimate of the allowance for doubtful accounts requires management to exercise significant judgment about the timing, frequency and severity of collection losses, which affects the allowance and net income. | ||
Income And Other Taxes | Income and | |
Other TaxesThe Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”). As a REIT, the Company generally will not be subject to corporate federal income tax (including alternative minimum tax) on net income that it currently distributes to its shareholders, provided that the Company satisfies certain organizational and operational requirements including the requirement to distribute at least 90 percent of its REIT taxable income to its shareholders. The Company has elected to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (each a “TRS”). In general, a TRS of the Company may perform additional services for tenants of the Company and generally may engage in any real estate or non-real estate related business (except for the operation or management of health care facilities or lodging facilities or the providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal income tax. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax (including any applicable alternative minimum tax) on its taxable income at regular corporate tax rates. The Company is subject to certain state and local taxes. | ||
Pursuant to the amended provisions related to uncertain tax provisions of ASC 740, Income Taxes, the Company recognized no material adjustments regarding its tax accounting treatment. The Company expects to recognize interest and penalties related to uncertain tax positions, if any, as income tax expense, which is included in general and administrative expense. | ||
In the normal course of business, the Company or one of its subsidiaries is subject to examination by federal, state and local jurisdictions in which it operates, where applicable. As of September 30, 2013, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are generally from the year 2008 forward. | ||
Earnings Per Share | Earnings | |
Per ShareThe Company presents both basic and diluted earnings per share (“EPS”). Basic EPS excludes dilution and is computed by dividing net income available to common shareholders by the weighted average number of shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS amount. Shares whose issuance is contingent upon the satisfaction of certain conditions shall be considered outstanding and included in the computation of diluted EPS as follows (i) if all necessary conditions have been satisfied by the end of the period (the events have occurred), those shares shall be included as of the beginning of the period in which the conditions were satisfied (or as of the date of the grant, if later) or (ii) if all necessary conditions have not been satisfied by the end of the period, the number of contingently issuable shares included in diluted EPS shall be based on the number of shares, if any, that would be issuable if the end of the reporting period were the end of the contingency period (for example, the number of shares that would be issuable based on current period earnings or period-end market price) and if the result would be dilutive. Those contingently issuable shares shall be included in the denominator of diluted EPS as of the beginning of the period (or as of the date of the grant, if later). | ||
Dividends And Distributions Payable | Dividends and | |
Distributions | ||
PayableThe dividends and distributions payable at September 30, 2013 represents dividends payable to common shareholders (87,766,758 shares) and distributions payable to noncontrolling interest common unitholders of the Operating Partnership (11,987,175 common units) for all such holders of record as of October 3, 2013 with respect to the third quarter 2013. The third quarter 2013 common stock dividends and common unit distributions of $0.30 per common share and unit were approved by the Board of Directors on September 12, 2013. The common stock dividends and common unit distributions payable were paid on October 11, 2013. | ||
The dividends and distributions payable at December 31, 2012 represents dividends payable to common shareholders (87,537,250 shares) and distributions payable to noncontrolling interest common unitholders of the Operating Partnership (12,141,836 common units) for all such holders of record as of January 4, 2013 with respect to the fourth quarter 2012. The fourth quarter 2012 common stock dividends and common unit distributions of $0.45 per common share and unit were approved by the Board of Directors on December 3, 2012. The common stock dividends and common unit distributions payable were paid on January 11, 2013. | ||
Costs Incurred For Stock Issuances | Costs Incurred | |
For Stock | ||
IssuancesCosts incurred in connection with the Company’s stock issuances are reflected as a reduction of additional paid-in capital. | ||
Stock Compensation | Stock | |
CompensationThe Company accounts for stock compensation in accordance with the provisions of ASC 718, Compensation-Stock Compensation. These provisions require that the estimated fair value of restricted stock (“Restricted Stock Awards”), TSR-based Performance Shares and stock options (if any) at the grant date be amortized ratably into expense over the appropriate vesting period. The Company recorded stock compensation expense of $755,000 and $579,000 for the three months ended September 30, 2013 and 2012, respectively, and $2,402,000 and $1,971,000 for the nine months ended September 30, 2013 and 2012, respectively. | ||
Other Comprehensive Income | Other | |
Comprehensive | ||
IncomeOther comprehensive income (loss) includes items that are recorded in equity, such as unrealized holding gains or losses on marketable securities available for sale. There was no difference in other comprehensive income to net income for the three and nine months ended September 30, 2013 and 2012, and no accumulated other comprehensive income as of September 30, 2013 and 2012. | ||
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 9 Months Ended | |
Sep. 30, 2013 | ||
Significant Accounting Policies [Abstract] | ||
Estimated Useful Lives Of Assets | Leasehold interests | Remaining lease term |
Buildings and improvements | 5 to 40 years | |
Tenant improvements | The shorter of the term of the | |
related lease or useful life | ||
Furniture, fixtures and equipment | 5 to 10 years | |
Real_Estate_Transactions_Table
Real Estate Transactions (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Real Estate Transactions [Abstract] | ||||||||||||||
Schedule Of Purchase Price Allocation | ||||||||||||||
Total | ||||||||||||||
Alterra 1A | Alterra 1B | Acquisitions | ||||||||||||
Land | $ | 9,042 | $ | 12,055 | $ | 21,097 | ||||||||
Buildings and improvements | 50,671 | 71,409 | 122,080 | |||||||||||
Furniture, fixtures and equipment | 801 | 1,474 | 2,275 | |||||||||||
In-place lease values | 931 | -1 | 3,148 | -1 | 4,079 | |||||||||
61,445 | 88,086 | 149,531 | ||||||||||||
Less: Below market lease values | 195 | -1 | 136 | -1 | 331 | |||||||||
195 | 136 | 331 | ||||||||||||
Net cash paid at acquisition | $ | 61,250 | $ | 87,950 | $ | 149,200 | ||||||||
(1) In-place lease values and below market lease values will be amortized over one year or less. | ||||||||||||||
Schedule Of Consolidation Amounts | ||||||||||||||
Land | $ | 5,585 | ||||||||||||
Construction in progress | 3,387 | |||||||||||||
8,972 | ||||||||||||||
Cash and cash equivalents | 79 | |||||||||||||
Other assets | 47 | |||||||||||||
Accounts payable | -325 | |||||||||||||
-199 | ||||||||||||||
Noncontrolling interest recorded upon consolidation | -1,252 | |||||||||||||
Net assets recorded upon consolidation | $ | 7,521 | ||||||||||||
Schedule Of Properties Which Commenced Initial Operations | ||||||||||||||
Garage | Development | Development | ||||||||||||
# of | Rentable | Parking | Costs Incurred | Costs Per | ||||||||||
Date | Property/Address | Location | Type | Bldgs. | Square Feet | Spaces | by Company | Square Foot | ||||||
6/5/13 | 14 Sylvan Way | Parsippany, New Jersey | Office | 1 | 203,506 | - | $ | 51,484 | (a) | $ | 253 | |||
8/1/13 | Port Imperial South 4/5 | Weehawken, New Jersey | Parking/Retail | 1 | 16,736 | 850 | 71,107 | (b) | N/A | |||||
Totals | 2 | 220,242 | 850 | $ | 122,591 | |||||||||
(a)Development costs included approximately $13.0 million in land costs and $4.3 million in leasing costs. Amounts are as of September 30, 2013. | ||||||||||||||
(b)Development costs included approximately $13.1 million in land costs. Amounts are as of September 30, 2013. | ||||||||||||||
Schedule Of Property Sales | ||||||||||||||
Rentable | Net | Net | ||||||||||||
Sale | # of | Square | Sales | Book | Realized | |||||||||
Date | Property/Address | Location | Bldgs. | Feet | Proceeds | Value | Gain (loss) | |||||||
4/10/13 | 19 Skyline Drive (a) | Hawthorne, New York | 1 | 248,400 | $ | 16,131 | $ | 16,005 | $ | 126 | ||||
4/26/13 | 55 Corporate Drive | Bridgewater, New Jersey | 1 | 204,057 | 70,967 | 51,308 | 19,659 | |||||||
5/2/13 | 200 Riser Road | Little Ferry, New Jersey | 1 | 286,628 | 31,775 | 14,852 | 16,923 | |||||||
5/13/13 | 777 Passaic Avenue | Clifton, New Jersey | 1 | 75,000 | 5,640 | 3,713 | 1,927 | |||||||
5/30/13 | 16 and 18 Sentry Parkway West (b) | Blue Bell, Pennsylvania | 2 | 188,103 | 19,041 | 19,721 | -680 | |||||||
5/31/13 | 51 Imclone Drive (c) | Branchburg, New Jersey | 1 | 63,213 | 6,101 | 5,278 | 823 | |||||||
6/28/13 | 40 Richards Avenue | Norwalk, Connecticut | 1 | 145,487 | 15,858 | 17,027 | -1,169 | |||||||
7/10/13 | 106 Allen Road | Bernards Township, New Jersey | 1 | 132,010 | 17,677 | 13,522 | 4,155 | |||||||
8/27/13 | Pennsylvania office portfolio (d) (e) | Suburban Philadelphia, Pennsylvania | 15 | 1,663,511 | 207,425 | 164,259 | 43,166 | |||||||
Totals: | 24 | 3,006,409 | $ | 390,615 | $ | 305,685 | $ | 84,930 | ||||||
(a) | The Company recognized a valuation allowance of $7.1 million on this property at December 31, 2012. In connection with the sale, the Company provided an interest-free note receivable to the buyer of $5 million (with a net present value of $3.6 million at September 30, 2013) which matures in ten years and requires monthly payments of principal. See Note 5: Deferred charges, goodwill and other assets. | |||||||||||||
(b) | The Company recorded an $8.4 million impairment charge on these properties at December 31, 2012. The Company has retained a subordinated interest in these properties. | |||||||||||||
(c) | The property was encumbered by a mortgage loan which was satisfied by the Company at the time of the sale. The Company incurred $0.7 million in costs for the debt satisfaction, which was included in discontinued operations: loss from early extinguishment of debt for the nine months ended September 30, 2013. | |||||||||||||
(d) | In order to reduce the carrying value of five of the properties to their estimated fair market values, the Company recorded impairment charges of $23.9 million at June 30, 2013. The fair value used in the impairment charges was based on the purchase and sale agreement for the properties ultimately sold. | |||||||||||||
(e) | The portfolio sale also included three developable land parcels. | |||||||||||||
Investments_In_Unconsolidated_1
Investments In Unconsolidated Joint Ventures (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Investments In Unconsolidated Joint Ventures [Abstract] | ||||||||||||
Summary Of Financial Position Of Unconsolidated Joint Ventures | ||||||||||||
September 30, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
Assets: | ||||||||||||
Rental property, net | $ | 736,487 | $ | 180,254 | ||||||||
Loan receivable | 44,459 | 42,276 | ||||||||||
Other assets | 434,714 | 311,847 | ||||||||||
Total assets | $ | 1,215,660 | $ | 534,377 | ||||||||
Liabilities and partners'/ | ||||||||||||
members' capital: | ||||||||||||
Mortgages and loans payable | $ | 600,473 | $ | 168,908 | ||||||||
Other liabilities | 71,552 | 12,141 | ||||||||||
Partners'/members' capital | 543,635 | 353,328 | ||||||||||
Total liabilities and | ||||||||||||
partners'/members' capital | $ | 1,215,660 | $ | 534,377 | ||||||||
Summary Of Company's Investment In Unconsolidated Joint Ventures | ||||||||||||
September 30, | December 31, | |||||||||||
Entity | 2013 | 2012 | ||||||||||
Plaza VIII & IX Associates, L.L.C. | $ | 4,065 | $ | 4,321 | ||||||||
South Pier at Harborside | -2,095 | -1,225 | ||||||||||
Red Bank Corporate Plaza, L.L.C. | 3,972 | 3,876 | ||||||||||
12 Vreeland Associates, L.L.C. | 5,439 | 12,840 | ||||||||||
Boston Downtown Crossing | - | 13,012 | ||||||||||
Gale Jefferson, L.L.C. | - | 1,029 | ||||||||||
Stamford SM LLC | 35,667 | 34,006 | ||||||||||
Marbella RoseGarden, L.L.C. | 15,976 | 16,918 | ||||||||||
RoseGarden Monaco Holdings, L.L.C. | 3,524 | 4,761 | ||||||||||
Rosewood Lafayette Holdings, L.L.C. | 1,119 | 1,988 | ||||||||||
PruRose Port Imperial South 15, LLC | - | 606 | ||||||||||
Rosewood Morristown, L.L.C. | 6,603 | 7,091 | ||||||||||
Overlook Ridge JV, L.L.C. | 178 | 31 | ||||||||||
Overlook Ridge, L.L.C. | - | - | ||||||||||
Overlook Ridge JV 2C/3B, L.L.C. | - | 179 | ||||||||||
Roseland/North Retail, L.L.C. | 1,967 | 2,161 | ||||||||||
BNES Associates III | 1,708 | 1,955 | ||||||||||
Portside Master Company, L.L.C. | 3,449 | 3,651 | ||||||||||
PruRose Port Imperial South 13, LLC | 2,451 | 2,920 | ||||||||||
Roseland/Port Imperial Partners, L.P. | 2,755 | 2,582 | ||||||||||
RoseGarden Marbella South, L.L.C. | 7,160 | 6,182 | ||||||||||
PruRose Riverwalk G, L.L.C. | 3,515 | 4,136 | ||||||||||
Elmajo Urban Renewal Associates, LLC | 232 | 629 | ||||||||||
Estuary Urban Renewal Unit B, LLC | 74 | 220 | ||||||||||
RiverPark at Harrison I, L.L.C. | 3,404 | 2,606 | ||||||||||
150 Main Street, L.L.C. | - | 2,395 | ||||||||||
RoseGarden Monaco, L.L.C. | 1,208 | 1,165 | ||||||||||
Hillsborough 206 Holdings, L.L.C. | 1,989 | 1,967 | ||||||||||
Grand Jersey Waterfront Urban Renewal Associates, L.L.C. | 397 | 337 | ||||||||||
Crystal House Apartments Investors LLC | 26,928 | - | ||||||||||
Other | 174 | - | ||||||||||
Company's investment in unconsolidated joint ventures | $ | 131,859 | $ | 132,339 | ||||||||
Summary Of Results Of Operations Of Unconsolidated Joint Ventures | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Total revenues | $ | 99,117 | $ | 17,311 | $ | 202,810 | $ | 44,369 | ||||
Operating and other expenses | -48,621 | -9,169 | -137,889 | -25,428 | ||||||||
Depreciation and amortization | -11,556 | -2,497 | -24,730 | -7,285 | ||||||||
Interest expense | -3,934 | -1,675 | -9,256 | -5,017 | ||||||||
Net income | $ | 35,006 | $ | 3,970 | $ | 30,935 | $ | 6,639 | ||||
Summary Of Company's Equity In Earnings (Loss) Of Unconsolidated Joint Ventures | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
Entity | 2013 | 2012 | 2013 | 2012 | ||||||||
Plaza VIII & IX Associates, L.L.C. | $ | 24 | $ | 21 | $ | 52 | $ | 43 | ||||
South Pier at Harborside | 835 | 1,080 | 1,380 | 1,884 | ||||||||
Red Bank Corporate Plaza, L.L.C. | 99 | 94 | 306 | 298 | ||||||||
12 Vreeland Associates, L.L.C. | -25 | 279 | -1 | 603 | ||||||||
Boston Downtown Crossing | - | -6 | 646 | -333 | ||||||||
Gale Jefferson, L.L.C. | - | 23 | 68 | 63 | ||||||||
Stamford SM LLC | 1,023 | 927 | 2,805 | 2,193 | ||||||||
Marbella RoseGarden, L.L.C. | -170 | - | -446 | - | ||||||||
RoseGarden Monaco Holdings, L.L.C. | -416 | - | -1,238 | - | ||||||||
Rosewood Lafayette Holdings, L.L.C. | -295 | - | -869 | - | ||||||||
PruRose Port Imperial South 15, LLC | - | - | -606 | - | ||||||||
Rosewood Morristown, L.L.C. | -152 | - | -393 | - | ||||||||
Overlook Ridge JV, L.L.C. | - | - | - | - | ||||||||
Overlook Ridge, L.L.C. | - | - | - | - | ||||||||
Overlook Ridge JV 2C/3B, L.L.C. | 53 | - | 204 | - | ||||||||
Roseland/North Retail, L.L.C. | -62 | - | -194 | - | ||||||||
BNES Associates III | -37 | - | -108 | - | ||||||||
Portside Master Company, L.L.C. | -109 | - | -222 | - | ||||||||
PruRose Port Imperial South 13, LLC | -181 | - | -459 | - | ||||||||
Roseland/Port Imperial Partners, L.P. | - | - | - | - | ||||||||
RoseGarden Marbella South, L.L.C. | -20 | - | -57 | - | ||||||||
PruRose Riverwalk G, L.L.C. | -198 | - | -576 | - | ||||||||
Elmajo Urban Renewal Associates, LLC | -87 | - | -255 | - | ||||||||
Estuary Urban Renewal Unit B, LLC | -44 | - | -107 | - | ||||||||
RiverPark at Harrison I, L.L.C. | - | - | - | - | ||||||||
150 Main Street, L.L.C. | - | - | - | - | ||||||||
RoseGarden Monaco, L.L.C. | - | - | - | - | ||||||||
Hillsborough 206 Holdings, L.L.C. | - | - | - | - | ||||||||
Grand Jersey Waterfront Urban Renewal Associates, L.L.C. | - | - | - | - | ||||||||
Crystal House Apartments Investors LLC | -1,149 | - | -2,671 | - | ||||||||
Other | 682 | 682 | ||||||||||
Company's equity in earnings of unconsolidated joint ventures | $ | -229 | $ | 2,418 | $ | -2,059 | $ | 4,751 | ||||
Deferred_Charges_Goodwill_And_1
Deferred Charges, Goodwill And Other Assets (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Deferred Charges, Goodwill And Other Assets [Abstract] | ||||||
Schedule Of Deferred Charges, Goodwill And Other Assets | ||||||
September 30, | December 31, | |||||
(dollars in thousands) | 2013 | 2012 | ||||
Deferred leasing costs | $ | 253,654 | $ | 267,197 | ||
Deferred financing costs | 25,396 | 20,447 | ||||
279,050 | 287,644 | |||||
Accumulated amortization | -124,437 | -131,613 | ||||
Deferred charges, net | 154,613 | 156,031 | ||||
Notes receivable | 22,047 | - | ||||
In-place lease values, related intangible and other assets, net | 13,501 | 19,284 | ||||
Goodwill | 2,945 | 2,945 | ||||
Prepaid expenses and other assets, net | 91,293 | 26,614 | ||||
Total deferred charges, goodwill and other assets | $ | 284,399 | $ | 204,874 | ||
Restricted_Cash_Tables
Restricted Cash (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Restricted Cash [Abstract] | ||||||
Schedule Of Restricted Cash | ||||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
Security deposits | $ | 7,780 | $ | 7,165 | ||
Escrow and other reserve funds | 11,433 | 12,174 | ||||
Total restricted cash | $ | 19,213 | $ | 19,339 | ||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Discontinued Operations [Abstract] | |||||||||||||
Summary Of Income From Discontinued Operations And Related Realized And Unrealized Gains (Losses) | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Total revenues | $ | 6,405 | $ | 17,376 | $ | 33,610 | $ | 51,790 | |||||
Operating and other expenses | -2,472 | -6,606 | -13,454 | -20,308 | |||||||||
Depreciation and amortization | -1,769 | -4,351 | -8,196 | -13,363 | |||||||||
Interest expense (net of interest income) | - | -82 | -118 | -673 | |||||||||
Income from discontinued operations | 2,164 | 6,337 | 11,842 | 17,446 | |||||||||
Loss from early extinguishment of debt | - | - | -703 | - | |||||||||
Impairments | - | - | -23,851 | - | |||||||||
Unrealized losses on disposition of rental property | - | - | - | -2,134 | |||||||||
Realized gains on disposition of rental property | 47,321 | 12 | 84,930 | 4,524 | |||||||||
Realized gains (losses) and unrealized losses on | |||||||||||||
disposition of rental property and impairments, net | 47,321 | 12 | 61,079 | 2,390 | |||||||||
Total discontinued operations, net | $ | 49,485 | $ | 6,349 | $ | 72,218 | $ | 19,836 | |||||
Senior_Unsecured_Notes_Tables
Senior Unsecured Notes (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Debt Disclosure [Abstract] | ||||||||||
Summary Of Senior Unsecured Notes | ||||||||||
September 30, | December 31, | Effective | ||||||||
2013 | 2012 | Rate (1) | ||||||||
4.600% Senior Unsecured Notes, due June 15, 2013 (2) | - | $ | 99,987 | 4.742 | % | |||||
5.125% Senior Unsecured Notes, due February 15, 2014 | $ | 200,090 | 200,270 | 5.110 | % | |||||
5.125% Senior Unsecured Notes, due January 15, 2015 | 149,879 | 149,810 | 5.297 | % | ||||||
5.800% Senior Unsecured Notes, due January 15, 2016 | 200,180 | 200,237 | 5.806 | % | ||||||
2.500% Senior Unsecured Notes, due December 15, 2017 | 248,781 | 248,560 | 2.803 | % | ||||||
7.750% Senior Unsecured Notes, due August 15, 2019 | 248,746 | 248,585 | 8.017 | % | ||||||
4.500% Senior Unsecured Notes, due April 18, 2022 | 299,490 | 299,445 | 4.612 | % | ||||||
3.150% Senior Unsecured Notes, due May 15, 2023 | 269,171 | - | 3.517 | % | ||||||
Total senior unsecured notes | $ | 1,616,337 | $ | 1,446,894 | ||||||
(1)Includes the cost of terminated treasury lock agreements (if any), offering and other transaction costs and the discount/premium on the notes, as applicable. | ||||||||||
(2)These notes were paid at maturity using available cash. | ||||||||||
Unsecured_Revolving_Credit_Fac1
Unsecured Revolving Credit Facility (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Debt Disclosure [Abstract] | |||||
Change In The Operating Partnership's Unsecured Debt Ratings | |||||
Operating Partnership's | Interest Rate - | ||||
Unsecured Debt Ratings: | Applicable Basis Points | Facility Fee | |||
Higher of S&P or Moody's | Above LIBOR | Basis Points | |||
No ratings or less than BBB-/Baa3 | 170.0 | 35.0 | |||
BBB- or Baa3 | 130.0 | 30.0 | |||
BBB or Baa2(current) | 110.0 | 20.0 | |||
BBB+ or Baa1 | 100.0 | 15.0 | |||
A- or A3 or higher | 92.5 | 12.5 | |||
Mortgages_Loans_Payable_And_Ot1
Mortgages, Loans Payable And Other Obligations (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Summary Of Mortgages, Loans Payable And Other Obligations | ||||||||||||
Effective | September 30, | December 31, | ||||||||||
Property Name | Lender | Rate (a) | 2013 | 2012 | Maturity | |||||||
51 Imclone (b) | Wells Fargo CMBS | 8.390 | % | - | $ | 3,878 | - | |||||
9200 Edmonston Road (c) | Principal Commercial Funding L.L.C. | 5.534 | % | $ | 4,158 | 4,305 | 5/1/13 | |||||
6305 Ivy Lane (d) | RGA Reinsurance Company | 5.525 | % | 5,811 | 5,984 | 10/1/13 | ||||||
Port Imperial South 4/5 | Wells Fargo Bank N.A. | LIBOR+3.50 | % | 36,355 | 34,889 | 12/31/13 | ||||||
395 West Passaic | State Farm Life Insurance Co. | 6.004 | % | 9,858 | 10,231 | 5/1/14 | ||||||
6301 Ivy Lane | RGA Reinsurance Company | 5.520 | % | 5,514 | 5,667 | 7/1/14 | ||||||
35 Waterview Boulevard | Wells Fargo CMBS | 6.348 | % | 18,502 | 18,746 | 8/11/14 | ||||||
6 Becker, 85 Livingston, | Wells Fargo CMBS | 10.220 | % | 63,945 | 63,126 | 8/11/14 | ||||||
75 Livingston & | ||||||||||||
20 Waterview (e) | ||||||||||||
4 Sylvan | Wells Fargo CMBS | 10.190 | % | 14,524 | 14,485 | 8/11/14 | ||||||
10 Independence | Wells Fargo CMBS | 12.440 | % | 16,536 | 16,251 | 8/11/14 | ||||||
Port Imperial South | Wells Fargo Bank N.A. | LIBOR+1.75 | % | 43,045 | 42,168 | 9/19/15 | ||||||
4 Becker | Wells Fargo CMBS | 9.550 | % | 38,681 | 38,274 | 5/11/16 | ||||||
5 Becker (f) | Wells Fargo CMBS | 12.830 | % | 12,912 | 12,507 | 5/11/16 | ||||||
210 Clay | Wells Fargo CMBS | 13.420 | % | 12,638 | 12,275 | 5/11/16 | ||||||
Various (g) | Prudential Insurance | 6.332 | % | 147,939 | 149,281 | 1/15/17 | ||||||
23 Main Street | JPMorgan CMBS | 5.587 | % | 29,997 | 30,395 | 9/1/18 | ||||||
Harborside Plaza 5 | The Northwestern Mutual Life | 6.842 | % | 225,996 | 228,481 | 11/1/18 | ||||||
Insurance Co. & New York Life | ||||||||||||
Insurance Co. | ||||||||||||
233 Canoe Brook Road | The Provident Bank | 4.375 | % | 3,895 | 3,945 | 2/1/19 | ||||||
100 Walnut Avenue | Guardian Life Insurance Co. | 7.311 | % | 18,852 | 19,025 | 2/1/19 | ||||||
One River Center (h) | Guardian Life Insurance Co. | 7.311 | % | 43,186 | 43,582 | 2/1/19 | ||||||
Total mortgages, loans payable and other obligations | $ | 752,344 | $ | 757,495 | ||||||||
(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) | With the sale of the property on May 31, 2013, the mortgage was satisfied by the Company. The Company incurred $0.7 million in costs for the debt satisfaction, which was included in discontinued operations: loss from early extinguishment of debt for the nine months ended September 30, 2013. | |||||||||||
(c) | The lease with the tenant occupying 100 percent of the building expired on May 1, 2013 and the tenant continues to occupy the building on a month-to-month basis. The mortgage loan matured on May 1, 2013 and was not repaid. The Company received a notice of default from the lender on July 17, 2013. The Company has requested a modification of the loan terms and is also in discussions regarding a deed-in-lieu of foreclosure with the lender. | |||||||||||
(d) | On October 1, 2013, the Company repaid the mortgage loan at par, using available cash. The original maturity date was January 1, 2014. | |||||||||||
(e) | Mortgage is cross collateralized by the four properties. | |||||||||||
(f) | The cash flow from this property is insufficient to cover operating costs and debt service. Consequently, the Company notified the lender and suspended debt service payments in August 2013. The Company has begun discussions with the lender regarding a modification of loan terms. The Company recorded an impairment charge on this asset along with eight other office properties as of September 30, 2013. See Note 3: Real Estate Transactions – Impairments. | |||||||||||
(g) | Mortgage is collateralized by seven properties. The Operating Partnership has agreed, subject to certain conditions, to guarantee repayment of a portion of the loan. | |||||||||||
(h) | Mortgage is collateralized by the three properties comprising One River Center. | |||||||||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 9 Months Ended | ||
Sep. 30, 2013 | |||
Commitments And Contingencies [Abstract] | |||
Future Minimum Rental Payments Of Ground Leases | |||
Year | Amount | ||
October 1 through December 31, 2013 | $ | 88 | |
2014 | 367 | ||
2015 | 371 | ||
2016 | 371 | ||
2017 | 267 | ||
2018 through 2084 | 16,051 | ||
Total | $ | 17,515 | |
Tenant_Leases_Tables
Tenant Leases (Tables) | 9 Months Ended | ||
Sep. 30, 2013 | |||
Tenant Leases [Abstract] | |||
Future Minimum Rentals To Be Received Under Non-Cancelable Operating Leases | |||
Year | Amount | ||
October 1 through December 31, 2013 | $ | 125,682 | |
2014 | 495,819 | ||
2015 | 444,042 | ||
2016 | 399,155 | ||
2017 | 348,011 | ||
2018 and thereafter | 1,290,172 | ||
Total | $ | 3,102,881 | |
MackCali_Realty_Corporation_St1
Mack-Cali Realty Corporation Stockholders' Equity (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Mack-Cali Realty Corporation Stockholders' Equity [Abstract] | ||||||||
Schedule Of Stock Option Plans | ||||||||
Shares | Weighted Average Exercise Price | Aggregate Intrinsic Value $(000’s) | ||||||
Under Options | ||||||||
Outstanding at January 1, 2013 | 183,870 | $ | 29.51 | - | ||||
Lapsed or Cancelled | -168,870 | $ | 28.53 | |||||
Outstanding at September 30, 2013 ($35.59 – $45.47) | 15,000 | $ | 40.54 | - | ||||
Options exercisable at September 30, 2013 | 15,000 | |||||||
Available for grant at September 30, 2013 | 4,600,000 | |||||||
Schedule Of Restricted Stock Awards | ||||||||
Weighted-Average | ||||||||
Grant – Date | ||||||||
Shares | Fair Value | |||||||
Outstanding at January 1, 2013 | 134,328 | $ | 31.65 | |||||
Granted | 68,139 | 28.65 | ||||||
Vested | -106,463 | 33.32 | ||||||
Forfeited | -146 | 26.36 | ||||||
Outstanding at September 30, 2013 | 95,858 | $ | 27.67 | |||||
Schedule Of Basic And Diluted Earnings Per Share | The following information presents the Company’s results for the three months ended September 30, 2013 and 2012 in accordance with ASC 260, Earnings Per Share: (in thousands, except per share amounts) | |||||||
Three Months Ended | ||||||||
September 30, | ||||||||
Computation of Basic EPS | 2013 | 2012 | ||||||
Income (loss) from continuing operations | $ | -46,046 | $ | 9,827 | ||||
Add: Noncontrolling interest in consolidated joint ventures | 1,838 | 85 | ||||||
Deduct: Noncontrolling interest in Operating Partnership | 5,314 | -1,207 | ||||||
Income (loss) from continuing operations available to common shareholders | -38,894 | 8,705 | ||||||
Income from discontinued operations available to common | ||||||||
shareholders | 43,537 | 5,576 | ||||||
Net income available to common shareholders | $ | 4,643 | $ | 14,281 | ||||
Weighted average common shares | 87,793 | 87,826 | ||||||
Basic EPS: | ||||||||
Income (loss) from continuing operations available to common shareholders | $ | -0.44 | $ | 0.10 | ||||
Income from discontinued operations available to common | ||||||||
shareholders | 0.49 | 0.06 | ||||||
Net income available to common shareholders | $ | 0.05 | $ | 0.16 | ||||
Three Months Ended | ||||||||
September 30, | ||||||||
Computation of Diluted EPS | 2013 | 2012 | ||||||
Income (loss) from continuing operations available to common shareholders | $ | -38,894 | $ | 8,705 | ||||
Add: Noncontrolling interest in Operating Partnership | -5,314 | 1,207 | ||||||
Income (loss) from continuing operations for diluted earnings per share | -44,208 | 9,912 | ||||||
Income from discontinued operations for diluted earnings | ||||||||
per share | 49,485 | 6,349 | ||||||
Net income available to common shareholders | $ | 5,277 | $ | 16,261 | ||||
Weighted average common shares | 99,787 | 100,075 | ||||||
Diluted EPS: | ||||||||
Income (loss) from continuing operations available to common shareholders | $ | -0.44 | $ | 0.10 | ||||
Income from discontinued operations available to common | ||||||||
shareholders | 0.49 | 0.06 | ||||||
Net income available to common shareholders | $ | 0.05 | $ | 0.16 | ||||
Contingently issuable shares under the TSR Award plan were excluded from the denominator in 2013 because the criteria had not been met as of September 30, 2013. | ||||||||
The following information presents the Company’s results for the nine months ended September 30, 2013 and 2012 in accordance with ASC 260, Earnings Per Share: (in thousands, except per share amounts) | ||||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
Computation of Basic EPS | 2013 | 2012 | ||||||
Income (loss) from continuing operations | $ | -29,506 | $ | 37,018 | ||||
Add: Noncontrolling interest in consolidated joint ventures | 1,962 | 256 | ||||||
Deduct: Noncontrolling interest in Operating Partnership | 3,295 | -4,543 | ||||||
Income (loss) from continuing operations available to common shareholders | -24,249 | 32,731 | ||||||
Income from discontinued operations available to common | ||||||||
shareholders | 63,519 | 17,418 | ||||||
Net income available to common shareholders | $ | 39,270 | $ | 50,149 | ||||
Weighted average common shares | 87,724 | 87,814 | ||||||
Basic EPS: | ||||||||
Income (loss) from continuing operations available to common shareholders | $ | -0.28 | $ | 0.37 | ||||
Income from discontinued operations available to common | ||||||||
shareholders | 0.73 | 0.20 | ||||||
Net income available to common shareholders | $ | 0.45 | $ | 0.57 | ||||
Nine Months Ended | ||||||||
September 30, | ||||||||
Computation of Diluted EPS | 2013 | 2012 | ||||||
Income (loss) from continuing operations available to common shareholders | $ | -24,249 | $ | 32,731 | ||||
Add: Noncontrolling interest in Operating Partnership | -3,295 | 4,543 | ||||||
Income (loss) from continuing operations for diluted earnings per share | -27,544 | 37,274 | ||||||
Income from discontinued operations for diluted earnings | ||||||||
per share | 72,218 | 19,836 | ||||||
Net income available to common shareholders | $ | 44,674 | $ | 57,110 | ||||
Weighted average common shares | 99,778 | 100,071 | ||||||
Diluted EPS: | ||||||||
Income (loss) from continuing operations available to common shareholders | $ | -0.28 | $ | 0.37 | ||||
Income from discontinued operations available to common | ||||||||
shareholders | 0.73 | 0.20 | ||||||
Net income available to common shareholders | $ | 0.45 | $ | 0.57 | ||||
The following schedule reconciles the shares used in the basic EPS calculation to the shares used in the diluted EPS calculation: (in thousands) | ||||||||
Three Months Ended | Nine Months Ended | |||||||
September 30, | September 30, | |||||||
2013 | 2012 | 2013 | 2012 | |||||
Basic EPS shares | 87,793 | 87,826 | 87,724 | 87,814 | ||||
Add: Operating Partnership – common units | 11,994 | 12,177 | 12,054 | 12,184 | ||||
Restricted Stock Awards | - | 72 | - | 73 | ||||
Diluted EPS Shares | 99,787 | 100,075 | 99,778 | 100,071 | ||||
Noncontrolling_Interests_In_Su1
Noncontrolling Interests In Subsidiaries (Tables) | 9 Months Ended | |
Sep. 30, 2013 | ||
Noncontrolling Interests In Subsidiaries [Abstract] | ||
Changes In Noncontrolling Interests Of Subsidiaries | ||
Common | ||
Units | ||
Balance at January 1, 2013 | 12,141,836 | |
Redemption of common units for shares of common stock | -154,661 | |
Balance at September 30, 2013 | 11,987,175 | |
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Schedule Of Segment Reporting Information, By Segment | Selected results of operations for the three and nine months ended September 30, 2013 and 2012 and selected asset information as of September 30, 2013 and December 31, 2012 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) | |||||||||||||||
Real Estate | ||||||||||||||||
Commercial | Multifamily | Corporate | Total | |||||||||||||
& Other | Multifamily | Services | & Other (d) | Company | ||||||||||||
Total revenues: | ||||||||||||||||
Three months ended: | ||||||||||||||||
30-Sep-13 | $ | 153,602 | $ | 3,736 | $ | 6,867 | (e) | $ | -1,700 | $ | 162,505 | |||||
30-Sep-12 | 155,314 | - | - | 1,483 | 156,797 | |||||||||||
Nine months ended: | ||||||||||||||||
30-Sep-13 | $ | 465,564 | $ | 8,673 | $ | 18,745 | (f) | $ | 8,782 | $ | 501,764 | |||||
30-Sep-12 | 477,345 | - | - | 8,946 | 486,291 | |||||||||||
Total operating and | ||||||||||||||||
interest expenses (a): | ||||||||||||||||
Three months ended: | ||||||||||||||||
30-Sep-13 | $ | 72,498 | $ | 1,960 | $ | 8,214 | $ | 30,856 | $ | 113,528 | ||||||
30-Sep-12 | 70,584 | - | - | 35,312 | 105,896 | |||||||||||
Nine months ended: | ||||||||||||||||
30-Sep-13 | $ | 210,917 | $ | 4,066 | $ | 23,345 | $ | 107,061 | $ | 345,389 | ||||||
30-Sep-12 | 205,774 | - | - | 113,115 | 318,889 | |||||||||||
Equity in earnings (loss) of | ||||||||||||||||
unconsolidated joint ventures: | ||||||||||||||||
Three months ended: | ||||||||||||||||
30-Sep-13 | $ | 1,919 | $ | -2,830 | $ | 682 | - | $ | -229 | |||||||
30-Sep-12 | 2,418 | - | - | - | 2,418 | |||||||||||
Nine months ended: | ||||||||||||||||
30-Sep-13 | $ | 5,149 | $ | -7,890 | $ | 682 | - | $ | -2,059 | |||||||
30-Sep-12 | 4,751 | - | - | - | 4,751 | |||||||||||
Net operating income (loss) (b): | ||||||||||||||||
Three months ended: | ||||||||||||||||
30-Sep-13 | $ | 83,023 | $ | -1,054 | $ | -665 | $ | -32,556 | $ | 48,748 | ||||||
30-Sep-12 | 87,148 | - | - | -33,829 | 53,319 | |||||||||||
Nine months ended: | ||||||||||||||||
30-Sep-13 | $ | 259,796 | $ | -3,283 | $ | -3,918 | $ | -98,279 | $ | 154,316 | ||||||
30-Sep-12 | 276,322 | - | - | -104,169 | 172,153 | |||||||||||
Total assets: | ||||||||||||||||
30-Sep-13 | $ | 3,997,545 | $ | 245,573 | $ | 12,297 | $ | 353,848 | $ | 4,609,263 | ||||||
31-Dec-12 | 4,382,843 | 65,723 | 12,159 | 65,320 | 4,526,045 | |||||||||||
Total long-lived assets (c): | ||||||||||||||||
30-Sep-13 | $ | 3,720,747 | $ | 235,629 | $ | 194 | $ | 31,860 | $ | 3,988,430 | ||||||
31-Dec-12 | 4,160,362 | 62,525 | - | 11,521 | 4,234,408 | |||||||||||
(a)Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; direct construction costs; real estate services expenses; general and administrative and interest expense (net of interest income). All interest expense, net of interest 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 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, goodwill and investments in unconsolidated joint ventures. | ||||||||||||||||
(d)Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense, construction services revenue and direct construction costs) as well as intercompany eliminations necessary to reconcile to consolidated Company totals. | ||||||||||||||||
(e)Includes $665 of fees earned for this period from the multifamily real estate segment, which are eliminated in consolidation. | ||||||||||||||||
(f)Includes $1,432 of fees earned for this period from the multifamily real estate segment, which are eliminated in consolidation. | ||||||||||||||||
The following schedule reconciles net operating income to net income available to common shareholders: (dollars in thousands) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net operating income | $ | 48,748 | $ | 53,319 | $ | 154,316 | $ | 172,153 | ||||||||
Less: | ||||||||||||||||
Depreciation and amortization | -46,094 | -43,492 | -135,122 | -130,720 | ||||||||||||
Loss from early extinguishment of debt | - | - | - | -4,415 | ||||||||||||
Impairments | -48,700 | - | -48,700 | - | ||||||||||||
Income from continuing operations | -46,046 | 9,827 | -29,506 | 37,018 | ||||||||||||
Discontinued operations: | ||||||||||||||||
Income from discontinued operations | 2,164 | 6,337 | 11,842 | 17,446 | ||||||||||||
Loss from early extinguishment of debt | - | - | -703 | - | ||||||||||||
Realized gains (losses) and unrealized losses | ||||||||||||||||
on disposition of rental property and impairments, net | 47,321 | 12 | 61,079 | 2,390 | ||||||||||||
Total discontinued operations, net | 49,485 | 6,349 | 72,218 | 19,836 | ||||||||||||
Net income | 3,439 | 16,176 | 42,712 | 56,854 | ||||||||||||
Noncontrolling interest in consolidated joint ventures | 1,838 | 85 | 1,962 | 256 | ||||||||||||
Noncontrolling interest in Operating Partnership | 5,314 | -1,207 | 3,295 | -4,543 | ||||||||||||
Noncontrolling interest in discontinued operations | -5,948 | -773 | -8,699 | -2,418 | ||||||||||||
Net income available to common shareholders | $ | 4,643 | $ | 14,281 | $ | 39,270 | $ | 50,149 | ||||||||
Organization_And_Basis_Of_Pres1
Organization And Basis Of Presentation (Details) | 9 Months Ended |
Sep. 30, 2013 | |
state | |
sqft | |
property | |
Real Estate Properties [Line Items] | |
Number of properties owned or investment interests | 275 |
Aggregate square feet of the property owned or investment interest | 30,700,000 |
Number of states where properties are located | 7 |
Office And Office/Flex Buildings [Member] | |
Real Estate Properties [Line Items] | |
Number of properties owned or investment interests | 251 |
Aggregate square feet of the property owned or investment interest | 30,200,000 |
Unconsolidated Joint Venture Office Buildings [Member] | |
Real Estate Properties [Line Items] | |
Number of properties owned or investment interests | 21 |
Aggregate square feet of the property owned or investment interest | 2,600,000 |
Industrial/Warehouse Facilities [Member] | |
Real Estate Properties [Line Items] | |
Number of properties owned or investment interests | 6 |
Aggregate square feet of the property owned or investment interest | 387,400 |
Multi-Family Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of properties owned or investment interests | 9 |
Number of units | 3,319 |
Unconsolidated Joint Venture Multi-Family Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of properties owned or investment interests | 7 |
Number of units | 2,597 |
Retail [Member] | |
Real Estate Properties [Line Items] | |
Number of properties owned or investment interests | 5 |
Aggregate square feet of the property owned or investment interest | 115,600 |
Unconsolidated Joint Venture Retail Buildings [Member] | |
Real Estate Properties [Line Items] | |
Number of properties owned or investment interests | 2 |
Aggregate square feet of the property owned or investment interest | 81,500 |
Unconsolidated Joint Venture Hotel [Member] | |
Real Estate Properties [Line Items] | |
Number of properties owned or investment interests | 1 |
Number of units | 350 |
Land [Member] | |
Real Estate Properties [Line Items] | |
Number of properties owned or investment interests | 3 |
Significant_Accounting_Policie3
Significant Accounting Policies (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 03, 2013 | Jan. 04, 2013 | |
property | |||||||
Significant Accounting Policies [Line Items] | |||||||
Capitalized development and construction salaries and other related costs | $1,900,000 | $800,000 | $3,700,000 | $2,200,000 | |||
Rental property in-progress | 44,900,000 | 107,600,000 | 44,900,000 | ||||
Number of properties placed into service | 2 | ||||||
Maximum period after cessation of major construction activity that projects are considered complete | 1 year | ||||||
Consolidated joint ventures, total real estate assets | 210,600,000 | 198,300,000 | 210,600,000 | ||||
Consolidated joint ventures, mortgages | 79,400,000 | 77,100,000 | 79,400,000 | ||||
Consolidated joint ventures, other liabilities | 16,600,000 | 16,500,000 | 16,600,000 | ||||
Amortization of deferred financing costs | 954,000 | 673,000 | 2,379,000 | 1,945,000 | |||
Write off of unamortized deferred financing costs | 156,000 | 0 | 156,000 | 370,000 | |||
Deferred leasing costs | 962,000 | 1,156,000 | 3,168,000 | 3,312,000 | |||
Income taxes, material adjustment amount | 0 | ||||||
Common stock, shares outstanding | 88,021,807 | 87,536,292 | 88,021,807 | 87,766,758 | 87,537,250 | ||
Common units outstanding | 11,987,175 | 12,141,836 | 11,987,175 | 11,987,175 | 12,141,836 | ||
Common stock dividends and common unit distributions per share | $0.30 | $0.45 | |||||
Restricted stock expense | 755,000 | 579,000 | 2,402,000 | 1,971,000 | |||
Difference between other comprehensive income and net income | 0 | 0 | 0 | 0 | |||
Accumulated other comprehensive income | $0 | $0 | $0 | $0 | |||
Third Quarter 2013 [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Distributions payable, record date | 3-Oct-13 | ||||||
Common stock dividends and common unit distributions payable, date | 11-Oct-13 | ||||||
Fourth Quarter 2012 [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Distributions payable, record date | 4-Jan-13 | ||||||
Common stock dividends and common unit distributions payable, date | 11-Jan-13 |
Significant_Accounting_Policie4
Significant Accounting Policies (Estimated Useful Lives Of Assets) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Minimum [Member] | Buildings And Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 5 years |
Minimum [Member] | Furniture, Fixtures And Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 5 years |
Maximum [Member] | Buildings And Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 40 years |
Maximum [Member] | Furniture, Fixtures And Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 10 years |
Real_Estate_Transactions_Narra
Real Estate Transactions (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||
Jul. 15, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Oct. 23, 2012 | Aug. 22, 2013 | Oct. 23, 2012 | Jan. 18, 2013 | Apr. 04, 2013 | Sep. 30, 2013 | Aug. 27, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Aug. 27, 2013 | Sep. 30, 2013 | Oct. 23, 2012 | Sep. 30, 2013 | Aug. 22, 2013 | Oct. 23, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
item | Keystone Affiliates [Member] | JMP Eastchester, L.L.C. [Member] | Hudson Valley Land Holdings, L.L.C. [Member] | Hudson Valley Land Holdings, L.L.C. [Member] | Alterra At Overlook Ridge IA [Member] | Alterra At Overlook Ridge IB [Member] | 19 Skyline Drive [Member] | Pennsylvania Office Portfolio [Member] | Pennsylvania Office Portfolio [Member] | Pennsylvania Office Portfolio [Member] | Pennsylvania Office Portfolio [Member] | New Jersey [Member] | Eastchester Project [Member] | Eastchester Project [Member] | Eastchester Project [Member] | 150 Main Street, L.L.C. [Member] | Construction Loan [Member] | Minimum [Member] | Maximum [Member] | ||||||
item | item | loan | property | Keystone Affiliates [Member] | property | Eastchester Project [Member] | 150 Main Street, L.L.C. [Member] | ||||||||||||||||||
sqft | sqft | item | Eastchester Project [Member] | ||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||||
Number of units | 310 | 412 | 108 | ||||||||||||||||||||||
Business acquisition, cash paid | $61,300,000 | $88,000,000 | $4,900,000 | ||||||||||||||||||||||
Transaction costs | 214,000 | 214,000 | |||||||||||||||||||||||
Percentage of interest in venture | 26.25% | 76.25% | 7.50% | 80.00% | |||||||||||||||||||||
Area of property (in square feet) | 1,660,000 | 1,300,000 | |||||||||||||||||||||||
Number of land parcels sold | 3 | ||||||||||||||||||||||||
Third party ownership percentage | 0.00% | 26.25% | 23.75% | 47.50% | |||||||||||||||||||||
Total project costs | 46,000,000 | ||||||||||||||||||||||||
Maximum borrowing capacity | 600,000,000 | 600,000,000 | 600,000,000 | 27,500,000 | |||||||||||||||||||||
Amount of project costs funded by members | 18,500,000 | ||||||||||||||||||||||||
Parent ownership percentage | 76.25% | ||||||||||||||||||||||||
Proceeds from the sale of property | 332,540,000 | 4,023,000 | 201,000,000 | ||||||||||||||||||||||
Net sales proceeds | 207,000,000 | ||||||||||||||||||||||||
Sale price of property | 233,000,000 | ||||||||||||||||||||||||
Number of mortgage loans | 1 | ||||||||||||||||||||||||
New mortgage loan | 10,000,000 | ||||||||||||||||||||||||
Amount of mortgage funded | 8,000,000 | ||||||||||||||||||||||||
Capital balance | 22,000,000 | ||||||||||||||||||||||||
Amount held by intermediary for reinvestment | 55,300,000 | ||||||||||||||||||||||||
Closing costs | 5,552,000 | 536,000 | 15,809,000 | 1,542,000 | 4,000,000 | ||||||||||||||||||||
Mortgage loan, maturity period | 10 years | 2 years | |||||||||||||||||||||||
Loan extension period | 1 year | ||||||||||||||||||||||||
Spread over LIBOR | 1.25% | 6.00% | |||||||||||||||||||||||
Initial internal rate of return | 15.00% | ||||||||||||||||||||||||
Internal rate of return | 10.00% | ||||||||||||||||||||||||
Number of impaired properties | 5 | 9 | |||||||||||||||||||||||
Impairments | 48,700,000 | 48,700,000 | 48,500,000 | ||||||||||||||||||||||
Mortgage loan | $752,344,000 | $752,344,000 | $757,495,000 | $159,200,000 | |||||||||||||||||||||
Capitalization rate | 8.50% | ||||||||||||||||||||||||
Discount rate | 10.00% | 15.00% |
Real_Estate_Transactions_Sched
Real Estate Transactions (Schedule Of Purchase Price Allocation) (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | ||
Business Acquisition [Line Items] | ||
Land | 21,097,000 | |
Buildings and improvements | 122,080,000 | |
Furniture, fixtures and equipment | 2,275,000 | |
In-place lease values | 4,079,000 | |
Total assets acquired | 149,531,000 | |
Less: Below market lease values | 331,000 | |
Total liabilities assumed | 331,000 | |
Net cash paid at acquisition | 149,200,000 | |
Alterra At Overlook Ridge IA [Member] | ||
Business Acquisition [Line Items] | ||
Land | 9,042,000 | |
Buildings and improvements | 50,671,000 | |
Furniture, fixtures and equipment | 801,000 | |
In-place lease values | 931,000 | [1] |
Total assets acquired | 61,445,000 | |
Less: Below market lease values | 195,000 | [1] |
Total liabilities assumed | 195,000 | |
Net cash paid at acquisition | 61,250,000 | |
Alterra At Overlook Ridge IB [Member] | ||
Business Acquisition [Line Items] | ||
Land | 12,055,000 | |
Buildings and improvements | 71,409,000 | |
Furniture, fixtures and equipment | 1,474,000 | |
In-place lease values | 3,148,000 | [1] |
Total assets acquired | 88,086,000 | |
Less: Below market lease values | 136,000 | [1] |
Total liabilities assumed | 136,000 | |
Net cash paid at acquisition | 87,950,000 | |
Maximum [Member] | ||
Business Acquisition [Line Items] | ||
In-place and below market lease value amortization period | 1 year | |
[1] | In-place lease values and below market lease values will be amortized over one year or less. |
Real_Estate_Transactions_Sched1
Real Estate Transactions (Schedule Of Consolidation Amounts) (Details) (USD $) | Sep. 30, 2013 | Aug. 22, 2013 |
Eastchester Project [Member] | ||
Business Acquisition [Line Items] | ||
Land | $21,097,000 | $5,585,000 |
Construction in progress | 3,387,000 | |
Real estate recorded upon consolidation | 8,972,000 | |
Cash and cash equivalents | 79,000 | |
Other assets | 47,000 | |
Accounts payable | -325,000 | |
Working capital recorded upon consolidation | -199,000 | |
Noncontrolling interest recorded upon consolidation | -1,252,000 | |
Net assets recorded upon consolidation | $7,521,000 |
Real_Estate_Transactions_Sched2
Real Estate Transactions (Schedule Of Properties Which Commenced Initial Operations) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | |
sqft | ||
item | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 2 | |
Rentable Square Feet | 220,242 | |
Garage Parking Spaces | 850 | |
Development Costs Incurred by Company | $122,591 | |
14 Sylvan Way [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 1 | |
Rentable Square Feet | 203,506 | |
Development Costs Incurred by Company | 51,484 | [1] |
Development Costs Per Parking Space | 253 | |
Port Imperial South 4/5 [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Buildings | 1 | |
Rentable Square Feet | 16,736 | |
Garage Parking Spaces | 850 | |
Development Costs Incurred by Company | 71,107 | [2] |
Land [Member] | 14 Sylvan Way [Member] | ||
Real Estate Properties [Line Items] | ||
Development Costs Incurred by Company | 13,000 | |
Land [Member] | Port Imperial South 4/5 [Member] | ||
Real Estate Properties [Line Items] | ||
Development Costs Incurred by Company | 13,100 | |
Leases [Member] | 14 Sylvan Way [Member] | ||
Real Estate Properties [Line Items] | ||
Development Costs Incurred by Company | $4,300 | |
[1] | Development costs included approximately $13.0 million in land costs and $4.3 million in leasing costs. Amounts are as of September 30, 2013. | |
[2] | Development costs included approximately $13.1 million in land costs. Amounts are as of September 30, 2013. |
Real_Estate_Transactions_Sched3
Real Estate Transactions (Schedule Of Property Sales) (Details) (USD $) | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 0 Months Ended | 6 Months Ended | 9 Months Ended | |||||||||||
Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Aug. 27, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | |||||
item | 19 Skyline Drive [Member] | 19 Skyline Drive [Member] | 55 Corporate Drive [Member] | 200 Riser Road [Member] | 777 Passaic Avenue [Member] | 16 And 18 Sentry Park West [Member] | 16 And 18 Sentry Park West [Member] | 51 Imclone Drive [Member] | 40 Richards Avenue [Member] | 106 Allen Road [Member] | Pennsylvania Office Portfolio [Member] | Pennsylvania Office Portfolio [Member] | Pennsylvania Office Portfolio [Member] | |||||
sqft | sqft | sqft | sqft | item | sqft | item | sqft | item | property | sqft | ||||||||
property | item | item | item | sqft | item | sqft | item | sqft | item | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Number of Buildings | 24 | 1 | [1] | 1 | 1 | 1 | 2 | [2] | 1 | [3] | 1 | 1 | 15 | [4],[5] | ||||
Rentable Square Feet | 3,006,409 | 248,400 | [1] | 204,057 | 286,628 | 75,000 | 188,103 | [2] | 63,213 | [3] | 145,487 | 132,010 | 1,663,511 | [4],[5] | ||||
Net Sales Proceeds | $390,615,000 | $16,131,000 | [1] | $70,967,000 | $31,775,000 | $5,640,000 | $19,041,000 | [2] | $6,101,000 | [3] | $15,858,000 | $17,677,000 | $207,425,000 | [4],[5] | ||||
Net Book Value | 305,685,000 | 16,005,000 | [1] | 51,308,000 | 14,852,000 | 3,713,000 | 19,721,000 | [2] | 5,278,000 | [3] | 17,027,000 | 13,522,000 | 164,259,000 | [4],[5] | ||||
Realized Gain (loss) | 84,930,000 | 126,000 | [1] | 19,659,000 | 16,923,000 | 1,927,000 | -680,000 | [2] | 823,000 | [3] | -1,169,000 | 4,155,000 | 43,166,000 | [4],[5] | ||||
Valuation allowance | 7,100,000 | |||||||||||||||||
Note receivable | 5,000,000 | |||||||||||||||||
Note receivable, net present value | 22,047,000 | 3,600,000 | ||||||||||||||||
Mortgage loan, maturity period | 10 years | 2 years | ||||||||||||||||
Impairments | 23,851,000 | 8,400,000 | ||||||||||||||||
Loss from early extinguishment of debt | $703,000 | |||||||||||||||||
Number of impaired properties | 5 | |||||||||||||||||
Number of land parcels sold | 3 | |||||||||||||||||
[1] | The Company recognized a valuation allowance of $7.1 million on this property at December 31, 2012. In connection with the sale, the Company provided an interest-free note receivable to the buyer of $5 million (with a net present value of $3.6 million at September 30, 2013) which matures in ten years and requires monthly payments of principal. See Note 5: Deferred charges, goodwill and other assets. | |||||||||||||||||
[2] | The Company recorded an $8.4 million impairment charge on these properties at December 31, 2012. The Company has retained a subordinated interest in these properties. | |||||||||||||||||
[3] | The property was encumbered by a mortgage loan which was satisfied by the Company at the time of the sale. The Company incurred $0.7 million in costs for the debt satisfaction, which was included in discontinued operations: loss from early extinguishment of debt for the nine months ended September 30, 2013. | |||||||||||||||||
[4] | In order to reduce the carrying value of five of the properties to their estimated fair market values, the Company recorded impairment charges of $23.9 million at June 30, 2013. The fair value used in the impairment charges was based on the purchase and sale agreement for the properties ultimately sold. | |||||||||||||||||
[5] | The portfolio sale also included three developable land parcels. |
Investments_In_Unconsolidated_2
Investments In Unconsolidated Joint Ventures (Narrative) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
property | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated joint ventures | $131,859,000 | $132,339,000 |
Accounts receivable from unconsolidated joint ventures | 856,000 | 370,000 |
Number of VIEs | 5 | |
Maximum exposure to loss | 13,700,000 | |
Estimated future funding commitments | 3,100,000 | |
Unconsolidated Joint Venture Office Buildings [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of properties | 20 | |
Unconsolidated Joint Venture Office And Retail Buildings [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Area of property (in square feet) | 2,300,000 | |
Unconsolidated Joint Venture Retail Buildings [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of properties | 2 | |
Unconsolidated Joint Venture Multi-Family Properties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of properties | 7 | |
Number of units | 2,597 | |
Unconsolidated Joint Venture Hotel [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of units | 350 | |
Unconsolidated Joint Venture Commercial Property [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Area of property (in square feet) | 1,700,000 | |
Unconsolidated Joint Venture Development Projects [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of units | 2,631 | |
Minimum [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of interest in venture | 7.50% | |
Maximum [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of interest in venture | 80.00% | |
Variable Interest Entity [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated joint ventures | $10,700,000 | |
Apartments [Member] | Unconsolidated Joint Venture Land Parcels [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of units | 3,708 | |
Office [Member] | Unconsolidated Joint Venture Land Parcels [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Area of property (in square feet) | 1,200,000 |
Investments_In_Unconsolidated_3
Investments In Unconsolidated Joint Ventures (Summary Of Financial Position Of Unconsolidated Joint Ventures) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investments In Unconsolidated Joint Ventures [Abstract] | ||
Rental property, net | $736,487 | $180,254 |
Loan receivable | 44,459 | 42,276 |
Other assets | 434,714 | 311,847 |
Total assets | 1,215,660 | 534,377 |
Mortgages and loans payable | 600,473 | 168,908 |
Other liabilities | 71,552 | 12,141 |
Partners'/members' capital | 543,635 | 353,328 |
Total liabilities and partners'/members' capital | $1,215,660 | $534,377 |
Investments_In_Unconsolidated_4
Investments In Unconsolidated Joint Ventures (Summary Of Company's Investment In Unconsolidated Joint Ventures) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's investments in unconsolidated joint ventures | $131,859 | $132,339 |
Plaza VIII & IX Associates, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's investments in unconsolidated joint ventures | 4,065 | 4,321 |
South Pier At Harborside [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's investments in unconsolidated joint ventures | -2,095 | -1,225 |
Red Bank Corporate Plaza, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's investments in unconsolidated joint ventures | 3,972 | 3,876 |
12 Vreeland Associates, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's investments in unconsolidated joint ventures | 5,439 | 12,840 |
Boston Downtown Crossing [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's investments in unconsolidated joint ventures | 13,012 | |
Gale Jefferson, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's investments in unconsolidated joint ventures | 1,029 | |
Stamford SM LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's investments in unconsolidated joint ventures | 35,667 | 34,006 |
Marbella RoseGarden, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's investments in unconsolidated joint ventures | 15,976 | 16,918 |
RoseGarden Monaco Holdings, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's investments in unconsolidated joint ventures | 3,524 | 4,761 |
Rosewood Lafayette Holdings, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's investments in unconsolidated joint ventures | 1,119 | 1,988 |
PruRose Port Imperial South 15, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's investments in unconsolidated joint ventures | 606 | |
Rosewood Morristown, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's investments in unconsolidated joint ventures | 6,603 | 7,091 |
Overlook Ridge JV, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's investments in unconsolidated joint ventures | 178 | 31 |
Overlook Ridge JV 2C/3B, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's investments in unconsolidated joint ventures | 179 | |
Roseland/North Retail, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's investments in unconsolidated joint ventures | 1,967 | 2,161 |
BNES Associates III [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's investments in unconsolidated joint ventures | 1,708 | 1,955 |
Portside Master Company, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's investments in unconsolidated joint ventures | 3,449 | 3,651 |
PruRose Port Imperial South 13, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's investments in unconsolidated joint ventures | 2,451 | 2,920 |
Roseland/Port Imperial Partners, L.P. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's investments in unconsolidated joint ventures | 2,755 | 2,582 |
RoseGarden Marbella South, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's investments in unconsolidated joint ventures | 7,160 | 6,182 |
PruRose Riverwalk G, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's investments in unconsolidated joint ventures | 3,515 | 4,136 |
Elmajo Urban Renewal Associates, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's investments in unconsolidated joint ventures | 232 | 629 |
Estuary Urban Renewal Unit B, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's investments in unconsolidated joint ventures | 74 | 220 |
RiverPark At Harrison I, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's investments in unconsolidated joint ventures | 3,404 | 2,606 |
150 Main Street, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's investments in unconsolidated joint ventures | 2,395 | |
RoseGarden Monaco, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's investments in unconsolidated joint ventures | 1,208 | 1,165 |
Hillsborough 206 Holdings, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's investments in unconsolidated joint ventures | 1,989 | 1,967 |
Grand Jersey Waterfront Urban Renewal Associates, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's investments in unconsolidated joint ventures | 397 | 337 |
Crystal House Apartments Investors LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's investments in unconsolidated joint ventures | 26,928 | |
Other [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's investments in unconsolidated joint ventures | $174 |
Investments_In_Unconsolidated_5
Investments In Unconsolidated Joint Ventures (Summary Of Results Of Operations Of Unconsolidated Joint Ventures) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Investments In Unconsolidated Joint Ventures [Abstract] | ||||
Total revenues | $99,117 | $17,311 | $202,810 | $44,369 |
Operating and other expenses | -48,621 | -9,169 | -137,889 | -25,428 |
Depreciation and amortization | -11,556 | -2,497 | -24,730 | -7,285 |
Interest expense | -3,934 | -1,675 | -9,256 | -5,017 |
Net income | $35,006 | $3,970 | $30,935 | $6,639 |
Investments_In_Unconsolidated_6
Investments In Unconsolidated Joint Ventures (Summary Of Company's Equity In Earnings (Loss) Of Unconsolidated Joint Ventures) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of Equity Method Investments [Line Items] | ||||
Company's equity in earnings of unconsolidated joint ventures | ($229) | $2,418 | ($2,059) | $4,751 |
Plaza VIII & IX Associates, L.L.C. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Company's equity in earnings of unconsolidated joint ventures | 24 | 21 | 52 | 43 |
South Pier At Harborside [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Company's equity in earnings of unconsolidated joint ventures | 835 | 1,080 | 1,380 | 1,884 |
Red Bank Corporate Plaza, L.L.C. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Company's equity in earnings of unconsolidated joint ventures | 99 | 94 | 306 | 298 |
12 Vreeland Associates, L.L.C. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Company's equity in earnings of unconsolidated joint ventures | -25 | 279 | -1 | 603 |
Boston Downtown Crossing [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Company's equity in earnings of unconsolidated joint ventures | -6 | 646 | -333 | |
Gale Jefferson, L.L.C. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Company's equity in earnings of unconsolidated joint ventures | 23 | 68 | 63 | |
Stamford SM LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Company's equity in earnings of unconsolidated joint ventures | 1,023 | 927 | 2,805 | 2,193 |
Marbella RoseGarden, L.L.C. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Company's equity in earnings of unconsolidated joint ventures | -170 | -446 | ||
RoseGarden Monaco Holdings, L.L.C. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Company's equity in earnings of unconsolidated joint ventures | -416 | -1,238 | ||
Rosewood Lafayette Holdings, L.L.C. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Company's equity in earnings of unconsolidated joint ventures | -295 | -869 | ||
PruRose Port Imperial South 15, L.L.C. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Company's equity in earnings of unconsolidated joint ventures | -606 | |||
Rosewood Morristown, L.L.C. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Company's equity in earnings of unconsolidated joint ventures | -152 | -393 | ||
Overlook Ridge JV 2C/3B, L.L.C. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Company's equity in earnings of unconsolidated joint ventures | 53 | 204 | ||
Roseland/North Retail, L.L.C. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Company's equity in earnings of unconsolidated joint ventures | -62 | -194 | ||
BNES Associates III [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Company's equity in earnings of unconsolidated joint ventures | -37 | -108 | ||
Portside Master Company, L.L.C. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Company's equity in earnings of unconsolidated joint ventures | -109 | -222 | ||
PruRose Port Imperial South 13, L.L.C. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Company's equity in earnings of unconsolidated joint ventures | -181 | -459 | ||
RoseGarden Marbella South, L.L.C. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Company's equity in earnings of unconsolidated joint ventures | -20 | -57 | ||
PruRose Riverwalk G, L.L.C. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Company's equity in earnings of unconsolidated joint ventures | -198 | -576 | ||
Elmajo Urban Renewal Associates, L.L.C. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Company's equity in earnings of unconsolidated joint ventures | -87 | -255 | ||
Estuary Urban Renewal Unit B, LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Company's equity in earnings of unconsolidated joint ventures | -44 | -107 | ||
Crystal House Apartments Investors LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Company's equity in earnings of unconsolidated joint ventures | -1,149 | -2,671 | ||
Other [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Company's equity in earnings of unconsolidated joint ventures | $682 | $682 |
Investments_In_Unconsolidated_7
Investments In Unconsolidated Joint Ventures (Plaza VIII And IX Associates, L.L.C.) (Narrative) (Details) (Plaza VIII & IX Associates, L.L.C. [Member]) | Sep. 30, 2013 |
Plaza VIII & IX Associates, L.L.C. [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Percentage of interest in venture | 50.00% |
Investments_In_Unconsolidated_8
Investments In Unconsolidated Joint Ventures (South Pier At Harborside - Hotel) (Narrative) (Details) (South Pier At Harborside [Member], USD $) | 9 Months Ended |
Sep. 30, 2013 | |
item | |
South Pier At Harborside [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Number of hotel rooms | 350 |
Percentage of interest in venture | 50.00% |
Mortgage loans, carrying amount | $63,100,000 |
Interest rate | 6.15% |
Mortgage loan, maturity date | Nov-16 |
Book value of Company's long-term debt | 4,600,000 |
Bears interest at fixed rate range, minimum | 6.09% |
Bears interest at fixed rate range, maximum | 6.62% |
Loan maturity date | 1-Aug-20 |
Letter of credit | $4,600,000 |
Investments_In_Unconsolidated_9
Investments In Unconsolidated Joint Ventures (Red Bank Corporate Plaza, L.L.C.) (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jul. 15, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Red Bank Corporate Plaza, L.L.C. [Member] | Red Bank Corporate Plaza, L.L.C. [Member] | Red Bank Corporate Plaza, L.L.C. [Member] | Red Bank Corporate Plaza, L.L.C. [Member] | ||
sqft | sqft | ||||
Schedule of Equity Method Investments [Line Items] | |||||
Area of property (in square feet) | 92,878 | 92,878 | |||
Lease expiration date | 30-Sep-17 | ||||
Percentage of interest in venture | 50.00% | 50.00% | |||
Mortgage loans, carrying amount | $16,800,000 | $16,800,000 | |||
Spread over LIBOR | 1.25% | 3.00% | |||
Mortgage loan, maturity date | May-16 | ||||
LIBOR interest rate | 0.18% | 0.18% | |||
Percentage of loan that has a fixed interest rate | 75.00% | 75.00% | |||
Fixed interest rate | 3.99% | 3.99% | |||
Management, leasing and other services fees | $26,000 | $25,000 | $80,000 | $75,000 |
Recovered_Sheet1
Investments In Unconsolidated Joint Ventures (12 Vreeland Associates, L.L.C.) (Narrative) (Details) (12 Vreeland Associates, L.L.C. [Member], USD $) | 9 Months Ended |
Sep. 30, 2013 | |
sqft | |
12 Vreeland Associates, L.L.C. [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Percentage of interest in venture | 50.00% |
Area of property (in square feet) | 139,750 |
Mortgage loans, carrying amount | $15,800,000 |
Interest rate | 2.87% |
Mortgage loan, maturity date | Jul-23 |
Distribution of loan proceeds | 14,800,000 |
Share of distribution of loan proceeds | $7,400,000 |
Recovered_Sheet2
Investments In Unconsolidated Joint Ventures (Boston-Downtown Crossing) (Narrative) (Details) (USD $) | 0 Months Ended | 9 Months Ended |
Apr. 23, 2013 | Sep. 30, 2013 | |
sqft | ||
Schedule of Equity Method Investments [Line Items] | ||
Gain on sale of property | $84,930,000 | |
Boston Downtown Crossing [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Area of property (in square feet) | 1,200,000 | |
Percentage of interest in venture | 15.00% | |
Venture sale of real estate | 45,000,000 | |
Share of gain on sale of real estate | 13,500,000 | |
Gain on sale of property | $754,000 |
Recovered_Sheet3
Investments In Unconsolidated Joint Ventures (Gale Jefferson, L.L.C.) (Narrative) (Details) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jul. 15, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jan. 04, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
One Jefferson [Member] | Gale Jefferson, L.L.C. [Member] | Gale Jefferson, L.L.C. [Member] | Gale Jefferson, L.L.C. [Member] | Gale Jefferson, L.L.C. [Member] | Gale Jefferson, L.L.C. [Member] | |||
sqft | sqft | |||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Percentage of interest in venture | 8.33% | |||||||
Rentable Square Feet | 100,010 | 100,010 | ||||||
Lease expiration date | 1-Aug-25 | |||||||
Mortgage loans, carrying amount | $20,200,000 | |||||||
Spread over LIBOR | 1.25% | 1.60% | ||||||
Mortgage loan, maturity date | Oct-13 | |||||||
Venture sale of real estate | 3,200,000 | |||||||
Share of gain on sale of real estate | 1,100,000 | |||||||
Gain on sale of property | 84,930,000 | 69,000 | ||||||
Management, leasing and other services fees | $0 | $48,000 | $0 | $144,000 |
Recovered_Sheet4
Investments In Unconsolidated Joint Ventures (Stamford SM LLC) (Narrative) (Details) (USD $) | 0 Months Ended | 9 Months Ended | |||||
Jul. 15, 2013 | Feb. 17, 2012 | Feb. 17, 2012 | Feb. 17, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Feb. 17, 2012 | |
Class A Portfolio In Stamford, Connecticut [Member] | Class A Office Space [Member] | Residential Space [Member] | Stamford SM LLC [Member] | Mezz Loan [Member] | Mezz Loan [Member] | ||
sqft | property | item | |||||
sqft | sqft | ||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Area of property (in square feet) | 1,700,000 | 1,670,000 | 70,500 | ||||
Venture property acquisition cost | $40,000,000 | ||||||
Mortgage loan face amount | 50,000,000 | ||||||
Number of properties | 7 | ||||||
Number of rental units | 106 | ||||||
Mortgage loan carrying amount | 44,300,000 | ||||||
Threshold of which excess proceeds are paid to another party | $47,000,000 | ||||||
Spread over LIBOR | 1.25% | 3.25% | |||||
Mortgage loan scheduled to mature | 1-Aug-14 | ||||||
Percentage of interest in venture | 80.00% | ||||||
Third party ownership percentage | 20.00% | ||||||
Holding and distribution pattern under operating agreement | The operating agreement of Stamford SM provides, among other things, for distributions of net available cash in accordance with its members' respective ownership percentages. The Company holds an 80 percent interest in the venture. The Company and the 20 percent member share equally in decision-making on all major decisions involving the operations of the venture. |
Recovered_Sheet5
Investments In Unconsolidated Joint Ventures (Marbella RoseGarden, L.L.C.) (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 23, 2012 | Sep. 30, 2013 | Oct. 23, 2012 | |
PruRose/Marbella I, L.L.C. [Member] | PruRose/Marbella I, L.L.C. [Member] | Marbella RoseGarden, L.L.C. [Member] | Marbella RoseGarden, L.L.C. [Member] | Marbella RoseGarden, L.L.C. [Member] | Marbella RoseGarden's Interest In PruRose/Marbella I [Member] | |
sqft | Prudential-Marbella Partnership [Member] | |||||
item | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Indirect residual ownership percentage | 24.27% | |||||
Number of units | 412 | |||||
Number of stories | 40 | |||||
Area of property (in square feet) | 369,607 | |||||
Percentage of interest in venture | 48.53% | |||||
Investment ownership percentage | 50.00% | |||||
Percentage of operating return on capital | 9.50% | |||||
Capital balance | $100,000 | $7,600,000 | ||||
Accumulated unpaid operating return | 0 | |||||
Mortgage loans, carrying amount | 95,000,000 | 95,000,000 | ||||
Interest rate | 4.99% | 4.99% | ||||
Mortgage loan, maturity date | May-18 | |||||
Management, leasing and other services fees | $83,000 | $262,000 | ||||
Holding and distribution pattern under operating agreement | In general, the operating agreement of PruRose/Marbella provides that operating cash flows are distributed to members first to Prudential-Marbella and then to RoseGarden based on a 9.5 percent operating return on each members' capital balance in priorities as detailed in the operating agreement. Excess operating cash flows are distributed to the members in accordance with their ownership percentages. |
Recovered_Sheet6
Investments In Unconsolidated Joint Ventures (RoseGarden Monaco Holdings, L.L.C.) (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2013 | Oct. 23, 2012 | Sep. 30, 2013 | Oct. 23, 2012 | Oct. 23, 2012 | |
PruRose Monaco Holdings, L.L.C. [Member] | PruRose Monaco Holdings, L.L.C. [Member] | RoseGarden Monaco Holdings, L.L.C. [Member] | RoseGarden Monaco Holdings, L.L.C. [Member] | RoseGarden Monaco Holdings' Interest In Monaco Holdings [Member] | Monaco Holdings' Interest In PruRose Monaco Holdings [Member] | |
property | Prudential Insurance Company Of America [Member] | |||||
sqft | ||||||
item | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Indirect residual ownership percentage | 15.00% | |||||
Number of real estate properties | 2 | |||||
Number of stories | 50 | |||||
Number of units | 523 | |||||
Area of property (in square feet) | 477,254 | |||||
Percentage of interest in venture | 50.00% | |||||
Investment ownership percentage | 60.00% | 50.00% | ||||
Percentage of operating return on capital | 9.00% | |||||
Capital balance | $76,000,000 | |||||
Accumulated unpaid operating return | 3,400,000 | |||||
Mortgage loans, carrying amount | 165,000,000 | 165,000,000 | ||||
Interest rate | 4.19% | 4.19% | ||||
Mortgage loan, maturity date | Feb-21 | |||||
Management, leasing and other services fees | $115,000 | $350,000 | ||||
Holding and distribution pattern under operating agreement | In general, the operating agreement of PruRose Monaco provides that operating cash flows are distributed to members first to Prudential and then to Monaco Holdings based on a nine percent operating return on each members' capital balance in priorities as detailed in the operating agreement. Excess operating cash flows are distributed to the members in accordance with their ownership percentages. |
Recovered_Sheet7
Investments In Unconsolidated Joint Ventures (Rosewood Lafayette Holdings, L.L.C.) (Narrative) (Details) (USD $) | 2 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Dec. 23, 2012 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Oct. 23, 2012 | Oct. 23, 2012 | Sep. 30, 2013 | |
Rosewood Lafayette Commons, L.L.C. [Member] | Rosewood Lafayette Commons, L.L.C. [Member] | Rosewood Lafayette Commons, L.L.C. [Member] | Rosewood Lafayette Commons, L.L.C. [Member] | Rosewood Lafayatte Holdings' Interest In Rosewood Lafayette Commons [Member] | Rosewood Lafayette Holdings, L.L.C. [Member] | Rosewood Lafayette Holdings, L.L.C. [Member] | |
sqft | Prudential [Member] | ||||||
item | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Indirect residual ownership percentage | 25.00% | ||||||
Number of units | 217 | ||||||
Area of property (in square feet) | 185,733 | ||||||
Percentage of interest in venture | 50.00% | ||||||
Investment ownership percentage | 50.00% | ||||||
Percentage of operating return on capital | 8.00% | 9.00% | |||||
Capital balance | $29,500,000 | ||||||
Accumulated unpaid operating return | 2,100,000 | ||||||
Mortgage loans, carrying amount | 39,500,000 | 39,500,000 | |||||
Interest rate | 4.00% | 4.00% | |||||
Mortgage loan, maturity date | Jul-15 | ||||||
Amortization schedule | 30 years | ||||||
Management, leasing and other services fees | $48,000 | $142,000 | |||||
Holding and distribution pattern under operating agreement | In general, the operating agreement of Rosewood Lafayette provides that operating cash flows are distributed to members first to Prudential and then to Rosewood based on an eight percent operating return to December 23, 2012 and nine percent thereafter on each members' capital balance in priorities as detailed in the operating agreement. Excess operating cash flows are distributed to the members in accordance with their ownership percentages. |
Recovered_Sheet8
Investments In Unconsolidated Joint Ventures (PruRose Port Imperial South 15, L.L.C) (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | ||
Jul. 15, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 23, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | |
PruRose Port Imperial South 15, L.L.C. [Member] | PruRose Port Imperial South 15, L.L.C. [Member] | PruRose Port Imperial South 15, L.L.C. [Member] | PruRose Port Imperial South 15, L.L.C. [Member] | Refinance Loan [Member] | ||
item | Prudential-Port [Member] | PruRose Port Imperial South 15, L.L.C. [Member] | ||||
sqft | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Percentage of interest in venture | 50.00% | |||||
Number of units | 236 | |||||
Area of property (in square feet) | 214,402 | |||||
Third party ownership percentage | 50.00% | |||||
Percentage of operating return on capital | 9.00% | |||||
Capital balance | $33,800,000 | |||||
Accumulated unpaid operating return | 5,100,000 | |||||
Percent of distributions paid to third party after threshold reached | 20.00% | |||||
Threshold of internal rate of return for distributions to third party | 8.00% | |||||
Mortgage loans, carrying amount | 57,000,000 | 57,000,000 | 57,500,000 | |||
Spread over LIBOR | 1.25% | 2.35% | ||||
Mortgage loan, maturity date | Aug-13 | Sep-20 | ||||
Interest rate | 4.32% | |||||
Management, leasing and other services fees | $62,000 | $185,000 | ||||
Holding and distribution pattern under operating agreement | In general, the operating agreement of Port Imperial 15 provides that operating cash flows are distributed to members first to Prudential-Port and then to the Company based on a nine percent operating return on each members' capital balance in priorities as detailed in the operating agreement. Excess operating cash flows are distributed to the members in accordance with their ownership percentages. |
Recovered_Sheet9
Investments In Unconsolidated Joint Ventures (Rosewood Morristown, L.L.C.) (Narrative) (Details) (USD $) | 0 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||
Jul. 15, 2013 | Sep. 30, 2013 | Oct. 23, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 23, 2012 | Sep. 30, 2013 | Oct. 23, 2012 | Oct. 23, 2012 | Sep. 30, 2013 | Oct. 23, 2012 | Sep. 30, 2013 | Oct. 23, 2012 | Sep. 30, 2013 | Oct. 23, 2012 | Sep. 30, 2013 | |
Morristown Epsteins, L.L.C. [Member] | Morristown Epsteins, L.L.C. [Member] | Epsteins B Rentals, L.L.C. [Member] | Epsteins B Rentals, L.L.C. [Member] | Rosewood Morristown, L.L.C. [Member] | Rosewood Morristown, L.L.C. [Member] | Rosewood Morristown, L.L.C. [Member] | Rosewood Morristown's Interest In Morristown Epsteins [Member] | 40 Park Condominium Property [Member] | 40 Park Condominium Property [Member] | Lofts At 40 Park Property [Member] | Metropolitan Property [Member] | Metropolitan Property [Member] | The Shops At 40 Park Property [Member] | The Shops At 40 Park Property [Member] | The Shops At 40 Park Property [Member] | ||
Prudential [Member] | Morristown Epsteins, L.L.C. [Member] | PR II/Morristown Prudential, L.L.C. [Member] | Morristown Epsteins, L.L.C. [Member] | Morristown Epsteins, L.L.C. [Member] | Morristown Epsteins, L.L.C. [Member] | Morristown Epsteins, L.L.C. [Member] | Morristown Epsteins, L.L.C. [Member] | Epsteins B Rentals, L.L.C. [Member] | |||||||||
item | item | sqft | sqft | ||||||||||||||
item | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Percentage of interest in venture | 50.00% | ||||||||||||||||
Investment ownership percentage | 50.00% | 50.00% | |||||||||||||||
Third party ownership percentage | 50.00% | ||||||||||||||||
Number of units | 76 | 91 | 130 | ||||||||||||||
Number of unsold units | 3 | ||||||||||||||||
Number of stories | 7 | ||||||||||||||||
Area of property (in square feet) | 10,730 | 50,973 | |||||||||||||||
Interest rate | 8.00% | 3.25% | 3.63% | ||||||||||||||
Preferred rate of return | 8.00% | ||||||||||||||||
Note payable | $975,000 | ||||||||||||||||
Adjusted capital balance | 3,200,000 | ||||||||||||||||
Interest in net sales proceeds | 15.00% | ||||||||||||||||
Percentage of operating return on capital | 9.00% | ||||||||||||||||
Capital balance | 700,000 | 19,100,000 | |||||||||||||||
Accumulated unpaid operating return | 0 | 203,000 | |||||||||||||||
Mortgage loans, carrying amount | 1,100,000 | 48,500,000 | 48,500,000 | 38,600,000 | 6,500,000 | ||||||||||||
Spread over LIBOR | 1.25% | 2.50% | 2.75% | ||||||||||||||
Mortgage loan, maturity date | Sep-14 | Sep-20 | Aug-18 | ||||||||||||||
Additional borrowing capacity | 1,000,000 | ||||||||||||||||
Management, leasing and other services fees | $47,000 | $134,000 | |||||||||||||||
Holding and distribution pattern under operating agreement | The operating agreement of Morristown provides, among other things, for the distribution of net available cash to the members, as follows:to pay accrued and unpaid interest at a rate of eight percent on the balance note, as defined;to Rosewood in an amount equal to its current year's annual preferred return rate of eight percent on its adjusted capital, as defined;to pay the outstanding balance remaining on the balance note, which was $975,000 as of September 30, 2013;to Rosewood in an amount equal to its adjusted capital balance, which was $3.2 million as of September 30, 2013; andto the members in accordance with their ownership percentages. | In general, the operating agreement of Epsteins provides that operating cash flows are distributed to members first to Prudential and then to Rosewood based on a nine percent return on each members' capital balance in priorities as detailed in the operating agreement. Excess operating cash flows are distributed to the members in accordance with their ownership percentages. |
Recovered_Sheet10
Investments In Unconsolidated Joint Ventures (Overlook Ridge JV, L.L.C.) (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||
Jul. 15, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 23, 2012 | Oct. 23, 2012 | Oct. 23, 2012 | Oct. 23, 2012 | Oct. 23, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Lennar Massachusetts Properties [Member] | LR JV-C Associates, L.L.C. [Member] | LR JV-C Associates, L.L.C. [Member] | LR Overlook Phase III, L.L.C. [Member] | Overlook Ridge JV, L.L.C. [Member] | Overlook Ridge JV, L.L.C. [Member] | Overlook Ridge JV's Interest In LR JV-C Associates [Member] | Overlook Ridge JV's Interest In LR Overlook Phase III [Member] | Quarrystone I Property [Member] | Overlook Phase III [Member] | Letter of Credit [Member] | Senior Loans [Member] | Junior Loans [Member] | ||||
Overlook Ridge JV, L.L.C. [Member] | Overlook Ridge JV, L.L.C. [Member] | LR JV-C Associates, L.L.C. [Member] | LR JV-C Associates, L.L.C. [Member] | LR JV-C Associates, L.L.C. [Member] | ||||||||||||
item | ||||||||||||||||
sqft | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Indirect residual ownership percentage | 25.00% | |||||||||||||||
Number of units | 251 | |||||||||||||||
Investment ownership percentage | 50.00% | 100.00% | 50.00% | |||||||||||||
Area of property (in square feet) | 278,721 | |||||||||||||||
Percentage of interest in venture | 50.00% | |||||||||||||||
Priority partnership loan | $18,800,000 | |||||||||||||||
Accrued interest payable | 23,472,000 | 27,555,000 | 14,400,000 | |||||||||||||
Amount of unrecovered capital to determine cash flow distribution | 0 | |||||||||||||||
Mortgage loans, carrying amount | 69,900,000 | 69,900,000 | 5,600,000 | 52,900,000 | 17,000,000 | |||||||||||
Mortgage loan, maturity date | Mar-16 | Apr-15 | ||||||||||||||
Spread over LIBOR | 1.25% | 2.50% | 2.00% | 0.90% | ||||||||||||
Borrowing capacity under the credit facility | 600,000,000 | 600,000,000 | 17,000,000 | |||||||||||||
Loan extension period | 1 year | |||||||||||||||
Extension fee | 0.25% | |||||||||||||||
Amount of debt guaranteed by company | 1,500,000 | |||||||||||||||
Management, leasing and other services fees | $46,000 | $137,000 | ||||||||||||||
Holding and distribution pattern under operating agreement | In general, the operating agreement of LR Overlook provides, among other things, for distributions of cash flow to the members in accordance with their ownership percentages, subject to the repayment of priority partnership loans. | The operating agreement of Overlook Ridge JV provides, among other things, for the distribution of distributable cash, as defined, to the members, as follows:First, to the members in proportion to their respective unrecovered capital percentages, as defined in the agreement, until each member's unrecovered capital has been reduced to zero; and Second, to the members in accordance with their ownership percentages. |
Recovered_Sheet11
Investments In Unconsolidated Joint Ventures (Overlook Ridge, L.L.C.) (Narrative) (Details) (USD $) | 0 Months Ended | 9 Months Ended | 9 Months Ended | |||
Jul. 15, 2013 | Sep. 30, 2013 | Oct. 23, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Overlook Ridge, L.L.C. [Member] | Overlook Ridge, L.L.C. [Member] | Overlook Ridge, L.L.C. [Member] | Maximum [Member] | Maximum [Member] | ||
Rowe [Member] | Overlook Ridge, L.L.C. [Member] | |||||
Schedule of Equity Method Investments [Line Items] | ||||||
Percentage of interest in venture | 50.00% | 80.00% | ||||
Percentage of operating return on capital | 6.00% | |||||
Notional land capital | $20,000,000 | |||||
Percentage of notional land capital account assigned | 3.00% | 97.00% | ||||
Mortgage loan | 17,400,000 | |||||
Mortgage loans, carrying amount | $16,500,000 | |||||
Spread over LIBOR | 1.25% | 3.50% | ||||
Mortgage loan, maturity date | Mar-14 | |||||
Loan extension period | 1 year | |||||
Extension fee | 0.25% | |||||
Holding and distribution pattern under operating agreement | The operating agreement of Overlook Ridge provides, among other things, for the distribution of net cash flow to the members, as follows:First, to the members in proportion to their unrecovered capital percentages, as defined, until the cumulative amounts distributed equal such member's return of six percent on the unrecovered capital; andSecond, to the members in accordance with their ownership percentages. |
Recovered_Sheet12
Investments In Unconsolidated Joint Ventures (Overlook Ridge JV 2C/3B, L.L.C.) (Narrative) (Details) (USD $) | 0 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||
Jul. 15, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jan. 18, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
item | Overlook Ridge Apartments Investors, L.L.C. [Member] | Overlook Ridge Apartments Investors, L.L.C. [Member] | Overlook Ridge Apartments Member L.L.C. [Member] | Overlook Ridge JV 2C/3B, L.L.C. [Member] | Overlook Ridge JV 2C/3B, L.L.C. [Member] | Overlook Ridge JV 2C/3B, L.L.C. [Member] | Overlook Ridge JV 2C/3B, L.L.C. [Member] | Overlook Ridge 2C 3B's Interest In Overlook Ridge Apartments Investors [Member] | Overlook 2C 3B Project [Member] | Overlook 2C 3B Project [Member] | Overlook 2C 3B Project [Member] | Construction Loan [Member] | Construction Loan [Member] | Construction Loan [Member] | Construction Loan Extension Number 1 [Member] | Construction Loan Extension Number 2 [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | ||
Overlook Ridge Apartments Member L.L.C. [Member] | Rowe [Member] | Parent Company [Member] | Overlook Ridge Apartments Investors, L.L.C. [Member] | Overlook Ridge JV 2C/3B, L.L.C. [Member] | Overlook Ridge Apartments Investors, L.L.C. [Member] | Overlook Ridge Apartments Investors, L.L.C. [Member] | Overlook 2C 3B Project [Member] | Overlook Ridge Apartments Investors, L.L.C. [Member] | Overlook Ridge Apartments Investors, L.L.C. [Member] | Construction Loan [Member] | Construction Loan [Member] | |||||||||||
property | item | Overlook Ridge Apartments Investors, L.L.C. [Member] | Overlook Ridge Apartments Investors, L.L.C. [Member] | Overlook Ridge Apartments Investors, L.L.C. [Member] | ||||||||||||||||||
item | ||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||
Indirect residual ownership percentage | 25.00% | |||||||||||||||||||||
Number of units | 371 | |||||||||||||||||||||
Number of real estate properties | 4 | |||||||||||||||||||||
Percentage of interest in venture | 50.00% | 7.50% | 80.00% | |||||||||||||||||||
Investment ownership percentage | 50.00% | |||||||||||||||||||||
Total project costs | $79,400,000 | $23,900,000 | ||||||||||||||||||||
Maximum borrowing capacity | 600,000,000 | 600,000,000 | 55,500,000 | 55,500,000 | ||||||||||||||||||
Amount outstanding | 5,200,000 | |||||||||||||||||||||
Percentage of operating return on capital | 6.50% | |||||||||||||||||||||
Capital balance | 23,900,000 | 7,200,000 | ||||||||||||||||||||
Accumulated unpaid operating return | 1,100,000 | |||||||||||||||||||||
Percentage of capital event cash flows distributed | 100.00% | |||||||||||||||||||||
Initial internal rate of return | 9.00% | |||||||||||||||||||||
Percentage of capital event cash flows distributed after initial internal rate of return reached | 70.00% | 30.00% | ||||||||||||||||||||
Internal rate of return | 11.00% | |||||||||||||||||||||
Spread over LIBOR | 1.25% | 2.50% | ||||||||||||||||||||
Loan maturity date | 1-Dec-15 | |||||||||||||||||||||
Number of extension options | 2 | 2 | ||||||||||||||||||||
Loan extension period | 1 year | |||||||||||||||||||||
Extension fee | 0.25% | 0.25% | ||||||||||||||||||||
Amount of debt guaranteed by company | 8,300,000 | |||||||||||||||||||||
Threshold of payment guarantee termination, debt service coverage ratio | 1.25 | |||||||||||||||||||||
Percentage of loan that has a fixed interest rate | 95.00% | |||||||||||||||||||||
Interest rate | 3.09% | |||||||||||||||||||||
Percentage return on unrecovered capital | 9.00% | |||||||||||||||||||||
Unrecovered notional capital | 200,000 | |||||||||||||||||||||
Development management and other services fees | $209,000 | $387,000 | ||||||||||||||||||||
Holding and distribution pattern under operating agreement | In general, the operating agreement of Overlook Apartments Investors provides that operating cash flows are distributed to members first to Overlook Apartments Member and then to Overlook 2C/3B based on a 6.5 percent preferred return on each members' capital balance in priorities as detailed in the operating agreement. Excess operating cash flows are distributed to the members in accordance with their ownership percentages. |
Recovered_Sheet13
Investments In Unconsolidated Joint Ventures (Roseland/North Retail, L.L.C.) (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2013 | Oct. 23, 2012 | |
Port Imperial North Retail, L.L.C. [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Residual ownership interest | 20.00% | ||
Percentage of operating return on capital | 9.00% | ||
Management, leasing and other services fees | $8,000 | $23,000 | |
Holding and distribution pattern under operating agreement | In general, the operating agreement of PI North Retail provides that operating cash flows are distributed first to Prudential-PI and then to the Company based on a nine percent operating return on each members' capital balance in priorities as detailed in the operating agreement. Excess operating cash flows are distributed to the members in accordance with ownership percentages. | ||
Roseland/North Retail, L.L.C. [Member] | PR II Port Imperial Retail, L.L.C. [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital balance | 4,300,000 | 4,300,000 | |
Accumulated unpaid operating return | 1,600,000 | 1,600,000 | |
Roseland/North Retail, L.L.C. [Member] | Parent Company [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital balance | $0 | $0 | |
Riverwalk Property [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Area of property (in square feet) | 30,745 |
Recovered_Sheet14
Investments In Unconsolidated Joint Ventures (BNES Associates III) (Narrative) (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Oct. 23, 2012 | Oct. 23, 2012 | |
The Offices At Crystal Lake, L.L.C. [Member] | BNES Associates III's Interest In The Offices At Crystal Lake [Member] | BNES Associates III [Member] | |
sqft | |||
Schedule of Equity Method Investments [Line Items] | |||
Indirect residual ownership percentage | 31.25% | ||
Area of property (in square feet) | 106,345 | ||
Percentage of interest in venture | 50.00% | ||
Investment ownership percentage | 62.50% | ||
Mortgage loans, carrying amount | $7,500,000 | ||
Interest rate | 4.76% | ||
Mortgage loan, maturity date | Nov-23 |
Recovered_Sheet15
Investments In Unconsolidated Joint Ventures (Portside Master Company, L.L.C.) (Narrative) (Details) (USD $) | 0 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||
Jul. 15, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 23, 2012 | Oct. 23, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 23, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
item | PR II Portside Investors, L.L.C. [Member] | Portside Apartment Holdings, L.L.C. [Member] | Portside Apartment Holdings, L.L.C. [Member] | Portside Master Company, L.L.C. [Member] | Portside Master Company, L.L.C. [Member] | Portside Master Company's Interest In Portside Apartment Holdings [Member] | Construction Loan [Member] | Construction Loan Extension Number 1 [Member] | Construction Loan Extension Number 2 [Member] | Portside At Pier One Building Seven Property [Member] | Portside At Pier One Building Seven Property [Member] | Portside At Pier One Building Seven Property [Member] | Portside At Pier One Building Seven Property [Member] | Minimum [Member] | Portside Master Company, L.L.C. [Member] | ||
Portside Apartment Holdings, L.L.C. [Member] | Portside Apartment Holdings, L.L.C. [Member] | Portside Apartment Holdings, L.L.C. [Member] | item | PR II Portside Investors, L.L.C. [Member] | Construction Loan [Member] | Construction Loan [Member] | PR II Portside Investors, L.L.C. [Member] | ||||||||||
item | Portside Apartment Holdings, L.L.C. [Member] | Portside Apartment Holdings, L.L.C. [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||
Indirect residual ownership percentage | 38.25% | ||||||||||||||||
Number of units | 176 | ||||||||||||||||
Investment ownership percentage | 85.00% | 45.00% | |||||||||||||||
Total project costs | $66,300,000 | $23,800,000 | |||||||||||||||
Maximum borrowing capacity | 600,000,000 | 600,000,000 | 42,500,000 | 42,500,000 | |||||||||||||
Amount outstanding | 0 | ||||||||||||||||
Percentage of operating return on capital | 9.00% | ||||||||||||||||
Capital balance | 16,800,000 | ||||||||||||||||
Accumulated unpaid operating return | 600,000 | ||||||||||||||||
Percentage of capital event cash flows distributed | 65.00% | 35.00% | |||||||||||||||
Internal rate of return | 12.00% | ||||||||||||||||
Spread over LIBOR | 1.25% | 2.50% | |||||||||||||||
Loan maturity date | 1-Dec-15 | ||||||||||||||||
Number of extension options | 2 | 2 | |||||||||||||||
Loan extension period | 1 year | ||||||||||||||||
Extension fee | 0.13% | 0.25% | |||||||||||||||
Percentage of debt guaranteed by the company | 50.00% | ||||||||||||||||
Percentage of debt guaranteed by the company after project completion | 25.00% | ||||||||||||||||
Percentage of debt guaranteed by the company after debt service coverage ratio threshold reached | 10.00% | ||||||||||||||||
Threshold of payment guarantee termination, debt service coverage ratio | 1.25 | ||||||||||||||||
Development management and other services fees | $149,000 | $360,000 | |||||||||||||||
Holding and distribution pattern under operating agreement | In general, the operating agreement of Portside Apartment Holdings provides that operating cash flows are distributed to members first to Prudential Portside and then to Portside Master based on a nine percent operating return on each members' capital balance in priorities as detailed in the operating agreement. Excess operating cash flows are distributed to the members in accordance with their ownership percentages. |
Recovered_Sheet16
Investments In Unconsolidated Joint Ventures (PruRose Port Imperial South 13, LLC) (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||||||
Jul. 15, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 23, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 23, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jan. 01, 2016 | |
PruRose Port Imperial South 13, L.L.C. [Member] | PruRose Port Imperial South 13, L.L.C. [Member] | PruRose Port Imperial South 13, L.L.C. [Member] | PruRose Port Imperial South 13, L.L.C. [Member] | PruRose Port Imperial South 13, L.L.C. [Member] | Port Imperial 13 [Member] | Port Imperial 13 [Member] | Port Imperial 13 [Member] | Construction Loan [Member] | Construction Loan [Member] | Construction Loan Extension Number 1 [Member] | Construction Loan Extension Number 2 [Member] | Land [Member] | Land [Member] | Land [Member] | 1.25 [Member] | 1.40 [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Scenario, Forecast [Member] | |||
PR II Port Imperial South 13 Investor, L.L.C. [Member] | Parent Company [Member] | item | PR II Port Imperial South 13 Investor, L.L.C. [Member] | PruRose Port Imperial South 13, L.L.C. [Member] | Port Imperial 13 [Member] | PruRose Port Imperial South 13, L.L.C. [Member] | PruRose Port Imperial South 13, L.L.C. [Member] | PR II Port Imperial South 13 Investor, L.L.C. [Member] | PruRose Port Imperial South 13, L.L.C. [Member] | Construction Loan [Member] | Construction Loan [Member] | Construction Loan [Member] | Construction Loan [Member] | Construction Loan [Member] | ||||||||||
PruRose Port Imperial South 13, L.L.C. [Member] | Parent Company [Member] | PruRose Port Imperial South 13, L.L.C. [Member] | PruRose Port Imperial South 13, L.L.C. [Member] | PruRose Port Imperial South 13, L.L.C. [Member] | PruRose Port Imperial South 13, L.L.C. [Member] | PruRose Port Imperial South 13, L.L.C. [Member] | ||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||
Percentage of interest in venture | 20.00% | 7.50% | 80.00% | |||||||||||||||||||||
Number of units | 280 | |||||||||||||||||||||||
Total project costs | $96,400,000 | $23,100,000 | ||||||||||||||||||||||
Contributed capital | 21,000,000 | 19,200,000 | 1,800,000 | |||||||||||||||||||||
Maximum borrowing capacity | 600,000,000 | 600,000,000 | 73,400,000 | 73,400,000 | ||||||||||||||||||||
Amount outstanding | 0 | |||||||||||||||||||||||
Percentage of operating return on capital | 9.00% | |||||||||||||||||||||||
Capital balance | 40,500,000 | 1,800,000 | ||||||||||||||||||||||
Accumulated unpaid operating return | 2,700,000 | 100,000 | ||||||||||||||||||||||
Percent of distributions paid to third party after threshold reached | 20.00% | |||||||||||||||||||||||
Threshold of internal rate of return for distributions to third party | 8.00% | |||||||||||||||||||||||
Spread over LIBOR | 1.25% | 2.15% | ||||||||||||||||||||||
Loan maturity date | 1-Jun-16 | |||||||||||||||||||||||
Loan extension period | 1 year | 6 months | ||||||||||||||||||||||
Extension fee | 0.25% | 0.25% | ||||||||||||||||||||||
Amount of debt guaranteed by company | 11,000,000 | |||||||||||||||||||||||
Amount of debt guaranteed by the company after debt service coverage ratio threshold reached | 7,400,000 | 0 | ||||||||||||||||||||||
Threshold of payment guarantee reduction, debt service coverage ratio | 1.25 | |||||||||||||||||||||||
Threshold of payment guarantee termination, debt service coverage ratio | 1.4 | |||||||||||||||||||||||
Percentage of loan that has a fixed interest rate | 95.00% | |||||||||||||||||||||||
Interest rate | 2.79% | |||||||||||||||||||||||
Development management and other services fees | $212,000 | $537,000 | ||||||||||||||||||||||
Holding and distribution pattern under operating agreement | In general, the operating agreement of PruRose 13 provides that operating cash flows are distributed to members first to Prudential 13 and then to the Company based on a nine percent operating return on each members' capital balance in priorities as detailed in the operating agreement. Excess operating cash flows are distributed to the members in accordance with their ownership percentages. |
Recovered_Sheet17
Investments In Unconsolidated Joint Ventures (Roseland/Port Imperial Partners, L.P.) (Narrative) (Details) (Roseland/Port Imperial Partners, L.P. [Member], USD $) | 9 Months Ended | |
Sep. 30, 2013 | Oct. 23, 2012 | |
item | ||
Schedule of Equity Method Investments [Line Items] | ||
Residual ownership interest | 20.00% | |
Number of units | 363 | |
Percentage of operating return on capital | 10.00% | |
Percentage of return on additional capital contribution | 10.00% | |
Holding and distribution pattern under operating agreement | The operating agreement of Roseland/PI provides, among other things, for the distribution of net cash flow to the members, as follows:to Prudential and Prudential LLC, in proportion to the excess of their operating return of ten percent on Prudential's Parcel C contribution, as defined, accrued to the date of such distribution over the aggregate amounts previously distributed to such partner for such return; to the partners, to the extent of any excess of such partner's operating return of ten percent on its additional capital contributions over the aggregate amounts previously distributed for such return; andto the partners in accordance with their percentage interests. | |
Prudential [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Third party ownership percentage | 79.00% | |
Prudential-Port Imperial, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Third party ownership percentage | 1.00% | |
Prudential And Prudential-Port Imperial, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Accumulated unpaid operating return | 23,000 | |
Capital balance | 584,000 | |
Parent Company [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Accumulated unpaid operating return | 6,000 | |
Capital balance | 146,000 | |
Land [Member] | Prudential And Prudential-Port Imperial, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital balance | 57,700,000 | |
Land [Member] | Parent Company [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital balance | 5,000,000 | |
Parcel C [Member] | Prudential And Prudential-Port Imperial, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Accumulated unpaid operating return | 3,800,000 | |
Capital balance | 18,200,000 | |
Parcel C [Member] | Parent Company [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital balance | 26,000 |
Recovered_Sheet18
Investments In Unconsolidated Joint Ventures (RoseGarden Marbella South, L.L.C.) (Narrative) (Details) (USD $) | 0 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 9 Months Ended | |||||||
Jul. 15, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 23, 2012 | Sep. 30, 2013 | Oct. 23, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 01, 2013 | Sep. 30, 2013 | Oct. 01, 2013 | Sep. 30, 2013 | |
item | PruRose Marbella II, L.L.C. [Member] | PruRose Marbella II, L.L.C. [Member] | RoseGarden Marbella South, L.L.C. [Member] | RoseGarden Marbella South, L.L.C. [Member] | RoseGarden Marbella South, L.L.C. [Member] | RoseGarden Marbella South's Interest In PruRose Marbella II [Member] | Marbella II Project [Member] | Marbella II Project [Member] | Marbella II Project [Member] | Construction Loan [Member] | Construction Loan [Member] | Construction Loan Extension Number 1 [Member] | Construction Loan Extension Number 2 [Member] | ||
item | PruRose Marbella II, L.L.C. [Member] | PRISA III Investments LLC [Member] | Parent Company [Member] | PruRose Marbella II, L.L.C. [Member] | Marbella II Project [Member] | PruRose Marbella II, L.L.C. [Member] | PruRose Marbella II, L.L.C. [Member] | ||||||||
item | RoseGarden Marbella South, L.L.C. [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Indirect residual ownership percentage | 24.27% | ||||||||||||||
Number of units | 311 | ||||||||||||||
Percentage of interest in venture | 48.53% | ||||||||||||||
Investment ownership percentage | 50.00% | ||||||||||||||
Total project costs | $132,100,000 | $41,400,000 | $13,300,000 | ||||||||||||
Estimated project costs to be funded by member capital | 54,700,000 | ||||||||||||||
Maximum borrowing capacity | 600,000,000 | 600,000,000 | 77,400,000 | 77,400,000 | |||||||||||
Percentage of operating return on capital | 9.00% | ||||||||||||||
Capital balance | 1,700,000 | 3,400,000 | |||||||||||||
Accumulated unpaid operating return | 39,000 | 300,000 | |||||||||||||
Spread over LIBOR | 1.25% | 2.25% | |||||||||||||
Number of extension options | 2 | 2 | |||||||||||||
Mortgage loan, maturity date | 1-Apr-17 | ||||||||||||||
Loan extension period | 1 year | ||||||||||||||
Extension fee | 0.25% | 0.25% | |||||||||||||
Development management and other services fees | $195,000 | $213,000 | |||||||||||||
Holding and distribution pattern under operating agreement | In general, the operating agreement of PruRose/Marbella II provides that operating cash flows are distributed to members pro-rata based on a nine percent operating return on each members' capital balance in priorities as detailed in the operating agreement. Excess operating cash flows are distributed to the members in accordance with their ownership percentages. |
Recovered_Sheet19
Investments In Unconsolidated Joint Ventures (PruRose Riverwalk G, L.L.C.) (Narrative) (Details) (USD $) | Sep. 30, 2013 | Jul. 15, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 23, 2012 | Sep. 30, 2013 | Oct. 23, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
West New York Parcel G Apartments Investors, L.L.C. [Member] | Riverwalk G Urban Renewal, L.L.C. [Member] | Riverwalk G Urban Renewal, L.L.C. [Member] | Prudential [Member] | PruRose Riverwalk G, L.L.C. [Member] | PruRose Riverwalk G, L.L.C. [Member] | PruRose Riverwalk G, L.L.C. [Member] | PruRose Riverwalk G's Interest In Riverwalk G Urban Renewal [Member] | Construction Loan [Member] | Construction Loan [Member] | RiverTrace Project [Member] | |||
item | West New York Parcel G Apartments Investors, L.L.C. [Member] | West New York Parcel G Apartments Investors, L.L.C. [Member] | Riverwalk G Urban Renewal, L.L.C. [Member] | West New York Parcel G Apartments Investors, L.L.C. [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Indirect residual ownership percentage | 25.00% | ||||||||||||
Number of stories | 12 | ||||||||||||
Number of units | 316 | ||||||||||||
Percentage of interest in venture | 50.00% | ||||||||||||
Investment ownership percentage | 50.00% | ||||||||||||
Total project costs | $118,100,000 | $35,000,000 | |||||||||||
Maximum borrowing capacity | 600,000,000 | 600,000,000 | 83,100,000 | 83,100,000 | |||||||||
Percentage of operating return on capital | 7.75% | ||||||||||||
Capital balance | 35,000,000 | ||||||||||||
Accumulated unpaid operating return | 6,000,000 | ||||||||||||
Percentage of capital event cash flows distributed | 100.00% | ||||||||||||
Internal rate of return | 7.75% | ||||||||||||
Amount of company's initial distributions to be redirected | 1,300,000 | ||||||||||||
Amount outstanding | 54,600,000 | ||||||||||||
Interest rate | 6.00% | ||||||||||||
Loan maturity date | 1-Jul-21 | ||||||||||||
Period of loan guarantee by company following completion of project | 6 months | ||||||||||||
Development management and other services fees | $30,000 | $379,000 | |||||||||||
Holding and distribution pattern under operating agreement | In general, the operating agreement of Riverwalk G provides that operating cash flows are distributed to members first to Investor and then to PruRose Riverwalk based on a 7.75 percent operating return on each members' capital balance in priorities as detailed in the operating agreement. Excess operating cash flows are distributed to the members in accordance with their ownership percentages. |
Recovered_Sheet20
Investments In Unconsolidated Joint Ventures (ELMAJO Urban Renewal Associates, L.L.C./Estuary Urban Renewal Unit B, LLC) (Narrative) (Details) (USD $) | 0 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||
Jul. 15, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 23, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 23, 2012 | Oct. 23, 2012 | Jan. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Elmajo Urban Renewal Associates, L.L.C. [Member] | Elmajo Urban Renewal Associates, L.L.C. [Member] | Elmajo Urban Renewal Associates, LLC And Estuary Urban Renewal Associates, LLC [Member] | Elmajo Urban Renewal Associates, LLC And Estuary Urban Renewal Associates, LLC [Member] | Elmajo Urban Renewal Associates, LLC And Estuary Urban Renewal Associates, LLC [Member] | Lincoln Harbor Project, Building A [Member] | Lincoln Harbor Project, Building C [Member] | Lincoln Harbor Project, Building B [Member] | Lincoln Harbor Project [Member] | Lincoln Harbor Project [Member] | Construction Loan [Member] | Construction Loan [Member] | |||
property | ELMAJO Management, Inc. And Estuary Urban Renewal Unit B, LLC [Member] | Elmajo Urban Renewal Associates, L.L.C. [Member] | Elmajo Urban Renewal Associates, L.L.C. [Member] | item | Elmajo Urban Renewal Associates, L.L.C. [Member] | Lincoln Harbor Project, Building B [Member] | Lincoln Harbor Project Buildings A And C [Member] | |||||||
item | item | item | Estuary Urban Renewal Unit B, LLC [Member] | ELMAJO Management, Inc. [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Residual ownership interest | 7.50% | |||||||||||||
Number of properties | 3 | |||||||||||||
Number of units | 582 | 181 | 174 | 227 | ||||||||||
Total project costs | $218,300,000 | |||||||||||||
Percentage return on unrecovered capital | 8.50% | |||||||||||||
Capital balance | 73,900,000 | |||||||||||||
Accumulated unpaid operating return | 13,500,000 | |||||||||||||
Maximum borrowing capacity | 600,000,000 | 600,000,000 | 57,000,000 | 95,000,000 | ||||||||||
Amount outstanding | 4,100,000 | 40,200,000 | ||||||||||||
Spread over LIBOR | 1.25% | 2.10% | 2.10% | |||||||||||
Loan maturity date | 1-Jan-17 | 1-Jun-16 | ||||||||||||
Loan extension period | 1 year | 1 year | ||||||||||||
Extension fee | 0.25% | 0.25% | ||||||||||||
Development management and other services fees | 255,000 | 735,000 | ||||||||||||
Funding requirements | $0 | |||||||||||||
Holding and distribution pattern under operating agreement | The operating agreements of ELMAJO Urban Renewal Associates, LLC ("ELMAJO UR"), the entity which owns the Lincoln Harbor Project, Building A and C, and Estuary UR, the entity that owns the Lincoln Harbor Project Building B, provides, among other things, for the distribution of net distributable cash to the members, as follows:First, to the members to the extent of and in proportion to their respective preferred return of 8.50 percent on the member's unrecovered capital; andSecond, to the members in accordance with their ownership percentages. |
Recovered_Sheet21
Investments In Unconsolidated Joint Ventures (RiverPark At Harrison I, L.L.C.) (Narrative) (Details) (USD $) | 0 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||
Jul. 15, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 23, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 23, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
item | RiverPark At Harrison I, L.L.C. [Member] | RiverPark At Harrison I, L.L.C. [Member] | RiverPark At Harrison I, L.L.C. [Member] | RiverPark At Harrison I, L.L.C. [Member] | Riverpark Project [Member] | Riverpark Project [Member] | Riverpark Project [Member] | Construction Loan [Member] | Construction Loan [Member] | Construction Loan Extension Number 1 [Member] | Construction Loan Extension Number 2 [Member] | ||
Chall Enterprises, L.L.C. [Member] | Investor Group [Member] | RiverPark At Harrison I, L.L.C. [Member] | RiverPark At Harrison I, L.L.C. [Member] | RiverPark At Harrison I, L.L.C. [Member] | Riverpark Project [Member] | RiverPark At Harrison I, L.L.C. [Member] | RiverPark At Harrison I, L.L.C. [Member] | ||||||
item | item | RiverPark At Harrison I, L.L.C. [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Percentage of interest in venture | 36.00% | ||||||||||||
Number of units | 141 | ||||||||||||
Total project costs | $28,200,000 | ||||||||||||
Percentage of capital required to fund project | 40.50% | ||||||||||||
Third party ownership percentage | 36.00% | 28.00% | |||||||||||
Maximum borrowing capacity | 600,000,000 | 600,000,000 | 23,400,000 | 23,400,000 | |||||||||
Amount outstanding | $900,000 | ||||||||||||
Spread over LIBOR | 1.25% | 2.35% | |||||||||||
Loan maturity date | 1-Jun-16 | ||||||||||||
Number of extension options | 2 | 2 | |||||||||||
Loan extension period | 1 year | ||||||||||||
Extension fee | 0.20% | 0.20% | |||||||||||
Percentage of debt guaranteed by the company | 25.00% | ||||||||||||
Percentage of debt guaranteed by company after project completion and achievement of financial ratios | 10.00% | ||||||||||||
Threshold of payment guarantee, debt service coverage ratio | 1.3 | ||||||||||||
Threshold of payment guarantee, loan-to-value ratio | 65.00% | ||||||||||||
Holding and distribution pattern under operating agreement | In general, the operating agreement of RiverPark provides, among other things, for the distribution of net cash flow to the members in accordance with their ownership percentages. |
Recovered_Sheet22
Investments In Unconsolidated Joint Ventures (150 Main Street, L.L.C.) (Narrative) (Details) (USD $) | Sep. 30, 2013 | Jul. 15, 2013 | Oct. 23, 2012 | Aug. 22, 2013 | Oct. 23, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Oct. 23, 2012 | Sep. 30, 2013 | Aug. 22, 2013 | Oct. 23, 2012 | Sep. 30, 2013 |
JMP Eastchester, L.L.C. [Member] | Hudson Valley Land Holdings, L.L.C. [Member] | Hudson Valley Land Holdings, L.L.C. [Member] | 150 Main Street, L.L.C. [Member] | 150 Main Street, L.L.C. [Member] | 150 Main Street, L.L.C. [Member] | Eastchester Project [Member] | Eastchester Project [Member] | Eastchester Project [Member] | Eastchester Project [Member] | Construction Loan [Member] | |||
Hudson Valley Land Holdings, L.L.C. [Member] | 150 Main Street, L.L.C. [Member] | Eastchester Project [Member] | |||||||||||
item | 150 Main Street, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Percentage of interest in venture | 26.25% | 76.25% | |||||||||||
Number of units | 108 | ||||||||||||
Business acquisition, cash paid | $4,900,000 | ||||||||||||
Third party ownership percentage | 26.25% | 23.75% | 47.50% | ||||||||||
Total project costs | 46,000,000 | ||||||||||||
Maximum borrowing capacity | 600,000,000 | 600,000,000 | 27,500,000 | ||||||||||
Amount of project costs funded by members | 18,500,000 | ||||||||||||
Preferred rate of return | 8.00% | 8.00% | |||||||||||
Development management and other services fees | $87,000 | $102,000 | |||||||||||
Holding and distribution pattern under operating agreement | The operating agreement of Eastchester provides, among other things, for the distribution of net operating cash flow to the members, as follows:to HVLH to the extent of its accrued but unpaid preferred return of eight percent on the unrecovered allocated land value, as defined; to the members, pro rata, to the extent of their respective accrued but unpaid return of eight percent on their unrecovered capital percentages; andto the members in accordance with their ownership percentages. |
Recovered_Sheet23
Investments In Unconsolidated Joint Ventures (RoseGarden Monaco, L.L.C.) (Narrative) (Details) (RoseGarden Monaco, L.L.C. [Member]) | 9 Months Ended | |
Sep. 30, 2013 | Oct. 23, 2012 | |
RoseGarden Monaco, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of interest in venture | 41.67% | |
Holding and distribution pattern under operating agreement | The operating agreement requires capital contributions and distributions in accordance with their ownership percentages. |
Recovered_Sheet24
Investments In Unconsolidated Joint Ventures (Hillsborough 206 Holdings, L.L.C.) (Narrative) (Details) (Hillsborough 206 Holdings, L.L.C. [Member]) | 9 Months Ended | |
Sep. 30, 2013 | Oct. 23, 2012 | |
Hillsborough 206 Holdings, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of interest in venture | 50.00% | |
Holding and distribution pattern under operating agreement | The operating agreement of Hillsborough 206 provides, among other things, for the distribution of distributable cash to the members, in accordance with their ownership percentages. |
Recovered_Sheet25
Investments In Unconsolidated Joint Ventures (Grand Jersey Waterfront Urban Renewal Associates, L.L.C.) (Narrative) (Details) (Grand Jersey Waterfront Urban Renewal Associates, L.L.C. [Member]) | Oct. 23, 2012 |
Grand Jersey Waterfront Urban Renewal Associates, L.L.C. [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Percentage of interest in venture | 50.00% |
Recovered_Sheet26
Investments In Unconsolidated Joint Ventures (Crystal House Apartments Investors LLC) (Narrative) (Details) (Crystal House Apartments Investors LLC [Member], USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended |
Mar. 20, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
item | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of units | 828 | ||
Venture property acquisition cost | $262,500,000 | ||
Number of units available for development | 295 | ||
Number of approved units available for development | 252 | ||
Percentage of interest in venture | 25.00% | ||
Internal rate of return | 9.00% | ||
Mortgage loans, carrying amount | 165,000,000 | 165,000,000 | |
Interest rate | 3.17% | 3.17% | |
Mortgage loan, maturity date | Mar-20 | ||
Initial term of interest only payments | 5 years | ||
Amortization schedule | 30 years | ||
Percentage of interest in developable land | 50.00% | ||
Management, leasing and other services fees | $109,000 | $228,000 | |
Holding and distribution pattern under operating agreement | In general, the operating agreement of CHAI provides that net operating cash flows are distributed to the members in accordance with ownership percentages. Net cash flows from a capital event are distributed first to the members in accordance with ownership percentages until they receive a nine percent IRR, as defined, with any excess distributed 50 percent to the Company and 50 percent to UBS. | ||
Parent Company [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of capital event cash flows distributed | 50.00% | ||
UBS Global Asset Management [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of capital event cash flows distributed | 50.00% |
Deferred_Charges_Goodwill_And_2
Deferred Charges, Goodwill And Other Assets (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Charges, Goodwill And Other Assets [Abstract] | ||
Deferred leasing costs | $253,654 | $267,197 |
Deferred financing costs | 25,396 | 20,447 |
Deferred charges, gross | 279,050 | 287,644 |
Accumulated amortization | -124,437 | -131,613 |
Deferred charges, net | 154,613 | 156,031 |
Notes receivable | 22,047 | |
In-place lease values, related intangible and other assets, net | 13,501 | 19,284 |
Goodwill | 2,945 | 2,945 |
Prepaid expenses and other assets, net | 91,293 | 26,614 |
Total deferred charges, goodwill and other assets | $284,399 | $204,874 |
Restricted_Cash_Details
Restricted Cash (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Restricted Cash [Abstract] | ||
Security deposits | $7,780 | $7,165 |
Escrow and other reserve funds | 11,433 | 12,174 |
Total restricted cash | $19,213 | $19,339 |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
item | New Jersey [Member] | |
sqft | item | |
property | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of properties sold | 24 | 3 |
Number of land parcels sold | 3 | |
Area of property sold | 3,006,409 | |
Sales proceeds | $390,615 |
Discontinued_Operations_Summar
Discontinued Operations (Summary Of Income From Discontinued Operations And Related Realized And Unrealized Gains (Losses)) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Discontinued Operations [Abstract] | ||||
Total revenues | $6,405 | $17,376 | $33,610 | $51,790 |
Operating and other expenses | -2,472 | -6,606 | -13,454 | -20,308 |
Depreciation and amortization | -1,769 | -4,351 | -8,196 | -13,363 |
Interest expense (net of interest income) | -82 | -118 | -673 | |
Income from discontinued operations | 2,164 | 6,337 | 11,842 | 17,446 |
Loss from early extinguishment of debt | -703 | |||
Impairments | -23,851 | |||
Unrealized losses on disposition of rental property | -2,134 | |||
Realized gains (losses) on disposition of rental property, net | 47,321 | 12 | 84,930 | 4,524 |
Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net | 47,321 | 12 | 61,079 | 2,390 |
Total discontinued operations, net | $49,485 | $6,349 | $72,218 | $19,836 |
Senior_Unsecured_Notes_Narrati
Senior Unsecured Notes (Narrative) (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Debt Instrument [Line Items] | ||
Proceeds from the sale of senior unsecured notes | $268,928,000 | $299,403,000 |
3.150% Senior Unsecured Note, Due May 15, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Face amount of senior unsecured notes | 275,000,000 | |
Interest rate of senior unsecured notes | 3.15% | |
Maturity date of the senior unsecured notes | 15-May-23 | |
Proceeds from the sale of senior unsecured notes | $266,500,000 |
Senior_Unsecured_Notes_Summary
Senior Unsecured Notes (Summary Of Senior Unsecured Notes) (Details) (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | ||
Debt Instrument [Line Items] | ||||
Senior Unsecured Notes | $1,616,337 | $1,446,894 | ||
4.600% Senior Unsecured Notes, Due June 15, 2013 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Unsecured Notes | 99,987 | [1] | ||
Effective Rate | 4.74% | [1],[2] | ||
Interest rate of senior unsecured notes | 4.60% | [1] | ||
Maturity date of the senior unsecured notes | 15-Jun-13 | [1] | ||
5.125% Senior Unsecured Notes, Due February 15, 2014 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Unsecured Notes | 200,090 | 200,270 | ||
Effective Rate | 5.11% | [2] | ||
Interest rate of senior unsecured notes | 5.13% | |||
Maturity date of the senior unsecured notes | 15-Feb-14 | |||
5.125% Senior Unsecured Notes, Due January 15, 2015 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Unsecured Notes | 149,879 | 149,810 | ||
Effective Rate | 5.30% | [2] | ||
Interest rate of senior unsecured notes | 5.13% | |||
Maturity date of the senior unsecured notes | 15-Jan-15 | |||
5.800% Senior Unsecured Notes, Due January 15, 2016 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Unsecured Notes | 200,180 | 200,237 | ||
Effective Rate | 5.81% | [2] | ||
Interest rate of senior unsecured notes | 5.80% | |||
Maturity date of the senior unsecured notes | 15-Jan-16 | |||
2.500% Senior Unsecured Notes Due December 15, 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Unsecured Notes | 248,781 | 248,560 | ||
Effective Rate | 2.80% | [2] | ||
Interest rate of senior unsecured notes | 2.50% | |||
Maturity date of the senior unsecured notes | 15-Dec-17 | |||
7.750% Senior Unsecured Notes, Due August 15, 2019 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Unsecured Notes | 248,746 | 248,585 | ||
Effective Rate | 8.02% | [2] | ||
Interest rate of senior unsecured notes | 7.75% | |||
Maturity date of the senior unsecured notes | 15-Aug-19 | |||
4.500% Senior Unsecured Notes Due April 18, 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Unsecured Notes | 299,490 | 299,445 | ||
Effective Rate | 4.61% | [2] | ||
Interest rate of senior unsecured notes | 4.50% | |||
Maturity date of the senior unsecured notes | 18-Apr-22 | |||
3.150% Senior Unsecured Note, Due May 15, 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Unsecured Notes | $269,171 | |||
Effective Rate | 3.52% | [2] | ||
Interest rate of senior unsecured notes | 3.15% | |||
Maturity date of the senior unsecured notes | 15-May-23 | |||
[1] | These notes were paid at maturity using available cash. | |||
[2] | Includes the cost of terminated treasury lock agreements (if any), offering and other transaction costs and the discount/premium on the notes, as applicable. |
Unsecured_Revolving_Credit_Fac2
Unsecured Revolving Credit Facility (Narrative) (Details) (USD $) | 0 Months Ended | 9 Months Ended | 9 Months Ended | ||
Jul. 15, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | |
item | Money Market Loan [Member] | Money Market Loan [Member] | Maximum [Member] | ||
entity | Money Market Loan [Member] | ||||
Line of Credit Facility [Line Items] | |||||
Number of lending institutions | 17 | ||||
Borrowing capacity under the credit facility | $600,000,000 | $600,000,000 | $75,000,000 | ||
Expandable borrowing capacity under the credit facility | 1,000,000,000 | ||||
Credit facility maturity date | 1-Jul-17 | ||||
Number of extension options | 2 | ||||
Credit facility, extension period | 6 months | ||||
Credit facility extension fee, basis points | 0.25% | 0.08% | |||
Line of credit facility, bid feature, current borrowing capacity | 300,000,000 | ||||
Terms of the unsecured facility | The terms of the unsecured facility include certain restrictions and covenants which limit, among other things the incurrence of additional indebtedness, the incurrence of liens and the disposition of real estate properties (to the extent that: (i) such property dispositions cause the Company to default on any of the financial ratios of the facility described below, or (ii) the property dispositions are completed while the Company is under an event of default under the facility, unless, under certain circumstances, such disposition is being carried out to cure such default), and which require compliance with financial ratios relating to the maximum leverage ratio, the maximum amount of secured indebtedness, the minimum amount of fixed charge coverage, the maximum amount of unsecured indebtedness, the minimum amount of unencumbered property interest coverage and certain investment limitations. | ||||
Terms of dividend restriction | If an event of default has occurred and is continuing, the Company will not make any excess distributions except to enable the Company to continue to qualify as a REIT under the Code. | ||||
Outstanding borrowings under the facility | $0 | $0 | |||
Spread over LIBOR | 1.25% | ||||
Maturity period of the unsecured borrowing | 30 days |
Unsecured_Revolving_Credit_Fac3
Unsecured Revolving Credit Facility (Change In The Operating Partnership's Unsecured Debt Ratings) (Details) | 0 Months Ended | 9 Months Ended | ||||
Jul. 15, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
No Ratings Or Less Than BBB-/Baa3 [Member] | BBB- Or Baa3 [Member] | BBB Or Baa2 (Current) [Member] | BBB+ Or Baa1 [Member] | A- Or A3 Or Higher [Member] | ||
Line of Credit Facility [Line Items] | ||||||
Unsecured Debt Ratings | No ratings or less than BBB-/Baa3 | BBB- or Baa3 | BBB or Baa2(current) | BBB+ or Baa1 | A- or A3 or higher | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.25% | 1.70% | 1.30% | 1.10% | 1.00% | 0.93% |
Facility Fee Basis Points | 0.35% | 0.30% | 0.20% | 0.15% | 0.13% |
Mortgages_Loans_Payable_And_Ot2
Mortgages, Loans Payable And Other Obligations (Narrative) (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
property | |||
Debt Instrument [Line Items] | |||
Number of properties with encumbered company mortgages | 30 | ||
Book value of encumbered properties | $989,000,000 | ||
Cash paid for interest | 97,284,000 | 98,191,000 | |
Interest capitalized | 10,262,000 | 1,427,000 | |
Total indebtedness | 2,368,681,000 | 2,204,389,000 | |
Total indebtedness, weighted average interest rate | 5.62% | 5.86% | |
Revolving Credit Facility Borrowings And Other Variable Rate Mortgage Debt [Member] | |||
Debt Instrument [Line Items] | |||
Total indebtedness | 79,400,000 | 77,057,000 | |
Total indebtedness, weighted average interest rate | 2.74% | 3.32% | |
Fixed Rate Debt And Other Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Total indebtedness | $2,289,281,000 | $2,127,332,000 | |
Total indebtedness, weighted average interest rate | 5.72% | 5.95% |
Mortgages_Loans_Payable_And_Ot3
Mortgages, Loans Payable And Other Obligations (Summary Of Mortgages, Loans Payable And Other Obligations) (Details) (USD $) | 0 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Jul. 15, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | ||
Debt Instrument [Line Items] | |||||
Spread over LIBOR | 1.25% | ||||
Mortgages, loans payable and other obligations | $752,344 | $757,495 | |||
Loss from early extinguishment of debt | 703 | ||||
51 Imclone [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | 51 Imclone (b) | [1] | |||
Lender | Wells Fargo CMBS | [1] | |||
Effective Rate | 8.39% | [1],[2] | |||
Mortgages, loans payable and other obligations | [1] | 3,878 | [1] | ||
9200 Edmonston Road [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | 9200 Edmonston Road (c) | [3] | |||
Lender | Principal Commercial Funding L.L.C. | [3] | |||
Effective Rate | 5.53% | [2],[3] | |||
Mortgages, loans payable and other obligations | 4,158 | [3] | 4,305 | [3] | |
Loan maturity date | 1-May-13 | [3] | |||
Percentage of leased property occupied | 100.00% | ||||
6305 Ivy Lane [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | 6305 Ivy Lane (d) | [4] | |||
Lender | RGA Reinsurance Company | [4] | |||
Effective Rate | 5.53% | [2],[4] | |||
Mortgages, loans payable and other obligations | 5,811 | [4] | 5,984 | [4] | |
Loan maturity date | 1-Oct-13 | [4] | |||
Port Imperial South 4/5 [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | Port Imperial South 4/5 | ||||
Lender | Wells Fargo Bank N.A. | ||||
LIBOR | LIBOR+3.50 | [2] | |||
Spread over LIBOR | 3.50% | [2] | |||
Mortgages, loans payable and other obligations | 36,355 | 34,889 | |||
Loan maturity date | 31-Dec-13 | ||||
395 West Passaic [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | 395 West Passaic | [4] | |||
Lender | State Farm Life Insurance Co. | [4] | |||
Effective Rate | 6.00% | [2],[4] | |||
Mortgages, loans payable and other obligations | 9,858 | [4] | 10,231 | [4] | |
Loan maturity date | 1-May-14 | [4] | |||
6301 Ivy Lane [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | 6301 Ivy Lane | ||||
Lender | RGA Reinsurance Company | ||||
Effective Rate | 5.52% | [2] | |||
Mortgages, loans payable and other obligations | 5,514 | 5,667 | |||
Loan maturity date | 1-Jul-14 | ||||
35 Waterview Boulevard [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | 35 Waterview Boulevard | ||||
Lender | Wells Fargo CMBS | ||||
Effective Rate | 6.35% | [2] | |||
Mortgages, loans payable and other obligations | 18,502 | 18,746 | |||
Loan maturity date | 11-Aug-14 | ||||
6 Becker, 85 Livingston, 75 Livingston & 20 Waterview [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | 6 Becker, 85 Livingston, 75 Livingston & 20 Waterview | [5] | |||
Lender | Wells Fargo CMBS | [5] | |||
Effective Rate | 10.22% | [2],[5] | |||
Mortgages, loans payable and other obligations | 63,945 | [5] | 63,126 | [5] | |
Loan maturity date | 11-Aug-14 | [5] | |||
Number of properties used to collateralized mortgage | 4 | ||||
4 Sylvan [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | 4 Sylvan | ||||
Lender | Wells Fargo CMBS | ||||
Effective Rate | 10.19% | [2] | |||
Mortgages, loans payable and other obligations | 14,524 | 14,485 | |||
Loan maturity date | 11-Aug-14 | ||||
10 Independence [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | 10 Independence | ||||
Lender | Wells Fargo CMBS | ||||
Effective Rate | 12.44% | [2] | |||
Mortgages, loans payable and other obligations | 16,536 | 16,251 | |||
Loan maturity date | 11-Aug-14 | ||||
Port Imperial South [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | Port Imperial South | ||||
Lender | Wells Fargo Bank N.A. | ||||
LIBOR | LIBOR+1.75 | [2] | |||
Spread over LIBOR | 1.75% | [2] | |||
Mortgages, loans payable and other obligations | 43,045 | 42,168 | |||
Loan maturity date | 19-Sep-15 | ||||
4 Becker [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | 4 Becker | ||||
Lender | Wells Fargo CMBS | ||||
Effective Rate | 9.55% | [2] | |||
Mortgages, loans payable and other obligations | 38,681 | 38,274 | |||
Loan maturity date | 11-May-16 | ||||
5 Becker [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | 5 Becker (f) | [6] | |||
Lender | Wells Fargo CMBS | [6] | |||
Effective Rate | 12.83% | [2],[6] | |||
Mortgages, loans payable and other obligations | 12,912 | [6] | 12,507 | [6] | |
Loan maturity date | 11-May-16 | [6] | |||
Number of impaired properties | 8 | ||||
210 Clay [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | 210 Clay | ||||
Lender | Wells Fargo CMBS | ||||
Effective Rate | 13.42% | [2] | |||
Mortgages, loans payable and other obligations | 12,638 | 12,275 | |||
Loan maturity date | 11-May-16 | ||||
Various [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | Various (g) | [7] | |||
Lender | Prudential Insurance | [7] | |||
Effective Rate | 6.33% | [2],[7] | |||
Mortgages, loans payable and other obligations | 147,939 | [7] | 149,281 | [7] | |
Loan maturity date | 15-Jan-17 | [7] | |||
Number of properties used to collateralized mortgage | 7 | ||||
23 Main Street [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | 23 Main Street | ||||
Lender | JPMorgan CMBS | ||||
Effective Rate | 5.59% | [2] | |||
Mortgages, loans payable and other obligations | 29,997 | 30,395 | |||
Loan maturity date | 1-Sep-18 | ||||
Harborside Plaza 5 [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | Harborside Plaza 5 | ||||
Lender | The Northwestern Mutual Life Insurance Co. & New York Life Insurance Co. | ||||
Effective Rate | 6.84% | [2] | |||
Mortgages, loans payable and other obligations | 225,996 | 228,481 | |||
Loan maturity date | 1-Nov-18 | ||||
233 Canoe Brook Road [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | 233 Canoe Brook Road | ||||
Lender | The Provident Bank | ||||
Effective Rate | 4.38% | [2] | |||
Mortgages, loans payable and other obligations | 3,895 | 3,945 | |||
Loan maturity date | 1-Feb-19 | ||||
100 Walnut Avenue [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | 100 Walnut Avenue | ||||
Lender | Guardian Life Insurance Co. | ||||
Effective Rate | 7.31% | [2] | |||
Mortgages, loans payable and other obligations | 18,852 | 19,025 | |||
Loan maturity date | 1-Feb-19 | ||||
One River Center [Member] | |||||
Debt Instrument [Line Items] | |||||
Property Name | One River Center (h) | [8] | |||
Lender | Guardian Life Insurance Co. | [8] | |||
Effective Rate | 7.31% | [2],[8] | |||
Mortgages, loans payable and other obligations | $43,186 | [8] | $43,582 | [8] | |
Loan maturity date | 1-Feb-19 | [8] | |||
Number of properties used to collateralized mortgage | 3 | ||||
[1] | With the sale of the property on May 31, 2013, the mortgage was satisfied by the Company. The Company incurred $0.7 million in costs for the debt satisfaction, which was included in discontinued operations: loss from early extinguishment of debt for the nine months ended September 30, 2013. | ||||
[2] | 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. | ||||
[3] | The lease with the tenant occupying 100 percent of the building expired on May 1, 2013 and the tenant continues to occupy the building on a month-to-month basis. The mortgage loan matured on May 1, 2013 and was not repaid. The Company received a notice of default from the lender on July 17, 2013. The Company has requested a modification of the loan terms and is also in discussions regarding a deed-in-lieu of foreclosure with the lender. | ||||
[4] | On October 1, 2013, the Company repaid the mortgage loan at par, using available cash. The original maturity date was January 1, 2014.Mortgage is cross collateralized by the four properties.The cash flow from this property is insufficient to cover operating costs and debt service. Consequently, the Company notified the lender and suspended debt service payments in August 2013. The Company has begun discussions with the lender regarding a modification of loan terms. The Company recorded an impairment charge on this asset along with eight other office properties as of September 30, 2013. See Note 3: Real Estate Transactions - Impairments. | ||||
[5] | Mortgage is cross collateralized by the four properties. | ||||
[6] | The cash flow from this property is insufficient to cover operating costs and debt service. Consequently, the Company notified the lender and suspended debt service payments in August 2013. The Company has begun discussions with the lender regarding a modification of loan terms. The Company recorded an impairment charge on this asset along with eight other office properties as of September 30, 2013. See Note 3: Real Estate Transactions - Impairments. | ||||
[7] | Mortgage is collateralized by seven properties. The Operating Partnership has agreed, subject to certain conditions, to guarantee repayment of a portion of the loan. | ||||
[8] | Mortgage is collateralized by the three properties comprising One River Center |
Employee_Benefit_401k_Plans_An1
Employee Benefit 401(k) Plans And Deferred Retirement Compensation Agreements (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
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 | $24,000 | $0 | $91,000 | $0 |
Shares granted | 68,139 | |||
Period upon which stock units become payable following a triggering event | 30 days | |||
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 | |||
Messr Hersh [Member] | ||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Amount of annual employer contribution to deferred retirement compensation | 500,000 | |||
Messr Lefkowitz [Member] | ||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Amount of annual employer contribution to deferred retirement compensation | 160,000 | |||
Messr Thomas [Member] | ||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Amount of annual employer contribution to deferred retirement compensation | $100,000 | |||
Deferred Retirement Compensation Units [Member] | ||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Shares granted | 25,333 |
Disclosure_Of_Fair_Value_Of_Fi1
Disclosure Of Fair Value Of Financial Instruments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Billions, unless otherwise specified | ||
Disclosure Of Fair Value Of Financial Instruments [Abstract] | ||
Fair value of Company's long-term debt | $2.50 | $2.40 |
Book value of Company's long-term debt | $2.40 | $2.20 |
Commitments_And_Contingencies_1
Commitments And Contingencies (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 22 Months Ended | 9 Months Ended | 15 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 01, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Apr. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
item | item | Harborside Residential Project [Member] | Harborside Residential Project [Member] | Harborside Residential Project [Member] | Harborside Residential Project [Member] | Wegmans Food Markets, Inc. [Member] | Wegmans Food Markets, Inc. [Member] | Wegmans Food Markets, Inc. [Member] | Minimum [Member] | Maximum [Member] | Property Lock-Ups [Member] | Property Lock-Ups Expired [Member] | Harborside Financial Center Plaza 4-A [Member] | Harborside Financial Center Plaza 4-A [Member] | Harborside Financial Center Plaza 4-A [Member] | Harborside Financial Center Plaza 4-A [Member] | Harborside Financial Center Plaza 5 [Member] | Harborside Financial Center Plaza 5 [Member] | Harborside Financial Center Plaza 5 [Member] | Harborside Financial Center Plaza 5 [Member] | Port Imperial 4/5 Garage Development [Member] | Roseland Partners, L.L.C. [Member] | Roseland Partners, L.L.C. [Member] | Roseland Assets [Member] | Completion Of Certain Developments [Member] | Start Of Construction On Certain Developments [Member] | Obtaining Of Tax Credits/Grants [Member] | Total Return To Shareholders [Member] | Failure To Achieve Certain Level Of Fee Revenue [Member] | |||
property | property | Parent Company [Member] | sqft | property | property | Roseland Partners, L.L.C. [Member] | Roseland Partners, L.L.C. [Member] | Roseland Partners, L.L.C. [Member] | Roseland Partners, L.L.C. [Member] | Roseland Partners, L.L.C. [Member] | Roseland Partners, L.L.C. [Member] | |||||||||||||||||||||
Commitments And Contingencies [Line Items] | ||||||||||||||||||||||||||||||||
Project period | 20 years | 20 years | 5 years | |||||||||||||||||||||||||||||
Percentage of PILOT on project costs | 2.00% | 2.00% | ||||||||||||||||||||||||||||||
Total project costs | $15,700,000 | $49,500,000 | $170,900,000 | |||||||||||||||||||||||||||||
Payments in lieu of property taxes (PILOT) | 247,000 | 247,000 | 742,000 | 742,000 | 854,000 | 854,000 | 2,600,000 | 2,600,000 | ||||||||||||||||||||||||
Period of real estate taxes phase in | 5 years | |||||||||||||||||||||||||||||||
Ground lease expense incurred | 102,000 | 102,000 | 305,000 | 305,000 | ||||||||||||||||||||||||||||
Fair value of contingent consideration | 10,000,000 | 6,300,000 | 3,700,000 | |||||||||||||||||||||||||||||
Business acquisition, contingent cash payment | 15,600,000 | 8,600,000 | 2,800,000 | 2,800,000 | 3,000,000 | 7,000,000 | 2,000,000 | |||||||||||||||||||||||||
Business acquisition, earn out period | 3 years | 3 years | ||||||||||||||||||||||||||||||
Purchase accounting adjustments | 0 | |||||||||||||||||||||||||||||||
Benefit related to change in fair value of Earn Out liability | 1,000,000 | |||||||||||||||||||||||||||||||
Earn out paid | 2,755,000 | |||||||||||||||||||||||||||||||
Contingent purchase price measurement period | 33 months | |||||||||||||||||||||||||||||||
Amount of cash deposited to escrow | 34,000,000 | |||||||||||||||||||||||||||||||
Discount on contingently returnable consideration | 0 | |||||||||||||||||||||||||||||||
Amount of escrow released | 6,700,000 | |||||||||||||||||||||||||||||||
Number of properties | 7 | 121 | ||||||||||||||||||||||||||||||
Properties aggregate net book value | 124,800,000 | 1,600,000,000 | ||||||||||||||||||||||||||||||
Expiration year | 2016 | |||||||||||||||||||||||||||||||
Delivery date to tenant | first quarter of 2016 | second quarter of 2014 | ||||||||||||||||||||||||||||||
Total estimated costs of the project | 291,000,000 | |||||||||||||||||||||||||||||||
Costs of the project incurred | 9,000,000 | 3,500,000 | ||||||||||||||||||||||||||||||
State tax credit | 33,000,000 | |||||||||||||||||||||||||||||||
Number of apartments | 763 | 763 | ||||||||||||||||||||||||||||||
Percentage of interest in venture | 85.00% | 85.00% | 7.50% | 80.00% | ||||||||||||||||||||||||||||
Ownership percentage of third party venture | 15.00% | 15.00% | ||||||||||||||||||||||||||||||
Capital credit receivable per square foot | 30 | |||||||||||||||||||||||||||||||
Aggregate capital credits | 20,300,000 | 20,300,000 | ||||||||||||||||||||||||||||||
Amount to fund | 77,000,000 | |||||||||||||||||||||||||||||||
Area of property (in square feet) | 140,000 | |||||||||||||||||||||||||||||||
Obligations following cancelation of project | $0 | $0 | ||||||||||||||||||||||||||||||
Number of parking spaces | 850 | 850 | ||||||||||||||||||||||||||||||
Holding and distribution pattern under operating agreement | Pursuant to the Development Agreement, the Company and Ironstate shall co-develop the Harborside Residential Project with Ironstate responsible for obtaining all required development permits and approvals. Major decisions with respect to the Harborside Residential Project will require the consent of the Company and Ironstate. The Company and Ironstate will have 85 and 15 percent interests, respectively, in the Harborside Residential Project. The Company will receive capital credit of $30 per approved developable square foot for its land, aggregating to approximately $20.3 million at September 30, 2013. In addition to the capital credit it will receive for its land contribution, the Company currently expects that it will fund approximately $77 million of the development costs of the project. |
Commitments_And_Contingencies_2
Commitments And Contingencies (Future Minimum Rental Payments Of Ground Leases) (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies [Abstract] | |
October 1 through December 31, 2013 | $88 |
2014 | 367 |
2015 | 371 |
2016 | 371 |
2017 | 267 |
2018 through 2084 | 16,051 |
Total | $17,515 |
Tenant_Leases_Details
Tenant Leases (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Property Subject to or Available for Operating Lease [Line Items] | |
October 1 through December 31, 2013 | 125,682 |
2014 | 495,819 |
2015 | 444,042 |
2016 | 399,155 |
2017 | 348,011 |
2018 and thereafter | 1,290,172 |
Total | 3,102,881 |
Tenant Leases [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Operating leases with various expiration dates through year | 31-Mar-33 |
MackCali_Realty_Corporation_St2
Mack-Cali Realty Corporation Stockholders' Equity (Share Repurchase Program And Dividend Reinvestment And Stock Purchase Plan) (Narrative) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Mack Cali Realty Corporation Stockholders Equity [Line Items] | |
Maximum percentage of outstanding share owned by REIT | 50.00% |
Date share repurchase program was initiated | Sep-12 |
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 |
Dividend Reinvestment And Stock Purchase Plan [Member] | |
Mack Cali Realty Corporation Stockholders Equity [Line Items] | |
Common stock reserved for future issuance | 5,500,000 |
Monthly cash investment without restriction, maximum | $5,000 |
MackCali_Realty_Corporation_St3
Mack-Cali Realty Corporation Stockholders' Equity (Stock Options Plans) (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | 31-May-13 | 31-May-04 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
2013 Incentive Stock Plan [Member] | 2004 Incentive Stock Plan [Member] | 2013 And 2004 Incentive Stock Plans [Member] | Employee And Director Plan [Member] | Employee And Director Plan [Member] | 2000 Employee Plan [Member] | 2000 Employee Plan [Member] | 2000 Director Plan [Member] | 2000 Director Plan [Member] | Employee Plan [Member] | 2000 Director Plan And Director Plan [Member] | ||||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Reserved stocks for issuance | 4,600,000 | 2,500,000 | 2,700,000 | 4,350,000 | 2,500,000 | 4,000,000 | 200,000 | 350,000 | ||||||||
Shares issued | 0 | |||||||||||||||
Exercisable time period | 5 years | 1 year | ||||||||||||||
Stock option terms | 10 years | |||||||||||||||
Weighted average remaining contractual life | 1 year | 1 month 6 days | ||||||||||||||
Proceeds from stock options exercised | $0 | $0 | $0 | $0 | ||||||||||||
Total intrinsic value of options exercised | 0 | 0 | 0 | 0 | ||||||||||||
Stock options expense | $0 | $0 | $0 | $0 |
MackCali_Realty_Corporation_St4
Mack-Cali Realty Corporation Stockholders' Equity (Restricted Stock Awards And TSR-Based Awards) (Narrative) (Details) (USD $) | 9 Months Ended | 9 Months Ended | 1 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jan. 31, 2014 | Dec. 31, 2014 | |
Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Ratified Restricted Stock Awards [Member] | Ratified Restricted Stock Awards [Member] | Total Stockholder Return Based Awards [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | |||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Ratified Restricted Stock Awards [Member] | Total Stockholder Return Based Awards [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Restricted Stock Award vesting period | 1 year | 7 years | 5 years | 7 years | 4 years | ||||||
Unvested restricted stock outstanding | 95,858 | 134,328 | 351,592 | 105,843 | |||||||
Restricted stock awards unvested shares outstanding, performance contingent | 319,667 | ||||||||||
Awards issued | 68,139 | 1,032 | 319,667 | 5,160 | |||||||
Value of common stock received upon vesting of awards | $1,000 | ||||||||||
Total unrecognized compensation cost | $700,000 | ||||||||||
Total unrecognized compensation cost, period of recognition | 4 months 24 days |
MackCali_Realty_Corporation_St5
Mack-Cali Realty Corporation Stockholders' Equity (Deferred Stock Compensation Plan For Directors) (Narrative) (Details) | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Mack-Cali Realty Corporation Stockholders' Equity [Abstract] | |||
Maximum percentage of retainer fee that directors may defer | 100.00% | ||
Deferred stock units earned | 16,332 | 13,057 | |
Deferred stock units outstanding | 130,481 | 115,331 |
MackCali_Realty_Corporation_St6
Mack-Cali Realty Corporation Stockholders' Equity (Earnings Per Share) (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unvested restricted stock outstanding | 95,858 | 95,858 | 134,328 | ||
Dividends declared per common share | $0.30 | $0.45 | $1.05 | $1.35 | |
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unvested restricted stock outstanding | 351,592 | 105,843 | 351,592 | 105,843 |
MackCali_Realty_Corporation_St7
Mack-Cali Realty Corporation Stockholders' Equity (Schedule Of Stock Option Plans) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Mack-Cali Realty Corporation Stockholders' Equity [Abstract] | |
Shares Under Options - Outstanding, beginning balance | 183,870 |
Shares Under Options - Lapsed or Cancelled | -168,870 |
Shares Under Options - Outstanding, ending balance | 15,000 |
Shares Under Options - Options exercisable | 15,000 |
Shares Under Options - Available for grant | 4,600,000 |
Weighted Average Exercise Price - Outstanding, beginning balance | $29.51 |
Weighted Average Exercise Price - Lapsed or Cancelled | $28.53 |
Weighted Average Exercise Price - Outstanding, ending balance | $40.54 |
Outstanding stock option price range, lower range | $35.59 |
Outstanding stock option price range, upper range | $45.47 |
MackCali_Realty_Corporation_St8
Mack-Cali Realty Corporation Stockholders' Equity (Schedule Of Restricted Stock Awards) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Mack-Cali Realty Corporation Stockholders' Equity [Abstract] | |
Unvested restricted stock outstanding, beginning balance | 134,328 |
Shares, Granted | 68,139 |
Shares, Vested | -106,463 |
Shares, Forfeited | -146 |
Unvested restricted stock outstanding, ending balance | 95,858 |
Weighted-Average Grant-Date Fair Value, Outstanding beginning balance | $31.65 |
Weighted-Average Grant-Date Fair Value, Granted | $28.65 |
Weighted-Average Grant-Date Fair Value, Vested | $33.32 |
Weighted-Average Grant-Date Fair Value, Forfeited | $26.36 |
Weighted-Average Grant-Date Fair Value, Outstanding ending balance | $27.67 |
MackCali_Realty_Corporation_St9
Mack-Cali Realty Corporation Stockholders' Equity (Earnings Per Share Tables - Basic Computation Of EPS) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Mack-Cali Realty Corporation Stockholders' Equity [Abstract] | ||||
Income (loss) from continuing operations | ($46,046) | $9,827 | ($29,506) | $37,018 |
Add: Noncontrolling interest in consolidated joint ventures | 1,838 | 85 | 1,962 | 256 |
Deduct: Noncontrolling interest in Operating Partnership | 5,314 | -1,207 | 3,295 | -4,543 |
Income (loss) from continuing operations available to common shareholders | -38,894 | 8,705 | -24,249 | 32,731 |
Income from discontinued operations available to common shareholders | 43,537 | 5,576 | 63,519 | 17,418 |
Net income available to common shareholders | $4,643 | $14,281 | $39,270 | $50,149 |
Weighted average common shares | 87,793 | 87,826 | 87,724 | 87,814 |
Income (loss) from continuing operations available to common shareholders | ($0.44) | $0.10 | ($0.28) | $0.37 |
Income from discontinued operations available to common shareholders | $0.49 | $0.06 | $0.73 | $0.20 |
Net income available to common shareholders | $0.05 | $0.16 | $0.45 | $0.57 |
Recovered_Sheet27
Mack-Cali Realty Corporation Stockholders' Equity (Earnings Per Share Tables - Diluted Computation Of EPS) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Mack-Cali Realty Corporation Stockholders' Equity [Abstract] | ||||
Income (loss) from continuing operations attributable to common shareholders | ($38,894) | $8,705 | ($24,249) | $32,731 |
Add: Noncontrolling interest in Operating Partnership | -5,314 | 1,207 | -3,295 | 4,543 |
Income (loss) from continuing operations for diluted earnings per share | -44,208 | 9,912 | -27,544 | 37,274 |
Income from discontinued operations for diluted earnings per share | 49,485 | 6,349 | 72,218 | 19,836 |
Net income available to common shareholders | $5,277 | $16,261 | $44,674 | $57,110 |
Weighted average common shares | 99,787 | 100,075 | 99,778 | 100,071 |
Income (loss) from continuing operations available to common shareholders | ($0.44) | $0.10 | ($0.28) | $0.37 |
Income from discontinued operations available to common shareholders | $0.49 | $0.06 | $0.73 | $0.20 |
Net income available to common shareholders | $0.05 | $0.16 | $0.45 | $0.57 |
Recovered_Sheet28
Mack-Cali Realty Corporation Stockholders' Equity (Schedule Of Reconciliation Of Shares Used In Basic EPS Calculation To Shares Used In Diluted EPS Calculation) (Details) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Mack-Cali Realty Corporation Stockholders' Equity [Abstract] | ||||
Basic EPS shares | 87,793 | 87,826 | 87,724 | 87,814 |
Add: Operating Partnership - common units | 11,994 | 12,177 | 12,054 | 12,184 |
Restricted Stock Awards | 72 | 73 | ||
Diluted EPS Shares | 99,787 | 100,075 | 99,778 | 100,071 |
Noncontrolling_Interests_In_Su2
Noncontrolling Interests In Subsidiaries (Narrative) (Details) (USD $) | 9 Months Ended | |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Noncontrolling Interest [Line Items] | ||
Number of common shares received upon redemption of common units | 1 | |
Rebalance of ownership percentage | $0.50 | |
Percentage of noncontrolling interest | 12.00% | 12.20% |
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% | |
Office Buildings [Member] | Participation Rights [Member] | ||
Noncontrolling Interest [Line Items] | ||
Number of properties | 3 |
Noncontrolling_Interests_In_Su3
Noncontrolling Interests In Subsidiaries (Changes In Noncontrolling Interests Of Subsidiaries) (Details) | 9 Months Ended | ||
Sep. 30, 2013 | Oct. 03, 2013 | Jan. 04, 2013 | |
Noncontrolling Interests In Subsidiaries [Abstract] | |||
Balance, Beginning | 12,141,836 | 11,987,175 | 12,141,836 |
Redemption of common units for shares of common stock | -154,661 | ||
Balance, Ending | 11,987,175 | 11,987,175 | 12,141,836 |
Segment_Reporting_Narrative_De
Segment Reporting (Narrative) (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | |||
Number of business segments | 3 | ||
Foreign Locations [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | $0 | $0 | |
Long lived assets | $0 | $0 |
Segment_Reporting_Selected_Res
Segment Reporting (Selected Results Of Operations And Asset Information) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | $162,505 | $156,797 | $501,764 | $486,291 | ||||||
Total operating and interest expenses | 113,528 | [1] | 105,896 | [1] | 345,389 | [1] | 318,889 | [1] | ||
Equity in earnings (loss) of unconsolidated joint ventures | -229 | 2,418 | -2,059 | 4,751 | ||||||
Net operating income (loss) | 48,748 | [2] | 53,319 | [2] | 154,316 | [2] | 172,153 | [2] | ||
Total assets | 4,609,263 | 4,609,263 | 4,526,045 | |||||||
Total long-lived assets | 3,988,430 | [3] | 3,988,430 | [3] | 4,234,408 | [3] | ||||
Real Estate - Commercial And Other [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | 153,602 | 155,314 | 465,564 | 477,345 | ||||||
Total operating and interest expenses | 72,498 | [1] | 70,584 | [1] | 210,917 | [1] | 205,774 | [1] | ||
Equity in earnings (loss) of unconsolidated joint ventures | 1,919 | 2,418 | 5,149 | 4,751 | ||||||
Net operating income (loss) | 83,023 | [2] | 87,148 | [2] | 259,796 | [2] | 276,322 | [2] | ||
Total assets | 3,997,545 | 3,997,545 | 4,382,843 | |||||||
Total long-lived assets | 3,720,747 | [3] | 3,720,747 | [3] | 4,160,362 | [3] | ||||
Real Estate - Multi Family [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | 3,736 | 8,673 | ||||||||
Total operating and interest expenses | 1,960 | [1] | 4,066 | [1] | ||||||
Equity in earnings (loss) of unconsolidated joint ventures | -2,830 | -7,890 | ||||||||
Net operating income (loss) | -1,054 | [2] | -3,283 | [2] | ||||||
Total assets | 245,573 | 245,573 | 65,723 | |||||||
Total long-lived assets | 235,629 | [3] | 235,629 | [3] | 62,525 | [3] | ||||
Multi Family Services [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | 6,867 | [4] | 18,745 | [5] | ||||||
Total operating and interest expenses | 8,214 | [1] | 23,345 | [1] | ||||||
Equity in earnings (loss) of unconsolidated joint ventures | 682 | 682 | ||||||||
Net operating income (loss) | -665 | [2] | -3,918 | [2] | ||||||
Total assets | 12,297 | 12,297 | 12,159 | |||||||
Total long-lived assets | 194 | [3] | 194 | [3] | ||||||
Fee revenue | 665 | 1,432 | ||||||||
Corporate & Other [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Total revenues | -1,700 | [6] | 1,483 | [6] | 8,782 | [6] | 8,946 | [6] | ||
Total operating and interest expenses | 30,856 | [1],[6] | 35,312 | [1],[6] | 107,061 | [1],[6] | 113,115 | [1],[6] | ||
Net operating income (loss) | -32,556 | [2],[6] | -33,829 | [2],[6] | -98,279 | [2],[6] | -104,169 | [2],[6] | ||
Total assets | 353,848 | [6] | 353,848 | [6] | 65,320 | [6] | ||||
Total long-lived assets | $31,860 | [3],[6] | $31,860 | [3],[6] | $11,521 | [3],[6] | ||||
[1] | Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; direct construction costs; real estate services expenses; general and administrative and interest expense (net of interest income). All interest expense, net of interest income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods. | |||||||||
[2] | Net operating income represents total revenues less total operating and interest expenses (as defined in Note bab), plus equity in earnings (loss) of unconsolidated joint ventures, for the period. | |||||||||
[3] | Long-lived assets are comprised of net investment in rental property, unbilled rents receivable, goodwill and investments in unconsolidated joint ventures. | |||||||||
[4] | Includes $665 of fees earned for this period from the multifamily real estate segment, which are eliminated in consolidation. | |||||||||
[5] | Includes $1,432 of fees earned for this period from the multifamily real estate segment, which are eliminated in consolidation. | |||||||||
[6] | Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense, construction services revenue and direct construction costs) as well as intercompany eliminations necessary to reconcile to consolidated Company totals. |
Segment_Reporting_Schedule_Of_
Segment Reporting (Schedule Of Reconciliation Of Net Operating Income To Income From Continuing Operations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Segment Reporting Information [Line Items] | ||||||||
Net operating income | $48,748 | [1] | $53,319 | [1] | $154,316 | [1] | $172,153 | [1] |
Depreciation and amortization | -46,094 | -43,492 | -135,122 | -130,720 | ||||
Loss from early extinguishment of debt | -4,415 | |||||||
Impairments | -48,700 | -48,700 | ||||||
Income from continuing operations | -46,046 | 9,827 | -29,506 | 37,018 | ||||
Income from discontinued operations | 2,164 | 6,337 | 11,842 | 17,446 | ||||
Loss from early extinguishment of debt | -703 | |||||||
Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net | 47,321 | 12 | 61,079 | 2,390 | ||||
Total discontinued operations, net | 49,485 | 6,349 | 72,218 | 19,836 | ||||
Net income | 3,439 | 16,176 | 42,712 | 56,854 | ||||
Noncontrolling interest in consolidated joint ventures | 1,838 | 85 | 1,962 | 256 | ||||
Noncontrolling interest in Operating Partnership | 5,314 | -1,207 | 3,295 | -4,543 | ||||
Noncontrolling interest in discontinued operations | -5,948 | -773 | -8,699 | -2,418 | ||||
Net income available to common shareholders | 4,643 | 14,281 | 39,270 | 50,149 | ||||
Operating Segments [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net operating income | 48,748 | 53,319 | 154,316 | 172,153 | ||||
Net income available to common shareholders | 4,643 | 14,281 | 39,270 | 50,149 | ||||
Segment Reconciling Items [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Depreciation and amortization | -46,094 | -43,492 | -135,122 | -130,720 | ||||
Loss from early extinguishment of debt | -4,415 | |||||||
Noncontrolling interest in consolidated joint ventures | 1,838 | 85 | 1,962 | 256 | ||||
Noncontrolling interest in Operating Partnership | 5,314 | -1,207 | 3,295 | -4,543 | ||||
Noncontrolling interest in discontinued operations | ($5,948) | ($773) | ($8,699) | ($2,418) | ||||
[1] | Net operating income represents total revenues less total operating and interest expenses (as defined in Note bab), plus equity in earnings (loss) of unconsolidated joint ventures, for the period. |