Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 23, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'MACK CALI REALTY CORP | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Entity Central Index Key | '0000924901 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Entity Common Stock, Shares Outstanding | ' | 88,986,073 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Rental property | ' | ' |
Land and leasehold interests | $725,542,000 | $750,658,000 |
Buildings and improvements | 3,807,642,000 | 3,915,800,000 |
Tenant improvements | 423,988,000 | 456,003,000 |
Furniture, fixtures and equipment | 9,461,000 | 7,472,000 |
Gross investment in rental property | 4,966,633,000 | 5,129,933,000 |
Less - accumulated depreciation and amortization | -1,389,202,000 | -1,400,988,000 |
Net investment in rental property | 3,577,431,000 | 3,728,945,000 |
Cash and cash equivalents | 80,943,000 | 221,706,000 |
Investments in unconsolidated joint ventures | 265,866,000 | 181,129,000 |
Unbilled rents receivable, net | 126,111,000 | 136,304,000 |
Deferred charges, goodwill and other assets | 266,760,000 | 218,519,000 |
Restricted cash | 26,405,000 | 19,794,000 |
Accounts receivable, net of allowance for doubtful accounts of $2,163 and $2,832 | 11,256,000 | 8,931,000 |
Total assets | 4,354,772,000 | 4,515,328,000 |
LIABILITIES AND EQUITY | ' | ' |
Senior unsecured notes | 1,417,141,000 | 1,616,575,000 |
Revolving credit facility | 56,000,000 | 0 |
Mortgages, loans payable and other obligations | 735,127,000 | 746,191,000 |
Dividends and distributions payable | 15,173,000 | 29,938,000 |
Accounts payable, accrued expenses and other liabilities | 140,546,000 | 121,286,000 |
Rents received in advance and security deposits | 48,932,000 | 53,730,000 |
Accrued interest payable | 25,973,000 | 29,153,000 |
Total liabilities | 2,438,892,000 | 2,596,873,000 |
Commitments and contingencies | ' | ' |
Mack-Cali Realty Corporation stockholders' equity: | ' | ' |
Common stock, $0.01 par value, 190,000,000 shares authorized, 88,982,062 and 88,247,591 shares outstanding | 890,000 | 882,000 |
Additional paid-in capital | 2,554,841,000 | 2,539,326,000 |
Dividends in excess of net earnings | -902,036,000 | -897,849,000 |
Total Mack-Cali Realty Corporation stockholders' equity | 1,653,695,000 | 1,642,359,000 |
Noncontrolling interests in subsidiaries: | ' | ' |
Operating Partnership | 207,479,000 | 220,813,000 |
Consolidated joint ventures | 54,706,000 | 55,283,000 |
Total noncontrolling interests in subsidiaries | 262,185,000 | 276,096,000 |
Total equity | 1,915,880,000 | 1,918,455,000 |
Total liabilities and equity | $4,354,772,000 | $4,515,328,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets [Abstract] | ' | ' |
Allowance for doubtful accounts receivable | $2,163 | $2,832 |
Common stock, par value per share | $0.01 | $0.01 |
Common stock, shares authorized | 190,000,000 | 190,000,000 |
Common stock, shares outstanding | 88,982,062 | 88,247,591 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
REVENUES | ' | ' | ' | ' |
Base rents | $133,210 | $135,438 | $267,261 | $269,061 |
Escalations and recoveries from tenants | 16,996 | 17,456 | 42,564 | 36,944 |
Construction services | ' | 6,746 | ' | 14,972 |
Real estate services | 7,009 | 6,642 | 13,701 | 13,085 |
Parking income | 2,236 | 1,597 | 4,350 | 2,989 |
Other income | 849 | 467 | 2,020 | 2,208 |
Total revenues | 160,300 | 168,346 | 329,896 | 339,259 |
EXPENSES | ' | ' | ' | ' |
Real estate taxes | 23,375 | 19,834 | 47,726 | 41,483 |
Utilities | 14,573 | 13,739 | 42,854 | 30,027 |
Operating services | 27,840 | 25,327 | 57,062 | 50,635 |
Direct construction costs | ' | 6,511 | ' | 14,336 |
Real estate services expenses | 6,571 | 5,304 | 13,280 | 10,257 |
General and administrative | 13,673 | 13,111 | 36,554 | 25,084 |
Depreciation and amortization | 44,711 | 45,665 | 89,696 | 89,013 |
Total expenses | 130,743 | 129,491 | 287,172 | 260,835 |
Operating income | 29,557 | 38,855 | 42,724 | 78,424 |
OTHER (EXPENSE) INCOME | ' | ' | ' | ' |
Interest expense | -28,159 | -31,270 | -58,105 | -61,139 |
Interest and other investment income | 922 | 1,094 | 1,308 | 1,100 |
Equity in earnings (loss) of unconsolidated joint ventures | 443 | -80 | -792 | -1,830 |
Realized gains (losses) and unrealized losses on disposition of rental property, net | 54,584 | ' | 54,584 | ' |
Total other (expense) income | 27,790 | -30,256 | -3,005 | -61,869 |
Income from continuing operations | 57,347 | 8,599 | 39,719 | 16,555 |
Discontinued operations: | ' | ' | ' | ' |
Income from discontinued operations | ' | 4,530 | ' | 9,663 |
Loss from early extinguishment of debt | ' | -703 | ' | -703 |
Realized gains (losses) and unrealized losses on disposition of rental property, net | ' | 13,758 | ' | 13,758 |
Total discontinued operations | ' | 17,585 | ' | 22,718 |
Net income | 57,347 | 26,184 | 39,719 | 39,273 |
Noncontrolling interest in consolidated joint ventures | 290 | 62 | 612 | 124 |
Noncontrolling interest in Operating Partnership | -6,514 | -1,048 | -4,506 | -2,021 |
Noncontrolling interest in discontinued operations | ' | -2,127 | ' | -2,749 |
Net income available to common shareholders | $51,123 | $23,071 | $35,825 | $34,627 |
Basic earnings per common share: | ' | ' | ' | ' |
Income from continuing operations | $0.58 | $0.09 | $0.40 | $0.16 |
Discontinued operations | ' | $0.17 | ' | $0.23 |
Net income available to common shareholders | $0.58 | $0.26 | $0.40 | $0.39 |
Diluted earnings per common share: | ' | ' | ' | ' |
Income from continuing operations | $0.58 | $0.09 | $0.40 | $0.16 |
Discontinued operations | ' | $0.17 | ' | $0.23 |
Net income available to common shareholders | $0.58 | $0.26 | $0.40 | $0.39 |
Basic weighted average shares outstanding | 88,691 | 87,708 | 88,491 | 87,688 |
Diluted weighted average shares outstanding | 100,023 | 99,895 | 99,964 | 99,892 |
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, 2013 | $882 | $2,539,326 | ($897,849) | $276,096 | $1,918,455 |
Balance, shares at Dec. 31, 2013 | 88,248 | ' | ' | ' | ' |
Net income | ' | ' | 35,825 | 3,894 | 39,719 |
Common stock dividends | ' | ' | -40,012 | ' | -40,012 |
Common unit distributions | ' | ' | ' | -5,129 | -5,129 |
Increase in noncontrolling interest | ' | ' | ' | 35 | 35 |
Redemption of common units for common stock, value | 7 | 12,866 | ' | -12,873 | ' |
Redemption of common units for common stock, shares | 701 | ' | ' | ' | ' |
Shares issued under Dividend Reinvestment and Stock Purchase Plan, value | ' | 77 | ' | ' | 77 |
Shares issued under Dividend Reinvestment and Stock Purchase Plan, shares | 4 | ' | ' | ' | ' |
Director deferred compensation plan | ' | 213 | ' | ' | 213 |
Stock compensation, value | 1 | 2,521 | ' | ' | 2,522 |
Stock compensation, shares | 29 | ' | ' | ' | ' |
Rebalancing of ownership percentage between parent and subsidiaries | ' | -162 | ' | 162 | ' |
Balance, value at Jun. 30, 2014 | $890 | $2,554,841 | ($902,036) | $262,185 | $1,915,880 |
Balance, shares at Jun. 30, 2014 | 88,982 | ' | ' | ' | ' |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net income | $39,719 | $39,273 |
Adjustments to reconcile net income to net cash provided by Operating activities: | ' | ' |
Depreciation and amortization, including related intangible assets | 90,460 | 88,950 |
Depreciation and amortization on discontinued operations | ' | 6,442 |
Amortization of deferred stock units | 213 | ' |
Amortization of stock compensation | 5,563 | 1,687 |
Amortization of deferred financing costs and debt discount | 1,528 | 1,582 |
Equity in (earnings) loss of unconsolidated joint venture, net | 792 | 1,830 |
Distributions of cumulative earnings from unconsolidated joint ventures | 3,756 | 4,712 |
Realized (gains) and unrealized losses on disposition of rental property, net | -54,584 | -13,758 |
Changes in operating assets and liabilities: | ' | ' |
Increase in unbilled rents receivable, net | -3,551 | -8,216 |
Increase in deferred charges, goodwill and other assets | -8,592 | -16,859 |
(Increase) decrease in accounts receivable, net | -2,325 | 1,171 |
Increase in accounts payable, accrued expenses and other liabilities | 19,946 | 3,120 |
Decrease in rents received in advance and security deposits | -4,798 | -6,758 |
(Decrease) increase in accrued interest payable | -3,180 | 1,007 |
Net cash provided by operating activities | 84,947 | 104,183 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Rental property acquisitions and related intangibles | -37,696 | -149,200 |
Rental property additions and improvements | -41,825 | -39,688 |
Development of rental property, other related costs and deposits | -7,896 | -12,204 |
Proceeds from the sale of rental property | 190,798 | 161,727 |
Investments in notes receivable | -62,276 | ' |
Repayment of notes receivable | 250 | 83 |
Investment in unconsolidated joint ventures | -38,948 | -31,500 |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 837 | 20,354 |
Increase in restricted cash | -6,611 | -300 |
Net cash used in investing activities | -3,367 | -50,728 |
CASH FLOW FROM FINANCING ACTIVITIES | ' | ' |
Borrowings from revolving credit facility | 233,500 | 289,000 |
Repayment of revolving credit facility | -177,500 | -289,000 |
Proceeds from senior unsecured notes | ' | 268,928 |
Repayment of senior unsecured notes | -200,000 | -100,000 |
Proceeds from mortgages and loans payable | 28,135 | 1,798 |
Repayment of mortgages, loans payable and other obligations | -42,469 | -9,420 |
Payment of contingent consideration | -3,936 | -2,755 |
Payment of financing costs | -198 | -2,643 |
Payment of dividends and distributions | -59,875 | -89,669 |
Net cash (used in) provided by financing activities | -222,343 | 66,239 |
Net (decrease) increase in cash and cash equivalents | -140,763 | 119,694 |
Cash and cash equivalents, beginning of period | 221,706 | 58,245 |
Cash and cash equivalents, end of period | $80,943 | $177,939 |
Organization_And_Basis_Of_Pres
Organization And Basis Of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
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 June 30, 2014, the Company owned or had interests in 279 properties, consisting of 266 commercial properties, primarily class A office and office/flex properties, totaling approximately 31.5 million square feet, leased to approximately 2,000 commercial tenants, and 13 multi-family rental properties containing 3,898 residential units, plus developable land (collectively, the “Properties”). The Properties are comprised of 251 buildings, primarily office and office/flex buildings totaling approximately 30.9 million square feet (which include 30 buildings, primarily office buildings aggregating approximately 5.1 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, 13 multi-family properties totaling 3,898 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 121,500 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. | |
As of June 30, 2014 and December 31, 2013, the Company’s investments in consolidated real estate joint ventures in which the Company is deemed to be the primary beneficiary have total real estate assets of $227 million and $219.9 million, respectively, mortgages of $85.8 million and $81.9 million, respectively, and other liabilities of $15.1 million and $18.3 million, respectively. | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. 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 | 6 Months Ended | |||
Jun. 30, 2014 | ||||
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 $0.9 million and $0.9 million for the three months ended June 30, 2014 and 2013, respectively, and $1.8 and $1.7 million for the six months ended June 30, 2014 and 2013, respectively. Included in total rental property is construction, tenant improvement and development in-progress of $44.2 million and $40.8 million as of June 30, 2014 and December 31, 2013, 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 substantial 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. | ||||
Rental Property | ||||
Held for Sale | ||||
When assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the sales price, net of selling costs, of such assets. 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. | ||||
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 extent 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 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 $759,000 and $809,000 for the three months ended June 30, 2014 and 2013, respectively, $1,528,000 and $1,582,000 for the six months ended June 30, 2014 and 2013, respectively. If a financing obligation is extinguished early, any unamortized deferred financing costs are written off and included in gains (loss) from early extinguishment of debt. | ||||
Deferred | ||||
Leasing CostsCosts incurred in connection with commercial 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 related to commercial leases, which is capitalized and amortized, approximated $845,000 and $1,033,000 for the three months ended June 30, 2014 and 2013, respectively, and $1,876,000 and $2,206,000 for the six months ended June 30, 2014 and 2013, respectively. | ||||
GoodwillGoodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Goodwill is allocated to various reporting units, as applicable. Each of the Company’s segments consists of a reporting unit. Goodwill is not amortized. Management performs an annual impairment test for goodwill during the fourth quarter and between annual tests, management evaluates the recoverability of goodwill whenever events or changes in circumstances indicate that the carrying amount of goodwill may not be fully recoverable. In its impairment tests of goodwill, management first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If based on this assessment, management determines that the fair value of the reporting unit is not less than its carrying amount, then performing the additional two-step impairment test is unnecessary. If the carrying amount of goodwill exceeds its fair value, an impairment charge is recognized. | ||||
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. | ||||
Parking income includes income from parking spaces leased to tenants and others. | ||||
Other income includes income from tenants for additional services arranged for by the Company and income from tenants for early lease terminations. | ||||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2014-09 Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption is not permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2014-09 will have on the Company’s financial position or results of operations. | ||||
Allowance for | ||||
Doubtful AccountsManagement performs a detailed review of amounts due from tenants to determine if an allowance for doubtful accounts is required based on factors affecting the collectability of the accounts receivable balances. The factors considered by management in determining which individual tenant receivable balances, or aggregate receivable balances, require a collectability allowance include the age of the receivable, the tenant’s payment history, the nature of the charges, any communications regarding the charges and other related information. Management’s estimate of 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 (determined by excluding any net capital gains) to its shareholders. If and to the extent the Company retains and does not distribute any net capital gains, the Company will be required to pay federal, state and local taxes on such net capital gains at the rate applicable to capital gains of a corporation. 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. The Company has conducted business through its TRS entities for certain property management, development, construction and other related services, as well as to hold a joint venture interest in a hotel and other matters. As of June 30, 2014, the Company had a deferred tax asset with a balance of approximately $14.1 million which has been fully reserved for through a valuation allowance. 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 June 30, 2014, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are generally from the year 2009 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 from continuing operations 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 June 30, 2014 represents dividends payable to common shareholders (88,730,563 shares) and distributions payable to noncontrolling interest common unitholders of the Operating Partnership (11,161,018 common units) for all such holders of record as of July 3, 2014 with respect to the second quarter 2014. The second quarter 2014 common stock dividends and common unit distributions of $0.15 per common share and unit were approved by the Board of Directors on May 30, 2014. The common stock dividends and common unit distributions payable were paid on July 11, 2014. | ||||
The dividends and distributions payable at December 31, 2013 represents dividends payable to common shareholders (87,928,002 shares) and distributions payable to noncontrolling interest common unitholders of the Operating Partnership (11,864,775 common units) for all such holders of record as of January 6, 2014 with respect to the fourth quarter 2013. The fourth 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 December 10, 2013. The common stock dividends and common unit distributions payable were paid on January 15, 2014. | ||||
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 at the grant date be amortized ratably into expense over the appropriate vesting period. The Company recorded stock compensation expense of $877,000 and $461,000 for the three months ended June 30, 2014 and 2013, respectively, and $4,264,000 (which includes $3,203,000 related to the departure of executive vice presidents. See Note 13: Commitments and Contingencies – Departure of Executive Vice Presidents); and $1,306,000 for the six months ended June 30, 2014 and 2013, 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 six months ended June 30, 2014 and 2013, and no accumulated other comprehensive income as of June 30, 2014 and December 31, 2013. | ||||
Fair Value | ||||
HierarchyThe standard Fair Value Measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs). The following summarizes the fair value hierarchy: | ||||
· | Level 1: Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; | |||
· | Level 2: Quoted prices for identical assets and liabilities in markets that are inactive, quoted prices for similar assets and liabilities inactive markets or financial instruments for which significant inputs are observable, either directly or indirectly, such as interest rates and yield curves that are observable at commonly quoted intervals and | |||
· | Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. | |||
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. | ||||
Discontinued | ||||
OperationsIn April 2014, the FASB issued guidance related to the reporting of discontinued operation and disclosures of disposals of components of an entity. This guidance defines a discontinued operation as a component or group of components disposed or classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity’s operations and final result; the guidance states that a strategic shift could include a disposal of a major geographical area of operations, a major line of business, a major equity method investment or other major parts of an entity. The guidance also provides for additional disclosure requirements in connection with both discontinued operations and other dispositions not qualifying as discontinued operations. The guidance will be effective for annual and interim periods beginning on or after December 15, 2014. The guidance applies prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. All entities may early adopt the guidance for new disposals (or new classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company has elected to early adopt this standard effective with the interim period beginning January 1, 2014. Prior to January 1, 2014, properties identified as held for sale and/or disposed of were presented in discontinued operations for all periods presented. See Note 7: Discontinued Operations. | ||||
Real_Estate_Transactions
Real Estate Transactions | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Real Estate Transactions [Abstract] | ' | |||||||||||||
Real Estate Transactions | ' | |||||||||||||
3. REAL ESTATE TRANSACTIONS | ||||||||||||||
Acquisitions | ||||||||||||||
On April 10, 2014, the Company acquired Andover Place, a 220-unit multi-family rental property located in Andover, Massachusetts, for approximately $37.7 million, which was funded primarily through borrowing under the Company’s unsecured revolving credit facility. | ||||||||||||||
The purchase price was allocated to the net assets acquired, as follows (in thousands): | ||||||||||||||
Andover | ||||||||||||||
Place | ||||||||||||||
Land | $ | 8,535 | ||||||||||||
Buildings and improvements | 27,609 | |||||||||||||
Furniture, fixtures and equipment | 459 | |||||||||||||
In-place lease values (1) | 1,118 | |||||||||||||
37,721 | ||||||||||||||
Less: Below market lease values (1) | -25 | |||||||||||||
Net cash paid at acquisition | $ | 37,696 | ||||||||||||
(1)In-place lease values and below market lease values will be amortized over one year or less. | ||||||||||||||
Sales | ||||||||||||||
The Company sold the following office properties during the six months ended June 30, 2014 (dollars in thousands): | ||||||||||||||
Rentable | Net | Net | ||||||||||||
Sale | # of | Square | Sales | Book | Realized | |||||||||
Date | Property/Address | Location | Bldgs. | Feet | Proceeds | Value | Gain | |||||||
4/23/14 | 22 Sylvan Way | Parsippany, New Jersey | 1 | 249,409 | $ | 94,897 | $ | 60,244 | $ | 34,653 | ||||
6/23/14 | 30 Knightsbridge Road (a) | Piscataway, New Jersey | 4 | 680,350 | 54,641 | 52,361 | 2,280 | |||||||
6/23/14 | 470 Chestnut Ridge Road (a) (b) | Woodcliff Lake, New Jersey | 1 | 52,500 | 7,195 | 7,109 | 86 | |||||||
6/23/14 | 530 Chestnut Ridge Road (a) (b) | Woodcliff Lake, New Jersey | 1 | 57,204 | 6,299 | 6,235 | 64 | |||||||
6/27/14 | 400 Rella Boulevard | Suffern, New York | 1 | 180,000 | 27,539 | 10,938 | 16,601 | |||||||
6/30/14 | 412 Mount Kemble Avenue (a) | Morris Township, New Jersey | 1 | 475,100 | 44,751 | 43,851 | 900 | |||||||
Totals: | 9 | 1,694,563 | $ | 235,322 | $ | 180,738 | $ | 54,584 | ||||||
(a)The Company completed the sale of these properties for approximately $117 million: $114.6 million in cash and subordinated equity interests in each of the properties sold with capital accounts aggregating $2.4 million. Net sale proceeds from the sale aggregated $112.9 million which was comprised of the $117 million gross sales price less the subordinated equity interests of $2.4 million and $1.7 million in closing costs. The purchasers of these properties are joint ventures formed between the Company and affiliates of the Keystone Property Group (“Keystone Entities”). The senior equity will receive a 15 percent internal rate of return (“IRR”) after which the subordinated equity will receive a ten percent IRR and then all distributable cash flow will be split equally between the Keystone Entities and the Company. 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. The Company has contracts with Keystone Entities to sell an additional seven of its office properties in New Jersey, New York and Connecticut, aggregating approximately 928,258 square feet, for approximately $104 million, comprised of: $78.3 million in cash from a combination of Keystone Entities senior and pari-passu equity and mortgage financing; Company subordinated equity interests in each of the properties being sold with capital accounts aggregating $18.8 million; and Company pari passu equity interests in three of the properties being sold aggregating $6.9 million. | ||||||||||||||
(b)The Company recorded an impairment charge of $3.9 million on these properties at December 31, 2013 as it estimated that the carrying value of the properties may not be recoverable over their anticipated holding periods. | ||||||||||||||
On January 1, 2014, the Company early adopted the new discontinued operations standard and as the properties sold in the six months ended June 30, 2014 will not represent a strategic shift (as the Company is not entirely exiting markets or property types), they have not been reflected as part of discontinued operations. | ||||||||||||||
The following table summarizes income from the properties sold during the six months ended June 30, 2014 for the three and six months ended June 30, 2014 and 2013: (dollars in thousands) See Note 7: Discontinued Operations for properties sold in 2013. | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
June 30, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Total revenues | $ | 6,547 | $ | 9,235 | $ | 16,302 | $ | 18,478 | ||||||
Operating and other expenses | -3,208 | -3,918 | -8,764 | -7,099 | ||||||||||
Depreciation and amortization | -1,433 | -2,190 | -3,379 | -4,376 | ||||||||||
Interest income | 3 | - | 3 | - | ||||||||||
Income from properties sold | 1,909 | 3,127 | 4,162 | 7,003 | ||||||||||
For the three and six months ended June 30, 2014, included in general and administrative expense was an aggregate of approximately $1.9 million in transactions costs related to the Company’s property and joint venture acquisitions. | ||||||||||||||
Excluded from the cash flow statement for the six months ended June 30, 2014 was $4.4 million of sale proceeds and $40 million of acquisition and other investment fundings, which were handled through a qualified intermediary. | ||||||||||||||
Investments_In_Unconsolidated_
Investments In Unconsolidated Joint Ventures | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Investments In Unconsolidated Joint Ventures [Abstract] | ' | ||||||||||||||
Investments In Unconsolidated Joint Ventures | ' | ||||||||||||||
4. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES | |||||||||||||||
As of June 30, 2014, the Company had an aggregate investment of approximately $265.9 million in its equity method joint ventures. The Company formed these ventures with unaffiliated third parties, or acquired interests in them, to develop or manage primarily office and multi-family rental properties, or to acquire land in anticipation of possible development of office and multi-family rental properties. As of June 30, 2014, the unconsolidated joint ventures owned: 29 office and two retail properties aggregating approximately 4.7 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 3,317 apartments; and interests and/or rights to developable land parcels able to accommodate up to 4,130 apartments and 1.5 million square feet of office space. The Company’s unconsolidated interests range from 7.5 percent to 85 percent subject to specified priority allocations in certain of the joint ventures. | |||||||||||||||
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 locations of the properties extend from New Jersey to Massachusetts, with the majority of the properties located in New Jersey. Certain of the entities which own the Roseland Assets are controlled by the Company upon acquisition and are therefore consolidated. However, many of the entities are not controlled by the Company and, therefore, are accounted for under the equity method as investments in unconsolidated 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 has agreed to guarantee repayment of a portion of the debt of its unconsolidated joint ventures. As of June 30, 2014, such debt had a total facility amount of $311.1 million of which the Company agreed to guarantee up to $89.9 million. As of June 30, 2014, the outstanding balance of such debt totaled $200.6 million of which $79.8 million was guaranteed by the Company. The Company also posted a $4.6 million letter of credit in support of the South Pier at Harborside joint venture, half of which is indemnified by Hyatt Corporation, the Company’s joint venture partner. The Company performed management, leasing, development and other services for the properties owned by the unconsolidated joint ventures and recognized $1.4 million and $1.3 for such services in the three months ended June 30, 2014 and 2013, respectively, and $2.8 million and $2.3 million for the six months ended June 30, 2014 and 2013, respectively. The Company had $824,000 and $523,000 in accounts receivable due from its unconsolidated joint ventures as of June 30, 2014 and December 31, 2013. | |||||||||||||||
Included in the Company’s investments in unconsolidated joint ventures as of June 30, 2014 are eight 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 $94.5 million as of June 30, 2014. The Company’s maximum exposure to loss as a result of its involvement with these VIEs is estimated to be approximately $110.8 million, which includes the Company’s current investment and estimated future funding commitments of approximately $16.3 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 Company's unconsolidated joint ventures as of June 30, 2014: (dollars in thousands) | |||||||||||||||
Number of | Company's | Company's | Property Debt | ||||||||||||
Apartment Units | Effective | Carrying | Maturity | Interest | |||||||||||
Entity / Property Name | or Square Feet (sf) | Ownership % (a) | Amount | Balance | Date | Rate | |||||||||
Multi-family | |||||||||||||||
Marbella RoseGarden, L.L.C./ Marbella (b) | 412 | units | 24.27 | % | $ | 15,782 | $ | 95,000 | 5/1/18 | 4.99 | % | ||||
RoseGarden Monaco Holdings, L.L.C./ Monaco (North and South) (b) | 523 | units | 15.00 | % | 2,686 | 165,000 | 2/1/21 | 4.19 | % | ||||||
Rosewood Lafayette Holdings, L.L.C./ Highlands at Morristown Station (b) | 217 | units | 25.00 | % | 496 | 39,021 | 7/1/15 | 4.00 | % | ||||||
PruRose Port Imperial South 15, LLC /RiversEdge at Port Imperial (b) | 236 | units | 50.00 | % | - | 57,500 | 9/1/20 | 4.32 | % | ||||||
Rosewood Morristown, L.L.C. / Metropolitan at 40 Park (c) (d) | 130 | units | 12.50 | % | 6,257 | 46,217 | (e) | (e) | |||||||
Overlook Ridge JV, L.L.C./ Quarrystone (b) (f) | 251 | units | 25.00 | % | - | 75,366 | (g) | (g) | |||||||
Overlook Ridge JV 2C/3B, L.L.C./Overlook Ridge 2C & 3B (b) | 371 | units | 25.00 | % | - | 41,006 | 12/28/15 | L+2.50 | % | (h) | |||||
PruRose Riverwalk G, L.L.C./ RiverTrace at Port Imperial (b) | 316 | units | 25.00 | % | 1,950 | 76,334 | 7/15/21 | 6.00 | % | (i) | |||||
Elmajo Urban Renewal Associates, LLC / Lincoln Harbor (Bldg A&C) (b) | 355 | units | 7.50 | % | - | 72,619 | 6/27/16 | L+2.10 | % | (j) | |||||
Crystal House Apartments Investors LLC / Crystal House (k) | 828 | units | 25.00 | % | 26,458 | 165,000 | 3/19/20 | 3.17 | % | ||||||
Portside Master Company, L.L.C./ Portside at Pier One - Bldg 7 (b) | 176 | units | 38.25 | % | 2,655 | 20,007 | 12/5/15 | L+2.50 | % | (l) | |||||
PruRose Port Imperial South 13, LLC / Port Imperial Bldg 13 (b) | 280 | units | 20.00 | % | 1,685 | 26,097 | 6/27/16 | L+2.15 | % | (m) | |||||
Roseland/Port Imperial Partners, L.P./ Riverwalk C (b) (n) | 363 | units | 20.00 | % | 1,926 | - | - | - | |||||||
RoseGarden Marbella South, L.L.C./ Marbella II (b) | 311 | units | 24.27 | % | 8,580 | 12,503 | 3/30/17 | L+2.25 | % | (o) | |||||
Estuary Urban Renewal Unit B, LLC / Lincoln Harbor (Bldg B) (b) | 227 | units | 7.50 | % | - | 22,157 | 1/25/17 | L+2.10 | % | (p) | |||||
Riverpark at Harrison I, L.L.C./ Riverpark at Harrison | 141 | units | 36.00 | % | 4,247 | 13,370 | 6/27/16 | L+2.35 | % | (q) | |||||
Capitol Place Mezz LLC / Station Townhouses | 377 | units | 50.00 | % | 47,978 | 45,039 | 7/1/33 | 4.82 | % | (r) | |||||
Harborside Unit A Urban Renewal, L.L.C. / URL Harborside | 763 | units | 85.00 | % | 22,150 | - | - | - | |||||||
Overlook Ridge, L.L.C./Overlook Ridge Land | 896 | potential units | 50.00 | % | - | 16,940 | 3/2/15 | L+3.50 | % | ||||||
RoseGarden Monaco, L.L.C./ San Remo Land | 300 | potential units | 41.67 | % | 1,255 | - | - | - | |||||||
Grand Jersey Waterfront URA, L.L.C./ Liberty Landing | 1,000 | potential units | 50.00 | % | 337 | - | - | - | |||||||
Office | |||||||||||||||
Red Bank Corporate Plaza, L.L.C./ Red Bank | 92,878 | sf | 50.00 | % | 3,771 | 16,240 | 5/17/16 | L+3.00 | % | (s) | |||||
12 Vreeland Associates, L.L.C./ 12 Vreeland Road | 139,750 | sf | 50.00 | % | 5,658 | 14,717 | 7/1/23 | 2.87 | % | ||||||
BNES Associates III / Offices at Crystal Lake | 106,345 | sf | 31.25 | % | 1,899 | 7,057 | 11/1/23 | 4.76 | % | ||||||
Hillsborough 206 Holdings, L.L.C./ Hillsborough 206 | 160,000 | sf | 50.00 | % | 1,962 | - | - | - | |||||||
KPG-P 100 IMW JV, LLC / 100 Independence Mall West | 339,615 | sf | 33.33 | % | 751 | 61,500 | 9/9/16 | L+7.00 | % | (t) | |||||
Keystone-Penn | 1,842,820 | sf | (u) | - | 200,601 | (v) | (v) | ||||||||
Keystone-TriState | 1,266,384 | sf | (u) | - | 118,890 | (w) | (w) | ||||||||
KPG-MCG Curtis JV, L.L.C./ Curtis Center | 885,000 | sf | 50.00 | % | 2,187 | - | - | - | |||||||
Curtis Center TIC I and II LLC / Curtis Center | n/a | (x) | 61,296 | - | - | - | |||||||||
Other | |||||||||||||||
Plaza VIII & IX Associates, L.L.C./ Vacant land (parking operations) | 1,225,000 | sf | 50.00 | % | 3,848 | - | - | - | |||||||
Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial (b) | 30,745 | sf | 20.00 | % | 1,883 | - | - | - | |||||||
South Pier at Harborside / Hyatt Regency Jersey City on the Hudson | 350 | rooms | 50.00 | % | - | 66,799 | (y) | (y) | |||||||
Stamford SM LLC / Senior Mezzanine Loan (z) | n/a | n/a | 80.00 | % | 37,418 | - | - | - | |||||||
Other (aa) | 751 | - | - | - | |||||||||||
Totals: | $ | 265,866 | $ | 1,474,980 | |||||||||||
(a) | Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable. | ||||||||||||||
(b) | The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the Company is not expected to meaningfully participate in the venture's cash flows in the near term. | ||||||||||||||
(c) | Through the joint venture, the Company also owns a 12.5 percent interest in a 50,973 square feet of retail building ("Shops at 40 Park") and a 25 percent interest in a to-be-built 59-unit, five story multi-family rental development property ("Lofts at 40 Park"). | ||||||||||||||
(d) | The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the payment of the outstanding balance remaining on a note ($975 as of June 30, 2014), and is not expected to meaningfully participate in the venture's cash flows in the near term. | ||||||||||||||
(e) | Property debt balance consists of: (i) a loan, collateralized by the Metropolitan at 40 Park, has a balance of $38,600, bears interest at 3.25 percent, matures in September 2020 and is interest only through September 2015; (ii) loan, collateralized by the Shops at 40 Park, has a balance of $6,500, bears interest at 3.63 percent, matures in August 2018 and is interest-only through July 2015; and (iii) the loan, collateralized by the Lofts at 40 Park, has a balance of $1,117, bears interest at LIBOR plus 250 basis points and matures in September 2015. The Shops at 40 Park mortgage loan also provides for additional borrowing proceeds of $1 million based on certain preferred thresholds being achieved. | ||||||||||||||
(f) | Through the joint venture, the Company also owns a 50 percent interest in a land parcel ("Overlook Phase III Land") that can accommodate the development of approximately 240 apartment units. | ||||||||||||||
(g) | Property debt balance consists of: (i) a loan, collateralized by the Overlook Phase III Land, has a balance of $5,709, bears interest at a rate of LIBOR plus 250 basis points, matures in April 2015 and, subject to certain conditions, provides for a one-year extension option with a fee of 25 basis points, and (ii) the senior loan, collateralized by the Quarrystone property, has a balance of $52,657, bears interest at LIBOR plus 200 basis, matures in March 2016 and (iii) the junior loan, with a balance of $17,000, bears interest at LIBOR plus 90 basis points, matures in March 2016 and is collateralized by a $17,000 letter of credit provided by an affiliate of the partner. | ||||||||||||||
(h) | The construction loan has a maximum borrowing amount of $55,500 and provides, subject to certain conditions, two one-year extension options with a fee of 25 basis points each. The joint venture has a swap agreement that fixes the all-in rate to 3.0875 percent per annum on an initial notional amount of $1,840, increasing to $50,800, for the period from September 3, 2013 to November 2, 2015. | ||||||||||||||
(i) | The construction loan has a maximum borrowing amount of $83,113. | ||||||||||||||
(j) | The construction loan has a maximum borrowing amount of $91,000 and provides, subject to certain conditions, a one-year extension option with a fee of 25 basis points. | ||||||||||||||
(k) | The Company also owns a 50 percent interest in a vacant land to accommodate the development of approximately 295 additional units of which 252 are currently approved. | ||||||||||||||
(l) | The construction loan has a maximum borrowing amount of $42,500 and provides, subject to certain conditions, two two-year extension options with a fee of 12.5 basis points for the first two-year extension and 25 basis points for the second two-year extension. | ||||||||||||||
(m) | The construction loan has a maximum borrowing amount of $73,350 and provides, subject to certain conditions, one-year extension option followed by a six-month extension option with a fee of 25 basis points each. The joint venture has a swap agreement that fixes the all-in rate to 2.79 percent per annum on an initial notional amount of $1,620, increasing to $69,500 for the period from July 1, 2013 to January 1, 2016. | ||||||||||||||
(n) | The Company also owns a 20 percent residual interest in undeveloped land parcels: parcels 6, I, and J ("Port Imperial North Land") that can accommodate the development of 836 apartment units. | ||||||||||||||
(o) | The construction loan has a maximum borrowing amount of $77,400 and provides, subject to certain conditions, two one-year extension options with a fee of 25 basis points for each year. | ||||||||||||||
(p) | The construction loan has a maximum borrowing amount of $57,000 and provides, subject to certain conditions, a one-year extension option with a fee of 25 basis points. | ||||||||||||||
(q) | The construction loan has a maximum borrowing amount of $23,400 and provides, subject to certain conditions, two one-year extension options with a fee of 20 basis points for each year. | ||||||||||||||
(r) | The construction loan has a maximum borrowing amount of $100,700 with amortization starting in August 2017. | ||||||||||||||
(s) | The joint venture has a swap agreement that fixes the all-in rate to 3.99375 percent per annum on an initial notional amount of $13,650 and then adjusting in accordance with an amortization schedule, which is effective from October 17, 2011 through loan maturity. | ||||||||||||||
(t) | The mortgage loan has two one-year extension options, subject to certain conditions, and includes a $25 million construction reserve. | ||||||||||||||
(u) | The Company’s equity interests in the joint ventures will be subordinated to affiliates of the Keystone Property Group receiving a 15 percent internal rate of return (“IRR”) after which the Company will receive a ten percent IRR on its subordinate equity and then all profit will be split equally. | ||||||||||||||
(v) | Principal balance of $127,600 bears interest at 5.114 percent and matures in August 27, 2023; principal balance of $62,577 bears interest at rates ranging from LIBOR+5.0 percent to LIBOR+5.75 percent and matures in August 27, 2016; principal balance of $10,425 bears interest at LIBOR+6.0 percent matures in August 27, 2015. | ||||||||||||||
(w) | Principal balance of $77,650 bears interest at rates ranging from 4.888 percent to 4.93 percent and matures on July 6, 2024; principal balance of $41,240 bears interest at LIBOR+4.95 percent and matures on July 1, 2017. | ||||||||||||||
(x) | Includes undivided interests in the same manner as investments in noncontrolled partnership, pursuant to ASC 970-323-25-12. See discussion in Recent Transactions following in this footnote. | ||||||||||||||
(y) | Balance includes: (i) mortgage loan, collateralized by the hotel property, has a balance of $62,175, bears interest at 6.15 percent and matures in November 2016, and (ii) loan with a balance of $4.6 million, bears interest at fixed rates ranging from 6.09 percent to 6.62 percent and matures in August 1, 2020. The Company posted a $4.6 million letter of credit in support of this loan, half of which is indemnified by the partner. | ||||||||||||||
(z) | The joint venture owns a senior mezzanine loan ("Mezz Loan") with a face value of $50,000 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. The interest-only Mezz Loan has a carrying value of $46,505 and is subject to an agreement that provides, subject to certain conditions, for the payment of principal proceeds above $47,000 to another party. The Mezz loan bears interest at LIBOR plus 325 basis points and matures in August 2014. The joint venture is evaluating its option regarding its investment as the loan approaches maturity. | ||||||||||||||
(aa) | The Company owns other interests in various unconsolidated joint ventures, including interests in assets previously owned and interest in ventures whose businesses are related to its core operations. These ventures are not expected to significantly impact the Company's operations in the near term. | ||||||||||||||
The following is a summary of the financial position of the unconsolidated joint ventures in which the Company had investment interests as of June 30, 2014 and December 31, 2013: (dollars in thousands) | |||||||||||||||
June 30, | December 31, | ||||||||||||||
2014 | 2013 | ||||||||||||||
Assets: | |||||||||||||||
Rental property, net | $ | 1,202,271 | $ | 755,049 | |||||||||||
Loan receivable | 46,505 | 45,050 | |||||||||||||
Other assets | 486,239 | 582,990 | |||||||||||||
Total assets | $ | 1,735,015 | $ | 1,383,089 | |||||||||||
Liabilities and partners'/ | |||||||||||||||
members' capital: | |||||||||||||||
Mortgages and loans payable | $ | 844,476 | $ | 637,709 | |||||||||||
Other liabilities | 211,959 | 87,231 | |||||||||||||
Partners'/members' capital | 678,580 | 658,149 | |||||||||||||
Total liabilities and | |||||||||||||||
partners'/members' capital | $ | 1,735,015 | $ | 1,383,089 | |||||||||||
The following is a summary of the Company’s investments in unconsolidated joint ventures as of June 30, 2014 and December 31, 2013: (dollars in thousands) | |||||||||||||||
June 30, | December 31, | ||||||||||||||
Entity / Property Name | 2014 | 2013 | |||||||||||||
Marbella RoseGarden, L.L.C./ Marbella | $ | 15,782 | $ | 15,797 | |||||||||||
RoseGarden Monaco Holdings, L.L.C./ Monaco (North and South) | 2,686 | 3,201 | |||||||||||||
Rosewood Lafayette Holdings, L.L.C./ Highlands at Morristown Station | 496 | 857 | |||||||||||||
PruRose Port Imperial South 15, LLC /RiversEdge at Port Imperial | - | - | |||||||||||||
Rosewood Morristown, L.L.C. / Metropolitan at 40 Park | 6,257 | 6,455 | |||||||||||||
Overlook Ridge JV, L.L.C./ Quarrystone | - | - | |||||||||||||
Overlook Ridge JV 2C/3B, L.L.C./Overlook Ridge 2C & 3B | - | - | |||||||||||||
PruRose Riverwalk G, L.L.C./ RiverTrace at Port Imperial | 1,950 | 3,117 | |||||||||||||
Elmajo Urban Renewal Associates, LLC / Lincoln Harbor (Bldg A&C) | - | 203 | |||||||||||||
Crystal House Apartments Investors LLC / Crystal House | 26,458 | 26,838 | |||||||||||||
Portside Master Company, L.L.C./ Portside at Pier One - Bldg 7 | 2,655 | 3,207 | |||||||||||||
PruRose Port Imperial South 13, LLC / Port Imperial Bldg 13 | 1,685 | 2,206 | |||||||||||||
Roseland/Port Imperial Partners, L.P./ Riverwalk C | 1,926 | 2,068 | |||||||||||||
RoseGarden Marbella South, L.L.C./ Marbella II | 8,580 | 7,567 | |||||||||||||
Estuary Urban Renewal Unit B, LLC / Lincoln Harbor (Bldg B) | - | 24 | |||||||||||||
Riverpark at Harrison I, L.L.C./ Riverpark at Harrison | 4,247 | 3,655 | |||||||||||||
Capitol Place Mezz LLC / Station Townhouses | 47,978 | 46,628 | |||||||||||||
Harborside Unit A Urban Renewal, L.L.C. / URL Harborside (a) | 22,150 | - | |||||||||||||
Overlook Ridge, L.L.C./Overlook Ridge Land | - | - | |||||||||||||
RoseGarden Monaco, L.L.C./ San Remo Land | 1,255 | 1,224 | |||||||||||||
Grand Jersey Waterfront URA, L.L.C./ Liberty Landing | 337 | 337 | |||||||||||||
Red Bank Corporate Plaza, L.L.C./ Red Bank | 3,771 | 4,046 | |||||||||||||
12 Vreeland Associates, L.L.C./ 12 Vreeland Road | 5,658 | 5,514 | |||||||||||||
BNES Associates III / Offices at Crystal Lake | 1,899 | 1,753 | |||||||||||||
Hillsborough 206 Holdings, L.L.C./ Hillsborough 206 | 1,962 | 1,962 | |||||||||||||
KPG-P 100 IMW JV, LLC / 100 Independence Mall West | 751 | 1,887 | |||||||||||||
Keystone-Penn | - | - | |||||||||||||
Keystone-TriState | - | - | |||||||||||||
KPG-MCG Curtis JV, L.L.C./ Curtis Center (a) | 2,187 | - | |||||||||||||
Curtis Center TIC I and II LLC / Curtis Center (b) | 61,296 | - | |||||||||||||
Plaza VIII & IX Associates, L.L.C./ Vacant land (parking operations) | 3,848 | 3,702 | |||||||||||||
Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial | 1,883 | 1,930 | |||||||||||||
South Pier at Harborside / Hyatt Regency Jersey City on the Hudson (c) | - | - | |||||||||||||
Stamford SM LLC / Senior Mezzanine Loan | 37,418 | 36,258 | |||||||||||||
Other | 751 | 693 | |||||||||||||
Company's investment in unconsolidated joint ventures | $ | 265,866 | $ | 181,129 | |||||||||||
(a)See discussion in Recent Transactions following in this footnote. | |||||||||||||||
(b)Includes undivided interests in the same manner as investments in noncontrolled partnership, pursuant to ASC 970-323-25-12. See discussion in Recent Transactions following in this footnote. | |||||||||||||||
(c)The negative investment balance for this joint venture of $710 and $1,706 as of June 30, 2014 and December 31, 2013, respectively, were included in accounts payable, accrued expenses and other liabilities. | |||||||||||||||
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 six months ended June 30, 2014 and 2013: (dollars in thousands) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Total revenues | $ | 113,118 | $ | 91,274 | $ | 144,111 | $ | 103,693 | |||||||
Operating and other expenses | -96,605 | -81,321 | -114,958 | -89,268 | |||||||||||
Depreciation and amortization | -8,213 | -10,083 | -16,581 | -13,174 | |||||||||||
Interest expense | -8,786 | -3,310 | -15,127 | -5,322 | |||||||||||
Net income (loss) | $ | -486 | $ | -3,440 | $ | -2,555 | $ | -4,071 | |||||||
The following is a summary of the Company’s equity in earnings (loss) of unconsolidated joint ventures for the three and six months ended June 30, 2014 and 2013: (dollars in thousands) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
Entity / Property Name | 2014 | 2013 | 2014 | 2013 | |||||||||||
Marbella RoseGarden, L.L.C./ Marbella | $ | -9 | $ | -165 | $ | -15 | $ | -276 | |||||||
RoseGarden Monaco Holdings, L.L.C./ Monaco (North and South) | -238 | -423 | -515 | -822 | |||||||||||
Rosewood Lafayette Holdings, L.L.C./ Highlands at Morristown Station | -203 | -284 | -419 | -574 | |||||||||||
PruRose Port Imperial South 15, LLC /RiversEdge at Port Imperial | - | - | - | -606 | |||||||||||
Rosewood Morristown, L.L.C. / Metropolitan at 40 Park | -76 | -117 | -174 | -241 | |||||||||||
Overlook Ridge JV, L.L.C./ Quarrystone | - | - | - | - | |||||||||||
Overlook Ridge JV 2C/3B, L.L.C./Overlook Ridge 2C & 3B | - | 224 | 62 | 151 | |||||||||||
PruRose Riverwalk G, L.L.C./ RiverTrace at Port Imperial | -613 | -192 | -1,151 | -378 | |||||||||||
Elmajo Urban Renewal Associates, LLC / Lincoln Harbor (Bldg A&C) | -91 | -82 | -203 | -168 | |||||||||||
Crystal House Apartments Investors LLC / Crystal House | 53 | -1,535 | -274 | -1,522 | |||||||||||
Portside Master Company, L.L.C./ Portside at Pier One - Bldg 7 | -220 | -68 | -434 | -113 | |||||||||||
PruRose Port Imperial South 13, LLC / Port Imperial Bldg 13 | -213 | -145 | -418 | -278 | |||||||||||
Roseland/Port Imperial Partners, L.P./ Riverwalk C | -180 | - | -345 | - | |||||||||||
RoseGarden Marbella South, L.L.C./ Marbella II | - | -19 | - | -37 | |||||||||||
Estuary Urban Renewal Unit B, LLC / Lincoln Harbor (Bldg B) | - | -34 | -15 | -63 | |||||||||||
Riverpark at Harrison I, L.L.C./ Riverpark at Harrison | - | - | - | - | |||||||||||
Capitol Place Mezz LLC / Station Townhouses | - | - | - | - | |||||||||||
Harborside Unit A Urban Renewal, L.L.C. / URL Harborside (a) | -212 | - | -212 | - | |||||||||||
Overlook Ridge, L.L.C./Overlook Ridge Land | -213 | - | -259 | - | |||||||||||
RoseGarden Monaco, L.L.C./ San Remo Land | - | - | - | - | |||||||||||
Grand Jersey Waterfront URA, L.L.C./ Liberty Landing | -16 | - | -54 | - | |||||||||||
Red Bank Corporate Plaza, L.L.C./ Red Bank | 106 | 106 | 205 | 207 | |||||||||||
12 Vreeland Associates, L.L.C./ 12 Vreeland Road | 54 | 116 | 144 | 24 | |||||||||||
BNES Associates III / Offices at Crystal Lake | 110 | -2 | 147 | -71 | |||||||||||
Hillsborough 206 Holdings, L.L.C./ Hillsborough 206 | - | - | -5 | - | |||||||||||
KPG-P 100 IMW JV, LLC / 100 Independence Mall West | -483 | - | -1,136 | - | |||||||||||
Keystone-Penn | - | - | - | - | |||||||||||
Keystone-TriState | - | - | - | - | |||||||||||
KPG-MCG Curtis JV, L.L.C./ TIC I and II LLC / Curtis Center (b) | 251 | - | 251 | - | |||||||||||
Plaza VIII & IX Associates, L.L.C./ Vacant land (parking operations) | 44 | 19 | 146 | 28 | |||||||||||
Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial | -23 | -83 | -47 | -132 | |||||||||||
South Pier at Harborside / Hyatt Regency Jersey City on the Hudson | 892 | 1,056 | 1,290 | 545 | |||||||||||
Stamford SM LLC / Senior Mezzanine Loan | 928 | 897 | 1,844 | 1,782 | |||||||||||
Other | 795 | 651 | 795 | 714 | |||||||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ | 443 | $ | -80 | $ | -792 | $ | -1,830 | |||||||
(a)See discussion in Recent Transactions following in this footnote. | |||||||||||||||
(b)Includes undivided interests in the same manner as investments in noncontrolled partnership, pursuant to ASC 970-323-25-12. See discussion in Recent Transactions following in this footnote. | |||||||||||||||
Recent Transactions | |||||||||||||||
Harborside Unit A Urban Renewal, L.L.C. | |||||||||||||||
Pursuant to a developer agreement entered into in December 2011, on May 21, 2014, the Company entered into a joint venture agreement with Ironstate Harborside-A LLC (“ISA”) to form Harborside Unit A Urban Renewal, L.L.C. (“URL-Harborside”), a newly-formed joint venture that will develop, own and operate a high-rise tower of approximately 763 multi-family apartment units above a parking pedestal to be located on land contributed by the Company at its Harborside complex in Jersey City, New Jersey (the “URL Project”). The construction of the URL Project is estimated to cost a total of approximately $320 million and is projected to be ready for occupancy by the fourth quarter of 2016. The URL Project has been awarded up to $33 million in future tax credits (“URL Tax Credits”), subject to certain conditions, from the New Jersey Economic Development Authority. The venture has an agreement to sell these credits, subject to certain conditions. The Company currently expects that it will fund approximately $88 million of the development costs of the project net of future financing. | |||||||||||||||
The Company owns an 85 percent interest in URL-Harborside and the remaining interest owned by ISA, with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines. Upon entering into the joint venture, the Company’s initial contribution was $30.6 million, which included a capital credit of $30 per approved developable square foot for its contributed land aggregating approximately $20.6 million with the balance consisting of previously incurred development costs, and ISA’s initial contribution was approximately $5.4 million. Included in the Company’s investment in the joint venture is the land contribution with a carrying amount of $5.5 million. | |||||||||||||||
In general, the operating agreement of URL-Harborside provides that net operating cash flows are distributed first, to the members in respect of preferred return, as defined, until each member shall have received payment of the accrued and unpaid preferred return; and, thereafter, to each member as follows: 75 percent to the Company and 25 percent to ISA. | |||||||||||||||
Net cash flows from a capital event are distributed first, to the members in respect of preferred return, as defined, until each member shall have received payment of the accrued and unpaid preferred return; second, to the members pro rata based upon the ratio that their respective capital accounts bear to each other until each member shall have received their respective net capital, as defined; third, to the members at the rate of 75 percent to the Company and 25 percent to ISA until the Company shall have received distributions equal to an 18 percent internal rate of return on the Company’s capital contributions; and, thereafter, to the members, at the rate of 65 percent to the Company and 35 percent to ISA. | |||||||||||||||
KPG-MCG Curtis JV, LLC / Curtis Center TIC I and II, L.L.C. | |||||||||||||||
On June 6, 2014, the Company and an affiliate of Keystone Property Group (“KPG”) acquired 50 percent tenants-in-common interests each for $62.5 million in Curtis Center, an 885,000 square foot commercial office property located at 601 Walnut Street in Philadelphia, Pennsylvania (the “Curtis Center Property”), which amounted to a total purchase of approximately $125.0 million for the property. In connection with the transaction, the Company provided short-term loans to KPG affiliates, as follows: a 90-day, $52.3 million loan which bears interest at an annual rate of 3.5 percent payable at maturity, which is collateralized by the KPG affiliates’ interest in the Curtis Center Property; and a 90-day, $10 million loan which also bears interest at an annual rate of 3.5 percent payable at maturity. The investments were funded by the Company primarily through borrowing under its revolving credit facility. The venture plans to reposition the property into a mixed-use environment by converting a portion of existing office space into multi-family rental apartments. | |||||||||||||||
Simultaneous with the acquisition of the Curtis Center Property, the Company and a KPG affiliate formed a new joint venture named KPG-MCG Curtis JV, LLC (the “Curtis Center JV”), which master leased the Curtis Center Property from the acquisition entities for approximately 29 years at market-based terms. The Company and the KPG affiliate both own a 50 percent interest in the Curtis Center JV, with shared control over major decisions. | |||||||||||||||
In general, the operating agreement of the Curtis Center JV provides that net cash flows from operations and capital events are distributed first, to the members, pro rata in proportion to their unreturned capital contributions, until each member’s unreturned capital contributions have been reduced to zero; and, thereafter, to each member, pro rata, in accordance with their percentage interests. | |||||||||||||||
Deferred_Charges_Goodwill_And_
Deferred Charges, Goodwill And Other Assets | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Deferred Charges, Goodwill And Other Assets [Abstract] | ' | |||||
Deferred Charges, Goodwill And Other Assets | ' | |||||
5. DEFERRED CHARGES, GOODWILL AND OTHER ASSETS | ||||||
June 30, | December 31, | |||||
(dollars in thousands) | 2014 | 2013 | ||||
Deferred leasing costs | $ | 227,930 | $ | 258,648 | ||
Deferred financing costs | 21,916 | 25,366 | ||||
249,846 | 284,014 | |||||
Accumulated amortization | -112,249 | -131,669 | ||||
Deferred charges, net | 137,597 | 152,345 | ||||
Notes receivable (1) | 83,889 | 21,986 | ||||
In-place lease values, related intangibles and other assets, net | 9,515 | 13,659 | ||||
Goodwill | 2,945 | 2,945 | ||||
Prepaid expenses and other assets, net | 32,814 | 27,584 | ||||
Total deferred charges, goodwill and other assets | $ | 266,760 | $ | 218,519 | ||
(1)Includes: a mortgage receivable for $10.4 million which bears interest at LIBOR plus six percent; a note receivable for $7.8 million which bears interest at eight percent; notes receivable for $62.3 million which bear interest at 3.5 percent (See Note 4: Unconsolidated joint ventures – Recent Transactions); and an interest-free note receivable with a net present value of $3.4 million as of June 30, 2014. . | ||||||
Restricted_Cash
Restricted Cash | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Restricted Cash [Abstract] | ' | |||||
Restricted Cash | ' | |||||
6. RESTRICTED CASH | ||||||
Restricted cash generally includes tenant and resident security deposits for certain of the Company’s properties, and escrow and reserve funds for debt service, real estate taxes, property insurance, capital improvements, tenant improvements, and leasing costs established pursuant to certain mortgage financing arrangements, and is comprised of the following: (dollars in thousands) | ||||||
June 30, | December 31, | |||||
2014 | 2013 | |||||
Security deposits | $ | 8,782 | $ | 8,534 | ||
Escrow and other reserve funds | 17,623 | 11,260 | ||||
Total restricted cash | $ | 26,405 | $ | 19,794 | ||
Discontinued_Operations
Discontinued Operations | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Discontinued Operations [Abstract] | ' | |||||
Discontinued Operations | ' | |||||
7. DISCONTINUED OPERATIONS | ||||||
On January 1, 2014, the Company early adopted the new discontinued operations standard and as the properties sold in the six months ended June 30, 2014 will not represent a strategic shift (as the Company is not entirely exiting markets or property types), they have not been reflected as part of discontinued operations. See Note 3: Real Estate Transactions – Sales. | ||||||
The Company disposed of 24 office properties located in New York, New Jersey, Pennsylvania and Connecticut aggregating 3 million square feet and three developable land parcels for total net sales proceeds of approximately $390.6 million during the year ended December 31, 2013. The Company has presented these properties as discontinued operations in its statements of operations for the three and six months ended June 30, 2013. | ||||||
The following table summarizes income from discontinued operations for the three and six months ended June 30, 2013: (dollars in thousands) | ||||||
Three Months Ended | Six Months Ended | |||||
June 30, | June 30, | |||||
2013 | 2013 | |||||
Total revenues | $ | 12,333 | $ | 27,205 | ||
Operating and other expenses | -4,778 | -10,982 | ||||
Depreciation and amortization | -2,989 | -6,442 | ||||
Interest expense | -36 | -118 | ||||
Income from discontinued operations | 4,530 | 9,663 | ||||
Loss from early extinguishment of debt | -703 | -703 | ||||
Impairments (1) | -23,851 | -23,851 | ||||
Realized gains on disposition of rental property | 37,609 | 37,609 | ||||
Realized gains (losses) and unrealized losses on | ||||||
disposition of rental property and impairments, net | 13,758 | 13,758 | ||||
Total discontinued operations | $ | 17,585 | $ | 22,718 | ||
(1)Represents impairment charges recorded on certain properties prior to their sale. | ||||||
Senior_Unsecured_Notes
Senior Unsecured Notes | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Debt Disclosure [Abstract] | ' | |||||||||
Senior Unsecured Notes | ' | |||||||||
8. SENIOR UNSECURED NOTES | ||||||||||
A summary of the Company’s senior unsecured notes as of June 30, 2014 and December 31, 2013 is as follows: (dollars in thousands) | ||||||||||
June 30, | December 31, | Effective | ||||||||
2014 | 2013 | Rate (1) | ||||||||
5.125% Senior Unsecured Notes, due February 15, 2014 (2) | - | $ | 200,030 | 5.110 | % | |||||
5.125% Senior Unsecured Notes, due January 15, 2015 | $ | 149,948 | 149,902 | 5.297 | % | |||||
5.800% Senior Unsecured Notes, due January 15, 2016 | 200,123 | 200,161 | 5.806 | % | ||||||
2.500% Senior Unsecured Notes, due December 15, 2017 | 249,003 | 248,855 | 2.803 | % | ||||||
7.750% Senior Unsecured Notes, due August 15, 2019 | 248,906 | 248,799 | 8.017 | % | ||||||
4.500% Senior Unsecured Notes, due April 18, 2022 | 299,535 | 299,505 | 4.612 | % | ||||||
3.150% Senior Unsecured Notes, due May 15, 2023 | 269,626 | 269,323 | 3.517 | % | ||||||
Total senior unsecured notes | $ | 1,417,141 | $ | 1,616,575 | ||||||
(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)On February 17, 2014, the Company repaid these notes at their maturity using available cash and borrowings on the Company’s unsecured revolving credit facility. | ||||||||||
The terms of the Company’s senior unsecured notes include certain restrictions and covenants which require compliance with financial ratios relating to the maximum amount of debt leverage, the maximum amount of secured indebtedness, the minimum amount of debt service coverage and the maximum amount of unsecured debt as a percent of unsecured assets. The Company was in compliance with its debt covenants as of June 30, 2014. | ||||||||||
Unsecured_Revolving_Credit_Fac
Unsecured Revolving Credit Facility | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
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 (60 percent), the maximum amount of secured indebtedness (40 percent), the minimum amount of fixed charge coverage (1.5 times), the maximum amount of unsecured indebtedness (60 percent), the minimum amount of unencumbered property interest coverage (2.0 times) and certain investment limitations (generally 15 percent of total capitalization). If an event of default has occurred and is continuing, the Company will not make any excess distributions except to enable the Company to continue to qualify as a REIT under the Code. The Company was in compliance with its debt covenants as of June 30, 2014. | |||||
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 June 30, 2014, the Company had outstanding borrowings of $56 million under its unsecured revolving credit facility and no outstanding borrowings as of December 31, 2013. | |||||
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 June 30, 2014 and December 31, 2013, the Company had no outstanding borrowings under the Money Market Loan. | |||||
Mortgages_Loans_Payable_And_Ot
Mortgages, Loans Payable And Other Obligations | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
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 June 30, 2014, 27 of the Company’s properties, with a total book value of approximately $879 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. Except as noted below, the Company was in compliance with its debt covenants as of June 30, 2014. | |||||||||||||
A summary of the Company’s mortgages, loans payable and other obligations as of June 30, 2014 and December 31, 2013 is as follows: (dollars in thousands) | |||||||||||||
Effective | June 30, | December 31, | |||||||||||
Property Name | Lender | Rate (a) | 2014 | 2013 | Maturity | ||||||||
6301 Ivy Lane (b) | RGA Reinsurance Company | 5.520 | % | $ | - | $ | 5,447 | - | |||||
395 West Passaic (c) | State Farm Life Insurance Co. | 6.004 | % | - | 9,719 | - | |||||||
35 Waterview Boulevard (d) | Wells Fargo CMBS | 6.348 | % | - | 18,417 | - | |||||||
233 Canoe Brook Road (e) | The Provident Bank | 4.375 | % | - | 3,877 | - | |||||||
6 Becker, 85 Livingston, | Wells Fargo CMBS | 10.220 | % | 64,829 | 64,233 | 8/11/2014 (l) | |||||||
75 Livingston & | |||||||||||||
20 Waterview (f) | |||||||||||||
4 Sylvan | Wells Fargo CMBS | 10.190 | % | 14,565 | 14,538 | 8/11/2014 (l) | |||||||
10 Independence (g) | Wells Fargo CMBS | 12.440 | % | 16,850 | 16,638 | 8/11/14 | |||||||
Port Imperial South 4/5 | Wells Fargo Bank N.A. | LIBOR+3.50 | % | 36,950 | 36,950 | 8/30/14 | |||||||
9200 Edmonston Road (h) | Principal Commercial Funding L.L.C. | 5.534 | % | 4,026 | 4,115 | 5/1/15 | |||||||
Port Imperial South | Wells Fargo Bank N.A. | LIBOR+1.75 | % | 43,697 | 43,278 | 9/19/15 | |||||||
4 Becker | Wells Fargo CMBS | 9.550 | % | 39,108 | 38,820 | 5/11/16 | |||||||
5 Becker (i) | Wells Fargo CMBS | 12.830 | % | 13,467 | 13,092 | 5/11/16 | |||||||
210 Clay | Wells Fargo CMBS | 13.420 | % | 13,039 | 12,767 | 5/11/16 | |||||||
Various (j) | Prudential Insurance | 6.332 | % | 146,532 | 147,477 | 1/15/17 | |||||||
150 Main St. | Webster Bank | LIBOR+2.35 | % | 217 | - | 3/30/17 | |||||||
23 Main Street | JPMorgan CMBS | 5.587 | % | 29,529 | 29,843 | 9/1/18 | |||||||
Harborside Plaza 5 | The Northwestern Mutual Life | 6.842 | % | 223,381 | 225,139 | 11/1/18 | |||||||
Insurance Co. & New York Life | |||||||||||||
Insurance Co. | |||||||||||||
100 Walnut Avenue | Guardian Life Insurance Co. | 7.311 | % | 18,669 | 18,792 | 2/1/19 | |||||||
One River Center (k) | Guardian Life Insurance Co. | 7.311 | % | 42,768 | 43,049 | 2/1/19 | |||||||
Park Square | Wells Fargo Bank N.A. | LIBOR+1.75 | % | 27,500 | - | 4/10/19 | |||||||
Total mortgages, loans payable and other obligations | $ | 735,127 | $ | 746,191 | |||||||||
(a) | Reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable. | ||||||||||||
(b) | On April 1, 2014, the Company repaid the mortgage loan at par, using available cash. | ||||||||||||
(c) | On May 1, 2014, the Company repaid the mortgage loan at par, using available cash. | ||||||||||||
(d) | On May 12, 2014, the Company repaid the mortgage loan at par, using borrowings on the Company’s unsecured revolving credit facility. | ||||||||||||
(e) | On April 30, 2014, the Company repaid the mortgage loan at par, using available cash. | ||||||||||||
(f) | Mortgage is cross collateralized by the four properties. | ||||||||||||
(g) | The Company is negotiating a deed-in-lieu of foreclosure in satisfaction of this mortgage loan. | ||||||||||||
(h) | The mortgage loan originally matured on May 1, 2013. The maturity date was extended until May 1, 2015 with the same interest rate. Excess cash flow, as defined, is being held by the lender for re-leasing costs. The deed for the property was placed in escrow and is available to the lender in the event of default or non-payment at maturity. | ||||||||||||
(i) | 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 deed-in-lieu of foreclosure and began remitting available cash flow to the lender effective August 2013. | ||||||||||||
(j) | Mortgage is cross collateralized by seven properties. The Operating Partnership has agreed, subject to certain conditions, to guarantee repayment of a portion of the loan. | ||||||||||||
(k) | Mortgage is collateralized by the three properties comprising One River Center. | ||||||||||||
(l)The Company has begun discussions with the lender to extend the maturity date and modify the loan terms. | |||||||||||||
CASH PAID FOR INTEREST AND INTEREST CAPITALIZED | |||||||||||||
Cash paid for interest for the six months ended June 30, 2014 and 2013 was $61,999,000 and $60,838,000, respectively. Interest capitalized by the Company for the six months ended June 30, 2014 and 2013 was $6,493,000 and $6,748,000, respectively (of which these amounts included $1,953,000 and $584,000 for the six months ended June 30, 2014 and 2013, respectively, for interest capitalized on the Company’s investments in unconsolidated joint ventures which were substantially in development). | |||||||||||||
SUMMARY OF INDEBTEDNESS | |||||||||||||
As of June 30, 2014, the Company’s total indebtedness of $2,208,268,000 (weighted average interest rate of 5.51 percent) was comprised of $164,363,000 of revolving credit facility borrowings and other variable rate mortgage debt (weighted average rate of 2.11 percent) and fixed rate debt and other obligations of $2,043,905,000 (weighted average rate of 5.78 percent). | |||||||||||||
As of December 31, 2013, the Company’s total indebtedness of $2,362,766,000 (weighted average interest rate of 5.62 percent) was comprised of $80,228,000 of variable rate mortgage debt (weighted average rate of 2.74 percent) and fixed rate debt and other obligations of $2,282,538,000 (weighted average rate of 5.72 percent). | |||||||||||||
Employee_Benefit_401k_Plans_An
Employee Benefit 401(k) Plans And Deferred Retirement Compensation Agreements | 6 Months Ended |
Jun. 30, 2014 | |
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 June 30, 2014 and 2013 was $27,000 and $29,000, respectively and $53,000 and $67,000 for the six months ended June 30, 2014 and 2013, 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 was to 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. In connection with Messrs. Lefkowitz and Thomas’ separation from service to the Company effective March 31, 2014, the Company agreed to make cash payments totaling $1.2 million for all vested and unvested Stock Units and future cash contributions pursuant to their respective Deferred Retirement Compensation Agreements (see Note 13: Commitments and Contingencies – Departure of Executive Vice Presidents). The annual contribution for Mr. Hersh will be in an amount of Stock Units equal to $500,000. 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, Mr. Hersh 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 to Mr. Hersh within 30 days after the earliest of any of the following triggering events: (a) Mr. Hersh’s death or disability; (b) the date of Mr. Hersh’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 Mr. Hersh’s employment agreement. 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. The Company granted 36,218 Stock Units, including 836 additional Stock Units on accrued dividends, in the six months ended June 30, 2014. Total expense recognized by the Company under the Deferred Retirement Compensation Agreements for the three months ended June 30, 2014 and 2013 was $142,000 and $153,000, respectively, and $1.3 million (see Note 13: Commitments and Contingencies – Departure of Executive Vice Presidents) and $341,000 for the six months ended June 30, 2014 and 2013, respectively. | |
Disclosure_Of_Fair_Value_Of_Fi
Disclosure Of Fair Value Of Financial Instruments | 6 Months Ended |
Jun. 30, 2014 | |
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 June 30, 2014 and December 31, 2013. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. | |
Cash equivalents, receivables, notes receivables, accounts payable, and accrued expenses and other liabilities are carried at amounts which reasonably approximate their fair values as of June 30, 2014 and December 31, 2013. | |
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 $2,261,079,000 and $2,407,802,000 as compared to the book value of approximately $2,208,268,000 and $2,362,766,000 as of June 30, 2014 and December 31, 2013, 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 June 30, 2014 and December 31, 2013. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since June 30, 2014 and current estimates of fair value may differ significantly from the amounts presented herein. | |
Commitments_And_Contingencies
Commitments And Contingencies | 6 Months Ended | ||
Jun. 30, 2014 | |||
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 and has tax abatement agreements on other properties, as follows: | |||
The Harborside Plaza 4-A agreement with the City of Jersey City, as amended, which commenced in 2002, is for a term of 20 years. The annual PILOT is equal to two percent of Total Project Costs, as defined. Total Project Costs are $49.5 million. The PILOT totaled $247,000 and $247,000 for the three months ended June 30, 2014 and 2013, respectively, and $495,000 and $495,000 for the six months ended June 30, 2014 and 2013, respectively. | |||
The Harborside Plaza 5 agreement, also with the City of Jersey City, as amended, which commenced in 2002, is for a term of 20 years. The annual PILOT is equal to two percent of Total Project Costs, as defined. Total Project Costs are $170.9 million. The PILOT totaled $854,000 and $854,000 for the three months ended June 30, 2014 and 2013, respectively, and $1.7 million and $1.7 million for the six months ended June 30, 2014 and 2013, respectively. | |||
The agreement with the City of Weehawken for its Port Imperial 4/5 garage development project (acquired in the Roseland Transaction) was executed in March 2011 and has a term of five years beginning when the project is substantially complete, which occurred 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. | |||
The agreement with the City of Rahway for its Park Square multi-family rental property executed in 2009 provides that real estate taxes will be partially abated, on a declining scale, for four years from 2011 through 2015. | |||
At the conclusion of the above-referenced agreements, it is expected that the properties will be assessed by the municipality and be subject to real estate taxes at the then prevailing rates. | |||
LITIGATION | |||
The Company is a defendant in litigation arising in the normal course of its business activities. Management does not believe that the ultimate resolution of these matters will have a materially adverse effect upon the Company’s financial condition taken as whole. | |||
GROUND LEASE AGREEMENTS | |||
Future minimum rental payments under the terms of all non-cancelable ground leases under which the Company is the lessee, as of June 30, 2014, are as follows: (dollars in thousands) | |||
Year | Amount | ||
July 1 through December 31, 2014 | $ | 184 | |
2015 | 371 | ||
2016 | 371 | ||
2017 | 267 | ||
2018 | 232 | ||
2019 through 2084 | 15,819 | ||
Total | $ | 17,244 | |
Ground lease expense incurred by the Company during the three months ended June 30, 2014 and 2013 amounted to $102,000 and $102,000, respectively, and $203,000 and $203,000 for the six months ended June 30, 2014 and 2013, respectively. | |||
ROSELAND CONTINGENT CONSIDERATION | |||
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 up to 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 period ended June 30, 2014, the Company recognized benefits of $380,000 related to a decline in fair value in the Earn Out liability, which is included in Interest and other investment income for the period. 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). The measures of the Earn Out are based on significant inputs that are not observable in the market, which ASC 820 refers to as Level 3 inputs. In addition to an appropriate discount rate, the key assumption affecting the valuation for the Roseland Assets component was the probability of occurrence of the payment events under the relevant provisions (management assumed between 92 and 99 percent for completion/start criteria and 50 percent for the tax credit/grant criteria in its initial valuation). The valuation of the TRS component includes assumptions for the risk-free rate and various other factors (i.e., stock price, dividend levels and volatility) for the Company and the relevant peer group, as defined in the Earn Out agreement. As a result of the achievement of certain of the defined criteria, the Company paid Roseland Partners $2.8 million on January 25, 2013 and $1.4 million on March 21, 2014 related to the Roseland Assets component of the Earn Out. On July 18, 2014, the Company agreed to pay $1 million of the $3 million Earn Out related to certain tax credits/grants. See Roseland Transaction Modifications following in this Note. The Company previously recorded the $2.8 million payment of contingent consideration described above in the six-month period ended June 30, 2013 as a cash out flow from investing activity. Management subsequently concluded that the payment should be appropriately classified as a cash out flow from financing activity and had reflected it as such in the annual financial statements for 2013. The cash flow statement for the six month period ended June 30, 2013 presented herein has been revised to reflect this change in classification. The Company has determined that the impact to the 2013 quarterly financial statements is not material. The cash flow statements for the nine-month period ended September 30, 2013 will be revised in the future filing. | |||
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 Roseland Partners. On July 18, 2014, the Company agreed to release all remaining escrow funds to Roseland Partners. See Roseland Transaction Modifications following in this Note. | |||
DEPARTURE OF EXECUTIVE VICE PRESIDENTS | |||
On March 3, 2014, the Company announced that Barry Lefkowitz was leaving his position as Executive Vice President and Chief Financial Officer of the Company effective March 31, 2014. In connection with Mr. Lefkowitz’s departure, he will receive severance benefits payable pursuant to his employment agreement and outstanding equity compensation awards, including an aggregate cash payment of approximately $3.4 million, vesting of 11,457 newly issued shares of common stock of the Company, and vesting of 68,667 unvested shares of Restricted Stock Awards. The Company also will pay the premiums for the continuation of Mr. Lefkowitz’s existing health insurance for a period up to 48 months following March 31, 2014. | |||
Also on March 3, 2014, the Company announced that Roger W. Thomas was leaving his position as Executive Vice President, General Counsel and Secretary of the Company effective March 31, 2014. In connection with Mr. Thomas’ departure, he will receive severance benefits payable pursuant to his employment agreement and outstanding equity compensation awards, including an aggregate cash payment of approximately $3.1 million, acceleration and discretionary full vesting of 33,605 newly issued shares of common stock of the Company, and vesting of 41,000 unvested shares of Restricted Stock Awards. The Company also will pay the premiums for the continuation of Mr. Thomas’ existing health insurance for a period of up to 48 months following September 30, 2014. Mr. Thomas will serve as a consultant to the Company from April 1, 2014 through September 30, 2014 for an aggregate cash compensation of $300,000. | |||
The Company’s total estimated costs for the departure of the two executive vice presidents of approximately $11 million during the six months ended June 30, 2014 was included in general and administration expense and accounts payable, accrued expenses and other liabilities as of June 30, 2014. | |||
ROSELAND TRANSACTION MODIFICATIONS | |||
On July 18, 2014, the Company entered into separation agreements (the “Separation Agreements”) with each of Bradford R. Klatt and Carl Goldberg, formerly principals of Roseland Partners who have served as co-presidents of Roseland Management since the Company acquired the Roseland Business in October 2012. The Separation Agreements provide that the employment agreements of Messrs. Klatt and Goldberg terminate and that they shall resign as co-presidents of Roseland Management effective October 23, 2014 (the “Separation Date”). Also on July 18, 2014, the Company amended its purchase agreement with the sellers of the Roseland Business (the “Roseland Amendment”) to modify certain terms of the Roseland Transaction in connection with the departures of Messrs. Klatt and Goldberg. In addition, Mr. Goldberg entered into a consulting agreement with Roseland Management (the “Consulting Agreement”) pursuant to which he shall provide consulting services for a period of one year following the Separation Date for $400,000 payable in four, equal quarterly installments. | |||
Pursuant to the Separation Agreements, each of Messrs. Klatt and Goldberg shall receive a separation payment of $750,000 within five days following the Separation Date, and an additional payment of $500,000 in full satisfaction of any and all bonus payments under their respective employment agreements, which amount shall be paid six months after the date of their “separation from service” as defined in Section 409A of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations and other guidance promulgated thereunder. The Separation Agreements also contain customary mutual releases of claims and non-disparagement provisions, and Mr. Goldberg’s Consulting Agreement contains customary non-compete, confidentiality and indemnification covenants. Mr. Goldberg’s Separation Agreement also provides that Roseland Management shall pay the premiums for the continuation of his existing health insurance for a period of one year from the Separation Date or until any earlier termination of his Consulting Agreement. | |||
The Roseland Amendment provides for the following material modifications to the Roseland Transaction: | |||
1.The non-competition covenants as they apply to Messrs. Klatt and Goldberg shall terminate on the Separation Date, and the non-competition covenants as they apply to Marshall Tycher shall be amended to permit Mr. Tycher to invest in certain future, family-controlled business ventures, subject to a right of first offer by the Company to make an investment of at least 50 percent in multi-family properties or projects covered by the right of first offer; | |||
2.The release to the sellers of the Roseland Business of all remaining funds held in the indemnity escrow account and the acceleration of the effectiveness of certain indemnity covenants to the Separation Date; and | |||
3. The payment of $1 million of the $3 million Earn Out related to certain tax credits/grants. | |||
JOINT VENTURE INTERESTS AGREEMENT | |||
On July 23, 2014, the Company entered into an agreement to acquire the equity interests of its joint venture partner in Overlook Ridge, L.L.C., Overlook Ridge JV, L.L.C. and Overlook Ridge JV 2C/3B, L.L.C. for approximately $16.6 million. As a result of this transaction, the Company will increase its ownership to 100 percent of developable land with proposed build-out of approximately 1,167 apartment homes in Malden, Massachusetts; and to 50 percent of its subordinated interests in two operating multi-family properties, also in Malden, Massachusetts. The transaction is expected to close in the third quarter 2014. | |||
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 $123.5 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 current member of its Advisory Board), and the Cali Group (which includes John R. Cali, a former director and current member of its Advisory Board). 115 of the Company’s properties, with an aggregate net book value of approximately $1.4 billion, have lapsed restrictions and are subject to these conditions. | |||
In July 2012, the Company entered into a ground lease with Wegmans Food Markets, Inc. (“Wegmans”) at the Company’s 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 first quarter of 2015. The Company expects to incur costs of approximately $15.7 million for the development of the site through the fourth quarter of 2015 (of which the Company has incurred $6.4 million through June 30, 2014). | |||
Tenant_Leases
Tenant Leases | 6 Months Ended | ||
Jun. 30, 2014 | |||
Tenant Leases [Abstract] | ' | ||
Tenant Leases | ' | ||
14. TENANT LEASES | |||
The Properties are leased to tenants under operating leases with various expiration dates through 2035. Substantially all of the commercial leases provide for annual base rents plus recoveries and escalation charges based upon the tenant’s proportionate share of and/or increases in real estate taxes and certain operating costs, as defined, and the pass‑through of charges for electrical usage. | |||
Future minimum rentals to be received under non-cancelable commercial operating leases at June 30, 2014 are as follows (dollars in thousands): | |||
Year | Amount | ||
July 1 through December 31, 2014 | $ | 243,001 | |
2015 | 451,877 | ||
2016 | 409,744 | ||
2017 | 357,438 | ||
2018 | 274,021 | ||
2019 and thereafter | 1,045,178 | ||
Total | $ | 2,781,259 | |
Multi-family rental property residential leases are excluded from the above table as they generally expire within one year. | |||
MackCali_Realty_Corporation_St
Mack-Cali Realty Corporation Stockholders' Equity | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
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 June 30, 2014 (none of which occurred in the six months ended June 30, 2014 and the year ended December 31, 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 approximately 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 SEC for the approximately 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 were granted under 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 June 30, 2014 and December 31, 2013, the stock options outstanding had a weighted average remaining contractual life of approximately 5.4 and 0.7 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, 2014 | 15,000 | $ | 40.54 | $ | - | ||||||||
Granted | 5,000 | 21.25 | |||||||||||
Lapsed or Cancelled | -10,000 | 38.07 | |||||||||||
Outstanding at June 30, 2014 ($21.25 – $45.47) | 10,000 | $ | 33.36 | $ | - | ||||||||
Options exercisable at June 30, 2014 | 5,000 | ||||||||||||
Available for grant at June 30, 2014 | 4,466,143 | ||||||||||||
The weighted average fair value of options granted during the six months ended June 30, 2014 was $1.71 per option. The fair value of each option grant is estimated on the date of grant using the Black-Scholes model. The following weighted average assumptions are included in the Company’s fair value calculations of stock options granted during the six months ended June 30, 2014: | |||||||||||||
Expected life (in years) | 6 | ||||||||||||
Risk-free interest rate | 1.50 | % | |||||||||||
Volatility | 20.26 | % | |||||||||||
Dividend yield | 5.65 | % | |||||||||||
No cash was received from options exercised under all stock option plans for the three and six months ended June 30, 2014 and 2013, respectively. The total intrinsic value of options exercised during each of the three and six months ended June 30, 2014 and 2013 was zero. The Company has a policy of issuing new shares to satisfy stock option exercises. | |||||||||||||
The Company recognized stock options expense of $1,000 and zero for the three months ended June 30, 2014 and 2013, respectively, and $2,000 and zero for the six months ended June 30, 2014 and 2013, 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 304,816 unvested shares were legally outstanding at June 30, 2014. Of the Restricted Stock Awards issued to executive officers and senior management, 210,000 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 (“Performance Shares”), with the remaining based on time and service. These Performance Shares are not considered granted until the performance goals are set. All currently outstanding and unvested Restricted Stock Awards provided to the officers and certain other employees were issued under the 2013 Plan and 2004 Plan. Currently outstanding and unvested Restricted Stock Awards provided to directors were issued under the 2013 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 targets to be set by the Committee for each year. As the Committee determined that the performance targets for the year ended December 31, 2013 were not satisfied, 63,933 shares due to vest on January 1, 2014 did not vest. Such shares may vest on any subsequent vesting date provided that the performance targets for the subsequent calendar year are met. Amounts recorded as compensation expense pertaining to these shares during the year ended December 31, 2013 were reversed. In connection with the departure of two executive officers effective March 31, 2014, the Company agreed to grant and accelerate vesting of 109,667 shares of Restricted Stock Awards on April 1, 2014. | |||||||||||||
Information regarding the Restricted Stock Awards grant activity is summarized below: | |||||||||||||
Weighted-Average | |||||||||||||
Grant – Date | |||||||||||||
Shares | Fair Value | ||||||||||||
Outstanding at January 1, 2014 (a) | 153,560 | $ | 25.20 | ||||||||||
Granted (b) | 208,589 | 20.83 | |||||||||||
Vested | -183,214 | 22.37 | |||||||||||
Forfeited | -119 | 26.36 | |||||||||||
Outstanding at June 30, 2014 | 178,816 | $ | 23.00 | ||||||||||
(a)Includes 63,933 Performance Shares which were legally granted in 2013 for which the 2013 performance goals were not met, which may be earned if subsequent years’ performance goals are met. | |||||||||||||
(b)Includes 42,000 Performance Shares which were legally granted in 2013 for which the 2014 performance goals were set by the Committee on March 31, 2014. Also includes 87,734 shares which were additionally granted to two executive officers in connection with their departure affective March 31, 2014 and which vested on April 1, 2014. | |||||||||||||
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 “TSR Performance Shares”) for those executive officers in place on such date, each TSR 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 TSR Performance Shares may vest commencing December 31, 2014, with the number of TSR Performance Shares scheduled to be granted annually over the next four years. The vesting of each tranche of TSR 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 TSR Performance Shares in the year ended December 31, 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 TSR Performance Shares in accordance with the terms and conditions of the TSR-Based Awards. In connection with the departure of two executive vice presidents effective March 31, 2014, the Company agreed to vest 357 TSR Performance Shares and to grant and accelerate the vesting of 528 TSR Performance Shares, for which the Company issued 45,062 shares of Common Stock on April 2, 2014. See Note 13: Commitments and Contingencies – Departure of Executive Vice Presidents. | |||||||||||||
As of June 30, 2014, the Company had $2.5 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 1.3 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 six months ended June 30, 2014 and 2013, 10,245 and 10,372 deferred stock units were earned, respectively. As of June 30, 2014 and December 31, 2013, there were 148,208 and 136,440 deferred 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 June 30, 2014 and 2013 in accordance with ASC 260, Earning Per Share: (dollars in thousands, except per share amounts) | |||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
Computation of Basic EPS | 2014 | 2013 | 2014 | 2013 | |||||||||
Income from continuing operations | $ | 57,347 | $ | 8,599 | $ | 39,719 | $ | 16,555 | |||||
Add: Noncontrolling interest in consolidated joint ventures | 290 | 62 | 612 | 124 | |||||||||
Add (deduct): Noncontrolling interest in Operating Partnership | -6,514 | -1,048 | -4,506 | -2,021 | |||||||||
Income from continuing operations available to common shareholders | 51,123 | 7,613 | 35,825 | 14,658 | |||||||||
Income from discontinued operations available to common shareholders | - | 15,458 | - | 19,969 | |||||||||
Net income available to common shareholders | $ | 51,123 | $ | 23,071 | $ | 35,825 | $ | 34,627 | |||||
Weighted average common shares | 88,691 | 87,708 | 88,491 | 87,688 | |||||||||
Basic EPS: | |||||||||||||
Income from continuing operations available to common shareholders | $ | 0.58 | $ | 0.09 | $ | 0.40 | $ | 0.16 | |||||
Income from discontinued operations available to common | |||||||||||||
shareholders | - | 0.17 | - | 0.23 | |||||||||
Net income available to common shareholders | $ | 0.58 | $ | 0.26 | $ | 0.40 | $ | 0.39 | |||||
Three Months Ended | Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
Computation of Diluted EPS | 2014 | 2013 | 2014 | 2013 | |||||||||
Income from continuing operations available to common shareholders | $ | 51,123 | $ | 7,613 | $ | 35,825 | $ | 14,658 | |||||
(Deduct) add: Noncontrolling interest in Operating Partnership | 6,514 | 1,048 | 4,506 | 2,021 | |||||||||
Income from continuing operations for diluted earnings per share | 57,637 | 8,661 | 40,331 | 16,679 | |||||||||
Income from discontinued operations for diluted earnings per share | - | 17,585 | - | 22,718 | |||||||||
Net income available to common shareholders | $ | 57,637 | $ | 26,246 | $ | 40,331 | $ | 39,397 | |||||
Weighted average common shares | 100,023 | 99,895 | 99,964 | 99,892 | |||||||||
Diluted EPS: | |||||||||||||
Income from continuing operations available to common shareholders | $ | 0.58 | $ | 0.09 | $ | 0.40 | $ | 0.16 | |||||
Income from discontinued operations available to common | |||||||||||||
shareholders | - | 0.17 | - | 0.23 | |||||||||
Net income available to common shareholders | $ | 0.58 | $ | 0.26 | $ | 0.40 | $ | 0.39 | |||||
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 | Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Basic EPS shares | 88,691 | 87,708 | 88,491 | 87,688 | |||||||||
Add: Operating Partnership – common units | 11,302 | 12,072 | 11,444 | 12,085 | |||||||||
Restricted Stock Awards | 30 | 115 | 29 | 119 | |||||||||
Diluted EPS Shares | 100,023 | 99,895 | 99,964 | 99,892 | |||||||||
Contingently issuable shares under the TSR Award plan were excluded from the denominator in 2014 and 2013 because the criteria had not been met for the periods ended June 30, 2014 and June 30, 2013. Not included in the computations of diluted EPS were 10,000 and 15,000 stock options as such securities were anti-dilutive during the periods ended June 30, 2014 and 2013, respectively. Unvested restricted stock outstanding as of June 30, 2014 and 2013 were 304,816 and 352,358 shares, respectively. | |||||||||||||
Dividends declared per common share for the three month periods ended June 30, 2014 and 2013 was $0.15 and $0.30 per share, respectively. Dividends declared per common share for the six month periods ended June 30, 2014 and 2013 was $0.45 and $0.60 per share, respectively. | |||||||||||||
Noncontrolling_Interests_In_Su
Noncontrolling Interests In Subsidiaries | 6 Months Ended | |
Jun. 30, 2014 | ||
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 six months ended June 30, 2014: | ||
Common | ||
Units | ||
Balance at January 1, 2014 | 11,864,775 | |
Redemption of common units for shares of common stock | -700,757 | |
Balance at June 30, 2014 | 11,164,018 | |
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 six months ended June 30, 2014, the Company has increased noncontrolling interests in the Operating Partnership and decreased additional paid-in capital in Mack-Cali Realty Corporation stockholders’ equity by approximately $0.2 million as of June 30, 2014. | ||
Noncontrolling Interest Ownership | ||
As of June 30, 2014 and December 31, 2013, the noncontrolling interest common unitholders owned 11.1 percent and 11.9 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 IRR of 10 percent per annum. | ||
Segment_Reporting
Segment Reporting | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Reporting | ' | |||||||||||||||
17. SEGMENT REPORTING | ||||||||||||||||
The Company operates in three business segments: (i) commercial and other real estate, (ii) multi-family real estate, and (iii) multi-family services. The Company provides leasing, property management, acquisition, development, construction and tenant-related services for its commercial and other real estate and multi-family real estate portfolio. The Company’s multi‑family services business also provides similar services for third parties. The Company 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 six months ended June 30, 2014 and 2013. The Company had no long lived assets in foreign locations as of June 30, 2014 and December 31, 2013. 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 each of its real estate segments (commercial and other, and multi-family) and from its multi-family services segment. | ||||||||||||||||
Selected results of operations for the three and six months ended June 30, 2014 and 2013 and selected asset information as of June 30, 2014 and December 31, 2013 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 | Multi-family | Corporate | Total | |||||||||||||
& Other | Multi-family | Services | & Other (d) | Company | ||||||||||||
Total revenues: | ||||||||||||||||
Three months ended: | ||||||||||||||||
30-Jun-14 | $ | 150,877 | $ | 6,329 | $ | 7,403 | (e) | $ | -4,309 | $ | 160,300 | |||||
30-Jun-13 | 155,249 | 3,655 | 6,394 | (f) | 3,048 | 168,346 | ||||||||||
Six months ended: | ||||||||||||||||
30-Jun-14 | 311,450 | 12,132 | 14,351 | (g) | -8,037 | 329,896 | ||||||||||
30-Jun-13 | 313,897 | 4,937 | 11,878 | (h) | 8,547 | 339,259 | ||||||||||
Total operating and | ||||||||||||||||
interest expenses (a): | ||||||||||||||||
Three months ended: | ||||||||||||||||
30-Jun-14 | $ | 72,303 | $ | 3,006 | $ | 8,382 | $ | 29,578 | $ | 113,269 | ||||||
30-Jun-13 | 65,889 | 1,568 | 7,657 | 38,888 | 114,002 | |||||||||||
Six months ended: | ||||||||||||||||
30-Jun-14 | 159,236 | 5,705 | 18,541 | 70,791 | 254,273 | |||||||||||
30-Jun-13 | 136,282 | 2,104 | 15,132 | 78,343 | 231,861 | |||||||||||
Equity in earnings (loss) of | ||||||||||||||||
unconsolidated joint ventures: | ||||||||||||||||
Three months ended: | ||||||||||||||||
30-Jun-14 | $ | 1,829 | $ | -2,255 | $ | 869 | $ | - | $ | 443 | ||||||
30-Jun-13 | 2,845 | -2,925 | - | - | -80 | |||||||||||
Six months ended: | ||||||||||||||||
30-Jun-14 | 2,817 | -4,478 | 869 | - | -792 | |||||||||||
30-Jun-13 | 3,230 | -5,060 | - | - | -1,830 | |||||||||||
Net operating income (loss) (b): | ||||||||||||||||
Three months ended: | ||||||||||||||||
30-Jun-14 | $ | 80,403 | $ | 1,068 | $ | -110 | $ | -33,887 | $ | 47,474 | ||||||
30-Jun-13 | 92,205 | -838 | -1,263 | -35,840 | 54,264 | |||||||||||
Six months ended: | ||||||||||||||||
30-Jun-14 | 155,031 | 1,949 | -3,321 | -78,828 | 74,831 | |||||||||||
30-Jun-13 | 180,845 | -2,227 | -3,254 | -69,796 | 105,568 | |||||||||||
Total assets: | ||||||||||||||||
30-Jun-14 | $ | 3,796,166 | $ | 398,190 | $ | 9,004 | $ | 151,412 | $ | 4,354,772 | ||||||
31-Dec-13 | 3,886,574 | 377,237 | 10,488 | 241,029 | 4,515,328 | |||||||||||
Total long-lived assets (c): | ||||||||||||||||
30-Jun-14 | $ | 3,421,351 | $ | 277,734 | $ | 3,923 | $ | 3,479 | $ | 3,706,487 | ||||||
31-Dec-13 | 3,620,494 | 240,501 | 3,468 | 3,730 | 3,868,193 | |||||||||||
Total investments in | ||||||||||||||||
unconsolidated joint ventures: | ||||||||||||||||
30-Jun-14 | $ | 116,829 | $ | 148,286 | $ | 751 | $ | - | $ | 265,866 | ||||||
31-Dec-13 | 53,160 | 127,276 | 693 | - | 181,129 | |||||||||||
(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 and goodwill. | ||||||||||||||||
(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 $935 of fees earned for this period from the multi-family real estate segment, which are eliminated in consolidation. | ||||||||||||||||
(f)Includes $571 of fees earned for this period from the multi-family real estate segment, which are eliminated in consolidation. | ||||||||||||||||
(g)Includes $1,800 of fees earned for this period from the multi-family real estate segment, which are eliminated in consolidation. | ||||||||||||||||
(h)Includes $767 of fees earned for this period from the multi-family 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 | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net operating income | $ | 47,474 | $ | 54,264 | $ | 74,831 | $ | 105,568 | ||||||||
Less: | ||||||||||||||||
Depreciation and amortization | -44,711 | -45,665 | -89,696 | -89,013 | ||||||||||||
Realized gains and unrealized losses on disposition of | ||||||||||||||||
rental property, net | 54,584 | - | 54,584 | - | ||||||||||||
Income from continuing operations | 57,347 | 8,599 | 39,719 | 16,555 | ||||||||||||
Discontinued operations: | ||||||||||||||||
Income from discontinued operations | - | 4,530 | - | 9,663 | ||||||||||||
Loss from early extinguishment of debt | - | -703 | - | -703 | ||||||||||||
Realized gains and unrealized losses on disposition of | ||||||||||||||||
rental property, net | - | 13,758 | - | 13,758 | ||||||||||||
Total discontinued operations | - | 17,585 | - | 22,718 | ||||||||||||
Net income | 57,347 | 26,184 | 39,719 | 39,273 | ||||||||||||
Noncontrolling interest in consolidated joint ventures | 290 | 62 | 612 | 124 | ||||||||||||
Noncontrolling interest in Operating Partnership | -6,514 | -1,048 | -4,506 | -2,021 | ||||||||||||
Noncontrolling interest in discontinued operations | - | -2,127 | - | -2,749 | ||||||||||||
Net income available to common shareholders | $ | 51,123 | $ | 23,071 | $ | 35,825 | $ | 34,627 | ||||||||
Significant_Accounting_Policie1
Significant Accounting Policies (Policy) | 6 Months Ended | |||
Jun. 30, 2014 | ||||
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 $0.9 million and $0.9 million for the three months ended June 30, 2014 and 2013, respectively, and $1.8 and $1.7 million for the six months ended June 30, 2014 and 2013, respectively. Included in total rental property is construction, tenant improvement and development in-progress of $44.2 million and $40.8 million as of June 30, 2014 and December 31, 2013, 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 substantial 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. | ||||
Rental Property Held For Sale | ' | |||
Rental Property | ||||
Held for Sale | ||||
When assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the sales price, net of selling costs, of such assets. 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. | ||||
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 extent 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 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 $759,000 and $809,000 for the three months ended June 30, 2014 and 2013, respectively, $1,528,000 and $1,582,000 for the six months ended June 30, 2014 and 2013, respectively. If a financing obligation is extinguished early, any unamortized deferred financing costs are written off and included in gains (loss) from early extinguishment of debt. | ||||
Deferred Leasing Costs | ' | |||
Deferred | ||||
Leasing CostsCosts incurred in connection with commercial 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 related to commercial leases, which is capitalized and amortized, approximated $845,000 and $1,033,000 for the three months ended June 30, 2014 and 2013, respectively, and $1,876,000 and $2,206,000 for the six months ended June 30, 2014 and 2013, 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. Goodwill is allocated to various reporting units, as applicable. Each of the Company’s segments consists of a reporting unit. Goodwill is not amortized. Management performs an annual impairment test for goodwill during the fourth quarter and between annual tests, management evaluates the recoverability of goodwill whenever events or changes in circumstances indicate that the carrying amount of goodwill may not be fully recoverable. In its impairment tests of goodwill, management first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If based on this assessment, management determines that the fair value of the reporting unit is not less than its carrying amount, then performing the additional two-step impairment test is unnecessary. If the carrying amount of goodwill exceeds its fair value, an impairment charge is recognized. | ||||
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. | ||||
Parking income includes income from parking spaces leased to tenants and others. | ||||
Other income includes income from tenants for additional services arranged for by the Company and income from tenants for early lease terminations. | ||||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2014-09 Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption is not permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2014-09 will have on the Company’s financial position or results of operations. | ||||
Allowance For Doubtful Accounts | ' | |||
Allowance for | ||||
Doubtful AccountsManagement performs a detailed review of amounts due from tenants to determine if an allowance for doubtful accounts is required based on factors affecting the collectability of the accounts receivable balances. The factors considered by management in determining which individual tenant receivable balances, or aggregate receivable balances, require a collectability allowance include the age of the receivable, the tenant’s payment history, the nature of the charges, any communications regarding the charges and other related information. Management’s estimate of 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 (determined by excluding any net capital gains) to its shareholders. If and to the extent the Company retains and does not distribute any net capital gains, the Company will be required to pay federal, state and local taxes on such net capital gains at the rate applicable to capital gains of a corporation. 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. The Company has conducted business through its TRS entities for certain property management, development, construction and other related services, as well as to hold a joint venture interest in a hotel and other matters. As of June 30, 2014, the Company had a deferred tax asset with a balance of approximately $14.1 million which has been fully reserved for through a valuation allowance. 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 June 30, 2014, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are generally from the year 2009 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 from continuing operations 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 June 30, 2014 represents dividends payable to common shareholders (88,730,563 shares) and distributions payable to noncontrolling interest common unitholders of the Operating Partnership (11,161,018 common units) for all such holders of record as of July 3, 2014 with respect to the second quarter 2014. The second quarter 2014 common stock dividends and common unit distributions of $0.15 per common share and unit were approved by the Board of Directors on May 30, 2014. The common stock dividends and common unit distributions payable were paid on July 11, 2014. | ||||
The dividends and distributions payable at December 31, 2013 represents dividends payable to common shareholders (87,928,002 shares) and distributions payable to noncontrolling interest common unitholders of the Operating Partnership (11,864,775 common units) for all such holders of record as of January 6, 2014 with respect to the fourth quarter 2013. The fourth 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 December 10, 2013. The common stock dividends and common unit distributions payable were paid on January 15, 2014. | ||||
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 at the grant date be amortized ratably into expense over the appropriate vesting period. The Company recorded stock compensation expense of $877,000 and $461,000 for the three months ended June 30, 2014 and 2013, respectively, and $4,264,000 (which includes $3,203,000 related to the departure of executive vice presidents. See Note 13: Commitments and Contingencies – Departure of Executive Vice Presidents); and $1,306,000 for the six months ended June 30, 2014 and 2013, 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 six months ended June 30, 2014 and 2013, and no accumulated other comprehensive income as of June 30, 2014 and December 31, 2013. | ||||
Fair Value Hierarchy | ' | |||
Fair Value | ||||
HierarchyThe standard Fair Value Measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs). The following summarizes the fair value hierarchy: | ||||
· | Level 1: Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; | |||
· | Level 2: Quoted prices for identical assets and liabilities in markets that are inactive, quoted prices for similar assets and liabilities inactive markets or financial instruments for which significant inputs are observable, either directly or indirectly, such as interest rates and yield curves that are observable at commonly quoted intervals and | |||
· | Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. | |||
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. | ||||
Discontinued Operations | ' | |||
Discontinued | ||||
OperationsIn April 2014, the FASB issued guidance related to the reporting of discontinued operation and disclosures of disposals of components of an entity. This guidance defines a discontinued operation as a component or group of components disposed or classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity’s operations and final result; the guidance states that a strategic shift could include a disposal of a major geographical area of operations, a major line of business, a major equity method investment or other major parts of an entity. The guidance also provides for additional disclosure requirements in connection with both discontinued operations and other dispositions not qualifying as discontinued operations. The guidance will be effective for annual and interim periods beginning on or after December 15, 2014. The guidance applies prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. All entities may early adopt the guidance for new disposals (or new classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company has elected to early adopt this standard effective with the interim period beginning January 1, 2014. Prior to January 1, 2014, properties identified as held for sale and/or disposed of were presented in discontinued operations for all periods presented. See Note 7: Discontinued Operations. | ||||
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 6 Months Ended | |
Jun. 30, 2014 | ||
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) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Real Estate Properties [Line Items] | ' | |||||||||||||
Schedule Of Purchase Price Allocation | ' | |||||||||||||
Andover | ||||||||||||||
Place | ||||||||||||||
Land | $ | 8,535 | ||||||||||||
Buildings and improvements | 27,609 | |||||||||||||
Furniture, fixtures and equipment | 459 | |||||||||||||
In-place lease values (1) | 1,118 | |||||||||||||
37,721 | ||||||||||||||
Less: Below market lease values (1) | -25 | |||||||||||||
Net cash paid at acquisition | $ | 37,696 | ||||||||||||
(1)In-place lease values and below market lease values will be amortized over one year or less. | ||||||||||||||
Schedule Of Property Sales | ' | |||||||||||||
Rentable | Net | Net | ||||||||||||
Sale | # of | Square | Sales | Book | Realized | |||||||||
Date | Property/Address | Location | Bldgs. | Feet | Proceeds | Value | Gain | |||||||
4/23/14 | 22 Sylvan Way | Parsippany, New Jersey | 1 | 249,409 | $ | 94,897 | $ | 60,244 | $ | 34,653 | ||||
6/23/14 | 30 Knightsbridge Road (a) | Piscataway, New Jersey | 4 | 680,350 | 54,641 | 52,361 | 2,280 | |||||||
6/23/14 | 470 Chestnut Ridge Road (a) (b) | Woodcliff Lake, New Jersey | 1 | 52,500 | 7,195 | 7,109 | 86 | |||||||
6/23/14 | 530 Chestnut Ridge Road (a) (b) | Woodcliff Lake, New Jersey | 1 | 57,204 | 6,299 | 6,235 | 64 | |||||||
6/27/14 | 400 Rella Boulevard | Suffern, New York | 1 | 180,000 | 27,539 | 10,938 | 16,601 | |||||||
6/30/14 | 412 Mount Kemble Avenue (a) | Morris Township, New Jersey | 1 | 475,100 | 44,751 | 43,851 | 900 | |||||||
Totals: | 9 | 1,694,563 | $ | 235,322 | $ | 180,738 | $ | 54,584 | ||||||
(a)The Company completed the sale of these properties for approximately $117 million: $114.6 million in cash and subordinated equity interests in each of the properties sold with capital accounts aggregating $2.4 million. Net sale proceeds from the sale aggregated $112.9 million which was comprised of the $117 million gross sales price less the subordinated equity interests of $2.4 million and $1.7 million in closing costs. The purchasers of these properties are joint ventures formed between the Company and affiliates of the Keystone Property Group (“Keystone Entities”). The senior equity will receive a 15 percent internal rate of return (“IRR”) after which the subordinated equity will receive a ten percent IRR and then all distributable cash flow will be split equally between the Keystone Entities and the Company. 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. The Company has contracts with Keystone Entities to sell an additional seven of its office properties in New Jersey, New York and Connecticut, aggregating approximately 928,258 square feet, for approximately $104 million, comprised of: $78.3 million in cash from a combination of Keystone Entities senior and pari-passu equity and mortgage financing; Company subordinated equity interests in each of the properties being sold with capital accounts aggregating $18.8 million; and Company pari passu equity interests in three of the properties being sold aggregating $6.9 million. | ||||||||||||||
(b)The Company recorded an impairment charge of $3.9 million on these properties at December 31, 2013 as it estimated that the carrying value of the properties may not be recoverable over their anticipated holding periods. | ||||||||||||||
Summary Of Income From Properties Sold | ' | |||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
June 30, | June 30, | |||||||||||||
2013 | 2013 | |||||||||||||
Total revenues | $ | 12,333 | $ | 27,205 | ||||||||||
Operating and other expenses | -4,778 | -10,982 | ||||||||||||
Depreciation and amortization | -2,989 | -6,442 | ||||||||||||
Interest expense | -36 | -118 | ||||||||||||
Income from discontinued operations | 4,530 | 9,663 | ||||||||||||
Loss from early extinguishment of debt | -703 | -703 | ||||||||||||
Impairments (1) | -23,851 | -23,851 | ||||||||||||
Realized gains on disposition of rental property | 37,609 | 37,609 | ||||||||||||
Realized gains (losses) and unrealized losses on | ||||||||||||||
disposition of rental property and impairments, net | 13,758 | 13,758 | ||||||||||||
Total discontinued operations | $ | 17,585 | $ | 22,718 | ||||||||||
(1)Represents impairment charges recorded on certain properties prior to their sale. | ||||||||||||||
Properties Sold, Year To Date [Member] | ' | |||||||||||||
Real Estate Properties [Line Items] | ' | |||||||||||||
Summary Of Income From Properties Sold | ' | |||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
June 30, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Total revenues | $ | 6,547 | $ | 9,235 | $ | 16,302 | $ | 18,478 | ||||||
Operating and other expenses | -3,208 | -3,918 | -8,764 | -7,099 | ||||||||||
Depreciation and amortization | -1,433 | -2,190 | -3,379 | -4,376 | ||||||||||
Interest income | 3 | - | 3 | - | ||||||||||
Income from properties sold | 1,909 | 3,127 | 4,162 | 7,003 | ||||||||||
Investments_In_Unconsolidated_1
Investments In Unconsolidated Joint Ventures (Tables) | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Investments In Unconsolidated Joint Ventures [Abstract] | ' | ||||||||||||||
Summary Of Unconsolidated Joint Ventures | ' | ||||||||||||||
Number of | Company's | Company's | Property Debt | ||||||||||||
Apartment Units | Effective | Carrying | Maturity | Interest | |||||||||||
Entity / Property Name | or Square Feet (sf) | Ownership % (a) | Amount | Balance | Date | Rate | |||||||||
Multi-family | |||||||||||||||
Marbella RoseGarden, L.L.C./ Marbella (b) | 412 | units | 24.27 | % | $ | 15,782 | $ | 95,000 | 5/1/18 | 4.99 | % | ||||
RoseGarden Monaco Holdings, L.L.C./ Monaco (North and South) (b) | 523 | units | 15.00 | % | 2,686 | 165,000 | 2/1/21 | 4.19 | % | ||||||
Rosewood Lafayette Holdings, L.L.C./ Highlands at Morristown Station (b) | 217 | units | 25.00 | % | 496 | 39,021 | 7/1/15 | 4.00 | % | ||||||
PruRose Port Imperial South 15, LLC /RiversEdge at Port Imperial (b) | 236 | units | 50.00 | % | - | 57,500 | 9/1/20 | 4.32 | % | ||||||
Rosewood Morristown, L.L.C. / Metropolitan at 40 Park (c) (d) | 130 | units | 12.50 | % | 6,257 | 46,217 | (e) | (e) | |||||||
Overlook Ridge JV, L.L.C./ Quarrystone (b) (f) | 251 | units | 25.00 | % | - | 75,366 | (g) | (g) | |||||||
Overlook Ridge JV 2C/3B, L.L.C./Overlook Ridge 2C & 3B (b) | 371 | units | 25.00 | % | - | 41,006 | 12/28/15 | L+2.50 | % | (h) | |||||
PruRose Riverwalk G, L.L.C./ RiverTrace at Port Imperial (b) | 316 | units | 25.00 | % | 1,950 | 76,334 | 7/15/21 | 6.00 | % | (i) | |||||
Elmajo Urban Renewal Associates, LLC / Lincoln Harbor (Bldg A&C) (b) | 355 | units | 7.50 | % | - | 72,619 | 6/27/16 | L+2.10 | % | (j) | |||||
Crystal House Apartments Investors LLC / Crystal House (k) | 828 | units | 25.00 | % | 26,458 | 165,000 | 3/19/20 | 3.17 | % | ||||||
Portside Master Company, L.L.C./ Portside at Pier One - Bldg 7 (b) | 176 | units | 38.25 | % | 2,655 | 20,007 | 12/5/15 | L+2.50 | % | (l) | |||||
PruRose Port Imperial South 13, LLC / Port Imperial Bldg 13 (b) | 280 | units | 20.00 | % | 1,685 | 26,097 | 6/27/16 | L+2.15 | % | (m) | |||||
Roseland/Port Imperial Partners, L.P./ Riverwalk C (b) (n) | 363 | units | 20.00 | % | 1,926 | - | - | - | |||||||
RoseGarden Marbella South, L.L.C./ Marbella II (b) | 311 | units | 24.27 | % | 8,580 | 12,503 | 3/30/17 | L+2.25 | % | (o) | |||||
Estuary Urban Renewal Unit B, LLC / Lincoln Harbor (Bldg B) (b) | 227 | units | 7.50 | % | - | 22,157 | 1/25/17 | L+2.10 | % | (p) | |||||
Riverpark at Harrison I, L.L.C./ Riverpark at Harrison | 141 | units | 36.00 | % | 4,247 | 13,370 | 6/27/16 | L+2.35 | % | (q) | |||||
Capitol Place Mezz LLC / Station Townhouses | 377 | units | 50.00 | % | 47,978 | 45,039 | 7/1/33 | 4.82 | % | (r) | |||||
Harborside Unit A Urban Renewal, L.L.C. / URL Harborside | 763 | units | 85.00 | % | 22,150 | - | - | - | |||||||
Overlook Ridge, L.L.C./Overlook Ridge Land | 896 | potential units | 50.00 | % | - | 16,940 | 3/2/15 | L+3.50 | % | ||||||
RoseGarden Monaco, L.L.C./ San Remo Land | 300 | potential units | 41.67 | % | 1,255 | - | - | - | |||||||
Grand Jersey Waterfront URA, L.L.C./ Liberty Landing | 1,000 | potential units | 50.00 | % | 337 | - | - | - | |||||||
Office | |||||||||||||||
Red Bank Corporate Plaza, L.L.C./ Red Bank | 92,878 | sf | 50.00 | % | 3,771 | 16,240 | 5/17/16 | L+3.00 | % | (s) | |||||
12 Vreeland Associates, L.L.C./ 12 Vreeland Road | 139,750 | sf | 50.00 | % | 5,658 | 14,717 | 7/1/23 | 2.87 | % | ||||||
BNES Associates III / Offices at Crystal Lake | 106,345 | sf | 31.25 | % | 1,899 | 7,057 | 11/1/23 | 4.76 | % | ||||||
Hillsborough 206 Holdings, L.L.C./ Hillsborough 206 | 160,000 | sf | 50.00 | % | 1,962 | - | - | - | |||||||
KPG-P 100 IMW JV, LLC / 100 Independence Mall West | 339,615 | sf | 33.33 | % | 751 | 61,500 | 9/9/16 | L+7.00 | % | (t) | |||||
Keystone-Penn | 1,842,820 | sf | (u) | - | 200,601 | (v) | (v) | ||||||||
Keystone-TriState | 1,266,384 | sf | (u) | - | 118,890 | (w) | (w) | ||||||||
KPG-MCG Curtis JV, L.L.C./ Curtis Center | 885,000 | sf | 50.00 | % | 2,187 | - | - | - | |||||||
Curtis Center TIC I and II LLC / Curtis Center | n/a | (x) | 61,296 | - | - | - | |||||||||
Other | |||||||||||||||
Plaza VIII & IX Associates, L.L.C./ Vacant land (parking operations) | 1,225,000 | sf | 50.00 | % | 3,848 | - | - | - | |||||||
Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial (b) | 30,745 | sf | 20.00 | % | 1,883 | - | - | - | |||||||
South Pier at Harborside / Hyatt Regency Jersey City on the Hudson | 350 | rooms | 50.00 | % | - | 66,799 | (y) | (y) | |||||||
Stamford SM LLC / Senior Mezzanine Loan (z) | n/a | n/a | 80.00 | % | 37,418 | - | - | - | |||||||
Other (aa) | 751 | - | - | - | |||||||||||
Totals: | $ | 265,866 | $ | 1,474,980 | |||||||||||
(a) | Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable. | ||||||||||||||
(b) | The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the Company is not expected to meaningfully participate in the venture's cash flows in the near term. | ||||||||||||||
(c) | Through the joint venture, the Company also owns a 12.5 percent interest in a 50,973 square feet of retail building ("Shops at 40 Park") and a 25 percent interest in a to-be-built 59-unit, five story multi-family rental development property ("Lofts at 40 Park"). | ||||||||||||||
(d) | The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the payment of the outstanding balance remaining on a note ($975 as of June 30, 2014), and is not expected to meaningfully participate in the venture's cash flows in the near term. | ||||||||||||||
(e) | Property debt balance consists of: (i) a loan, collateralized by the Metropolitan at 40 Park, has a balance of $38,600, bears interest at 3.25 percent, matures in September 2020 and is interest only through September 2015; (ii) loan, collateralized by the Shops at 40 Park, has a balance of $6,500, bears interest at 3.63 percent, matures in August 2018 and is interest-only through July 2015; and (iii) the loan, collateralized by the Lofts at 40 Park, has a balance of $1,117, bears interest at LIBOR plus 250 basis points and matures in September 2015. The Shops at 40 Park mortgage loan also provides for additional borrowing proceeds of $1 million based on certain preferred thresholds being achieved. | ||||||||||||||
(f) | Through the joint venture, the Company also owns a 50 percent interest in a land parcel ("Overlook Phase III Land") that can accommodate the development of approximately 240 apartment units. | ||||||||||||||
(g) | Property debt balance consists of: (i) a loan, collateralized by the Overlook Phase III Land, has a balance of $5,709, bears interest at a rate of LIBOR plus 250 basis points, matures in April 2015 and, subject to certain conditions, provides for a one-year extension option with a fee of 25 basis points, and (ii) the senior loan, collateralized by the Quarrystone property, has a balance of $52,657, bears interest at LIBOR plus 200 basis, matures in March 2016 and (iii) the junior loan, with a balance of $17,000, bears interest at LIBOR plus 90 basis points, matures in March 2016 and is collateralized by a $17,000 letter of credit provided by an affiliate of the partner. | ||||||||||||||
(h) | The construction loan has a maximum borrowing amount of $55,500 and provides, subject to certain conditions, two one-year extension options with a fee of 25 basis points each. The joint venture has a swap agreement that fixes the all-in rate to 3.0875 percent per annum on an initial notional amount of $1,840, increasing to $50,800, for the period from September 3, 2013 to November 2, 2015. | ||||||||||||||
(i) | The construction loan has a maximum borrowing amount of $83,113. | ||||||||||||||
(j) | The construction loan has a maximum borrowing amount of $91,000 and provides, subject to certain conditions, a one-year extension option with a fee of 25 basis points. | ||||||||||||||
(k) | The Company also owns a 50 percent interest in a vacant land to accommodate the development of approximately 295 additional units of which 252 are currently approved. | ||||||||||||||
(l) | The construction loan has a maximum borrowing amount of $42,500 and provides, subject to certain conditions, two two-year extension options with a fee of 12.5 basis points for the first two-year extension and 25 basis points for the second two-year extension. | ||||||||||||||
(m) | The construction loan has a maximum borrowing amount of $73,350 and provides, subject to certain conditions, one-year extension option followed by a six-month extension option with a fee of 25 basis points each. The joint venture has a swap agreement that fixes the all-in rate to 2.79 percent per annum on an initial notional amount of $1,620, increasing to $69,500 for the period from July 1, 2013 to January 1, 2016. | ||||||||||||||
(n) | The Company also owns a 20 percent residual interest in undeveloped land parcels: parcels 6, I, and J ("Port Imperial North Land") that can accommodate the development of 836 apartment units. | ||||||||||||||
(o) | The construction loan has a maximum borrowing amount of $77,400 and provides, subject to certain conditions, two one-year extension options with a fee of 25 basis points for each year. | ||||||||||||||
(p) | The construction loan has a maximum borrowing amount of $57,000 and provides, subject to certain conditions, a one-year extension option with a fee of 25 basis points. | ||||||||||||||
(q) | The construction loan has a maximum borrowing amount of $23,400 and provides, subject to certain conditions, two one-year extension options with a fee of 20 basis points for each year. | ||||||||||||||
(r) | The construction loan has a maximum borrowing amount of $100,700 with amortization starting in August 2017. | ||||||||||||||
(s) | The joint venture has a swap agreement that fixes the all-in rate to 3.99375 percent per annum on an initial notional amount of $13,650 and then adjusting in accordance with an amortization schedule, which is effective from October 17, 2011 through loan maturity. | ||||||||||||||
(t) | The mortgage loan has two one-year extension options, subject to certain conditions, and includes a $25 million construction reserve. | ||||||||||||||
(u) | The Company’s equity interests in the joint ventures will be subordinated to affiliates of the Keystone Property Group receiving a 15 percent internal rate of return (“IRR”) after which the Company will receive a ten percent IRR on its subordinate equity and then all profit will be split equally. | ||||||||||||||
(v) | Principal balance of $127,600 bears interest at 5.114 percent and matures in August 27, 2023; principal balance of $62,577 bears interest at rates ranging from LIBOR+5.0 percent to LIBOR+5.75 percent and matures in August 27, 2016; principal balance of $10,425 bears interest at LIBOR+6.0 percent matures in August 27, 2015. | ||||||||||||||
(w) | Principal balance of $77,650 bears interest at rates ranging from 4.888 percent to 4.93 percent and matures on July 6, 2024; principal balance of $41,240 bears interest at LIBOR+4.95 percent and matures on July 1, 2017. | ||||||||||||||
(x) | Includes undivided interests in the same manner as investments in noncontrolled partnership, pursuant to ASC 970-323-25-12. See discussion in Recent Transactions following in this footnote. | ||||||||||||||
(y) | Balance includes: (i) mortgage loan, collateralized by the hotel property, has a balance of $62,175, bears interest at 6.15 percent and matures in November 2016, and (ii) loan with a balance of $4.6 million, bears interest at fixed rates ranging from 6.09 percent to 6.62 percent and matures in August 1, 2020. The Company posted a $4.6 million letter of credit in support of this loan, half of which is indemnified by the partner. | ||||||||||||||
(z) | The joint venture owns a senior mezzanine loan ("Mezz Loan") with a face value of $50,000 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. The interest-only Mezz Loan has a carrying value of $46,505 and is subject to an agreement that provides, subject to certain conditions, for the payment of principal proceeds above $47,000 to another party. The Mezz loan bears interest at LIBOR plus 325 basis points and matures in August 2014. The joint venture is evaluating its option regarding its investment as the loan approaches maturity. | ||||||||||||||
(aa) | The Company owns other interests in various unconsolidated joint ventures, including interests in assets previously owned and interest in ventures whose businesses are related to its core operations. These ventures are not expected to significantly impact the Company's operations in the near term. | ||||||||||||||
Summary Of Financial Position Of Unconsolidated Joint Ventures | ' | ||||||||||||||
June 30, | December 31, | ||||||||||||||
2014 | 2013 | ||||||||||||||
Assets: | |||||||||||||||
Rental property, net | $ | 1,202,271 | $ | 755,049 | |||||||||||
Loan receivable | 46,505 | 45,050 | |||||||||||||
Other assets | 486,239 | 582,990 | |||||||||||||
Total assets | $ | 1,735,015 | $ | 1,383,089 | |||||||||||
Liabilities and partners'/ | |||||||||||||||
members' capital: | |||||||||||||||
Mortgages and loans payable | $ | 844,476 | $ | 637,709 | |||||||||||
Other liabilities | 211,959 | 87,231 | |||||||||||||
Partners'/members' capital | 678,580 | 658,149 | |||||||||||||
Total liabilities and | |||||||||||||||
partners'/members' capital | $ | 1,735,015 | $ | 1,383,089 | |||||||||||
Summary Of Company's Investment In Unconsolidated Joint Ventures | ' | ||||||||||||||
June 30, | December 31, | ||||||||||||||
Entity / Property Name | 2014 | 2013 | |||||||||||||
Marbella RoseGarden, L.L.C./ Marbella | $ | 15,782 | $ | 15,797 | |||||||||||
RoseGarden Monaco Holdings, L.L.C./ Monaco (North and South) | 2,686 | 3,201 | |||||||||||||
Rosewood Lafayette Holdings, L.L.C./ Highlands at Morristown Station | 496 | 857 | |||||||||||||
PruRose Port Imperial South 15, LLC /RiversEdge at Port Imperial | - | - | |||||||||||||
Rosewood Morristown, L.L.C. / Metropolitan at 40 Park | 6,257 | 6,455 | |||||||||||||
Overlook Ridge JV, L.L.C./ Quarrystone | - | - | |||||||||||||
Overlook Ridge JV 2C/3B, L.L.C./Overlook Ridge 2C & 3B | - | - | |||||||||||||
PruRose Riverwalk G, L.L.C./ RiverTrace at Port Imperial | 1,950 | 3,117 | |||||||||||||
Elmajo Urban Renewal Associates, LLC / Lincoln Harbor (Bldg A&C) | - | 203 | |||||||||||||
Crystal House Apartments Investors LLC / Crystal House | 26,458 | 26,838 | |||||||||||||
Portside Master Company, L.L.C./ Portside at Pier One - Bldg 7 | 2,655 | 3,207 | |||||||||||||
PruRose Port Imperial South 13, LLC / Port Imperial Bldg 13 | 1,685 | 2,206 | |||||||||||||
Roseland/Port Imperial Partners, L.P./ Riverwalk C | 1,926 | 2,068 | |||||||||||||
RoseGarden Marbella South, L.L.C./ Marbella II | 8,580 | 7,567 | |||||||||||||
Estuary Urban Renewal Unit B, LLC / Lincoln Harbor (Bldg B) | - | 24 | |||||||||||||
Riverpark at Harrison I, L.L.C./ Riverpark at Harrison | 4,247 | 3,655 | |||||||||||||
Capitol Place Mezz LLC / Station Townhouses | 47,978 | 46,628 | |||||||||||||
Harborside Unit A Urban Renewal, L.L.C. / URL Harborside (a) | 22,150 | - | |||||||||||||
Overlook Ridge, L.L.C./Overlook Ridge Land | - | - | |||||||||||||
RoseGarden Monaco, L.L.C./ San Remo Land | 1,255 | 1,224 | |||||||||||||
Grand Jersey Waterfront URA, L.L.C./ Liberty Landing | 337 | 337 | |||||||||||||
Red Bank Corporate Plaza, L.L.C./ Red Bank | 3,771 | 4,046 | |||||||||||||
12 Vreeland Associates, L.L.C./ 12 Vreeland Road | 5,658 | 5,514 | |||||||||||||
BNES Associates III / Offices at Crystal Lake | 1,899 | 1,753 | |||||||||||||
Hillsborough 206 Holdings, L.L.C./ Hillsborough 206 | 1,962 | 1,962 | |||||||||||||
KPG-P 100 IMW JV, LLC / 100 Independence Mall West | 751 | 1,887 | |||||||||||||
Keystone-Penn | - | - | |||||||||||||
Keystone-TriState | - | - | |||||||||||||
KPG-MCG Curtis JV, L.L.C./ Curtis Center (a) | 2,187 | - | |||||||||||||
Curtis Center TIC I and II LLC / Curtis Center (b) | 61,296 | - | |||||||||||||
Plaza VIII & IX Associates, L.L.C./ Vacant land (parking operations) | 3,848 | 3,702 | |||||||||||||
Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial | 1,883 | 1,930 | |||||||||||||
South Pier at Harborside / Hyatt Regency Jersey City on the Hudson (c) | - | - | |||||||||||||
Stamford SM LLC / Senior Mezzanine Loan | 37,418 | 36,258 | |||||||||||||
Other | 751 | 693 | |||||||||||||
Company's investment in unconsolidated joint ventures | $ | 265,866 | $ | 181,129 | |||||||||||
(a)See discussion in Recent Transactions following in this footnote. | |||||||||||||||
(b)Includes undivided interests in the same manner as investments in noncontrolled partnership, pursuant to ASC 970-323-25-12. See discussion in Recent Transactions following in this footnote. | |||||||||||||||
(c)The negative investment balance for this joint venture of $710 and $1,706 as of June 30, 2014 and December 31, 2013, respectively, were included in accounts payable, accrued expenses and other liabilities. | |||||||||||||||
Summary Of Results Of Operations Of Unconsolidated Joint Ventures | ' | ||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Total revenues | $ | 113,118 | $ | 91,274 | $ | 144,111 | $ | 103,693 | |||||||
Operating and other expenses | -96,605 | -81,321 | -114,958 | -89,268 | |||||||||||
Depreciation and amortization | -8,213 | -10,083 | -16,581 | -13,174 | |||||||||||
Interest expense | -8,786 | -3,310 | -15,127 | -5,322 | |||||||||||
Net income (loss) | $ | -486 | $ | -3,440 | $ | -2,555 | $ | -4,071 | |||||||
Summary Of Company's Equity In Earnings (Loss) Of Unconsolidated Joint Ventures | ' | ||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
Entity / Property Name | 2014 | 2013 | 2014 | 2013 | |||||||||||
Marbella RoseGarden, L.L.C./ Marbella | $ | -9 | $ | -165 | $ | -15 | $ | -276 | |||||||
RoseGarden Monaco Holdings, L.L.C./ Monaco (North and South) | -238 | -423 | -515 | -822 | |||||||||||
Rosewood Lafayette Holdings, L.L.C./ Highlands at Morristown Station | -203 | -284 | -419 | -574 | |||||||||||
PruRose Port Imperial South 15, LLC /RiversEdge at Port Imperial | - | - | - | -606 | |||||||||||
Rosewood Morristown, L.L.C. / Metropolitan at 40 Park | -76 | -117 | -174 | -241 | |||||||||||
Overlook Ridge JV, L.L.C./ Quarrystone | - | - | - | - | |||||||||||
Overlook Ridge JV 2C/3B, L.L.C./Overlook Ridge 2C & 3B | - | 224 | 62 | 151 | |||||||||||
PruRose Riverwalk G, L.L.C./ RiverTrace at Port Imperial | -613 | -192 | -1,151 | -378 | |||||||||||
Elmajo Urban Renewal Associates, LLC / Lincoln Harbor (Bldg A&C) | -91 | -82 | -203 | -168 | |||||||||||
Crystal House Apartments Investors LLC / Crystal House | 53 | -1,535 | -274 | -1,522 | |||||||||||
Portside Master Company, L.L.C./ Portside at Pier One - Bldg 7 | -220 | -68 | -434 | -113 | |||||||||||
PruRose Port Imperial South 13, LLC / Port Imperial Bldg 13 | -213 | -145 | -418 | -278 | |||||||||||
Roseland/Port Imperial Partners, L.P./ Riverwalk C | -180 | - | -345 | - | |||||||||||
RoseGarden Marbella South, L.L.C./ Marbella II | - | -19 | - | -37 | |||||||||||
Estuary Urban Renewal Unit B, LLC / Lincoln Harbor (Bldg B) | - | -34 | -15 | -63 | |||||||||||
Riverpark at Harrison I, L.L.C./ Riverpark at Harrison | - | - | - | - | |||||||||||
Capitol Place Mezz LLC / Station Townhouses | - | - | - | - | |||||||||||
Harborside Unit A Urban Renewal, L.L.C. / URL Harborside (a) | -212 | - | -212 | - | |||||||||||
Overlook Ridge, L.L.C./Overlook Ridge Land | -213 | - | -259 | - | |||||||||||
RoseGarden Monaco, L.L.C./ San Remo Land | - | - | - | - | |||||||||||
Grand Jersey Waterfront URA, L.L.C./ Liberty Landing | -16 | - | -54 | - | |||||||||||
Red Bank Corporate Plaza, L.L.C./ Red Bank | 106 | 106 | 205 | 207 | |||||||||||
12 Vreeland Associates, L.L.C./ 12 Vreeland Road | 54 | 116 | 144 | 24 | |||||||||||
BNES Associates III / Offices at Crystal Lake | 110 | -2 | 147 | -71 | |||||||||||
Hillsborough 206 Holdings, L.L.C./ Hillsborough 206 | - | - | -5 | - | |||||||||||
KPG-P 100 IMW JV, LLC / 100 Independence Mall West | -483 | - | -1,136 | - | |||||||||||
Keystone-Penn | - | - | - | - | |||||||||||
Keystone-TriState | - | - | - | - | |||||||||||
KPG-MCG Curtis JV, L.L.C./ TIC I and II LLC / Curtis Center (b) | 251 | - | 251 | - | |||||||||||
Plaza VIII & IX Associates, L.L.C./ Vacant land (parking operations) | 44 | 19 | 146 | 28 | |||||||||||
Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial | -23 | -83 | -47 | -132 | |||||||||||
South Pier at Harborside / Hyatt Regency Jersey City on the Hudson | 892 | 1,056 | 1,290 | 545 | |||||||||||
Stamford SM LLC / Senior Mezzanine Loan | 928 | 897 | 1,844 | 1,782 | |||||||||||
Other | 795 | 651 | 795 | 714 | |||||||||||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ | 443 | $ | -80 | $ | -792 | $ | -1,830 | |||||||
(a)See discussion in Recent Transactions following in this footnote. | |||||||||||||||
(b)Includes undivided interests in the same manner as investments in noncontrolled partnership, pursuant to ASC 970-323-25-12. See discussion in Recent Transactions following in this footnote. | |||||||||||||||
Deferred_Charges_Goodwill_And_1
Deferred Charges, Goodwill And Other Assets (Tables) | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Deferred Charges, Goodwill And Other Assets [Abstract] | ' | |||||
Schedule Of Deferred Charges, Goodwill And Other Assets | ' | |||||
June 30, | December 31, | |||||
(dollars in thousands) | 2014 | 2013 | ||||
Deferred leasing costs | $ | 227,930 | $ | 258,648 | ||
Deferred financing costs | 21,916 | 25,366 | ||||
249,846 | 284,014 | |||||
Accumulated amortization | -112,249 | -131,669 | ||||
Deferred charges, net | 137,597 | 152,345 | ||||
Notes receivable (1) | 83,889 | 21,986 | ||||
In-place lease values, related intangibles and other assets, net | 9,515 | 13,659 | ||||
Goodwill | 2,945 | 2,945 | ||||
Prepaid expenses and other assets, net | 32,814 | 27,584 | ||||
Total deferred charges, goodwill and other assets | $ | 266,760 | $ | 218,519 | ||
(1)Includes: a mortgage receivable for $10.4 million which bears interest at LIBOR plus six percent; a note receivable for $7.8 million which bears interest at eight percent; notes receivable for $62.3 million which bear interest at 3.5 percent (See Note 4: Unconsolidated joint ventures – Recent Transactions); and an interest-free note receivable with a net present value of $3.4 million as of June 30, 2014. . | ||||||
Restricted_Cash_Tables
Restricted Cash (Tables) | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Restricted Cash [Abstract] | ' | |||||
Schedule Of Restricted Cash | ' | |||||
June 30, | December 31, | |||||
2014 | 2013 | |||||
Security deposits | $ | 8,782 | $ | 8,534 | ||
Escrow and other reserve funds | 17,623 | 11,260 | ||||
Total restricted cash | $ | 26,405 | $ | 19,794 | ||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 6 Months Ended | |||||
Jun. 30, 2014 | ||||||
Discontinued Operations [Abstract] | ' | |||||
Summary Of Income From Discontinued Operations And Related Realized And Unrealized Gains (Losses) | ' | |||||
Three Months Ended | Six Months Ended | |||||
June 30, | June 30, | |||||
2013 | 2013 | |||||
Total revenues | $ | 12,333 | $ | 27,205 | ||
Operating and other expenses | -4,778 | -10,982 | ||||
Depreciation and amortization | -2,989 | -6,442 | ||||
Interest expense | -36 | -118 | ||||
Income from discontinued operations | 4,530 | 9,663 | ||||
Loss from early extinguishment of debt | -703 | -703 | ||||
Impairments (1) | -23,851 | -23,851 | ||||
Realized gains on disposition of rental property | 37,609 | 37,609 | ||||
Realized gains (losses) and unrealized losses on | ||||||
disposition of rental property and impairments, net | 13,758 | 13,758 | ||||
Total discontinued operations | $ | 17,585 | $ | 22,718 | ||
(1)Represents impairment charges recorded on certain properties prior to their sale. | ||||||
Senior_Unsecured_Notes_Tables
Senior Unsecured Notes (Tables) | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Debt Disclosure [Abstract] | ' | |||||||||
Summary Of Senior Unsecured Notes | ' | |||||||||
June 30, | December 31, | Effective | ||||||||
2014 | 2013 | Rate (1) | ||||||||
5.125% Senior Unsecured Notes, due February 15, 2014 (2) | - | $ | 200,030 | 5.110 | % | |||||
5.125% Senior Unsecured Notes, due January 15, 2015 | $ | 149,948 | 149,902 | 5.297 | % | |||||
5.800% Senior Unsecured Notes, due January 15, 2016 | 200,123 | 200,161 | 5.806 | % | ||||||
2.500% Senior Unsecured Notes, due December 15, 2017 | 249,003 | 248,855 | 2.803 | % | ||||||
7.750% Senior Unsecured Notes, due August 15, 2019 | 248,906 | 248,799 | 8.017 | % | ||||||
4.500% Senior Unsecured Notes, due April 18, 2022 | 299,535 | 299,505 | 4.612 | % | ||||||
3.150% Senior Unsecured Notes, due May 15, 2023 | 269,626 | 269,323 | 3.517 | % | ||||||
Total senior unsecured notes | $ | 1,417,141 | $ | 1,616,575 | ||||||
(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)On February 17, 2014, the Company repaid these notes at their maturity using available cash and borrowings on the Company’s unsecured revolving credit facility. | ||||||||||
Unsecured_Revolving_Credit_Fac1
Unsecured Revolving Credit Facility (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
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) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Summary Of Mortgages, Loans Payable And Other Obligations | ' | ||||||||||||
Effective | June 30, | December 31, | |||||||||||
Property Name | Lender | Rate (a) | 2014 | 2013 | Maturity | ||||||||
6301 Ivy Lane (b) | RGA Reinsurance Company | 5.520 | % | $ | - | $ | 5,447 | - | |||||
395 West Passaic (c) | State Farm Life Insurance Co. | 6.004 | % | - | 9,719 | - | |||||||
35 Waterview Boulevard (d) | Wells Fargo CMBS | 6.348 | % | - | 18,417 | - | |||||||
233 Canoe Brook Road (e) | The Provident Bank | 4.375 | % | - | 3,877 | - | |||||||
6 Becker, 85 Livingston, | Wells Fargo CMBS | 10.220 | % | 64,829 | 64,233 | 8/11/2014 (l) | |||||||
75 Livingston & | |||||||||||||
20 Waterview (f) | |||||||||||||
4 Sylvan | Wells Fargo CMBS | 10.190 | % | 14,565 | 14,538 | 8/11/2014 (l) | |||||||
10 Independence (g) | Wells Fargo CMBS | 12.440 | % | 16,850 | 16,638 | 8/11/14 | |||||||
Port Imperial South 4/5 | Wells Fargo Bank N.A. | LIBOR+3.50 | % | 36,950 | 36,950 | 8/30/14 | |||||||
9200 Edmonston Road (h) | Principal Commercial Funding L.L.C. | 5.534 | % | 4,026 | 4,115 | 5/1/15 | |||||||
Port Imperial South | Wells Fargo Bank N.A. | LIBOR+1.75 | % | 43,697 | 43,278 | 9/19/15 | |||||||
4 Becker | Wells Fargo CMBS | 9.550 | % | 39,108 | 38,820 | 5/11/16 | |||||||
5 Becker (i) | Wells Fargo CMBS | 12.830 | % | 13,467 | 13,092 | 5/11/16 | |||||||
210 Clay | Wells Fargo CMBS | 13.420 | % | 13,039 | 12,767 | 5/11/16 | |||||||
Various (j) | Prudential Insurance | 6.332 | % | 146,532 | 147,477 | 1/15/17 | |||||||
150 Main St. | Webster Bank | LIBOR+2.35 | % | 217 | - | 3/30/17 | |||||||
23 Main Street | JPMorgan CMBS | 5.587 | % | 29,529 | 29,843 | 9/1/18 | |||||||
Harborside Plaza 5 | The Northwestern Mutual Life | 6.842 | % | 223,381 | 225,139 | 11/1/18 | |||||||
Insurance Co. & New York Life | |||||||||||||
Insurance Co. | |||||||||||||
100 Walnut Avenue | Guardian Life Insurance Co. | 7.311 | % | 18,669 | 18,792 | 2/1/19 | |||||||
One River Center (k) | Guardian Life Insurance Co. | 7.311 | % | 42,768 | 43,049 | 2/1/19 | |||||||
Park Square | Wells Fargo Bank N.A. | LIBOR+1.75 | % | 27,500 | - | 4/10/19 | |||||||
Total mortgages, loans payable and other obligations | $ | 735,127 | $ | 746,191 | |||||||||
(a) | Reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable. | ||||||||||||
(b) | On April 1, 2014, the Company repaid the mortgage loan at par, using available cash. | ||||||||||||
(c) | On May 1, 2014, the Company repaid the mortgage loan at par, using available cash. | ||||||||||||
(d) | On May 12, 2014, the Company repaid the mortgage loan at par, using borrowings on the Company’s unsecured revolving credit facility. | ||||||||||||
(e) | On April 30, 2014, the Company repaid the mortgage loan at par, using available cash. | ||||||||||||
(f) | Mortgage is cross collateralized by the four properties. | ||||||||||||
(g) | The Company is negotiating a deed-in-lieu of foreclosure in satisfaction of this mortgage loan. | ||||||||||||
(h) | The mortgage loan originally matured on May 1, 2013. The maturity date was extended until May 1, 2015 with the same interest rate. Excess cash flow, as defined, is being held by the lender for re-leasing costs. The deed for the property was placed in escrow and is available to the lender in the event of default or non-payment at maturity. | ||||||||||||
(i) | 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 deed-in-lieu of foreclosure and began remitting available cash flow to the lender effective August 2013. | ||||||||||||
(j) | Mortgage is cross collateralized by seven properties. The Operating Partnership has agreed, subject to certain conditions, to guarantee repayment of a portion of the loan. | ||||||||||||
(k) | Mortgage is collateralized by the three properties comprising One River Center. | ||||||||||||
(l)The Company has begun discussions with the lender to extend the maturity date and modify the loan terms. | |||||||||||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 6 Months Ended | ||
Jun. 30, 2014 | |||
Commitments And Contingencies [Abstract] | ' | ||
Future Minimum Rental Payments Of Ground Leases | ' | ||
Year | Amount | ||
July 1 through December 31, 2014 | $ | 184 | |
2015 | 371 | ||
2016 | 371 | ||
2017 | 267 | ||
2018 | 232 | ||
2019 through 2084 | 15,819 | ||
Total | $ | 17,244 | |
Tenant_Leases_Tables
Tenant Leases (Tables) | 6 Months Ended | ||
Jun. 30, 2014 | |||
Tenant Leases [Abstract] | ' | ||
Future Minimum Rentals To Be Received Under Non-Cancelable Operating Leases | ' | ||
Year | Amount | ||
July 1 through December 31, 2014 | $ | 243,001 | |
2015 | 451,877 | ||
2016 | 409,744 | ||
2017 | 357,438 | ||
2018 | 274,021 | ||
2019 and thereafter | 1,045,178 | ||
Total | $ | 2,781,259 | |
MackCali_Realty_Corporation_St1
Mack-Cali Realty Corporation Stockholders' Equity (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
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, 2014 | 15,000 | $ | 40.54 | $ | - | ||||||||
Granted | 5,000 | 21.25 | |||||||||||
Lapsed or Cancelled | -10,000 | 38.07 | |||||||||||
Outstanding at June 30, 2014 ($21.25 – $45.47) | 10,000 | $ | 33.36 | $ | - | ||||||||
Options exercisable at June 30, 2014 | 5,000 | ||||||||||||
Available for grant at June 30, 2014 | 4,466,143 | ||||||||||||
Schedule Of Weighted Average Assumptions | ' | ||||||||||||
Expected life (in years) | 6 | ||||||||||||
Risk-free interest rate | 1.50 | % | |||||||||||
Volatility | 20.26 | % | |||||||||||
Dividend yield | 5.65 | % | |||||||||||
Schedule Of Restricted Stock Awards | ' | ||||||||||||
Weighted-Average | |||||||||||||
Grant – Date | |||||||||||||
Shares | Fair Value | ||||||||||||
Outstanding at January 1, 2014 (a) | 153,560 | $ | 25.20 | ||||||||||
Granted (b) | 208,589 | 20.83 | |||||||||||
Vested | -183,214 | 22.37 | |||||||||||
Forfeited | -119 | 26.36 | |||||||||||
Outstanding at June 30, 2014 | 178,816 | $ | 23.00 | ||||||||||
(a)Includes 63,933 Performance Shares which were legally granted in 2013 for which the 2013 performance goals were not met, which may be earned if subsequent years’ performance goals are met. | |||||||||||||
(b)Includes 42,000 Performance Shares which were legally granted in 2013 for which the 2014 performance goals were set by the Committee on March 31, 2014. Also includes 87,734 shares which were additionally granted to two executive officers in connection with their departure affective March 31, 2014 and which vested on April 1, 2014. | |||||||||||||
Schedule Of Basic And Diluted Earnings Per Share | ' | ||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
Computation of Basic EPS | 2014 | 2013 | 2014 | 2013 | |||||||||
Income from continuing operations | $ | 57,347 | $ | 8,599 | $ | 39,719 | $ | 16,555 | |||||
Add: Noncontrolling interest in consolidated joint ventures | 290 | 62 | 612 | 124 | |||||||||
Add (deduct): Noncontrolling interest in Operating Partnership | -6,514 | -1,048 | -4,506 | -2,021 | |||||||||
Income from continuing operations available to common shareholders | 51,123 | 7,613 | 35,825 | 14,658 | |||||||||
Income from discontinued operations available to common shareholders | - | 15,458 | - | 19,969 | |||||||||
Net income available to common shareholders | $ | 51,123 | $ | 23,071 | $ | 35,825 | $ | 34,627 | |||||
Weighted average common shares | 88,691 | 87,708 | 88,491 | 87,688 | |||||||||
Basic EPS: | |||||||||||||
Income from continuing operations available to common shareholders | $ | 0.58 | $ | 0.09 | $ | 0.40 | $ | 0.16 | |||||
Income from discontinued operations available to common | |||||||||||||
shareholders | - | 0.17 | - | 0.23 | |||||||||
Net income available to common shareholders | $ | 0.58 | $ | 0.26 | $ | 0.40 | $ | 0.39 | |||||
Three Months Ended | Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
Computation of Diluted EPS | 2014 | 2013 | 2014 | 2013 | |||||||||
Income from continuing operations available to common shareholders | $ | 51,123 | $ | 7,613 | $ | 35,825 | $ | 14,658 | |||||
(Deduct) add: Noncontrolling interest in Operating Partnership | 6,514 | 1,048 | 4,506 | 2,021 | |||||||||
Income from continuing operations for diluted earnings per share | 57,637 | 8,661 | 40,331 | 16,679 | |||||||||
Income from discontinued operations for diluted earnings per share | - | 17,585 | - | 22,718 | |||||||||
Net income available to common shareholders | $ | 57,637 | $ | 26,246 | $ | 40,331 | $ | 39,397 | |||||
Weighted average common shares | 100,023 | 99,895 | 99,964 | 99,892 | |||||||||
Diluted EPS: | |||||||||||||
Income from continuing operations available to common shareholders | $ | 0.58 | $ | 0.09 | $ | 0.40 | $ | 0.16 | |||||
Income from discontinued operations available to common | |||||||||||||
shareholders | - | 0.17 | - | 0.23 | |||||||||
Net income available to common shareholders | $ | 0.58 | $ | 0.26 | $ | 0.40 | $ | 0.39 | |||||
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 | Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Basic EPS shares | 88,691 | 87,708 | 88,491 | 87,688 | |||||||||
Add: Operating Partnership – common units | 11,302 | 12,072 | 11,444 | 12,085 | |||||||||
Restricted Stock Awards | 30 | 115 | 29 | 119 | |||||||||
Diluted EPS Shares | 100,023 | 99,895 | 99,964 | 99,892 | |||||||||
Noncontrolling_Interests_In_Su1
Noncontrolling Interests In Subsidiaries (Tables) | 6 Months Ended | |
Jun. 30, 2014 | ||
Noncontrolling Interests In Subsidiaries [Abstract] | ' | |
Changes In Noncontrolling Interests Of Subsidiaries | ' | |
Common | ||
Units | ||
Balance at January 1, 2014 | 11,864,775 | |
Redemption of common units for shares of common stock | -700,757 | |
Balance at June 30, 2014 | 11,164,018 | |
Segment_Reporting_Tables
Segment Reporting (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule Of Segment Reporting Information, By Segment | ' | |||||||||||||||
Selected results of operations for the three and six months ended June 30, 2014 and 2013 and selected asset information as of June 30, 2014 and December 31, 2013 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 | Multi-family | Corporate | Total | |||||||||||||
& Other | Multi-family | Services | & Other (d) | Company | ||||||||||||
Total revenues: | ||||||||||||||||
Three months ended: | ||||||||||||||||
30-Jun-14 | $ | 150,877 | $ | 6,329 | $ | 7,403 | (e) | $ | -4,309 | $ | 160,300 | |||||
30-Jun-13 | 155,249 | 3,655 | 6,394 | (f) | 3,048 | 168,346 | ||||||||||
Six months ended: | ||||||||||||||||
30-Jun-14 | 311,450 | 12,132 | 14,351 | (g) | -8,037 | 329,896 | ||||||||||
30-Jun-13 | 313,897 | 4,937 | 11,878 | (h) | 8,547 | 339,259 | ||||||||||
Total operating and | ||||||||||||||||
interest expenses (a): | ||||||||||||||||
Three months ended: | ||||||||||||||||
30-Jun-14 | $ | 72,303 | $ | 3,006 | $ | 8,382 | $ | 29,578 | $ | 113,269 | ||||||
30-Jun-13 | 65,889 | 1,568 | 7,657 | 38,888 | 114,002 | |||||||||||
Six months ended: | ||||||||||||||||
30-Jun-14 | 159,236 | 5,705 | 18,541 | 70,791 | 254,273 | |||||||||||
30-Jun-13 | 136,282 | 2,104 | 15,132 | 78,343 | 231,861 | |||||||||||
Equity in earnings (loss) of | ||||||||||||||||
unconsolidated joint ventures: | ||||||||||||||||
Three months ended: | ||||||||||||||||
30-Jun-14 | $ | 1,829 | $ | -2,255 | $ | 869 | $ | - | $ | 443 | ||||||
30-Jun-13 | 2,845 | -2,925 | - | - | -80 | |||||||||||
Six months ended: | ||||||||||||||||
30-Jun-14 | 2,817 | -4,478 | 869 | - | -792 | |||||||||||
30-Jun-13 | 3,230 | -5,060 | - | - | -1,830 | |||||||||||
Net operating income (loss) (b): | ||||||||||||||||
Three months ended: | ||||||||||||||||
30-Jun-14 | $ | 80,403 | $ | 1,068 | $ | -110 | $ | -33,887 | $ | 47,474 | ||||||
30-Jun-13 | 92,205 | -838 | -1,263 | -35,840 | 54,264 | |||||||||||
Six months ended: | ||||||||||||||||
30-Jun-14 | 155,031 | 1,949 | -3,321 | -78,828 | 74,831 | |||||||||||
30-Jun-13 | 180,845 | -2,227 | -3,254 | -69,796 | 105,568 | |||||||||||
Total assets: | ||||||||||||||||
30-Jun-14 | $ | 3,796,166 | $ | 398,190 | $ | 9,004 | $ | 151,412 | $ | 4,354,772 | ||||||
31-Dec-13 | 3,886,574 | 377,237 | 10,488 | 241,029 | 4,515,328 | |||||||||||
Total long-lived assets (c): | ||||||||||||||||
30-Jun-14 | $ | 3,421,351 | $ | 277,734 | $ | 3,923 | $ | 3,479 | $ | 3,706,487 | ||||||
31-Dec-13 | 3,620,494 | 240,501 | 3,468 | 3,730 | 3,868,193 | |||||||||||
Total investments in | ||||||||||||||||
unconsolidated joint ventures: | ||||||||||||||||
30-Jun-14 | $ | 116,829 | $ | 148,286 | $ | 751 | $ | - | $ | 265,866 | ||||||
31-Dec-13 | 53,160 | 127,276 | 693 | - | 181,129 | |||||||||||
(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 and goodwill. | ||||||||||||||||
(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 $935 of fees earned for this period from the multi-family real estate segment, which are eliminated in consolidation. | ||||||||||||||||
(f)Includes $571 of fees earned for this period from the multi-family real estate segment, which are eliminated in consolidation. | ||||||||||||||||
(g)Includes $1,800 of fees earned for this period from the multi-family real estate segment, which are eliminated in consolidation. | ||||||||||||||||
(h)Includes $767 of fees earned for this period from the multi-family 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 | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net operating income | $ | 47,474 | $ | 54,264 | $ | 74,831 | $ | 105,568 | ||||||||
Less: | ||||||||||||||||
Depreciation and amortization | -44,711 | -45,665 | -89,696 | -89,013 | ||||||||||||
Realized gains and unrealized losses on disposition of | ||||||||||||||||
rental property, net | 54,584 | - | 54,584 | - | ||||||||||||
Income from continuing operations | 57,347 | 8,599 | 39,719 | 16,555 | ||||||||||||
Discontinued operations: | ||||||||||||||||
Income from discontinued operations | - | 4,530 | - | 9,663 | ||||||||||||
Loss from early extinguishment of debt | - | -703 | - | -703 | ||||||||||||
Realized gains and unrealized losses on disposition of | ||||||||||||||||
rental property, net | - | 13,758 | - | 13,758 | ||||||||||||
Total discontinued operations | - | 17,585 | - | 22,718 | ||||||||||||
Net income | 57,347 | 26,184 | 39,719 | 39,273 | ||||||||||||
Noncontrolling interest in consolidated joint ventures | 290 | 62 | 612 | 124 | ||||||||||||
Noncontrolling interest in Operating Partnership | -6,514 | -1,048 | -4,506 | -2,021 | ||||||||||||
Noncontrolling interest in discontinued operations | - | -2,127 | - | -2,749 | ||||||||||||
Net income available to common shareholders | $ | 51,123 | $ | 23,071 | $ | 35,825 | $ | 34,627 | ||||||||
Organization_And_Basis_Of_Pres1
Organization And Basis Of Presentation (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
sqft | ||
state | ||
property | ||
Real Estate Properties [Line Items] | ' | ' |
Number of properties owned or investment interests | 279 | ' |
Aggregate square feet of the property owned or investment interest | 31,500,000 | ' |
Number of states where properties are located | 7 | ' |
Consolidated joint ventures, total real estate assets | $227 | $219.90 |
Consolidated joint ventures, mortgages | 85.8 | 81.9 |
Consolidated joint ventures, other liabilities | $15.10 | $18.30 |
Commercial Properties [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of properties owned or investment interests | 266 | ' |
Number of tenants | 2,000 | ' |
Multi-Family Properties [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of properties owned or investment interests | 13 | ' |
Number of units | 3,898 | ' |
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 | 30,900,000 | ' |
Unconsolidated Joint Venture Office Buildings [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of properties owned or investment interests | 30 | ' |
Aggregate square feet of the property owned or investment interest | 5,100,000 | ' |
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 | ' |
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 | ' |
Parking/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 | 121,500 | ' |
Unconsolidated Joint Venture Parking/Retail Buildings [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of properties owned or investment interests | 2 | ' |
Aggregate square feet of the property owned or investment interest | 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 | 6 Months Ended | |||||
Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jul. 03, 2014 | Jan. 06, 2014 | |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Capitalized development and construction salaries and other related costs | $900,000 | ' | $900,000 | $1,800,000 | $1,700,000 | ' | ' |
Construction, tenant improvement, and development in-progress | 44,200,000 | 40,800,000 | ' | 44,200,000 | ' | ' | ' |
Maximum period after cessation of major construction activity that projects are considered complete | ' | ' | ' | '1 year | ' | ' | ' |
Threshold of investment value for discontinuation of equity method accounting | 0 | ' | ' | 0 | ' | ' | ' |
Amortization of deferred financing costs | 759,000 | ' | 809,000 | 1,528,000 | 1,582,000 | ' | ' |
Deferred leasing costs | 845,000 | ' | 1,033,000 | 1,876,000 | 2,206,000 | ' | ' |
Deferred tax asset | 14,100,000 | ' | ' | 14,100,000 | ' | ' | ' |
Income taxes, material adjustment amount | ' | ' | ' | 0 | ' | ' | ' |
Common stock, shares outstanding | 88,982,062 | 88,247,591 | ' | 88,982,062 | ' | 88,730,563 | 87,928,002 |
Common units outstanding | 11,164,018 | 11,864,775 | ' | 11,164,018 | ' | 11,161,018 | 11,864,775 |
Distributions payable, record date | 3-Jul-14 | 6-Jan-14 | ' | ' | ' | ' | ' |
Common stock dividends and common unit distributions per share | $0.15 | $0.30 | ' | ' | ' | ' | ' |
Restricted stock expense | 877,000 | ' | 461,000 | 4,264,000 | 1,306,000 | ' | ' |
Common stock dividends and common unit distributions payable, date | 11-Jul-14 | 15-Jan-14 | ' | ' | ' | ' | ' |
Difference between other comprehensive income and net income | 0 | ' | 0 | 0 | 0 | ' | ' |
Accumulated other comprehensive income | 0 | 0 | ' | 0 | ' | ' | ' |
Executive Officer [Member] | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Restricted stock expense | ' | ' | ' | $3,203,000 | ' | ' | ' |
Significant_Accounting_Policie4
Significant Accounting Policies (Estimated Useful Lives Of Assets) (Details) | 6 Months Ended |
Jun. 30, 2014 | |
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 $) | 6 Months Ended | 0 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Apr. 10, 2014 |
Andover Place [Member] | ||
item | ||
Real Estate Properties [Line Items] | ' | ' |
Number of units | ' | 220 |
Cash consideration | ' | $37.70 |
Transaction costs | 1.9 | ' |
Sales proceeds handled by intermediary | 4.4 | ' |
Acquisition and other investment fundings handled by intermediary | $40 | ' |
Real_Estate_Transactions_Sched
Real Estate Transactions (Schedule Of Purchase Price Allocation) (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | |
In-Place And Below Market Leases [Member] | Maximum [Member] | ' | |
Business Acquisition [Line Items] | ' | |
Amortization period | '1 year | |
Andover Place [Member] | ' | |
Business Acquisition [Line Items] | ' | |
Land | 8,535 | |
Buildings and improvements | 27,609 | |
Furniture, fixtures and equipment | 459 | |
In-place lease values | 1,118 | [1] |
Total assets acquired | 37,721 | |
Less: Below market lease values | -25 | [1] |
Net cash paid at acquisition | 37,696 | |
[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 Property Sales) (Details) (USD $) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | ||
item | property | ||
sqft | sqft | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | |
Number of Buildings | 9 | 24 | |
Rentable Square Feet | 1,694,563 | 3,000,000 | |
Net Sales Proceeds | $235,322,000 | $390,600,000 | |
Net Book Value | 180,738,000 | ' | |
Realized Gain (loss) | 54,584,000 | ' | |
Ownership interest | 11.10% | 11.90% | |
22 Sylvan Way [Member] | ' | ' | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | |
Number of Buildings | 1 | ' | |
Rentable Square Feet | 249,409 | ' | |
Net Sales Proceeds | 94,897,000 | ' | |
Net Book Value | 60,244,000 | ' | |
Realized Gain (loss) | 34,653,000 | ' | |
30 Knightsbridge Road [Member] | ' | ' | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | |
Number of Buildings | 4 | [1] | ' |
Rentable Square Feet | 680,350 | [1] | ' |
Net Sales Proceeds | 54,641,000 | [1] | ' |
Net Book Value | 52,361,000 | [1] | ' |
Realized Gain (loss) | 2,280,000 | [1] | ' |
470 Chestnut Ridge Road [Member] | ' | ' | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | |
Number of Buildings | 1 | [1],[2] | ' |
Rentable Square Feet | 52,500 | [1],[2] | ' |
Net Sales Proceeds | 7,195,000 | [1],[2] | ' |
Net Book Value | 7,109,000 | [1],[2] | ' |
Realized Gain (loss) | 86,000 | [1],[2] | ' |
530 Chestnut Ridge Road [Member] | ' | ' | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | |
Number of Buildings | 1 | [1],[2] | ' |
Rentable Square Feet | 57,204 | [1],[2] | ' |
Net Sales Proceeds | 6,299,000 | [1],[2] | ' |
Net Book Value | 6,235,000 | [1],[2] | ' |
Realized Gain (loss) | 64,000 | [1],[2] | ' |
400 Rella Boulevard [Member] | ' | ' | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | |
Number of Buildings | 1 | ' | |
Rentable Square Feet | 180,000 | ' | |
Net Sales Proceeds | 27,539,000 | ' | |
Net Book Value | 10,938,000 | ' | |
Realized Gain (loss) | 16,601,000 | ' | |
412 Mt. Kemble Avenue [Member] | ' | ' | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | |
Number of Buildings | 1 | [1] | ' |
Rentable Square Feet | 475,100 | [1] | ' |
Net Sales Proceeds | 44,751,000 | [1] | ' |
Net Book Value | 43,851,000 | [1] | ' |
Realized Gain (loss) | 900,000 | [1] | ' |
30 Knightsbridge Road, 470 Chestnut Ridge Road, 530 Chestnut Ridge Road And 412 Mount Kemble Avenue [Member] | ' | ' | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | |
Net Sales Proceeds | 112,900,000 | ' | |
Sale price of property | 117,000,000 | ' | |
Sale price of property, cash | 114,600,000 | ' | |
Sale price of property, capital accounts | 2,400,000 | ' | |
Closing costs paid | 1,700,000 | ' | |
Ownership interest | 0.00% | ' | |
30 Knightsbridge Road, 470 Chestnut Ridge Road, 530 Chestnut Ridge Road And 412 Mount Kemble Avenue [Member] | Keystone Entities [Member] | ' | ' | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | |
Internal rate of return | 15.00% | ' | |
30 Knightsbridge Road, 470 Chestnut Ridge Road, 530 Chestnut Ridge Road And 412 Mount Kemble Avenue [Member] | Parent Company [Member] | ' | ' | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | |
Internal rate of return | 10.00% | ' | |
7 Property Group [Member] | ' | ' | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | |
Sale price of property | 104,000,000 | ' | |
Sale price of property, cash | 78,300,000 | ' | |
Sale price of property, capital accounts | 18,800,000 | ' | |
Number of properties held for sale | 7 | ' | |
Area of real estate property held for sale (in square feet) | 928,258 | ' | |
Number of properties with senior pari passu interest | 3 | ' | |
Sale price of property, capital balance in properties in which senior pari passu interest is held | 6,900,000 | ' | |
470 Chestnut Ridge Road And 530 Chestnut Ridge Road [Member] | ' | ' | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | |
Impairment charge | ' | $3,900,000 | |
[1] | The Company completed the sale of these properties for approximately $117 million: $114.6 million in cash and subordinated equity interests in each of the properties sold with capital accounts aggregating $2.4 million. Net sale proceeds from the sale aggregated $112.9 million which was comprised of the $117 million gross sales price less the subordinated equity interests of $2.4 million and $1.7 million in closing costs. The purchasers of these properties are joint ventures formed between the Company and affiliates of the Keystone Property Group (bKeystone Entitiesb). The senior equity will receive a 15 percent internal rate of return (bIRRb) after which the subordinated equity will receive a ten percent IRR and then all distributable cash flow will be split equally between the Keystone Entities and the Company. 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. The Company has contracts with Keystone Entities to sell an additional seven of its office properties in New Jersey, New York and Connecticut, aggregating approximately 928,258 square feet, for approximately $104 million, comprised of: $78.3 million in cash from a combination of Keystone Entities senior and pari-passu equity and mortgage financing; Company subordinated equity interests in each of the properties being sold with capital accounts aggregating $18.8 million; and Company pari passu equity interests in three of the properties being sold aggregating $6.9 million. | ||
[2] | The Company recorded an impairment charge of $3.9 million on these properties at December 31, 2013 as it estimated that the carrying value of the properties may not be recoverable over their anticipated holding periods. |
Real_Estate_Transactions_Summa
Real Estate Transactions (Summary Of Income From Properties Sold) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Total revenues | ' | $12,333 | ' | $27,205 |
Operating and other expenses | ' | -4,778 | ' | -10,982 |
Depreciation and amortization | ' | -2,989 | ' | -6,442 |
Income from properties sold | ' | 4,530 | ' | 9,663 |
Properties Sold, Year To Date [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Total revenues | 6,547 | 9,235 | 16,302 | 18,478 |
Operating and other expenses | -3,208 | -3,918 | -8,764 | -7,099 |
Depreciation and amortization | -1,433 | -2,190 | -3,379 | -4,376 |
Interest income | 3 | ' | 3 | ' |
Income from properties sold | $1,909 | $3,127 | $4,162 | $7,003 |
Investments_In_Unconsolidated_2
Investments In Unconsolidated Joint Ventures (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | |||
Investments in unconsolidated joint ventures | $265,866,000 | ' | $265,866,000 | ' | $181,129,000 | |||
Management, leasing, development and other services fees | 1,400,000 | 1,300,000 | 2,800,000 | 2,300,000 | ' | |||
Accounts receivable due from unconsolidated joint ventures | 824,000 | ' | 824,000 | ' | 523,000 | |||
Maximum exposure to loss | 110,800,000 | ' | 110,800,000 | ' | ' | |||
Estimated future funding commitments | 16,300,000 | ' | 16,300,000 | ' | ' | |||
Unconsolidated Joint Venture Office Buildings [Member] | ' | ' | ' | ' | ' | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | |||
Number of properties | 29 | ' | 29 | ' | ' | |||
Unconsolidated Joint Venture Office And Retail Buildings [Member] | ' | ' | ' | ' | ' | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | |||
Area of property (in square feet) | 4,700,000 | ' | 4,700,000 | ' | ' | |||
Unconsolidated Joint Venture Retail Buildings [Member] | ' | ' | ' | ' | ' | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | |||
Number of properties | 2 | ' | 2 | ' | ' | |||
Unconsolidated Joint Venture Multi-Family Properties [Member] | ' | ' | ' | ' | ' | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | |||
Number of properties | 7 | ' | 7 | ' | ' | |||
Number of units | 2,597 | ' | 2,597 | ' | ' | |||
Unconsolidated Joint Venture Hotel [Member] | ' | ' | ' | ' | ' | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | |||
Number of units | 350 | ' | 350 | ' | ' | |||
Unconsolidated Joint Venture Commercial Property [Member] | ' | ' | ' | ' | ' | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | |||
Area of property (in square feet) | 1,700,000 | ' | 1,700,000 | ' | ' | |||
Unconsolidated Joint Venture Development Projects [Member] | ' | ' | ' | ' | ' | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | |||
Number of units | 3,317 | ' | 3,317 | ' | ' | |||
Unconsolidated Joint Venture Land Parcels [Member] | ' | ' | ' | ' | ' | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | |||
Number of units | 4,130 | ' | 4,130 | ' | ' | |||
Unconsolidated Joint Ventures [Member] | ' | ' | ' | ' | ' | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | |||
Maximum borrowing capacity | 311,100,000 | ' | 311,100,000 | ' | ' | |||
Amount outstanding | 200,600,000 | ' | 200,600,000 | ' | ' | |||
Unconsolidated Joint Ventures [Member] | Parent Company [Member] | ' | ' | ' | ' | ' | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | |||
Maximum borrowing capacity | 89,900,000 | ' | 89,900,000 | ' | ' | |||
Amount outstanding | 79,800,000 | ' | 79,800,000 | ' | ' | |||
Minimum [Member] | ' | ' | ' | ' | ' | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | |||
Percentage of interest in venture | 7.50% | ' | 7.50% | ' | ' | |||
Maximum [Member] | ' | ' | ' | ' | ' | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | |||
Percentage of interest in venture | 85.00% | ' | 85.00% | ' | ' | |||
Variable Interest Entity [Member] | ' | ' | ' | ' | ' | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | |||
Investments in unconsolidated joint ventures | 94,500,000 | ' | 94,500,000 | ' | ' | |||
Number of VIEs | 8 | ' | 8 | ' | ' | |||
Office [Member] | Unconsolidated Joint Venture Land Parcels [Member] | ' | ' | ' | ' | ' | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | |||
Area of property (in square feet) | 1,500,000 | ' | 1,500,000 | ' | ' | |||
South Pier At Harborside [Member] | ' | ' | ' | ' | ' | |||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | |||
Investments in unconsolidated joint ventures | ' | [1] | ' | ' | [1] | ' | ' | [1] |
Number of units | 350 | ' | 350 | ' | ' | |||
Percentage of interest in venture | 50.00% | [2] | ' | 50.00% | [2] | ' | ' | |
Letter of credit | $4,600,000 | ' | $4,600,000 | ' | ' | |||
[1] | The negative investment balance for this joint venture of $710 and $1,706 as of June 30, 2014 and December 31, 2013, respectively, were included in accounts payable, accrued expenses and other liabilities. | |||||||
[2] | Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable. |
Investments_In_Unconsolidated_3
Investments In Unconsolidated Joint Ventures (Recent Transactions) (Narrative) (Details) (USD $) | 6 Months Ended | 6 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | 21-May-14 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 06, 2014 | Jun. 06, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |||
Harborside Unit A Urban Renewal, LLC [Member] | Harborside Unit A Urban Renewal, LLC [Member] | Harborside Unit A Urban Renewal, LLC [Member] | Harborside Unit A Urban Renewal, LLC [Member] | KPG-MCG Curtis JV, LLC [Member] | KPG-MCG Curtis JV, LLC [Member] | KPG-MCG Curtis JV, LLC [Member] | 90-Day Loan 1 [Member] | 90-Day Loan 2 [Member] | Harborside Residential Project [Member] | Harborside Residential Project [Member] | Curtis Center Property [Member] | Curtis Center Property [Member] | Curtis Center Property [Member] | Curtis Center Property [Member] | Curtis Center Property [Member] | Land [Member] | |||||
item | Parent Company [Member] | Ironstate Harborside-A, LLC [Member] | sqft | Parent Company [Member] | Keystone Property Group [Member] | Keystone Property Group [Member] | Keystone Property Group [Member] | Harborside Unit A Urban Renewal, LLC [Member] | Harborside Unit A Urban Renewal, LLC [Member] | Parent Company [Member] | Keystone Property Group [Member] | KPG-MCG Curtis JV, LLC [Member] | KPG-MCG Curtis JV, LLC [Member] | KPG-MCG Curtis JV, LLC [Member] | Harborside Unit A Urban Renewal, LLC [Member] | ||||||
item | Parent Company [Member] | Parent Company [Member] | Keystone Property Group [Member] | Parent Company [Member] | |||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of units | ' | ' | 763 | ' | ' | ' | ' | ' | ' | ' | ' | 763 | ' | ' | ' | ' | ' | ' | ' | ||
Total project costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $320,000,000 | $88,000,000 | ' | ' | ' | ' | ' | ' | ||
State tax credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,000,000 | ' | ' | ' | ' | ' | ' | ' | ||
Percentage of interest in venture | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Investments in unconsolidated joint ventures | 265,866,000 | 181,129,000 | 22,150,000 | [1] | 30,600,000 | ' | 5,400,000 | 2,187,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | 125,000,000 | 62,500,000 | 62,500,000 | 5,500,000 |
Capital credit receivable per developable square foot | ' | ' | 30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Aggregate capital credits | ' | ' | ' | ' | ' | ' | 20,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percentage of operating return on capital | ' | ' | ' | ' | 75.00% | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Internal rate of return | ' | ' | ' | ' | 18.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percentage of capital event cash flows distributed after initial internal rate of return reached | ' | ' | ' | ' | 65.00% | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percentage of interest in venture | ' | ' | 85.00% | [2] | ' | ' | ' | 50.00% | [2] | 50.00% | 50.00% | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' |
Area of property (in square feet) | ' | ' | ' | ' | ' | ' | 885,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Maturity period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ||
Loan to affiliate | 62,276,000 | ' | ' | ' | ' | ' | ' | ' | ' | 52,300,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ||
Lease period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '29 years | ' | ' | ' | ||
Percentage of capital event cash flows distributed | ' | ' | ' | ' | 75.00% | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Threshold of member unreturned capital for distribution of net operating cash flows | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Holding and distribution pattern under operating agreement | ' | ' | 'In general, the operating agreement of URL-Harborside provides that net operating cash flows are distributed first, to the members in respect of preferred return, as defined, until each member shall have received payment of the accrued and unpaid preferred return; and, thereafter, to each member as follows: 75 percent to the Company and 25 percent to ISA. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | See discussion in Recent Transactions following in this footnote. | ||||||||||||||||||||
[2] | Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable. |
Investments_In_Unconsolidated_4
Investments In Unconsolidated Joint Ventures (Summary Of Unconsolidated Joint Ventures) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | 21-May-14 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 02, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||||
Minimum [Member] | Maximum [Member] | Marbella RoseGarden, L.L.C. [Member] | Marbella RoseGarden, L.L.C. [Member] | RoseGarden Monaco Holdings, L.L.C. [Member] | RoseGarden Monaco Holdings, L.L.C. [Member] | Rosewood Lafayette Holdings, L.L.C. [Member] | Rosewood Lafayette Holdings, L.L.C. [Member] | PruRose Port Imperial South 15, L.L.C. [Member] | Rosewood Morristown, L.L.C. [Member] | Rosewood Morristown, L.L.C. [Member] | Overlook Ridge JV, L.L.C. [Member] | Overlook Ridge JV 2C/3B, L.L.C. [Member] | PruRose Riverwalk G, L.L.C. [Member] | PruRose Riverwalk G, L.L.C. [Member] | Elmajo Urban Renewal Associates, L.L.C. [Member] | Elmajo Urban Renewal Associates, L.L.C. [Member] | Crystal House Apartments Investors LLC [Member] | Crystal House Apartments Investors LLC [Member] | Portside Master Company, L.L.C. [Member] | Portside Master Company, L.L.C. [Member] | PruRose Port Imperial South 13, L.L.C. [Member] | PruRose Port Imperial South 13, L.L.C. [Member] | Roseland/Port Imperial Partners, L.P. [Member] | Roseland/Port Imperial Partners, L.P. [Member] | RoseGarden Marbella South, L.L.C. [Member] | RoseGarden Marbella South, L.L.C. [Member] | Estuary Urban Renewal Unit B, LLC [Member] | Estuary Urban Renewal Unit B, LLC [Member] | RiverPark At Harrison I, L.L.C. [Member] | RiverPark At Harrison I, L.L.C. [Member] | Capitol Place Mezz LLC [Member] | Capitol Place Mezz LLC [Member] | Harborside Unit A Urban Renewal, LLC [Member] | Harborside Unit A Urban Renewal, LLC [Member] | Harborside Unit A Urban Renewal, LLC [Member] | Overlook Ridge, L.L.C. [Member] | RoseGarden Monaco, L.L.C. [Member] | RoseGarden Monaco, L.L.C. [Member] | Grand Jersey Waterfront Urban Renewal Associates, L.L.C. [Member] | Grand Jersey Waterfront Urban Renewal Associates, L.L.C. [Member] | Red Bank Corporate Plaza, L.L.C. [Member] | Red Bank Corporate Plaza, L.L.C. [Member] | 12 Vreeland Associates, L.L.C. [Member] | 12 Vreeland Associates, L.L.C. [Member] | BNES Associates III [Member] | BNES Associates III [Member] | Hillsborough 206 Holdings, L.L.C. [Member] | Hillsborough 206 Holdings, L.L.C. [Member] | KPG-P 100 IMW JV, LLC [Member] | KPG-P 100 IMW JV, LLC [Member] | Keystone-Penn [Member] | Keystone-Penn [Member] | Keystone-Penn [Member] | Keystone-Penn [Member] | Keystone-Penn [Member] | Keystone-Penn [Member] | Keystone-TriState [Member] | Keystone-TriState [Member] | Keystone-TriState [Member] | Keystone-Penn And Keystone TriState [Member] | Keystone-Penn And Keystone TriState [Member] | KPG-MCG Curtis JV, LLC [Member] | KPG-MCG Curtis JV, LLC [Member] | KPG-MCG Curtis JV, LLC [Member] | Curtis Center TIC I And II LLC [Member] | Plaza VIII & IX Associates, L.L.C. [Member] | Plaza VIII & IX Associates, L.L.C. [Member] | Roseland/North Retail, L.L.C. [Member] | Roseland/North Retail, L.L.C. [Member] | South Pier At Harborside [Member] | South Pier At Harborside [Member] | Stamford SM LLC [Member] | Stamford SM LLC [Member] | Other [Member] | Other [Member] | The Shops At 40 Park Property [Member] | Lofts At 40 Park Property [Member] | Metropolitan Property [Member] | Overlook Phase III [Member] | Port Imperial North Land [Member] | Senior Loans [Member] | Junior Loans [Member] | Letter of Credit [Member] | Construction Loan [Member] | Construction Loan [Member] | Construction Loan [Member] | Construction Loan [Member] | Construction Loan [Member] | Construction Loan [Member] | Construction Loan [Member] | Construction Loan [Member] | Construction Loan [Member] | Construction Loan [Member] | Construction Loan [Member] | Construction Loan Extension Number 1 [Member] | Construction Loan Extension Number 1 [Member] | Construction Loan Extension Number 1 [Member] | Construction Loan Extension Number 1 [Member] | Construction Loan Extension Number 1 [Member] | Construction Loan Extension Number 2 [Member] | Construction Loan Extension Number 2 [Member] | Construction Loan Extension Number 2 [Member] | Construction Loan Extension Number 2 [Member] | Construction Loan Extension Number 2 [Member] | Mezz Loan [Member] | Class A Office Space [Member] | Residential Space [Member] | Hotel [Member] | |||||||||||||||||||||||||||||||||||||||
item | item | item | item | item | item | item | item | item | item | item | item | item | item | item | item | item | item | Parent Company [Member] | item | item | item | sqft | sqft | sqft | sqft | item | item | Principal Balance Due August 27, 2023 [Member] | Principal Balance Due August 27, 2016 [Member] | Principal Balance Due August 27, 2016 [Member] | Principal Balance Due August 27, 2016 [Member] | Principal Balance Due August 27, 2015 [Member] | item | Principal Balance Due July 6, 2024 [Member] | Principal Balance Due July 1, 2017 [Member] | Parent Company [Member] | Keystone Property Group [Member] | sqft | Parent Company [Member] | Keystone Property Group [Member] | sqft | sqft | item | Rosewood Morristown, L.L.C. [Member] | Rosewood Morristown, L.L.C. [Member] | Rosewood Morristown, L.L.C. [Member] | Overlook Ridge JV, L.L.C. [Member] | Roseland/Port Imperial Partners, L.P. [Member] | Quarrystone I Property [Member] | Quarrystone I Property [Member] | Quarrystone I Property [Member] | Overlook Ridge JV 2C/3B, L.L.C. [Member] | Overlook Ridge JV 2C/3B, L.L.C. [Member] | PruRose Riverwalk G, L.L.C. [Member] | Elmajo Urban Renewal Associates, L.L.C. [Member] | Portside Master Company, L.L.C. [Member] | PruRose Port Imperial South 13, L.L.C. [Member] | PruRose Port Imperial South 13, L.L.C. [Member] | RoseGarden Marbella South, L.L.C. [Member] | Estuary Urban Renewal Unit B, LLC [Member] | RiverPark At Harrison I, L.L.C. [Member] | Capitol Place Mezz LLC [Member] | Overlook Ridge JV 2C/3B, L.L.C. [Member] | Portside Master Company, L.L.C. [Member] | PruRose Port Imperial South 13, L.L.C. [Member] | RoseGarden Marbella South, L.L.C. [Member] | RiverPark At Harrison I, L.L.C. [Member] | Overlook Ridge JV 2C/3B, L.L.C. [Member] | Portside Master Company, L.L.C. [Member] | PruRose Port Imperial South 13, L.L.C. [Member] | RoseGarden Marbella South, L.L.C. [Member] | RiverPark At Harrison I, L.L.C. [Member] | Stamford SM LLC [Member] | Mezz Loan [Member] | Mezz Loan [Member] | South Pier At Harborside [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
sqft | Minimum [Member] | Maximum [Member] | sqft | item | item | item | Overlook Ridge JV, L.L.C. [Member] | Rosewood Morristown, L.L.C. [Member] | Overlook Ridge JV, L.L.C. [Member] | item | item | item | item | Stamford SM LLC [Member] | Stamford SM LLC [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
item | sqft | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
sqft | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
Number of Apartment Units | ' | ' | ' | ' | 412 | [1] | ' | 523 | [1] | ' | 217 | [1] | ' | 236 | [1] | 130 | [2],[3] | ' | 251 | [1],[4] | 371 | [1] | 316 | [1] | ' | 355 | [1] | ' | 828 | [5] | ' | 176 | [1] | ' | 280 | [1] | ' | 363 | [1],[6] | ' | 311 | [1] | ' | 227 | [1] | ' | 141 | ' | 377 | ' | 763 | ' | ' | 896 | 300 | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,842,820 | ' | ' | ' | ' | ' | 1,266,384 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350 | ' | ' | ' | ' | ' | ' | 59 | ' | 240 | 836 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 106 | ' | ' | |||||||||||||||||||||
Square Feet | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 92,878 | ' | 139,750 | ' | 106,345 | ' | 160,000 | ' | 339,615 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 885,000 | ' | ' | ' | 1,225,000 | [7] | ' | 30,745 | [8] | ' | ' | ' | ' | ' | ' | ' | 50,973 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,670,000 | 70,500 | ' | ||||||||||||||||||||||||||||||||||
Company's Effective Ownership % | ' | ' | 7.50% | 85.00% | 24.27% | [1],[9] | ' | 15.00% | [1],[9] | ' | 25.00% | [1],[9] | ' | 50.00% | [1],[9] | 12.50% | [2],[3],[9] | ' | 25.00% | [1],[4],[9] | 25.00% | [1],[9] | 25.00% | [1],[9] | ' | 7.50% | [1],[9] | ' | 25.00% | [5],[9] | ' | 38.25% | [1],[9] | ' | 20.00% | [1],[9] | ' | 20.00% | [1],[6],[9] | ' | 24.27% | [1],[9] | ' | 7.50% | [1],[9] | ' | 36.00% | [9] | ' | 50.00% | [9] | ' | 85.00% | [9] | ' | ' | 50.00% | [9] | 41.67% | [9] | ' | 50.00% | [9] | ' | 50.00% | [9] | ' | 50.00% | [9] | ' | 31.25% | [9] | ' | 50.00% | [9] | ' | 33.33% | [9] | ' | ' | [10],[9] | ' | ' | ' | ' | ' | ' | [10],[9] | ' | ' | ' | ' | 50.00% | [9] | 50.00% | 50.00% | ' | [11],[9] | 50.00% | [7],[9] | ' | 20.00% | [8],[9] | ' | 50.00% | [9] | ' | 80.00% | [7],[9] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Carrying Value | $265,866,000 | $181,129,000 | ' | ' | $15,782,000 | [1] | $15,797,000 | $2,686,000 | [1] | $3,201,000 | $496,000 | [1] | $857,000 | ' | $6,257,000 | [2],[3] | $6,455,000 | ' | ' | $1,950,000 | [1] | $3,117,000 | ' | $203,000 | $26,458,000 | [5] | $26,838,000 | $2,655,000 | [1] | $3,207,000 | $1,685,000 | [1] | $2,206,000 | $1,926,000 | [1],[6] | $2,068,000 | $8,580,000 | [1] | $7,567,000 | ' | $24,000 | $4,247,000 | $3,655,000 | $47,978,000 | $46,628,000 | $22,150,000 | [12] | $30,600,000 | ' | ' | $1,255,000 | $1,224,000 | $337,000 | $337,000 | $3,771,000 | $4,046,000 | $5,658,000 | $5,514,000 | $1,899,000 | $1,753,000 | $1,962,000 | $1,962,000 | $751,000 | $1,887,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,187,000 | [12] | ' | ' | $61,296,000 | [11] | $3,848,000 | [7] | $3,702,000 | $1,883,000 | [8] | $1,930,000 | ' | [13] | ' | [13] | $37,418,000 | [7] | $36,258,000 | $751,000 | [8] | $693,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Property Debt, Balance | 1,474,980,000 | ' | ' | ' | 95,000,000 | [1] | ' | 165,000,000 | [1] | ' | 39,021,000 | [1] | ' | 57,500,000 | [1] | 46,217,000 | [14],[2],[3] | ' | 75,366,000 | [1],[15],[4] | 41,006,000 | [1] | 76,334,000 | [1] | ' | 72,619,000 | [1] | ' | 165,000,000 | [5] | ' | 20,007,000 | [1] | ' | 26,097,000 | [1] | ' | ' | ' | 12,503,000 | [1] | ' | 22,157,000 | [1] | ' | 13,370,000 | ' | 45,039,000 | ' | ' | ' | ' | 16,940,000 | ' | ' | ' | ' | 16,240,000 | ' | 14,717,000 | ' | 7,057,000 | ' | ' | ' | 61,500,000 | ' | 200,601,000 | [16] | 127,600,000 | 62,577,000 | ' | ' | 10,425,000 | 118,890,000 | [17] | 77,650,000 | 41,240,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,799,000 | [18] | ' | ' | ' | ' | ' | 6,500,000 | 1,117,000 | 38,600,000 | 5,709,000 | ' | 52,657,000 | 17,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,505,000 | ' | ' | 62,175,000 | |||||||||||||||||||
Property Debt, Maturity Date | ' | ' | ' | ' | '05/01/18 | [1] | ' | '02/01/21 | [1] | ' | '07/01/15 | [1] | ' | '09/01/20 | [1] | ' | ' | ' | '12/28/15 | [1] | '07/15/21 | [1] | ' | '06/27/16 | [1] | ' | '03/19/20 | [5] | ' | '12/05/15 | [1] | ' | '06/27/16 | [1] | ' | ' | ' | '03/30/17 | [1] | ' | '01/25/17 | [1] | ' | '06/27/16 | ' | '07/01/2033 | ' | ' | ' | ' | '03/02/15 | ' | ' | ' | ' | '05/17/16 | ' | '07/01/23 | ' | '11/01/23 | ' | ' | ' | '09/09/16 | ' | ' | 'August 27, 2023 | 'August 27, 2016 | ' | ' | 'August 27, 2015 | ' | 'July 6, 2024 | 'July 1, 2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'August 2018 | 'September 2015 | 'September 2020 | 'April 2015 | ' | 'March 2016 | 'March 2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'August 2014 | ' | ' | 'November 2016 | ||||||||||||||||||||||||
Property Debt, Interest Rate | ' | ' | ' | ' | 4.99% | [1] | ' | 4.19% | [1] | ' | 4.00% | [1] | ' | 4.32% | [1] | ' | ' | ' | ' | 6.00% | [1],[19] | ' | ' | ' | 3.17% | [5] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.82% | [20] | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.99% | ' | 2.87% | ' | 4.76% | ' | ' | ' | ' | ' | ' | 5.11% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.63% | ' | 3.25% | ' | ' | ' | ' | ' | ' | 3.09% | ' | ' | ' | ' | 2.79% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.15% | |||||||||||||||||||||||||||||
Property Debt, Interest Rate, LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'L+2.50 | [1],[21] | ' | ' | 'L+2.10 | [1],[22] | ' | ' | ' | 'L+2.50 | [1],[23] | ' | 'L+2.15 | [1],[24] | ' | ' | ' | 'L+2.25 | [1],[25] | ' | 'L+2.10 | [1],[26] | ' | 'L+2.35 | [27] | ' | ' | ' | ' | ' | ' | 'L+3.50 | ' | ' | ' | ' | 'L+3.00 | [28] | ' | ' | ' | ' | ' | ' | ' | 'L+7.00 | [29] | ' | ' | ' | ' | 'LIBOR+5.0 | 'LIBOR+5.75 | 'LIBOR+6.0 | ' | ' | 'LIBOR+4.95 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | [1],[21] | ' | ' | 2.10% | [1],[22] | ' | ' | ' | 2.50% | [1],[23] | ' | 2.15% | [1],[24] | ' | ' | ' | 2.25% | [1],[25] | ' | 2.10% | [1],[26] | ' | 2.35% | [27] | ' | ' | ' | ' | ' | ' | 3.50% | ' | ' | ' | ' | 3.00% | [28] | ' | ' | ' | ' | ' | ' | ' | 7.00% | [29] | ' | ' | ' | ' | 5.00% | 5.75% | 6.00% | ' | ' | 4.95% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' | 2.50% | ' | 2.00% | 0.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | ' | ' | ' | |||||||||||||||||||||||||||
Residual ownership interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.50% | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
Indirect ownership interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
Number of stories | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
Note payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 975,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
Additional borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
Number of extension options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | 2 | ' | ' | 2 | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
Loan extension period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | '1 year | ' | '1 year | ' | ' | ' | '1 year | '1 year | '1 year | ' | ' | '2 years | '1 year | ' | ' | ' | '2 years | '6 months | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
Extension fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | 0.25% | ' | ' | 0.25% | 0.13% | 0.25% | 0.25% | 0.20% | 0.25% | 0.25% | 0.25% | 0.25% | 0.20% | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,000,000 | ' | 55,500,000 | 83,113,000 | 91,000,000 | 42,500,000 | ' | 73,350,000 | 77,400,000 | 57,000,000 | 23,400,000 | 100,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
Notional amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,650,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,840,000 | 50,800,000 | ' | ' | ' | 1,620,000 | 69,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
Percentage of interest in developable land | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
Number of units available for development | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 295 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
Number of approved units available for development | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 252 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
Construction reserve | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
Internal rate of return | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
Bears interest at fixed rate range, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.89% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.09% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
Bears interest at fixed rate range, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.93% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.62% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
Loan maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Aug-20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
Letter of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
Mortgage loan face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
Number of properties used to collateralized mortgage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | ' | ' | ||||||||||||||||||||||||||||||||||||
Threshold of which excess proceeds are paid to another party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $47,000,000 | ' | ' | ' | ||||||||||||||||||||||||||||||||||||
[1] | The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the Company is not expected to meaningfully participate in the venture's cash flows in the near term. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Through the joint venture, the Company also owns a 12.5 percent interest in a 50,973 square feet of retail building ("Shops at 40 Park") and a 25 percent interest in a to-be-built 59-unit, five story multi-family rental development property ("Lofts at 40 Park"). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the payment of the outstanding balance remaining on a note ($975 as of June 30, 2014), and is not expected to meaningfully participate in the venture's cash flows in the near term. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Through the joint venture, the Company also owns a 50 percent interest in a land parcel ("Overlook Phase III Land") that can accommodate the development of approximately 240B apartment units. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | The Company also owns a 50 percent interest in a vacant land to accommodate the development of approximately 295 additional units of which 252 are currently approved. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | The Company also owns a 20 percent residual interest in undeveloped land parcels: parcels 6, I, and J ("Port Imperial North Land") that can accommodate the development of 836 apartment units. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | The joint venture owns a senior mezzanine loan ("Mezz Loan") with a face value of $50,000 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. The interest-only Mezz Loan has a carrying value of $46,505 and is subject to an agreement that provides, subject to certain conditions, for the payment of principal proceeds above $47,000 to another party. The Mezz loan bears interest at LIBOR plus 325 basis points and matures in August 2014. The joint venture is evaluating its option regarding its investment as the loan approaches maturity. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | The Company owns other interests in various unconsolidated joint ventures, including interests in assets previously owned and interest in ventures whose businesses are related to its core operations. These ventures are not expected to significantly impact the Company's operations in the near term. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[9] | Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[10] | The Companybs equity interests in the joint ventures will be subordinated to affiliates of the Keystone Property Group receiving a 15 percent internal rate of return (bIRRb) after which the Company will receive a ten percent IRR on its subordinate equity and then all profit will be split equally. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[11] | Includes undivided interests in the same manner as investments in noncontrolled partnership, pursuant to ASC 970-323-25-12. See discussion in Recent Transactions following in this footnote. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[12] | See discussion in Recent Transactions following in this footnote. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[13] | The negative investment balance for this joint venture of $710 and $1,706 as of June 30, 2014 and December 31, 2013, respectively, were included in accounts payable, accrued expenses and other liabilities. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[14] | Property debt balance consists of: (i) a loan, collateralized by the Metropolitan at 40 Park, has a balance of $38,600, bears interest at 3.25 percent, matures in September 2020 and is interest only through September 2015; (ii) loan, collateralized by the Shops at 40 Park, has a balance of $6,500, bears interest at 3.63 percent, matures in August 2018 and is interest-only through July 2015; and (iii) the loan, collateralized by the Lofts at 40 Park, has a balance of $1,117, bears interest at LIBOR plus 250 basis points and matures in September 2015. The Shops at 40 Park mortgage loan also provides for additional borrowing proceeds of $1 million based on certain preferred thresholds being achieved. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[15] | Property debt balance consists of: (i) a loan, collateralized by the Overlook Phase III Land, has a balance of $5,709, bears interest at a rate of LIBOR plus 250 basis points, matures in April 2015 and, subject to certain conditions, provides for a one-year extension option with a fee of 25 basis points, and (ii) the senior loan, collateralized by the Quarrystone property, has a balance of $52,657, bears interest at LIBOR plus 200 basis, matures in March 2016 and (iii) the junior loan, with a balance of $17,000, bears interest at LIBOR plus 90 basis points, matures in March 2016 and is collateralized by a $17,000 letter of credit provided by an affiliate of the partner. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[16] | Principal balance of $127,600 bears interest at 5.114 percent and matures in August 27, 2023; principal balance of $62,577 bears interest at rates ranging from LIBOR+5.0 percent to LIBOR+5.75 percent and matures in August 27, 2016; principal balance of $10,425 bears interest at LIBOR+6.0 percent matures in AugustB 27, 2015. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[17] | Principal balance of $77,650 bears interest at rates ranging from 4.888 percent to 4.93 percent and matures on July 6, 2024; principal balance of $41,240 bears interest at LIBOR+4.95 percent and matures on July 1, 2017. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[18] | Balance includes: (i) mortgage loan, collateralized by the hotel property, has a balance of $62,175, bears interest at 6.15 percent and matures in November 2016, and (ii) loan with a balance of $4.6 million, bears interest at fixed rates ranging from 6.09 percent to 6.62 percent and matures in August 1, 2020. The Company posted a $4.6 million letter of credit in support of this loan, half of which is indemnified by the partner. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[19] | The construction loan has a maximum borrowing amount of $83,113. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[20] | The construction loan has a maximum borrowing amount of $100,700 with amortization starting in August 2017. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[21] | The construction loan has a maximum borrowing amount of $55,500 and provides, subject to certain conditions, two one-year extension options with a fee of 25 basis points each. The joint venture has a swap agreement that fixes the all-in rate to 3.0875 percent per annum on an initial notional amount of $1,840, increasing to $50,800, for the period from September 3, 2013 to November 2, 2015. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[22] | The construction loan has a maximum borrowing amount of $91,000 and provides, subject to certain conditions, a one-year extension option with a fee of 25 basis points. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[23] | The construction loan has a maximum borrowing amount of $42,500 and provides, subject to certain conditions, two two-year extension options with a fee of 12.5 basis points for the first two-year extension and 25 basis points for the second two-year extension. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[24] | The construction loan has a maximum borrowing amount of $73,350 and provides, subject to certain conditions, one-year extension option followed by a six-month extension option with a fee of 25 basis points each. The joint venture has a swap agreement that fixes the all-in rate to 2.79 percent per annum on an initial notional amount of $1,620, increasing to $69,500 for the period from July 1, 2013 to January 1, 2016. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[25] | The construction loan has a maximum borrowing amount of $77,400 and provides, subject to certain conditions, two one-year extension options with a fee of 25 basis points for each year. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[26] | The construction loan has a maximum borrowing amount of $57,000 and provides, subject to certain conditions, a one-year extension option with a fee of 25 basis points. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[27] | The construction loan has a maximum borrowing amount of $23,400 and provides, subject to certain conditions, two one-year extension options with a fee of 20 basis points for each year. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[28] | The joint venture has a swap agreement that fixes the all-in rate to 3.99375 percent per annum on an initial notional amount of $13,650 and then adjusting in accordance with an amortization schedule, which is effective from October 17, 2011 through loan maturity. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[29] | The mortgage loan has two one-year extension options, subject to certain conditions, and includes a $25 million construction reserve. |
Investments_In_Unconsolidated_5
Investments In Unconsolidated Joint Ventures (Summary Of Financial Position Of Unconsolidated Joint Ventures) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments In Unconsolidated Joint Ventures [Abstract] | ' | ' |
Rental property, net | $1,202,271 | $755,049 |
Loan receivable | 46,505 | 45,050 |
Other assets | 486,239 | 582,990 |
Total assets | 1,735,015 | 1,383,089 |
Mortgages and loans payable | 844,476 | 637,709 |
Other liabilities | 211,959 | 87,231 |
Partners'/members' capital | 678,580 | 658,149 |
Total liabilities and partners'/members' capital | $1,735,015 | $1,383,089 |
Investments_In_Unconsolidated_6
Investments In Unconsolidated Joint Ventures (Summary Of Company's Investment In Unconsolidated Joint Ventures) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | 21-May-14 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | |||||||||||||||||||
In Thousands, unless otherwise specified | Marbella RoseGarden, L.L.C. [Member] | Marbella RoseGarden, L.L.C. [Member] | RoseGarden Monaco Holdings, L.L.C. [Member] | RoseGarden Monaco Holdings, L.L.C. [Member] | Rosewood Lafayette Holdings, L.L.C. [Member] | Rosewood Lafayette Holdings, L.L.C. [Member] | Rosewood Morristown, L.L.C. [Member] | Rosewood Morristown, L.L.C. [Member] | PruRose Riverwalk G, L.L.C. [Member] | PruRose Riverwalk G, L.L.C. [Member] | Elmajo Urban Renewal Associates, L.L.C. [Member] | Crystal House Apartments Investors LLC [Member] | Crystal House Apartments Investors LLC [Member] | Portside Master Company, L.L.C. [Member] | Portside Master Company, L.L.C. [Member] | PruRose Port Imperial South 13, L.L.C. [Member] | PruRose Port Imperial South 13, L.L.C. [Member] | Roseland/Port Imperial Partners, L.P. [Member] | Roseland/Port Imperial Partners, L.P. [Member] | RoseGarden Marbella South, L.L.C. [Member] | RoseGarden Marbella South, L.L.C. [Member] | Estuary Urban Renewal Unit B, LLC [Member] | RiverPark At Harrison I, L.L.C. [Member] | RiverPark At Harrison I, L.L.C. [Member] | Capitol Place Mezz LLC [Member] | Capitol Place Mezz LLC [Member] | Harborside Unit A Urban Renewal, LLC [Member] | Harborside Unit A Urban Renewal, LLC [Member] | RoseGarden Monaco, L.L.C. [Member] | RoseGarden Monaco, L.L.C. [Member] | Grand Jersey Waterfront Urban Renewal Associates, L.L.C. [Member] | Grand Jersey Waterfront Urban Renewal Associates, L.L.C. [Member] | Red Bank Corporate Plaza, L.L.C. [Member] | Red Bank Corporate Plaza, L.L.C. [Member] | 12 Vreeland Associates, L.L.C. [Member] | 12 Vreeland Associates, L.L.C. [Member] | BNES Associates III [Member] | BNES Associates III [Member] | Hillsborough 206 Holdings, L.L.C. [Member] | Hillsborough 206 Holdings, L.L.C. [Member] | KPG-P 100 IMW JV, LLC [Member] | KPG-P 100 IMW JV, LLC [Member] | KPG-MCG Curtis JV, LLC [Member] | Curtis Center TIC I And II LLC [Member] | Plaza VIII & IX Associates, L.L.C. [Member] | Plaza VIII & IX Associates, L.L.C. [Member] | Roseland/North Retail, L.L.C. [Member] | Roseland/North Retail, L.L.C. [Member] | South Pier At Harborside [Member] | South Pier At Harborside [Member] | Stamford SM LLC [Member] | Stamford SM LLC [Member] | Other [Member] | Other [Member] | |||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||
Company's investments in unconsolidated joint ventures, net | $265,866 | $181,129 | $15,782 | [1] | $15,797 | $2,686 | [1] | $3,201 | $496 | [1] | $857 | $6,257 | [2],[3] | $6,455 | $1,950 | [1] | $3,117 | $203 | $26,458 | [4] | $26,838 | $2,655 | [1] | $3,207 | $1,685 | [1] | $2,206 | $1,926 | [1],[5] | $2,068 | $8,580 | [1] | $7,567 | $24 | $4,247 | $3,655 | $47,978 | $46,628 | $22,150 | [6] | $30,600 | $1,255 | $1,224 | $337 | $337 | $3,771 | $4,046 | $5,658 | $5,514 | $1,899 | $1,753 | $1,962 | $1,962 | $751 | $1,887 | $2,187 | [6] | $61,296 | [7] | $3,848 | [8] | $3,702 | $1,883 | [9] | $1,930 | ' | [10] | ' | [10] | $37,418 | [8] | $36,258 | $751 | [9] | $693 |
Accounts payable, accrued expenses and other liabilities | $140,546 | $121,286 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $710 | $1,706 | ' | ' | ' | ' | |||||||||||||||||||
[1] | The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the Company is not expected to meaningfully participate in the venture's cash flows in the near term. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Through the joint venture, the Company also owns a 12.5 percent interest in a 50,973 square feet of retail building ("Shops at 40 Park") and a 25 percent interest in a to-be-built 59-unit, five story multi-family rental development property ("Lofts at 40 Park"). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the payment of the outstanding balance remaining on a note ($975 as of June 30, 2014), and is not expected to meaningfully participate in the venture's cash flows in the near term. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | The Company also owns a 50 percent interest in a vacant land to accommodate the development of approximately 295 additional units of which 252 are currently approved. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | The Company also owns a 20 percent residual interest in undeveloped land parcels: parcels 6, I, and J ("Port Imperial North Land") that can accommodate the development of 836 apartment units. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | See discussion in Recent Transactions following in this footnote. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | Includes undivided interests in the same manner as investments in noncontrolled partnership, pursuant to ASC 970-323-25-12. See discussion in Recent Transactions following in this footnote. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | The joint venture owns a senior mezzanine loan ("Mezz Loan") with a face value of $50,000 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. The interest-only Mezz Loan has a carrying value of $46,505 and is subject to an agreement that provides, subject to certain conditions, for the payment of principal proceeds above $47,000 to another party. The Mezz loan bears interest at LIBOR plus 325 basis points and matures in August 2014. The joint venture is evaluating its option regarding its investment as the loan approaches maturity. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[9] | The Company owns other interests in various unconsolidated joint ventures, including interests in assets previously owned and interest in ventures whose businesses are related to its core operations. These ventures are not expected to significantly impact the Company's operations in the near term. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[10] | The negative investment balance for this joint venture of $710 and $1,706 as of June 30, 2014 and December 31, 2013, respectively, were included in accounts payable, accrued expenses and other liabilities. |
Investments_In_Unconsolidated_7
Investments In Unconsolidated Joint Ventures (Summary Of Results Of Operations Of Unconsolidated Joint Ventures) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Investments In Unconsolidated Joint Ventures [Abstract] | ' | ' | ' | ' |
Total revenues | $113,118 | $91,274 | $144,111 | $103,693 |
Operating and other expenses | -96,605 | -81,321 | -114,958 | -89,268 |
Depreciation and amortization | -8,213 | -10,083 | -16,581 | -13,174 |
Interest expense | -8,786 | -3,310 | -15,127 | -5,322 |
Net income (loss) | ($486) | ($3,440) | ($2,555) | ($4,071) |
Investments_In_Unconsolidated_8
Investments In Unconsolidated Joint Ventures (Summary Of Company's Equity In Earnings (Loss) Of Unconsolidated Joint Ventures) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | $443 | ($80) | ($792) | ($1,830) | ||
Marbella RoseGarden, L.L.C. [Member] | ' | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | -9 | -165 | -15 | -276 | ||
RoseGarden Monaco, L.L.C. [Member] | ' | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | -238 | -423 | -515 | -822 | ||
Rosewood Lafayette Holdings, L.L.C. [Member] | ' | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | -203 | -284 | -419 | -574 | ||
PruRose Port Imperial South 15, L.L.C. [Member] | ' | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | ' | ' | ' | -606 | ||
Rosewood Morristown, L.L.C. [Member] | ' | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | -76 | -117 | -174 | -241 | ||
Overlook Ridge JV 2C/3B, L.L.C. [Member] | ' | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | ' | 224 | 62 | 151 | ||
PruRose Riverwalk G, L.L.C. [Member] | ' | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | -613 | -192 | -1,151 | -378 | ||
Elmajo Urban Renewal Associates, L.L.C. [Member] | ' | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | -91 | -82 | -203 | -168 | ||
Crystal House Apartments Investors LLC [Member] | ' | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | 53 | -1,535 | -274 | -1,522 | ||
Portside Master Company, L.L.C. [Member] | ' | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | -220 | -68 | -434 | -113 | ||
PruRose Port Imperial South 13, L.L.C. [Member] | ' | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | -213 | -145 | -418 | -278 | ||
Roseland/Port Imperial Partners, L.P. [Member] | ' | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | -180 | ' | -345 | ' | ||
RoseGarden Marbella South, L.L.C. [Member] | ' | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | ' | -19 | ' | -37 | ||
Estuary Urban Renewal Unit B, LLC [Member] | ' | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | ' | -34 | -15 | -63 | ||
Harborside Unit A Urban Renewal, LLC [Member] | ' | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | -212 | [1] | ' | -212 | [1] | ' |
Overlook Ridge, L.L.C. [Member] | ' | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | -213 | ' | -259 | ' | ||
Grand Jersey Waterfront Urban Renewal Associates, L.L.C. [Member] | ' | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | -16 | ' | -54 | ' | ||
Red Bank Corporate Plaza, L.L.C. [Member] | ' | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | 106 | 106 | 205 | 207 | ||
12 Vreeland Associates, L.L.C. [Member] | ' | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | 54 | 116 | 144 | 24 | ||
BNES Associates III [Member] | ' | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | 110 | -2 | 147 | -71 | ||
Hillsborough 206 Holdings, L.L.C. [Member] | ' | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | ' | ' | -5 | ' | ||
KPG-P 100 IMW JV, LLC [Member] | ' | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | -483 | ' | -1,136 | ' | ||
KPG-MCG Curtis JV, LLC [Member] | ' | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | 251 | [2] | ' | 251 | [2] | ' |
Plaza VIII & IX Associates, L.L.C. [Member] | ' | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | 44 | 19 | 146 | 28 | ||
Roseland/North Retail, L.L.C. [Member] | ' | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | -23 | -83 | -47 | -132 | ||
South Pier At Harborside [Member] | ' | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | 892 | 1,056 | 1,290 | 545 | ||
Stamford SM LLC [Member] | ' | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | 928 | 897 | 1,844 | 1,782 | ||
Other [Member] | ' | ' | ' | ' | ||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | $795 | $651 | $795 | $714 | ||
[1] | See discussion in Recent Transactions following in this footnote. | |||||
[2] | Includes undivided interests in the same manner as investments in noncontrolled partnership, pursuant to ASC 970-323-25-12. See discussion in Recent Transactions following in this footnote. |
Deferred_Charges_Goodwill_And_2
Deferred Charges, Goodwill And Other Assets (Schedule Of Deferred Charges, Goodwill And Other Assets) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | ||
In Thousands, unless otherwise specified | Mortgage Receivable [Member] | 8% Notes Receivable [Member] | 3.5% Notes Receivable [Member] | Interest-Free Notes Receivable [Member] | ||||
Deferred Charges, Goodwill And Other Assets [Line Items] | ' | ' | ' | ' | ' | ' | ||
Deferred leasing costs | $227,930 | $258,648 | ' | ' | ' | ' | ||
Deferred financing costs | 21,916 | 25,366 | ' | ' | ' | ' | ||
Deferred charges, gross | 249,846 | 284,014 | ' | ' | ' | ' | ||
Accumulated amortization | -112,249 | -131,669 | ' | ' | ' | ' | ||
Deferred charges, net | 137,597 | 152,345 | ' | ' | ' | ' | ||
Notes receivable | 83,889 | [1] | 21,986 | [1] | 10,400 | 7,800 | 62,300 | 3,400 |
In-place lease values, related intangible and other assets, net | 9,515 | 13,659 | ' | ' | ' | ' | ||
Goodwill | 2,945 | 2,945 | ' | ' | ' | ' | ||
Prepaid expenses and other assets, net | 32,814 | 27,584 | ' | ' | ' | ' | ||
Total deferred charges, goodwill and other assets | $266,760 | $218,519 | ' | ' | ' | ' | ||
Spread over LIBOR | ' | ' | 6.00% | ' | ' | ' | ||
Interest rate | ' | ' | ' | 8.00% | 3.50% | ' | ||
[1] | Includes: a mortgage receivable for $10.4 million which bears interest at LIBOR plus six percent; a note receivable for $7.8 million which bears interest at eight percent; notes receivable for $62.3 million which bear interest at 3.5 percent (See Note 4: Unconsolidated joint ventures - Recent Transactions); and an interest-free note r |
Restricted_Cash_Details
Restricted Cash (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Restricted Cash [Abstract] | ' | ' |
Security deposits | $8,782 | $8,534 |
Escrow and other reserve funds | 17,623 | 11,260 |
Total restricted cash | $26,405 | $19,794 |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
item | item | |
sqft | property | |
sqft | ||
Discontinued Operations [Abstract] | ' | ' |
Number of properties sold | 9 | 24 |
Area of property sold | 1,694,563 | 3,000,000 |
Number of land parcels sold | ' | 3 |
Sales proceeds | $235,322 | $390,600 |
Discontinued_Operations_Summar
Discontinued Operations (Summary Of Income From Discontinued Operations And Related Realized And Unrealized Gains (Losses)) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2013 | ||
Discontinued Operations [Abstract] | ' | ' | ||
Total revenues | $12,333 | $27,205 | ||
Operating and other expenses | -4,778 | -10,982 | ||
Depreciation and amortization | -2,989 | -6,442 | ||
Interest expense (net of interest income) | -36 | -118 | ||
Income from discontinued operations | 4,530 | 9,663 | ||
Loss from early extinguishment of debt | -703 | -703 | ||
Impairments | -23,851 | [1] | -23,851 | [1] |
Realized gains on disposition of rental property | 37,609 | 37,609 | ||
Realized gains (losses) and unrealized losses on disposition of rental property, net | 13,758 | 13,758 | ||
Total discontinued operations | $17,585 | $22,718 | ||
[1] | Represents impairment charges recorded on certain properties prior to their sale. |
Senior_Unsecured_Notes_Summary
Senior Unsecured Notes (Summary Of Senior Unsecured Notes) (Details) (USD $) | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior Unsecured Notes | $1,417,141 | $1,616,575 | ||
5.125% Senior Unsecured Notes, Due February 15, 2014 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior Unsecured Notes | ' | 200,030 | [1] | |
Effective Rate | 5.11% | [1],[2] | ' | |
Interest rate of senior unsecured notes | 5.13% | [1] | ' | |
Maturity date of the senior unsecured notes | 15-Feb-14 | [1] | ' | |
5.125% Senior Unsecured Notes, Due January 15, 2015 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Senior Unsecured Notes | 149,948 | 149,902 | ||
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 | 200,123 | 200,161 | ||
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 | 249,003 | 248,855 | ||
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 | 248,906 | 248,799 | ||
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 | 299,535 | 299,505 | ||
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 | $269,626 | $269,323 | ||
Effective Rate | 3.52% | [2] | ' | |
Interest rate of senior unsecured notes | 3.15% | ' | ||
Maturity date of the senior unsecured notes | 15-May-23 | ' | ||
[1] | On February 17, 2014, the Company repaid these notes at their maturity using available cash and borrowings on the Companybs unsecured revolving credit facility. | |||
[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 $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jul. 15, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Unsecured Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility Extension 1 [Member] | Unsecured Revolving Credit Facility Extension 2 [Member] | Previous Unsecured Revolving Credit Facility [Member] | Money Market Loan [Member] | Money Market Loan [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |||
item | Unsecured Revolving Credit Facility [Member] | Unsecured Revolving Credit Facility [Member] | Money Market Loan [Member] | ||||||||
entity | item | ||||||||||
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 | ' | ' | ' | 0.08% | 0.08% | 0.25% | ' | ' | ' | ' | ' |
Line of credit facility, bid feature, current borrowing capacity | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' |
Secured indebtedness | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' |
Fixed charge coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | 1.5 | ' | ' |
Unsecured indebtedness | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' |
Unencumbered property interest coverage | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Investment limitations as a percentage of total capitalization | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' |
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 (60 percent), the maximum amount of secured indebtedness (40 percent), the minimum amount of fixed charge coverage (1.5 times), the maximum amount of unsecured indebtedness (60 percent), the minimum amount of unencumbered property interest coverage (2.0 times) and certain investment limitations (generally 15 percent of total capitalization). | ' | ' | ' | ' | ' | ' | ' | ' |
Terms of dividend restriction | ' | ' | 'If an event of default has occurred and is continuing, the Company will not make any excess distributions except to enable the Company to continue to qualify as a REIT under the Code. The Company was in compliance with its debt covenants as of June 30, 2014. | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding borrowings under the facility | $56,000,000 | $0 | ' | ' | ' | ' | $0 | $0 | ' | ' | ' |
Property Debt, Interest Rate, 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) (Unsecured Revolving Credit Facility [Member]) | 6 Months Ended |
Jun. 30, 2014 | |
No Ratings Or Less Than BBB-/Baa3 [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Unsecured Debt Ratings | 'No ratings or less than BBB-/Baa3 |
Interest Rate - Applicable Basis Points Above LIBOR | 1.70% |
Facility Fee Basis Points | 0.35% |
BBB- Or Baa3 [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Unsecured Debt Ratings | 'BBB- or Baa3 |
Interest Rate - Applicable Basis Points Above LIBOR | 1.30% |
Facility Fee Basis Points | 0.30% |
BBB Or Baa2 (Current) [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Unsecured Debt Ratings | 'BBB or Baa2(current) |
Interest Rate - Applicable Basis Points Above LIBOR | 1.10% |
Facility Fee Basis Points | 0.20% |
BBB+ Or Baa1 [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Unsecured Debt Ratings | 'BBB+ or Baa1 |
Interest Rate - Applicable Basis Points Above LIBOR | 1.00% |
Facility Fee Basis Points | 0.15% |
A-Or A3 Or Higher [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Unsecured Debt Ratings | 'A- or A3 or higher |
Interest Rate - Applicable Basis Points Above LIBOR | 0.93% |
Facility Fee Basis Points | 0.13% |
Mortgages_Loans_Payable_And_Ot2
Mortgages, Loans Payable And Other Obligations (Narrative) (Details) (USD $) | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
property | |||
Debt Instrument [Line Items] | ' | ' | ' |
Number of properties with encumbered company mortgages | 27 | ' | ' |
Book value of encumbered properties | $879,000,000 | ' | ' |
Cash paid for interest | 61,999,000 | 60,838,000 | ' |
Interest capitalized | 6,493,000 | 6,748,000 | ' |
Total indebtedness | 2,208,268,000 | ' | 2,362,766,000 |
Total indebtedness, weighted average interest rate | 5.51% | ' | 5.62% |
Revolving Credit Facility Borrowing And Other Variable Rate Mortgage Debt [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total indebtedness | 164,363,000 | ' | 80,228,000 |
Total indebtedness, weighted average interest rate | 2.11% | ' | 2.74% |
Fixed Rate Debt And Other Obligations [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total indebtedness | 2,043,905,000 | ' | 2,282,538,000 |
Total indebtedness, weighted average interest rate | 5.78% | ' | 5.72% |
Unconsolidated Joint Venture [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Interest capitalized | $1,953,000 | $584,000 | ' |
Mortgages_Loans_Payable_And_Ot3
Mortgages, Loans Payable And Other Obligations (Summary Of Mortgages, Loans Payable And Other Obligations) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | ||||||||||||||||||||||||||||||
6301 Ivy Lane [Member] | 6301 Ivy Lane [Member] | 395 West Passaic [Member] | 395 West Passaic [Member] | 35 Waterview Boulevard [Member] | 35 Waterview Boulevard [Member] | 233 Canoe Brook Road [Member] | 233 Canoe Brook Road [Member] | 6 Becker, 85 Livingston, 75 Livingston & 20 Waterview [Member] | 6 Becker, 85 Livingston, 75 Livingston & 20 Waterview [Member] | 4 Sylvan [Member] | 4 Sylvan [Member] | 10 Independence [Member] | 10 Independence [Member] | Port Imperial South 4/5 [Member] | Port Imperial South 4/5 [Member] | 9200 Edmonston Road [Member] | 9200 Edmonston Road [Member] | Port Imperial South [Member] | Port Imperial South [Member] | 4 Becker [Member] | 4 Becker [Member] | 5 Becker [Member] | 5 Becker [Member] | 210 Clay [Member] | 210 Clay [Member] | Various [Member] | Various [Member] | 150 Main St [Member] | 23 Main Street [Member] | 23 Main Street [Member] | Harborside Plaza 5 [Member] | Harborside Plaza 5 [Member] | 100 Walnut Avenue [Member] | 100 Walnut Avenue [Member] | One River Center [Member] | One River Center [Member] | Park Square [Member] | |||||||||||||||||||||||||||||||||||
property | property | property | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||
Property Name | ' | ' | ' | ' | '6301 Ivy Lane (b) | [1] | ' | '395 West Passaic (c) | [2] | ' | '35 Waterview Boulevard (d) | [3] | ' | '233 Canoe Brook Road (e) | [4] | ' | '6 Becker, 85 Livingston, 75 Livingston & 20 Waterview | [5] | ' | '4 Sylvan | ' | '10 Independence (g) | [6] | ' | 'Port Imperial South 4/5 | ' | '9200 Edmonston Road (h) | [7] | ' | 'Port Imperial South | ' | '4 Becker | ' | '5 Becker (i) | [8] | ' | '210 Clay | ' | 'Various (j) | [9] | ' | '150 Main St. | '23 Main Street | ' | 'Harborside Plaza 5 | ' | '100 Walnut Avenue | ' | 'One River Center (k) | [10] | ' | 'Park Square | ||||||||||||||||||||
Lender | ' | ' | ' | ' | 'RGA Reinsurance Company | [1] | ' | 'State Farm Life Insurance Co. | [2] | ' | 'Wells Fargo CMBS | [3] | ' | 'The Provident Bank | [4] | ' | 'Wells Fargo CMBS | [5] | ' | 'Wells Fargo CMBS | ' | 'Wells Fargo CMBS | [6] | ' | 'Wells Fargo Bank N.A. | ' | 'Principal Commercial Funding L.L.C. | [7] | ' | 'Wells Fargo Bank N.A. | ' | 'Wells Fargo CMBS | ' | 'Wells Fargo CMBS | [8] | ' | 'Wells Fargo CMBS | ' | 'Prudential Insurance | [9] | ' | 'Webster Bank | 'JPMorgan CMBS | ' | 'The Northwestern Mutual Life Insurance Co. & New York Life Insurance Co. | ' | 'Guardian Life Insurance Co. | ' | 'Guardian Life Insurance Co. | [10] | ' | 'Wells Fargo Bank N.A. | ||||||||||||||||||||
LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR+3.50 | [11] | ' | ' | ' | 'LIBOR+1.75 | [11] | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR+2.35 | [11] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||
Effective Rate | ' | ' | ' | ' | 5.52% | [1],[11] | ' | 6.00% | [11],[2] | ' | 6.35% | [11],[3] | ' | 4.38% | [11],[4] | ' | 10.22% | [11],[5] | ' | 10.19% | [11] | ' | 12.44% | [11],[6] | ' | ' | ' | 5.53% | [11],[7] | ' | ' | ' | 9.55% | [11] | ' | 12.83% | [11],[8] | ' | 13.42% | [11] | ' | 6.33% | [11],[9] | ' | ' | 5.59% | [11] | ' | 6.84% | [11] | ' | 7.31% | [11] | ' | 7.31% | [10],[11] | ' | 1.75% | [11] | |||||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | ' | ' | ' | 1.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.35% | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | ||||||||||||||||||||||||||||||
Mortgages, loans payable and other obligations | ' | ' | $735,127 | $746,191 | ' | $5,447 | [1] | ' | $9,719 | [2] | ' | $18,417 | [3] | ' | $3,877 | [4] | $64,829 | [5] | $64,233 | [5] | $14,565 | $14,538 | $16,850 | [6] | $16,638 | [6] | $36,950 | $36,950 | $4,026 | [7] | $4,115 | [7] | $43,697 | $43,278 | $39,108 | $38,820 | $13,467 | [8] | $13,092 | [8] | $13,039 | $12,767 | $146,532 | [9] | $147,477 | [9] | $217 | $29,529 | $29,843 | $223,381 | $225,139 | $18,669 | $18,792 | $42,768 | [10] | $43,049 | [10] | $27,500 | ||||||||||||||
Loan maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11-Aug-14 | [12],[5] | ' | 11-Aug-14 | [12] | ' | 11-Aug-14 | [6] | ' | 30-Aug-14 | ' | 1-May-15 | [7] | ' | 19-Sep-15 | ' | 11-May-16 | ' | 11-May-16 | [8] | ' | 11-May-16 | ' | 15-Jan-17 | [9] | ' | 30-Mar-17 | 1-Sep-18 | ' | 1-Nov-18 | ' | 1-Feb-19 | ' | 1-Feb-19 | [10] | ' | 10-Apr-19 | |||||||||||||||||||||||
Loss from early extinguishment of debt | $703 | $703 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||
Number of properties used to collateralized mortgage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ||||||||||||||||||||||||||||||
[1] | On April 1, 2014, the Company repaid the mortgage loan at par, using available cash. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | On May 1, 2014, the Company repaid the mortgage loan at par, using available cash. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | On May 12, 2014, the Company repaid the mortgage loan at par, using borrowings on the Companybs unsecured revolving credit facility. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | On April 30, 2014, the Company repaid the mortgage loan at par, using available cash. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | Mortgage is cross collateralized by the four properties. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | The Company is negotiating a deed-in-lieu of foreclosure in satisfaction of this mortgage loan. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | The mortgage loan originally matured on May 1, 2013. The maturity date was extended until May 1, 2015 with the same interest rate. Excess cash flow, as defined, is being held by the lender for re-leasing costs. The deed for the property was placed in escrow and is available to the lender in the event of default or non-payment at maturity. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | 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 deed-in-lieu of foreclosure and began remitting available cash flow to the lender effective August 2013. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[9] | Mortgage is cross collateralized by seven properties. The Operating Partnership has agreed, subject to certain conditions, to guarantee repayment of a portion of the loan. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[10] | Mortgage is collateralized by the three properties comprising One River Center. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[11] | 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[12] | The Company has begun discussions with the lender to extend the maturity date and modify the loan terms. |
Employee_Benefit_401k_Plans_An1
Employee Benefit 401(k) Plans And Deferred Retirement Compensation Agreements (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||
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 | $27,000 | $29,000 | $53,000 | $67,000 | |
Shares granted | ' | ' | 208,589 | [1] | ' |
Shares issued for accrued dividends | ' | ' | 836 | ' | |
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 Lefkowitz And Messr Thomas [Member] | ' | ' | ' | ' | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' | ' | |
Expenses for employee benefit plan | ' | ' | 1,200,000 | ' | |
Messr Hersh [Member] | ' | ' | ' | ' | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' | ' | |
Amount of annual employer contribution to deferred retirement compensation | ' | ' | 500,000 | ' | |
Deferred Retirement Compensation Units [Member] | ' | ' | ' | ' | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' | ' | |
Expenses for employee benefit plan | $142,000 | $153,000 | $1,300,000 | $341,000 | |
Shares granted | ' | ' | 36,218 | ' | |
[1] | Includes 42,000 Performance Shares which were legally granted in 2013 for which the 2014 performance goals were set by the Committee on March 31, 2014. Also includes 87,734 shares which were additionally granted to two executive officers in connection with their departure affective March 31, 2014 and which vested on April 1, 2014. |
Disclosure_Of_Fair_Value_Of_Fi1
Disclosure Of Fair Value Of Financial Instruments (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Disclosure Of Fair Value Of Financial Instruments [Abstract] | ' | ' |
Fair value of Company's long-term debt | $2,261,079,000 | $2,407,802,000 |
Book value of Company's long-term debt | $2,208,268,000 | $2,362,766,000 |
Commitments_And_Contingencies_1
Commitments And Contingencies (Tax Abatement Agreements) (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Harborside Financial Center Plaza 4-A [Member] | ' | ' | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' | ' | ' |
Project period | ' | ' | '20 years | ' |
Percentage of PILOT on project costs | ' | ' | 2.00% | ' |
Total project costs | ' | ' | $49,500,000 | ' |
Payments in lieu of property taxes (PILOT) | 247,000 | 247,000 | 495,000 | 495,000 |
Harborside Financial Center Plaza 5 [Member] | ' | ' | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' | ' | ' |
Project period | ' | ' | '20 years | ' |
Percentage of PILOT on project costs | ' | ' | 2.00% | ' |
Total project costs | ' | ' | 170,900,000 | ' |
Payments in lieu of property taxes (PILOT) | $854,000 | $854,000 | $1,700,000 | $1,700,000 |
Port Imperial 4/5 Garage Development [Member] | ' | ' | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' | ' | ' |
Project period | ' | ' | '5 years | ' |
Period of real estate taxes phase in | ' | ' | '5 years | ' |
Park Square [Member] | ' | ' | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' | ' | ' |
Period of partial abatement of real estate taxes | ' | ' | '4 years | ' |
Commitments_And_Contingencies_2
Commitments And Contingencies (Ground Lease Agreements) (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Commitments And Contingencies [Abstract] | ' | ' | ' | ' |
Ground lease expense incurred | $102,000 | $102,000 | $203,000 | $203,000 |
Commitments_And_Contingencies_3
Commitments And Contingencies (Roseland Contingent Consideration) (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 21, 2014 | Jan. 25, 2014 | Apr. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
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 Assets [Member] | Completion Of Certain Developments [Member] | Start Of Construction On Certain Developments [Member] | Completion/Start Of Certain Developments [Member] | Completion/Start Of Certain Developments [Member] | Obtaining Of Tax Credits/Grants [Member] | Obtaining Of Tax Credits/Grants [Member] | Obtaining Of Tax Credits/Grants [Member] | Total Return To Shareholders [Member] | Failure To Achieve Certain Level Of Fee Revenue [Member] | |||||
Roseland Partners, L.L.C. [Member] | Roseland Partners, L.L.C. [Member] | Roseland Partners, L.L.C. [Member] | Minimum [Member] | Maximum [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] | |||||||||||
Scenario, Forecast [Member] | |||||||||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of contingent consideration | ' | ' | ' | ' | ' | ' | ' | $10,000,000 | $10,000,000 | $6,300,000 | ' | ' | ' | ' | ' | ' | ' | $3,700,000 | ' |
Business acquisition, contingent cash payment | ' | ' | ' | ' | ' | ' | ' | 15,600,000 | 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 | ' |
Interest and other investment income | 922,000 | 1,094,000 | 1,308,000 | 1,100,000 | ' | ' | ' | 380,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase accounting adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earn out paid | ' | ' | 3,936,000 | 2,755,000 | 1,400,000 | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' |
Probability of occurrence | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 92.00% | 99.00% | 50.00% | ' | ' | ' | ' |
Contingent purchase price measurement period | ' | ' | ' | ' | ' | ' | ' | ' | '33 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of cash deposited to escrow | ' | ' | ' | ' | ' | ' | ' | ' | 34,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of escrow released | ' | ' | ' | ' | ' | ' | $6,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_And_Contingencies_4
Commitments And Contingencies (Departure Of Executive Vice Presidents) (Narrative) (Details) (USD $) | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | |
item | Messr Lefkowitz [Member] | Messr Thomas [Member] | Scenario, Forecast [Member] | |
Messr Thomas [Member] | ||||
Commitments And Contingencies [Line Items] | ' | ' | ' | ' |
Severance benefits | $11,000,000 | $3,400,000 | $3,100,000 | ' |
Stock options vested | ' | 11,457 | 33,605 | ' |
Restricted stock units vested | 183,214 | 68,667 | 41,000 | ' |
Period for continuation of health insurance | ' | '48 months | '48 months | ' |
Consulting payment | ' | ' | ' | $300,000 |
Number of executive officers who departed | 2 | ' | ' | ' |
Commitments_And_Contingencies_5
Commitments And Contingencies (Roseland Transaction Modifications) (Narrative) (Details) (USD $) | 6 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 21, 2014 | Jan. 25, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Oct. 23, 2015 | Apr. 24, 2015 | Oct. 28, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | |
Minimum [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] | 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] | |||
Messr Goldberg [Member] | Messr Klatt And Messr Goldberg [Member] | Messr Tycher [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Obtaining Of Tax Credits/Grants [Member] | Obtaining Of Tax Credits/Grants [Member] | |||||||
Minimum [Member] | Messr Goldberg [Member] | Messr Klatt And Messr Goldberg [Member] | Messr Klatt And Messr Goldberg [Member] | Scenario, Forecast [Member] | ||||||||||
item | ||||||||||||||
Commitments And Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consulting payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | $400,000 | ' | ' | ' | ' |
Consulting period | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' |
Period for continuation of health insurance | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' |
Number of installments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' |
Severance benefits | 11,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | 750,000 | ' | ' |
Percentage of interest in venture | ' | ' | 7.50% | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' |
Earn out paid | 3,936,000 | 2,755,000 | ' | 1,400,000 | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 |
Business acquisition, contingent cash payment | ' | ' | ' | ' | ' | $15,600,000 | ' | ' | ' | ' | ' | ' | $3,000,000 | ' |
Commitments_And_Contingencies_6
Commitments And Contingencies (Joint Venture Interests Agreement And Other) (Narrative) (Details) (USD $) | 6 Months Ended | 3 Months Ended | ||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jul. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | |
Property Lock-Ups [Member] | Property Lock-Ups Expired [Member] | Wegmans Food Markets, Inc. [Member] | Wegmans Food Markets, Inc. [Member] | Overlook Ridge Properties [Member] | Development Property [Member] | Multi-Family Properties [Member] | Multi-Family Properties [Member] | |||
property | property | sqft | Scenario, Forecast [Member] | Overlook Ridge Properties [Member] | item | Overlook Ridge Properties [Member] | ||||
Scenario, Forecast [Member] | Scenario, Forecast [Member] | |||||||||
item | property | |||||||||
Commitments And Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition cost | $38,948,000 | $31,500,000 | ' | ' | ' | ' | $16,600,000 | ' | ' | ' |
Percentage of interest in venture | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | 50.00% |
Number of apartments | ' | ' | ' | ' | ' | ' | ' | 1,167 | 3,898 | ' |
Number of properties | ' | ' | 7 | 115 | ' | ' | ' | ' | ' | 2 |
Properties aggregate net book value | ' | ' | 123,500,000 | 1,400,000,000 | ' | ' | ' | ' | ' | ' |
Expiration year | ' | ' | '2016 | ' | ' | ' | ' | ' | ' | ' |
Costs of the project incurred | ' | ' | ' | ' | 6,400,000 | ' | ' | ' | ' | ' |
Delivery date to tenant | ' | ' | ' | ' | 'first quarter of 2015 | ' | ' | ' | ' | ' |
Area of property (in square feet) | ' | ' | ' | ' | ' | 140,000 | ' | ' | ' | ' |
Total project costs | ' | ' | ' | ' | $15,700,000 | ' | ' | ' | ' | ' |
Commitments_And_Contingencies_7
Commitments And Contingencies (Future Minimum Rental Payments Of Ground Leases) (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies [Abstract] | ' |
July 1 through December 31, 2014 | $184 |
2015 | 371 |
2016 | 371 |
2017 | 267 |
2018 | 232 |
2019 through 2084 | 15,819 |
Total | $17,244 |
Tenant_Leases_Details
Tenant Leases (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Property Subject to or Available for Operating Lease [Line Items] | ' |
July 1 through December 31, 2014 | 243,001 |
2015 | 451,877 |
2016 | 409,744 |
2017 | 357,438 |
2018 | 274,021 |
2019 and thereafter | 1,045,178 |
Total | 2,781,259 |
Tenant Leases [Member] | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' |
Operating leases with various expiration dates through year | 31-Dec-35 |
Multi-Family Properties [Member] | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' |
Lease period | '1 year |
MackCali_Realty_Corporation_St2
Mack-Cali Realty Corporation Stockholders' Equity (Preferred Stock, Share Repurchase Program And Dividend Reinvestment And Stock Purchase Plan) (Narrative) (Details) (USD $) | 6 Months Ended | 22 Months Ended |
Jun. 30, 2014 | Jun. 30, 2014 | |
Mack Cali Realty Corporation Stockholders Equity [Line Items] | ' | ' |
Date share repurchase program was initiated | 'September 2012 | ' |
Capacity of share repurchase program | $150,000,000 | ' |
Shares purchased and retired | ' | 394,625 |
Aggregate cost of stock repurchased | ' | 11,000,000 |
Capacity available for additional repurchase of outstanding common stock | 139,000,000 | ' |
Dividend Reinvestment And Stock Purchase Plan [Member] | ' | ' |
Mack Cali Realty Corporation Stockholders Equity [Line Items] | ' | ' |
Common stock reserved for future issuance | 5,500,000 | 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 | 6 Months Ended | 12 Months Ended | 6 Months Ended | 6 Months Ended | |||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | 31-May-13 | Jun. 30, 2014 | 31-May-04 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
2013 Incentive Stock Plan [Member] | 2004 Incentive Stock Plan [Member] | 2004 Incentive Stock Plan [Member] | Employee And Director Plan [Member] | Employee And Director Plan [Member] | 2000 Employee Plan [Member] | 2000 Employee Plan [Member] | 2000 Employee Plan [Member] | 2000 Director Plan [Member] | 2000 Director Plan [Member] | 2000 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 | ' | ' | '5 years 4 months 24 days | ' | '8 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share price | $1.71 | ' | $1.71 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from stock options exercised | $0 | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total intrinsic value of options exercised | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options expense | $1,000 | $0 | $2,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
MackCali_Realty_Corporation_St4
Mack-Cali Realty Corporation Stockholders' Equity (Restricted Stock Awards And TSR-Based Awards) (Narrative) (Details) (USD $) | 6 Months Ended | 12 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 12, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Sep. 12, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | ||
item | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Ratified Restricted Stock Awards [Member] | Ratified Restricted Stock Awards [Member] | Ratified Restricted Stock Awards [Member] | Ratified Restricted Stock Awards [Member] | Ratified Restricted Stock Awards [Member] | Total Stockholder Return Based Awards [Member] | Total Stockholder Return Based Awards [Member] | Total Stockholder Return Based Awards [Member] | ||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Stock compensation vesting period | ' | ' | ' | ' | '1 year | '7 years | ' | ' | ' | '5 years | '7 years | ' | '4 years | ' | ||
Unvested performance shares | 42,000 | 63,933 | ' | ' | ' | ' | ' | ' | 63,933 | ' | ' | ' | ' | ' | ||
Number of executive officers who departed | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Shares vested | 183,214 | ' | ' | ' | ' | ' | ' | 109,667 | ' | ' | ' | ' | 357 | ' | ||
Shares granted and vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 528 | ' | ||
Unvested restricted stock outstanding | 178,816 | 153,560 | [1] | 304,816 | 352,358 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Restricted stock awards unvested shares outstanding, performance contingent | ' | ' | 210,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Awards issued | 208,589 | [2] | ' | ' | ' | ' | ' | 319,667 | ' | ' | ' | ' | 5,160 | ' | 1,032 | |
Value of common stock received upon vesting of awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000 | ' | ||
Shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,062 | ' | ||
Total unrecognized compensation cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.50 | ' | ||
Total unrecognized compensation cost, period of recognition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 3 months 18 days | ' | ||
[1] | Includes 63,933 Performance Shares which were legally granted in 2013 for which the 2013 performance goals were not met, which may be earned if subsequent yearsb performance goals are met. | |||||||||||||||
[2] | Includes 42,000 Performance Shares which were legally granted in 2013 for which the 2014 performance goals were set by the Committee on March 31, 2014. Also includes 87,734 shares which were additionally granted to two executive officers in connection with their departure affective March 31, 2014 and which vested on April 1, 2014. |
MackCali_Realty_Corporation_St5
Mack-Cali Realty Corporation Stockholders' Equity (Deferred Stock Compensation Plan For Directors) (Narrative) (Details) | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Mack-Cali Realty Corporation Stockholders' Equity [Abstract] | ' | ' | ' |
Maximum percentage of retainer fee that directors may defer | 100.00% | ' | ' |
Deferred stock units earned | 10,245 | 10,372 | ' |
Deferred stock units outstanding | 148,208 | ' | 136,440 |
MackCali_Realty_Corporation_St6
Mack-Cali Realty Corporation Stockholders' Equity (Earnings Per Share) (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | |
Anti-dilutive securities excluded from the computation of earnings per share | ' | 15,000 | 10,000 | ' | ' | |
Dividends declared per common share | $0.15 | $0.30 | $0.45 | $0.60 | ' | |
Unvested restricted stock outstanding | 178,816 | ' | 178,816 | ' | 153,560 | [1] |
Restricted Stock [Member] | ' | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | |
Unvested restricted stock outstanding | 304,816 | 352,358 | 304,816 | 352,358 | ' | |
[1] | Includes 63,933 Performance Shares which were legally granted in 2013 for which the 2013 performance goals were not met, which may be earned if subsequent yearsb performance goals are met. |
MackCali_Realty_Corporation_St7
Mack-Cali Realty Corporation Stockholders' Equity (Schedule Of Stock Option Plans) (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Mack-Cali Realty Corporation Stockholders' Equity [Abstract] | ' |
Shares Under Options - Outstanding, beginning balance | 15,000 |
Shares Under Options - Granted | 5,000 |
Shares Under Options - Lapsed or Cancelled | -10,000 |
Shares Under Options - Outstanding, ending balance | 10,000 |
Shares Under Options - Options exercisable | 5,000 |
Shares Under Options - Available for grant | 4,466,143 |
Weighted Average Exercise Price - Outstanding, beginning balance | $40.54 |
Weighted Average Exercise Price - Granted | $21.25 |
Weighted Average Exercise Price - Lapsed or Cancelled | $38.07 |
Weighted Average Exercise Price - Outstanding, ending balance | $33.36 |
Outstanding stock option price range, lower range | $21.25 |
Outstanding stock option price range, upper range | $45.47 |
MackCali_Realty_Corporation_St8
Mack-Cali Realty Corporation Stockholders' Equity (Schedule Of Weighted Average Assumptions) (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Mack-Cali Realty Corporation Stockholders' Equity [Abstract] | ' |
Expected life (in years) | '6 years |
Risk-free interest rate | 1.50% |
Volatility | 20.26% |
Dividend yield | 5.65% |
MackCali_Realty_Corporation_St9
Mack-Cali Realty Corporation Stockholders' Equity (Schedule Of Restricted Stock Awards) (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2013 | |||
item | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ||
Shares, Outstanding, Beginning balance | 153,560 | [1] | ' | |
Shares, Granted | 208,589 | [2] | ' | |
Shares, Vested | -183,214 | ' | ||
Shares, Forfeited | -119 | ' | ||
Shares, Outstanding, Ending balance | 178,816 | 153,560 | [1] | |
Weighted-Average Grant-Date Fair Value, Outstanding beginning balance | $25.20 | [1] | ' | |
Weighted-Average Grant-Date Fair Value, Granted | $20.83 | [2] | ' | |
Weighted-Average Grant-Date Fair Value, Vested | $22.37 | ' | ||
Weighted-Average Grant-Date Fair Value, Forfeited | $26.36 | ' | ||
Weighted-Average Grant-Date Fair Value, Outstanding ending balance | $23 | $25.20 | [1] | |
Unvested performance shares | 42,000 | 63,933 | ||
Number of executive officers who departed | 2 | ' | ||
Executive Officer [Member] | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ||
Shares, Granted | 87,734 | ' | ||
[1] | Includes 63,933 Performance Shares which were legally granted in 2013 for which the 2013 performance goals were not met, which may be earned if subsequent yearsb performance goals are met. | |||
[2] | Includes 42,000 Performance Shares which were legally granted in 2013 for which the 2014 performance goals were set by the Committee on March 31, 2014. Also includes 87,734 shares which were additionally granted to two executive officers in connection with their departure affective March 31, 2014 and which vested on April 1, 2014. |
Recovered_Sheet1
Mack-Cali Realty Corporation Stockholders' Equity (Earnings Per Share Tables - Basic Computation Of EPS) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Mack-Cali Realty Corporation Stockholders' Equity [Abstract] | ' | ' | ' | ' |
Income from continuing operations | $57,347 | $8,599 | $39,719 | $16,555 |
Add: Noncontrolling interest in consolidated joint ventures | 290 | 62 | 612 | 124 |
Add (deduct): Noncontrolling interest in Operating Partnership | -6,514 | -1,048 | -4,506 | -2,021 |
Income (loss) from continuing operations available to common shareholders | 51,123 | 7,613 | 35,825 | 14,658 |
Income from discontinued operations available to common shareholders | ' | 15,458 | ' | 19,969 |
Net income available to common shareholders | $51,123 | $23,071 | $35,825 | $34,627 |
Weighted average common shares | 88,691 | 87,708 | 88,491 | 87,688 |
Income from continuing operations available to common shareholders | $0.58 | $0.09 | $0.40 | $0.16 |
Income from discontinued operations available to common shareholders | ' | $0.17 | ' | $0.23 |
Net income available to common shareholders | $0.58 | $0.26 | $0.40 | $0.39 |
Recovered_Sheet2
Mack-Cali Realty Corporation Stockholders' Equity (Earnings Per Share Tables - Diluted Computation Of EPS) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Mack-Cali Realty Corporation Stockholders' Equity [Abstract] | ' | ' | ' | ' |
Income (loss) from continuing operations attributable to common shareholders | $51,123 | $7,613 | $35,825 | $14,658 |
(Deduct) add: Noncontrolling interest in Operating Partnership | 6,514 | 1,048 | 4,506 | 2,021 |
Income (loss) from continuing operations for diluted earnings per share | 57,637 | 8,661 | 40,331 | 16,679 |
Income from discontinued operations for diluted earnings per share | ' | 17,585 | ' | 22,718 |
Net income (loss) available to common shareholders | $57,637 | $26,246 | $40,331 | $39,397 |
Weighted average common shares | 100,023 | 99,895 | 99,964 | 99,892 |
Income from continuing operations available to common shareholders | $0.58 | $0.09 | $0.40 | $0.16 |
Income from discontinued operations available to common shareholders | ' | $0.17 | ' | $0.23 |
Net income available to common shareholders | $0.58 | $0.26 | $0.40 | $0.39 |
Recovered_Sheet3
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 | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Mack-Cali Realty Corporation Stockholders' Equity [Abstract] | ' | ' | ' | ' |
Basic EPS shares | 88,691 | 87,708 | 88,491 | 87,688 |
Add: Operating Partnership - common units | 11,302 | 12,072 | 11,444 | 12,085 |
Restricted Stock Awards | 30 | 115 | 29 | 119 |
Diluted EPS Shares | 100,023 | 99,895 | 99,964 | 99,892 |
Noncontrolling_Interests_In_Su2
Noncontrolling Interests In Subsidiaries (Narrative) (Details) (USD $) | 6 Months Ended | |
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Noncontrolling Interest [Line Items] | ' | ' |
Number of common shares received upon redemption of common units | 1 | ' |
Rebalance of ownership percentage | $0.20 | ' |
Percentage of noncontrolling interest | 11.10% | 11.90% |
Participation Rights [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Number of properties | 3 | ' |
Excess net cash flow remaining after the distribution to the Company | 50.00% | ' |
Internal rate of return | 10.00% | ' |
Future Developments [Member] | Participation Rights [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Number of properties | 1 | ' |
Noncontrolling_Interests_In_Su3
Noncontrolling Interests In Subsidiaries (Changes In Noncontrolling Interests Of Subsidiaries) (Details) | 6 Months Ended | ||
Jun. 30, 2014 | Jul. 03, 2014 | Jan. 06, 2014 | |
Noncontrolling Interests In Subsidiaries [Abstract] | ' | ' | ' |
Balance, Beginning | 11,864,775 | 11,161,018 | 11,864,775 |
Redemption of common units for shares of common stock | -700,757 | ' | ' |
Balance, Ending | 11,164,018 | 11,161,018 | 11,864,775 |
Segment_Reporting_Narrative_De
Segment Reporting (Narrative) (Details) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
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 | ' |
Segment_Reporting_Selected_Res
Segment Reporting (Selected Results Of Operations And Asset Information) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||||
Total revenues | $160,300 | $168,346 | $329,896 | $339,259 | ' | |||||
Total operating and interest expenses | 113,269 | [1] | 114,002 | [1] | 254,273 | [1] | 231,861 | [1] | ' | |
Equity in earnings (loss) of unconsolidated joint ventures | 443 | -80 | -792 | -1,830 | ' | |||||
Net operating income (loss) | 47,474 | [2] | 54,264 | [2] | 74,831 | [2] | 105,568 | [2] | ' | |
Total assets | 4,354,772 | ' | 4,354,772 | ' | 4,515,328 | |||||
Total long-lived assets | 3,706,487 | [3] | ' | 3,706,487 | [3] | ' | 3,868,193 | [3] | ||
Investments in unconsolidated joint ventures | 265,866 | ' | 265,866 | ' | 181,129 | |||||
Real Estate - Commercial And Other [Member] | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||||
Total revenues | 150,877 | 155,249 | 311,450 | 313,897 | ' | |||||
Total operating and interest expenses | 72,303 | [1] | 65,889 | [1] | 159,236 | [1] | 136,282 | [1] | ' | |
Equity in earnings (loss) of unconsolidated joint ventures | 1,829 | 2,845 | 2,817 | 3,230 | ' | |||||
Net operating income (loss) | 80,403 | [2] | 92,205 | [2] | 155,031 | [2] | 180,845 | [2] | ' | |
Total assets | 3,796,166 | ' | 3,796,166 | ' | 3,886,574 | |||||
Total long-lived assets | 3,421,351 | [3] | ' | 3,421,351 | [3] | ' | 3,620,494 | [3] | ||
Investments in unconsolidated joint ventures | 116,829 | ' | 116,829 | ' | 53,160 | |||||
Real Estate - Multi Family [Member] | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||||
Total revenues | 6,329 | 3,655 | 12,132 | 4,937 | ' | |||||
Total operating and interest expenses | 3,006 | [1] | 1,568 | [1] | 5,705 | [1] | 2,104 | [1] | ' | |
Equity in earnings (loss) of unconsolidated joint ventures | -2,255 | -2,925 | -4,478 | -5,060 | ' | |||||
Net operating income (loss) | 1,068 | [2] | -838 | [2] | 1,949 | [2] | -2,227 | [2] | ' | |
Total assets | 398,190 | ' | 398,190 | ' | 377,237 | |||||
Total long-lived assets | 277,734 | [3] | ' | 277,734 | [3] | ' | 240,501 | [3] | ||
Investments in unconsolidated joint ventures | 148,286 | ' | 148,286 | ' | 127,276 | |||||
Multi Family Services [Member] | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||||
Total revenues | 7,403 | [4] | 6,394 | [5] | 14,351 | [6] | 11,878 | [7] | ' | |
Total operating and interest expenses | 8,382 | [1] | 7,657 | [1] | 18,541 | [1] | 15,132 | [1] | ' | |
Equity in earnings (loss) of unconsolidated joint ventures | 869 | ' | 869 | ' | ' | |||||
Net operating income (loss) | -110 | [2] | -1,263 | [2] | -3,321 | [2] | -3,254 | [2] | ' | |
Total assets | 9,004 | ' | 9,004 | ' | 10,488 | |||||
Total long-lived assets | 3,923 | [3] | ' | 3,923 | [3] | ' | 3,468 | [3] | ||
Investments in unconsolidated joint ventures | 751 | ' | 751 | ' | 693 | |||||
Fee revenue | 935 | 571 | 1,800 | 767 | ' | |||||
Corporate & Other [Member] | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||||
Total revenues | -4,309 | [8] | 3,048 | [8] | -8,037 | [8] | 8,547 | [8] | ' | |
Total operating and interest expenses | 29,578 | [1],[8] | 38,888 | [1],[8] | 70,791 | [1],[8] | 78,343 | [1],[8] | ' | |
Net operating income (loss) | -33,887 | [2],[8] | -35,840 | [2],[8] | -78,828 | [2],[8] | -69,796 | [2],[8] | ' | |
Total assets | 151,412 | [8] | ' | 151,412 | [8] | ' | 241,029 | [8] | ||
Total long-lived assets | $3,479 | [3],[8] | ' | $3,479 | [3],[8] | ' | $3,730 | [3],[8] | ||
[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 and goodwill. | |||||||||
[4] | Includes $935 of fees earned for this period from the multi-family real estate segment, which are eliminated in consolidation. | |||||||||
[5] | Includes $571 of fees earned for this period from the multi-family real estate segment, which are eliminated in consolidation. | |||||||||
[6] | Includes $1,800 of fees earned for this period from the multi-family real estate segment, which are eliminated in consolidation. | |||||||||
[7] | Includes $767 of fees earned for this period from the multi-family real estate segment, which are eliminated in consolidation. | |||||||||
[8] | 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 | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Segment Reporting [Abstract] | ' | ' | ' | ' | ||||
Net operating income | $47,474 | [1] | $54,264 | [1] | $74,831 | [1] | $105,568 | [1] |
Depreciation and amortization | -44,711 | -45,665 | -89,696 | -89,013 | ||||
Realized gains and unrealized losses on disposition of rental property, net | 54,584 | ' | 54,584 | ' | ||||
Income from continuing operations | 57,347 | 8,599 | 39,719 | 16,555 | ||||
Income from discontinued operations | ' | 4,530 | ' | 9,663 | ||||
Loss from early extinguishment of debt | ' | -703 | ' | -703 | ||||
Realized gains and unrealized losses on disposition of rental property, net | ' | 13,758 | ' | 13,758 | ||||
Total discontinued operations | ' | 17,585 | ' | 22,718 | ||||
Net income | 57,347 | 26,184 | 39,719 | 39,273 | ||||
Noncontrolling interest in consolidated joint ventures | 290 | 62 | 612 | 124 | ||||
Noncontrolling interest in Operating Partnership | -6,514 | -1,048 | -4,506 | -2,021 | ||||
Noncontrolling interest in discontinued operations | ' | -2,127 | ' | -2,749 | ||||
Net income available to common shareholders | $51,123 | $23,071 | $35,825 | $34,627 | ||||
[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. |