Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 22, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | MACK CALI REALTY CORP | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Entity Central Index Key | 924,901 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 1,613,161,608 | ||
Entity Common Stock, Shares Outstanding | 89,594,391 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Rental property | ||
Land and leasehold interests | $ 735,696,000 | $ 760,855,000 |
Buildings and improvements | 3,648,238,000 | 3,753,300,000 |
Tenant improvements | 408,617,000 | 431,969,000 |
Furniture, fixtures and equipment | 15,167,000 | 12,055,000 |
Gross investment in rental property | 4,807,718,000 | 4,958,179,000 |
Less - accumulated depreciation and amortization | (1,464,482,000) | (1,414,305,000) |
Net investment in rental property | 3,343,236,000 | 3,543,874,000 |
Cash and cash equivalents | 37,077,000 | 29,549,000 |
Investments in unconsolidated joint ventures | 303,457,000 | 247,468,000 |
Unbilled rents receivable, net | 120,246,000 | 123,885,000 |
Deferred charges, goodwill and other assets, net | 213,377,000 | 204,650,000 |
Restricted cash | 35,343,000 | 34,245,000 |
Accounts receivable, net of allowance for doubtful accounts of $1,407 and $2,584 | 10,754,000 | 8,576,000 |
Total assets | 4,063,490,000 | 4,192,247,000 |
LIABILITIES AND EQUITY | ||
Senior unsecured notes | 1,268,844,000 | 1,267,744,000 |
Revolving credit facility | 155,000,000 | 0 |
Mortgages, loans payable and other obligations | 731,076,000 | 820,910,000 |
Dividends and distributions payable | 15,582,000 | 15,528,000 |
Accounts payable, accrued expenses and other liabilities | 135,057,000 | 126,971,000 |
Rents received in advance and security deposits | 49,739,000 | 52,146,000 |
Accrued interest payable | 24,484,000 | 26,937,000 |
Total liabilities | $ 2,379,782,000 | $ 2,310,236,000 |
Commitments and contingencies | ||
Mack-Cali Realty Corporation stockholders' equity: | ||
Common stock, $0.01 par value, 190,000,000 shares authorized 89,583,950 and 89,076,578 shares outstanding | $ 896,000 | $ 891,000 |
Additional paid-in capital | 2,570,392,000 | 2,560,183,000 |
Dividends in excess of net earnings | (1,115,612,000) | (936,293,000) |
Total Mack-Cali Realty Corporation stockholders' equity | 1,455,676,000 | 1,624,781,000 |
Noncontrolling interests in subsidiaries: | ||
Operating Partnership | 170,891,000 | 202,173,000 |
Consolidated joint ventures | 57,141,000 | 55,057,000 |
Total noncontrolling interests in subsidiaries | 228,032,000 | 257,230,000 |
Total equity | 1,683,708,000 | 1,882,011,000 |
Total liabilities and equity | $ 4,063,490,000 | $ 4,192,247,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Consolidated Balance Sheets [Abstract] | ||
Allowance for doubtful accounts receivable | $ 1,407 | $ 2,584 |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 190,000,000 | 190,000,000 |
Common stock, shares outstanding | 89,583,950 | 89,076,578 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
REVENUES | |||
Base rents | $ 487,041 | $ 516,727 | $ 540,165 |
Escalations and recoveries from tenants | 62,481 | 78,554 | 72,758 |
Construction services | 15,650 | ||
Real estate services | 29,620 | 28,638 | 26,935 |
Parking income | 11,124 | 9,107 | 6,840 |
Other income | 4,617 | 3,773 | 4,683 |
Total revenues | 594,883 | 636,799 | 667,031 |
EXPENSES | |||
Real estate taxes | 82,688 | 90,750 | 85,574 |
Utilities | 55,965 | 72,822 | 63,622 |
Operating services | 107,951 | 112,621 | 105,278 |
Direct construction costs | 14,945 | ||
Real estate services expenses | 25,583 | 26,136 | 22,716 |
General and administrative | 49,147 | 71,051 | 47,040 |
Acquisition-related costs | 1,560 | 2,118 | 642 |
Depreciation and amortization | 170,402 | 172,490 | 182,766 |
Impairments | 197,919 | 110,853 | |
Total expenses | 691,215 | 547,988 | 633,436 |
Operating income (loss) | (96,332) | 88,811 | 33,595 |
OTHER (EXPENSE) INCOME | |||
Interest expense | (103,051) | (112,878) | (123,701) |
Interest and other investment income | 794 | 3,615 | 2,903 |
Equity in earnings (loss) of unconsolidated joint ventures | (3,172) | (2,423) | (2,327) |
Realized gains (losses) on disposition of rental property, net | 53,261 | 54,848 | |
Gain on sale of investment in unconsolidated joint ventures | 6,448 | ||
Loss from early extinguishment of debt | (582) | (156) | |
Total other (expense) income | (45,720) | (57,420) | (123,281) |
Income (loss) from continuing operations | (142,052) | 31,391 | (89,686) |
Discontinued operations: | |||
Income from discontinued operations | 11,811 | ||
Loss from early extinguishment of debt | (703) | ||
Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net | 59,520 | ||
Total discontinued operations, net | 70,628 | ||
Net income (loss) | (142,052) | 31,391 | (19,058) |
Noncontrolling interest in consolidated joint ventures | 1,044 | 778 | 2,199 |
Noncontrolling interest in Operating Partnership | 15,256 | (3,602) | 10,459 |
Noncontrolling interest in discontinued operations | (8,509) | ||
Net income (loss) available to common shareholders | $ (125,752) | $ 28,567 | $ (14,909) |
Basic earnings per common share: | |||
Income (loss) from continuing operations | $ (1.41) | $ 0.32 | $ (0.88) |
Discontinued operations | 0.71 | ||
Net income (loss) available to common shareholders | (1.41) | 0.32 | (0.17) |
Diluted earnings per common share: | |||
Income (loss) from continuing operations | (1.41) | 0.32 | (0.88) |
Discontinued operations | 0.71 | ||
Net income (loss) available to common shareholders | $ (1.41) | $ 0.32 | $ (0.17) |
Basic weighted average shares outstanding | 89,291 | 88,727 | 87,762 |
Diluted weighted average shares outstanding | 100,222 | 100,041 | 99,785 |
Consolidated Statement Of Chang
Consolidated Statement Of Changes In Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Dividends In Excess Of Net Earnings [Member] | Noncontrolling Interests In Subsidiaries [Member] | Total |
Balance, value at Dec. 31, 2012 | $ 875 | $ 2,530,621 | $ (764,522) | $ 301,533 | $ 2,068,507 |
Balance, shares at Dec. 31, 2012 | 87,536 | ||||
Net income (loss) | (14,909) | (4,149) | (19,058) | ||
Common stock dividends | (118,418) | (118,418) | |||
Common unit distributions | (16,193) | (16,193) | |||
Increase in noncontrolling interest in consolidated joint ventures | 1,040 | 1,040 | |||
Redemption of common units for common stock, value | $ 3 | 5,475 | (5,478) | ||
Redemption of common units for common stock, shares | 277 | ||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, value | 243 | 243 | |||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, shares | 10 | ||||
Directors' deferred compensation plan, value | 529 | 529 | |||
Stock compensation, value | $ 4 | 1,801 | 1,805 | ||
Stock compensation, shares | 425 | ||||
Rebalancing of ownership percentage between parent and subsidiaries | 657 | (657) | |||
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 (loss) | 28,567 | 2,824 | 31,391 | ||
Common stock dividends | (67,011) | (67,011) | |||
Common unit distributions | (8,456) | (8,456) | |||
Increase in noncontrolling interest in consolidated joint ventures | 552 | 552 | |||
Redemption of common units for common stock, value | $ 8 | 14,354 | (14,362) | ||
Redemption of common units for common stock, shares | 781 | ||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, value | 118 | 118 | |||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, shares | 6 | ||||
Directors' deferred compensation plan, value | 407 | 407 | |||
Stock compensation, value | $ 1 | 6,554 | 6,555 | ||
Stock compensation, shares | 42 | ||||
Rebalancing of ownership percentage between parent and subsidiaries | (576) | 576 | |||
Balance, value at Dec. 31, 2014 | $ 891 | 2,560,183 | (936,293) | 257,230 | 1,882,011 |
Balance, shares at Dec. 31, 2014 | 89,077 | ||||
Net income (loss) | (125,752) | (16,300) | (142,052) | ||
Common stock dividends | (53,567) | (53,567) | |||
Common unit distributions | (6,505) | (6,505) | |||
Increase in noncontrolling interest in consolidated joint ventures | 3,128 | 3,128 | |||
Redemption of common units for common stock, value | $ 6 | 9,941 | (9,947) | ||
Redemption of common units for common stock, shares | 567 | ||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, value | 60 | 60 | |||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, shares | 3 | ||||
Directors' deferred compensation plan, value | 397 | 397 | |||
Stock compensation, value | 2,277 | 2,277 | |||
Stock compensation, shares | 46 | ||||
Cancellation of restricted shares, value | $ (1) | (2,040) | (2,041) | ||
Cancellation of restricted shares, shares | (109) | ||||
Rebalancing of ownership percentage between parent and subsidiaries | (426) | 426 | |||
Balance, value at Dec. 31, 2015 | $ 896 | $ 2,570,392 | $ (1,115,612) | $ 228,032 | $ 1,683,708 |
Balance, shares at Dec. 31, 2015 | 89,584 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income (loss) | $ (142,052) | $ 31,391 | $ (19,058) |
Adjustments to reconcile net income to net cash provided by Operating activities: | |||
Depreciation and amortization, including related intangible assets | 172,108 | 173,848 | 183,303 |
Depreciation and amortization on discontinued operations | 8,218 | ||
Amortization of deferred stock units | 397 | 407 | 529 |
Amortization of stock compensation | 2,219 | 11,097 | 2,387 |
Amortization of deferred financing costs | 3,790 | 3,274 | 3,172 |
Write-off of unamortized discount on senior unsecured notes | 12 | 156 | |
Amortization of debt discount and mark-to-market | 3,385 | 6,507 | 6,781 |
Equity in (earnings) loss of unconsolidated joint ventures | 3,172 | 2,423 | 2,327 |
Distributions of cumulative earnings from unconsolidated joint ventures | 5,644 | 11,213 | 8,485 |
Realized (gains) loss on disposition of rental property, net | (53,261) | (54,848) | (59,520) |
Realized (gains) loss on sale of investment in unconsolidated joint venture | (6,448) | ||
Impairments | 197,919 | 110,853 | |
Changes in operating assets and liabilities: | |||
Increase in unbilled rents receivable, net | (1,760) | (4,083) | (10,105) |
Increase in deferred charges, goodwill and other assets | (22,854) | (34,402) | (31,404) |
(Increase) decrease in accounts receivable, net | (2,178) | 355 | 248 |
Increase (decrease) in accounts payable, accrued expenses and other liabilities | 6,960 | 15,858 | (7,090) |
Decrease in rents received in advance and security deposits | (2,408) | (1,583) | (2,187) |
Increase (decrease) in accrued interest payable | 4,822 | (2,216) | 1,598 |
Net cash provided by operating activities | 169,455 | 159,253 | 198,693 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Rental property acquisitions and related intangibles | (70,455) | (61,938) | (178,294) |
Rental property additions and improvements | (94,073) | (91,813) | (89,869) |
Development of rental property and other related costs | (81,073) | (25,140) | (13,772) |
Proceeds from the sale of rental property | 81,049 | 274,839 | 332,102 |
Proceeds from the sale of investment in unconsolidated joint venture | 6,448 | ||
Investments in notes receivable | (62,276) | (16,425) | |
Repayment of notes receivable | 8,250 | 62,526 | 333 |
Investment in unconsolidated joint ventures | (78,027) | (67,325) | (86,504) |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 6,445 | 35,901 | 23,907 |
Increase in restricted cash | (1,098) | (14,451) | (455) |
Net cash used in investing activities | (222,534) | 50,323 | (28,977) |
CASH FLOW FROM FINANCING ACTIVITIES | |||
Borrowings from revolving credit facility | 334,000 | 277,328 | 289,000 |
Repayment of revolving credit facility | (179,000) | (277,328) | (289,000) |
Repayment of senior unsecured notes | (350,000) | (100,000) | |
Proceeds of senior unsecured notes | 268,928 | ||
Proceeds from mortgages and loans payable | 10,752 | 130,135 | 3,170 |
Repayment of mortgages, loans payable and other obligations | (43,133) | (83,808) | (20,715) |
Payment of contingent consideration | (1,167) | (5,228) | (2,755) |
Payment of financing costs | (2,998) | (3,147) | (5,429) |
Contributions from noncontrolling interests | 2,140 | 145 | |
Payment of dividends and distributions | (59,987) | (89,830) | (149,454) |
Net cash provided by (used in) financing activities | 60,607 | (401,733) | (6,255) |
Net increase (decrease) in cash and cash equivalents | 7,528 | (192,157) | 163,461 |
Cash and cash equivalents, beginning of period | 29,549 | 221,706 | 58,245 |
Cash and cash equivalents, end of period | $ 37,077 | $ 29,549 | $ 221,706 |
Organization And Basis Of Prese
Organization And Basis Of Presentation | 12 Months Ended |
Dec. 31, 2015 | |
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 December 31, 2015 , the Company owned or had interests in 275 properties, consisting of 147 office and 109 flex properties, totaling approximately 29.9 million square feet, leased to approximately 1,900 commercial tenants, and 19 multi-family rental properties containing 5,644 residential units, plus developable land (collectively, the “Properties”). The Properties are comprised of 147 office buildings totaling approximately 24.6 million square feet (which include 36 buildings aggregating approximately 5.6 million square feet owned by unconsolidated joint ventures in which the Company has investment interests), 94 office/flex buildings totaling approximately 4.8 million square feet, six industrial/warehouse buildings totaling approximately 387,400 square feet, 19 multi-family properties totaling 5,644 apartments (which include 13 properties aggregating 4,343 apartments owned by unconsolidated joint ventures in which the Company has investment interests), five parking/retail properties totaling approximately 121,700 square feet (which include two buildings aggregating 81,700 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 (i) the ability to make decisions about the entity's activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and 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 December 31, 2015 and 2014 , 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 $273.4 million and $242.9 million, respectively, mortgages of $89.5 million and $94.3 million, respectively, and other liabilities of $17.5 million and $15.7 million, respectively. The financial statements have been prepared in conformity with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are based on management’s historical experience that are believed to be reasonable at the time. However, because future events and their effects cannot be determined with certainty, the determination of estimates requires the exercise of judgment. The Company’s critical accounting policies are those which require assumptions to be made about matters that are highly uncertain. Different estimates could have a material effect on the Company’s financial results. Judgments and uncertainties affecting the application of these policies and estimates may result in materially different amounts being reported under different conditions and circumstances. 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 Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES Rental Property Rental properties are stated at cost less accumulated depreciation and amortization. Costs directly related to the acquisition, development and construction of rental properties are capitalized. 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 $ 4.2 million, $ 3.1 million and $4.4 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Included in total rental property is construction, tenant improvement and development in-progress of $ 88.7 million and $ 62.8 million as of December 31, 2015 and 2014 , 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 value 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. See Note 3: Recent Transactions – Impairments on Properties Held and Used. 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 value 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 The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. The Company applies the equity method by initially recording these investments at cost, as Investments in Unconsolidated Joint Ventures, subsequently adjusted for equity in earnings and cash contributions and distributions. The outside basis portion of the Company’s joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Generally, the Company would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Company has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Company only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying value of the investment over the value of the investment. The Company’s estimates of value for each investment (particularly in real estate joint ventures) are based on a number of assumptions 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 All highly liquid investments with a maturity of three months or less when purchased are considered to be cash equivalents. Deferred Financing Costs Costs incurred in obtaining financing are capitalized and amortized over the term of the related indebtedness. Amortization of such costs is included in interest expense and was $ 3,790,000 , $ 3,274,000 and $ 3,172,000 for the years ended December 31, 2015 , 2014 and 2013 , respectively. If a financing obligation is extinguished early, any unamortized deferred financing costs are written off and included in gains (losses) from early extinguishment of debt . Included in Loss from early extinguishment of debt of $582,000 and $156,000 for the years ended December 31, 2014 and 2013 were unamortized costs which were written off amount ing to $12,000 and $156,000 , respectively. Deferred Leasing Costs Costs 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 $ 3,521,000 , $ 3,840,000 and $ 4,223,000 for the years ended December 31, 2015 , 2014 and 2013 , respectively. Goodwill Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Goodwill is allocated to various reporting units, as applicable. Each of the Company’s segments consists of a reporting unit. Goodwill is not amortized. Management performs an annual impairment test for goodwill during the fourth quarter and between annual tests, management evaluates the recoverability of goodwill whenever events or changes in circumstances indicate that the carrying value of goodwill may not be fully recoverable. In its impairment tests of goodwill, management first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If based on this assessment, management determines that the fair value of the reporting unit is not less than its carrying value , then performing the additional two-step impairment test is unnecessary. If the carrying value of goodwill exceeds its fair value, an impairment charge is recognized. The Company determined that its goodwill was not impaired at December 31, 2015 after management performed its impairment tests. Derivative Instruments The Company measures derivative instruments, including certain derivative instruments embedded in other contracts, at fair value and records them as an asset or liability, depending on the Company’s rights or obligations under the applicable derivative contract. For derivatives designated and qualifying as fair value hedges, the changes in the fair value of both the derivative instrument and the hedged item are recorded in earnings. For derivatives designated as cash flow hedges, the effective portions of the derivative are reported in other comprehensive income (“OCI”) and are subsequently reclassified into earnings when the hedged item affects earnings. Changes in fair value of derivative instruments not designated as hedging and ineffective portions of hedges are recognized in earnings in the affected period. Revenue Recognition Base 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, construction and leasing commission fees and other services, and payroll and related costs reimbursed from clients. Fee income derived from the Company’s unconsolidated joint ventures (which are capitalized by such ventures) are recognized to the extent attributable to the unaffiliated ownership interests. Parking income includes income from parking spaces leased to tenants and others. Other income includes income from tenants for additional services arranged for by the Company and income from tenants for early lease terminations. Allowance for Doubtful Accounts Management 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 The 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 December 31, 2015 , the Company had a deferred tax asset related to its TRS activity with a balance of approximately $ 22.4 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 December 31, 2015 , the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are generally from the year 2011 forward. Earnings Per Share The 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 The dividends and distributions payable at December 31, 2015 represents dividends payable to common shareholders ( 89,584,008 shares) and distributions payable to noncontrolling interest common unitholders of the Operating Partnership ( 10,516,844 common units) for all such holders of record as of January 6, 2016 with respect to the fourth quarter 2015 . The fourth quarter 2015 common stock dividends and common unit distributions of $ 0.15 per common share and unit were approved by the Board of Directors on December 8, 2015 and paid on January 15, 2016 . The dividends and distributions payable at December 31, 2014 represents dividends payable to common shareholders ( 88,866,652 shares) and distributions payable to noncontrolling interest common unitholders of the Operating Partnership ( 11,083,876 common units) for all such holders of record as of January 6, 2015 with respect to the fourth quarter 2014 . The fourth 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 December 9, 2014 and paid on January 14, 2015 . The Company has determined that the $0.60 dividend per common share paid during the year ended December 31, 2015 represented approximately 90 percent ordinary income and approximately 10 percent capital gain to its stockholders; the $0.90 dividend per common share paid during the year ended December 31, 2014 represented approximately 77 percent ordinary income and approximately 23 percent return of capital; and the $1.50 dividend per common share paid during the year ended December 31, 2013 represented approximately 53 percent ordinary income, approximately 33 percent return of capital and approximately 14 percent capital gain to its stockholders. Costs Incurred For Stock Issuances Costs incurred in connection with the Company’s stock issuances are reflected as a reduction of additional paid ‑in capital. Stock Compensation The Company accounts for stock compensation in accordance with the provisions of ASC 718, Compensation-Stock Compensation. These provisions require that the estimated fair value of restricted stock (“Restricted Stock Awards”), restricted stock units (“RSUs”), performance share units (“PSUs”), total stockholder return based performance shares (“TSR”) and stock options at the grant date be amortized ratably into expense over the appropriate vesting period. The Company recorded stock compensation expense of $ 2,219,000 , $ 8,139,000 and $ 2,387,000 for the years ended December 31, 2015 , 2014 and 2013 , respectively. The amount for 2014 included $5,824,000 related to the departure of certain executive officers. Other Comprehensive Income Other comprehensive income (loss), if any, 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 years ended December 31, 2015 , 2014 and 2013 , and no accumulated other comprehensive income as of December 31, 2015 and 2014 . Fair Value Hierarchy The standard Fair Value Measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs). The following summarizes the fair value hierarchy: · Level 1: Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; · Level 2: Quoted prices for identical assets and liabilities in markets that are inactive, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly, such as interest rates and yield curves that are observable at commonly quoted intervals and · Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Discontinued Operations In April 2014, the Financial Accounting Standards Board (“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 is effective for all companies 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 could early adopt the guidance for new disposals (or new classifications as held for sale) that had not been reported in financial statements previously issued or available for issuance. The Company 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. Impact Of Recently-Issued Accounting Standards In May 2014, the 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, 2017, and early adoption is permitted for periods beginning after December 15, 2016. 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. In June 2014, the FASB issued ASU 2014-12 Compensation—Stock Compensation (Topic 718) - Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (“ASU 2014-12”). The amendments in ASU 2014-12 apply to all reporting entities that grant their employees share-based payments in which the terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. That is, the employee would be eligible to vest in the award regardless of whether the employee is rendering service on the date the performance target is achieved. Current GAAP does not contain explicit guidance on how to account for those share-based payments. ASU 2014-12 is intended to resolve the accounting treatment of such awards. The amendments in ASU 2014-12 are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015 with early adoption permitted. The adoption of ASU 2014-12 is not expected to impact the Company’s consolidated financial statement s. In August 2014, the FASB issued ASU 2014-15, which requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern, and to provide certain disclosures when it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. ASU 2014-15 is effective for the annual period ended December 31, 2016 and for annual periods and interim periods thereafter with early adoption permitted. The adoption of ASU 2014-15 is not expected to materially impact the Company’s consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Consolidation–Amendments to the Consolidation Analysis (Topic 810) (“ASU 2015-02”). ASU 2015-02 updates guidance related to accounting for consolidation of certain limited partnerships. ASU 2015-02 does not add or remove any of the five characteristics that determine if an entity is a VIE; however, it changes the manner in which a reporting entity assesses its ability to make decisions about the entity's activities. Additionally, ASU 2015-02 removes three of the six criteria that must be met for a fee arrangement to not be a VIE and modifies how an entity assesses interests held through related parties. ASU 2015-02 is effective for fiscal years and interim periods within those years beginning after December 15, 2015, with early adoption permitted. The adoption of ASU 2015-02 is not expected to impact the Company’s consolidated financial statements. In April 2015, the FASB issued ASU 2015-0 |
Recent Transactions
Recent Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Recent Transactions [Abstract] | |
Recent Transactions | 3. RECENT TRANSACTIONS Acquisitions On January 5, 2016, the Company, which held a 50 percent interest in the property-owning entity, Overlook Ridge Apartment Investors LLC, acquired its remaining interest in a 371 -unit multi-family operating property located in Malden, Massachusetts for $39.8 million. 2015 On December 23, 2015, the Company acquired a vacant 147,241 square-foot office property located in the Mack-Cali Business Campus in Parsippany, New Jersey, for approximately $10.3 million, which was funded primarily through borrowings under the Company’s unsecured revolving credit facility. This property is currently in redevelopment by the Company. On November 12, 2015, the Company acquired a 196,128 square-foot , 95.6 percent leased office property adjacent to an existing Mack-Cali property located in Edison, New Jersey, for approximately $53.1 million, which was funded primarily through borrowings under the Company’s unsecured revolving credit facility. The purchase prices were allocated to the net assets acquired during the year ended December 31, 2015, as follows (in thousands) : Parsippany Edison Land $ 5,590 $ 5,542 Buildings and improvements 4,710 40,762 Above market leases (1) - 2,097 In-place lease values (1) - 4,699 Net cash paid at acquisition $ 10,300 $ 53,100 (1) In-place lease values will be amortized over four years or less, and above market leases will be amortized over 10 years or less. 2014 On December 2, 2014, the Company acquired developable land in Conshohocken, Pennsylvania, for approximately $15.3 million, which was funded using available cash. On August 15, 2014 , the Company acquired 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 $16.6 million, which was funded primarily through borrowing under the Company’s unsecured revolving credit facility. As a result, the Company increased its ownership to 100 percent of the developable land and now consolidates these entities, which were previously accounted for through unconsolidated joint ventures, (collectively, the “Consolidated Land”); and acquired an additional 25 percent, for a total of 50 percent of its subordinated, unconsolidated interests in two operating multi-family properties owned by those entities. See Note 4: Investments in Unconsolidated Joint Ventures. In conjunction with the Company’s acquisition of the Consolidated Land, the Company assumed loans with a total principal balance of $23.0 million, which bore interest in the range of LIBOR plus 2.50 to 3.50 percent. See Note 10: Mortgages, Loans Payable and Other Obligations. 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 during the year ended December 3 1 , 2014 (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. Excluded from the cash flow statement for the year ended December 31, 2014 was $44.4 million of acquisition and other investment fundings (of which $40.1 million related to the acquisition of 50 percent tenants in common interests in the Curtis Center property. See Unconsolidated Joint Venture Transactions in Note 4: Investments in Unconsolidated Joint Ventures), which were handled through a qualified intermediary using proceeds from prior sales structured for tax purposes as Section 1031 transactions. Dispositions 2015 The Company disposed of the following office properties during the year ended December 31, 2015 (dollars in thousands) : Rentable Net Net Disposition # of Square Sales Book Realized Date Property/Address Location Bldgs. Feet Proceeds Value Gain 01/15/15 1451 Metropolitan Drive West Deptford, New Jersey 1 21,600 $ 1,072 $ 929 $ 143 05/27/15 10 Independence Blvd Warren, New Jersey 1 120,528 18,351 (a) 15,114 3,237 06/11/15 4 Sylvan Way Parsippany, New Jersey 1 105,135 15,961 (a) 9,522 6,439 06/26/15 14 Sylvan Way Parsippany, New Jersey 1 203,506 79,977 55,253 24,724 07/21/15 210 Clay Ave Lyndhurst, New Jersey 1 121,203 14,766 (a) 5,202 9,564 08/24/15 5 Becker Farm Rd Roseland, New Jersey 1 118,343 18,129 (a) 8,975 9,154 Totals 6 690,315 $ 148,256 $ 94,995 $ 53,261 (a) The Company transferred the deeds for these properties to the lender in satisfaction of its mortgage loan obligations totaling $59.7 million. The Company recorded an impairment charge of $25.2 million during the year ended December 31, 2013 as it estimated that the carrying value of the properties may not be recoverable over their anticipated holding periods. 2014 The Company sold the following office properties during the year ended December 31, 2014 (dollars in thousands) : Rentable Net Net Sale # of Square Sales Book Realized Date Property/Address Location Bldgs. Feet Proceeds Value Gain 04/23/14 22 Sylvan Way Parsippany, New Jersey 1 249,409 $ 94,897 $ 60,244 $ 34,653 06/23/14 30 Knightsbridge Road (a) Piscataway, New Jersey 4 680,350 54,641 52,361 2,280 06/23/14 470 Chestnut Ridge Road (a) (b) Woodcliff Lake, New Jersey 1 52,500 7,195 7,109 86 06/23/14 530 Chestnut Ridge Road (a) (b) Woodcliff Lake, New Jersey 1 57,204 6,299 6,235 64 06/27/14 400 Rella Boulevard Suffern, New York 1 180,000 27,539 10,938 16,601 06/30/14 412 Mount Kemble Avenue (a) Morris Township, New Jersey 1 475,100 44,751 43,851 900 07/29/14 17-17 Route 208 North (a) (b) Fair Lawn, New Jersey 1 143,000 11,835 11,731 104 08/20/14 555, 565, 570 Taxter Road (a) Elmsford, New York 3 416,108 41,057 41,057 - 08/20/14 200, 220 White Plains Road (a) Tarrytown, New York 2 178,000 12,619 12,619 - 08/20/14 1266 East Main Street (a) (b) Stamford, Connecticut 1 179,260 18,406 18,246 160 Totals 16 2,610,931 $ 319,239 $ 264,391 $ 54,848 (a) The Company completed the sale of these properties for approximately $221 million, comprised of: $ 192.5 million in cash from a combination of affiliates of Keystone Property Group’s (“Keystone Entities”) senior and pari-passu equity and mortgage financing; Company subordinated equity interests in each of the properties sold with capital accounts aggregating $21.2 million; and Company pari-passu equity interests in five of the properties sold aggregating $7.3 million. Net sale proceeds from the sale aggregated $196.8 million which was comprised of the $221 million gross sales price less the subordinated equity interests of $21.2 million and $3 million in closing costs. The purchasers of these properties are unconsolidated joint ventures formed between the Company and the Keystone Entities. The senior and pari-passu equity will receive a 15 percent internal rate of return (“IRR”) after which the subordinated equity will receive a 10 percent IRR and then all distributable cash flow will be split equally between the Keystone Entities and the Company. See Note 4: Investments in Unconsolidated Joint Ventures. In connection with certain of these partial sale transactions, because the buyer received a preferential return on certain of the ventures for which the Company received subordinated equity interests, 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 subordinated equity interest at zero . (b) The Company recorded an impairment charge of $20.8 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 accounting standard and as the properties disposed of during the year ended December 31, 2015 and 2014 did 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 (loss) from the properties disposed of during the years ended December 31, 2015 and 2014, for the years ended December 31, 2015, 2014 and 2013: (dollars in thousands) Years Ended December 31, 2015 2014 2013 Total revenues $ 9,137 $ 53,975 $ 79,379 Operating and other expenses (5,532) (24,311) (34,835) Depreciation and amortization (11,700) (9,955) (20,927) Interest expense (7,008) (10,369) (9,784) Income (loss) from properties disposed of $ (15,103) $ 9,340 $ 13,833 Impairments - - (79,378) Realized gains on dispositions 53,261 54,848 - Total income (loss) from properties disposed of $ 38,158 $ 64,188 $ (65,545) 2015 Impairments on Properties Held and Used In September 2015, the Company announced a three -year strategic initiative to transform the Company into a more concentrated owner of New Jersey Hudson River waterfront and transit-oriented office properties and a regional owner of luxury multi-family residential properties. In connection with the transformation of the Company’s portfolio, management began developing a disposition plan in September 2015, which will be an ongoing assessment process. Through this plan, the Company, in the coming years, expects to dispose of primarily office properties considered non-core to its ongoing operations. As a result, at September 30, 2015, the Company evaluated the recoverability of the carrying values of these non-core properties, and determined that due to the shortening of the expected periods of ownership, it was necessary to reduce the carrying values of 22 rental properties to their estimated fair values. Accordingly, the Company recorded an impairment charge of $158.6 million at September 30, 2015 reducing the aggregate carrying values of these properties from $554.3 million to their estimated fair values of $395.7 million. At December 31, 2015, as a result of its periodic evaluation of the recoverability of the carrying values resulting from its ongoing assessment of non-core properties, the Company recorded an additional impairment charge of $33.7 million. Four of the Company’s office properties are collateral for a mortgage loan that matured on August 11, 2014, with a principal balance of $63.3 million as of December 31, 2015. The loan was not repaid at maturity and the Company is in discussions with the lender regarding potential options in satisfaction of the obligation (see Note 10: Mortgages, Loans Payable and Other Obligations). As of September 30, 2015, the Company estimated that the carrying value of three of these properties, aggregating 479,877 square feet and located in Roseland and Parsippany, New Jersey, may not be recoverable over their anticipated holding periods. In order to reduce the carrying values of the properties to their estimated fair values, the Company recorded impairment charges of $5.6 million at September 30, 2015, which resulted from the current decline in leasing activity and market rents of the properties identified. The Company had previously recorded impairment charges on these properties at September 30, 2013 of $ 12.5 million. Appointment of executive officers On June 3, 2015, the Company announced the appointments of Mitchell E. Rudin as chief executive officer and Michael J. DeMarco as president and chief operating officer of the Company, effective immediately. The Company entered into employment agreements dated June 3, 2015 with each of Messrs. Rudin and DeMarco (together, the “Executive Employment Agreements”) that each provide as follows: · A term that ends on December 31, 2018 (the “Employment Term”) unless earlier terminated; · An annual base salary for each of Messrs. Rudin and DeMarco of $700,000 , subject to potential merit increases (but not decreases) each year; · A target annual bonus opportunity of one hundred percent ( 100% ) of base salary, or $700,000 , for each of Messrs. Rudin and DeMarco, with a threshold bonus of fifty percent ( 50% ) of base salary, or $350,000 , and a maximum bonus of two hundred percent ( 200% ) of base salary, or $1,400,000 , a pro rata bonus opportunity for 2015 based on the assessment of the Executive Compensation and Option Committee of the Board of Directors (“Committee”) of each executive’s development of a strategic plan for the Company and bonuses for 2016 and subsequent years to be based on objective performance goals to be established annually by the Committee; · 2015 long-term incentive (“LTI”) awards under the Company’s 2013 Incentive Stock Plan (the “2015 LTI Awards”), consisting of the granting to each of Messrs. Rudin and DeMarco on June 5, 2015 of 18,775.27 restricted stock units subject to time-based vesting over three years, and of 56,325.82 performance share units (“PSUs”) which will vest from 0 to 150 percent of the number of PSUs granted based on the Company’s total shareholder return relative to a peer group of equity office REITs over a three -year performance period; and · The grant on June 5, 2015 (the “Grant Date”) to each of Messrs. Rudin and DeMarco of options to purchase 400,000 shares of the Company’s common stock, exercisable for a period of ten years with an exercise price equal to the closing price of the Company’s common stock on the NYSE on the Grant Date (which price was $17.31 per share), with 200,000 of such options vesting in three equal annual installments commencing on the first anniversary of the Grant Date, and 200,000 of such options vesting if the Company’s common stock trades at or above $25.00 per share for 30 consecutive trading days while Mr. Rudin and Mr. DeMarco is employed, as applicable, or on or before June 30, 2019 if Mr. Rudin and Mr. DeMarco is employed for the entire Employment Term (except if the executive’s employment has been terminated by the Company for cause following expiration of the Employment Term). |
Investments In Unconsolidated J
Investments In Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2015 | |
Investments In Unconsolidated Joint Ventures [Abstract] | |
Investments In Unconsolidated Joint Ventures | 4. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES As of December 31, 2015 , the Company had an aggregate investment of approximately $303.5 million in its equity method joint ventures. The Company formed these ventures with unaffiliated third parties, or acquired interests in them, to develop or manage primarily office and multi-family rental properties, or to acquire land in anticipation of possible development of office and multi-family rental properties. As of December 31, 2015 , the unconsolidated joint ventures owned: 36 office properties aggregating approximately 5.6 million square feet, 13 multi-family properties totaling 4,343 apartments, two retail properties aggregating approximately 81,700 square feet, a 350 -room hotel, development projects for up to approximately 1,074 apartments; and interests and/or rights to developable land parcels able to accommodate up to 2,910 apartments and 1.4 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. The amounts reflected in the following tables (except for the Company’s share of equity in earnings) are based on the historical financial information of the individual joint ventures. The Company does not record losses of the joint ventures in excess of its investment balances unless the Company is liable for the obligations of the joint venture or is otherwise committed to provide financial support to the joint venture. The outside basis portion of the Company’s investments in joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Unless otherwise noted below, the debt of the Company’s unconsolidated joint ventures generally is non-recourse to the Company, except for customary exceptions pertaining to such matters as intentional misuse of funds, environmental conditions, and material misrepresentations. The Company has agreed to guarantee repayment of a portion of the debt of its unconsolidated joint ventures. As of December 31, 2015 , such debt had a total facility amount of $547.6 million of which the Company agreed to guarantee up to $74.7 million. As of December 31, 2015 , the outstanding balance of such debt totaled $309.9 million of which $53.1 million was guaranteed by the Company. The Company also posted a $3.6 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 $5.5 million and $6.2 million for such services in the years ended December 31, 2015 and 2014 , respectively. The Company had $ 0.8 million and $1.0 million in accounts receivable due from its unconsolidated joint ventures as of December 31, 2015 and 2014 . Included in the Company’s investments in unconsolidated joint ventures as of December 31, 2015 are five unconsolidated development joint ventures, which are VIEs for which the Company is not the primary beneficiary. These joint ventures are primarily established to develop real estate property for long-term investment and were deemed VIEs primarily based on the fact that the equity investment at risk was not sufficient to permit the entities to finance their activities without additional financial support. The initial equity contributed to these entities was not sufficient to fully finance the real estate construction as development costs are funded by the partners throughout the construction period. The Company determined that it was not the primary beneficiary of these VIEs based on the fact that the Company has shared control of these entities along with the entity’s partners and therefore does not have controlling financial interests in these VIEs. The Company’s aggregate investment in these VIEs was approximately $ 173.4 million as of December 31, 2015 . The Company’s maximum exposure to loss as a result of its involvement with these VIEs is estimated to be approximately $ 207.1 million, which includes the Company’s current investment and estimated future funding commitments/guarantees of approximately $ 33.7 million. The Company has not provided financial support to these VIEs that it was not previously contractually required to provide. In general, future costs of development not financed through third parties will be funded with capital contributions from the Company and its outside partners in accordance with their respective ownership percentages. The following is a summary of the Company's unconsolidated joint ventures as of December 31, 2015 and 2014 : (dollars in thousands) Property Debt Number of Company's Carrying Value As of December 31, 2015 Apartment Units Effective December 31, December 31, Maturity Interest Entity / Property Name or Square Feet (sf) Ownership % (a) 2015 2014 Balance Date Rate Multi-family Marbella RoseGarden, L.L.C./ Marbella (b) 412 units 24.27 % $ 15,569 $ 15,779 $ 95,000 05/01/18 4.99 % RoseGarden Monaco Holdings, L.L.C./ Monaco (b) 523 units 15.00 % 937 2,161 165,000 02/01/21 4.19 % Rosewood Lafayette Holdings, L.L.C./ Highlands at Morristown Station (c) 217 units 25.00 % - 62 - - - PruRose Port Imperial South 15, LLC /RiversEdge at Port Imperial (b) 236 units 50.00 % - - 57,500 09/01/20 4.32 % Rosewood Morristown, L.L.C. / Metropolitan at 40 Park (d) (e) 130 units 12.50 % 5,723 6,029 45,982 (f) (f) Overlook Ridge JV 2C/3B, L.L.C./The Chase at Overlook Ridge (b) 371 units 50.00 % 2,039 2,524 52,662 01/26/16 L+2.50 % (g) PruRose Riverwalk G, L.L.C./ RiverTrace at Port Imperial (b) 316 units 25.00 % - 955 79,393 07/15/21 6.00 % (h) Elmajo Urban Renewal Associates, LLC / Lincoln Harbor (Bldg A&C) (b) 355 units 7.50 % - - 128,100 03/01/30 4.00 % (i) Crystal House Apartments Investors LLC / Crystal House (j) 798 units 25.00 % 28,114 27,051 165,000 04/01/20 3.17 % Portside Master Company, L.L.C./ Portside at Pier One - Bldg 7 (b) 176 units 38.25 % - 1,747 42,500 12/04/17 L+2.50 % (k) PruRose Port Imperial South 13, LLC / RiverParc at Port Imperial (b) 280 units 20.00 % - 1,087 70,386 06/27/16 L+2.15 % (l) Roseland/Port Imperial Partners, L.P./ Riverwalk C (b) (m) 363 units 20.00 % 1,678 1,800 - - - RoseGarden Marbella South, L.L.C./ Marbella II 311 units 24.27 % 16,728 11,282 68,046 03/30/17 L+2.25 % (n) Estuary Urban Renewal Unit B, LLC / Lincoln Harbor (Bldg B) (b) 227 units 7.50 % - - 81,900 03/01/30 4.00 % (o) Riverpark at Harrison I, L.L.C./ Riverpark at Harrison (c) 141 units 45.00 % 2,544 4,744 30,000 08/01/25 3.70 % (p) Capitol Place Mezz LLC / Station Townhouses 378 units 50.00 % 46,267 49,327 100,700 07/01/33 4.82 % (q) Harborside Unit A Urban Renewal, L.L.C. / URL Harborside 763 units 85.00 % 96,799 34,954 63,871 08/01/29 5.197 % (r) RoseGarden Monaco, L.L.C./ San Remo Land 250 potential units 41.67 % 1,339 1,283 - - - Grand Jersey Waterfront URA, L.L.C./ Liberty Landing 850 potential units 50.00 % 337 337 - - - Office Red Bank Corporate Plaza, L.L.C./ Red Bank 92,878 sf 50.00 % 4,140 3,963 15,124 05/17/16 L+3.00 % (s) 12 Vreeland Associates, L.L.C./ 12 Vreeland Road 139,750 sf 50.00 % 5,890 5,620 12,543 07/01/23 2.87 % BNES Associates III / Offices at Crystal Lake 106,345 sf 31.25 % 2,295 1,993 6,133 11/01/23 4.76 % Hillsborough 206 Holdings, L.L.C./ Hillsborough 206 160,000 sf 50.00 % 1,962 1,962 - - - KPG-P 100 IMW JV, LLC / 100 Independence Mall West 339,615 sf 33.33 % - - 61,500 09/09/16 L+7.00 % (t) Keystone-Penn (c) 1,842,820 sf (u) - - 227,111 (v) (v) Keystone-TriState 1,266,384 sf (w) 3,958 6,140 208,476 (x) (x) KPG-MCG Curtis JV, L.L.C./ Curtis Center (y) 885,000 sf 50.00 % 59,858 59,911 (z) (z) (z) Other Plaza VIII & IX Associates, L.L.C./ Vacant land (parking operations) 1,225,000 sf 50.00 % 4,055 4,022 - - - Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial (b) 30,745 sf 20.00 % 1,758 1,828 - - - South Pier at Harborside / Hyatt Regency Jersey City on the Hudson 350 rooms 50.00 % (aa) (aa) 63,741 (ab) (ab) Stamford SM LLC / Senior Mezzanine Loan (ac) n/a n/a 80.00 % - - - - - Other (ad) 1,467 907 - - - Totals: $ 303,457 $ 247,468 $ 1,840,668 (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) See discussion in Recent Transactions following in this footnote. (d) Through the joint venture, the Company also owns a 12.5 percent interest in a 50,973 square feet 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"). (e) 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 December 31, 2015), and is not expected to meaningfully participate in the venture's cash flows in the near term. (f) Property debt balance consists of: (i) a loan, collateralized by the Metropolitan at 40 Park, with a balance of $38,410 , bears interest at 3.25 percent, matures in September 2020 ; (ii) an amortizable loan, collateralized by the Shops at 40 Park, with a balance of $6,455 , bears interest at 3.63 percent, matures in August 2018 ; and (iii) a loan, collateralized by the Lofts at 40 Park, with a balance of $1,117 , bears interest at LIBOR plus 250 basis points and matures in September 2016 . The Shops at 40 Park mortgage loan also provides for additional borrowing proceeds of $1 million based on certain preferred thresholds being achieved. (g) 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 $52,000 , for the period from September 3, 2013 to November 2, 2015. (h) The permanent loan has a maximum borrowing amount of $80,249 . (i) The construction loan with a maximum borrowing amount of $91,000 converted to a permanent loan on February 27, 2015. (j) 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. (k) 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. (l) 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. (m) 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. (n) 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. (o) The construction loan with a maximum borrowing amount of $57,000 converted to a permanent loan on February 27, 2015. (p) The construction loan with a maximum borrowing amount of $23,400 converted to a permanent loan on July 14, 2015. See discussion in Recent Transactions following in this footnote. (q) The construction/permanent loan has a maximum borrowing amount of $100,700 with amortization starting in August 2017. (r) The construction/permanent loan has a maximum borrowing amount of $192,000 . (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. (u) The Company’s equity interests in the joint ventures will be subordinated to Keystone Entities receiving a 15 percent internal rate of return (“IRR”) after which the Company will receive a 10 percent IRR on its subordinate equity and then all profit will be split equally. See discussion in Recent Transactions following in this footnote. (v) Principal balance of $127,600 bears interest at 5.114 percent and matures on August 27, 2023 ; principal balance of $45,500 bears interest at 5.01 percent and matures on September 6, 2025 ; principal balance of $32,336 bears interest at rates ranging from LIBOR+5.0 percent to LIBOR+5.75 percent and matures on August 27, 2016 ; principal balance of $11,250 bears interest at LIBOR+5.5 percent and matures on January 9, 2019 ; principal balance of $10,425 bears interest at LIBOR+6.0 percent matures on August 31, 2016 . (w) Includes the Company’s pari-passu interests of $4.0 million in five properties and Company’s subordinated equity interests to Keystone Entities receiving a 15 percent internal rate of return (“IRR”) after which the Company will receive a 10 percent IRR on its subordinate equity and then all profit will be split equally. (x) Principal balance of $42,107 bears interest at 4.95 percent and matures on July 1, 2017 ; principal balance of $73,670 bears interest at rates ranging from 5.65 percent to 6.75 percent and matures on September 9, 2017 ; principal balance of $14,250 bears interest at 4.88 percent and matures on July 6, 2024 ; principal balance of $63,400 bears interest at 4.93 percent and matures on July 6, 2044 ; principal balance of $15,050 bears interest at 4.71 percent and matures on August 6, 2044 . (y) Includes undivided interests in the same manner as investments in noncontrolling partnership, pursuant to ASC 970-323-25-12. (z) See Note 10: Mortgages, Loans Payable and Other Obligations for debt secured by interests in these assets. (aa) The negative carrying value for this venture of $3,317 and $1,854 as of December 31, 2015 and 2014, respectively, were included in accounts payable, accrued expenses and other liabilities. (ab) Balance includes: (i) mortgage loan, collateralized by the hotel property, with a balance of $60,147 , bears interest at 6.15 percent and matures in November 2016 , and (ii) loan with a balance of $3,594 , bears interest at fixed rates ranging from 6.09 percent to 6.62 percent and matures in August 1, 2020 . The Company posted a $3.6 million letter of credit in support of this loan, half of which is indemnified by the partner. (ac) The joint venture collected net proceeds of $47.2 million at maturity, of which the Company received its share of $37.8 million on August 6, 2014. (ad) The Company owns other interests in various unconsolidated joint ventures, including interests in assets previously owned and interest in ventures whose businesses are related to its core operations. These ventures are not expected to significantly impact the Company's operations in the near term. The following is a summary of the Company’s equity in earnings (loss) of unconsolidated joint ventures for the years ended December 31, 2015 and 2014 : (dollars in thousands) Year Ended December 31, Entity / Property Name 2015 2014 2013 Multi-family Marbella RoseGarden, L.L.C./ Marbella $ 231 $ (19) $ (540) RoseGarden Monaco Holdings, L.L.C./ Monaco (1,224) (1,040) (1,560) Rosewood Lafayette Holdings, L.L.C./ Highlands at Morristown Station (62) (853) (1,131) PruRose Port Imperial South 15, LLC /RiversEdge at Port Imperial - - (606) Rosewood Morristown, L.L.C. / Metropolitan at 40 Park (364) (345) (509) Overlook Ridge JV 2C/3B, L.L.C./The Chase at Overlook Ridge (371) (384) 293 PruRose Riverwalk G, L.L.C./ RiverTrace at Port Imperial (955) (2,139) (985) Elmajo Urban Renewal Associates, LLC / Lincoln Harbor (Bldg A&C) - (203) (345) Crystal House Apartments Investors LLC / Crystal House (123) (139) (2,639) Portside Master Company, L.L.C./ Portside at Pier One - Bldg 7 (1,736) (1,163) (421) PruRose Port Imperial South 13, LLC / RiverParc at Port Imperial (988) (863) (664) Roseland/Port Imperial Partners, L.P./ Riverwalk C (474) (646) (740) RoseGarden Marbella South, L.L.C./ Marbella II - - (57) Estuary Urban Renewal Unit B, LLC / Lincoln Harbor (Bldg B) 1 (15) (157) Riverpark at Harrison I, L.L.C./ Riverpark at Harrison (363) (150) - Capitol Place Mezz LLC / Station Townhouses (3,687) (75) - Harborside Unit A Urban Renewal, L.L.C. / URL Harborside - (218) - RoseGarden Monaco, L.L.C./ San Remo Land - - - Grand Jersey Waterfront URA, L.L.C./ Liberty Landing (32) (54) (77) Office Red Bank Corporate Plaza, L.L.C./ Red Bank 392 380 372 12 Vreeland Associates, L.L.C./ 12 Vreeland Road 270 106 74 BNES Associates III / Offices at Crystal Lake 115 240 (14) Hillsborough 206 Holdings, L.L.C./ Hillsborough 206 (5) (10) (35) KPG-P 100 IMW JV, LLC / 100 Independence Mall West (800) (1,887) (913) Keystone-Penn 3,812 - - Keystone-TriState (2,182) (318) - KPG-MCG Curtis JV, L.L.C./ Curtis Center 475 624 - Other Plaza VIII & IX Associates, L.L.C./ Vacant land (parking operations) 344 320 99 Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial (70) (102) (230) South Pier at Harborside / Hyatt Regency Jersey City on the Hudson 3,036 2,602 2,519 Stamford SM LLC / Senior Mezzanine Loan - 2,337 3,719 Other 1,588 1,591 2,220 Company's equity in earnings (loss) of unconsolidated joint ventures $ (3,172) $ (2,423) $ (2,327) The following is a summary of the combined financial position of the unconsolidated joint ventures in which the Company had investment interests as of December 31, 2015 and 2014 : (dollars in thousands) December 31, December 31, 2015 2014 Assets: Rental property, net $ 1,781,621 $ 1,534,812 Other assets 307,000 398,222 Total assets $ 2,088,621 $ 1,933,034 Liabilities and partners'/ members' capital: Mortgages and loans payable $ 1,298,293 $ 1,060,020 Other liabilities 215,951 211,340 Partners'/members' capital 574,377 661,674 Total liabilities and partners'/members' capital $ 2,088,621 $ 1,933,034 The following is a summary of the combined results from operations of the unconsolidated joint ventures for the period in which the Company had investment interests during the year s ended December 31, 2015 , 2014 and 2013 : (dollars in thousands) Year Ended December 31, 2015 2014 2013 Total revenues $ 318,980 $ 305,034 $ 255,510 Operating and other expenses (220,982) (233,320) (217,739) Depreciation and amortization (71,711) (42,985) (32,889) Interest expense (52,972) (32,862) (16,709) Net loss $ (26,685) $ (4,133) $ (11,827) Recent Transactions KEYSTONE-PENN On August 28, 2015, Rosetree KPG III, L.L.C., which owns a 236,417 square-foot two -building office property located in Media, Pennsylvania refinanced its $31.8 million loan and obtained a new $45.5 million mortgage loan. The Company received a distribution of $3.7 million as its share of the loan proceeds recognized as equity in earnings during the year ended December 31, 2015 (as a result of having no carrying value of its investment in the unconsolidated joint venture). RIVERPARK AT HARRISON I, L.L.C./RIVERPARK AT HARRISON On July 14, 2015, Riverpark at Harrison I, L.L.C. (“Riverpark”), which owns a 141 -unit multi-family rental property located in Harrison, New Jersey, refinanced the $23.4 million construction loan, and obtained a $30 million mortgage loan. The Company received a distribution of $1.7 million from the loan proceeds. Concurrent with the loan refinancing, the Company, which holds a 36 percent interest in Riverpark, and its venture partners that hold ownership interests aggregating 44 percent acquired the 20 percent interest of the remaining partner group for $2.1 million. As a result of the 20 percent redemption, the Company’s ownership interest increased to 45 percent with the remaining venture partners owning 55 percent. The Company has determined that the joint venture is not a VIE since the equity investment at risk is sufficient to permit Riverpark to finance its activities without additional financial support. As control is shared with the partners in accordance with the operating agreement, the Company will continue to have an unconsolidated joint venture interest in Riverpark under the provisions of ASC 810, Consolidation. ROSEWOOD LAFAYETTE HOLDINGS, L.L.C./HIGHLANDS AT MORRISTOWN STATION On June 1, 2015 , the Company sold its 25 percent equity interest in Rosewood Lafayette Holdings L.L.C., a joint venture which owns the Highlands at Morristown Station, a 217 -unit multi-family property located in Morristown, New Jersey, to its joint venture partner and realized a gain on the sale of $6.4 million. |
Deferred Charges, Goodwill And
Deferred Charges, Goodwill And Other Assets, Net | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Charges, Goodwill And Other Assets, Net [Abstract] | |
Deferred Charges, Goodwill And Other Assets, Net | 5. DEFERRED CHARGES , GOODWILL AND OTHER ASSETS , NET December 31, (dollars in thousands) 2015 2014 Deferred leasing costs $ 239,690 $ 239,138 Deferred financing costs 23,723 24,042 263,413 263,180 Accumulated amortization (126,816) (122,358) Deferred charges, net 136,597 140,822 Notes receivable (1) 13,496 21,491 In-place lease values, related intangibles and other assets, net (2)(3) 10,931 6,565 Goodwill 2,945 2,945 Prepaid expenses and other assets, net (4) 49,408 32,827 Total deferred charges, goodwill and other assets, net $ 213,377 $ 204,650 (1) Includes as of December 31, 2015 : a mortgage receivable for $ 10.4 million which bears interest at LIBOR plus six percent and matures in August 2016; and an interest-free note receivable with a net present value of $3.1 million and matures in April 2023. The Company believes these balances are fully collectible. (2) In accordance with ASC 805, Business Combinations, the Company recognizes rental revenue of acquired above and below market lease intangibles over the terms of the respective leases. The impact of amortizating the acquired above and below-market lease intangibles increased revenue by approximately $ 0.2 million, $0.7 million and $1.5 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. The following table summarizes, as of December 31, 2015 , the scheduled amortization of the Company’s acquired above and below-market lease intangibles for each of the five succeeding years (dollars in thousands) . Acquired Above- Acquired Below- Market Lease Market Lease Total Year Intangibles Intangibles Amortization 2016 $ (776) $ 345 $ (431) 2017 (708) 339 (369) 2018 (645) 289 (356) 2019 (529) 156 (373) 2020 (341) 21 (320) (3) In accordance with ASC 805, Business Combinations, the value of acquired in-place lease intangibles are amortized to expense over the remaining initial terms of the respective leases. The impact of the amortization of acquired in-place lease values is included in depreciation and amortization expense and amounted to approximately $1.4 million, $6.9 million and $10.7 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. The following table summarizes, as of December 31, 2014, the scheduled amortization of the Company’s acquired in-place lease values for each of the five succeeding years (dollars in thousands) . Year 2016 $ 2,399 2017 2,093 2018 1,175 2019 979 2020 - (4) Includes as of December 31, 2015, deposits of $15.1 million for acquisitions and developments. DERIVATIVE FINANCIAL INSTRUMENTS The Company does not have any derivative instruments designated as cash flow hedges. The following table summarizes the notional and fair value of the Company’s derivative financial instruments, designated as fair value hedges, as of December 31, 2015 and 2014 (dollars in thousands): Fair Value Notional Strike Effective Expiration December 31, Value (a) Rate Date Date 2015 2014 LIBOR Cap $ 51,000 1.5 % September 2014 October 2015 $ - $ 1 LIBOR Cap 24,000 1.5 % September 2014 October 2015 - 1 LIBOR Cap 51,000 1.75 % October 2015 October 2016 1 64 LIBOR Cap 24,000 1.75 % October 2015 October 2016 1 29 $ 2 $ 95 (a) The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks. The Company includes these derivative financial instruments, which were recorded in the year ended December 31, 2014, in deferred charges, goodwill and other assets, net. As changes in the fair value of the se derivative financial instrument s are recorded in earnings , the Company recorded a loss on the change in fair value of $93,000 and $79,000 during the years ended December 31, 2015 and 2014 , respectively, which is included in interest and other investment income in the consolidated statements of operations. |
Restricted Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2015 | |
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) December 31, 2015 2014 Security deposits $ 7,785 $ 7,795 Escrow and other reserve funds 27,558 26,450 Total restricted cash $ 35,343 $ 34,245 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | 7. DISCONTINUED OPERATIONS On January 1, 2014, the Company early adopted the new discontinued operations accounting standard and as the properties disposed of during the year ended December 31, 2015 and 2014 did 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: Recent Transactions – Dispositions. During the year ended December 31, 2013, 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. The Company has presented these properties as discontinued operations in its statements of operations for all periods presented. The following table summarizes income from discontinued operations and the related realized gains (losses) and unrealized losses on disposition of rental property and impairments, net, for the year ended December 31, 2013: (dollars in thousands) Total revenues $ 33,601 Operating and other expenses (13,454) Depreciation and amortization (8,218) Interest expense (118) Income from discontinued operations 11,811 Loss from early extinguishment of debt (703) Impairments (1) (23,851) Realized gains on disposition of rental property 83,371 Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net 59,520 Total discontinued operations, net $ 70,628 (1) Represents impairment charges recorded on certain properties prior to their sale. |
Senior Unsecured Notes
Senior Unsecured Notes | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Senior Unsecured Notes | 8. SENIOR UNSECURED NOTES On January 7, 2016, the Company obtained a new $350 million unsecured term loan, which matures in January 2019 with two one -year extension options. The interest rate for the new term loan is currently 140 basis points over LIBOR, subject to adjustment on a sliding scale based on the Company's unsecured debt ratings, or at the Company's option, a defined leverage ratio. The Company entered into interest rate swap arrangements to fix LIBOR for the duration of the term loan. Including costs, the loan provides for a current all-in fixed rate of 3.12 percent. The proceeds from the loan were used primarily to repay outstanding borrowings on its unsecured revolving credit facility and to repay the Company's $200 million, 5.8 percent senior unsecured notes that matured on January 15, 2016. A summary of the Company’s senior unsecured notes as of December 31, 2015 and 2014 is as follows : (dollars in thousands) December 31, Effective 2015 2014 Rate (1) 5.800% Senior Unsecured Notes, due January 15, 2016 (2) $ 200,010 $ 200,086 5.806 % 2.500% Senior Unsecured Notes, due December 15, 2017 249,446 249,150 2.803 % 7.750% Senior Unsecured Notes, due August 15, 2019 249,227 249,013 8.017 % 4.500% Senior Unsecured Notes, due April 18, 2022 299,624 299,565 4.612 % 3.150% Senior Unsecured Notes, due May 15, 2023 270,537 269,930 3.517 % Total senior unsecured notes $ 1,268,844 $ 1,267,744 (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 January 15, 2016, the Company repaid these notes at their maturity using proceeds from a new unsecured term loan and borrowings under 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 under the indenture relating to its senior unsecured notes as of December 31, 2015 . |
Unsecured Revolving Credit Faci
Unsecured Revolving Credit Facility | 12 Months Ended |
Dec. 31, 2015 | |
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 (current) 130.0 30.0 BBB or Baa2 110.0 20.0 BBB+ or Baa1 100.0 15.0 A- or A3 or higher 92.5 12.5 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 under its revolving credit facility as of December 31, 2015 . As of December 31, 2015 , the Company had outstanding borrowings of $ 155 million under its unsecured revolving credit facility and had no outstanding borrowings under the facility as of December 31, 2014. Through July 15 , 201 3 , 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 . |
Mortgages, Loans Payable And Ot
Mortgages, Loans Payable And Other Obligations | 12 Months Ended |
Dec. 31, 2015 | |
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, land and development projects. As of December 31, 2015 , 23 of the Company’s properties, with a total carrying value of approximately $ 739 million, and four of the Company’s land and development projects, with a total carrying value of approximately $215 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 under its mortgages and loans payable as of December 31, 2015 . A summary of the Company’s mortgages, loans payable and other obligations as of December 31, 2015 and 2014 is as follows: (dollars in thousands) Effective December 31, Property/Project Name Lender Rate (a) 2015 2014 Maturity Overlook - Site IIID,IIIC, IIIA & Overlook - Site IIB (b) Wells Fargo Bank N.A. - - $ 23,047 - 10 Independence, 4 Sylvan, 210 Clay & 5 Becker (c) Wells Fargo CMBS - - 58,696 - 6 Becker, 85 Livingston, 75 Livingston & 20 Waterview Wells Fargo CMBS 10.260 % $ 63,279 65,035 08/11/14 (d) 9200 Edmonston Road Principal Commercial Funding L.L.C. 9.780 % 3,793 3,951 05/01/15 (e) Port Imperial South Wells Fargo Bank N.A. LIBOR+1.75 % 34,962 44,119 01/17/16 (f) 4 Becker Wells Fargo CMBS 9.550 % 40,083 39,421 05/11/16 Curtis Center (g) CCRE & PREFG LIBOR+5.912 % (h) 64,000 64,000 10/09/16 Various (i) Prudential Insurance 6.332 % 143,513 145,557 01/15/17 150 Main St. Webster Bank LIBOR+2.35 % 10,937 1,193 (j) 03/30/17 23 Main Street JPMorgan CMBS 5.587 % 28,541 29,210 09/01/18 Harborside Plaza 5 The Northwestern Mutual Life 6.842 % 217,736 221,563 11/01/18 Insurance Co. & New York Life Insurance Co. 100 Walnut Avenue Guardian Life Insurance Co. 7.311 % 18,273 18,542 02/01/19 One River Center (k) Guardian Life Insurance Co. 7.311 % 41,859 42,476 02/01/19 Park Square Wells Fargo Bank N.A. LIBOR+1.872 % (l) 27,500 27,500 04/10/19 Port Imperial South 4/5 Retail American General Life & A/G PC 4.559 % 4,000 4,000 12/01/21 Port Imperial South 4/5 Garage American General Life & A/G PC 4.853 % 32,600 32,600 12/01/29 Total mortgages, loans payable and other obligations $ 731,076 $ 820,910 (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 March 27, 2015, the Company repaid these loans, which had interest rates ranging from LIBOR plus 2.50 to 3.50 percent, at par, using borrowings on the Company's unsecured revolving credit facility. (c) During the year ended December 31, 2015, the Company transferred the deeds for these properties to the lender in satisfaction of its obligations on the loans with interest rates ranging from 10.260% to 19.450% . See Note 3: Recent Transactions - Dispositions. (d) Mortgage is cross collateralized by the four properties. The loan was not repaid at maturity and the Company is in discussions with the lender regarding potential options in satisfaction of the obligation. (e) 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. The mortgage loan was not repaid at maturity on May 1, 2015. The Company is in discussions with the lender regarding a further extension of the loan. (f) The loan was repaid in full at maturity, using borrowings from the Company's revolving credit facility. (g) The Company owns a 50 percent tenants-in-common interest in the Curtis Center property. The Company’s $64.0 million loan consists of its 50 percent interest in a $102 million senior loan with a current rate of 3.491 percent at December 31, 2015 and its 50 percent interest in a $26 million mezzanine loan (with a maximum borrowing capacity of $48 million) with a current rate of 9.831 percent at December 31, 2015. The senior loan rate is based on a floating rate of one -month LIBOR plus 329 basis points and the mezzanine loan rate is based on a floating rate of one -month LIBOR plus 950 basis points. The Company has entered into LIBOR caps for the periods of the loans. The loans provide for three one -year extension options. (h) The effective interest rate includes amortization of deferred financing costs of 1.362 percent. (i) Mortgage is cross collateralized by seven properties. The Company has agreed, subject to certain conditions, to guarantee repayment of $61.1 million of the loan. (j) This construction loan has a maximum borrowing capacity of $28.8 million. (k) Mortgage is collateralized by the three properties comprising One River Center. (l) The effective interest rate includes amortization of deferred financing costs of 0.122 percent. SCHEDULED PRINCIPAL PAYMENTS Scheduled principal payments for the Company’s senior unsecured notes (see Note 8), unsecured revolving credit facility (see Note 9) and mortgages, loans payable and other obligations as of December 31, 2015 are as follows: (dollars in thousands) Scheduled Principal Period Amortization Maturities Total 2016 $ 8,125 $ 406,465 $ 414,590 2017 7,275 557,088 564,363 2018 7,311 231,536 238,847 2019 723 331,567 332,290 2020 569 - 569 Thereafter 5,759 605,206 610,965 Sub-total 29,762 2,131,862 2,161,624 Adjustment for unamortized debt discount/premium, net, as of December 31, 2015 (6,704) - (6,704) Totals/Weighted Average $ 23,058 $ 2,131,862 $ 2,154,920 CASH PAID FOR INTEREST AND INTEREST CAPITALIZED Cash paid for interest for the year s ended December 31, 2015 , 2014 and 2013 was $ 115,123,000 , $ 119,664,000 and $ 123,213,000 , respectively. Interest capitalized by the Company for the year s ended December 31, 2015 , 2014 and 2013 was $ 16,217,000 , $ 15,470,000 , and $ 12,885,000 , respectively (of which these amounts included $5,325,000 , $4,646,000 and $1,326,000 for the year s ended December 31, 2015 , 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 December 31, 2015 , the Company’s total indebtedness of $ 2,154,920,000 (weighted average interest rate of 5.22 percent) was comprised of $ 292,399,000 of revolving credit facility borrowings and other variable rate mortgage debt (weighted average rate of 2.81 percent) and fixed rate debt and other obligations of $ 1,862,521,000 (weighted average rate of 5.60 percent). As of December 31, 2014 , the Company’s total indebtedness of $ 2,088,654,000 (weighted average interest rate of 5.64 percent) was comprised of $ 159,860,000 of variable rate mortgage debt (weighted average rate of 3.83 percent) and fixed rate debt and other obligations of $ 1,928,794,000 (weighted average rate of 5.79 percent). |
Employee Benefit 401(k) Plans A
Employee Benefit 401(k) Plans And Deferred Retirement Compensation Agreements | 12 Months Ended |
Dec. 31, 2015 | |
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 eligibl e participants in any plan year. Participants are always 100 percent vested in their pre-tax contributions and will begin vesting in any matching or profit sharing contributions made on their behalf after two years of service with the Company at a rate of 20 percent per year, becoming 100 percent vested after a total of six years of service with the Company. All contributions are allocated as a percentage of compensation of the eligible participants for the Plan year. The assets of the 401(k) Plan are held in trust and a separate account is established for each participant. A participant may receive a distribution of his or her vested account balance in the 401(k) Plan in a single sum or in installment payments upon his or her termination of service with the Company. Total expense recognized by the Company for the 401(k) Plan for the years ended December 31, 2015 , 2014 and 2013 was $ 970,000 , zero and $117,000 , 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 participating executive . Vesting of each annual contribution of Stock Units was to occur on December 31 of each year, subject to continued employment. In connection with the separation from service to the Company of certain executive officers 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 the Deferred Retirement Compensation Agreements . In connection with the separation from service to the Company of its former president and chief executive officer effective June 30, 2015, the Company agreed to make cash payments of $2.3 million on the separation date for all vested and unvested Stock Units and future cash contributions pursuant to his Deferred Retirement Compensation Agreement. Total expense recognized by the Company under the Deferred Retirement Compensation Agreements for the years ended December 31, 2015 , 2014 and 2013 was zero , $ 2,957,000 and $595,000 , respectively . |
Disclosure Of Fair Value Of Ass
Disclosure Of Fair Value Of Assets And Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Fair Value Of Assets And Liabilities [Abstract] | |
Disclosure Of Fair Value Of Assets And Liabilities | 12. DISCLOSURE OF FAIR VALUE OF ASSETS AND LIABILITIES The following disclosure of estimated fair value was determined by management using available market information and appropriate valuation methodologies. However, considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on disposition of the assets and liabilities at December 31, 2015 and 2014 . The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Cash equivalents, receivables, notes receivables, accounts payable, and accrued expenses and other liabilities are carried at amounts which reasonably approximate their fair values as of December 31, 2015 and 2014 . 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 aggregate d approximately $ 2,160,034,000 and $ 2,133,214,000 a s compared to the book value of approximately $ 2,154,920,000 and $ 2,088,654,000 as of December 31, 2015 and 2014 , respectively. The fair value of the Company’s long-term debt was categorized as a level 3 basis (as provided by ASC 820, Fair Value Measurements and Disclosures) . The fair value was estimated using a discounted cash flow analysis valuation based on the borrowing rates currently available to the Company for loans with similar terms and maturities. The fair value of the mortgage debt and the unsecured notes was determined by discounting the future contractual interest and principal payments by a market rate. Although the Company has determined that the majority of the inputs used to value its derivative financial instruments fall within level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivative financial instruments utilize level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivative financial instruments. As a result, the Company has determined that its derivative financial instruments valuations in their entirety are classified in level 2 of the fair value hierarchy. The fair value measurements used in the evaluation of the Company’s rental properties are considered to be Level 3 valuations within the fair value hierarchy, as there are significant unobservable inputs. Examples of inputs that were utilized in the fair value calculations include estimated holding periods, discount rates, market capitalization rates, expected lease rental rates, and third party broker information. The valuation techniques and significant unobservable inputs used for the Company’s Level 3 fair value measurements at December 31, 2015 were as follows: Fair Value at Primary December 31, Valuation Unobservable Location Range of Description 2015 Techniques Inputs Type Rates Properties held and used on which the Company recognized impairment losses $ 404,863,000 Discounted cash flows Discount rate Suburban 8% - 15% Central Business District 6% - 9.5% Exit Capitalization rate Suburban 7.5% - 9% Central Business District 5% - 5.75% Disclosure about fair value of assets and liabilities is based on pertinent information available to management as of December 31, 2015 and 2014 . Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since December 31, 2015 and current estimates of fair value may differ significantly from the amounts presented herein. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
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 $ 990,000 for each of the years ended December 31, 2015 , 2014 and 2013 . 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 $ 3.4 million for each of the years ended December 31, 2015 , 2014 and 2013 . The agreement with the City of Weehawken for its Port Imperial 4/5 garage development project 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 provide d that real estate taxes would be partially abated, on a declining scale, for four years 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 December 31, 2015 , are as follows: (dollars in thousands) Year Amount 2016 $ 387 2017 267 2018 232 2019 235 2020 235 2021 through 2084 15,348 Total $ 16,704 Ground lease expense incurred by the Company during each of the years ended December 31, 2015 , 2014 and 2013 amounted to $ 406,000 . ROSELAND CONTINGENT CONSIDERATION The purchase price for the Roseland t ransaction in 2012 included the fair value of contingent consideration pursuant to an earn-out (“Earn Out”) agreement of approximately $10 million. Since the acquisition, the Company recognized charges and benefits related to changes in fair value in the Earn Out liability and, as a result of the achievement of certain of the defined criteria, paid certain amounts such that there was no remaining amount in the Earn Out as of December 31, 2015 . Related to changes in the fair value of the Earn Out liability, the Company recognized a net charge of $219,000 during the year ended December 31, 2015 , and recognized benefits of $1.5 million and $2.3 million during the years ended December 31, 2014 and 2013, respectively. T he Earn Out liability w as remeasured at fair value until the contingency was 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 we re based on significant inputs that are not observable in the market, which ASC 820 refers to as l evel 3 inputs. In addition to an appropriate discount rate, the key assumption affecting the valuation for the Roseland a ssets 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 include d 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. DEPARTURE OF EXECUTIVE OFFICERS The Company’s total estimated costs for the departure of the Company’s former president and chief executive officer and of the departure of certain of the Company’s executive officers of approximately $23.8 million during the year ended December 31, 2014 was included in general and administrati ve expense (approximately $11.7 million and $11.6 million was included in accounts payable, accrued expenses and other liabilities as of December 31, 2015 and 2014, respectively). On January 4, 2016, the Company satisfied $11.4 million of the accrued expense balance from December 31, 2015. CONSTRUCTION PROJECTS The Company owns a 76.25 percent interest in a consolidated joint venture which is constructing a 108 -unit multi-family development rental property located in Eastchester, New York (the “Eastchester Project”). The project is expected to be ready for occupancy by the second quarter of 2016 . The Eastchester Project is estimated to cost a total of $50 million (of which development costs of $29.6 million have been incurred through December 31, 2015 ). The venture has a $28.8 million construction loan (with $10.9 million outstanding as of December 31, 2015 ). The Company expects to fund costs of approximately $20.9 million for the development of the project (of which, as of December 31, 2015 , the Company has incurred $14.7 million of the development costs and estimates it will need to fund an additional $6.2 million for the completion of the project). On April 1, 2015, the Company acquired vacant land to accommodate a two-phase development of the CitySquare Project for a purchase price of $3.1 million with an additional $1.25 million to be paid (which is accrued as of December 31, 2015 ), subject to certain conditions, in accordance with the terms of the purchase and sale agreement. The purchase price for the acquisition was funded primarily through borrowing under the Company’s unsecured revolving credit facility. The first phase with 237 units started construction in the third quarter 2015 with anticipated initial deliveries in the second quarter 2017 . The second phase, with 128 units, is projected to begin construction in 2017. On December 10, 2015, the Company obtained a construction loan with a maximum borrowing amount of $41.5 million (with no outstanding balance as of December 31, 2015). Total development costs are estimated to be approximately $92.5 million (of which $9.1 million was incurred by the Company through December 31, 2015 and estimates it will need to fund an additional $41.9 million for the completion of the project). On October 6, 2015, the Company entered into a joint venture partnership with XS Port Imperial Hotel, LLC (“XS”) to form XS Hotel Urban Renewal Associates LLC (“XS Hotel URA”) for the development and ownership of a 364 -key dual branded hotel property located in Weehawken, New Jersey (“Port Imperial Hotel”). Concurrently, the Company and XS entered into a separate joint venture partnership to form XS Hotel Associates, L.L.C. (“XS Hotel”) for the management and operations of the completed hotel development. The Company holds a 90 percent interest and XS holds the remaining 10 percent interest in the consolidated joint ventures, XS Hotel URA and XS Hotel, with the Company having full and complete authority, power, and discretion to manage and control the ventures’ business, affairs, and property. The construction of the Port Imperial Hotel is estimated to cost a total of $105.9 million, which will be funded by a $94 million construction loan with the balance to be funded with members’ capital. Upon closing, Mack-Cali’s initial contribution was $27.3 million, which included a capital credit of $23.7 million for its contributed Hotel Condominium Land unit, and XS Hotel’s initial contribution was $3 million. As of December 31, 2015, the Company incurred development costs of $1.5 million and estimates it will need to fund an additional $3.3 million for the completion of the project. The Company owns developable land to accommodate a multi-phase development project of approximately 1,034 -unit multi-family rental property located in Malden, Massachusetts. The initial phase commenced construction of 292 units in the third quarter of 2015 (the “Chase II Project”). The Chase II Project is estimated to cost a total of $74.9 million (of which the Company has incurred $22.1 million through December 31, 2015 ) and is expected to be ready for occupancy by second quarter 2017 . On December 16, 2015, the Company obtained a construction loan with a maximum borrowing amount of $48 million (with no outstanding balance as of December 21, 2015). The Company estimates it will need to fund additional costs of $4.8 million for the completion of the Chase II Project. OTHER The Company may not dispose of or distribute certain of its properties, currently comprised of seven properties with an aggregate net carrying value of approximately $ 57.1 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 in 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; and Earle I. Mack, a former 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). 110 of the Company’s properties, with an aggregate net book value of approximately $ 1.3 billion, have lapsed restrictions and are subject to these conditions. |
Tenant Leases
Tenant Leases | 12 Months Ended |
Dec. 31, 2015 | |
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 December 31, 2015 are as follows (dollars in thousands) : Year Amount 2016 $ 463,029 2017 423,654 2018 342,756 2019 280,123 2020 239,079 2021 and thereafter 902,403 Total $ 2,651,044 Multi-family rental property residential leases are excluded from the above table as they generally expire with in one year. |
Mack-Cali Realty Corporation St
Mack-Cali Realty Corporation Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
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 (all of which occurred in the year ended December 31, 201 2 ), 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 10 years. As of December 31, 2015 and 2014 , the stock options outstanding had a weighted average remaining contractual life of approximately 9.4 years and 4.9 years, respectively. On June 5, 2015, in connection with the Executive Employment Agreements, the Company granted options to purchase a total of 800,000 shares of the Company’s common stock, exercisable for a period of ten years with an exercise price equal to the closing price of the Company’s common stock on the grant date of $17.31 per share, with 400,000 of such options vesting in three equal annual installments commencing on the first anniversary of the grant date (“Time Vesting Options”), and 400,000 of such options vesting if the Company’s common stock trades at or above $25.00 per share for 30 consecutive trading days while the executive is employed (“Price Vesting Options”), or on or before June 30, 2019, subject to certain conditions. Information regarding the Company’s stock option plans is summarized below: Weighted Aggregate Average Intrinsic Shares Exercise Value Under Options Price $(000’s) Outstanding at January 1, 2013 183,870 $ 29.51 - Lapsed or Cancelled (168,870) 28.53 Outstanding at December 31, 2013 ($35.59 – $45.47) 15,000 $ 40.54 - Granted 5,000 21.25 Lapsed or Cancelled (10,000) 38.07 Outstanding at December 31, 2014 ($21.25 - $45.47) 10,000 $ 33.36 - Granted 800,000 17.31 Lapsed or Cancelled (5,000) 45.47 Outstanding at December 31, 2015 ($17.31 – $21.25) 805,000 $ 17.33 $ 4,843 Options exercisable at December 31, 2015 - Available for grant at December 31, 2015 3,416,581 The weighted average fair value of options granted during the year ended December 31, 2015 and 2014 was $3.06 and $1.71 per option , respectively . The fair value of each option grant is estimated on the date of grant using the Black-Scholes model for Time Vesting Options granted during the year ended December 31, 2015 and for options granted during the year ended December 31, 2014 and the Monte Carlo method for Price Vesting Options granted during the year ended December 31, 2015 . The following weighted average assumptions are included in the Company’s fair value calculations of stock options granted during the year ended December 31, 2015 and 2014 : 2015 2014 Time Vesting Price Vesting Stock Options Options Options Expected life (in years) 6.0 5.8 6.0 Risk-free interest rate 2.04 % 1.96 % 1.50 % Volatility 29.0 % 29.0 % 20.26 % Dividend yield 3.5 % 3.5 % 5.65 % There were no stock options exercised under all stock option plans for the year s ended December 31, 2015 , 2014 and 2013 . The Company has a policy of issuing new shares to satisfy stock option exercises. The Company recognized stock opt ions expense of $ 432,000 , $ 4,000 and zero for the years ended December 31, 2015 , 2014 and 2013 , respectively. RESTRICTED STOCK AWARDS The Company has issued stock awards (“Restricted Stock Awards”) to officers, certain other employees, and non - employee members of the Board of Directors of the 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 98,669 unvested shares were legally outstanding at December 31, 2015 . Of the Restricted Stock Awards issued to executive officers and certain other employees , 210,000 were contingent upon the Company meeting certain performance goals to be set by the Committee each year (“Performance Shares”), with the remaining based on time and service. On September 12, 2012, the Company granted Restricted Stock Awards totaling 319,667 shares for those executive officers in place on such date. The Restricted Stock Awards were to 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. 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. In connection with the departure of the Company’s former president and chief executive officer effective June 30 , 2015, the Company agreed to vest 84,000 Performance Shares and to grant and accelerate the vesting of 126,000 Performance Shares on the Separation Date. On June 5, 2015, in connection with the Executive Employment Agreements, the Company granted a total of 37,550.54 Restricted Stock Awards, which were valued in accordance with ASC 718 – Stock Compensation, at their fair value. These awards are scheduled to vest equally over a three -year period on each annual anniversary date of the grant date. All currently outstanding and unvested Restricted Stock Awards provided to the officers, certain other employees, and members of the Board of Directors of the Company were issued under the 2013 Plan. Information regarding the Restricted Stock Awards grant activity is summarized below: Weighted-Average Grant – Date Shares Fair Value Outstanding at January 1, 2013 134,328 $ 31.65 Granted (a) (b) 168,841 23.99 Vested (149,463) 29.63 Forfeited (146) 26.36 Outstanding at December 31, 2013 153,560 $ 25.20 Granted (c) (d) (e) 376,719 20.04 Vested (183,214) 22.37 Forfeited (119) 26.36 Outstanding at December 31, 2014 346,946 $ 21.09 Granted (f) 41,337 17.51 Vested (250,132) 21.44 Forfeited (1,931) 20.31 Outstanding at December 31, 2015 136,220 $ 19.36 (a) Included in the 168,841 Restricted Stock Awards granted in 2013 were 106,933 awards granted to the Company’s then four executive officers, Mitchell E. Hersh, Barry Lefkowitz, Roger W. Thomas and Anthony Krug. (b) 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. (c ) Included in the 376,719 Restricted Stock Awards granted in 2014 were 8,211 awards granted to the Company’s two executive officers, Anthony Krug and Gary Wagner. (d) 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 considered granted for accounting purposes to two executive officers in connection with their departure effective March 31, 2014, which vested on April 1, 2014. (e) Includes 126,000 Performance Shares which were legally granted in 2013 for which future performance goals had not yet been set by the Committee. These awards were not considered granted for accounting purposes until these goals are set. These were considered granted in 2014 for accounting purposes in connection with the announcement of the departure of Mitchell E. Hersh in the fourth quarter 2014. (f) Included in the 41,337 Restricted Stock Awards granted in 2015 were 37,551 awards granted to the Company’s two executive officers, Mitchell E. Rudin and Michael J. DeMarco. As of December 31, 2015 , the Company had $2.0 million of total unrecognized compensation cost related to unvested Restricted Stock Awards granted under the Company’s stock compensation plans. That cost is expected to be recognized over a weighted average period of 1.8 years. PERFORMANCE SHARE UNITS/T SR-BASED AWARDS O n 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 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 were to vest commencing December 31, 2014, with the number of TSR Performance Shares scheduled to be granted annually over the next four years. 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. In connection with the departure of two executive officer s 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 c ommon s tock on April 2, 2014. In connection with the departure of the Company’s former president and chief executive officer effective June 30 , 2015, the Company agreed to vest 675 TSR Performance Shares on the Separation Date, for which it issue d 41,811 shares of common stock. On June 5, 2015, in connection with the Executive Employment Agreements, the Company granted a total of 112,651.64 performance share units (“PSUs”) which will vest from 0 to 150 percent of the number of PSUs granted based on the Company’s total shareholder return relative to a peer group of equity office REITs over a three -year performance period starting from the grant date, each PSU evidencing the right to receive a share of the Company’s common stock upon vesting. The PSUs are also entitled to the payment of dividend equivalents in respect of vested PSUs in the form of additional PSUs. The PSUs were valued in accordance with ASC 718, Compensation - Stock Compensation, at their fair value on the grant date, utilizing a Monte-Carlo simulation to estimate the probability of the vesting conditions being satisfied. The Company has reserved shares of common stock under the 2004 Plan and 2013 Plan for issuance upon vesting of the TSR Performance Shares and PSUs in accordance with the terms and conditions of the TSR-Based Awards and PSUs. 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 year s ended December 31, 2015 , 2014 and 2013 , 19,702 , 20,261 and 22,392 deferred stock units were earned, respectively. As of December 31, 2015 and 2014 , there were 178,039 and 157,730 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 years ended December 31, 2015 , 2014 and 2013 in accordance with ASC 260, Earning s Per Share: (dollars in thousands, except per share amounts) Year Ended December 31, Computation of Basic EPS 2015 2014 2013 Income (loss) from continuing operations $ (142,052) $ 31,391 $ (89,686) Add: Noncontrolling interest in consolidated joint ventures 1,044 778 2,199 Add: Noncontrolling interest in Operating Partnership 15,256 (3,602) 10,459 Income (loss) from continuing operations available to common shareholders (125,752) 28,567 (77,028) Income from discontinued operations available to common shareholders - - 62,119 Net income (loss) available to common shareholders $ (125,752) $ 28,567 $ (14,909) Weighted average common shares 89,291 88,727 87,762 Basic EPS : Income (loss) from continuing operations available to common shareholders $ (1.41) $ 0.32 $ (0.88) Income from discontinued operations available to common shareholders - - 0.71 Net income (loss) available to common shareholders $ (1.41) $ 0.32 $ (0.17) Year Ended December 31, Computation of Diluted EPS 2015 2014 2013 Income (loss) from continuing operations available to common shareholders $ (125,752) $ 28,567 $ (77,028) Add (deduct): Noncontrolling interest in Operating Partnership (15,256) 3,602 (10,459) Income (loss) from continuing operations for diluted earnings per share (141,008) 32,169 (87,487) Income from discontinued operations for diluted earnings per share - - 70,628 Net income (loss) for diluted earnings per share $ (141,008) $ 32,169 $ (16,859) Weighted average common shares 100,222 100,041 99,785 Diluted EPS : Income (loss) from continuing operations available to common shareholders $ (1.41) $ 0.32 $ (0.88) Income from discontinued operations available to common shareholders - - 0.71 Net income (loss) available to common shareholders $ (1.41) $ 0.32 $ (0.17) The following schedule reconciles the shares used in the basic EPS calculation to the shares used in the diluted EPS calculation: (in thousands) Year Ended December 31, 2015 2014 2013 Basic EPS shares 89,291 88,727 87,762 Add: Operating Partnership – common units 10,931 11,272 12,023 Restricted Stock Awards - 42 - Diluted EPS Shares 100,222 100,041 99,785 Contingently issuable shares under the PSU awards and Price Vesting Options were excluded from the denominator in 2015 because the criteria had not been met for the period. Contingently issuable shares under the TSR Performance Shares were excluded from the denominator in 2013 because the criteria had not been met for the period. Not included in the computations of diluted EPS were 405,000 , 10,000 and 15,000 stock options as such securities were anti-dilutive during the years ended December 31, 2015 , 2014 and 2013 , respectively. Unvested restricted stock outstanding as of December 31, 2015 , 2014 and 2013 were 98,669 , 136,946 and 409,294 shares, respectively. Dividends declared per common share for the years ended December 31, 2015 , 2014 and 2013 was $0.60 , $0.75 and $1.35 per share, respectively. |
Noncontrolling Interests In Sub
Noncontrolling Interests In Subsidiaries | 12 Months Ended |
Dec. 31, 2015 | |
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 year s ended December 31, 2015 , 2014 and 2013 : Common Units Balance at January 1, 2013 12,141,836 Redemption of common units for shares of common stock (277,061) Balance at December 31, 2013 11,864,775 Redemption of common units for shares of common stock (780,899) Balance at December 31, 2014 11,083,876 Redemption of common units for shares of common stock (567,032) Balance at December 31, 2015 10,516,844 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 value 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 year ended December 31, 2015 , the Company has increased noncontrolling interests in the Operating Partnership and decreased additional paid-in capital in Mack-Cali Realty Corporation stockholders’ equity by approximately $ 0.4 million a s of December 31, 2015 . Noncontrolling Interest Ownership As of December 31, 2015 and 2014 , the noncontrolling interest common unitholders owned 10.5 percent and 11.1 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 in 50 percent of the excess net cash flow remaining after the distribution to the Company of the aggregate amount equal to the sum of: (a) the Company’s capital contributions, plus (b) an IRR of 10 percent per annum. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2015 | |
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 phased out this line of business in 2014. The Company had no revenues from foreign countries recorded for the year s ended December 31, 2015 , 2014 and 2013 . The Company had no long lived assets in foreign locations as of December 31, 2015 and 2014 . 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 years ended December 31, 2015 , 2014 and 2013 , and selected asset information as of December 31, 2015 and 2014 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: 2015 $ 538,323 $ 27,787 $ 33,112 (e) $ (4,339) $ 594,883 2014 585,491 24,971 30,533 (f) (4,196) 636,799 2013 621,352 12,792 25,710 (g) 7,177 667,031 Total operating and interest expenses (a): 2015 $ 264,967 $ 17,642 $ 37,090 (h) $ 105,452 $ 425,151 2014 295,416 12,235 38,377 (i) 138,733 484,761 2013 285,755 6,482 32,415 (j) 135,963 460,615 Equity in earnings (loss) of unconsolidated joint ventures: 2015 $ 5,104 $ (9,879) $ 1,603 $ - $ (3,172) 2014 4,236 (8,790) 2,131 - (2,423) 2013 6,280 (10,615) 2,008 - (2,327) Net operating income (loss) (b): 2015 $ 278,460 $ 266 $ (2,375) $ (109,791) $ 166,560 2014 294,311 3,946 (5,713) (142,929) 149,615 2013 341,877 (4,305) (4,697) (128,786) 204,089 Total assets: 2015 $ 3,167,408 $ 838,874 $ 9,831 $ 47,377 $ 4,063,490 2014 3,636,126 492,362 11,158 52,601 4,192,247 Total long-lived assets (c): 2015 $ 2,886,583 $ 577,705 $ 3,670 $ (1,531) $ 3,466,427 2014 3,344,840 318,524 3,858 3,482 3,670,704 Total investments in unconsolidated joint ventures: 2015 $ 76,140 $ 225,850 $ 1,467 $ - $ 303,457 2014 81,649 164,912 907 - 247,468 (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 and other investment income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods. (b) Net operating income represents total revenues less total operating and interest expenses (as defined 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. The Company recorded an impairment charge of $ 197.9 million on assets included in the commercial and other real estate business segment for the year ended December 31, 2015 . See Note 3: Recent Transactions – Impairments on Properties Held and Used (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 $ 6.6 million of fees and salary reimbursements earned for this period from the multi-family real estate segment, which are eliminated in consolidation. (f) Includes $ 2.3 million of fees and salary reimbursements earned for this period from the multi-family real estate segment, which are eliminated in consolidation. (g) Includes $ 2.2 million of fees and salary reimbursements earned for this period from the multi-family real estate segment, which are eliminated in consolidation. (h) Includes $3.9 million of management fees and salary reimbursement expenses for this period for the multi-family real estate segment, which are eliminated in consolidation. (i) Includes $2.9 million of management fees and salary reimbursement expenses for this period for the multi-family real estate segment, which are eliminated in consolidation. (j) Includes $1.3 million of management fees and salary reimbursement expenses for this period for 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) Year Ended December 31, 2015 2014 2013 Net operating income $ 166,560 $ 149,615 $ 204,089 Add (deduct): Depreciation and amortization (170,402) (172,490) (182,766) Realized gains on disposition of rental property, net 53,261 54,848 - Gain on sale of investment in unconsolidated joint venture 6,448 - - Loss from early extinguishment of debt - (582) (156) Impairments (197,919) - (110,853) Income (loss) from continuing operations (142,052) 31,391 (89,686) Discontinued operations Income from discontinued operations - - 11,811 Loss from early extinguishment of debt - - (703) Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net - - 59,520 Total discontinued operations, net - - 70,628 Net income (loss) (142,052) 31,391 (19,058) Noncontrolling interest in consolidated joint ventures 1,044 778 2,199 Noncontrolling interest in Operating Partnership 15,256 (3,602) 10,459 Noncontrolling interest in discontinued operations - - (8,509) Net income (loss) available to common shareholders $ (125,752) $ 28,567 $ (14,909) |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 18. RELATED PARTY TRANSACTIONS William L. Mack, Chairman of the Board of Directors of the Company, David S. Mack, a director of the Company, and Earle I. Mack, a former director of the Company, are the executive officers, directors and stockholders of a corporation that leases approximately 7,034 square feet at one of the Company’s office properties, which is scheduled to expire in May 2018 , subject to two , three -year renewal options. The Company has recognized $204,000 , $231,000 and $226,000 in revenue under this lease for the years ended December 31, 2015 , 2014 and 2013 , respectively, and had no accounts receivable from the corporation as of December 31, 2015 and 2014 . Certain executive officers of the Company’s Roseland subsidiary and/or their family members (“RG”) directly or indirectly hold small noncontrolling interests in a certain consolidated joint venture. Additionally, the Company earned $2,542,000 , $2,401,000 and $2,272,000 from entities in which RG has ownership interests for the years ended December 31, 2015 , 2014 and 2013 , respectively. |
Condensed Quarterly Financial I
Condensed Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Quarterly Financial Information [Abstract] | |
Condensed Quarterly Financial Information | 19. CONDENSED QUARTERLY FINANCIAL INFORMATION (unaudited) The following summarizes the condensed quarterly financial information for the Company: (dollars in thousands) Quarter Ended 2015 December 31 September 30 June 30 March 31 Total revenues $ 146,443 $ 146,158 $ 148,567 $ 153,715 Operating and other expenses 60,846 56,850 60,653 68,255 Real estate service salaries 6,063 6,673 6,208 6,639 General and administrative 12,589 13,670 11,877 11,011 Acquisition-related costs 1,449 - 111 - Depreciation and amortization 43,136 44,099 42,365 40,802 Impairments (1) 33,743 164,176 - - Total expenses 157,826 285,468 121,214 126,707 Operating Income (loss) (11,383) (139,310) 27,353 27,008 Interest expense (24,374) (24,689) (26,773) (27,215) Interest and other investment income 231 5 291 267 Equity in earnings (loss) of unconsolidated joint ventures (449) 3,135 (2,329) (3,529) Realized gains (losses) on disposition of rental properties - 18,718 34,399 144 Gain on sale of investment in unconsolidated joint venture - - 6,448 - Total other (expense) income (24,592) (2,831) 12,036 (30,333) Net income (loss) (35,975) (142,141) 39,389 (3,325) Noncontrolling interest in consolidated joint ventures 462 (281) 373 490 Noncontrolling interest in Operating Partnership 3,795 15,530 (4,383) 314 Net income (loss) available to common shareholders $ (31,718) $ (126,892) $ 35,379 $ (2,521) Basic earnings per common share: Net income (loss) available to common shareholders $ (0.35) $ (1.42) $ 0.40 $ (0.03) Diluted earnings per common share: Net income (loss) available to common shareholders $ (0.35) $ (1.42) $ 0.40 $ (0.03) Dividends declared per common share $ 0.15 $ 0.15 $ 0.15 $ 0.15 (1) Amounts for the year ended December 31, 2015 relate to impairment charges as further described in Note 3: Recent Transactions – Impairments on Properties Held and Used. Quarter Ended 2014 December 31 September 30 June 30 March 31 Total revenues $ 151,414 $ 155,489 $ 160,300 $ 169,596 Operating and other expenses 64,177 64,374 65,788 81,854 Real estate service salaries 5,923 6,933 6,571 6,709 General and administrative 23,775 12,665 11,730 22,881 Acquisition-related costs 175 - 1,943 - Depreciation and amortization 40,811 41,983 44,711 44,985 Total expenses 134,861 125,955 130,743 156,429 Operating Income 16,553 29,534 29,557 13,167 Interest expense (27,420) (27,353) (28,159) (29,946) Interest and other investment income 1,399 908 922 386 Equity in earnings (loss) of unconsolidated joint ventures (363) (1,268) 443 (1,235) Realized gains (losses) on disposition of rental properties - 264 54,584 - Loss from early extinguishment of debt (582) - - - Total other (expense) income (26,966) (27,449) 27,790 (30,795) Net income (loss) (10,413) 2,085 57,347 (17,628) Noncontrolling interest in consolidated joint ventures 21 145 290 322 Noncontrolling interest in Operating Partnership 1,152 (248) (6,514) 2,008 Net income (loss) available to common shareholders $ (9,240) $ 1,982 $ 51,123 $ (15,298) Basic earnings per common share: Net income (loss) available to common shareholders $ (0.10) $ 0.02 $ 0.58 $ (0.17) Diluted earnings per common share: Net income (loss) available to common shareholders $ (0.10) $ 0.02 $ 0.58 $ (0.17) Dividends declared per common share $ 0.15 $ 0.15 $ 0.15 $ 0.30 |
Real Estate Investments And Acc
Real Estate Investments And Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate Investments And Accumulated Depreciation [Abstract] | |
Real Estate Investments And Accumulated Depreciation | MACK-CALI REALTY CORPORATION REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION December 31, 2015 (dollars in thousands) SCHEDULE III Gross Amount at Which Costs Carried at Close of Initial Costs Capitalized Period (a) Property Year Related Building and Subsequent Building and Accumulated Property Location Type Built Acquired Encumbrances Land Improvements to Acquisition Land Improvements Total Depreciation (b) NEW JERSEY Bergen County Fort Lee One Bridge Plaza Office 1981 1996 - 2,439 24,462 7,444 2,439 31,906 34,345 14,813 2115 Linwood Avenue Office 1981 1998 - 474 4,419 7,017 474 11,436 11,910 4,083 Montvale 135 Chestnut Ridge Road Office 1981 1997 - 2,587 10,350 (4,659) 1,437 6,841 8,278 3,026 Paramus 15 East Midland Avenue Office 1988 1997 12,438 10,375 41,497 2,490 10,374 43,988 54,362 19,632 140 East Ridgewood Avenue Office 1981 1997 11,720 7,932 31,463 7,578 7,932 39,041 46,973 17,789 461 From Road Office 1988 1997 - 13,194 52,778 10,587 13,194 63,365 76,559 24,838 650 From Road Office 1978 1997 22,484 10,487 41,949 8,189 10,487 50,138 60,625 22,344 61 South Paramus Road (c) Office 1985 1997 22,005 9,005 36,018 9,162 9,005 45,180 54,185 20,390 Rochelle Park 120 West Passaic Street Office 1972 1997 - 1,354 5,415 431 1,357 5,843 7,200 2,582 365 West Passaic Street Office 1976 1997 11,720 4,148 16,592 5,497 4,148 22,089 26,237 9,804 395 West Passaic Street Office 1979 2006 - 2,550 17,131 1,020 2,550 18,151 20,701 4,324 Upper Saddle River 1 Lake Street Office 1994 1997 40,184 13,952 55,812 (37,797) 6,268 25,699 31,967 15,132 10 Mountainview Road Office 1986 1998 - 4,240 20,485 4,743 4,240 25,228 29,468 11,358 Woodcliff Lake 400 Chestnut Ridge Road Office 1982 1997 - 4,201 16,802 (6,770) 2,312 11,921 14,233 6,579 50 Tice Boulevard Office 1984 1994 22,962 4,500 - 27,862 4,500 27,862 32,362 19,320 300 Tice Boulevard Office 1991 1996 - 5,424 29,688 6,385 5,424 36,073 41,497 16,438 Burlington County Burlington 3 Terri Lane Office/Flex 1991 1998 - 652 3,433 1,549 658 4,976 5,634 2,285 5 Terri Lane Office/Flex 1992 1998 - 564 3,792 2,272 569 6,059 6,628 2,856 Moorestown 2 Commerce Drive Office/Flex 1986 1999 - 723 2,893 544 723 3,437 4,160 1,461 101 Commerce Drive Office/Flex 1988 1998 - 422 3,528 436 426 3,960 4,386 1,893 102 Commerce Drive Office/Flex 1987 1999 - 389 1,554 482 389 2,036 2,425 732 201 Commerce Drive Office/Flex 1986 1998 - 254 1,694 349 258 2,039 2,297 922 202 Commerce Drive Office/Flex 1988 1999 - 490 1,963 384 490 2,347 2,837 919 1 Executive Drive Office/Flex 1989 1998 - 226 1,453 772 228 2,223 2,451 979 2 Executive Drive Office/Flex 1988 2000 - 801 3,206 980 801 4,186 4,987 1,530 101 Executive Drive Office/Flex 1990 1998 - 241 2,262 701 244 2,960 3,204 1,328 102 Executive Drive Office/Flex 1990 1998 - 353 3,607 420 357 4,023 4,380 1,812 225 Executive Drive Office/Flex 1990 1998 - 323 2,477 457 326 2,931 3,257 1,280 97 Foster Road Office/Flex 1982 1998 - 208 1,382 389 211 1,768 1,979 885 1507 Lancer Drive Office/Flex 1995 1998 - 119 1,106 209 120 1,314 1,434 612 1245 North Church Street Office/Flex 1998 2001 - 691 2,810 110 691 2,920 3,611 1,078 1247 North Church Street Office/Flex 1998 2001 - 805 3,269 175 805 3,444 4,249 1,287 MACK-CALI REALTY CORPORATION REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION December 31, 2015 (dollars in thousands) SCHEDULE III Gross Amount at Which Costs Carried at Close of Initial Costs Capitalized Period (a) Year Related Building and Subsequent Building and Accumulated Property Location Built Acquired Encumbrances Land Improvements to Acquisition Land Improvements Total Depreciation (b) 1256 North Church Street Office/Flex 1984 1998 - 354 3,098 658 357 3,753 4,110 1,678 840 North Lenola Road Office/Flex 1995 1998 - 329 2,366 499 333 2,861 3,194 1,286 844 North Lenola Road Office/Flex 1995 1998 - 239 1,714 298 241 2,010 2,251 957 915 North Lenola Road Office/Flex 1998 2000 - 508 2,034 215 508 2,249 2,757 985 2 Twosome Drive Office/Flex 2000 2001 - 701 2,807 225 701 3,032 3,733 1,077 30 Twosome Drive Office/Flex 1997 1998 - 234 1,954 510 236 2,462 2,698 1,251 31 Twosome Drive Office/Flex 1998 2001 - 815 3,276 258 815 3,534 4,349 1,303 40 Twosome Drive Office/Flex 1996 1998 - 297 2,393 160 301 2,549 2,850 1,180 41 Twosome Drive Office/Flex 1998 2001 - 605 2,459 214 605 2,673 3,278 1,016 50 Twosome Drive Office/Flex 1997 1998 - 301 2,330 98 304 2,425 2,729 1,133 Essex County Millburn 150 J.F. Kennedy Parkway Office 1980 1997 - 12,606 50,425 8,203 12,606 58,628 71,234 25,768 Roseland 4 Becker Farm Road Office 1983 2009 40,083 5,600 38,285 (9,089) 4,271 30,525 34,796 6,756 6 Becker Farm Road Office 1983 2009 13,829 2,600 15,548 (7,006) 1,556 9,586 11,142 2,055 101 Eisenhower Parkway Office 1980 1994 - 228 - 21,850 228 21,850 22,078 14,063 103 Eisenhower Parkway Office 1985 1994 - - - 16,898 2,300 14,598 16,898 9,448 105 Eisenhower Parkway Office 2001 2001 - 4,430 42,898 5,670 3,835 49,163 52,998 22,616 75 Livingston Avenue Office 1985 2009 10,599 1,900 6,312 (1,630) 1,281 5,301 6,582 1,206 85 Livingston Avenue Office 1985 2009 14,862 2,500 14,238 (8,238) 1,234 7,266 8,500 1,622 Hudson County Jersey City Harborside Plaza 1 Office 1983 1996 - 3,923 51,013 27,985 3,923 78,998 82,921 39,183 Harborside Plaza 2 Office 1990 1996 - 17,655 101,546 25,245 12,844 131,602 144,446 58,486 Harborside Plaza 3 Office 1990 1996 - 17,655 101,878 24,911 12,843 131,601 144,444 58,486 Harborside Plaza 4A Office 2000 2000 - 1,244 56,144 14,601 1,244 70,745 71,989 30,770 Harborside Plaza 5 Office 2002 2002 217,736 6,218 170,682 56,368 5,705 227,563 233,268 86,807 101 Hudson Street Office 1992 2005 - 45,530 271,376 4,723 45,530 276,099 321,629 76,102 Weehawken 500 Avenue at Port Imperial Other 2013 2013 36,600 13,099 56,669 (21,005) 13,099 35,664 48,763 2,174 Mercer County Hamilton Township 3 AAA Drive Office 1981 2007 - 242 3,218 1,391 242 4,609 4,851 1,321 100 Horizon Center Boulevard Office/Flex 1989 1995 - 205 1,676 730 325 2,286 2,611 1,029 200 Horizon Drive Office/Flex 1991 1995 - 205 3,027 715 357 3,590 3,947 1,845 300 Horizon Drive Office/Flex 1989 1995 - 379 4,355 1,428 531 5,631 6,162 2,641 500 Horizon Drive Office/Flex 1990 1995 - 379 3,395 901 496 4,179 4,675 2,152 600 Horizon Drive Office/Flex 2002 2002 - - 7,549 709 685 7,573 8,258 2,478 MACK-CALI REALTY CORPORATION REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION December 31, 2015 (dollars in thousands) SCHEDULE III Gross Amount at Which Costs Carried at Close of Initial Costs Capitalized Period (a) Year Related Building and Subsequent Building and Accumulated Property Location Built Acquired Encumbrances Land Improvements to Acquisition Land Improvements Total Depreciation (b) 700 Horizon Drive Office 2007 2007 - 490 43 16,663 865 16,331 17,196 4,028 2 South Gold Drive Office 1974 2007 - 476 3,487 846 476 4,333 4,809 967 Princeton 103 Carnegie Center Office 1984 1996 - 2,566 7,868 3,304 2,566 11,172 13,738 5,460 2 Independence Way Office 1985 2009 - 1,300 7,246 (4,079) 702 3,765 4,467 166 3 Independence Way Office 1983 1997 - 1,997 11,391 4,374 1,997 15,765 17,762 7,732 100 Overlook Center Office 1988 1997 - 2,378 21,754 3,666 2,378 25,420 27,798 11,149 5 Vaughn Drive Office 1987 1995 - 657 9,800 2,962 657 12,762 13,419 6,823 Middlesex County East Brunswick 377 Summerhill Road Office 1977 1997 - 649 2,594 324 649 2,918 3,567 1,349 Edison 333 Thornall Street Office 1984 2015 - 5,542 40,762 - 5,542 40,762 46,304 247 343 Thornall Street Office 1991 2006 - 6,027 39,101 3,349 6,027 42,450 48,477 12,243 New Brunswick Richmond Court Multi-Family 1997 2013 - 2,992 13,534 1,601 2,992 15,135 18,127 689 Riverwatch Commons Multi-Family 1995 2013 - 4,169 18,974 729 4,169 19,703 23,872 965 Plainsboro 500 College Road East (c) Office 1984 1998 - 614 20,626 4,839 614 25,465 26,079 11,312 Woodbridge 581 Main Street Office 1991 1997 - 3,237 12,949 26,135 8,115 34,206 42,321 16,730 Monmouth County Freehold 2 Paragon Way Office 1989 2005 - 999 4,619 (864) 720 4,034 4,754 1,263 3 Paragon Way Office 1991 2005 - 1,423 6,041 (979) 1,020 5,465 6,485 1,809 4 Paragon Way Office 2002 2005 - 1,961 8,827 (3,107) 1,404 6,277 7,681 1,585 100 Willow Brook Road Office 1988 2005 - 1,264 5,573 (1,543) 869 4,425 5,294 1,442 Holmdel 23 Main Street Office 1977 2005 28,541 4,336 19,544 9,133 4,336 28,677 33,013 12,775 Middletown One River Center, Building 1 Office 1983 2004 10,721 3,070 17,414 4,065 2,451 22,098 24,549 7,840 One River Center, Building 2 Office 1983 2004 12,026 2,468 15,043 3,894 2,452 18,953 21,405 5,441 One River Center, Building 3 Office 1984 2004 19,112 4,051 24,790 6,171 4,627 30,385 35,012 9,435 Neptune 3600 Route 66 Office 1989 1995 - 1,098 18,146 11,397 1,098 29,543 30,641 11,448 Wall Township 1305 Campus Parkway Office 1988 1995 - 335 2,560 707 291 3,311 3,602 1,618 1325 Campus Parkway Office/Flex 1988 1995 - 270 2,928 725 270 3,653 3,923 1,914 1340 Campus Parkway Office/Flex 1992 1995 - 489 4,621 1,836 489 6,457 6,946 3,434 1345 Campus Parkway Office/Flex 1995 1997 - 1,023 5,703 1,772 1,024 7,474 8,498 3,841 1350 Campus Parkway Office 1990 1995 - 454 7,134 1,049 454 8,183 8,637 4,016 1433 Highway 34 Office/Flex 1985 1995 - 889 4,321 1,655 889 5,976 6,865 2,972 MACK-CALI REALTY CORPORATION REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION December 31, 2015 (dollars in thousands) SCHEDULE III Gross Amount at Which Costs Carried at Close of Initial Costs Capitalized Period (a) Year Related Building and Subsequent Building and Accumulated Property Location Built Acquired Encumbrances Land Improvements to Acquisition Land Improvements Total Depreciation (b) 1320 Wyckoff Avenue Office/Flex 1986 1995 - 255 1,285 291 216 1,615 1,831 908 1324 Wyckoff Avenue Office/Flex 1987 1995 - 230 1,439 317 190 1,796 1,986 853 Morris County Florham Park 325 Columbia Parkway Office 1987 1994 - 1,564 - 17,770 1,564 17,770 19,334 11,013 Morris Plains 250 Johnson Road Office 1977 1997 - 2,004 8,016 (3,806) 930 5,284 6,214 4,265 201 Littleton Road Office 1979 1997 - 2,407 9,627 3,351 2,407 12,978 15,385 5,661 Parsippany 4 Campus Drive Office 1983 2001 - 5,213 20,984 3,953 5,213 24,937 30,150 8,914 6 Campus Drive Office 1983 2001 - 4,411 17,796 3,368 4,411 21,164 25,575 8,231 7 Campus Drive Office 1982 1998 - 1,932 27,788 6,298 1,932 34,086 36,018 15,795 8 Campus Drive Office 1987 1998 - 1,865 35,456 4,823 1,865 40,279 42,144 17,257 9 Campus Drive Office 1983 2001 - 3,277 11,796 16,882 5,842 26,113 31,955 10,295 4 Century Drive Office 1981 2004 - 1,787 9,575 (3,432) 1,086 6,844 7,930 2,188 5 Century Drive Office 1981 2004 - 1,762 9,341 (3,796) 953 6,354 7,307 2,109 6 Century Drive Office 1981 2004 - 1,289 6,848 (631) 990 6,516 7,506 1,966 2 Dryden Way Office 1990 1998 - 778 420 110 778 530 1,308 264 4 Gatehall Drive Office 1988 2000 - 8,452 33,929 4,055 8,452 37,984 46,436 15,223 2 Hilton Court Office 1991 1998 - 1,971 32,007 4,434 1,971 36,441 38,412 16,638 1633 Littleton Road Office 1978 2002 - 2,283 9,550 507 2,355 9,985 12,340 6,117 600 Parsippany Road Office 1978 1994 - 1,257 5,594 3,102 1,257 8,696 9,953 4,631 1 Sylvan Way Office 1989 1998 - 1,689 24,699 2,914 1,021 28,281 29,302 13,702 3 Sylvan Way Office 1988 2015 - 5,590 4,710 - 5,590 4,710 10,300 - 5 Sylvan Way Office 1989 1998 - 1,160 25,214 2,866 1,161 28,079 29,240 12,067 7 Sylvan Way Office 1987 1998 - 2,084 26,083 1,185 2,084 27,268 29,352 11,760 20 Waterview Boulevard Office 1988 2009 23,989 4,500 27,246 (4,222) 3,816 23,708 27,524 4,895 35 Waterview Boulevard Office 1990 2006 - 5,133 28,059 1,161 5,133 29,220 34,353 8,100 5 Wood Hollow Road Office 1979 2004 - 5,302 26,488 15,538 5,302 42,026 47,328 15,275 Passaic County Totowa 1 Center Court Office/Flex 1999 1999 - 270 1,824 490 270 2,314 2,584 990 2 Center Court Office/Flex 1998 1998 - 191 - 2,476 191 2,476 2,667 1,089 11 Commerce Way Office/Flex 1989 1995 - 586 2,986 1,000 586 3,986 4,572 2,086 20 Commerce Way Office/Flex 1992 1995 - 516 3,108 111 516 3,219 3,735 1,600 29 Commerce Way Office/Flex 1990 1995 - 586 3,092 961 586 4,053 4,639 1,809 40 Commerce Way Office/Flex 1987 1995 - 516 3,260 1,509 516 4,769 5,285 2,293 45 Commerce Way Office/Flex 1992 1995 - 536 3,379 497 536 3,876 4,412 1,940 60 Commerce Way Office/Flex 1988 1995 - 526 3,257 507 526 3,764 4,290 2,048 80 Commerce Way Office/Flex 1996 1996 - 227 - 1,348 227 1,348 1,575 638 100 Commerce Way Office/Flex 1996 1996 - 226 - 1,348 226 1,348 1,574 637 120 Commerce Way Office/Flex 1994 1995 - 228 - 1,284 229 1,283 1,512 657 140 Commerce Way Office/Flex 1994 1995 - 229 - 1,282 228 1,283 1,511 657 999 Riverview Drive Office 1988 1995 - 476 6,024 2,766 1,102 8,164 9,266 4,367 MACK-CALI REALTY CORPORATION REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION December 31, 2015 (dollars in thousands) SCHEDULE III Gross Amount at Which Costs Carried at Close of Initial Costs Capitalized Period (a) Year Related Building and Subsequent Building and Accumulated Property Location Built Acquired Encumbrances Land Improvements to Acquisition Land Improvements Total Depreciation (b) Somerset County Basking Ridge 222 Mt. Airy Road Office 1986 1996 - 775 3,636 1,848 697 5,562 6,259 2,747 233 Mt. Airy Road Office 1987 1996 - 1,034 5,033 1,254 915 6,406 7,321 2,677 Bridgewater 440 Route 22 East Office 1990 2010 - 3,986 13,658 4,940 3,986 18,598 22,584 4,638 721 Route 202/206 Office 1989 1997 - 6,730 26,919 (952) 5,067 27,630 32,697 14,895 Union County Clark 100 Walnut Avenue Office 1985 1994 18,273 - - 17,801 1,822 15,979 17,801 10,958 Cranford 6 Commerce Drive Office 1973 1994 - 250 - 1,728 250 1,728 1,978 704 11 Commerce Drive Office 1981 1994 - 470 - 5,490 470 5,490 5,960 4,644 12 Commerce Drive Office 1967 1997 - 887 3,549 1,543 887 5,092 5,979 2,566 14 Commerce Drive Office 1971 2003 - 1,283 6,344 1,613 1,283 7,957 9,240 2,477 20 Commerce Drive Office 1990 1994 - 2,346 - 21,663 2,346 21,663 24,009 11,901 25 Commerce Drive Office 1971 2002 - 1,520 6,186 864 1,520 7,050 8,570 3,239 65 Jackson Drive Office 1984 1994 - 541 - 6,377 542 6,376 6,918 4,381 New Providence 890 Mountain Road Office 1977 1997 - 2,796 11,185 (4,798) 1,719 7,464 9,183 3,212 Rahway Park Square Multi-Family 2011 2013 27,500 4,000 40,670 256 4,000 40,926 44,926 2,148 NEW YORK New York County New York 125 Broad Street Office 1970 2007 - 50,191 207,002 (48,039) 33,829 175,325 209,154 37,852 Westchester County Elmsford 11 Clearbrook Road Office/Flex 1974 1997 - 149 2,159 602 149 2,761 2,910 1,278 75 Clearbrook Road Office/Flex 1990 1997 - 2,314 4,716 57 2,314 4,773 7,087 2,259 100 Clearbrook Road Office 1975 1997 - 220 5,366 1,617 220 6,983 7,203 3,352 125 Clearbrook Road Office/Flex 2002 2002 - 1,055 3,676 (445) 1,055 3,231 4,286 1,145 150 Clearbrook Road Office/Flex 1975 1997 - 497 7,030 2,221 497 9,251 9,748 4,104 175 Clearbrook Road Office/Flex 1973 1997 - 655 7,473 762 655 8,235 8,890 3,863 200 Clearbrook Road Office/Flex 1974 1997 - 579 6,620 1,888 579 8,508 9,087 3,852 250 Clearbrook Road Office/Flex 1973 1997 - 867 8,647 2,395 867 11,042 11,909 4,697 50 Executive Boulevard Office/Flex 1969 1997 - 237 2,617 441 237 3,058 3,295 1,404 77 Executive Boulevard Office/Flex 1977 1997 - 34 1,104 212 34 1,316 1,350 677 85 Executive Boulevard Office/Flex 1968 1997 - 155 2,507 516 155 3,023 3,178 1,284 101 Executive Boulevard Office 1971 1997 - 267 5,838 (3,528) 101 2,476 2,577 2,468 300 Executive Boulevard Office/Flex 1970 1997 - 460 3,609 306 460 3,915 4,375 1,802 MACK-CALI REALTY CORPORATION REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION December 31, 2015 (dollars in thousands) SCHEDULE III Gross Amount at Which Costs Carried at Close of Initial Costs Capitalized Period (a) Year Related Building and Subsequent Building and Accumulated Property Location Built Acquired Encumbrances Land Improvements to Acquisition Land Improvements Total Depreciation (b) 350 Executive Boulevard Office/Flex 1970 1997 - 100 1,793 175 100 1,968 2,068 942 399 Executive Boulevard Office/Flex 1962 1997 - 531 7,191 163 531 7,354 7,885 3,502 400 Executive Boulevard Office/Flex 1970 1997 - 2,202 1,846 938 2,202 2,784 4,986 1,407 500 Executive Boulevard Office/Flex 1970 1997 - 258 4,183 434 258 4,617 4,875 2,268 525 Executive Boulevard Office/Flex 1972 1997 - 345 5,499 837 345 6,336 6,681 3,082 700 Executive Boulevard Land Lease N/A 1997 - 970 - - 970 - 970 - 1 Warehouse Lane (c) Industrial/Warehouse 1957 1997 - 3 268 233 3 501 504 238 2 Warehouse Lane (c) Industrial/Warehouse 1957 1997 - 4 672 232 4 904 908 378 3 Warehouse Lane (c) Industrial/Warehouse 1957 1997 - 21 1,948 363 21 2,311 2,332 1,181 4 Warehouse Lane (c) Industrial/Warehouse 1957 1997 - 84 13,393 3,405 85 16,797 16,882 7,261 5 Warehouse Lane (c) Industrial/Warehouse 1957 1997 - 19 4,804 943 19 5,747 5,766 2,745 6 Warehouse Lane (c) Industrial/Warehouse 1982 1997 - 10 4,419 2,381 10 6,800 6,810 2,764 1 Westchester Plaza Office/Flex 1967 1997 - 199 2,023 469 199 2,492 2,691 1,318 2 Westchester Plaza Office/Flex 1968 1997 - 234 2,726 686 234 3,412 3,646 1,510 3 Westchester Plaza Office/Flex 1969 1997 - 655 7,936 1,343 655 9,279 9,934 4,453 4 Westchester Plaza Office/Flex 1969 1997 - 320 3,729 1,244 320 4,973 5,293 2,455 5 Westchester Plaza Office/Flex 1969 1997 - 118 1,949 425 118 2,374 2,492 1,219 6 Westchester Plaza Office/Flex 1968 1997 - 164 1,998 166 164 2,164 2,328 1,012 7 Westchester Plaza Office/Flex 1972 1997 - 286 4,321 681 286 5,002 5,288 2,187 8 Westchester Plaza Office/Flex 1971 1997 - 447 5,262 1,917 447 7,179 7,626 3,157 Hawthorne 200 Saw Mill River Road Office/Flex 1965 1997 - 353 3,353 533 353 3,886 4,239 1,831 1 Skyline Drive Office 1980 1997 - 66 1,711 210 66 1,921 1,987 943 2 Skyline Drive Office 1987 1997 - 109 3,128 1,474 109 4,602 4,711 2,270 4 Skyline Drive Office/Flex 1987 1997 - 363 7,513 2,873 363 10,386 10,749 5,320 5 Skyline Drive Office/Flex 1980 2001 - 2,219 8,916 1,747 2,219 10,663 12,882 4,706 6 Skyline Drive Office/Flex 1980 2001 - 740 2,971 1,498 740 4,469 5,209 2,380 7 Skyline Drive Office 1987 1998 - 330 13,013 2,564 330 15,577 15,907 6,690 8 Skyline Drive Office/Flex 1985 1997 - 212 4,410 769 212 5,179 5,391 2,557 10 Skyline Drive Office/Flex 1985 1997 - 134 2,799 732 134 3,531 3,665 1,903 11 Skyline Drive (c) Office/Flex 1989 1997 - - 4,788 761 - 5,549 5,549 2,409 12 Skyline Drive (c) Office/Flex 1999 1999 - 1,562 3,254 200 1,320 3,696 5,016 1,497 15 Skyline Drive (c) Office/Flex 1989 1997 - - 7,449 1,060 - 8,509 8,509 3,620 17 Skyline Drive (c) Office 1989 1997 - - 7,269 1,484 - 8,753 8,753 3,998 Tarrytown 230 White Plains Road Retail 1984 1997 - 124 1,845 107 124 1,952 2,076 919 White Plains 1 Barker Avenue Office 1975 1997 - 208 9,629 2,590 207 12,220 12,427 5,489 3 Barker Avenue Office 1983 1997 - 122 7,864 1,848 122 9,712 9,834 4,473 50 Main Street Office 1985 1997 - 564 48,105 14,554 564 62,659 63,223 29,323 11 Martine Avenue Office 1987 1997 - 127 26,833 8,561 127 35,394 35,521 16,002 1 Water Street Office 1979 1997 - 211 5,382 1,341 211 6,723 6,934 3,043 Yonkers 100 Corporate Boulevard Office/Flex 1987 1997 - 602 9,910 1,397 602 11,307 11,909 5,342 200 Corporate Boulevard South Office/Flex 1990 1997 - 502 7,575 1,472 502 9,047 9,549 4,473 1 Enterprise Boulevard Land Lease N/A 1997 - 1,379 - 1 1,380 - 1,380 - 1 Executive Boulevard Office 1982 1997 - 1,104 11,904 2,998 1,105 14,901 16,006 6,732 MACK-CALI REALTY CORPORATION REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION December 31, 2015 (dollars in thousands) SCHEDULE III Gross Amount at Which Costs Carried at Close of Initial Costs Capitalized Period (a) Year Related Building and Subsequent Building and Accumulated Property Location Built Acquired Encumbrances Land Improvements to Acquisition Land Improvements Total Depreciation (b) 2 Executive Boulevard Retail 1986 1997 - 89 2,439 107 89 2,546 2,635 1,182 3 Executive Boulevard Office 1987 1997 - 385 6,256 1,772 385 8,028 8,413 3,625 4 Executive Plaza Office/Flex 1986 1997 - 584 6,134 1,142 584 7,276 7,860 3,294 6 Executive Plaza Office/Flex 1987 1997 - 546 7,246 2,206 546 9,452 9,998 4,218 1 Odell Plaza Office/Flex 1980 1997 - 1,206 6,815 2,221 1,206 9,036 10,242 4,058 3 Odell Plaza Office 1984 2003 - 1,322 4,777 2,332 1,322 7,109 8,431 3,259 5 Odell Plaza Office/Flex 1983 1997 - 331 2,988 535 331 3,523 3,854 1,760 7 Odell Plaza Office/Flex 1984 1997 - 419 4,418 1,249 419 5,667 6,086 2,482 CONNECTICUT Fairfield County Stamford 419 West Avenue Office/Flex 1986 1997 - 4,538 9,246 1,298 4,538 10,544 15,082 5,417 500 West Avenue Office/Flex 1988 1997 - 415 1,679 654 415 2,333 2,748 899 550 West Avenue Office/Flex 1990 1997 - 1,975 3,856 185 1,975 4,041 6,016 1,956 600 West Avenue Office/Flex 1999 1999 - 2,305 2,863 754 2,305 3,617 5,922 1,426 650 West Avenue Office/Flex 1998 1998 - 1,328 - 3,524 1,328 3,524 4,852 1,601 DISTRICT OF COLUMBIA Washington, 1201 Connecticut Avenue, NW Office 1940 1999 - 14,228 18,571 6,895 14,228 25,466 39,694 11,390 1400 L Street, NW Office 1987 1998 - 13,054 27,423 7,910 13,054 35,333 48,387 18,841 MARYLAND Prince George’s County Greenbelt Capital Office Park Parcel A Land N/A 2009 - 840 - 7 847 - 847 - 9200 Edmonston Road Office 1973 /03 2006 3,793 1,547 4,131 (2,484) 610 2,584 3,194 1,376 6301 Ivy Lane Office 1979/95 2006 - 5,168 14,706 (9,924) 2,431 7,519 9,950 1,988 6303 Ivy Lane Office 1980/03 2006 - 5,115 13,860 (10,097) 2,436 6,442 8,878 1,584 6305 Ivy Lane Office 1982/95 2006 - 5,615 14,420 (10,137) 2,599 7,299 9,898 1,972 6404 Ivy Lane Office 1987 2006 - 7,578 20,785 (14,343) 3,437 10,583 14,020 3,376 6406 Ivy Lane Office 1991 2006 - 7,514 21,152 (14,034) 3,158 11,474 14,632 2,570 6411 Ivy Lane Office 1984/05 2006 - 6,867 17,470 (12,445) 3,216 8,676 11,892 2,452 Lanham 4200 Parliament Place Office 1989 1998 - 2,114 13,546 (6,173) 774 8,713 9,487 4,258 MASSACHUSETTS Suffolk County Revere Alterra at Overlook Ridge IA Multi-Family 2004 2013 - 9,042 50,671 879 9,042 51,550 60,592 3,859 Alterra at Overlook Ridge II Multi-Family 2008 2013 - 12,055 71,409 250 12,055 71,659 83,714 5,236 Andover Place Multi-Family 1988 2014 - 8,535 27,609 2,263 8,534 29,873 38,407 1,623 Projects Under Development and Developable Land 45,899 204,041 237,906 - 204,041 237,906 441,947 323 Furniture, Fixtures and Equipment - - - 15,167 - 15,167 15,167 5,418 TOTALS 667,076 796,691 3,531,729 479,298 735,696 4,072,022 4,807,718 1,464,482 (a) The aggregate cost for federal income tax purposes at December 31, 2015 was approximately $3.3 billion. (b) Depreciation of buildings and improvements are calculated over lives ranging from the life of the lease to 40 years. (c) This property is located on land leased by the Company. MACK-CALI REALTY CORPORATION NOTE TO SCHEDULE III Changes in rental properties and accumulated depreciation for the periods ended December 31, 2015, 2014 and 2013 are as follows: (dollars in thousands) 2015 2014 2013 Rental Properties Balance at beginning of year $ 4,958,179 $ 5,129,933 $ 5,379,436 Additions 219,227 193,005 317,994 Rental property held for sale - - (107,205) Properties sold (82,015) (331,181) (256,335) Impairment charge (255,849) - (149,030) Retirements/disposals (31,824) (33,578) (54,927) Balance at end of year $ 4,807,718 $ 4,958,179 $ 5,129,933 Accumulated Depreciation Balance at beginning of year $ 1,414,305 $ 1,400,988 $ 1,478,214 Depreciation expense 147,447 143,278 155,846 Rental property held for sale - - (35,594) Properties sold (7,517) (96,383) (104,196) Impairment charge (57,929) - (38,353) Retirements/disposals (31,824) (33,578) (54,929) Balance at end of year $ 1,464,482 $ 1,414,305 $ 1,400,988 |
Significant Accounting Polici27
Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2015 | |
Significant Accounting Policies [Abstract] | |
Rental Property | Rental Property Rental properties are stated at cost less accumulated depreciation and amortization. Costs directly related to the acquisition, development and construction of rental properties are capitalized. 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 $ 4.2 million, $ 3.1 million and $4.4 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Included in total rental property is construction, tenant improvement and development in-progress of $ 88.7 million and $ 62.8 million as of December 31, 2015 and 2014 , 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 value 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. See Note 3: Recent Transactions – Impairments on Properties Held and Used. |
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 value 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 Ventures The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. The Company applies the equity method by initially recording these investments at cost, as Investments in Unconsolidated Joint Ventures, subsequently adjusted for equity in earnings and cash contributions and distributions. The outside basis portion of the Company’s joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Generally, the Company would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Company has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Company only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying value of the investment over the value of the investment. The Company’s estimates of value for each investment (particularly in real estate joint ventures) are based on a number of assumptions 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 Equivalents All highly liquid investments with a maturity of three months or less when purchased are considered to be cash equivalents. |
Deferred Financing Costs | Deferred Financing Costs Costs incurred in obtaining financing are capitalized and amortized over the term of the related indebtedness. Amortization of such costs is included in interest expense and was $ 3,790,000 , $ 3,274,000 and $ 3,172,000 for the years ended December 31, 2015 , 2014 and 2013 , respectively. If a financing obligation is extinguished early, any unamortized deferred financing costs are written off and included in gains (losses) from early extinguishment of debt . Included in Loss from early extinguishment of debt of $582,000 and $156,000 for the years ended December 31, 2014 and 2013 were unamortized costs which were written off amount ing to $12,000 and $156,000 , respectively. |
Deferred Leasing Costs | Deferred Leasing Costs Costs 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 $ 3,521,000 , $ 3,840,000 and $ 4,223,000 for the years ended December 31, 2015 , 2014 and 2013 , respectively. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Goodwill is allocated to various reporting units, as applicable. Each of the Company’s segments consists of a reporting unit. Goodwill is not amortized. Management performs an annual impairment test for goodwill during the fourth quarter and between annual tests, management evaluates the recoverability of goodwill whenever events or changes in circumstances indicate that the carrying value of goodwill may not be fully recoverable. In its impairment tests of goodwill, management first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If based on this assessment, management determines that the fair value of the reporting unit is not less than its carrying value , then performing the additional two-step impairment test is unnecessary. If the carrying value of goodwill exceeds its fair value, an impairment charge is recognized. The Company determined that its goodwill was not impaired at December 31, 2015 after management performed its impairment tests. |
Derivative Instruments | Derivative Instruments The Company measures derivative instruments, including certain derivative instruments embedded in other contracts, at fair value and records them as an asset or liability, depending on the Company’s rights or obligations under the applicable derivative contract. For derivatives designated and qualifying as fair value hedges, the changes in the fair value of both the derivative instrument and the hedged item are recorded in earnings. For derivatives designated as cash flow hedges, the effective portions of the derivative are reported in other comprehensive income (“OCI”) and are subsequently reclassified into earnings when the hedged item affects earnings. Changes in fair value of derivative instruments not designated as hedging and ineffective portions of hedges are recognized in earnings in the affected period. |
Revenue Recognition | Revenue Recognition Base 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, construction and leasing commission fees and other services, and payroll and related costs reimbursed from clients. Fee income derived from the Company’s unconsolidated joint ventures (which are capitalized by such ventures) are recognized to the extent attributable to the unaffiliated ownership interests. Parking income includes income from parking spaces leased to tenants and others. Other income includes income from tenants for additional services arranged for by the Company and income from tenants for early lease terminations. |
Allowance For Doubtful Accounts | Allowance for Doubtful Accounts Management 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 Taxes The 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 December 31, 2015 , the Company had a deferred tax asset related to its TRS activity with a balance of approximately $ 22.4 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 December 31, 2015 , the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are generally from the year 2011 forward. |
Earnings Per Share | Earnings Per Share The 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 Payable The dividends and distributions payable at December 31, 2015 represents dividends payable to common shareholders ( 89,584,008 shares) and distributions payable to noncontrolling interest common unitholders of the Operating Partnership ( 10,516,844 common units) for all such holders of record as of January 6, 2016 with respect to the fourth quarter 2015 . The fourth quarter 2015 common stock dividends and common unit distributions of $ 0.15 per common share and unit were approved by the Board of Directors on December 8, 2015 and paid on January 15, 2016 . The dividends and distributions payable at December 31, 2014 represents dividends payable to common shareholders ( 88,866,652 shares) and distributions payable to noncontrolling interest common unitholders of the Operating Partnership ( 11,083,876 common units) for all such holders of record as of January 6, 2015 with respect to the fourth quarter 2014 . The fourth 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 December 9, 2014 and paid on January 14, 2015 . The Company has determined that the $0.60 dividend per common share paid during the year ended December 31, 2015 represented approximately 90 percent ordinary income and approximately 10 percent capital gain to its stockholders; the $0.90 dividend per common share paid during the year ended December 31, 2014 represented approximately 77 percent ordinary income and approximately 23 percent return of capital; and the $1.50 dividend per common share paid during the year ended December 31, 2013 represented approximately 53 percent ordinary income, approximately 33 percent return of capital and approximately 14 percent capital gain to its stockholders. |
Costs Incurred For Stock Issuances | Costs Incurred For Stock Issuances Costs incurred in connection with the Company’s stock issuances are reflected as a reduction of additional paid ‑in capital. |
Stock Compensation | Stock Compensation The Company accounts for stock compensation in accordance with the provisions of ASC 718, Compensation-Stock Compensation. These provisions require that the estimated fair value of restricted stock (“Restricted Stock Awards”), restricted stock units (“RSUs”), performance share units (“PSUs”), total stockholder return based performance shares (“TSR”) and stock options at the grant date be amortized ratably into expense over the appropriate vesting period. The Company recorded stock compensation expense of $ 2,219,000 , $ 8,139,000 and $ 2,387,000 for the years ended December 31, 2015 , 2014 and 2013 , respectively. The amount for 2014 included $5,824,000 related to the departure of certain executive officers. |
Other Comprehensive Income | Other Comprehensive Income Other comprehensive income (loss), if any, 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 years ended December 31, 2015 , 2014 and 2013 , and no accumulated other comprehensive income as of December 31, 2015 and 2014 . |
Fair Value Hierarchy | Fair Value Hierarchy The standard Fair Value Measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs). The following summarizes the fair value hierarchy: · Level 1: Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; · Level 2: Quoted prices for identical assets and liabilities in markets that are inactive, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly, such as interest rates and yield curves that are observable at commonly quoted intervals and · Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. |
Discontinued Operations | Discontinued Operations In April 2014, the Financial Accounting Standards Board (“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 is effective for all companies 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 could early adopt the guidance for new disposals (or new classifications as held for sale) that had not been reported in financial statements previously issued or available for issuance. The Company 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. |
Impact Of Recently-Issued Accounting Standards | Impact Of Recently-Issued Accounting Standards In May 2014, the 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, 2017, and early adoption is permitted for periods beginning after December 15, 2016. 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. In June 2014, the FASB issued ASU 2014-12 Compensation—Stock Compensation (Topic 718) - Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (“ASU 2014-12”). The amendments in ASU 2014-12 apply to all reporting entities that grant their employees share-based payments in which the terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. That is, the employee would be eligible to vest in the award regardless of whether the employee is rendering service on the date the performance target is achieved. Current GAAP does not contain explicit guidance on how to account for those share-based payments. ASU 2014-12 is intended to resolve the accounting treatment of such awards. The amendments in ASU 2014-12 are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015 with early adoption permitted. The adoption of ASU 2014-12 is not expected to impact the Company’s consolidated financial statement s. In August 2014, the FASB issued ASU 2014-15, which requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern, and to provide certain disclosures when it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. ASU 2014-15 is effective for the annual period ended December 31, 2016 and for annual periods and interim periods thereafter with early adoption permitted. The adoption of ASU 2014-15 is not expected to materially impact the Company’s consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Consolidation–Amendments to the Consolidation Analysis (Topic 810) (“ASU 2015-02”). ASU 2015-02 updates guidance related to accounting for consolidation of certain limited partnerships. ASU 2015-02 does not add or remove any of the five characteristics that determine if an entity is a VIE; however, it changes the manner in which a reporting entity assesses its ability to make decisions about the entity's activities. Additionally, ASU 2015-02 removes three of the six criteria that must be met for a fee arrangement to not be a VIE and modifies how an entity assesses interests held through related parties. ASU 2015-02 is effective for fiscal years and interim periods within those years beginning after December 15, 2015, with early adoption permitted. The adoption of ASU 2015-02 is not expected to impact the Company’s consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Interest–Imputation of Interest-Simplifying the Presentation of Debt Issuance Costs (Subtopic 835-30) (“ASU 2015-03”). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying value of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by this update. Debt issuance costs related to revolving lines of credit are not within the scope of this new guidance. Additionally, in August 2015 the FASB issued guidance expanding the April 2015 update (ASU 2015-15). It states that, given the absence of authoritative guidance within the update, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset for revolving lines of credit and subsequently amortizing the deferred debt issuance costs ratably over the term of the arrangement, regardless of whether there are any outstanding borrowings on the line of credit. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted for financial statements that have not been previously issued. Full retrospective application is required. The adoption of ASU 2015-03 will result in debt issuance costs, currently included in Deferred charges, goodwill and other assets, being presented in the balance sheet as a direct deduction from the carrying value of the related debt liabilities . |
Significant Accounting Polici28
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 |
Recent Transactions (Tables)
Recent Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule Of Purchase Price Allocation | The purchase prices were allocated to the net assets acquired during the year ended December 31, 2015, as follows (in thousands) : City Parsippany Edison Square Land $ 5,590 $ 5,542 $ 4,380 Buildings and improvements 4,710 40,762 - Furniture, fixtures and equipment - - - Above market leases (1) 2,097 - In-place lease values (1) - 4,699 - Net cash paid at acquisition $ 10,300 $ 53,100 $ 4,380 (1) In-place lease values will be amortized over four years or less, and above market leases will be amortized over 10 years or less. The purchase price was allocated to the net assets acquired, as follows during the year ended December 30, 2014 (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. |
Schedule Of Real Estate Properties Sold And Disposed | 2015 The Company disposed of the following office properties during the year ended December 31, 2015 (dollars in thousands) : Rentable Net Net Disposition # of Square Sales Book Realized Date Property/Address Location Bldgs. Feet Proceeds Value Gain (loss) 01/15/15 1451 Metropolitan Ave West Deptford, New Jersey 1 21,600 $ 1,072 $ 929 $ 143 05/27/15 10 Independence Blvd Warren, New Jersey 1 120,528 18,351 (a) 15,114 3,237 06/11/15 4 Sylvan Way Parsippany, New Jersey 1 105,135 15,961 (a) 9,522 6,439 06/26/15 14 Sylvan Way Parsippany, New Jersey 1 203,506 79,977 55,253 24,724 07/21/15 210 Clay Ave Lyndhurst, New Jersey 1 121,203 14,766 (a) 5,202 9,564 08/24/15 5 Becker Farm Rd Roseland, New Jersey 1 118,343 18,129 (a) 8,975 9,154 Totals 6 690,315 $ 148,256 (f) $ 94,995 $ 53,261 (a) The Company transferred the deeds for these properties to the lender in satisfaction of its mortgage loan obligations totaling $59.7 million. The Company recorded an impairment charge of $25.2 million during the year ended December 31, 2013 as it estimated that the carrying value of the properties may not be recoverable over their anticipated holding periods. 2014 The Company sold the following office properties during the year ended December 31, 2014 (dollars in thousands) : Rentable Net Net Sale # of Square Sales Book Realized Date Property/Address Location Bldgs. Feet Proceeds Value Gain 04/23/14 22 Sylvan Way Parsippany, New Jersey 1 249,409 $ 94,897 $ 60,244 $ 34,653 06/23/14 30 Knightsbridge Road (a) Piscataway, New Jersey 4 680,350 54,641 52,361 2,280 06/23/14 470 Chestnut Ridge Road (a) (b) Woodcliff Lake, New Jersey 1 52,500 7,195 7,109 86 06/23/14 530 Chestnut Ridge Road (a) (b) Woodcliff Lake, New Jersey 1 57,204 6,299 6,235 64 06/27/14 400 Rella Boulevard Suffern, New York 1 180,000 27,539 10,938 16,601 06/30/14 412 Mount Kemble Avenue (a) Morris Township, New Jersey 1 475,100 44,751 43,851 900 07/29/14 17-17 Route 208 North (a) (b) Fair Lawn, New Jersey 1 143,000 11,835 11,731 104 08/20/14 555, 565, 570 Taxter Road (a) Elmsford, New York 3 416,108 41,057 41,057 - 08/20/14 200, 220 White Plains Road (a) Tarrytown, New York 2 178,000 12,619 12,619 - 08/20/14 1266 East Main Street (a) (b) Stamford, Connecticut 1 179,260 18,406 18,246 160 Totals 16 2,610,931 $ 319,239 $ 264,391 $ 54,848 (a) The Company completed the sale of these properties for approximately $221 million, comprised of: $192.5 million in cash from a combination of affiliates of Keystone Property Group’s (“Keystone Entities”) senior and pari-passu equity and mortgage financing; Company subordinated equity interests in each of the properties sold with capital accounts aggregating $21.2 million; and Company pari-passu equity interests in five of the properties sold aggregating $7.3 million. Net sale proceeds from the sale aggregated $196.8 million which was comprised of the $221 million gross sales price less the subordinated equity interests of $21.2 million and $3 million in closing costs. The purchasers of these properties are unconsolidated joint ventures formed between the Company and the Keystone Entities. The senior and pari-passu equity will receive a 15 percent internal rate of return (“IRR”) after which the subordinated equity will receive a 10 percent IRR and then all distributable cash flow will be split equally between the Keystone Entities and the Company. See Note 4: Investments in Unconsolidated Joint Ventures. In connection with certain of these partial sale transactions, because the buyer received a preferential return on certain of the ventures for which the Company received subordinated equity interests, 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 subordinated equity interest at zero. (b) The Company recorded an impairment charge of $20.8 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. |
Properties Sold Year To Date [Member] | |
Summary Of Income (Loss) From Properties Disposed | Years Ended December 31, 2015 2014 2013 Total revenues $ 9,137 $ 53,975 $ 79,379 Operating and other expenses (5,532) (24,311) (34,835) Depreciation and amortization (11,700) (9,955) (20,927) Interest expense (7,008) (10,369) (9,784) Income (loss) from properties disposed of $ (15,103) $ 9,340 $ 13,833 Impairments - - (79,378) Realized gains on dispositions 53,261 54,848 - Total income (loss) from properties disposed of $ 38,158 $ 64,188 $ (65,545) |
Investments In Unconsolidated30
Investments In Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments In Unconsolidated Joint Ventures [Abstract] | |
Summary Of Unconsolidated Joint Ventures | Property Debt Number of Company's Carrying Value As of December 31, 2015 Apartment Units Effective December 31, December 31, Maturity Interest Entity / Property Name or Square Feet (sf) Ownership % (a) 2015 2014 Balance Date Rate Multi-family Marbella RoseGarden, L.L.C./ Marbella (b) 412 units 24.27 % $ 15,569 $ 15,779 $ 95,000 05/01/18 4.99 % RoseGarden Monaco Holdings, L.L.C./ Monaco (b) 523 units 15.00 % 937 2,161 165,000 02/01/21 4.19 % Rosewood Lafayette Holdings, L.L.C./ Highlands at Morristown Station (c) 217 units 25.00 % - 62 - - - PruRose Port Imperial South 15, LLC /RiversEdge at Port Imperial (b) 236 units 50.00 % - - 57,500 09/01/20 4.32 % Rosewood Morristown, L.L.C. / Metropolitan at 40 Park (d) (e) 130 units 12.50 % 5,723 6,029 45,982 (f) (f) Overlook Ridge JV 2C/3B, L.L.C./The Chase at Overlook Ridge (b) 371 units 50.00 % 2,039 2,524 52,662 01/26/16 L+2.50 % (g) PruRose Riverwalk G, L.L.C./ RiverTrace at Port Imperial (b) 316 units 25.00 % - 955 79,393 07/15/21 6.00 % (h) Elmajo Urban Renewal Associates, LLC / Lincoln Harbor (Bldg A&C) (b) 355 units 7.50 % - - 128,100 03/01/30 4.00 % (i) Crystal House Apartments Investors LLC / Crystal House (j) 798 units 25.00 % 28,114 27,051 165,000 04/01/20 3.17 % Portside Master Company, L.L.C./ Portside at Pier One - Bldg 7 (b) 176 units 38.25 % - 1,747 42,500 12/04/17 L+2.50 % (k) PruRose Port Imperial South 13, LLC / RiverParc at Port Imperial (b) 280 units 20.00 % - 1,087 70,386 06/27/16 L+2.15 % (l) Roseland/Port Imperial Partners, L.P./ Riverwalk C (b) (m) 363 units 20.00 % 1,678 1,800 - - - RoseGarden Marbella South, L.L.C./ Marbella II 311 units 24.27 % 16,728 11,282 68,046 03/30/17 L+2.25 % (n) Estuary Urban Renewal Unit B, LLC / Lincoln Harbor (Bldg B) (b) 227 units 7.50 % - - 81,900 03/01/30 4.00 % (o) Riverpark at Harrison I, L.L.C./ Riverpark at Harrison (c) 141 units 45.00 % 2,544 4,744 30,000 08/01/25 3.70 % (p) Capitol Place Mezz LLC / Station Townhouses 378 units 50.00 % 46,267 49,327 100,700 07/01/33 4.82 % (q) Harborside Unit A Urban Renewal, L.L.C. / URL Harborside 763 units 85.00 % 96,799 34,954 63,871 08/01/29 5.197 % (r) RoseGarden Monaco, L.L.C./ San Remo Land 250 potential units 41.67 % 1,339 1,283 - - - Grand Jersey Waterfront URA, L.L.C./ Liberty Landing 850 potential units 50.00 % 337 337 - - - Office Red Bank Corporate Plaza, L.L.C./ Red Bank 92,878 sf 50.00 % 4,140 3,963 15,124 05/17/16 L+3.00 % (s) 12 Vreeland Associates, L.L.C./ 12 Vreeland Road 139,750 sf 50.00 % 5,890 5,620 12,543 07/01/23 2.87 % BNES Associates III / Offices at Crystal Lake 106,345 sf 31.25 % 2,295 1,993 6,133 11/01/23 4.76 % Hillsborough 206 Holdings, L.L.C./ Hillsborough 206 160,000 sf 50.00 % 1,962 1,962 - - - KPG-P 100 IMW JV, LLC / 100 Independence Mall West 339,615 sf 33.33 % - - 61,500 09/09/16 L+7.00 % (t) Keystone-Penn (c) 1,842,820 sf (u) - - 227,111 (v) (v) Keystone-TriState 1,266,384 sf (w) 3,958 6,140 208,476 (x) (x) KPG-MCG Curtis JV, L.L.C./ Curtis Center (y) 885,000 sf 50.00 % 59,858 59,911 (z) (z) (z) Other Plaza VIII & IX Associates, L.L.C./ Vacant land (parking operations) 1,225,000 sf 50.00 % 4,055 4,022 - - - Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial (b) 30,745 sf 20.00 % 1,758 1,828 - - - South Pier at Harborside / Hyatt Regency Jersey City on the Hudson 350 rooms 50.00 % (aa) (aa) 63,741 (ab) (ab) Stamford SM LLC / Senior Mezzanine Loan (ac) n/a n/a 80.00 % - - - - - Other (ad) 1,467 907 - - - Totals: $ 303,457 $ 247,468 $ 1,840,668 (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) See discussion in Recent Transactions following in this footnote. (d) Through the joint venture, the Company also owns a 12.5 percent interest in a 50,973 square feet 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"). (e) 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 December 31, 2015), and is not expected to meaningfully participate in the venture's cash flows in the near term. (f) Property debt balance consists of: (i) a loan, collateralized by the Metropolitan at 40 Park, with a balance of $38,410 , bears interest at 3.25 percent, matures in September 2020 ; (ii) an amortizable loan, collateralized by the Shops at 40 Park, with a balance of $6,455 , bears interest at 3.63 percent, matures in August 2018 ; and (iii) a loan, collateralized by the Lofts at 40 Park, with a balance of $1,117 , bears interest at LIBOR plus 250 basis points and matures in September 2016 . The Shops at 40 Park mortgage loan also provides for additional borrowing proceeds of $1 million based on certain preferred thresholds being achieved. (g) 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 $52,000 , for the period from September 3, 2013 to November 2, 2015. (h) The permanent loan has a maximum borrowing amount of $80,249 . (i) The construction loan with a maximum borrowing amount of $91,000 converted to a permanent loan on February 27, 2015. (j) 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. (k) 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. (l) 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. (m) 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. (n) 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. (o) The construction loan with a maximum borrowing amount of $57,000 converted to a permanent loan on February 27, 2015. (p) The construction loan with a maximum borrowing amount of $23,400 converted to a permanent loan on July 14, 2015. See discussion in Recent Transactions following in this footnote. (q) The construction/permanent loan has a maximum borrowing amount of $100,700 with amortization starting in August 2017. (r) The construction/permanent loan has a maximum borrowing amount of $192,000 . (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. (u) The Company’s equity interests in the joint ventures will be subordinated to Keystone Entities receiving a 15 percent internal rate of return (“IRR”) after which the Company will receive a 10 percent IRR on its subordinate equity and then all profit will be split equally. See discussion in Recent Transactions following in this footnote. (v) Principal balance of $127,600 bears interest at 5.114 percent and matures on August 27, 2023 ; principal balance of $45,500 bears interest at 5.01 percent and matures on September 6, 2025 ; principal balance of $32,336 bears interest at rates ranging from LIBOR+5.0 percent to LIBOR+5.75 percent and matures on August 27, 2016 ; principal balance of $11,250 bears interest at LIBOR+5.5 percent and matures on January 9, 2019 ; principal balance of $10,425 bears interest at LIBOR+6.0 percent matures on August 31, 2016 . (w) Includes the Company’s pari-passu interests of $4.0 million in five properties and Company’s subordinated equity interests to Keystone Entities receiving a 15 percent internal rate of return (“IRR”) after which the Company will receive a 10 percent IRR on its subordinate equity and then all profit will be split equally. (x) Principal balance of $42,107 bears interest at 4.95 percent and matures on July 1, 2017 ; principal balance of $73,670 bears interest at rates ranging from 5.65 percent to 6.75 percent and matures on September 9, 2017 ; principal balance of $14,250 bears interest at 4.88 percent and matures on July 6, 2024 ; principal balance of $63,400 bears interest at 4.93 percent and matures on July 6, 2044 ; principal balance of $15,050 bears interest at 4.71 percent and matures on August 6, 2044 . (y) Includes undivided interests in the same manner as investments in noncontrolling partnership, pursuant to ASC 970-323-25-12. (z) See Note 10: Mortgages, Loans Payable and Other Obligations for debt secured by interests in these assets. (aa) The negative carrying value for this venture of $3,317 and $1,854 as of December 31, 2015 and 2014, respectively, were included in accounts payable, accrued expenses and other liabilities. (ab) Balance includes: (i) mortgage loan, collateralized by the hotel property, with a balance of $60,147 , bears interest at 6.15 percent and matures in November 2016 , and (ii) loan with a balance of $3,594 , bears interest at fixed rates ranging from 6.09 percent to 6.62 percent and matures in August 1, 2020 . The Company posted a $3.6 million letter of credit in support of this loan, half of which is indemnified by the partner. (ac) The joint venture collected net proceeds of $47.2 million at maturity, of which the Company received its share of $37.8 million on August 6, 2014. (ad) The Company owns other interests in various unconsolidated joint ventures, including interests in assets previously owned and interest in ventures whose businesses are related to its core operations. These ventures are not expected to significantly impact the Company's operations in the near term. |
Summary Of Company's Equity In Earnings (Loss) Of Unconsolidated Joint Ventures | Year Ended December 31, Entity / Property Name 2015 2014 2013 Multi-family Marbella RoseGarden, L.L.C./ Marbella $ 231 $ (19) $ (540) RoseGarden Monaco Holdings, L.L.C./ Monaco (1,224) (1,040) (1,560) Rosewood Lafayette Holdings, L.L.C./ Highlands at Morristown Station (62) (853) (1,131) PruRose Port Imperial South 15, LLC /RiversEdge at Port Imperial - - (606) Rosewood Morristown, L.L.C. / Metropolitan at 40 Park (364) (345) (509) Overlook Ridge JV 2C/3B, L.L.C./The Chase at Overlook Ridge (371) (384) 293 PruRose Riverwalk G, L.L.C./ RiverTrace at Port Imperial (955) (2,139) (985) Elmajo Urban Renewal Associates, LLC / Lincoln Harbor (Bldg A&C) - (203) (345) Crystal House Apartments Investors LLC / Crystal House (123) (139) (2,639) Portside Master Company, L.L.C./ Portside at Pier One - Bldg 7 (1,736) (1,163) (421) PruRose Port Imperial South 13, LLC / RiverParc at Port Imperial (988) (863) (664) Roseland/Port Imperial Partners, L.P./ Riverwalk C (474) (646) (740) RoseGarden Marbella South, L.L.C./ Marbella II - - (57) Estuary Urban Renewal Unit B, LLC / Lincoln Harbor (Bldg B) 1 (15) (157) Riverpark at Harrison I, L.L.C./ Riverpark at Harrison (363) (150) - Capitol Place Mezz LLC / Station Townhouses (3,687) (75) - Harborside Unit A Urban Renewal, L.L.C. / URL Harborside - (218) - RoseGarden Monaco, L.L.C./ San Remo Land - - - Grand Jersey Waterfront URA, L.L.C./ Liberty Landing (32) (54) (77) Office Red Bank Corporate Plaza, L.L.C./ Red Bank 392 380 372 12 Vreeland Associates, L.L.C./ 12 Vreeland Road 270 106 74 BNES Associates III / Offices at Crystal Lake 115 240 (14) Hillsborough 206 Holdings, L.L.C./ Hillsborough 206 (5) (10) (35) KPG-P 100 IMW JV, LLC / 100 Independence Mall West (800) (1,887) (913) Keystone-Penn 3,812 - - Keystone-TriState (2,182) (318) - KPG-MCG Curtis JV, L.L.C./ Curtis Center 475 624 - Other Plaza VIII & IX Associates, L.L.C./ Vacant land (parking operations) 344 320 99 Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial (70) (102) (230) South Pier at Harborside / Hyatt Regency Jersey City on the Hudson 3,036 2,602 2,519 Stamford SM LLC / Senior Mezzanine Loan - 2,337 3,719 Other 1,588 1,591 2,220 Company's equity in earnings (loss) of unconsolidated joint ventures $ (3,172) $ (2,423) $ (2,327) |
Summary Of Financial Position Of Unconsolidated Joint Ventures | December 31, December 31, 2015 2014 Assets: Rental property, net $ 1,781,621 $ 1,534,812 Other assets 307,000 398,222 Total assets $ 2,088,621 $ 1,933,034 Liabilities and partners'/ members' capital: Mortgages and loans payable $ 1,298,293 $ 1,060,020 Other liabilities 215,951 211,340 Partners'/members' capital 574,377 661,674 Total liabilities and partners'/members' capital $ 2,088,621 $ 1,933,034 |
Summary Of Results Of Operations Of Unconsolidated Joint Ventures | Year Ended December 31, 2015 2014 2013 Total revenues $ 318,980 $ 305,034 $ 255,510 Operating and other expenses (220,982) (233,320) (217,739) Depreciation and amortization (71,711) (42,985) (32,889) Interest expense (52,972) (32,862) (16,709) Net loss $ (26,685) $ (4,133) $ (11,827) |
Deferred Charges, Goodwill An31
Deferred Charges, Goodwill And Other Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Schedule Of Deferred Charges, Goodwill And Other Assets | December 31, (dollars in thousands) 2015 2014 Deferred leasing costs $ 239,690 $ 239,138 Deferred financing costs 23,723 24,042 263,413 263,180 Accumulated amortization (126,816) (122,358) Deferred charges, net 136,597 140,822 Notes receivable (1) 13,496 21,491 In-place lease values, related intangibles and other assets, net (2)(3) 10,931 6,565 Goodwill 2,945 2,945 Prepaid expenses and other assets, net (4) 49,408 32,827 Total deferred charges, goodwill and other assets, net $ 213,377 $ 204,650 (1) Includes as of December 31, 2015 : a mortgage receivable for $ 10.4 million which bears interest at LIBOR plus six percent and matures in August 2016; and an interest-free note receivable with a net present value of $3.1 million and matures in April 2023. The Company believes these balances are fully collectible. (2) In accordance with ASC 805, Business Combinations, the Company recognizes rental revenue of acquired above and below market lease intangibles over the terms of the respective leases. The impact of amortizating the acquired above and below-market lease intangibles increased revenue by approximately $ 0.2 million, $0.7 million and $1.5 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. The following table summarizes, as of December 31, 2015 , the scheduled amortization of the Company’s acquired above and below-market lease intangibles for each of the five succeeding years (dollars in thousands) . Acquired Above- Acquired Below- Market Lease Market Lease Total Year Intangibles Intangibles Amortization 2016 $ (776) $ 345 $ (431) 2017 (708) 339 (369) 2018 (645) 289 (356) 2019 (529) 156 (373) 2020 (341) 21 (320) (3) In accordance with ASC 805, Business Combinations, the value of acquired in-place lease intangibles are amortized to expense over the remaining initial terms of the respective leases. The impact of the amortization of acquired in-place lease values is included in depreciation and amortization expense and amounted to approximately $1.4 million, $6.9 million and $10.7 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. The following table summarizes, as of December 31, 2014, the scheduled amortization of the Company’s acquired in-place lease values for each of the five succeeding years (dollars in thousands) . Year 2016 $ 2,399 2017 2,093 2018 1,175 2019 979 2020 - (4) Includes as of December 31, 2015, deposits of $15.1 million for acquisitions and developments. DERIVATIVE FINANCIAL INSTRUMENTS The Company does not have any derivative instruments designated as cash flow hedges. The following table summarizes the notional and fair value of the Company’s derivative financial instruments, designated as fair value hedges, as of December 31, 2015 and 2014 (dollars in thousands): Fair Value Notional Strike Effective Expiration December 31, Value (a) Rate Date Date 2015 2014 LIBOR Cap $ 51,000 1.5 % September 2014 October 2015 $ - $ 1 LIBOR Cap 24,000 1.5 % September 2014 October 2015 - 1 LIBOR Cap 51,000 1.75 % October 2015 October 2016 1 64 LIBOR Cap 24,000 1.75 % October 2015 October 2016 1 29 $ 2 $ 95 (a) The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks. The Company includes these derivative financial instruments, which were recorded in the year ended December 31, 2014, in deferred charges, goodwill and other assets, net. As changes in the fair value of the se derivative financial instrument s are recorded in earnings , the Company recorded a loss on the change in fair value of $93,000 and $79,000 during the years ended December 31, 2015 and 2014 , respectively, which is included in interest and other investment income in the consolidated statements of operations. |
Summary Of Notional And Fair Value Of Derivative Financial Instruments | Fair Value Notional Strike Effective Expiration December 31, Value (a) Rate Date Date 2015 2014 LIBOR Cap $ 51,000 1.5 % September 2014 October 2015 $ - $ 1 LIBOR Cap 24,000 1.5 % September 2014 October 2015 - 1 LIBOR Cap 51,000 1.75 % October 2015 October 2016 1 64 LIBOR Cap 24,000 1.75 % October 2015 October 2016 1 29 $ 2 $ 95 (a) The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks. |
Acquired Above And Below Market Lease Intangibles [Member] | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Summary Of Scheduled Amortization | Acquired Above- Acquired Below- Market Lease Market Lease Total Year Intangibles Intangibles Amortization 2016 $ (776) $ 345 $ (431) 2017 (708) 339 (369) 2018 (645) 289 (356) 2019 (529) 156 (373) 2020 (341) 21 (320) |
In-Place Leases [Member] | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Summary Of Scheduled Amortization | Year 2016 $ 2,399 2017 2,093 2018 1,175 2019 979 2020 - |
Restricted Cash (Tables)
Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restricted Cash [Abstract] | |
Schedule Of Restricted Cash | December 31, 2015 2014 Security deposits $ 7,785 $ 7,795 Escrow and other reserve funds 27,558 26,450 Total restricted cash $ 35,343 $ 34,245 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations [Abstract] | |
Summary Of Income From Discontinued Operations, Includes Realized Gains (Losses) And Unrealized Losses | Total revenues $ 33,601 Operating and other expenses (13,454) Depreciation and amortization (8,218) Interest expense (118) Income from discontinued operations 11,811 Loss from early extinguishment of debt (703) Impairments (1) (23,851) Realized gains on disposition of rental property 83,371 Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net 59,520 Total discontinued operations, net $ 70,628 (1) Represents impairment charges recorded on certain properties prior to their sale. |
Senior Unsecured Notes (Tables)
Senior Unsecured Notes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Summary Of Senior Unsecured Notes | December 31, Effective 2015 2014 Rate (1) 5.800% Senior Unsecured Notes, due January 15, 2016 (2) $ 200,010 $ 200,086 5.806 % 2.500% Senior Unsecured Notes, due December 15, 2017 249,446 249,150 2.803 % 7.750% Senior Unsecured Notes, due August 15, 2019 249,227 249,013 8.017 % 4.500% Senior Unsecured Notes, due April 18, 2022 299,624 299,565 4.612 % 3.150% Senior Unsecured Notes, due May 15, 2023 270,537 269,930 3.517 % Total senior unsecured notes $ 1,268,844 $ 1,267,744 (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 January 15, 2016, the Company repaid these notes at their maturity using proceeds from a new unsecured term loan and borrowings under the Company’s unsecured revolving credit facility. |
Unsecured Revolving Credit Fa35
Unsecured Revolving Credit Facility (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 (current) 130.0 30.0 BBB or Baa2 110.0 20.0 BBB+ or Baa1 100.0 15.0 A- or A3 or higher 92.5 12.5 |
Mortgages, Loans Payable And 36
Mortgages, Loans Payable And Other Obligations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Summary Of Mortgages, Loans Payable And Other Obligations | Effective December 31, Property/Project Name Lender Rate (a) 2015 2014 Maturity Overlook - Site IIID,IIIC, IIIA & Overlook - Site IIB (b) Wells Fargo Bank N.A. - - $ 23,047 - 10 Independence, 4 Sylvan, 210 Clay & 5 Becker (c) Wells Fargo CMBS - - 58,696 - 6 Becker, 85 Livingston, 75 Livingston & 20 Waterview Wells Fargo CMBS 10.260 % $ 63,279 65,035 08/11/14 (d) 9200 Edmonston Road Principal Commercial Funding L.L.C. 9.780 % 3,793 3,951 05/01/15 (e) Port Imperial South Wells Fargo Bank N.A. LIBOR+1.75 % 34,962 44,119 01/17/16 (f) 4 Becker Wells Fargo CMBS 9.550 % 40,083 39,421 05/11/16 Curtis Center (g) CCRE & PREFG LIBOR+5.912 % (h) 64,000 64,000 10/09/16 Various (i) Prudential Insurance 6.332 % 143,513 145,557 01/15/17 150 Main St. Webster Bank LIBOR+2.35 % 10,937 1,193 (j) 03/30/17 23 Main Street JPMorgan CMBS 5.587 % 28,541 29,210 09/01/18 Harborside Plaza 5 The Northwestern Mutual Life 6.842 % 217,736 221,563 11/01/18 Insurance Co. & New York Life Insurance Co. 100 Walnut Avenue Guardian Life Insurance Co. 7.311 % 18,273 18,542 02/01/19 One River Center (k) Guardian Life Insurance Co. 7.311 % 41,859 42,476 02/01/19 Park Square Wells Fargo Bank N.A. LIBOR+1.872 % (l) 27,500 27,500 04/10/19 Port Imperial South 4/5 Retail American General Life & A/G PC 4.559 % 4,000 4,000 12/01/21 Port Imperial South 4/5 Garage American General Life & A/G PC 4.853 % 32,600 32,600 12/01/29 Total mortgages, loans payable and other obligations $ 731,076 $ 820,910 (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 March 27, 2015, the Company repaid these loans, which had interest rates ranging from LIBOR plus 2.50 to 3.50 percent, at par, using borrowings on the Company's unsecured revolving credit facility. (c) During the year ended December 31, 2015, the Company transferred the deeds for these properties to the lender in satisfaction of its obligations on the loans with interest rates ranging from 10.260% to 19.450% . See Note 3: Recent Transactions - Dispositions. (d) Mortgage is cross collateralized by the four properties. The loan was not repaid at maturity and the Company is in discussions with the lender regarding potential options in satisfaction of the obligation. (e) 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. The mortgage loan was not repaid at maturity on May 1, 2015. The Company is in discussions with the lender regarding a further extension of the loan. (f) The loan was repaid in full at maturity, using borrowings from the Company's revolving credit facility. (g) The Company owns a 50 percent tenants-in-common interest in the Curtis Center property. The Company’s $64.0 million loan consists of its 50 percent interest in a $102 million senior loan with a current rate of 3.491 percent at December 31, 2015 and its 50 percent interest in a $26 million mezzanine loan (with a maximum borrowing capacity of $48 million) with a current rate of 9.831 percent at December 31, 2015. The senior loan rate is based on a floating rate of one -month LIBOR plus 329 basis points and the mezzanine loan rate is based on a floating rate of one -month LIBOR plus 950 basis points. The Company has entered into LIBOR caps for the periods of the loans. The loans provide for three one -year extension options. (h) The effective interest rate includes amortization of deferred financing costs of 1.362 percent. (i) Mortgage is cross collateralized by seven properties. The Company has agreed, subject to certain conditions, to guarantee repayment of $61.1 million of the loan. (j) This construction loan has a maximum borrowing capacity of $28.8 million. (k) Mortgage is collateralized by the three properties comprising One River Center. (l) The effective interest rate includes amortization of deferred financing costs of 0.122 percent. |
Schedule Of Principal Payments | Scheduled Principal Period Amortization Maturities Total 2016 $ 8,125 $ 406,465 $ 414,590 2017 7,275 557,088 564,363 2018 7,311 231,536 238,847 2019 723 331,567 332,290 2020 569 - 569 Thereafter 5,759 605,206 610,965 Sub-total 29,762 2,131,862 2,161,624 Adjustment for unamortized debt discount/premium, net, as of December 31, 2015 (6,704) - (6,704) Totals/Weighted Average $ 23,058 $ 2,131,862 $ 2,154,920 |
Disclosure Of Fair Value Of A37
Disclosure Of Fair Value Of Assets And Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Fair Value Of Assets And Liabilities [Abstract] | |
Schedule Of Valuation Techniques And Significant Unobservable Inputs | Fair Value at Primary December 31, Valuation Unobservable Location Range of Description 2015 Techniques Inputs Type Rates Properties held and used on which the Company recognized impairment losses $ 404,863,000 Discounted cash flows Discount rate Suburban 8% - 15% Central Business District 6% - 9.5% Exit Capitalization rate Suburban 7.5% - 9% Central Business District 5% - 5.75% |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies [Abstract] | |
Future Minimum Rental Payments Of Ground Leases | Year Amount 2016 $ 387 2017 267 2018 232 2019 235 2020 235 2021 through 2084 15,348 Total $ 16,704 |
Tenant Leases (Tables)
Tenant Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tenant Leases [Abstract] | |
Future Minimum Rentals To Be Received Under Non-Cancelable Operating Leases | Year Amount 2016 $ 463,029 2017 423,654 2018 342,756 2019 280,123 2020 239,079 2021 and thereafter 902,403 Total $ 2,651,044 |
Mack-Cali Realty Corporation 40
Mack-Cali Realty Corporation Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Mack-Cali Realty Corporation Stockholders' Equity [Abstract] | |
Schedule Of Stock Option Plans | Weighted Aggregate Average Intrinsic Shares Exercise Value Under Options Price $(000’s) Outstanding at January 1, 2013 183,870 $ 29.51 - Lapsed or Cancelled (168,870) 28.53 Outstanding at December 31, 2013 ($35.59 – $45.47) 15,000 $ 40.54 - Granted 5,000 21.25 Lapsed or Cancelled (10,000) 38.07 Outstanding at December 31, 2014 ($21.25 - $45.47) 10,000 $ 33.36 - Granted 800,000 17.31 Lapsed or Cancelled (5,000) 45.47 Outstanding at December 31, 2015 ($17.31 – $21.25) 805,000 $ 17.33 $ 4,843 Options exercisable at December 31, 2015 - Available for grant at December 31, 2015 3,416,581 |
Schedule Of Weighted Average Assumptions | 2015 2014 Time Vesting Price Vesting Stock Options Options Options Expected life (in years) 6.0 5.8 6.0 Risk-free interest rate 2.04 % 1.96 % 1.50 % Volatility 29.0 % 29.0 % 20.26 % Dividend yield 3.5 % 3.5 % 5.65 % |
Schedule Of Restricted Stock Awards | Weighted-Average Grant – Date Shares Fair Value Outstanding at January 1, 2013 134,328 $ 31.65 Granted (a) (b) 168,841 23.99 Vested (149,463) 29.63 Forfeited (146) 26.36 Outstanding at December 31, 2013 153,560 $ 25.20 Granted (c) (d) (e) 376,719 20.04 Vested (183,214) 22.37 Forfeited (119) 26.36 Outstanding at December 31, 2014 346,946 $ 21.09 Granted (f) 41,337 17.51 Vested (250,132) 21.44 Forfeited (1,931) 20.31 Outstanding at December 31, 2015 136,220 $ 19.36 (a) Included in the 168,841 Restricted Stock Awards granted in 2013 were 106,933 awards granted to the Company’s then four executive officers, Mitchell E. Hersh, Barry Lefkowitz, Roger W. Thomas and Anthony Krug. (b) 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. (c ) Included in the 376,719 Restricted Stock Awards granted in 2014 were 8,211 awards granted to the Company’s two executive officers, Anthony Krug and Gary Wagner. (d) 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 considered granted for accounting purposes to two executive officers in connection with their departure effective March 31, 2014, which vested on April 1, 2014. (e) Includes 126,000 Performance Shares which were legally granted in 2013 for which future performance goals had not yet been set by the Committee. These awards were not considered granted for accounting purposes until these goals are set. These were considered granted in 2014 for accounting purposes in connection with the announcement of the departure of Mitchell E. Hersh in the fourth quarter 2014. (f) Included in the 41,337 Restricted Stock Awards granted in 2015 were 37,551 awards granted to the Company’s two executive officers, Mitchell E. Rudin and Michael J. DeMarco. |
Schedule Of Basic And Diluted Earnings Per Share | Year Ended December 31, Computation of Basic EPS 2015 2014 2013 Income (loss) from continuing operations $ (142,052) $ 31,391 $ (89,686) Add: Noncontrolling interest in consolidated joint ventures 1,044 778 2,199 Add: Noncontrolling interest in Operating Partnership 15,256 (3,602) 10,459 Income (loss) from continuing operations available to common shareholders (125,752) 28,567 (77,028) Income from discontinued operations available to common shareholders - - 62,119 Net income (loss) available to common shareholders $ (125,752) $ 28,567 $ (14,909) Weighted average common shares 89,291 88,727 87,762 Basic EPS : Income (loss) from continuing operations available to common shareholders $ (1.41) $ 0.32 $ (0.88) Income from discontinued operations available to common shareholders - - 0.71 Net income (loss) available to common shareholders $ (1.41) $ 0.32 $ (0.17) Year Ended December 31, Computation of Diluted EPS 2015 2014 2013 Income (loss) from continuing operations available to common shareholders $ (125,752) $ 28,567 $ (77,028) Add (deduct): Noncontrolling interest in Operating Partnership (15,256) 3,602 (10,459) Income (loss) from continuing operations for diluted earnings per share (141,008) 32,169 (87,487) Income from discontinued operations for diluted earnings per share - - 70,628 Net income (loss) for diluted earnings per share $ (141,008) $ 32,169 $ (16,859) Weighted average common shares 100,222 100,041 99,785 Diluted EPS : Income (loss) from continuing operations available to common shareholders $ (1.41) $ 0.32 $ (0.88) Income from discontinued operations available to common shareholders - - 0.71 Net income (loss) available to common shareholders $ (1.41) $ 0.32 $ (0.17) The following schedule reconciles the shares used in the basic EPS calculation to the shares used in the diluted EPS calculation: (in thousands) Year Ended December 31, 2015 2014 2013 Basic EPS shares 89,291 88,727 87,762 Add: Operating Partnership – common units 10,931 11,272 12,023 Restricted Stock Awards - 42 - Diluted EPS Shares 100,222 100,041 99,785 |
Noncontrolling Interests In S41
Noncontrolling Interests In Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Noncontrolling Interests In Subsidiaries [Abstract] | |
Changes In Noncontrolling Interests Of Subsidiaries | Common Units Balance at January 1, 2013 12,141,836 Redemption of common units for shares of common stock (277,061) Balance at December 31, 2013 11,864,775 Redemption of common units for shares of common stock (780,899) Balance at December 31, 2014 11,083,876 Redemption of common units for shares of common stock (567,032) Balance at December 31, 2015 10,516,844 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Reporting Information, By Segment | Selected results of operations for the years ended December 31, 2015 , 2014 and 2013 , and selected asset information as of December 31, 2015 and 2014 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: 2015 $ 538,323 $ 27,787 $ 33,112 (e) $ (4,339) $ 594,883 2014 585,491 24,971 30,533 (f) (4,196) 636,799 2013 621,352 12,792 25,710 (g) 7,177 667,031 Total operating and interest expenses (a): 2015 $ 264,967 $ 17,642 $ 37,090 (h) $ 105,452 $ 425,151 2014 295,416 12,235 38,377 (i) 138,733 484,761 2013 285,755 6,482 32,415 (j) 135,963 460,615 Equity in earnings (loss) of unconsolidated joint ventures: 2015 $ 5,104 $ (9,879) $ 1,603 $ - $ (3,172) 2014 4,236 (8,790) 2,131 - (2,423) 2013 6,280 (10,615) 2,008 - (2,327) Net operating income (loss) (b): 2015 $ 278,460 $ 266 $ (2,375) $ (109,791) $ 166,560 2014 294,311 3,946 (5,713) (142,929) 149,615 2013 341,877 (4,305) (4,697) (128,786) 204,089 Total assets: 2015 $ 3,167,408 $ 838,874 $ 9,831 $ 47,377 $ 4,063,490 2014 3,636,126 492,362 11,158 52,601 4,192,247 Total long-lived assets (c): 2015 $ 2,886,583 $ 577,705 $ 3,670 $ (1,531) $ 3,466,427 2014 3,344,840 318,524 3,858 3,482 3,670,704 Total investments in unconsolidated joint ventures: 2015 $ 76,140 $ 225,850 $ 1,467 $ - $ 303,457 2014 81,649 164,912 907 - 247,468 (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 and other investment income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods. (b) Net operating income represents total revenues less total operating and interest expenses (as defined 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. The Company recorded an impairment charge of $ 197.9 million on assets included in the commercial and other real estate business segment for the year ended December 31, 2015 . See Note 3: Recent Transactions – Impairments on Properties Held and Used (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 $ 6.6 million of fees and salary reimbursements earned for this period from the multi-family real estate segment, which are eliminated in consolidation. (f) Includes $ 2.3 million of fees and salary reimbursements earned for this period from the multi-family real estate segment, which are eliminated in consolidation. (g) Includes $ 2.2 million of fees and salary reimbursements earned for this period from the multi-family real estate segment, which are eliminated in consolidation. (h) Includes $3.9 million of management fees and salary reimbursement expenses for this period for the multi-family real estate segment, which are eliminated in consolidation. (i) Includes $2.9 million of management fees and salary reimbursement expenses for this period for the multi-family real estate segment, which are eliminated in consolidation. (j) Includes $1.3 million of management fees and salary reimbursement expenses for this period for the multi-family real estate segment, which are eliminated in consolidation. |
Schedule Of Reconciliation Of Net Operating Income To Net Income Available To Common Shareholders | The following schedule reconciles net operating income to net income available to common shareholders: (dollars in thousands) Year Ended December 31, 2015 2014 2013 Net operating income $ 166,560 $ 149,615 $ 204,089 Add (deduct): Depreciation and amortization (170,402) (172,490) (182,766) Realized gains on disposition of rental property, net 53,261 54,848 - Gain on sale of investment in unconsolidated joint venture 6,448 - - Loss from early extinguishment of debt - (582) (156) Impairments (197,919) - (110,853) Income (loss) from continuing operations (142,052) 31,391 (89,686) Discontinued operations Income from discontinued operations - - 11,811 Loss from early extinguishment of debt - - (703) Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net - - 59,520 Total discontinued operations, net - - 70,628 Net income (loss) (142,052) 31,391 (19,058) Noncontrolling interest in consolidated joint ventures 1,044 778 2,199 Noncontrolling interest in Operating Partnership 15,256 (3,602) 10,459 Noncontrolling interest in discontinued operations - - (8,509) Net income (loss) available to common shareholders $ (125,752) $ 28,567 $ (14,909) |
Condensed Quarterly Financial43
Condensed Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Quarterly Financial Information [Abstract] | |
Summary Of Condensed Quarterly Financial Information | Quarter Ended 2015 December 31 September 30 June 30 March 31 Total revenues $ 146,443 $ 146,158 $ 148,567 $ 153,715 Operating and other expenses 60,846 56,850 60,653 68,255 Real estate service salaries 6,063 6,673 6,208 6,639 General and administrative 12,589 13,670 11,877 11,011 Acquisition-related costs 1,449 - 111 - Depreciation and amortization 43,136 44,099 42,365 40,802 Impairments (1) 33,743 164,176 - - Total expenses 157,826 285,468 121,214 126,707 Operating Income (loss) (11,383) (139,310) 27,353 27,008 Interest expense (24,374) (24,689) (26,773) (27,215) Interest and other investment income 231 5 291 267 Equity in earnings (loss) of unconsolidated joint ventures (449) 3,135 (2,329) (3,529) Realized gains (losses) on disposition of rental properties - 18,718 34,399 144 Gain on sale of investment in unconsolidated joint venture - - 6,448 - Total other (expense) income (24,592) (2,831) 12,036 (30,333) Net income (loss) (35,975) (142,141) 39,389 (3,325) Noncontrolling interest in consolidated joint ventures 462 (281) 373 490 Noncontrolling interest in Operating Partnership 3,795 15,530 (4,383) 314 Net income (loss) available to common shareholders $ (31,718) $ (126,892) $ 35,379 $ (2,521) Basic earnings per common share: Net income (loss) available to common shareholders $ (0.35) $ (1.42) $ 0.40 $ (0.03) Diluted earnings per common share: Net income (loss) available to common shareholders $ (0.35) $ (1.42) $ 0.40 $ (0.03) Dividends declared per common share $ 0.15 $ 0.15 $ 0.15 $ 0.15 (1) Amounts for the year ended December 31, 2015 relate to impairment charges as further described in Note 3: Recent Transactions – Impairments on Properties Held and Used. Quarter Ended 2014 December 31 September 30 June 30 March 31 Total revenues $ 151,414 $ 155,489 $ 160,300 $ 169,596 Operating and other expenses 64,177 64,374 65,788 81,854 Real estate service salaries 5,923 6,933 6,571 6,709 General and administrative 23,775 12,665 11,730 22,881 Acquisition-related costs 175 - 1,943 - Depreciation and amortization 40,811 41,983 44,711 44,985 Total expenses 134,861 125,955 130,743 156,429 Operating Income 16,553 29,534 29,557 13,167 Interest expense (27,420) (27,353) (28,159) (29,946) Interest and other investment income 1,399 908 922 386 Equity in earnings (loss) of unconsolidated joint ventures (363) (1,268) 443 (1,235) Realized gains (losses) on disposition of rental properties - 264 54,584 - Loss from early extinguishment of debt (582) - - - Total other (expense) income (26,966) (27,449) 27,790 (30,795) Net income (loss) (10,413) 2,085 57,347 (17,628) Noncontrolling interest in consolidated joint ventures 21 145 290 322 Noncontrolling interest in Operating Partnership 1,152 (248) (6,514) 2,008 Net income (loss) available to common shareholders $ (9,240) $ 1,982 $ 51,123 $ (15,298) Basic earnings per common share: Net income (loss) available to common shareholders $ (0.10) $ 0.02 $ 0.58 $ (0.17) Diluted earnings per common share: Net income (loss) available to common shareholders $ (0.10) $ 0.02 $ 0.58 $ (0.17) Dividends declared per common share $ 0.15 $ 0.15 $ 0.15 $ 0.30 |
Organization And Basis Of Pre44
Organization And Basis Of Presentation (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($)ft²statepropertyitem | Dec. 31, 2014USD ($) | |
Real Estate Properties [Line Items] | ||
Number of properties owned or investment interests | 275 | |
Aggregate square feet of the property owned or investment interest | ft² | 29,900,000 | |
Number of states where properties are located | state | 7 | |
Consolidated joint ventures, total real estate assets | $ | $ 273.4 | $ 242.9 |
Consolidated joint ventures, mortgages | $ | 89.5 | 94.3 |
Consolidated joint ventures, other liabilities | $ | $ 17.5 | $ 15.7 |
Commercial Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of tenants | item | 1,900 | |
Multi-Family Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties owned or investment interests | 19 | |
Number of units | item | 5,644 | |
Office [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties owned or investment interests | 147 | |
Aggregate square feet of the property owned or investment interest | ft² | 24,600,000 | |
Office Flex Buildings [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties owned or investment interests | 94 | |
Aggregate square feet of the property owned or investment interest | ft² | 4,800,000 | |
Flex Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties owned or investment interests | 109 | |
Unconsolidated Joint Venture Office Buildings [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties owned or investment interests | 36 | |
Aggregate square feet of the property owned or investment interest | ft² | 5,600,000 | |
Unconsolidated Joint Venture Multi-Family Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties owned or investment interests | 13 | |
Number of units | item | 4,343 | |
Unconsolidated Joint Venture Office/Flex Buildings And Hotel [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties owned or investment interests | 1 | |
Unconsolidated Joint Venture Parking/Retail Buildings [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties owned or investment interests | 2 | |
Aggregate square feet of the property owned or investment interest | ft² | 81,700 | |
Unconsolidated Joint Venture Hotel [Member] | ||
Real Estate Properties [Line Items] | ||
Number of units | item | 350 | |
Office Flex And 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 | ft² | 387,400 | |
Office Flex And 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 | ft² | 121,700 | |
Office Flex And Land [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties owned or investment interests | 3 |
Significant Accounting Polici45
Significant Accounting Policies (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 06, 2016 | Jan. 06, 2015 | Dec. 31, 2012 | |
Significant Accounting Policies [Line Items] | ||||||||
Capitalized development and construction salaries and other related costs | $ 4,200,000 | $ 3,100,000 | $ 4,400,000 | |||||
Construction, tenant improvement, and development in-progress | $ 88,700,000 | $ 62,800,000 | $ 88,700,000 | 62,800,000 | ||||
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 | 3,790,000 | 3,274,000 | 3,172,000 | |||||
Loss from early extinguishment of debt | $ (582,000) | (582,000) | (156,000) | |||||
Write off of unamortized deferred financing costs | 12,000 | 156,000 | ||||||
Deferred leasing costs | 3,521,000 | $ 3,840,000 | $ 4,223,000 | |||||
Deferred tax asset | $ 22,400,000 | 22,400,000 | ||||||
Income taxes, material adjustment amount | $ 0 | |||||||
Common stock, shares outstanding | 89,583,950 | 89,076,578 | 89,583,950 | 89,076,578 | 88,866,652 | |||
Common units outstanding | 10,516,844 | 11,083,876 | 10,516,844 | 11,083,876 | 11,864,775 | 11,083,876 | 12,141,836 | |
Distributions payable, record date | Jan. 6, 2016 | Jan. 6, 2015 | ||||||
Distributions payable, approved date | Dec. 8, 2015 | Dec. 9, 2014 | ||||||
Common stock dividends and common unit distributions per share | $ 0.15 | $ 0.15 | ||||||
Dividends paid per common share | $ 0.60 | $ 0.90 | $ 1.50 | |||||
Dividends paid, percent representing ordinary income | 90.00% | 77.00% | 53.00% | |||||
Dividends paid, percent representing return of capital to shareholders | 23.00% | 33.00% | ||||||
Dividends paid, percent representing capital gain | 10.00% | 14.00% | ||||||
Restricted stock expense | $ 2,219,000 | $ 8,139,000 | $ 2,387,000 | |||||
Distributions payable, pay date | Jan. 15, 2016 | Jan. 14, 2015 | ||||||
Difference between other comprehensive income and net income | 0 | 0 | $ 0 | |||||
Accumulated other comprehensive income | $ 0 | $ 0 | $ 0 | 0 | ||||
Executive Officer [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Restricted stock expense | $ 5,824,000 | |||||||
Subsequent Event [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Common stock, shares outstanding | 89,584,008 | |||||||
Common units outstanding | 10,516,844 |
Significant Accounting Polici46
Significant Accounting Policies (Estimated Useful Lives Of Assets) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Minimum [Member] | Buildings And Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 5 years |
Minimum [Member] | Furniture, Fixtures And Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 5 years |
Maximum [Member] | Buildings And Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 40 years |
Maximum [Member] | Furniture, Fixtures And Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 10 years |
Recent Transactions (Acquisitio
Recent Transactions (Acquisitions) (Narrative) (Details) $ in Thousands | Jan. 05, 2016USD ($)item | Dec. 23, 2015USD ($)ft² | Nov. 12, 2015USD ($)ft² | Dec. 02, 2014USD ($) | Aug. 15, 2014USD ($)property | Apr. 10, 2014USD ($)item | Dec. 31, 2015USD ($)item | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Real Estate Properties [Line Items] | |||||||||
Purchase price of property | $ 94,073 | $ 91,813 | $ 89,869 | ||||||
Acquisition and other investment fundings handled by intermediary | $ 44,400 | ||||||||
Minimum [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Percentage of interest in venture | 7.50% | ||||||||
Maximum [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Percentage of interest in venture | 85.00% | ||||||||
Multi-Family Properties [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Number of units | item | 5,644 | ||||||||
Conshohocken, Pennsylvania [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Purchase price of property | $ 15,300 | ||||||||
Andover Place [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Number of units | item | 220 | ||||||||
Purchase price of property | $ 37,700 | ||||||||
Overlook Ridge Properties [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Purchase price of property | $ 16,600 | ||||||||
Overlook Ridge Properties [Member] | Consolidated Land [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Loans assumed | $ 23,000 | ||||||||
Percentage of interest in developable land | 100.00% | ||||||||
Overlook Ridge Properties [Member] | Consolidated Land [Member] | Minimum [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Spread over LIBOR | 2.50% | ||||||||
Overlook Ridge Properties [Member] | Consolidated Land [Member] | Maximum [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Spread over LIBOR | 3.50% | ||||||||
Overlook Ridge Properties [Member] | Multi-Family Properties [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Percentage of additional interest acquired | 25.00% | ||||||||
Indirect ownership interest | 50.00% | ||||||||
Number of properties in which additional interest was acquired during period | property | 2 | ||||||||
Curtis Center [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Percentage of interest in venture | 50.00% | ||||||||
Acquisition and other investment fundings handled by intermediary | $ 40,100 | ||||||||
Overlook Ridge Apartments Investors, L.L.C. [Member] | Subsequent Event [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Percentage of interest in venture | 50.00% | ||||||||
Number of units | item | 371 | ||||||||
Purchase price of property | $ 39,800 | ||||||||
Parsippany [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Area of property (in square feet) | ft² | 147,241 | ||||||||
Purchase price of property | $ 10,300 | ||||||||
Edison [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Area of property (in square feet) | ft² | 196,128 | ||||||||
Purchase price of property | $ 53,100 |
Recent Transactions (Impairment
Recent Transactions (Impairments On Properties Held and Used) (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2015USD ($)ft²property | Dec. 31, 2015USD ($)property | Sep. 30, 2015USD ($)ft² | Sep. 30, 2013USD ($) | Dec. 31, 2015USD ($)property | Dec. 31, 2013USD ($) | Dec. 31, 2014USD ($) | |||
Real Estate Properties [Line Items] | |||||||||
Impairment charge | $ 33,743 | [1] | $ 164,176 | [1] | $ 197,919 | $ 110,853 | |||
Aggregate carrying value | 94,995 | 94,995 | $ 264,391 | ||||||
Mortgage loan | 731,076 | 731,076 | $ 820,910 | ||||||
Non-core Properties [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Impairment charge | $ 158,600 | ||||||||
Aggregate carrying value | $ 554,300 | 554,300 | |||||||
Number of impaired properties reduced to carrying value | property | 22 | ||||||||
Estimated fair value | $ 395,700 | $ 395,700 | |||||||
New Jersey [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Mortgage loan | $ 63,300 | $ 63,300 | |||||||
Number of real estate properties | property | 4 | 4 | |||||||
Roseland And Parsippany Properties [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Impairment charge | $ 5,600 | $ 12,500 | |||||||
Number of impaired properties | property | 3 | ||||||||
Area Of Real Estate Property | ft² | 479,877 | 479,877 | |||||||
New Jersey Hudson River [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Strategic initiative period | 3 years | ||||||||
[1] | Amounts for the year ended December 31, 2015 relate to impairment charges as further described in Note 3: Recent Transactions - Impairments on Properties Held and Used. |
Recent Transactions (Appointmen
Recent Transactions (Appointment Of Executive Officers) (Narrative) (Details) | Jun. 05, 2015item$ / sharesshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014shares | Dec. 31, 2013shares | [5],[6] | ||
Appointment Of Executive Officers [Line Items] | |||||||
Shares granted | 41,337 | [1] | 376,719 | [2],[3],[4] | 168,841 | ||
Shares Under Options - Granted | 800,000 | 800,000 | 5,000 | ||||
Exercisable period | 10 years | ||||||
Share price | $ / shares | $ 17.31 | ||||||
Annual installments | item | 3 | ||||||
Common stock trade share price | $ / shares | $ 25 | ||||||
Common stock trading days | 30 days | ||||||
Three Equal Annual Installment [Member] | |||||||
Appointment Of Executive Officers [Line Items] | |||||||
Shares Under Options - Granted | 400,000 | ||||||
Common Stock Trades [Member] | |||||||
Appointment Of Executive Officers [Line Items] | |||||||
Shares Under Options - Granted | 400,000 | ||||||
Messr Rudin And Messr DeMarco [Member] | |||||||
Appointment Of Executive Officers [Line Items] | |||||||
Annual base salary | $ | $ 700,000 | ||||||
Annual bonus opportunity percentage | 100.00% | ||||||
Annual bonus opportunity amount | $ | $ 700,000 | ||||||
Annual bonus opportunity threshold percentage | 50.00% | ||||||
Annual bonus opportunity threshold amount | $ | $ 350,000 | ||||||
Shares Under Options - Granted | 400,000 | ||||||
Exercisable period | 10 years | ||||||
Share price | $ / shares | $ 17.31 | ||||||
Annual installments | item | 3 | ||||||
Common stock trade share price | $ / shares | $ 25 | ||||||
Common stock trading days | 30 days | ||||||
Messr Rudin And Messr DeMarco [Member] | Maximum [Member] | |||||||
Appointment Of Executive Officers [Line Items] | |||||||
Annual bonus opportunity percentage | 200.00% | ||||||
Annual bonus opportunity amount | $ | $ 1,400,000 | ||||||
Messr Rudin And Messr DeMarco [Member] | Three Equal Annual Installment [Member] | |||||||
Appointment Of Executive Officers [Line Items] | |||||||
Shares Under Options - Granted | 200,000 | ||||||
Messr Rudin And Messr DeMarco [Member] | Common Stock Trades [Member] | |||||||
Appointment Of Executive Officers [Line Items] | |||||||
Shares Under Options - Granted | 200,000 | ||||||
Restricted Stock [Member] | Minimum [Member] | |||||||
Appointment Of Executive Officers [Line Items] | |||||||
Stock compensation vesting period | 1 year | ||||||
Restricted Stock [Member] | Maximum [Member] | |||||||
Appointment Of Executive Officers [Line Items] | |||||||
Stock compensation vesting period | 7 years | ||||||
Restricted Stock [Member] | 2013 Incentive Stock Plan [Member] | |||||||
Appointment Of Executive Officers [Line Items] | |||||||
Shares granted | 37,550.54 | ||||||
Stock compensation vesting period | 3 years | ||||||
Restricted Stock [Member] | Messr Rudin And Messr DeMarco [Member] | 2013 Incentive Stock Plan [Member] | |||||||
Appointment Of Executive Officers [Line Items] | |||||||
Shares granted | 18,775.27 | ||||||
Performance period | 3 years | ||||||
Performance Shares [Member] | 2013 Incentive Stock Plan [Member] | |||||||
Appointment Of Executive Officers [Line Items] | |||||||
Shares granted | 112,651.64 | ||||||
Performance period | 3 years | ||||||
Performance Shares [Member] | Three Years Period Award [Member] | 2013 Incentive Stock Plan [Member] | Minimum [Member] | |||||||
Appointment Of Executive Officers [Line Items] | |||||||
Percentage of shares vested | 0.00% | ||||||
Performance Shares [Member] | Three Years Period Award [Member] | 2013 Incentive Stock Plan [Member] | Maximum [Member] | |||||||
Appointment Of Executive Officers [Line Items] | |||||||
Percentage of shares vested | 150.00% | ||||||
Performance Shares [Member] | Messr Rudin And Messr DeMarco [Member] | 2013 Incentive Stock Plan [Member] | |||||||
Appointment Of Executive Officers [Line Items] | |||||||
Shares granted | 56,325.82 | ||||||
Performance Shares [Member] | Messr Rudin And Messr DeMarco [Member] | Three Years Period Award [Member] | 2013 Incentive Stock Plan [Member] | Minimum [Member] | |||||||
Appointment Of Executive Officers [Line Items] | |||||||
Percentage of shares vested | 0.00% | ||||||
Performance Shares [Member] | Messr Rudin And Messr DeMarco [Member] | Three Years Period Award [Member] | 2013 Incentive Stock Plan [Member] | Maximum [Member] | |||||||
Appointment Of Executive Officers [Line Items] | |||||||
Percentage of shares vested | 150.00% | ||||||
[1] | Included in the 41,337 Restricted Stock Awards granted in 2015 were 37,551 awards granted to the Company's two executive officers, Mitchell E. Rudin and Michael J. DeMarco. | ||||||
[2] | Included in the 376,719 Restricted Stock Awards granted in 2014 were 8,211 awards granted to the Company's two executive officers, Anthony Krug and Gary Wagner. | ||||||
[3] | Includes 126,000 Performance Shares which were legally granted in 2013 for which future performance goals had not yet been set by the Committee. These awards were not considered granted for accounting purposes until these goals are set. These were considered granted in 2014 for accounting purposes in connection with the announcement of the departure of Mitchell E. Hersh in the fourth quarter 2014. | ||||||
[4] | 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 considered granted for accounting purposes to two executive officers in connection with their departure effective March 31, 2014, which vested on April 1, 2014. | ||||||
[5] | Included in the 168,841 Restricted Stock Awards granted in 2013 were 106,933 awards granted to the Company's then four executive officers, Mitchell E. Hersh, Barry Lefkowitz, Roger W. Thomas and Anthony Krug. | ||||||
[6] | 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. |
Recent Transactions (Schedule O
Recent Transactions (Schedule Of Purchase Price Allocation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Parsippany [Member] | |||
Business Acquisition [Line Items] | |||
Land | $ 5,590 | ||
Buildings and improvements | 4,710 | ||
Net cash paid at acquisition | 10,300 | ||
Edison [Member] | |||
Business Acquisition [Line Items] | |||
Land | 5,542 | ||
Buildings and improvements | 40,762 | ||
Above market leases | [1] | 2,097 | |
In-place lease values | [1] | 4,699 | |
Net cash paid at acquisition | $ 53,100 | ||
Andover Place [Member] | |||
Business Acquisition [Line Items] | |||
Land | $ 8,535 | ||
Buildings and improvements | 27,609 | ||
Furniture, fixtures and equipment | 459 | ||
In-place lease values | [2] | 1,118 | |
Total assets acquired | 37,721 | ||
Less: Below market lease values | [2] | (25) | |
Net cash paid at acquisition | $ 37,696 | ||
In-Place Leases [Member] | |||
Business Acquisition [Line Items] | |||
Amortization period | 4 years | ||
Above-Market Leases [Member] | |||
Business Acquisition [Line Items] | |||
Amortization period | 10 years | ||
Andover Place [Member] | Maximum [Member] | |||
Business Acquisition [Line Items] | |||
Amortization period | 1 year | ||
[1] | In-place lease values will be amortized over four years or less, and above market leases will be amortized over 10 years or less. | ||
[2] | In-place lease values and below market lease values will be amortized over one year or less. |
Recent Transactions (Schedule51
Recent Transactions (Schedule Of Property Sold And Disposed) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2015USD ($)ft² | Sep. 30, 2015USD ($) | [1] | Dec. 31, 2015USD ($)ft²item | Dec. 31, 2014USD ($)ft²property | Dec. 31, 2013USD ($)ft²property | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Number of Buildings | 6 | 16 | 24 | |||||
Rentable Square Feet | ft² | 690,315 | 690,315 | 2,610,931 | 3,000,000 | ||||
Net Sales Proceeds | $ 148,256 | $ 319,239 | $ 390,600 | |||||
Net Book Value | $ 94,995 | 94,995 | 264,391 | |||||
Realized Gain | $ 53,261 | $ 54,848 | ||||||
Ownership interest | 10.50% | 10.50% | 11.10% | |||||
Impairments | $ 33,743 | [1] | $ 164,176 | $ 197,919 | 110,853 | |||
Deferred tax asset | 22,400 | 22,400 | ||||||
Mortgage loans, carrying amount | $ 1,840,668 | $ 1,840,668 | ||||||
Keystone Portfolio [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Net Sales Proceeds | $ 196,800 | |||||||
Sale price of property | 221,000 | |||||||
Sale price of property, cash | 192,500 | |||||||
Sale price of property, capital accounts | 21,200 | |||||||
Closing costs paid | $ 3,000 | |||||||
Ownership interest | 0.00% | 0.00% | ||||||
Number of properties with senior pari passu interest | property | 5 | |||||||
Capital balance in properties in which senior pari passu interest is held | $ 7,300 | |||||||
Impairments | 20,800 | |||||||
Keystone Portfolio [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% | |||||||
Keystone Portfolio [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% | |||||||
1451 Metropolitan Drive [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Number of Buildings | item | 1 | |||||||
Rentable Square Feet | ft² | 21,600 | 21,600 | ||||||
Net Sales Proceeds | $ 1,072 | |||||||
Net Book Value | $ 929 | 929 | ||||||
Realized Gain | $ 143 | |||||||
10 Independence [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Number of Buildings | item | 1 | |||||||
Rentable Square Feet | ft² | 120,528 | 120,528 | ||||||
Net Sales Proceeds | [2] | $ 18,351 | ||||||
Net Book Value | $ 15,114 | 15,114 | ||||||
Realized Gain | $ 3,237 | |||||||
4 Sylvan Way [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Number of Buildings | item | 1 | |||||||
Rentable Square Feet | ft² | 105,135 | 105,135 | ||||||
Net Sales Proceeds | [2] | $ 15,961 | ||||||
Net Book Value | $ 9,522 | 9,522 | ||||||
Realized Gain | $ 6,439 | |||||||
14 Sylvan Way [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Number of Buildings | item | 1 | |||||||
Rentable Square Feet | ft² | 203,506 | 203,506 | ||||||
Net Sales Proceeds | $ 79,977 | |||||||
Net Book Value | $ 55,253 | 55,253 | ||||||
Realized Gain | $ 24,724 | |||||||
210 Clay Ave [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Number of Buildings | item | 1 | |||||||
Rentable Square Feet | ft² | 121,203 | 121,203 | ||||||
Net Sales Proceeds | [2] | $ 14,766 | ||||||
Net Book Value | $ 5,202 | 5,202 | ||||||
Realized Gain | $ 9,564 | |||||||
5 Becker [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Number of Buildings | item | 1 | |||||||
Rentable Square Feet | ft² | 118,343 | 118,343 | ||||||
Net Sales Proceeds | [2] | $ 18,129 | ||||||
Net Book Value | $ 8,975 | 8,975 | ||||||
Realized Gain | 9,154 | |||||||
22 Sylvan Way [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Number of Buildings | property | 1 | |||||||
Rentable Square Feet | ft² | 249,409 | |||||||
Net Sales Proceeds | $ 94,897 | |||||||
Net Book Value | 60,244 | |||||||
Realized Gain | $ 34,653 | |||||||
30 Knightsbridge Road [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Number of Buildings | property | [3] | 4 | ||||||
Rentable Square Feet | ft² | [3] | 680,350 | ||||||
Net Sales Proceeds | [3] | $ 54,641 | ||||||
Net Book Value | [3] | 52,361 | ||||||
Realized Gain | [3] | $ 2,280 | ||||||
470 Chestnut Ridge Road [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Number of Buildings | property | [3],[4] | 1 | ||||||
Rentable Square Feet | ft² | [3],[4] | 52,500 | ||||||
Net Sales Proceeds | [3],[4] | $ 7,195 | ||||||
Net Book Value | [3],[4] | 7,109 | ||||||
Realized Gain | [3],[4] | $ 86 | ||||||
530 Chestnut Ridge Road [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Number of Buildings | property | [3],[4] | 1 | ||||||
Rentable Square Feet | ft² | [3],[4] | 57,204 | ||||||
Net Sales Proceeds | [3],[4] | $ 6,299 | ||||||
Net Book Value | [3],[4] | 6,235 | ||||||
Realized Gain | [3],[4] | $ 64 | ||||||
400 Rella Boulevard [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Number of Buildings | property | 1 | |||||||
Rentable Square Feet | ft² | 180,000 | |||||||
Net Sales Proceeds | $ 27,539 | |||||||
Net Book Value | 10,938 | |||||||
Realized Gain | $ 16,601 | |||||||
412 Mt. Kemble Avenue [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Number of Buildings | property | [3] | 1 | ||||||
Rentable Square Feet | ft² | [3] | 475,100 | ||||||
Net Sales Proceeds | [3] | $ 44,751 | ||||||
Net Book Value | [3] | 43,851 | ||||||
Realized Gain | [3] | $ 900 | ||||||
17-17 Rte 208 North [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Number of Buildings | property | [3],[4] | 1 | ||||||
Rentable Square Feet | ft² | [3],[4] | 143,000 | ||||||
Net Sales Proceeds | [3],[4] | $ 11,835 | ||||||
Net Book Value | [3],[4] | 11,731 | ||||||
Realized Gain | [3],[4] | $ 104 | ||||||
555, 565 And 570 Seventy Taxter Road [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Number of Buildings | property | [3] | 3 | ||||||
Rentable Square Feet | ft² | [3] | 416,108 | ||||||
Net Sales Proceeds | [3] | $ 41,057 | ||||||
Net Book Value | [3] | $ 41,057 | ||||||
200 And 220 White Plains Road [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Number of Buildings | property | [3] | 2 | ||||||
Rentable Square Feet | ft² | [3] | 178,000 | ||||||
Net Sales Proceeds | [3] | $ 12,619 | ||||||
Net Book Value | [3] | $ 12,619 | ||||||
1266 East Main Street [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Number of Buildings | property | [3],[4] | 1 | ||||||
Rentable Square Feet | ft² | [3],[4] | 179,260 | ||||||
Net Sales Proceeds | [3],[4] | $ 18,406 | ||||||
Net Book Value | [3],[4] | 18,246 | ||||||
Realized Gain | [3],[4] | $ 160 | ||||||
10 Independence, 4 Sylvan, 210 Clay, And 5 Becker [Member} | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Impairments | $ 25,200 | |||||||
Mortgage loans, carrying amount | $ 59,700 | $ 59,700 | ||||||
[1] | Amounts for the year ended December 31, 2015 relate to impairment charges as further described in Note 3: Recent Transactions - Impairments on Properties Held and Used. | |||||||
[2] | The Company transferred the deeds for these properties to the lender in satisfaction of its mortgage loan obligations totaling $59.7 million. The Company recorded an impairment charge of $25.2 million during the year ended December 31, 2013 as it estimated that the carrying value of the properties may not be recoverable over their anticipated holding periods. | |||||||
[3] | The Company completed the sale of these properties for approximately $221 million, comprised of: $192.5 million in cash from a combination of affiliates of Keystone Property Group's ("Keystone Entities") senior and pari-passu equity and mortgage financing; Company subordinated equity interests in each of the properties sold with capital accounts aggregating $21.2 million; and Company pari-passu equity interests in five of the properties sold aggregating $7.3 million. Net sale proceeds from the sale aggregated $196.8 million which was comprised of the $221 million gross sales price less the subordinated equity interests of $21.2 million and $3 million in closing costs. The purchasers of these properties are unconsolidated joint ventures formed between the Company and the Keystone Entities. The senior and pari-passu equity will receive a 15 percent internal rate of return ("IRR") after which the subordinated equity will receive a 10 percent IRR and then all distributable cash flow will be split equally between the Keystone Entities and the Company. See Note 4: Investments in Unconsolidated Joint Ventures. In connection with certain of these partial sale transactions, because the buyer received a preferential return on certain of the ventures for which the Company received subordinated equity interests, 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 subordinated equity interest at zero. | |||||||
[4] | The Company recorded an impairment charge of $20.8 million on these properties at December 31, 2013 as it estimated that the carrying value of the properties may not be recoverable over their anticipated holding periods. |
Recent Transactions (Summary Of
Recent Transactions (Summary Of Income (Loss) From Properties Disposed) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Real Estate Properties [Line Items] | |||||||||||||
Total revenues | $ 146,443 | $ 146,158 | $ 148,567 | $ 153,715 | $ 151,414 | $ 155,489 | $ 160,300 | $ 169,596 | $ 594,883 | $ 636,799 | $ 667,031 | ||
Depreciation and amortization | (43,136) | (44,099) | (42,365) | (40,802) | (40,811) | (41,983) | (44,711) | (44,985) | (170,402) | (172,490) | (182,766) | ||
Interest expense | (118) | ||||||||||||
Income (loss) from properties disposed of | (11,383) | (139,310) | 27,353 | 27,008 | 16,553 | 29,534 | 29,557 | 13,167 | (96,332) | 88,811 | 33,595 | ||
Impairments | (33,743) | [1] | (164,176) | [1] | (197,919) | (110,853) | |||||||
Realized gains on dispositions | 18,718 | 34,399 | 144 | 264 | 54,584 | 53,261 | 54,848 | ||||||
Total Income from properties disposed of | $ (31,718) | $ (126,892) | $ 35,379 | $ (2,521) | $ (9,240) | $ 1,982 | $ 51,123 | $ (15,298) | (125,752) | 28,567 | (14,909) | ||
Disposal Group, Not Discontinued Operations [Member] | |||||||||||||
Real Estate Properties [Line Items] | |||||||||||||
Total revenues | 9,137 | 53,975 | 79,379 | ||||||||||
Operating and other expenses | (5,532) | (24,311) | (34,835) | ||||||||||
Depreciation and amortization | (11,700) | (9,955) | (20,927) | ||||||||||
Interest expense | (7,008) | (10,369) | (9,784) | ||||||||||
Income (loss) from properties disposed of | (15,103) | 9,340 | 13,833 | ||||||||||
Impairments | (79,378) | ||||||||||||
Realized gains on dispositions | 53,261 | 54,848 | |||||||||||
Total Income from properties disposed of | $ 38,158 | $ 64,188 | $ (65,545) | ||||||||||
[1] | Amounts for the year ended December 31, 2015 relate to impairment charges as further described in Note 3: Recent Transactions - Impairments on Properties Held and Used. |
Investments In Unconsolidated53
Investments In Unconsolidated Joint Ventures (Narrative) (Details) | Aug. 28, 2015USD ($)ft² | Jul. 14, 2015USD ($)item | Jun. 01, 2015USD ($)item | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2015USD ($)ft²propertyitem | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Nov. 12, 2015ft² | Oct. 06, 2015 | Aug. 27, 2015USD ($) | ||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Company's investments in unconsolidated joint ventures, net | $ 303,457,000 | $ 247,468,000 | ||||||||||||||
Area of mixed use project (in square feet) | ft² | 81,700 | |||||||||||||||
Amount outstanding | $ 155,000,000 | 0 | ||||||||||||||
Management, leasing, development and other services fees | 5,500,000 | 6,200,000 | ||||||||||||||
Accounts receivable due from unconsolidated joint ventures | 800,000 | 1,000,000 | ||||||||||||||
Maximum exposure to loss | 207,100,000 | |||||||||||||||
Estimated future funding commitments | 33,700,000 | |||||||||||||||
Mortgage loan | 1,840,668,000 | |||||||||||||||
Proceeds from mortgages and loans payable | 10,752,000 | 130,135,000 | $ 3,170,000 | |||||||||||||
Realized gains on disposition of rental property | $ 18,718,000 | $ 34,399,000 | $ 144,000 | $ 264,000 | $ 54,584,000 | $ 53,261,000 | 54,848,000 | |||||||||
Unconsolidated Joint Venture Office Buildings [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Number of properties | property | 36 | |||||||||||||||
Unconsolidated Joint Venture Office And Retail Buildings [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Area of property (in square feet) | ft² | 5,600,000 | |||||||||||||||
Unconsolidated Joint Venture Retail Buildings [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Number of properties | property | 2 | |||||||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Number of properties | property | 13 | |||||||||||||||
Number of units | item | 4,343 | |||||||||||||||
Unconsolidated Joint Venture Hotel [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Number of units | item | 350 | |||||||||||||||
Percentage of interest in venture | 90.00% | |||||||||||||||
Unconsolidated Joint Venture Development Projects [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Number of units | item | 1,074 | |||||||||||||||
Unconsolidated Joint Venture Land Parcels [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Number of units | item | 2,910 | |||||||||||||||
Unconsolidated Joint Ventures [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Maximum borrowing capacity | $ 547,600,000 | |||||||||||||||
Amount outstanding | 309,900,000 | |||||||||||||||
Unconsolidated Joint Ventures [Member] | Parent Company [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Maximum borrowing capacity | 74,700,000 | |||||||||||||||
Amount outstanding | $ 53,100,000 | |||||||||||||||
Minimum [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Percentage of interest in venture | 7.50% | |||||||||||||||
Maximum [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Percentage of interest in venture | 85.00% | |||||||||||||||
Variable Interest Entity [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Company's investments in unconsolidated joint ventures, net | $ 173,400,000 | |||||||||||||||
Number of VIEs | property | 5 | |||||||||||||||
Office [Member] | Unconsolidated Joint Venture Land Parcels [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Area of property (in square feet) | ft² | 1,400,000 | |||||||||||||||
South Pier At Harborside [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Number of units | item | [1],[2] | 350 | ||||||||||||||
Percentage of interest in venture | [1],[2],[3] | 50.00% | ||||||||||||||
Letter of credit | $ 3,600,000 | |||||||||||||||
Mortgage loan | [1],[2] | 63,741,000 | ||||||||||||||
Keystone-Penn [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Company's investments in unconsolidated joint ventures, net | $ 0 | |||||||||||||||
Area of property (in square feet) | ft² | 236,417 | 1,842,820 | [4] | |||||||||||||
Percentage of interest in venture | [3],[4],[5] | |||||||||||||||
Mortgage loan | $ 45,500,000 | $ 227,111,000 | [4],[6] | $ 31,800,000 | ||||||||||||
Proceeds from mortgages and loans payable | $ 3,700,000 | |||||||||||||||
RiverPark At Harrison I, L.L.C. [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Company's investments in unconsolidated joint ventures, net | [4] | $ 2,544,000 | 4,744,000 | |||||||||||||
Number of units | item | 141 | 141 | [4] | |||||||||||||
Percentage of interest in venture | 36.00% | 45.00% | [3],[4] | |||||||||||||
Proceeds from loans | $ 1,700,000 | |||||||||||||||
Mortgage loan | 30,000,000 | $ 30,000,000 | [4] | |||||||||||||
RiverPark At Harrison I, L.L.C. [Member] | Construction Loan [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Construction loan | $ 23,400,000 | |||||||||||||||
RiverPark At Harrison I, L.L.C. [Member] | Unconsolidated Joint Venture Multi-Family Properties [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Percentage of interest in venture | 44.00% | |||||||||||||||
Percentage of additional interest acquired | 20.00% | |||||||||||||||
Third party ownership percentage | 55.00% | |||||||||||||||
Capital balance | $ 2,100,000 | |||||||||||||||
Rosewood Lafayette Holdings, L.L.C. [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Company's investments in unconsolidated joint ventures, net | [4] | $ 62,000 | ||||||||||||||
Number of units | item | 217 | 217 | [4] | |||||||||||||
Percentage of interest in venture | 25.00% | 25.00% | [3],[4] | |||||||||||||
Realized gains on disposition of rental property | $ 6,400,000 | |||||||||||||||
Edison [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Area of property (in square feet) | ft² | 196,128 | |||||||||||||||
[1] | Balance includes: (i) mortgage loan, collateralized by the hotel property, with a balance of $60,147, bears interest at 6.15 percent and matures in November 2016, and (ii) loan with a balance of $3,594, bears interest at fixed rates ranging from 6.09 percent to 6.62 percent and matures in August 1, 2020. The Company posted a $3.6 million letter of credit in support of this loan, half of which is indemnified by the partner. | |||||||||||||||
[2] | The negative carrying value for this venture of $3,317 and $1,854 as of December 31, 2015 and 2014, respectively, were included in accounts payable, accrued expenses and other liabilities. | |||||||||||||||
[3] | Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable. | |||||||||||||||
[4] | See discussion in Recent Transactions following in this footnote. | |||||||||||||||
[5] | The Company's equity interests in the joint ventures will be subordinated to Keystone Entities receiving a 15 percent internal rate of return ("IRR") after which the Company will receive a 10 percent IRR on its subordinate equity and then all profit will be split equally. See discussion in Recent Transactions following in this footnote. | |||||||||||||||
[6] | Principal balance of $127,600 bears interest at 5.114 percent and matures on August 27, 2023; principal balance of $45,500 bears interest at 5.01 percent and matures on September 6, 2025; principal balance of $32,336 bears interest at rates ranging from LIBOR+5.0 percent to LIBOR+5.75 percent and matures on August 27, 2016; principal balance of $11,250 bears interest at LIBOR+5.5 percent and matures on January 9, 2019; principal balance of $10,425 bears interest at LIBOR+6.0 percent matures on August 31, 2016. |
Investments In Unconsolidated54
Investments In Unconsolidated Joint Ventures (Summary Of Unconsolidated Joint Ventures) (Details) | Aug. 15, 2014property | Sep. 03, 2013USD ($) | Jul. 30, 2013USD ($) | Dec. 31, 2015USD ($)ft²$ / itempropertyitem | Dec. 31, 2014USD ($)property | Dec. 31, 2013USD ($) | Aug. 28, 2015USD ($)ft² | Aug. 27, 2015USD ($) | Jul. 14, 2015USD ($)item | Jun. 01, 2015item | ||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Carrying Amount | $ 303,457,000 | $ 247,468,000 | ||||||||||
Property Debt, Balance | 1,840,668,000 | |||||||||||
Amount outstanding | 155,000,000 | 0 | ||||||||||
Accounts payable, accrued expenses and other liabilities | 135,057,000 | 126,971,000 | ||||||||||
Sales proceeds | 148,256,000 | 319,239,000 | $ 390,600,000 | |||||||||
Collection of notes receivable | $ 8,250,000 | 62,526,000 | $ 333,000 | |||||||||
Minimum [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Company's Effective Ownership % | 7.50% | |||||||||||
Maximum [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Company's Effective Ownership % | 85.00% | |||||||||||
Marbella RoseGarden, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of apartments | item | [1] | 412 | ||||||||||
Company's Effective Ownership % | [1],[2] | 24.27% | ||||||||||
Carrying Amount | [1] | $ 15,569,000 | 15,779,000 | |||||||||
Property Debt, Balance | [1] | $ 95,000,000 | ||||||||||
Property Debt, Maturity Date | [1] | May 1, 2018 | ||||||||||
Property Debt, Interest Rate | [1] | 4.99% | ||||||||||
RoseGarden Monaco Holdings, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of apartments | item | [1] | 523 | ||||||||||
Company's Effective Ownership % | [1],[2] | 15.00% | ||||||||||
Carrying Amount | [1] | $ 937,000 | 2,161,000 | |||||||||
Property Debt, Balance | [1] | $ 165,000,000 | ||||||||||
Property Debt, Maturity Date | [1] | Feb. 1, 2021 | ||||||||||
Property Debt, Interest Rate | [1] | 4.19% | ||||||||||
Rosewood Lafayette Holdings, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of apartments | item | 217 | [3] | 217 | |||||||||
Company's Effective Ownership % | 25.00% | [2],[3] | 25.00% | |||||||||
Carrying Amount | [3] | 62,000 | ||||||||||
PruRose Port Imperial South 15, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of apartments | item | [1] | 236 | ||||||||||
Company's Effective Ownership % | [1],[2] | 50.00% | ||||||||||
Property Debt, Balance | [1] | $ 57,500,000 | ||||||||||
Property Debt, Maturity Date | [1] | Sep. 1, 2020 | ||||||||||
Property Debt, Interest Rate | [1] | 4.32% | ||||||||||
Rosewood Morristown, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of apartments | item | [4],[5],[6] | 130 | ||||||||||
Company's Effective Ownership % | [2],[4],[5],[6] | 12.50% | ||||||||||
Carrying Amount | [4],[5],[6] | $ 5,723,000 | 6,029,000 | |||||||||
Property Debt, Balance | [4],[5],[6] | 45,982,000 | ||||||||||
Note payable | $ 975,000 | |||||||||||
Overlook Ridge JV 2C/3B, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of apartments | item | [1] | 371 | ||||||||||
Company's Effective Ownership % | [1],[2] | 50.00% | ||||||||||
Carrying Amount | [1] | $ 2,039,000 | 2,524,000 | |||||||||
Property Debt, Balance | [1] | $ 52,662,000 | ||||||||||
Property Debt, Maturity Date | [1] | Jan. 26, 2016 | ||||||||||
Property Debt, Interest Rate, LIBOR | [1],[7] | L+2.50 | ||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | [1],[7] | 2.50% | ||||||||||
Overlook Ridge JV 2C/3B, L.L.C. [Member] | Construction Loan [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Interest Rate | 3.0875% | |||||||||||
Number of extension options | item | 2 | |||||||||||
Loan extension period | 1 year | |||||||||||
Extension fee | 25.00% | |||||||||||
Maximum borrowing capacity | $ 55,500,000 | |||||||||||
Notional amount | $ 1,840,000 | $ 52,000,000 | ||||||||||
PruRose Riverwalk G, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of apartments | item | [1] | 316 | ||||||||||
Company's Effective Ownership % | [1],[2] | 25.00% | ||||||||||
Carrying Amount | [1] | 955,000 | ||||||||||
Property Debt, Balance | [1] | $ 79,393,000 | ||||||||||
Property Debt, Maturity Date | [1] | Jul. 15, 2021 | ||||||||||
Property Debt, Interest Rate | [1],[8] | 6.00% | ||||||||||
PruRose Riverwalk G, L.L.C. [Member] | Permanent Loan [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 80,249,000 | |||||||||||
Elmajo Urban Renewal Associates, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of apartments | item | [1] | 355 | ||||||||||
Company's Effective Ownership % | [1],[2] | 7.50% | ||||||||||
Property Debt, Balance | [1] | $ 128,100,000 | ||||||||||
Property Debt, Maturity Date | [1] | Mar. 1, 1930 | ||||||||||
Property Debt, Interest Rate, LIBOR | [1],[9] | 4 | ||||||||||
Elmajo Urban Renewal Associates, L.L.C. [Member] | Permanent Loan [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 91,000,000 | |||||||||||
Crystal House Apartments Investors LLC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of apartments | item | [10] | 798 | ||||||||||
Company's Effective Ownership % | [2],[10] | 25.00% | ||||||||||
Carrying Amount | [10] | $ 28,114,000 | 27,051,000 | |||||||||
Property Debt, Balance | [10] | $ 165,000,000 | ||||||||||
Property Debt, Maturity Date | [10] | Apr. 1, 2020 | ||||||||||
Property Debt, Interest Rate | [10] | 3.17% | ||||||||||
Percentage of interest in developable land | 50.00% | |||||||||||
Number of units available for development | $ / item | 295 | |||||||||||
Number of approved units available for development | item | 252 | |||||||||||
Portside Master Company, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of apartments | item | [1] | 176 | ||||||||||
Company's Effective Ownership % | [1],[2] | 38.25% | ||||||||||
Carrying Amount | [1] | 1,747,000 | ||||||||||
Property Debt, Balance | [1] | $ 42,500,000 | ||||||||||
Property Debt, Maturity Date | [1] | Dec. 4, 2017 | ||||||||||
Property Debt, Interest Rate, LIBOR | [1],[11] | L+2.50 | ||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | [1],[11] | 2.50% | ||||||||||
Portside Master Company, L.L.C. [Member] | Construction Loan [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of extension options | item | 2 | |||||||||||
Maximum borrowing capacity | $ 42,500,000 | |||||||||||
Portside Master Company, L.L.C. [Member] | Construction Loan Extension Number 1 [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Loan extension period | 2 years | |||||||||||
Extension fee | 0.125% | |||||||||||
Portside Master Company, L.L.C. [Member] | Construction Loan Extension Number 2 [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Loan extension period | 2 years | |||||||||||
Extension fee | 0.25% | |||||||||||
PruRose Port Imperial South 13, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of apartments | item | [1] | 280 | ||||||||||
Company's Effective Ownership % | [1],[2] | 20.00% | ||||||||||
Carrying Amount | [1] | 1,087,000 | ||||||||||
Property Debt, Balance | [1] | $ 70,386,000 | ||||||||||
Property Debt, Maturity Date | [1] | Jun. 27, 2016 | ||||||||||
Property Debt, Interest Rate, LIBOR | [1],[12] | L+2.15 | ||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | [1],[12] | 2.15% | ||||||||||
PruRose Port Imperial South 13, L.L.C. [Member] | Construction Loan [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Interest Rate | 2.79% | |||||||||||
Maximum borrowing capacity | $ 73,350,000 | |||||||||||
Notional amount | $ 1,620,000 | $ 69,500,000 | ||||||||||
PruRose Port Imperial South 13, L.L.C. [Member] | Construction Loan Extension Number 1 [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Loan extension period | 1 year | |||||||||||
Extension fee | 0.25% | |||||||||||
PruRose Port Imperial South 13, L.L.C. [Member] | Construction Loan Extension Number 2 [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Loan extension period | 6 months | |||||||||||
Extension fee | 0.25% | |||||||||||
Roseland/Port Imperial Partners, L.P. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of apartments | item | [1],[13] | 363 | ||||||||||
Company's Effective Ownership % | [1],[2],[13] | 20.00% | ||||||||||
Carrying Amount | [1],[13] | $ 1,678,000 | 1,800,000 | |||||||||
RoseGarden Marbella South, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of apartments | item | 311 | |||||||||||
Company's Effective Ownership % | [2] | 24.27% | ||||||||||
Carrying Amount | $ 16,728,000 | 11,282,000 | ||||||||||
Property Debt, Balance | $ 68,046,000 | |||||||||||
Property Debt, Maturity Date | Mar. 30, 2017 | |||||||||||
Property Debt, Interest Rate, LIBOR | [14] | L+2.25 | ||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | [14] | 2.25% | ||||||||||
RoseGarden Marbella South, L.L.C. [Member] | Construction Loan [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of extension options | item | 2 | |||||||||||
Loan extension period | 1 year | |||||||||||
Extension fee | 0.25% | |||||||||||
Maximum borrowing capacity | $ 77,400,000 | |||||||||||
Estuary Urban Renewal Unit B, LLC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of apartments | item | [1] | 227 | ||||||||||
Company's Effective Ownership % | [1],[2] | 7.50% | ||||||||||
Property Debt, Balance | [1] | $ 81,900,000 | ||||||||||
Property Debt, Maturity Date | [1] | Mar. 1, 1930 | ||||||||||
Property Debt, Interest Rate, LIBOR | [1],[15] | 4 | ||||||||||
Estuary Urban Renewal Unit B, LLC [Member] | Permanent Loan [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 57,000,000 | |||||||||||
RiverPark At Harrison I, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of apartments | item | 141 | [3] | 141 | |||||||||
Company's Effective Ownership % | 45.00% | [2],[3] | 36.00% | |||||||||
Carrying Amount | [3] | $ 2,544,000 | 4,744,000 | |||||||||
Property Debt, Balance | $ 30,000,000 | [3] | $ 30,000,000 | |||||||||
Property Debt, Maturity Date | [3] | Aug. 1, 2025 | ||||||||||
Property Debt, Interest Rate, LIBOR | [3],[16] | 3.70 | ||||||||||
RiverPark At Harrison I, L.L.C. [Member] | Permanent Loan [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 23,400,000 | |||||||||||
Capitol Place Mezz LLC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of apartments | item | 378 | |||||||||||
Company's Effective Ownership % | [2] | 50.00% | ||||||||||
Carrying Amount | $ 46,267,000 | 49,327,000 | ||||||||||
Property Debt, Balance | $ 100,700,000 | |||||||||||
Property Debt, Maturity Date | Jul. 1, 2033 | |||||||||||
Property Debt, Interest Rate | [17] | 4.82% | ||||||||||
Capitol Place Mezz LLC [Member] | Construction/Permanent Loan [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 100,700,000 | |||||||||||
Harborside Unit A Urban Renewal, LLC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of apartments | item | 763 | |||||||||||
Company's Effective Ownership % | [2] | 85.00% | ||||||||||
Carrying Amount | $ 96,799,000 | 34,954,000 | ||||||||||
Property Debt, Balance | $ 63,871,000 | |||||||||||
Property Debt, Maturity Date | Aug. 1, 2029 | |||||||||||
Property Debt, Interest Rate | [18] | 5.197% | ||||||||||
Harborside Unit A Urban Renewal, LLC [Member] | Construction/Permanent Loan [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 192,000,000 | |||||||||||
RoseGarden Monaco, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of apartments | item | 250 | |||||||||||
Company's Effective Ownership % | [2] | 41.67% | ||||||||||
Carrying Amount | $ 1,339,000 | 1,283,000 | ||||||||||
Grand Jersey Waterfront Urban Renewal Associates, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of apartments | item | 850 | |||||||||||
Company's Effective Ownership % | [2] | 50.00% | ||||||||||
Carrying Amount | $ 337,000 | 337,000 | ||||||||||
Red Bank Corporate Plaza, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Square feet | ft² | 92,878 | |||||||||||
Company's Effective Ownership % | [2] | 50.00% | ||||||||||
Carrying Amount | $ 4,140,000 | 3,963,000 | ||||||||||
Property Debt, Balance | $ 15,124,000 | |||||||||||
Property Debt, Maturity Date | May 17, 2016 | |||||||||||
Property Debt, Interest Rate | 3.99375% | |||||||||||
Property Debt, Interest Rate, LIBOR | [19] | L+3.00 | ||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | [19] | 3.00% | ||||||||||
Notional amount | $ 13,650,000 | |||||||||||
12 Vreeland Associates, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Square feet | ft² | 139,750 | |||||||||||
Company's Effective Ownership % | [2] | 50.00% | ||||||||||
Carrying Amount | $ 5,890,000 | 5,620,000 | ||||||||||
Property Debt, Balance | $ 12,543,000 | |||||||||||
Property Debt, Maturity Date | Jul. 1, 2023 | |||||||||||
Property Debt, Interest Rate | 2.87% | |||||||||||
BNES Associates III [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Square feet | ft² | 106,345 | |||||||||||
Company's Effective Ownership % | [2] | 31.25% | ||||||||||
Carrying Amount | $ 2,295,000 | 1,993,000 | ||||||||||
Property Debt, Balance | $ 6,133,000 | |||||||||||
Property Debt, Maturity Date | Nov. 1, 2023 | |||||||||||
Property Debt, Interest Rate | 4.76% | |||||||||||
Hillsborough 206 Holdings, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Square feet | ft² | 160,000 | |||||||||||
Company's Effective Ownership % | [2] | 50.00% | ||||||||||
Carrying Amount | $ 1,962,000 | 1,962,000 | ||||||||||
KPG-P 100 IMW JV, LLC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Square feet | ft² | 339,615 | |||||||||||
Company's Effective Ownership % | [2] | 33.33% | ||||||||||
Property Debt, Balance | $ 61,500,000 | |||||||||||
Property Debt, Maturity Date | Sep. 9, 2016 | |||||||||||
Property Debt, Interest Rate, LIBOR | [20] | L+7.00 | ||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | [20] | 7.00% | ||||||||||
Number of extension options | item | 2 | |||||||||||
Loan extension period | 1 year | |||||||||||
Keystone-Penn [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Square feet | ft² | 1,842,820 | [3] | 236,417 | |||||||||
Company's Effective Ownership % | [2],[3],[21] | |||||||||||
Carrying Amount | $ 0 | |||||||||||
Property Debt, Balance | 227,111,000 | [3],[22] | $ 45,500,000 | $ 31,800,000 | ||||||||
Keystone-Penn [Member] | Principal Balance Due August 27, 2023 [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Balance | $ 127,600,000 | |||||||||||
Property Debt, Maturity Date | Aug. 27, 2023 | |||||||||||
Property Debt, Interest Rate | 5.114% | |||||||||||
Keystone-Penn [Member] | Principal Balance Due September 6, 2026 [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Balance | $ 45,500,000 | |||||||||||
Property Debt, Maturity Date | Sep. 6, 2025 | |||||||||||
Property Debt, Interest Rate | 5.01% | |||||||||||
Keystone-Penn [Member] | Principal Balance Due August 27, 2016 [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Balance | $ 32,336,000 | |||||||||||
Property Debt, Maturity Date | Aug. 27, 2016 | |||||||||||
Keystone-Penn [Member] | Principal Balance Due August 27, 2016 [Member] | Minimum [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | 5.00% | |||||||||||
Keystone-Penn [Member] | Principal Balance Due August 27, 2016 [Member] | Maximum [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | 5.75% | |||||||||||
Keystone-Penn [Member] | Principal Balance Due January 9, 2019 [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Balance | $ 11,250,000 | |||||||||||
Property Debt, Maturity Date | Jan. 9, 2019 | |||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | 5.50% | |||||||||||
Keystone-Penn [Member] | Principal Balance Due August 31, 2016 [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Balance | $ 10,425,000 | |||||||||||
Property Debt, Maturity Date | Aug. 31, 2016 | |||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | 6.00% | |||||||||||
Keystone-Penn [Member] | Keystone Property Group [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Internal rate of return | 15.00% | |||||||||||
Keystone-Penn [Member] | Parent Company [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Internal rate of return | 10.00% | |||||||||||
Keystone-TriState [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Square feet | ft² | 1,266,384 | |||||||||||
Company's Effective Ownership % | [2],[23] | |||||||||||
Carrying Amount | $ 3,958,000 | 6,140,000 | ||||||||||
Property Debt, Balance | [24] | $ 208,476,000 | ||||||||||
Property Debt, Interest Rate | 4.88% | |||||||||||
Capital balance in properties in which senior pari passu interest is held | $ 4,000,000 | |||||||||||
Number of properties with senior pari passu interest | property | 5 | |||||||||||
Keystone-TriState [Member] | Principal Balance Due July 1, 2017 [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Balance | $ 42,107,000 | |||||||||||
Property Debt, Maturity Date | Jul. 1, 2017 | |||||||||||
Property Debt, Interest Rate | 4.95% | |||||||||||
Keystone-TriState [Member] | Principal Balance Due September 9, 2017 [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Balance | $ 73,670,000 | |||||||||||
Property Debt, Maturity Date | Sep. 9, 2017 | |||||||||||
Keystone-TriState [Member] | Principal Balance Due September 9, 2017 [Member] | Minimum [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Interest Rate | 5.65% | |||||||||||
Keystone-TriState [Member] | Principal Balance Due September 9, 2017 [Member] | Maximum [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Interest Rate | 6.75% | |||||||||||
Keystone-TriState [Member] | Principal Balance Due July 6, 2024 [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Balance | $ 14,250,000 | |||||||||||
Property Debt, Maturity Date | Jul. 6, 2024 | |||||||||||
Keystone-TriState [Member] | Principal Balance Due July 6, 2044 [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Balance | $ 63,400,000 | |||||||||||
Property Debt, Maturity Date | Jul. 6, 2044 | |||||||||||
Property Debt, Interest Rate | 4.93% | |||||||||||
Keystone-TriState [Member] | Principal Balance Due August 6, 2044 [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Balance | $ 15,050,000 | |||||||||||
Property Debt, Maturity Date | Aug. 6, 2044 | |||||||||||
Property Debt, Interest Rate | 4.71% | |||||||||||
Keystone-TriState [Member] | Keystone Property Group [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Internal rate of return | 15.00% | |||||||||||
Keystone-TriState [Member] | Parent Company [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Internal rate of return | 10.00% | |||||||||||
KPG-MCG Curtis JV, LLC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Square feet | ft² | [25],[26] | 885,000 | ||||||||||
Company's Effective Ownership % | [2],[25],[26] | 50.00% | ||||||||||
Carrying Amount | [25],[26] | $ 59,858,000 | 59,911,000 | |||||||||
Plaza VIII & IX Associates, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Square feet | ft² | 1,225,000 | |||||||||||
Company's Effective Ownership % | [2] | 50.00% | ||||||||||
Carrying Amount | $ 4,055,000 | 4,022,000 | ||||||||||
Roseland/North Retail, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Square feet | ft² | [1] | 30,745 | ||||||||||
Company's Effective Ownership % | [1],[2] | 20.00% | ||||||||||
Carrying Amount | [1] | $ 1,758,000 | 1,828,000 | |||||||||
South Pier At Harborside [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of apartments | item | [27],[28] | 350 | ||||||||||
Company's Effective Ownership % | [2],[27],[28] | 50.00% | ||||||||||
Property Debt, Balance | [27],[28] | $ 63,741,000 | ||||||||||
Accounts payable, accrued expenses and other liabilities | 3,317,000 | 1,854,000 | ||||||||||
Letter of credit | 3,600,000 | |||||||||||
South Pier At Harborside [Member] | Variable Rate Loan Due August 1, 2020 [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Balance | $ 3,594,000 | |||||||||||
Property Debt, Maturity Date | Aug. 1, 2020 | |||||||||||
Letter of credit | $ 3,600,000 | |||||||||||
South Pier At Harborside [Member] | Variable Rate Loan Due August 1, 2020 [Member] | Minimum [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Interest Rate | 6.09% | |||||||||||
South Pier At Harborside [Member] | Variable Rate Loan Due August 1, 2020 [Member] | Maximum [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Interest Rate | 6.62% | |||||||||||
Stamford SM LLC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Company's Effective Ownership % | [2],[29] | 80.00% | ||||||||||
Stamford SM LLC [Member] | Mezz Loan [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Collection of notes receivable | $ 47,200,000 | |||||||||||
Stamford SM LLC [Member] | Parent Company [Member] | Mezz Loan [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Collection of notes receivable | 37,800,000 | |||||||||||
Other [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Carrying Amount | [30] | $ 1,467,000 | 907,000 | |||||||||
The Shops At 40 Park Property [Member] | Rosewood Morristown, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Square feet | ft² | 50,973 | |||||||||||
Residual ownership interest | 12.50% | |||||||||||
Additional borrowing capacity | $ 1,000,000 | |||||||||||
The Shops At 40 Park Property [Member] | Rosewood Morristown, L.L.C. [Member] | Amortization Loan [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Balance | $ 6,455,000 | |||||||||||
Property Debt, Maturity Date | Aug. 1, 2018 | |||||||||||
Property Debt, Interest Rate | 3.63% | |||||||||||
Lofts At 40 Park Property [Member] | Rosewood Morristown, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of apartments | item | 59 | |||||||||||
Property Debt, Balance | $ 1,117,000 | |||||||||||
Property Debt, Maturity Date | Sep. 1, 2016 | |||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | 2.50% | |||||||||||
Indirect ownership interest | 25.00% | |||||||||||
Number of stories | item | 5 | |||||||||||
Metropolitan Property [Member] | Rosewood Morristown, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Balance | $ 38,410,000 | |||||||||||
Property Debt, Maturity Date | Sep. 1, 2020 | |||||||||||
Property Debt, Interest Rate | 3.25% | |||||||||||
Port Imperial North Land [Member] | Roseland/Port Imperial Partners, L.P. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of apartments | item | 836 | |||||||||||
Residual ownership interest | 20.00% | |||||||||||
Hotel [Member] | South Pier At Harborside [Member] | 6.15% Mortgage Loan Due November 2016 [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Balance | $ 60,147,000 | |||||||||||
Property Debt, Maturity Date | Nov. 1, 2016 | |||||||||||
Property Debt, Interest Rate | 6.15% | |||||||||||
Multi-Family Properties [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of apartments | item | 5,644 | |||||||||||
Overlook Ridge Properties [Member] | Consolidated Land [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Percentage of interest in developable land | 100.00% | |||||||||||
Overlook Ridge Properties [Member] | Consolidated Land [Member] | Minimum [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | 2.50% | |||||||||||
Overlook Ridge Properties [Member] | Consolidated Land [Member] | Maximum [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | 3.50% | |||||||||||
Overlook Ridge Properties [Member] | Multi-Family Properties [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Indirect ownership interest | 50.00% | |||||||||||
Number of properties in which additional interest was acquired during period | property | 2 | |||||||||||
Keystone Portfolio [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Capital balance in properties in which senior pari passu interest is held | $ 7,300,000 | |||||||||||
Number of properties with senior pari passu interest | property | 5 | |||||||||||
Sales proceeds | $ 196,800,000 | |||||||||||
Keystone Portfolio [Member] | Parent Company [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Internal rate of return | 10.00% | |||||||||||
Keystone Portfolio [Member] | Keystone Entities [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Internal rate of return | 15.00% | |||||||||||
[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] | Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable. | |||||||||||
[3] | See discussion in Recent Transactions following in this footnote. | |||||||||||
[4] | Property debt balance consists of: (i) a loan, collateralized by the Metropolitan at 40 Park, with a balance of $38,410, bears interest at 3.25 percent, matures in September 2020; (ii) an amortizable loan, collateralized by the Shops at 40 Park, with a balance of $6,455, bears interest at 3.63 percent, matures in August 2018; and (iii) a loan, collateralized by the Lofts at 40 Park, with a balance of $1,117, bears interest at LIBOR plus 250 basis points and matures in September 2016. The Shops at 40 Park mortgage loan also provides for additional borrowing proceeds of $1 million based on certain preferred thresholds being achieved. | |||||||||||
[5] | 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 December 31, 2015), and is not expected to meaningfully participate in the venture's cash flows in the near term. | |||||||||||
[6] | Through the joint venture, the Company also owns a 12.5 percent interest in a 50,973 square feet 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 | |||||||||||
[7] | 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 $52,000, for the period from September 3, 2013 to November 2, 2015. | |||||||||||
[8] | The permanent loan has a maximum borrowing amount of $80,249. | |||||||||||
[9] | The construction loan with a maximum borrowing amount of $91,000 converted to a permanent loan on February 27, 2015. | |||||||||||
[10] | 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. | |||||||||||
[11] | 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. | |||||||||||
[12] | 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. | |||||||||||
[13] | 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. | |||||||||||
[14] | 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. | |||||||||||
[15] | The construction loan with a maximum borrowing amount of $57,000 converted to a permanent loan on February 27, 2015. | |||||||||||
[16] | The construction loan with a maximum borrowing amount of $23,400 converted to a permanent loan on July 14, 2015. See discussion in Recent Transactions following in this footnote. | |||||||||||
[17] | The construction/permanent loan has a maximum borrowing amount of $100,700 with amortization starting in August 2017. | |||||||||||
[18] | The construction/permanent loan has a maximum borrowing amount of $192,000. | |||||||||||
[19] | 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. | |||||||||||
[20] | The mortgage loan has two one-year extension options, subject to certain conditions. | |||||||||||
[21] | The Company's equity interests in the joint ventures will be subordinated to Keystone Entities receiving a 15 percent internal rate of return ("IRR") after which the Company will receive a 10 percent IRR on its subordinate equity and then all profit will be split equally. See discussion in Recent Transactions following in this footnote. | |||||||||||
[22] | Principal balance of $127,600 bears interest at 5.114 percent and matures on August 27, 2023; principal balance of $45,500 bears interest at 5.01 percent and matures on September 6, 2025; principal balance of $32,336 bears interest at rates ranging from LIBOR+5.0 percent to LIBOR+5.75 percent and matures on August 27, 2016; principal balance of $11,250 bears interest at LIBOR+5.5 percent and matures on January 9, 2019; principal balance of $10,425 bears interest at LIBOR+6.0 percent matures on August 31, 2016. | |||||||||||
[23] | Includes the Company's pari-passu interests of $4.0 million in five properties and Company's subordinated equity interests to Keystone Entities receiving a 15 percent internal rate of return ("IRR") after which the Company will receive a 10 percent IRR on its subordinate equity and then all profit will be split equally. | |||||||||||
[24] | Principal balance of $42,107 bears interest at 4.95 percent and matures on July 1, 2017; principal balance of $73,670 bears interest at rates ranging from 5.65 percent to 6.75 percent and matures on September 9, 2017; principal balance of $14,250 bears interest at 4.88 percent and matures on July 6, 2024; principal balance of $63,400 bears interest at 4.93 percent and matures on July 6, 2044; principal balance of $15,050 bears interest at 4.71 percent and matures on August 6, 2044. | |||||||||||
[25] | Includes undivided interests in the same manner as investments in noncontrolling partnership, pursuant to ASC 970-323-25-12. | |||||||||||
[26] | See Note 10: Mortgages, Loans Payable and Other Obligations for debt secured by interests in these assets. | |||||||||||
[27] | Balance includes: (i) mortgage loan, collateralized by the hotel property, with a balance of $60,147, bears interest at 6.15 percent and matures in November 2016, and (ii) loan with a balance of $3,594, bears interest at fixed rates ranging from 6.09 percent to 6.62 percent and matures in August 1, 2020. The Company posted a $3.6 million letter of credit in support of this loan, half of which is indemnified by the partner. | |||||||||||
[28] | The negative carrying value for this venture of $3,317 and $1,854 as of December 31, 2015 and 2014, respectively, were included in accounts payable, accrued expenses and other liabilities. | |||||||||||
[29] | The joint venture collected net proceeds of $47.2 million at maturity, of which the Company received its share of $37.8 million on August 6, 2014. | |||||||||||
[30] | The Company owns other interests in various unconsolidated joint ventures, including interests in assets previously owned and interest in ventures whose businesses are related to its core operations. These ventures are not expected to significantly impact the Company's operations in the near term. |
Investments In Unconsolidated55
Investments In Unconsolidated Joint Ventures (Summary Of Company's Equity In Earnings (Loss) Of Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ (3,172) | $ (2,423) | $ (2,327) |
Marbella RoseGarden, L.L.C. [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings (loss) of unconsolidated joint ventures | 231 | (19) | (540) |
RoseGarden Monaco Holdings, L.L.C. [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings (loss) of unconsolidated joint ventures | (1,224) | (1,040) | (1,560) |
Rosewood Lafayette Holdings, L.L.C. [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings (loss) of unconsolidated joint ventures | (62) | (853) | (1,131) |
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 | (364) | (345) | (509) |
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 | (371) | (384) | 293 |
PruRose Riverwalk G, L.L.C. [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings (loss) of unconsolidated joint ventures | (955) | (2,139) | (985) |
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 | (203) | (345) | |
Crystal House Apartments Investors LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings (loss) of unconsolidated joint ventures | (123) | (139) | (2,639) |
Portside Master Company, L.L.C. [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings (loss) of unconsolidated joint ventures | (1,736) | (1,163) | (421) |
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 | (988) | (863) | (664) |
Roseland/Port Imperial Partners, L.P. [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings (loss) of unconsolidated joint ventures | (474) | (646) | (740) |
RoseGarden Marbella South, L.L.C. [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings (loss) of unconsolidated joint ventures | (57) | ||
Estuary Urban Renewal Unit B, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings (loss) of unconsolidated joint ventures | 1 | (15) | (157) |
RiverPark At Harrison I, L.L.C. [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings (loss) of unconsolidated joint ventures | (363) | (150) | |
Capitol Place Mezz LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings (loss) of unconsolidated joint ventures | (3,687) | (75) | |
Harborside Unit A Urban Renewal, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings (loss) of unconsolidated joint ventures | (218) | ||
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 | (32) | (54) | (77) |
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 | 392 | 380 | 372 |
12 Vreeland Associates, L.L.C. [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings (loss) of unconsolidated joint ventures | 270 | 106 | 74 |
BNES Associates III [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings (loss) of unconsolidated joint ventures | 115 | 240 | (14) |
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) | (10) | (35) |
KPG-P 100 IMW JV, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings (loss) of unconsolidated joint ventures | (800) | (1,887) | (913) |
Keystone-Penn [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings (loss) of unconsolidated joint ventures | 3,812 | ||
Keystone-TriState [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings (loss) of unconsolidated joint ventures | (2,182) | (318) | |
KPG-MCG Curtis JV, LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings (loss) of unconsolidated joint ventures | 475 | 624 | |
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 | 344 | 320 | 99 |
Roseland/North Retail, L.L.C. [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings (loss) of unconsolidated joint ventures | (70) | (102) | (230) |
South Pier At Harborside [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings (loss) of unconsolidated joint ventures | 3,036 | 2,602 | 2,519 |
Stamford SM LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings (loss) of unconsolidated joint ventures | 2,337 | 3,719 | |
Other [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ 1,588 | $ 1,591 | $ 2,220 |
Investments In Unconsolidated56
Investments In Unconsolidated Joint Ventures (Summary Of Financial Position Of Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investments In Unconsolidated Joint Ventures [Abstract] | ||
Rental property, net | $ 1,781,621 | $ 1,534,812 |
Other assets | 307,000 | 398,222 |
Total assets | 2,088,621 | 1,933,034 |
Mortgages and loans payable | 1,298,293 | 1,060,020 |
Other liabilities | 215,951 | 211,340 |
Partners'/members' capital | 574,377 | 661,674 |
Total liabilities and partners'/members' capital | $ 2,088,621 | $ 1,933,034 |
Investments In Unconsolidated57
Investments In Unconsolidated Joint Ventures (Summary Of Results Of Operations Of Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investments In Unconsolidated Joint Ventures [Abstract] | |||
Total revenues | $ 318,980 | $ 305,034 | $ 255,510 |
Operating and other expenses | (220,982) | (233,320) | (217,739) |
Depreciation and amortization | (71,711) | (42,985) | (32,889) |
Interest expense | (52,972) | (32,862) | (16,709) |
Net loss | $ (26,685) | $ (4,133) | $ (11,827) |
Deferred Charges, Goodwill An58
Deferred Charges, Goodwill And Other Assets, Net (Schedule Of Deferred Charges, Goodwill And Other Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Deferred Charges, Goodwill And Other Assets [Line Items] | ||||
Deferred leasing costs | $ 239,690 | $ 239,138 | ||
Deferred financing costs | 23,723 | 24,042 | ||
Deferred charges, gross | 263,413 | 263,180 | ||
Accumulated amortization | (126,816) | (122,358) | ||
Deferred charges, net | 136,597 | 140,822 | ||
Notes receivable | [1] | 13,496 | 21,491 | |
In-place lease values, related intangibles and other assets, net | 10,931 | 6,565 | ||
Goodwill | 2,945 | 2,945 | ||
Prepaid expenses and other assets, net | [2] | 49,408 | 32,827 | |
Total deferred charges, goodwill and other assets, net | 213,377 | 204,650 | ||
Lease revenue | 487,041 | 516,727 | $ 540,165 | |
Acquired Above And Below Market Lease Intangibles [Member] | ||||
Deferred Charges, Goodwill And Other Assets [Line Items] | ||||
Lease revenue | 200 | $ 700 | $ 1,500 | |
Acquisition-related Costs [Member] | ||||
Deferred Charges, Goodwill And Other Assets [Line Items] | ||||
Deposits for acquisitions and developments | 15,100 | |||
Mortgage Receivable [Member] | ||||
Deferred Charges, Goodwill And Other Assets [Line Items] | ||||
Notes receivable | $ 10,400 | |||
Spread over LIBOR | 6.00% | |||
Interest-Free Notes Receivable [Member] | ||||
Deferred Charges, Goodwill And Other Assets [Line Items] | ||||
Notes receivable | $ 3,100 | |||
[1] | Includes as of December 31, 2015: a mortgage receivable for $10.4 million which bears interest at LIBOR plus six percent and matures in August 2016; and an interest-free note receivable with a net present value of $3.1 million and matures in April 2023. The Company believes these balances are fully collectible. | |||
[2] | Includes as of December 31, 2015, deposits of $15.1 million for acquisitions and developments. |
Deferred Charges, Goodwill An59
Deferred Charges, Goodwill And Other Assets (Summary Of Scheduled Amortization) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
2,016 | $ (431) | ||
2,017 | (369) | ||
2,018 | (356) | ||
2,019 | (373) | ||
2,020 | (320) | ||
Above-Market Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
2,016 | (776) | ||
2,017 | (708) | ||
2,018 | (645) | ||
2,019 | (529) | ||
2,020 | (341) | ||
Acquired Below-Market Lease Intangibles [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
2,016 | 345 | ||
2,017 | 339 | ||
2,018 | 289 | ||
2,019 | 156 | ||
2,020 | 21 | ||
In-Place Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
2,016 | 2,399 | ||
2,017 | 2,093 | ||
2,018 | 1,175 | ||
2,019 | 979 | ||
Amortization expense | $ 1,400 | $ 6,900 | $ 10,700 |
Deferred Charges, Goodwill an60
Deferred Charges, Goodwill and Other Assets, Net (Summary Of Notional Amount And Fair Value Of Derivative Financial Instruments) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Derivatives, Fair Value [Line Items] | |||
Fair Value | $ 2,000 | $ 95,000 | |
Loss In Derivative Financial Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Interest and other investment income (loss) | (93,000) | (79,000) | |
LIBOR Cap One [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Value | [1] | $ 51,000,000 | |
Strike Rate | 1.50% | ||
Effective Date | Sep. 1, 2014 | ||
Expiration Date | Oct. 1, 2015 | ||
Fair Value | 1,000 | ||
LIBOR Cap Two [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Value | [1] | $ 24,000,000 | |
Strike Rate | 1.50% | ||
Effective Date | Sep. 1, 2014 | ||
Expiration Date | Oct. 1, 2015 | ||
Fair Value | 1,000 | ||
LIBOR Cap Three [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Value | [1] | $ 51,000,000 | |
Strike Rate | 1.75% | ||
Effective Date | Oct. 1, 2015 | ||
Expiration Date | Oct. 1, 2016 | ||
Fair Value | $ 1,000 | 64,000 | |
LIBOR Cap Four [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Value | [1] | $ 24,000,000 | |
Strike Rate | 1.75% | ||
Effective Date | Oct. 1, 2015 | ||
Expiration Date | Oct. 1, 2016 | ||
Fair Value | $ 1,000 | $ 29,000 | |
[1] | The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks. |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Restricted Cash [Abstract] | ||
Security deposits | $ 7,785 | $ 7,795 |
Escrow and other reserve funds | 27,558 | 26,450 |
Total restricted cash | $ 35,343 | $ 34,245 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)ft²item | Dec. 31, 2014USD ($)ft²property | Dec. 31, 2013USD ($)ft²propertyitem | |
Discontinued Operations [Abstract] | |||
Number of properties sold | 6 | 16 | 24 |
Area of property sold (in square feet) | ft² | 690,315 | 2,610,931 | 3,000,000 |
Number of land parcels sold | item | 3 | ||
Sales proceeds | $ | $ 148,256 | $ 319,239 | $ 390,600 |
Discontinued Operations (Summar
Discontinued Operations (Summary Of Income From Discontinued Operations And Related Realized And Unrealized Gains (Losses)) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Discontinued Operations [Abstract] | ||||
Total revenues | $ 33,601 | |||
Operating and other expenses | (13,454) | |||
Depreciation and amortization | (8,218) | |||
Interest expense | (118) | |||
Income from discontinued operations | 11,811 | |||
Loss from early extinguishment of debt | (703) | |||
Impairments | [1] | (23,851) | ||
Realized gains on disposition of rental property | 83,371 | |||
Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net | 59,520 | |||
Total discontinued operations, net | 70,628 | |||
Valuation allowance | $ 22,400 | |||
Sales proceeds | 148,256 | $ 319,239 | $ 390,600 | |
Gain (loss) on sale of property | 53,261 | 54,848 | ||
Rental property held for sale, net | 94,995 | 264,391 | ||
Accumulated depreciation | $ 1,464,482 | $ 1,414,305 | ||
[1] | Represents impairment charges recorded on certain properties prior to their sale. |
Senior Unsecured Notes (Narrati
Senior Unsecured Notes (Narrative) (Details) $ in Thousands | Jan. 07, 2016USD ($)item | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Debt Instrument [Line Items] | |||||
Senior Unsecured Notes | $ 1,268,844 | $ 1,267,744 | |||
Repayments of senior unsecured notes | 350,000 | $ 100,000 | |||
3.12% Senior Unsecured Notes Due January 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Maturity date of the senior unsecured notes | Jan. 1, 2019 | ||||
5.800% Senior Unsecured Notes, Due January 15, 2016 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Unsecured Notes | [1] | $ 200,010 | $ 200,086 | ||
Interest rate of senior unsecured notes | [1] | 5.80% | |||
Maturity date of the senior unsecured notes | [1] | Jan. 15, 2016 | |||
Subsequent Event [Member] | 3.12% Senior Unsecured Notes Due January 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Unsecured Notes | $ 350,000 | ||||
Interest rate of senior unsecured notes | 3.12% | ||||
Number of extension options | item | 2 | ||||
Loan extension period | 1 year | ||||
Spread over LIBOR | 1.40% | ||||
Subsequent Event [Member] | 5.800% Senior Unsecured Notes, Due January 15, 2016 [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of senior unsecured notes | $ 200,000 | ||||
[1] | On January 15, 2016, the Company repaid these notes at their maturity using proceeds from a new unsecured term loan and borrowings under the Company's unsecured revolving credit facility. |
Senior Unsecured Notes (Summary
Senior Unsecured Notes (Summary Of Senior Unsecured Notes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Debt Instrument [Line Items] | |||||
Senior Unsecured Notes | $ 1,267,744 | $ 1,268,844 | $ 1,267,744 | ||
Loss from early extinguishment of debt | 582 | 582 | $ 156 | ||
5.800% Senior Unsecured Notes, Due January 15, 2016 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Unsecured Notes | [1] | 200,086 | $ 200,010 | 200,086 | |
Effective rate | [1],[2] | 5.806% | |||
Interest rate of senior unsecured notes | [1] | 5.80% | |||
Maturity date of the senior unsecured notes | [1] | Jan. 15, 2016 | |||
2.500% Senior Unsecured Notes Due December 15, 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Unsecured Notes | 249,150 | $ 249,446 | 249,150 | ||
Effective rate | [2] | 2.803% | |||
Interest rate of senior unsecured notes | 2.50% | ||||
Maturity date of the senior unsecured notes | Dec. 15, 2017 | ||||
7.750% Senior Unsecured Notes, Due August 15, 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Unsecured Notes | 249,013 | $ 249,227 | 249,013 | ||
Effective rate | [2] | 8.017% | |||
Interest rate of senior unsecured notes | 7.75% | ||||
Maturity date of the senior unsecured notes | Aug. 15, 2019 | ||||
4.500% Senior Unsecured Notes Due April 18, 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Unsecured Notes | 299,565 | $ 299,624 | 299,565 | ||
Effective rate | [2] | 4.612% | |||
Interest rate of senior unsecured notes | 4.50% | ||||
Maturity date of the senior unsecured notes | Apr. 18, 2022 | ||||
3.150% Senior Unsecured Notes, Due May 15, 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Unsecured Notes | $ 269,930 | $ 270,537 | $ 269,930 | ||
Effective rate | [2] | 3.517% | |||
Interest rate of senior unsecured notes | 3.15% | ||||
Maturity date of the senior unsecured notes | May 15, 2023 | ||||
[1] | On January 15, 2016, the Company repaid these notes at their maturity using proceeds from a new unsecured term loan and borrowings under the Company's 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 Fa66
Unsecured Revolving Credit Facility (Narrative) (Details) | Jul. 15, 2013USD ($) | Dec. 31, 2015USD ($)itementity | Dec. 31, 2014USD ($) |
Line of Credit Facility [Line Items] | |||
Outstanding borrowings under the facility | $ 155,000,000 | $ 0 | |
Unsecured Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Number of lending institutions | entity | 17 | ||
Borrowing capacity under the credit facility | $ 600,000,000 | ||
Expandable borrowing capacity under the credit facility | $ 1,000,000,000 | ||
Credit facility maturity date | Jul. 1, 2017 | ||
Number of extension options | item | 2 | ||
Credit facility, extension period | 6 months | ||
Line of credit facility, bid feature, current borrowing capacity | $ 300,000,000 | ||
Terms of the unsecured facility | The terms of the unsecured facility include certain restrictions and covenants which limit, among other things the incurrence of additional indebtedness, the incurrence of liens and the disposition of real estate properties (to the extent that: (i) such property dispositions cause the Company to default on any of the financial ratios of the facility described below, or (ii) the property dispositions are completed while the Company is under an event of default under the facility, unless, under certain circumstances, such disposition is being carried out to cure such default), and which require compliance with financial ratios relating to the maximum leverage ratio (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 under its revolving credit facility as of December 31, 2015. | ||
Unsecured Revolving Credit Facility Extension 1 [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit facility extension fee, basis points | 0.075% | ||
Unsecured Revolving Credit Facility Extension 2 [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit facility extension fee, basis points | 0.075% | ||
Previous Unsecured Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Borrowing capacity under the credit facility | $ 600,000,000 | ||
Credit facility extension fee, basis points | 0.25% | ||
Spread over LIBOR | 1.25% | ||
Minimum [Member] | Unsecured Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Fixed charge coverage ratio | item | 1.5 | ||
Unencumbered property interest coverage | item | 2 | ||
Maximum [Member] | Unsecured Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Leverage ratio | 60.00% | ||
Secured indebtedness | 40.00% | ||
Unsecured indebtedness | 60.00% | ||
Investment limitations as a percentage of total capitalization | 15.00% |
Unsecured Revolving Credit Fa67
Unsecured Revolving Credit Facility (Change In The Operating Partnership's Unsecured Debt Ratings) (Details) - Unsecured Revolving Credit Facility [Member] | 12 Months Ended |
Dec. 31, 2015 | |
No Ratings Or Less Than Baa3 [Member] | No Ratings Or Less Than BBB- [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | No ratings or less than BBB-/Baa3 |
Interest Rate - Applicable Basis Points Above LIBOR | 1.70% |
Facility Fee Basis Points | 0.35% |
Baa3 [Member] | BBB- [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB- or Baa3 (current) |
Interest Rate - Applicable Basis Points Above LIBOR | 1.30% |
Facility Fee Basis Points | 0.30% |
Baa2 [Member] | BBB [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB or Baa2 |
Interest Rate - Applicable Basis Points Above LIBOR | 1.10% |
Facility Fee Basis Points | 0.20% |
Baa1 [Member] | BBB+ [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB+ or Baa1 |
Interest Rate - Applicable Basis Points Above LIBOR | 1.00% |
Facility Fee Basis Points | 0.15% |
A3 Or Higher [Member] | A- Or Higher [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | A- or A3 or higher |
Interest Rate - Applicable Basis Points Above LIBOR | 0.925% |
Facility Fee Basis Points | 0.125% |
Mortgages, Loans Payable And 68
Mortgages, Loans Payable And Other Obligations (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)propertyitem | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Debt Instrument [Line Items] | |||
Cash paid for interest | $ 115,123,000 | $ 119,664,000 | $ 123,213,000 |
Interest capitalized | 16,217,000 | 15,470,000 | 12,885,000 |
Total indebtedness | $ 2,154,920,000 | $ 2,088,654,000 | |
Total indebtedness, weighted average interest rate | 5.22% | 5.64% | |
Projects Under Development And Developable Land [Member] | |||
Debt Instrument [Line Items] | |||
Number of projects with encumbered company mortgages | item | 4 | ||
Carrying value of encumbered properties | $ 215,000,000 | ||
Other Property [Member] | |||
Debt Instrument [Line Items] | |||
Number of properties with encumbered company mortgages | property | 23 | ||
Carrying value of encumbered properties | $ 739,000,000 | ||
Revolving Credit Facility Borrowing And Other Variable Rate Mortgage Debt [Member] | |||
Debt Instrument [Line Items] | |||
Total indebtedness | $ 292,399,000 | $ 159,860,000 | |
Total indebtedness, weighted average interest rate | 2.81% | 3.83% | |
Fixed Rate Debt And Other Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Total indebtedness | $ 1,862,521,000 | $ 1,928,794,000 | |
Total indebtedness, weighted average interest rate | 5.60% | 5.79% | |
Unconsolidated Joint Venture [Member] | |||
Debt Instrument [Line Items] | |||
Interest capitalized | $ 5,325,000 | $ 4,646,000 | $ 1,326,000 |
Mortgages, Loans Payable And 69
Mortgages, Loans Payable And Other Obligations (Summary Of Mortgages, Loans Payable And Other Obligations) (Details) $ in Thousands | Mar. 27, 2015 | Aug. 15, 2014 | Dec. 31, 2015USD ($)propertyitem | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | ||
Debt Instrument [Line Items] | |||||||
Mortgages, loans payable and other obligations | $ 731,076 | $ 820,910 | |||||
Loss from early extinguishment of debt | $ 703 | ||||||
Repayment of mortgages, loans payable and other obligations | $ 43,133 | 83,808 | $ 20,715 | ||||
Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Percentage of interest in venture | 7.50% | ||||||
Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Percentage of interest in venture | 85.00% | ||||||
Overlook - Site IIID, IIIC, IIIA, And IIB [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Property Name | [1] | Overlook - Site IIID,IIIC, IIIA & Overlook - Site IIB | |||||
Lender | [1] | Wells Fargo Bank N.A. | |||||
Mortgages, loans payable and other obligations | [1] | 23,047 | |||||
10 Independence, 4 Sylvan, 210 Clay, And 5 Becker [Member} | |||||||
Debt Instrument [Line Items] | |||||||
Property Name | [2] | 10 Independence, 4 Sylvan, 210 Clay, & 5 Becker | |||||
Lender | [2] | Wells Fargo CMBS | |||||
Mortgages, loans payable and other obligations | [2] | 58,696 | |||||
10 Independence, 4 Sylvan, 210 Clay, And 5 Becker [Member} | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Property Debt, Interest Rate, Spread Over LIBOR | 10.26% | ||||||
10 Independence, 4 Sylvan, 210 Clay, And 5 Becker [Member} | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Property Debt, Interest Rate, Spread Over LIBOR | 19.45% | ||||||
6 Becker, 85 Livingston, 75 Livingston & 20 Waterview [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Property Name | 6 Becker, 85 Livingston, 75 Livingston & 20 Waterview | ||||||
Lender | Wells Fargo CMBS | ||||||
Effective rate | [3] | 10.26% | |||||
Mortgages, loans payable and other obligations | $ 63,279 | 65,035 | |||||
Loan maturity date | [4] | Aug. 11, 2014 | |||||
Number of properties used to collateralized mortgage | property | 4 | ||||||
9200 Edmonston Road [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Property Name | 9200 Edmonston Road | ||||||
Lender | Principal Commercial Funding L.L.C. | ||||||
Effective rate | [3] | 9.78% | |||||
Mortgages, loans payable and other obligations | $ 3,793 | 3,951 | |||||
Loan maturity date | [5] | May 1, 2015 | |||||
Port Imperial South [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Property Name | Port Imperial South | ||||||
Lender | Wells Fargo Bank N.A. | ||||||
LIBOR | [3] | LIBOR+1.75 | |||||
Property Debt, Interest Rate, Spread Over LIBOR | 1.75% | ||||||
Mortgages, loans payable and other obligations | $ 34,962 | 44,119 | |||||
Loan maturity date | [6] | Jan. 17, 2016 | |||||
4 Becker [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Property Name | 4 Becker | ||||||
Lender | Wells Fargo CMBS | ||||||
Effective rate | [3] | 9.55% | |||||
Mortgages, loans payable and other obligations | $ 40,083 | 39,421 | |||||
Loan maturity date | May 11, 2016 | ||||||
Curtis Center [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Property Name | [7] | Curtis Center (g) | |||||
Lender | [7] | CCRE & PREFG | |||||
LIBOR | [3],[7],[8] | LIBOR+5.912 | |||||
Property Debt, Interest Rate, Spread Over LIBOR | [8] | 5.912% | |||||
Mortgages, loans payable and other obligations | [7] | $ 64,000 | 64,000 | ||||
Loan maturity date | [7] | Oct. 9, 2016 | |||||
Percentage of interest in venture | 50.00% | ||||||
Number of extension options | item | 3 | ||||||
Loan extension period | 1 year | ||||||
Deferred financing costs amortization interest rate | 1.362% | ||||||
Curtis Center [Member] | Senior Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Effective rate | 3.491% | ||||||
Property Debt, Interest Rate, Spread Over LIBOR | 3.29% | ||||||
Mortgages, loans payable and other obligations | $ 102,000 | ||||||
Percentage of interest in venture | 50.00% | ||||||
LIBOR measurement period | 1 month | ||||||
Curtis Center [Member] | Mezzanine Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Effective rate | 9.831% | ||||||
Property Debt, Interest Rate, Spread Over LIBOR | 9.50% | ||||||
Mortgages, loans payable and other obligations | $ 26,000 | ||||||
Percentage of interest in venture | 50.00% | ||||||
Maximum borrowing capacity | $ 48,000 | ||||||
LIBOR measurement period | 1 month | ||||||
Various [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Property Name | [9] | Various (i) | |||||
Lender | [9] | Prudential Insurance | |||||
Effective rate | [3],[9] | 6.332% | |||||
Mortgages, loans payable and other obligations | [9] | $ 143,513 | 145,557 | ||||
Loan maturity date | [9] | Jan. 15, 2017 | |||||
Number of properties used to collateralized mortgage | property | 7 | ||||||
Repayment of mortgages, loans payable and other obligations | $ 61,100 | ||||||
150 Main St [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Property Name | 150 Main St. | ||||||
Lender | Webster Bank | ||||||
LIBOR | [3] | LIBOR+2.35 | |||||
Property Debt, Interest Rate, Spread Over LIBOR | 2.35% | ||||||
Mortgages, loans payable and other obligations | $ 10,937 | 1,193 | [10] | ||||
Loan maturity date | Mar. 30, 2017 | ||||||
150 Main St [Member] | Construction Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | $ 28,800 | ||||||
23 Main Street [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Property Name | 23 Main Street | ||||||
Lender | JPMorgan CMBS | ||||||
Effective rate | [3] | 5.587% | |||||
Mortgages, loans payable and other obligations | $ 28,541 | 29,210 | |||||
Loan maturity date | Sep. 1, 2018 | ||||||
Harborside Plaza 5 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Property Name | Harborside Plaza 5 | ||||||
Lender | The Northwestern Mutual Life Insurance Co. & New York Life Insurance Co. | ||||||
Effective rate | [3] | 6.842% | |||||
Mortgages, loans payable and other obligations | $ 217,736 | 221,563 | |||||
Loan maturity date | Nov. 1, 2018 | ||||||
100 Walnut Avenue [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Property Name | 100 Walnut Avenue | ||||||
Lender | Guardian Life Insurance Co. | ||||||
Effective rate | [3] | 7.311% | |||||
Mortgages, loans payable and other obligations | $ 18,273 | 18,542 | |||||
Loan maturity date | Feb. 1, 2019 | ||||||
One River Center [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Property Name | [11] | One River Center (k) | |||||
Lender | [11] | Guardian Life Insurance Co. | |||||
Effective rate | [3],[11] | 7.311% | |||||
Mortgages, loans payable and other obligations | [11] | $ 41,859 | 42,476 | ||||
Loan maturity date | [11] | Feb. 1, 2019 | |||||
Number of properties used to collateralized mortgage | property | 3 | ||||||
Park Square [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Property Name | Park Square | ||||||
Lender | Wells Fargo Bank N.A. | ||||||
LIBOR | [3],[12] | LIBOR+1.872 | |||||
Property Debt, Interest Rate, Spread Over LIBOR | [12] | 1.872% | |||||
Mortgages, loans payable and other obligations | $ 27,500 | 27,500 | |||||
Loan maturity date | Apr. 10, 2019 | ||||||
Deferred financing costs amortization interest rate | 0.122% | ||||||
Port Imperial South 4/5 Retail [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Property Name | Port Imperial South 4/5 Retail | ||||||
Lender | American General Life & A/G PC | ||||||
Effective rate | [3] | 4.559% | |||||
Mortgages, loans payable and other obligations | $ 4,000 | 4,000 | |||||
Loan maturity date | Dec. 1, 2021 | ||||||
Port Imperial South 4/5 Garage [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Property Name | Port Imperial South 4/5 Garage | ||||||
Lender | American General Life & A/G PC | ||||||
Effective rate | [3] | 4.853% | |||||
Mortgages, loans payable and other obligations | $ 32,600 | $ 32,600 | |||||
Loan maturity date | Dec. 1, 2029 | ||||||
Unsecured Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | $ 600,000 | ||||||
Number of extension options | item | 2 | ||||||
Unsecured Revolving Credit Facility [Member] | Overlook - Site IIID, IIIC, IIIA, And IIB [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Property Debt, Interest Rate, Spread Over LIBOR | 2.50% | ||||||
Unsecured Revolving Credit Facility [Member] | Overlook - Site IIID, IIIC, IIIA, And IIB [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Property Debt, Interest Rate, Spread Over LIBOR | 3.50% | ||||||
Consolidated Land [Member] | Overlook Ridge Properties [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Percentage of interest in developable land | 100.00% | ||||||
Consolidated Land [Member] | Overlook Ridge Properties [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Property Debt, Interest Rate, Spread Over LIBOR | 2.50% | ||||||
Consolidated Land [Member] | Overlook Ridge Properties [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Property Debt, Interest Rate, Spread Over LIBOR | 3.50% | ||||||
[1] | On March 27, 2015, the Company repaid these loans, which had interest rates ranging from LIBOR plus 2.50 to 3.50 percent, at par, using borrowings on the Company's unsecured revolving credit facility. | ||||||
[2] | During the year ended December 31, 2015, the Company transferred the deeds for these properties to the lender in satisfaction of its obligations on the loans with interest rates ranging from 10.260% to 19.450%. See Note 3: Recent Transactions - Dispositions. | ||||||
[3] | 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. | ||||||
[4] | Mortgage is cross collateralized by the four properties. The loan was not repaid at maturity and the Company is in discussions with the lender regarding potential options in satisfaction of the obligation. | ||||||
[5] | 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. The mortgage loan was not repaid at maturity on May 1, 2015. The Company is in discussions with the lender regarding a further extension of the loan. | ||||||
[6] | The loan was repaid in full at maturity, using borrowings from the Company's revolving credit facility. | ||||||
[7] | The Company owns a 50 percent tenants-in-common interest in the Curtis Center property. The Company's $64.0 million loan consists of its 50 percent interest in a $102 million senior loan with a current rate of 3.491 percent at December 31, 2015 and its 50 percent interest in a $26 million mezzanine loan (with a maximum borrowing capacity of $48 million) with a current rate of 9.831 percent at December 31, 2015. The senior loan rate is based on a floating rate of one-month LIBOR plus 329 basis points and the mezzanine loan rate is based on a floating rate of one-month LIBOR plus 950 basis points. The Company has entered into LIBOR caps for the periods of the loans. The loans provide for three one-year extension options. | ||||||
[8] | The effective interest rate includes amortization of deferred financing costs of 1.362 percent. | ||||||
[9] | Mortgage is cross collateralized by seven properties. The Company has agreed, subject to certain conditions, to guarantee repayment of $61.1 million of the loan. | ||||||
[10] | This construction loan has a maximum borrowing capacity of $28.8 million. | ||||||
[11] | Mortgage is collateralized by the three properties comprising One River Center | ||||||
[12] | The effective interest rate includes amortization of deferred financing costs of 0.122 percent. |
Mortgages, Loans Payable And 70
Mortgages, Loans Payable And Other Obligatons (Schedule Of Principal Payments) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Disclosure [Abstract] | |||
Scheduled Amortization, 2016 | $ 8,125,000 | ||
Scheduled Amortization, 2017 | 7,275,000 | ||
Scheduled Amortization, 2018 | 7,311,000 | ||
Scheduled Amortization, 2019 | 723,000 | ||
Scheduled Amortization, 2020 | 569,000 | ||
Scheduled Amortization, Thereafter | 5,759,000 | ||
Scheduled Amortization, Sub-total | 29,762,000 | ||
Adjustment for unamortized debt discount, net, as of December 31, 2015 | (6,704,000) | ||
Scheduled Ammortization, Total | 23,058,000 | ||
Principal Maturities, 2016 | 406,465,000 | ||
Principal Maturities, 2017 | 557,088,000 | ||
Principal Maturities, 2018 | 231,536,000 | ||
Principal Maturities, 2019 | 331,567,000 | ||
Principal Maturities, Thereafter | 605,206,000 | ||
Principal Maturities, Sub-total | 2,131,862,000 | ||
Principal Maturities, Total | 2,131,862,000 | ||
Total, 2016 | 414,590,000 | ||
Total, 2017 | 564,363,000 | ||
Total, 2018 | 238,847,000 | ||
Total, 2019 | 332,290,000 | ||
Total, 2020 | 569,000 | ||
Total, Thereafter | 610,965,000 | ||
Total, Sub-total | 2,161,624,000 | ||
Adjustment for unamortized debt discount/premium, net, as of December 31, 2015 | $ (6,704,000) | ||
Total | $ 2,154,920,000 | $ 2,088,654,000 |
Employee Benefit 401(k) Plans71
Employee Benefit 401(k) Plans And Deferred Retirement Compensation Agreements (Details) - USD ($) | May. 11, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 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 | $ 970,000 | $ 0 | $ 117,000 | |
Minimum [Member] | ||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Employer contribution vesting period | 2 years | |||
Maximum [Member] | ||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Employer contribution vesting period | 6 years | |||
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] | ||||
Expenses for employee benefit plan | $ 2,300,000 | |||
Deferred Retirement Compensation Units [Member] | ||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Expenses for employee benefit plan | $ 0 | $ 2,957,000 | $ 595,000 |
Disclosure Of Fair Value Of A72
Disclosure Of Fair Value Of Assets And Liabilities (Narrative) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure Of Fair Value Of Assets And Liabilities [Abstract] | ||
Fair value of Company's long-term debt | $ 2,160,034,000 | $ 2,133,214,000 |
Book value of Company's long-term debt | $ 2,154,920,000 | $ 2,088,654,000 |
Disclosure Of Fair Value Of A73
Disclosure Of Fair Value Of Assets And Liabilities (Schedule Of Valuation Techniques And Significant Unobservable Inputs) (Details) - Level 3 [Member] - Discounted Cash Flow [Member] | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Discount Rate [Member] | Suburban [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Fair value | $ 404,863,000 |
Discount Rate [Member] | Suburban [Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate | 8.00% |
Discount Rate [Member] | Suburban [Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate | 15.00% |
Discount Rate [Member] | Central Business District [Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate | 6.00% |
Discount Rate [Member] | Central Business District [Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate | 9.50% |
Exit Capitalization Rate [Member] | Suburban [Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate | 7.50% |
Exit Capitalization Rate [Member] | Suburban [Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate | 9.00% |
Exit Capitalization Rate [Member] | Central Business District [Member] | Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate | 5.00% |
Exit Capitalization Rate [Member] | Central Business District [Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate | 5.75% |
Commitments And Contingencies74
Commitments And Contingencies (Tax Abatement Agreements) (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 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) | $ 990,000 | $ 990,000 | $ 990,000 |
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) | $ 3,400,000 | $ 3,400,000 | $ 3,400,000 |
Port Imperial South 4/5 Garage [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 Contingencies75
Commitments And Contingencies (Ground Lease Agreements) (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments And Contingencies [Abstract] | |||
Ground lease expense incurred | $ 406,000 | $ 406,000 | $ 406,000 |
Commitments And Contingencies76
Commitments And Contingencies (Roseland Contingent Consideration) (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 23, 2012 | |
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||
(Increase) decrease in accounts receivable, net | $ 2,178,000 | $ (355,000) | $ (248,000) | |||||||||
Interest and other investment income | $ 231,000 | $ 5,000 | $ 291,000 | $ 267,000 | $ 1,399,000 | $ 908,000 | $ 922,000 | $ 386,000 | ||||
Roseland Partners, L.L.C. [Member] | ||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||
Fair value of contingent consideration | $ 0 | 0 | $ 10,000,000 | |||||||||
Benefit related to change in fair value of Earn Out liability | 219,000 | |||||||||||
Interest and other investment income | $ 1,500,000 | $ 2,300,000 | ||||||||||
Purchase accounting adjustments | $ 0 | |||||||||||
Completion/Start Of Certain Developments [Member] | Minimum [Member] | ||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||
Probability of occurrence | 92.00% | 92.00% | ||||||||||
Completion/Start Of Certain Developments [Member] | Maximum [Member] | ||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||
Probability of occurrence | 99.00% | 99.00% | ||||||||||
Obtaining Of Tax Credits/Grants [Member] | ||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||
Probability of occurrence | 50.00% | 50.00% |
Commitments And Contingencies77
Commitments And Contingencies (Departure Of Executive Officer) (Narrative) (Details) - USD ($) $ in Thousands | Jan. 04, 2016 | Dec. 31, 2014 | Dec. 31, 2015 |
Commitments And Contingencies [Line Items] | |||
Severance benefits | $ 23,800 | ||
Accounts payable, accrued expenses and other liabilities | 126,971 | $ 135,057 | |
Employee Severance [Member] | |||
Commitments And Contingencies [Line Items] | |||
Accounts payable, accrued expenses and other liabilities | $ 11,600 | $ 11,700 | |
Subsequent Event [Member] | Employee Severance [Member] | |||
Commitments And Contingencies [Line Items] | |||
Payment to former executive officers | $ 11,400 |
Commitments And Contingencies78
Commitments And Contingencies (Construction Projects) (Narrative) (Details) | Oct. 06, 2015USD ($)item | Apr. 01, 2015USD ($) | Aug. 15, 2014USD ($) | Dec. 31, 2015USD ($)item | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 10, 2015USD ($) |
Commitments And Contingencies [Line Items] | |||||||
Amount outstanding | $ 155,000,000 | $ 0 | |||||
Investment in unconsolidated joint ventures | 78,027,000 | 67,325,000 | $ 86,504,000 | ||||
Development of rental property | 81,073,000 | 25,140,000 | 13,772,000 | ||||
Purchase price of property | $ 94,073,000 | $ 91,813,000 | $ 89,869,000 | ||||
Eastchester Project [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Percentage of interest in venture | 76.25% | ||||||
Number of properties | item | 108 | ||||||
Costs of the project incurred | $ 14,700,000 | ||||||
Delivery date to tenant | second quarter of 2016 | ||||||
Project costs incurred to date | $ 29,600,000 | ||||||
Amount of project costs funded by members | 20,900,000 | ||||||
Total project costs | 50,000,000 | ||||||
Amount to fund | 6,200,000 | ||||||
City Square Project [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Costs of the project incurred | 9,100,000 | ||||||
Total project costs | 92,500,000 | ||||||
Purchase price of property | $ 3,100,000 | ||||||
Contingent consideration | $ 1,250,000 | ||||||
Amount to fund | $ 41,900,000 | ||||||
City Square Project Phase One [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Delivery date to tenant | second quarter 2017 | ||||||
Number of units | item | 237 | ||||||
City Square Project Phase Two [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Number of units | item | 128 | ||||||
Construction Loan [Member] | City Square Project [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Maximum borrowing capacity | $ 0 | $ 41,500,000 | |||||
150 Main Street, L.L.C. [Member] | Construction Loan [Member] | Eastchester Project [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Maximum borrowing capacity | 28,800,000 | ||||||
Amount outstanding | 10,900,000 | ||||||
Overlook Ridge Properties [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Purchase price of property | $ 16,600,000 | ||||||
Development Property [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Amount to fund | $ 3,300,000 | ||||||
Development Property [Member] | Chase II Project [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Costs of the project incurred | $ 22,100,000 | ||||||
Delivery date to tenant | second quarter 2017 | ||||||
Number of units | item | 1,034 | ||||||
Total project costs | $ 74,900,000 | ||||||
Amount to fund | $ 4,800,000 | ||||||
Development Property [Member] | Chase II Project, Initial Phase [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Number of units | item | 292 | ||||||
Development Property [Member] | Construction Loan [Member] | Chase II Project [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Maximum borrowing capacity | $ 48,000,000 | ||||||
Amount outstanding | $ 0 | ||||||
Unconsolidated Joint Venture Hotel [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Percentage of interest in venture | 90.00% | ||||||
Costs of the project incurred | $ 1,500,000 | ||||||
Number of units | item | 350 | ||||||
Cash consideration | 27,300,000 | ||||||
Capital credit | $ 23,700,000 | ||||||
Unconsolidated Joint Venture Hotel [Member] | XS Port Imperial Hotel, LLC [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Number of units | item | 364 | ||||||
Ownership percentage of third party venture | 10.00% | ||||||
Total project costs | $ 105,900,000 | ||||||
Unconsolidated Joint Venture Hotel [Member] | XS Hotel [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Cash consideration | 3,000,000 | ||||||
Unconsolidated Joint Venture Hotel [Member] | Construction Loan [Member] | Port Imperial Hotel [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Amount to fund | $ 94,000,000 |
Commitments And Contingencies79
Commitments And Contingencies (Other) (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($)property | |
Property Lock-Ups [Member] | |
Commitments And Contingencies [Line Items] | |
Number of properties | property | 7 |
Properties aggregate net book value | $ | $ 57.1 |
Expiration year | 2,016 |
Property Lock-Ups Expired [Member] | |
Commitments And Contingencies [Line Items] | |
Number of properties | property | 110 |
Properties aggregate net book value | $ | $ 1,300 |
Commitments And Contingencies80
Commitments And Contingencies (Future Minimum Rental Payments Of Ground Leases) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments And Contingencies [Abstract] | |
2,016 | $ 387 |
2,017 | 267 |
2,018 | 232 |
2,019 | 235 |
2,020 | 235 |
2021 through 2084 | 15,348 |
Total | $ 16,704 |
Tenant Leases (Details)
Tenant Leases (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Property Subject to or Available for Operating Lease [Line Items] | |
2,016 | $ 463,029 |
2,017 | 423,654 |
2,018 | 342,756 |
2,019 | 280,123 |
2,020 | 239,079 |
2020 and thereafter | 902,403 |
Total | $ 2,651,044 |
Tenant Leases [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Operating leases with various expiration dates through year | Dec. 31, 2035 |
Multi-Family Properties [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Lease period | 1 year |
Mack-Cali Realty Corporation 82
Mack-Cali Realty Corporation Stockholders' Equity (Share Repurchase Program And Dividend Reinvestment And Stock Purchase Plan) (Narrative) (Details) | 12 Months Ended | 40 Months Ended |
Dec. 31, 2015USD ($)shares | Dec. 31, 2015USD ($)shares | |
Stockolders Equity [Line Items] | ||
Date share repurchase program was initiated | September 2,012 | |
Capacity of share repurchase program | $ 150,000,000 | $ 150,000,000 |
Shares purchased and retired | shares | 394,625 | |
Aggregate cost of stock repurchased | $ 11,000,000 | |
Capacity available for additional repurchase of outstanding common stock | $ 139,000,000 | $ 139,000,000 |
Dividend Reinvestment And Stock Purchase Plan [Member] | ||
Stockolders Equity [Line Items] | ||
Common stock reserved for future issuance | shares | 5,500,000 | 5,500,000 |
Monthly cash investment without restriction, maximum | $ 5,000 |
Mack-Cali Realty Corporation 83
Mack-Cali Realty Corporation Stockholders' Equity (Stock Options Plans) (Narrative) (Details) | Jun. 05, 2015item$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($) | May. 31, 2013shares | May. 31, 2004shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock option terms | 10 years | |||||
Weighted average remaining contractual life | 9 years 4 months 24 days | 4 years 10 months 24 days | ||||
Share price | $ / shares | $ 17.31 | |||||
Share price - weighted average fair value of options granted | $ / shares | $ 3.06 | $ 1.71 | ||||
Proceeds from stock options exercised | $ | $ 0 | $ 0 | $ 0 | |||
Stock options expense | $ | $ 432,000 | $ 4,000 | $ 0 | |||
Shares Under Options - Granted | 800,000 | 800,000 | 5,000 | |||
Common stock trade share price | $ / shares | $ 25 | |||||
Annual installments | item | 3 | |||||
Exercisable period | 10 years | |||||
Common stock trading days | 30 days | |||||
Three Equal Annual Installment [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares Under Options - Granted | 400,000 | |||||
Common Stock Trades [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares Under Options - Granted | 400,000 | |||||
2013 Incentive Stock Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Reserved stocks for issuance | 4,600,000 | |||||
2004 Incentive Stock Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Reserved stocks for issuance | 2,500,000 | |||||
Shares issued | 0 | |||||
Employee And Director Plan [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Reserved stocks for issuance | 2,700,000 | |||||
Employee And Director Plan [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Reserved stocks for issuance | 4,350,000 | |||||
2000 Employee Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Exercisable time period | 5 years | |||||
2000 Employee Plan [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Reserved stocks for issuance | 2,500,000 | |||||
2000 Employee Plan [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Reserved stocks for issuance | 4,000,000 | |||||
2000 Director Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Exercisable time period | 1 year | |||||
2000 Director Plan [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Reserved stocks for issuance | 200,000 | |||||
2000 Director Plan [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Reserved stocks for issuance | 350,000 |
Mack-Cali Realty Corporation 84
Mack-Cali Realty Corporation Stockholders' Equity (Restricted Stock Awards And Performance Share Units/TSR-Based Awards) (Narrative) (Details) $ / shares in Units, $ in Millions | Jun. 05, 2015shares | May. 11, 2015shares | Sep. 12, 2012shares | Dec. 31, 2015USD ($)item$ / sharesshares | Dec. 31, 2014shares | Dec. 31, 2013shares | Dec. 31, 2012shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Unvested performance shares | 42,000 | 63,933 | ||||||||
Number of executive officers who departed | item | 2 | |||||||||
Shares vested | 84,000 | 250,132 | 183,214 | 149,463 | ||||||
Shares granted and vested | 126,000 | |||||||||
Unvested restricted stock outstanding | 136,220 | 346,946 | 153,560 | 134,328 | ||||||
Shares granted | 41,337 | [1] | 376,719 | [2],[3],[4] | 168,841 | [5],[6] | ||||
Messr Hersh [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Unvested performance shares | 126,000 | |||||||||
Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Restricted stock awards unvested shares outstanding, performance contingent | 210,000 | |||||||||
Restricted Stock [Member] | 2013 Incentive Stock Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock compensation vesting period | 3 years | |||||||||
Shares granted | 37,550.54 | |||||||||
Restricted Stock [Member] | Minimum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock compensation vesting period | 1 year | |||||||||
Restricted Stock [Member] | Maximum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock compensation vesting period | 7 years | |||||||||
Unvested Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Unvested restricted stock outstanding | 98,669 | 136,946 | 409,294 | |||||||
Ratified Restricted Stock Awards [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Shares vested | 109,667 | |||||||||
Shares granted | 319,667 | |||||||||
Ratified Restricted Stock Awards [Member] | Minimum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock compensation vesting period | 5 years | |||||||||
Ratified Restricted Stock Awards [Member] | Maximum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock compensation vesting period | 7 years | |||||||||
Total Stockholder Return Based Awards [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock compensation vesting period | 4 years | |||||||||
Shares vested | 675 | 357 | ||||||||
Shares granted and vested | 528 | |||||||||
Shares granted | 5,160 | 1,032 | ||||||||
Value of common stock received upon vesting of awards | $ / shares | $ 1,000 | |||||||||
Shares issued | 41,811 | 45,062 | ||||||||
Total unrecognized compensation cost | $ | $ 2 | |||||||||
Total unrecognized compensation cost, period of recognition | 1 year 9 months 18 days | |||||||||
Performance Shares [Member] | 2013 Incentive Stock Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Shares granted | 112,651.64 | |||||||||
Performance period | 3 years | |||||||||
Performance Shares [Member] | Minimum [Member] | 2013 Incentive Stock Plan [Member] | Three Years Period Award [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Percentage of shares vested | 0.00% | |||||||||
Performance Shares [Member] | Maximum [Member] | 2013 Incentive Stock Plan [Member] | Three Years Period Award [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Percentage of shares vested | 150.00% | |||||||||
[1] | Included in the 41,337 Restricted Stock Awards granted in 2015 were 37,551 awards granted to the Company's two executive officers, Mitchell E. Rudin and Michael J. DeMarco. | |||||||||
[2] | Included in the 376,719 Restricted Stock Awards granted in 2014 were 8,211 awards granted to the Company's two executive officers, Anthony Krug and Gary Wagner. | |||||||||
[3] | Includes 126,000 Performance Shares which were legally granted in 2013 for which future performance goals had not yet been set by the Committee. These awards were not considered granted for accounting purposes until these goals are set. These were considered granted in 2014 for accounting purposes in connection with the announcement of the departure of Mitchell E. Hersh in the fourth quarter 2014. | |||||||||
[4] | 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 considered granted for accounting purposes to two executive officers in connection with their departure effective March 31, 2014, which vested on April 1, 2014. | |||||||||
[5] | Included in the 168,841 Restricted Stock Awards granted in 2013 were 106,933 awards granted to the Company's then four executive officers, Mitchell E. Hersh, Barry Lefkowitz, Roger W. Thomas and Anthony Krug. | |||||||||
[6] | 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. |
Mack-Cali Realty Corporation 85
Mack-Cali Realty Corporation Stockholders' Equity (Deferred Stock Compensation Plan For Directors) (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | 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 | 19,702 | 20,261 | 22,392 |
Deferred stock units outstanding | 178,039 | 157,730 |
Mack-Cali Realty Corporation 86
Mack-Cali Realty Corporation Stockholders' Equity (Earnings Per Share) (Narrative) (Details) - $ / shares | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Anti-dilutive securities excluded from the computation of earnings per share | 405,000 | 10,000 | 15,000 | |||||||||
Dividends declared per common share | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.30 | $ 0.60 | $ 0.75 | $ 1.35 | |
Unvested restricted stock outstanding | 136,220 | 346,946 | 136,220 | 346,946 | 153,560 | 134,328 | ||||||
Unvested Restricted Stock [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Unvested restricted stock outstanding | 98,669 | 136,946 | 98,669 | 136,946 | 409,294 |
Mack-Cali Realty Corporation 87
Mack-Cali Realty Corporation Stockholders' Equity (Schedule Of Stock Option Plans) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 05, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Mack-Cali Realty Corporation Stockholders' Equity [Abstract] | ||||
Shares Under Options - Outstanding, beginning balance | 10,000 | 15,000 | 183,870 | |
Shares Under Options - Granted | 800,000 | 800,000 | 5,000 | |
Shares Under Options - Lapsed or Cancelled | (5,000) | (10,000) | ||
Shares Under Options - Exercised/Cancelled | (168,870) | |||
Shares Under Options - Outstanding, ending balance | 805,000 | 10,000 | 15,000 | |
Shares Under Options - Available for grant | 3,416,581 | |||
Weighted Average Exercise Price - Outstanding, beginning balance | $ 33.36 | $ 40.54 | $ 29.51 | |
Weighted Average Exercise Price - Granted | 17.31 | 21.25 | ||
Weighted Average Exercise Price - Lapsed or Cancelled | 45.47 | 38.07 | 28.53 | |
Weighted Average Exercise Price - Outstanding, ending balance | $ 17.33 | 33.36 | 40.54 | |
Aggregate Intrinsic Value, Outstanding, ending balance | $ 4,843 | |||
Outstanding stock option price range, lower range | $ 17.23 | 21.25 | 35.59 | |
Outstanding stock option price range, upper range | $ 21.25 | $ 45.47 | $ 45.47 |
Mack-Cali Realty Corporation 88
Mack-Cali Realty Corporation Stockholders' Equity (Schedule Of Weighted Average Assumptions) (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (in years) | 6 years | |
Risk-free interest rate | 1.50% | |
Volatility | 20.26% | |
Dividend yield | 5.65% | |
Time Vesting Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (in years) | 6 years | |
Risk-free interest rate | 2.04% | |
Volatility | 29.00% | |
Dividend yield | 3.50% | |
Price Vesting Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (in years) | 5 years 9 months 18 days | |
Risk-free interest rate | 1.96% | |
Volatility | 29.00% | |
Dividend yield | 3.50% |
Mack-Cali Realty Corporation 89
Mack-Cali Realty Corporation Stockholders' Equity (Schedule Of Restricted Stock Awards) (Details) | May. 11, 2015shares | Dec. 31, 2015item$ / sharesshares | Dec. 31, 2014$ / sharesitemshares | Dec. 31, 2013$ / sharesitemshares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares, Outstanding, Beginning balance | 346,946 | 153,560 | 134,328 | ||||
Shares, Granted | 41,337 | [1] | 376,719 | [2],[3],[4] | 168,841 | [5],[6] | |
Shares, Vested | (84,000) | (250,132) | (183,214) | (149,463) | |||
Shares, Forfeited | (1,931) | (119) | (146) | ||||
Shares, Outstanding, Ending balance | 136,220 | 346,946 | 153,560 | ||||
Weighted-Average Grant-Date Fair Value, Outstanding beginning balance | $ / shares | $ 21.09 | $ 25.20 | $ 31.65 | ||||
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 17.51 | [1] | 20.04 | [2],[3],[4] | 23.99 | [5],[6] | |
Weighted-Average Grant-Date Fair Value, Vested | $ / shares | 21.44 | 22.37 | 29.63 | ||||
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares | 20.31 | 26.36 | 26.36 | ||||
Weighted-Average Grant-Date Fair Value, Outstanding ending balance | $ / shares | $ 19.36 | $ 21.09 | $ 25.20 | ||||
Number of executive officers that were granted restricted stock awards | item | 2 | 4 | |||||
Unvested performance shares | 42,000 | 63,933 | |||||
Number of executive officers who departed | item | 2 | ||||||
Messr Krug And Messr Wagner [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares, Granted | 8,211 | ||||||
Executive Officer [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares, Granted | 37,551 | 87,734 | 106,933 | ||||
Number of executive officers that were granted restricted stock awards | item | 2 | ||||||
[1] | Included in the 41,337 Restricted Stock Awards granted in 2015 were 37,551 awards granted to the Company's two executive officers, Mitchell E. Rudin and Michael J. DeMarco. | ||||||
[2] | Included in the 376,719 Restricted Stock Awards granted in 2014 were 8,211 awards granted to the Company's two executive officers, Anthony Krug and Gary Wagner. | ||||||
[3] | Includes 126,000 Performance Shares which were legally granted in 2013 for which future performance goals had not yet been set by the Committee. These awards were not considered granted for accounting purposes until these goals are set. These were considered granted in 2014 for accounting purposes in connection with the announcement of the departure of Mitchell E. Hersh in the fourth quarter 2014. | ||||||
[4] | 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 considered granted for accounting purposes to two executive officers in connection with their departure effective March 31, 2014, which vested on April 1, 2014. | ||||||
[5] | Included in the 168,841 Restricted Stock Awards granted in 2013 were 106,933 awards granted to the Company's then four executive officers, Mitchell E. Hersh, Barry Lefkowitz, Roger W. Thomas and Anthony Krug. | ||||||
[6] | 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. |
Mack-Cali Realty Corporation 90
Mack-Cali Realty Corporation Stockholders' Equity (Earnings Per Share Tables - Basic Computation Of EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Mack-Cali Realty Corporation Stockholders' Equity [Abstract] | |||||||||||
Income (loss) from continuing operations | $ (142,052) | $ 31,391 | $ (89,686) | ||||||||
Add: Noncontrolling interest in consolidated joint ventures | $ 462 | $ (281) | $ 373 | $ 490 | 1,044 | 778 | 2,199 | ||||
Add: Noncontrolling interest in Operating Partnership | 3,795 | 15,530 | (4,383) | 314 | $ 1,152 | $ (248) | $ (6,514) | $ 2,008 | 15,256 | (3,602) | 10,459 |
Income (loss) from continuing operations available to common shareholders | (125,752) | 28,567 | (77,028) | ||||||||
Income from discontinued operations available to common shareholders | 62,119 | ||||||||||
Net income (loss) available to common shareholders | $ (31,718) | $ (126,892) | $ 35,379 | $ (2,521) | $ (9,240) | $ 1,982 | $ 51,123 | $ (15,298) | $ (125,752) | $ 28,567 | $ (14,909) |
Weighted average common shares | 89,291 | 88,727 | 87,762 | ||||||||
Income (loss) from continuing operations available to common shareholders | $ (1.41) | $ 0.32 | $ (0.88) | ||||||||
Income from discontinued operations available to common shareholders | 0.71 | ||||||||||
Net income (loss) available to common shareholders | $ (0.35) | $ (1.42) | $ 0.40 | $ (0.03) | $ (0.10) | $ 0.02 | $ 0.58 | $ (0.17) | $ (1.41) | $ 0.32 | $ (0.17) |
Mack-Cali Realty Corporation 91
Mack-Cali Realty Corporation Stockholders' Equity (Earnings Per Share Tables - Diluted Computation Of EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Mack-Cali Realty Corporation Stockholders' Equity [Abstract] | |||||||||||
Income (loss) from continuing operations attributable to common shareholders | $ (125,752) | $ 28,567 | $ (77,028) | ||||||||
Add (deduct): Noncontrolling interest in Operating Partnership | $ (3,795) | $ (15,530) | $ 4,383 | $ (314) | $ (1,152) | $ 248 | $ 6,514 | $ (2,008) | (15,256) | 3,602 | (10,459) |
Income (loss) from continuing operations for diluted earnings per share | (141,008) | 32,169 | (87,487) | ||||||||
Income from discontinued operations for diluted earnings per share | 70,628 | ||||||||||
Net income (loss) for diluted earnings per share | $ (141,008) | $ 32,169 | $ (16,859) | ||||||||
Weighted average common shares | 100,222 | 100,041 | 99,785 | ||||||||
Income (loss) from continuing operations available to common shareholders | $ (1.41) | $ 0.32 | $ (0.88) | ||||||||
Income from discontinued operations available to common shareholders | 0.71 | ||||||||||
Net income (loss) available to common shareholders | $ (0.35) | $ (1.42) | $ 0.40 | $ (0.03) | $ (0.10) | $ 0.02 | $ 0.58 | $ (0.17) | $ (1.41) | $ 0.32 | $ (0.17) |
Mack-Cali Realty Corporation 92
Mack-Cali Realty Corporation Stockholders' Equity (Schedule Of Reconciliation Of Shares Used In Basic EPS Calculation To Shares Used In Diluted EPS Calculation) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Mack-Cali Realty Corporation Stockholders' Equity [Abstract] | |||
Basic EPS shares | 89,291 | 88,727 | 87,762 |
Add: Operating Partnership - common units | 10,931 | 11,272 | 12,023 |
Restricted Stock Awards | 42 | ||
Diluted EPS Shares | 100,222 | 100,041 | 99,785 |
Noncontrolling Interests In S93
Noncontrolling Interests In Subsidiaries (Narrative) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($)propertyshares | Dec. 31, 2014 | |
Noncontrolling Interest [Line Items] | ||
Number of common shares received upon redemption of common units | shares | 1 | |
Rebalance of ownership percentage | $ | $ 0.4 | |
Percentage of noncontrolling interest | 10.50% | 11.10% |
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 S94
Noncontrolling Interests In Subsidiaries (Changes In Noncontrolling Interests Of Subsidiaries) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Noncontrolling Interests In Subsidiaries [Abstract] | |||
Balance, Beginning | 11,083,876 | 11,864,775 | 12,141,836 |
Redemption of common units for shares of common stock | (567,032) | (780,899) | (277,061) |
Balance, Ending | 10,516,844 | 11,083,876 | 11,864,775 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of business segments | segment | 3 | ||
Foreign Locations [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 0 | $ 0 | $ 0 |
Long lived assets | $ 0 | $ 0 |
Segment Reporting (Selected Res
Segment Reporting (Selected Results Of Operations And Asset Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Total revenues | $ 146,443 | $ 146,158 | $ 148,567 | $ 153,715 | $ 151,414 | $ 155,489 | $ 160,300 | $ 169,596 | $ 594,883 | $ 636,799 | $ 667,031 | ||||||
Total operating and interest expenses | [1] | 425,151 | 484,761 | 460,615 | |||||||||||||
Equity in earnings (loss) of unconsolidated joint ventures | (3,172) | (2,423) | (2,327) | ||||||||||||||
Net operating income (loss) | [2] | 166,560 | 149,615 | 204,089 | |||||||||||||
Total assets | 4,063,490 | 4,192,247 | 4,063,490 | 4,192,247 | |||||||||||||
Total long-lived assets | [3] | 3,466,427 | 3,670,704 | 3,466,427 | 3,670,704 | ||||||||||||
Total investments in unconsolidated joint ventures | 303,457 | 247,468 | 303,457 | 247,468 | |||||||||||||
Impairment charge | 33,743 | [4] | $ 164,176 | [4] | 197,919 | 110,853 | |||||||||||
Corporate & Other, Including Eliminations [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Total revenues | [5] | (4,339) | (4,196) | 7,177 | |||||||||||||
Total operating and interest expenses | [1],[5] | 105,452 | 138,733 | 135,963 | |||||||||||||
Net operating income (loss) | [2],[5] | (109,791) | (142,929) | (128,786) | |||||||||||||
Total assets | [5] | 47,377 | 52,601 | 47,377 | 52,601 | ||||||||||||
Total long-lived assets | [3],[5] | (1,531) | 3,482 | (1,531) | 3,482 | ||||||||||||
Real Estate - Commercial And Other [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Total revenues | 538,323 | 585,491 | 621,352 | ||||||||||||||
Total operating and interest expenses | [1] | 264,967 | 295,416 | 285,755 | |||||||||||||
Equity in earnings (loss) of unconsolidated joint ventures | 5,104 | 4,236 | 6,280 | ||||||||||||||
Net operating income (loss) | [2] | 278,460 | 294,311 | 341,877 | |||||||||||||
Total assets | 3,167,408 | 3,636,126 | 3,167,408 | 3,636,126 | |||||||||||||
Total long-lived assets | [3] | 2,886,583 | 3,344,840 | 2,886,583 | 3,344,840 | ||||||||||||
Total investments in unconsolidated joint ventures | 76,140 | 81,649 | 76,140 | 81,649 | |||||||||||||
Real Estate - Multi Family [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Total revenues | 27,787 | 24,971 | 12,792 | ||||||||||||||
Total operating and interest expenses | [1] | 17,642 | 12,235 | 6,482 | |||||||||||||
Equity in earnings (loss) of unconsolidated joint ventures | (9,879) | (8,790) | (10,615) | ||||||||||||||
Net operating income (loss) | [2] | 266 | 3,946 | (4,305) | |||||||||||||
Total assets | 838,874 | 492,362 | 838,874 | 492,362 | |||||||||||||
Total long-lived assets | [3] | 577,705 | 318,524 | 577,705 | 318,524 | ||||||||||||
Total investments in unconsolidated joint ventures | 225,850 | 164,912 | 225,850 | 164,912 | |||||||||||||
Fee revenue | 2,200 | ||||||||||||||||
Multi Family Services [Member] | |||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Total revenues | 33,112 | [6] | 30,533 | [7] | 25,710 | [8] | |||||||||||
Total operating and interest expenses | [1] | 37,090 | [9] | 38,377 | [10] | 32,415 | [11] | ||||||||||
Equity in earnings (loss) of unconsolidated joint ventures | 1,603 | 2,131 | 2,008 | ||||||||||||||
Net operating income (loss) | [2] | (2,375) | (5,713) | (4,697) | |||||||||||||
Total assets | 9,831 | 11,158 | 9,831 | 11,158 | |||||||||||||
Total long-lived assets | [3] | 3,670 | 3,858 | 3,670 | 3,858 | ||||||||||||
Total investments in unconsolidated joint ventures | $ 1,467 | $ 907 | 1,467 | 907 | |||||||||||||
Fee revenue | 6,600 | 2,300 | |||||||||||||||
Management fee and salary reimbursement expenses | $ 3,900 | $ 2,900 | $ 1,300 | ||||||||||||||
[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 and other investment 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 "a"), 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. The Company recorded an impairment charge of $197.9 million on assets included in the commercial and other real estate business segment for the year ended December 31, 2015. See Note 3: Recent Transactions - Impairments on Properties Held and Used | ||||||||||||||||
[4] | Amounts for the year ended December 31, 2015 relate to impairment charges as further described in Note 3: Recent Transactions - Impairments on Properties Held and Used. | ||||||||||||||||
[5] | 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. | ||||||||||||||||
[6] | Includes $6.6 million of fees and salary reimbursements earned for this period from the multi-family real estate segment, which are eliminated in consolidation. | ||||||||||||||||
[7] | Includes $2.3 million of fees and salary reimbursements earned for this period from the multi-family real estate segment, which are eliminated in consolidation. | ||||||||||||||||
[8] | Includes $2.2 million of fees and salary reimbursements earned for this period from the multi-family real estate segment, which are eliminated in consolidation. | ||||||||||||||||
[9] | Includes $3.9 million of management fees and salary reimbursement expenses for this period for the multi-family real estate segment, which are eliminated in consolidation. | ||||||||||||||||
[10] | Includes $2.9 million of management fees and salary reimbursement expenses for this period for the multi-family real estate segment, which are eliminated in consolidation. | ||||||||||||||||
[11] | Includes $1.3 million of management fees and salary reimbursement expenses for this period for the multi-family real estate segment, which are eliminated in consolidation. |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Reconciliation Of Net Operating Income To Income From Continuing Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Segment Reporting [Abstract] | ||||||||||||||
Net operating income | [1] | $ 166,560 | $ 149,615 | $ 204,089 | ||||||||||
Depreciation and amortization | $ (43,136) | $ (44,099) | $ (42,365) | $ (40,802) | $ (40,811) | $ (41,983) | $ (44,711) | $ (44,985) | (170,402) | (172,490) | (182,766) | |||
Realized gains (losses) on disposition of rental property, net | 18,718 | 34,399 | 144 | 264 | 54,584 | 53,261 | 54,848 | |||||||
Gain on sale of investment in unconsolidated joint ventures | 6,448 | 6,448 | ||||||||||||
Loss from early extinguishment of debt | (582) | (582) | (156) | |||||||||||
Impairments | (33,743) | [2] | (164,176) | [2] | (197,919) | (110,853) | ||||||||
Income (loss) from continuing operations | (142,052) | 31,391 | (89,686) | |||||||||||
Income from discontinued operations | 11,811 | |||||||||||||
Loss from early extinguishment of debt | (703) | |||||||||||||
Realized gains (losses) and unrealized losses on disposition of rental property and impairments, net | 59,520 | |||||||||||||
Total discontinued operations, net | 70,628 | |||||||||||||
Net income (loss) | (35,975) | (142,141) | 39,389 | (3,325) | (10,413) | 2,085 | 57,347 | (17,628) | (142,052) | 31,391 | (19,058) | |||
Noncontrolling interest in consolidated joint ventures | 462 | (281) | 373 | 490 | 1,044 | 778 | 2,199 | |||||||
Noncontrolling interest in Operating Partnership | 3,795 | 15,530 | (4,383) | 314 | 1,152 | (248) | (6,514) | 2,008 | 15,256 | (3,602) | 10,459 | |||
Noncontrolling interest in discontinued operations | (8,509) | |||||||||||||
Net income (loss) available to common shareholders | $ (31,718) | $ (126,892) | $ 35,379 | $ (2,521) | $ (9,240) | $ 1,982 | $ 51,123 | $ (15,298) | $ (125,752) | $ 28,567 | $ (14,909) | |||
[1] | 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. | |||||||||||||
[2] | Amounts for the year ended December 31, 2015 relate to impairment charges as further described in Note 3: Recent Transactions - Impairments on Properties Held and Used. |
Related Party Transactions (Det
Related Party Transactions (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)ft²propertyitem | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Related Party Transaction [Line Items] | |||
Lease revenue | $ 487,041,000 | $ 516,727,000 | $ 540,165,000 |
Mack [Member] | |||
Related Party Transaction [Line Items] | |||
Due from related parties | 0 | 0 | |
RG [Member] | |||
Related Party Transaction [Line Items] | |||
Related party revenue | $ 2,542,000 | 2,401,000 | 2,272,000 |
Leased Property [Member] | |||
Related Party Transaction [Line Items] | |||
Number of real estate properties | property | 1 | ||
Lease expiration date | May 2,018 | ||
Number of lease options | item | 2 | ||
Lease extension period | 3 years | ||
Leased Property [Member] | Mack [Member] | |||
Related Party Transaction [Line Items] | |||
Area Of Real Estate Property | ft² | 7,034 | ||
Lease revenue | $ 204,000 | $ 231,000 | $ 226,000 |
Condensed Quarterly Financial99
Condensed Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Condensed Quarterly Financial Information [Abstract] | |||||||||||||
Total revenues | $ 146,443 | $ 146,158 | $ 148,567 | $ 153,715 | $ 151,414 | $ 155,489 | $ 160,300 | $ 169,596 | $ 594,883 | $ 636,799 | $ 667,031 | ||
Operating and other expenses | 60,846 | 56,850 | 60,653 | 68,255 | 64,177 | 64,374 | 65,788 | 81,854 | |||||
Real estate service salaries | 6,063 | 6,673 | 6,208 | 6,639 | 5,923 | 6,933 | 6,571 | 6,709 | |||||
General and administrative | 12,589 | 13,670 | 11,877 | 11,011 | 23,775 | 12,665 | 11,730 | 22,881 | 49,147 | 71,051 | 47,040 | ||
Acquisition-related costs | 1,449 | 111 | 175 | 1,943 | 1,560 | 2,118 | 642 | ||||||
Depreciation and amortization | 43,136 | 44,099 | 42,365 | 40,802 | 40,811 | 41,983 | 44,711 | 44,985 | 170,402 | 172,490 | 182,766 | ||
Impairments | 33,743 | [1] | 164,176 | [1] | 197,919 | 110,853 | |||||||
Total expenses | 157,826 | 285,468 | 121,214 | 126,707 | 134,861 | 125,955 | 130,743 | 156,429 | 691,215 | 547,988 | 633,436 | ||
Operating income (loss) | (11,383) | (139,310) | 27,353 | 27,008 | 16,553 | 29,534 | 29,557 | 13,167 | (96,332) | 88,811 | 33,595 | ||
Interest expense | (24,374) | (24,689) | (26,773) | (27,215) | (27,420) | (27,353) | (28,159) | (29,946) | (103,051) | (112,878) | (123,701) | ||
Interest and other investment income | 231 | 5 | 291 | 267 | 1,399 | 908 | 922 | 386 | |||||
Equity in earnings (loss) of unconsolidated joint ventures | (449) | 3,135 | (2,329) | (3,529) | (363) | (1,268) | 443 | (1,235) | (3,172) | (2,423) | (2,327) | ||
Realized gains (losses) on disposition of rental property, net | 18,718 | 34,399 | 144 | 264 | 54,584 | 53,261 | 54,848 | ||||||
Gain on sale of investment in unconsolidated joint ventures | 6,448 | 6,448 | |||||||||||
Loss from early extinguishment of debt | (582) | (582) | (156) | ||||||||||
Total other (expense) income | (24,592) | (2,831) | 12,036 | (30,333) | (26,966) | (27,449) | 27,790 | (30,795) | (45,720) | (57,420) | (123,281) | ||
Income (loss) from continuing operations | (142,052) | 31,391 | (89,686) | ||||||||||
Net income (loss) | (35,975) | (142,141) | 39,389 | (3,325) | (10,413) | 2,085 | 57,347 | (17,628) | (142,052) | 31,391 | (19,058) | ||
Noncontrolling interest in consolidated joint ventures | 21 | 145 | 290 | 322 | (3,128) | (552) | (1,040) | ||||||
Noncontrolling interest in Operating Partnership | 3,795 | 15,530 | (4,383) | 314 | 1,152 | (248) | (6,514) | 2,008 | 15,256 | (3,602) | 10,459 | ||
Net income (loss) available to common shareholders | $ (31,718) | $ (126,892) | $ 35,379 | $ (2,521) | $ (9,240) | $ 1,982 | $ 51,123 | $ (15,298) | $ (125,752) | $ 28,567 | $ (14,909) | ||
Basic earnings per common share: | |||||||||||||
Net income (loss) available to common shareholders | $ (0.35) | $ (1.42) | $ 0.40 | $ (0.03) | $ (0.10) | $ 0.02 | $ 0.58 | $ (0.17) | $ (1.41) | $ 0.32 | $ (0.17) | ||
Diluted earnings per common share: | |||||||||||||
Net income (loss) available to common shareholders | (0.35) | (1.42) | 0.40 | (0.03) | (0.10) | 0.02 | 0.58 | (0.17) | (1.41) | 0.32 | (0.17) | ||
Dividends declared per common share | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.30 | $ 0.60 | $ 0.75 | $ 1.35 | ||
[1] | Amounts for the year ended December 31, 2015 relate to impairment charges as further described in Note 3: Recent Transactions - Impairments on Properties Held and Used. |
Real Estate Investments And 100
Real Estate Investments And Accumulated Depreciation (Schedule Of Real Estate Investments And Accumulated Depreciation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Related Encumbrances | $ 667,076 | |||||
Initial Costs, Land | 796,691 | |||||
Initial Costs, Building and Improvements | 3,531,729 | |||||
Costs Capitalized Subsequent to Acquisition | 479,298 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 735,696 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 4,072,022 | ||||
Total | 4,807,718 | $ 4,958,179 | $ 5,129,933 | $ 5,379,436 | ||
Accumulated depreciation | 1,464,482 | [2] | $ 1,414,305 | $ 1,400,988 | $ 1,478,214 | |
Real Estate Aggregate Cost, Tax Purpose | $ 3,300,000 | |||||
Office [Member] | One Bridge Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,981 | |||||
Acquired | 1,996 | |||||
Initial Costs, Land | $ 2,439 | |||||
Initial Costs, Building and Improvements | 24,462 | |||||
Costs Capitalized Subsequent to Acquisition | 7,444 | |||||
Gross Amount at Which Carried at Close of Period, Land | [3] | 2,439 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [3] | 31,906 | ||||
Total | 34,345 | |||||
Accumulated depreciation | [2] | $ 14,813 | ||||
Office [Member] | 2115 Linwood Avenue [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,981 | |||||
Acquired | 1,998 | |||||
Initial Costs, Land | $ 474 | |||||
Initial Costs, Building and Improvements | 4,419 | |||||
Costs Capitalized Subsequent to Acquisition | 7,017 | |||||
Gross Amount at Which Carried at Close of Period, Land | [3] | 474 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [3] | 11,436 | ||||
Total | 11,910 | |||||
Accumulated depreciation | [2] | $ 4,083 | ||||
Office [Member] | 135 Chestnut Ridge Road [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,981 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 2,587 | |||||
Initial Costs, Building and Improvements | 10,350 | |||||
Costs Capitalized Subsequent to Acquisition | (4,659) | |||||
Gross Amount at Which Carried at Close of Period, Land | [3] | 1,437 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [3] | 6,841 | ||||
Total | 8,278 | |||||
Accumulated depreciation | [2] | $ 3,026 | ||||
Office [Member] | 15 East Midland Avenue [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,988 | |||||
Acquired | 1,997 | |||||
Related Encumbrances | $ 12,438 | |||||
Initial Costs, Land | 10,375 | |||||
Initial Costs, Building and Improvements | 41,497 | |||||
Costs Capitalized Subsequent to Acquisition | 2,490 | |||||
Gross Amount at Which Carried at Close of Period, Land | [3] | 10,374 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [3] | 43,988 | ||||
Total | 54,362 | |||||
Accumulated depreciation | [2] | $ 19,632 | ||||
Office [Member] | 140 East Ridgewood [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,981 | |||||
Acquired | 1,997 | |||||
Related Encumbrances | $ 11,720 | |||||
Initial Costs, Land | 7,932 | |||||
Initial Costs, Building and Improvements | 31,463 | |||||
Costs Capitalized Subsequent to Acquisition | 7,578 | |||||
Gross Amount at Which Carried at Close of Period, Land | [3] | 7,932 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [3] | 39,041 | ||||
Total | 46,973 | |||||
Accumulated depreciation | [2] | $ 17,789 | ||||
Office [Member] | 461 From Road [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,988 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 13,194 | |||||
Initial Costs, Building and Improvements | 52,778 | |||||
Costs Capitalized Subsequent to Acquisition | 10,587 | |||||
Gross Amount at Which Carried at Close of Period, Land | [3] | 13,194 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [3] | 63,365 | ||||
Total | 76,559 | |||||
Accumulated depreciation | [2] | $ 24,838 | ||||
Office [Member] | 650 From Road [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,978 | |||||
Acquired | 1,997 | |||||
Related Encumbrances | $ 22,484 | |||||
Initial Costs, Land | 10,487 | |||||
Initial Costs, Building and Improvements | 41,949 | |||||
Costs Capitalized Subsequent to Acquisition | 8,189 | |||||
Gross Amount at Which Carried at Close of Period, Land | [3] | 10,487 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [3] | 50,138 | ||||
Total | 60,625 | |||||
Accumulated depreciation | [2] | $ 22,344 | ||||
Office [Member] | 61 South Paramus Road [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | [3] | 1,985 | ||||
Acquired | [3] | 1,997 | ||||
Related Encumbrances | [3] | $ 22,005 | ||||
Initial Costs, Land | [3] | 9,005 | ||||
Initial Costs, Building and Improvements | [3] | 36,018 | ||||
Costs Capitalized Subsequent to Acquisition | [3] | 9,162 | ||||
Gross Amount at Which Carried at Close of Period, Land | [3] | 9,005 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [3] | 45,180 | ||||
Total | [3] | 54,185 | ||||
Accumulated depreciation | [2],[3] | $ 20,390 | ||||
Office [Member] | 120 West Passaic Street [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,972 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 1,354 | |||||
Initial Costs, Building and Improvements | 5,415 | |||||
Costs Capitalized Subsequent to Acquisition | 431 | |||||
Gross Amount at Which Carried at Close of Period, Land | [3] | 1,357 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [3] | 5,843 | ||||
Total | 7,200 | |||||
Accumulated depreciation | [2] | $ 2,582 | ||||
Office [Member] | 365 West Passaic Street [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,976 | |||||
Acquired | 1,997 | |||||
Related Encumbrances | $ 11,720 | |||||
Initial Costs, Land | 4,148 | |||||
Initial Costs, Building and Improvements | 16,592 | |||||
Costs Capitalized Subsequent to Acquisition | 5,497 | |||||
Gross Amount at Which Carried at Close of Period, Land | [3] | 4,148 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [3] | 22,089 | ||||
Total | 26,237 | |||||
Accumulated depreciation | [2] | $ 9,804 | ||||
Office [Member] | 395 West Passaic Street [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,979 | |||||
Acquired | 2,006 | |||||
Initial Costs, Land | $ 2,550 | |||||
Initial Costs, Building and Improvements | 17,131 | |||||
Costs Capitalized Subsequent to Acquisition | 1,020 | |||||
Gross Amount at Which Carried at Close of Period, Land | [3] | 2,550 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [3] | 18,151 | ||||
Total | 20,701 | |||||
Accumulated depreciation | [2] | $ 4,324 | ||||
Office [Member] | 1 Lake Street [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,994 | |||||
Acquired | 1,997 | |||||
Related Encumbrances | $ 40,184 | |||||
Initial Costs, Land | 13,952 | |||||
Initial Costs, Building and Improvements | 55,812 | |||||
Costs Capitalized Subsequent to Acquisition | (37,797) | |||||
Gross Amount at Which Carried at Close of Period, Land | [3] | 6,268 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [3] | 25,699 | ||||
Total | 31,967 | |||||
Accumulated depreciation | [2] | $ 15,132 | ||||
Office [Member] | 10 Mountainview Road [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,986 | |||||
Acquired | 1,998 | |||||
Initial Costs, Land | $ 4,240 | |||||
Initial Costs, Building and Improvements | 20,485 | |||||
Costs Capitalized Subsequent to Acquisition | 4,743 | |||||
Gross Amount at Which Carried at Close of Period, Land | [3] | 4,240 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [3] | 25,228 | ||||
Total | 29,468 | |||||
Accumulated depreciation | [2] | $ 11,358 | ||||
Office [Member] | 400 Chestnut Ridge Road [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,982 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 4,201 | |||||
Initial Costs, Building and Improvements | 16,802 | |||||
Costs Capitalized Subsequent to Acquisition | (6,770) | |||||
Gross Amount at Which Carried at Close of Period, Land | [3] | 2,312 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [3] | 11,921 | ||||
Total | 14,233 | |||||
Accumulated depreciation | [2] | $ 6,579 | ||||
Office [Member] | 50 Tice Boulevard [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,984 | |||||
Acquired | 1,994 | |||||
Related Encumbrances | $ 22,962 | |||||
Initial Costs, Land | 4,500 | |||||
Costs Capitalized Subsequent to Acquisition | 27,862 | |||||
Gross Amount at Which Carried at Close of Period, Land | [3] | 4,500 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [3] | 27,862 | ||||
Total | 32,362 | |||||
Accumulated depreciation | [2] | $ 19,320 | ||||
Office [Member] | 300 Tice Boulevard [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,991 | |||||
Acquired | 1,996 | |||||
Initial Costs, Land | $ 5,424 | |||||
Initial Costs, Building and Improvements | 29,688 | |||||
Costs Capitalized Subsequent to Acquisition | 6,385 | |||||
Gross Amount at Which Carried at Close of Period, Land | [3] | 5,424 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [3] | 36,073 | ||||
Total | 41,497 | |||||
Accumulated depreciation | [2] | $ 16,438 | ||||
Office [Member] | 150 J.F. Kennedy Parkway [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,980 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 12,606 | |||||
Initial Costs, Building and Improvements | 50,425 | |||||
Costs Capitalized Subsequent to Acquisition | 8,203 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 12,606 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 58,628 | ||||
Total | 71,234 | |||||
Accumulated depreciation | [2] | $ 25,768 | ||||
Office [Member] | 4 Becker Farm Road [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,983 | |||||
Acquired | 2,009 | |||||
Related Encumbrances | $ 40,083 | |||||
Initial Costs, Land | 5,600 | |||||
Initial Costs, Building and Improvements | 38,285 | |||||
Costs Capitalized Subsequent to Acquisition | (9,089) | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 4,271 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 30,525 | ||||
Total | 34,796 | |||||
Accumulated depreciation | [2] | $ 6,756 | ||||
Office [Member] | 6 Becker Farm Road [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,983 | |||||
Acquired | 2,009 | |||||
Related Encumbrances | $ 13,829 | |||||
Initial Costs, Land | 2,600 | |||||
Initial Costs, Building and Improvements | 15,548 | |||||
Costs Capitalized Subsequent to Acquisition | (7,006) | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 1,556 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 9,586 | ||||
Total | 11,142 | |||||
Accumulated depreciation | [2] | $ 2,055 | ||||
Office [Member] | 101 Eisenhower Parkway [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,980 | |||||
Acquired | 1,994 | |||||
Initial Costs, Land | $ 228 | |||||
Costs Capitalized Subsequent to Acquisition | 21,850 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 228 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 21,850 | ||||
Total | 22,078 | |||||
Accumulated depreciation | [2] | $ 14,063 | ||||
Office [Member] | 103 Eisenhower Parkway [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,985 | |||||
Acquired | 1,994 | |||||
Costs Capitalized Subsequent to Acquisition | $ 16,898 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 2,300 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 14,598 | ||||
Total | 16,898 | |||||
Accumulated depreciation | [2] | $ 9,448 | ||||
Office [Member] | 105 Eisenhower Parkway [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 2,001 | |||||
Acquired | 2,001 | |||||
Initial Costs, Land | $ 4,430 | |||||
Initial Costs, Building and Improvements | 42,898 | |||||
Costs Capitalized Subsequent to Acquisition | 5,670 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 3,835 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 49,163 | ||||
Total | 52,998 | |||||
Accumulated depreciation | [2] | $ 22,616 | ||||
Office [Member] | 75 Livingston Avenue [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,985 | |||||
Acquired | 2,009 | |||||
Related Encumbrances | $ 10,599 | |||||
Initial Costs, Land | 1,900 | |||||
Initial Costs, Building and Improvements | 6,312 | |||||
Costs Capitalized Subsequent to Acquisition | (1,630) | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 1,281 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 5,301 | ||||
Total | 6,582 | |||||
Accumulated depreciation | [2] | $ 1,206 | ||||
Office [Member] | 85 Livingston Avenue [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,985 | |||||
Acquired | 2,009 | |||||
Related Encumbrances | $ 14,862 | |||||
Initial Costs, Land | 2,500 | |||||
Initial Costs, Building and Improvements | 14,238 | |||||
Costs Capitalized Subsequent to Acquisition | (8,238) | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 1,234 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 7,266 | ||||
Total | 8,500 | |||||
Accumulated depreciation | [2] | $ 1,622 | ||||
Office [Member] | Harborside Plaza 1 [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,983 | |||||
Acquired | 1,996 | |||||
Initial Costs, Land | $ 3,923 | |||||
Initial Costs, Building and Improvements | 51,013 | |||||
Costs Capitalized Subsequent to Acquisition | 27,985 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 3,923 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 78,998 | ||||
Total | 82,921 | |||||
Accumulated depreciation | [2] | $ 39,183 | ||||
Office [Member] | Harborside Plaza 2 [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,990 | |||||
Acquired | 1,996 | |||||
Initial Costs, Land | $ 17,655 | |||||
Initial Costs, Building and Improvements | 101,546 | |||||
Costs Capitalized Subsequent to Acquisition | 25,245 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 12,844 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 131,602 | ||||
Total | 144,446 | |||||
Accumulated depreciation | [2] | $ 58,486 | ||||
Office [Member] | Harborside Plaza 3 [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,990 | |||||
Acquired | 1,996 | |||||
Initial Costs, Land | $ 17,655 | |||||
Initial Costs, Building and Improvements | 101,878 | |||||
Costs Capitalized Subsequent to Acquisition | 24,911 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 12,843 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 131,601 | ||||
Total | 144,444 | |||||
Accumulated depreciation | [2] | $ 58,486 | ||||
Office [Member] | Harborside Plaza 4A [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 2,000 | |||||
Acquired | 2,000 | |||||
Initial Costs, Land | $ 1,244 | |||||
Initial Costs, Building and Improvements | 56,144 | |||||
Costs Capitalized Subsequent to Acquisition | 14,601 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 1,244 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 70,745 | ||||
Total | 71,989 | |||||
Accumulated depreciation | [2] | $ 30,770 | ||||
Office [Member] | Harborside Plaza 5 [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 2,002 | |||||
Acquired | 2,002 | |||||
Related Encumbrances | $ 217,736 | |||||
Initial Costs, Land | 6,218 | |||||
Initial Costs, Building and Improvements | 170,682 | |||||
Costs Capitalized Subsequent to Acquisition | 56,368 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 5,705 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 227,563 | ||||
Total | 233,268 | |||||
Accumulated depreciation | [2] | $ 86,807 | ||||
Office [Member] | 101 Hudson Street [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,992 | |||||
Acquired | 2,005 | |||||
Initial Costs, Land | $ 45,530 | |||||
Initial Costs, Building and Improvements | 271,376 | |||||
Costs Capitalized Subsequent to Acquisition | 4,723 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 45,530 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 276,099 | ||||
Total | 321,629 | |||||
Accumulated depreciation | [2] | $ 76,102 | ||||
Office [Member] | 3 AAA Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,981 | |||||
Acquired | 2,007 | |||||
Initial Costs, Land | $ 242 | |||||
Initial Costs, Building and Improvements | 3,218 | |||||
Costs Capitalized Subsequent to Acquisition | 1,391 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 242 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 4,609 | ||||
Total | 4,851 | |||||
Accumulated depreciation | [2] | $ 1,321 | ||||
Office [Member] | 700 Horizon Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 2,007 | |||||
Acquired | 2,007 | |||||
Initial Costs, Land | $ 490 | |||||
Initial Costs, Building and Improvements | 43 | |||||
Costs Capitalized Subsequent to Acquisition | 16,663 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 865 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 16,331 | ||||
Total | 17,196 | |||||
Accumulated depreciation | [2] | $ 4,028 | ||||
Office [Member] | 2 South Gold Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,974 | |||||
Acquired | 2,007 | |||||
Initial Costs, Land | $ 476 | |||||
Initial Costs, Building and Improvements | 3,487 | |||||
Costs Capitalized Subsequent to Acquisition | 846 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 476 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 4,333 | ||||
Total | 4,809 | |||||
Accumulated depreciation | [2] | $ 967 | ||||
Office [Member] | 103 Carnegie Center [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,984 | |||||
Acquired | 1,996 | |||||
Initial Costs, Land | $ 2,566 | |||||
Initial Costs, Building and Improvements | 7,868 | |||||
Costs Capitalized Subsequent to Acquisition | 3,304 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 2,566 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 11,172 | ||||
Total | 13,738 | |||||
Accumulated depreciation | [2] | $ 5,460 | ||||
Office [Member] | 2 Independence Way [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,985 | |||||
Acquired | 2,009 | |||||
Initial Costs, Land | $ 1,300 | |||||
Initial Costs, Building and Improvements | 7,246 | |||||
Costs Capitalized Subsequent to Acquisition | (4,079) | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 702 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 3,765 | ||||
Total | 4,467 | |||||
Accumulated depreciation | [2] | $ 166 | ||||
Office [Member] | 3 Independence Way [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,983 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 1,997 | |||||
Initial Costs, Building and Improvements | 11,391 | |||||
Costs Capitalized Subsequent to Acquisition | 4,374 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 1,997 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 15,765 | ||||
Total | 17,762 | |||||
Accumulated depreciation | [2] | $ 7,732 | ||||
Office [Member] | 100 Overlook Center [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,988 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 2,378 | |||||
Initial Costs, Building and Improvements | 21,754 | |||||
Costs Capitalized Subsequent to Acquisition | 3,666 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 2,378 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 25,420 | ||||
Total | 27,798 | |||||
Accumulated depreciation | [2] | $ 11,149 | ||||
Office [Member] | 5 Vaughn Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,987 | |||||
Acquired | 1,995 | |||||
Initial Costs, Land | $ 657 | |||||
Initial Costs, Building and Improvements | 9,800 | |||||
Costs Capitalized Subsequent to Acquisition | 2,962 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 657 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 12,762 | ||||
Total | 13,419 | |||||
Accumulated depreciation | [2] | $ 6,823 | ||||
Office [Member] | 377 Summerhill Road [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,977 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 649 | |||||
Initial Costs, Building and Improvements | 2,594 | |||||
Costs Capitalized Subsequent to Acquisition | 324 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 649 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 2,918 | ||||
Total | 3,567 | |||||
Accumulated depreciation | [2] | $ 1,349 | ||||
Office [Member] | 333 Thornall Street [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,984 | |||||
Acquired | 2,015 | |||||
Initial Costs, Land | $ 5,542 | |||||
Initial Costs, Building and Improvements | 40,762 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 5,542 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 40,762 | ||||
Total | 46,304 | |||||
Accumulated depreciation | [2] | $ 247 | ||||
Office [Member] | 343 Thornall Street [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,991 | |||||
Acquired | 2,006 | |||||
Initial Costs, Land | $ 6,027 | |||||
Initial Costs, Building and Improvements | 39,101 | |||||
Costs Capitalized Subsequent to Acquisition | 3,349 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 6,027 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 42,450 | ||||
Total | 48,477 | |||||
Accumulated depreciation | [2] | $ 12,243 | ||||
Office [Member] | 500 College Road East [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | [3] | 1,984 | ||||
Acquired | [3] | 1,998 | ||||
Initial Costs, Land | [3] | $ 614 | ||||
Initial Costs, Building and Improvements | [3] | 20,626 | ||||
Costs Capitalized Subsequent to Acquisition | [3] | 4,839 | ||||
Gross Amount at Which Carried at Close of Period, Land | [1],[3] | 614 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1],[3] | 25,465 | ||||
Total | [3] | 26,079 | ||||
Accumulated depreciation | [2],[3] | $ 11,312 | ||||
Office [Member] | 581 Main Street [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,991 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 3,237 | |||||
Initial Costs, Building and Improvements | 12,949 | |||||
Costs Capitalized Subsequent to Acquisition | 26,135 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 8,115 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 34,206 | ||||
Total | 42,321 | |||||
Accumulated depreciation | [2] | $ 16,730 | ||||
Office [Member] | 2 Paragon Way [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,989 | |||||
Acquired | 2,005 | |||||
Initial Costs, Land | $ 999 | |||||
Initial Costs, Building and Improvements | 4,619 | |||||
Costs Capitalized Subsequent to Acquisition | (864) | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 720 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 4,034 | ||||
Total | 4,754 | |||||
Accumulated depreciation | [2] | $ 1,263 | ||||
Office [Member] | 3 Paragon Way [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,991 | |||||
Acquired | 2,005 | |||||
Initial Costs, Land | $ 1,423 | |||||
Initial Costs, Building and Improvements | 6,041 | |||||
Costs Capitalized Subsequent to Acquisition | (979) | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 1,020 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 5,465 | ||||
Total | 6,485 | |||||
Accumulated depreciation | [2] | $ 1,809 | ||||
Office [Member] | 4 Paragon Way [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 2,002 | |||||
Acquired | 2,005 | |||||
Initial Costs, Land | $ 1,961 | |||||
Initial Costs, Building and Improvements | 8,827 | |||||
Costs Capitalized Subsequent to Acquisition | (3,107) | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 1,404 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 6,277 | ||||
Total | 7,681 | |||||
Accumulated depreciation | [2] | $ 1,585 | ||||
Office [Member] | 100 Willowbrook Road [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,988 | |||||
Acquired | 2,005 | |||||
Initial Costs, Land | $ 1,264 | |||||
Initial Costs, Building and Improvements | 5,573 | |||||
Costs Capitalized Subsequent to Acquisition | (1,543) | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 869 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 4,425 | ||||
Total | 5,294 | |||||
Accumulated depreciation | [2] | $ 1,442 | ||||
Office [Member] | 23 Main Street [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,977 | |||||
Acquired | 2,005 | |||||
Related Encumbrances | $ 28,541 | |||||
Initial Costs, Land | 4,336 | |||||
Initial Costs, Building and Improvements | 19,544 | |||||
Costs Capitalized Subsequent to Acquisition | 9,133 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 4,336 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 28,677 | ||||
Total | 33,013 | |||||
Accumulated depreciation | [2] | $ 12,775 | ||||
Office [Member] | One River Center, Building 1 [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,983 | |||||
Acquired | 2,004 | |||||
Related Encumbrances | $ 10,721 | |||||
Initial Costs, Land | 3,070 | |||||
Initial Costs, Building and Improvements | 17,414 | |||||
Costs Capitalized Subsequent to Acquisition | 4,065 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 2,451 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 22,098 | ||||
Total | 24,549 | |||||
Accumulated depreciation | [2] | $ 7,840 | ||||
Office [Member] | One River Center, Building 2 [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,983 | |||||
Acquired | 2,004 | |||||
Related Encumbrances | $ 12,026 | |||||
Initial Costs, Land | 2,468 | |||||
Initial Costs, Building and Improvements | 15,043 | |||||
Costs Capitalized Subsequent to Acquisition | 3,894 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 2,452 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 18,953 | ||||
Total | 21,405 | |||||
Accumulated depreciation | [2] | $ 5,441 | ||||
Office [Member] | One River Center, Building 3 [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,984 | |||||
Acquired | 2,004 | |||||
Related Encumbrances | $ 19,112 | |||||
Initial Costs, Land | 4,051 | |||||
Initial Costs, Building and Improvements | 24,790 | |||||
Costs Capitalized Subsequent to Acquisition | 6,171 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 4,627 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 30,385 | ||||
Total | 35,012 | |||||
Accumulated depreciation | [2] | $ 9,435 | ||||
Office [Member] | 3600 Route 66 [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,989 | |||||
Acquired | 1,995 | |||||
Initial Costs, Land | $ 1,098 | |||||
Initial Costs, Building and Improvements | 18,146 | |||||
Costs Capitalized Subsequent to Acquisition | 11,397 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 1,098 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 29,543 | ||||
Total | 30,641 | |||||
Accumulated depreciation | [2] | $ 11,448 | ||||
Office [Member] | 1305 Campus Parkway [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,988 | |||||
Acquired | 1,995 | |||||
Initial Costs, Land | $ 335 | |||||
Initial Costs, Building and Improvements | 2,560 | |||||
Costs Capitalized Subsequent to Acquisition | 707 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 291 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 3,311 | ||||
Total | 3,602 | |||||
Accumulated depreciation | [2] | $ 1,618 | ||||
Office [Member] | 1350 Campus Parkway [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,990 | |||||
Acquired | 1,995 | |||||
Initial Costs, Land | $ 454 | |||||
Initial Costs, Building and Improvements | 7,134 | |||||
Costs Capitalized Subsequent to Acquisition | 1,049 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 454 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 8,183 | ||||
Total | 8,637 | |||||
Accumulated depreciation | [2] | $ 4,016 | ||||
Office [Member] | 325 Columbia Parkway [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,987 | |||||
Acquired | 1,994 | |||||
Initial Costs, Land | $ 1,564 | |||||
Costs Capitalized Subsequent to Acquisition | 17,770 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 1,564 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 17,770 | ||||
Total | 19,334 | |||||
Accumulated depreciation | [2] | $ 11,013 | ||||
Office [Member] | 250 Johnson Road [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,977 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 2,004 | |||||
Initial Costs, Building and Improvements | 8,016 | |||||
Costs Capitalized Subsequent to Acquisition | (3,806) | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 930 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 5,284 | ||||
Total | 6,214 | |||||
Accumulated depreciation | [2] | $ 4,265 | ||||
Office [Member] | 201 Littleton Road [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,979 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 2,407 | |||||
Initial Costs, Building and Improvements | 9,627 | |||||
Costs Capitalized Subsequent to Acquisition | 3,351 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 2,407 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 12,978 | ||||
Total | 15,385 | |||||
Accumulated depreciation | [2] | $ 5,661 | ||||
Office [Member] | 4 Campus Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,983 | |||||
Acquired | 2,001 | |||||
Initial Costs, Land | $ 5,213 | |||||
Initial Costs, Building and Improvements | 20,984 | |||||
Costs Capitalized Subsequent to Acquisition | 3,953 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 5,213 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 24,937 | ||||
Total | 30,150 | |||||
Accumulated depreciation | [2] | $ 8,914 | ||||
Office [Member] | 6 Campus Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,983 | |||||
Acquired | 2,001 | |||||
Initial Costs, Land | $ 4,411 | |||||
Initial Costs, Building and Improvements | 17,796 | |||||
Costs Capitalized Subsequent to Acquisition | 3,368 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 4,411 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 21,164 | ||||
Total | 25,575 | |||||
Accumulated depreciation | [2] | $ 8,231 | ||||
Office [Member] | 7 Campus Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,982 | |||||
Acquired | 1,998 | |||||
Initial Costs, Land | $ 1,932 | |||||
Initial Costs, Building and Improvements | 27,788 | |||||
Costs Capitalized Subsequent to Acquisition | 6,298 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 1,932 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 34,086 | ||||
Total | 36,018 | |||||
Accumulated depreciation | [2] | $ 15,795 | ||||
Office [Member] | 8 Campus Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,987 | |||||
Acquired | 1,998 | |||||
Initial Costs, Land | $ 1,865 | |||||
Initial Costs, Building and Improvements | 35,456 | |||||
Costs Capitalized Subsequent to Acquisition | 4,823 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 1,865 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 40,279 | ||||
Total | 42,144 | |||||
Accumulated depreciation | [2] | $ 17,257 | ||||
Office [Member] | 9 Campus Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,983 | |||||
Acquired | 2,001 | |||||
Initial Costs, Land | $ 3,277 | |||||
Initial Costs, Building and Improvements | 11,796 | |||||
Costs Capitalized Subsequent to Acquisition | 16,882 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 5,842 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 26,113 | ||||
Total | 31,955 | |||||
Accumulated depreciation | [2] | $ 10,295 | ||||
Office [Member] | 4 Century Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,981 | |||||
Acquired | 2,004 | |||||
Initial Costs, Land | $ 1,787 | |||||
Initial Costs, Building and Improvements | 9,575 | |||||
Costs Capitalized Subsequent to Acquisition | (3,432) | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 1,086 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 6,844 | ||||
Total | 7,930 | |||||
Accumulated depreciation | [2] | $ 2,188 | ||||
Office [Member] | 5 Century Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,981 | |||||
Acquired | 2,004 | |||||
Initial Costs, Land | $ 1,762 | |||||
Initial Costs, Building and Improvements | 9,341 | |||||
Costs Capitalized Subsequent to Acquisition | (3,796) | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 953 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 6,354 | ||||
Total | 7,307 | |||||
Accumulated depreciation | [2] | $ 2,109 | ||||
Office [Member] | 6 Century Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,981 | |||||
Acquired | 2,004 | |||||
Initial Costs, Land | $ 1,289 | |||||
Initial Costs, Building and Improvements | 6,848 | |||||
Costs Capitalized Subsequent to Acquisition | (631) | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 990 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 6,516 | ||||
Total | 7,506 | |||||
Accumulated depreciation | [2] | $ 1,966 | ||||
Office [Member] | 2 Dryden Way [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,990 | |||||
Acquired | 1,998 | |||||
Initial Costs, Land | $ 778 | |||||
Initial Costs, Building and Improvements | 420 | |||||
Costs Capitalized Subsequent to Acquisition | 110 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 778 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 530 | ||||
Total | 1,308 | |||||
Accumulated depreciation | [2] | $ 264 | ||||
Office [Member] | 4 Gatehall Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,988 | |||||
Acquired | 2,000 | |||||
Initial Costs, Land | $ 8,452 | |||||
Initial Costs, Building and Improvements | 33,929 | |||||
Costs Capitalized Subsequent to Acquisition | 4,055 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 8,452 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 37,984 | ||||
Total | 46,436 | |||||
Accumulated depreciation | [2] | $ 15,223 | ||||
Office [Member] | 2 Hilton Court [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,991 | |||||
Acquired | 1,998 | |||||
Initial Costs, Land | $ 1,971 | |||||
Initial Costs, Building and Improvements | 32,007 | |||||
Costs Capitalized Subsequent to Acquisition | 4,434 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 1,971 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 36,441 | ||||
Total | 38,412 | |||||
Accumulated depreciation | [2] | $ 16,638 | ||||
Office [Member] | 1633 Littleton Road [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,978 | |||||
Acquired | 2,002 | |||||
Initial Costs, Land | $ 2,283 | |||||
Initial Costs, Building and Improvements | 9,550 | |||||
Costs Capitalized Subsequent to Acquisition | 507 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 2,355 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 9,985 | ||||
Total | 12,340 | |||||
Accumulated depreciation | [2] | $ 6,117 | ||||
Office [Member] | 600 Parsippany Road [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,978 | |||||
Acquired | 1,994 | |||||
Initial Costs, Land | $ 1,257 | |||||
Initial Costs, Building and Improvements | 5,594 | |||||
Costs Capitalized Subsequent to Acquisition | 3,102 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 1,257 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 8,696 | ||||
Total | 9,953 | |||||
Accumulated depreciation | [2] | $ 4,631 | ||||
Office [Member] | 1 Sylvan Way [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,989 | |||||
Acquired | 1,998 | |||||
Initial Costs, Land | $ 1,689 | |||||
Initial Costs, Building and Improvements | 24,699 | |||||
Costs Capitalized Subsequent to Acquisition | 2,914 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 1,021 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 28,281 | ||||
Total | 29,302 | |||||
Accumulated depreciation | [2] | $ 13,702 | ||||
Office [Member] | 3 Sylvan Way [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,988 | |||||
Acquired | 2,015 | |||||
Initial Costs, Land | $ 5,590 | |||||
Initial Costs, Building and Improvements | 4,710 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 5,590 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 4,710 | ||||
Total | $ 10,300 | |||||
Office [Member] | 5 Sylvan Way [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,989 | |||||
Acquired | 1,998 | |||||
Initial Costs, Land | $ 1,160 | |||||
Initial Costs, Building and Improvements | 25,214 | |||||
Costs Capitalized Subsequent to Acquisition | 2,866 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 1,161 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 28,079 | ||||
Total | 29,240 | |||||
Accumulated depreciation | [2] | $ 12,067 | ||||
Office [Member] | 7 Sylvan Way [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,987 | |||||
Acquired | 1,998 | |||||
Initial Costs, Land | $ 2,084 | |||||
Initial Costs, Building and Improvements | 26,083 | |||||
Costs Capitalized Subsequent to Acquisition | 1,185 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 2,084 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 27,268 | ||||
Total | 29,352 | |||||
Accumulated depreciation | [2] | $ 11,760 | ||||
Office [Member] | 20 Waterview Boulevard [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,988 | |||||
Acquired | 2,009 | |||||
Related Encumbrances | $ 23,989 | |||||
Initial Costs, Land | 4,500 | |||||
Initial Costs, Building and Improvements | 27,246 | |||||
Costs Capitalized Subsequent to Acquisition | (4,222) | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 3,816 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 23,708 | ||||
Total | 27,524 | |||||
Accumulated depreciation | [2] | $ 4,895 | ||||
Office [Member] | 35 Waterview Boulevard [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,990 | |||||
Acquired | 2,006 | |||||
Initial Costs, Land | $ 5,133 | |||||
Initial Costs, Building and Improvements | 28,059 | |||||
Costs Capitalized Subsequent to Acquisition | 1,161 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 5,133 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 29,220 | ||||
Total | 34,353 | |||||
Accumulated depreciation | [2] | $ 8,100 | ||||
Office [Member] | 5 Wood Hollow Road [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,979 | |||||
Acquired | 2,004 | |||||
Initial Costs, Land | $ 5,302 | |||||
Initial Costs, Building and Improvements | 26,488 | |||||
Costs Capitalized Subsequent to Acquisition | 15,538 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 5,302 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 42,026 | ||||
Total | 47,328 | |||||
Accumulated depreciation | [2] | $ 15,275 | ||||
Office [Member] | 999 Riverview Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,988 | |||||
Acquired | 1,995 | |||||
Initial Costs, Land | $ 476 | |||||
Initial Costs, Building and Improvements | 6,024 | |||||
Costs Capitalized Subsequent to Acquisition | 2,766 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 1,102 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 8,164 | ||||
Total | 9,266 | |||||
Accumulated depreciation | [2] | $ 4,367 | ||||
Office [Member] | 222 Mt. Airy Road [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,986 | |||||
Acquired | 1,996 | |||||
Initial Costs, Land | $ 775 | |||||
Initial Costs, Building and Improvements | 3,636 | |||||
Costs Capitalized Subsequent to Acquisition | 1,848 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 697 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 5,562 | ||||
Total | 6,259 | |||||
Accumulated depreciation | [3] | $ 2,747 | ||||
Office [Member] | 233 Mt. Airy Road [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,987 | |||||
Acquired | 1,996 | |||||
Initial Costs, Land | $ 1,034 | |||||
Initial Costs, Building and Improvements | 5,033 | |||||
Costs Capitalized Subsequent to Acquisition | 1,254 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 915 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 6,406 | ||||
Total | 7,321 | |||||
Accumulated depreciation | [3] | $ 2,677 | ||||
Office [Member] | 440 Route 22 East [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,990 | |||||
Acquired | 2,010 | |||||
Initial Costs, Land | $ 3,986 | |||||
Initial Costs, Building and Improvements | 13,658 | |||||
Costs Capitalized Subsequent to Acquisition | 4,940 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 3,986 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 18,598 | ||||
Total | 22,584 | |||||
Accumulated depreciation | [3] | $ 4,638 | ||||
Office [Member] | 721 Route 202/206 [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,989 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 6,730 | |||||
Initial Costs, Building and Improvements | 26,919 | |||||
Costs Capitalized Subsequent to Acquisition | (952) | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 5,067 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 27,630 | ||||
Total | 32,697 | |||||
Accumulated depreciation | [3] | $ 14,895 | ||||
Office [Member] | 100 Walnut Avenue [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,985 | |||||
Acquired | 1,994 | |||||
Related Encumbrances | $ 18,273 | |||||
Costs Capitalized Subsequent to Acquisition | 17,801 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 1,822 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 15,979 | ||||
Total | 17,801 | |||||
Accumulated depreciation | [3] | $ 10,958 | ||||
Office [Member] | 6 Commerce Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,973 | |||||
Acquired | 1,994 | |||||
Initial Costs, Land | $ 250 | |||||
Costs Capitalized Subsequent to Acquisition | 1,728 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 250 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 1,728 | ||||
Total | 1,978 | |||||
Accumulated depreciation | [3] | $ 704 | ||||
Office [Member] | 11 Commerce Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,981 | |||||
Acquired | 1,994 | |||||
Initial Costs, Land | $ 470 | |||||
Costs Capitalized Subsequent to Acquisition | 5,490 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 470 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 5,490 | ||||
Total | 5,960 | |||||
Accumulated depreciation | [3] | $ 4,644 | ||||
Office [Member] | 12 Commerce Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,967 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 887 | |||||
Initial Costs, Building and Improvements | 3,549 | |||||
Costs Capitalized Subsequent to Acquisition | 1,543 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 887 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 5,092 | ||||
Total | 5,979 | |||||
Accumulated depreciation | [3] | $ 2,566 | ||||
Office [Member] | 14 Commerce Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,971 | |||||
Acquired | 2,003 | |||||
Initial Costs, Land | $ 1,283 | |||||
Initial Costs, Building and Improvements | 6,344 | |||||
Costs Capitalized Subsequent to Acquisition | 1,613 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 1,283 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 7,957 | ||||
Total | 9,240 | |||||
Accumulated depreciation | [3] | $ 2,477 | ||||
Office [Member] | 20 Commerce Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,990 | |||||
Acquired | 1,994 | |||||
Initial Costs, Land | $ 2,346 | |||||
Costs Capitalized Subsequent to Acquisition | 21,663 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 2,346 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 21,663 | ||||
Total | 24,009 | |||||
Accumulated depreciation | [3] | $ 11,901 | ||||
Office [Member] | 25 Commerce Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,971 | |||||
Acquired | 2,002 | |||||
Initial Costs, Land | $ 1,520 | |||||
Initial Costs, Building and Improvements | 6,186 | |||||
Costs Capitalized Subsequent to Acquisition | 864 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 1,520 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 7,050 | ||||
Total | 8,570 | |||||
Accumulated depreciation | [3] | $ 3,239 | ||||
Office [Member] | 65 Jackson Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,984 | |||||
Acquired | 1,994 | |||||
Initial Costs, Land | $ 541 | |||||
Costs Capitalized Subsequent to Acquisition | 6,377 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 542 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 6,376 | ||||
Total | 6,918 | |||||
Accumulated depreciation | [3] | $ 4,381 | ||||
Office [Member] | 890 Mountain Road [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,977 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 2,796 | |||||
Initial Costs, Building and Improvements | 11,185 | |||||
Costs Capitalized Subsequent to Acquisition | (4,798) | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 1,719 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 7,464 | ||||
Total | 9,183 | |||||
Accumulated depreciation | [3] | $ 3,212 | ||||
Office [Member] | 125 Broad Street [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,970 | |||||
Acquired | 2,007 | |||||
Initial Costs, Land | $ 50,191 | |||||
Initial Costs, Building and Improvements | 207,002 | |||||
Costs Capitalized Subsequent to Acquisition | (48,039) | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 33,829 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 175,325 | ||||
Total | 209,154 | |||||
Accumulated depreciation | [3] | $ 37,852 | ||||
Office [Member] | 100 Clearbrook Road [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,975 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 220 | |||||
Initial Costs, Building and Improvements | 5,366 | |||||
Costs Capitalized Subsequent to Acquisition | 1,617 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 220 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 6,983 | ||||
Total | 7,203 | |||||
Accumulated depreciation | [3] | $ 3,352 | ||||
Office [Member] | 101 Executive Boulevard [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,971 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 267 | |||||
Initial Costs, Building and Improvements | 5,838 | |||||
Costs Capitalized Subsequent to Acquisition | (3,528) | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 101 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 2,476 | ||||
Total | 2,577 | |||||
Accumulated depreciation | [3] | $ 2,468 | ||||
Office [Member] | 1 Skyline Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,980 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 66 | |||||
Initial Costs, Building and Improvements | 1,711 | |||||
Costs Capitalized Subsequent to Acquisition | 210 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 66 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 1,921 | ||||
Total | 1,987 | |||||
Accumulated depreciation | [2] | $ 943 | ||||
Office [Member] | 2 Skyline Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,987 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 109 | |||||
Initial Costs, Building and Improvements | 3,128 | |||||
Costs Capitalized Subsequent to Acquisition | 1,474 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 109 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 4,602 | ||||
Total | 4,711 | |||||
Accumulated depreciation | [2] | $ 2,270 | ||||
Office [Member] | 7 Skyline Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,987 | |||||
Acquired | 1,998 | |||||
Initial Costs, Land | $ 330 | |||||
Initial Costs, Building and Improvements | 13,013 | |||||
Costs Capitalized Subsequent to Acquisition | 2,564 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 330 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 15,577 | ||||
Total | 15,907 | |||||
Accumulated depreciation | [2] | $ 6,690 | ||||
Office [Member] | 17 Skyline Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | [3] | 1,989 | ||||
Acquired | [3] | 1,997 | ||||
Initial Costs, Building and Improvements | [3] | $ 7,269 | ||||
Costs Capitalized Subsequent to Acquisition | [3] | 1,484 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1],[3] | 8,753 | ||||
Total | [3] | 8,753 | ||||
Accumulated depreciation | [2],[3] | $ 3,998 | ||||
Office [Member] | 1 Barker Avenue [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,975 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 208 | |||||
Initial Costs, Building and Improvements | 9,629 | |||||
Costs Capitalized Subsequent to Acquisition | 2,590 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 207 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 12,220 | ||||
Total | 12,427 | |||||
Accumulated depreciation | [2] | $ 5,489 | ||||
Office [Member] | 3 Barker Avenue [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,983 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 122 | |||||
Initial Costs, Building and Improvements | 7,864 | |||||
Costs Capitalized Subsequent to Acquisition | 1,848 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 122 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 9,712 | ||||
Total | 9,834 | |||||
Accumulated depreciation | [2] | $ 4,473 | ||||
Office [Member] | 50 Main Street [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,985 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 564 | |||||
Initial Costs, Building and Improvements | 48,105 | |||||
Costs Capitalized Subsequent to Acquisition | 14,554 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 564 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 62,659 | ||||
Total | 63,223 | |||||
Accumulated depreciation | [2] | $ 29,323 | ||||
Office [Member] | 11 Martine Avenue [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,987 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 127 | |||||
Initial Costs, Building and Improvements | 26,833 | |||||
Costs Capitalized Subsequent to Acquisition | 8,561 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 127 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 35,394 | ||||
Total | 35,521 | |||||
Accumulated depreciation | [2] | $ 16,002 | ||||
Office [Member] | 1 Water Street [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,979 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 211 | |||||
Initial Costs, Building and Improvements | 5,382 | |||||
Costs Capitalized Subsequent to Acquisition | 1,341 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 211 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 6,723 | ||||
Total | 6,934 | |||||
Accumulated depreciation | [2] | $ 3,043 | ||||
Office [Member] | 1 Executive Boulevard [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,982 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 1,104 | |||||
Initial Costs, Building and Improvements | 11,904 | |||||
Costs Capitalized Subsequent to Acquisition | 2,998 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 1,105 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 14,901 | ||||
Total | 16,006 | |||||
Accumulated depreciation | [2] | $ 6,732 | ||||
Office [Member] | 3 Executive Boulevard [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,987 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 385 | |||||
Initial Costs, Building and Improvements | 6,256 | |||||
Costs Capitalized Subsequent to Acquisition | 1,772 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 385 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 8,028 | ||||
Total | 8,413 | |||||
Accumulated depreciation | [2] | $ 3,625 | ||||
Office [Member] | 3 Odell Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,984 | |||||
Acquired | 2,003 | |||||
Initial Costs, Land | $ 1,322 | |||||
Initial Costs, Building and Improvements | 4,777 | |||||
Costs Capitalized Subsequent to Acquisition | 2,332 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 1,322 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 7,109 | ||||
Total | 8,431 | |||||
Accumulated depreciation | [2] | $ 3,259 | ||||
Office [Member] | 1201 Connecticut Avenue, NW [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,940 | |||||
Acquired | 1,999 | |||||
Initial Costs, Land | $ 14,228 | |||||
Initial Costs, Building and Improvements | 18,571 | |||||
Costs Capitalized Subsequent to Acquisition | 6,895 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 14,228 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 25,466 | ||||
Total | 39,694 | |||||
Accumulated depreciation | [2] | $ 11,390 | ||||
Office [Member] | 1400 L Street, NW [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,987 | |||||
Acquired | 1,998 | |||||
Initial Costs, Land | $ 13,054 | |||||
Initial Costs, Building and Improvements | 27,423 | |||||
Costs Capitalized Subsequent to Acquisition | 7,910 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 13,054 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 35,333 | ||||
Total | 48,387 | |||||
Accumulated depreciation | [2] | $ 18,841 | ||||
Office [Member] | 9200 Edmonston Road [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Acquired | 2,006 | |||||
Related Encumbrances | $ 3,793 | |||||
Initial Costs, Land | 1,547 | |||||
Initial Costs, Building and Improvements | 4,131 | |||||
Costs Capitalized Subsequent to Acquisition | (2,484) | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 610 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 2,584 | ||||
Total | 3,194 | |||||
Accumulated depreciation | [2] | $ 1,376 | ||||
Office [Member] | 6301 Ivy Lane [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Acquired | 2,006 | |||||
Initial Costs, Land | $ 5,168 | |||||
Initial Costs, Building and Improvements | 14,706 | |||||
Costs Capitalized Subsequent to Acquisition | (9,924) | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 2,431 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 7,519 | ||||
Total | 9,950 | |||||
Accumulated depreciation | [2] | $ 1,988 | ||||
Office [Member] | 6303 Ivy Lane [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Acquired | 2,006 | |||||
Initial Costs, Land | $ 5,115 | |||||
Initial Costs, Building and Improvements | 13,860 | |||||
Costs Capitalized Subsequent to Acquisition | (10,097) | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 2,436 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 6,442 | ||||
Total | 8,878 | |||||
Accumulated depreciation | [2] | $ 1,584 | ||||
Office [Member] | 6305 Ivy Lane [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Acquired | 2,006 | |||||
Initial Costs, Land | $ 5,615 | |||||
Initial Costs, Building and Improvements | 14,420 | |||||
Costs Capitalized Subsequent to Acquisition | (10,137) | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 2,599 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 7,299 | ||||
Total | 9,898 | |||||
Accumulated depreciation | [2] | $ 1,972 | ||||
Office [Member] | 6404 Ivy Lane [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,987 | |||||
Acquired | 2,006 | |||||
Initial Costs, Land | $ 7,578 | |||||
Initial Costs, Building and Improvements | 20,785 | |||||
Costs Capitalized Subsequent to Acquisition | (14,343) | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 3,437 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 10,583 | ||||
Total | 14,020 | |||||
Accumulated depreciation | [2] | $ 3,376 | ||||
Office [Member] | 6406 Ivy Lane [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,991 | |||||
Acquired | 2,006 | |||||
Initial Costs, Land | $ 7,514 | |||||
Initial Costs, Building and Improvements | 21,152 | |||||
Costs Capitalized Subsequent to Acquisition | (14,034) | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 3,158 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 11,474 | ||||
Total | 14,632 | |||||
Accumulated depreciation | [2] | $ 2,570 | ||||
Office [Member] | 6411 Ivy Lane [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Acquired | 2,006 | |||||
Initial Costs, Land | $ 6,867 | |||||
Initial Costs, Building and Improvements | 17,470 | |||||
Costs Capitalized Subsequent to Acquisition | (12,445) | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 3,216 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 8,676 | ||||
Total | 11,892 | |||||
Accumulated depreciation | [2] | $ 2,452 | ||||
Office [Member] | 4200 Parliament Place [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,989 | |||||
Acquired | 1,998 | |||||
Initial Costs, Land | $ 2,114 | |||||
Initial Costs, Building and Improvements | 13,546 | |||||
Costs Capitalized Subsequent to Acquisition | (6,173) | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 774 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 8,713 | ||||
Total | 9,487 | |||||
Accumulated depreciation | [2] | $ 4,258 | ||||
Office And Office/Flex Buildings [Member] | 3 Terri Lane [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,991 | |||||
Acquired | 1,998 | |||||
Initial Costs, Land | $ 652 | |||||
Initial Costs, Building and Improvements | 3,433 | |||||
Costs Capitalized Subsequent to Acquisition | 1,549 | |||||
Gross Amount at Which Carried at Close of Period, Land | [3] | 658 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [3] | 4,976 | ||||
Total | 5,634 | |||||
Accumulated depreciation | [2] | $ 2,285 | ||||
Office And Office/Flex Buildings [Member] | 5 Terri Lane [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,992 | |||||
Acquired | 1,998 | |||||
Initial Costs, Land | $ 564 | |||||
Initial Costs, Building and Improvements | 3,792 | |||||
Costs Capitalized Subsequent to Acquisition | 2,272 | |||||
Gross Amount at Which Carried at Close of Period, Land | [3] | 569 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [3] | 6,059 | ||||
Total | 6,628 | |||||
Accumulated depreciation | [2] | $ 2,856 | ||||
Office And Office/Flex Buildings [Member] | 2 Commerce Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,986 | |||||
Acquired | 1,999 | |||||
Initial Costs, Land | $ 723 | |||||
Initial Costs, Building and Improvements | 2,893 | |||||
Costs Capitalized Subsequent to Acquisition | 544 | |||||
Gross Amount at Which Carried at Close of Period, Land | [3] | 723 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [3] | 3,437 | ||||
Total | 4,160 | |||||
Accumulated depreciation | [2] | $ 1,461 | ||||
Office And Office/Flex Buildings [Member] | 101 Commerce Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,988 | |||||
Acquired | 1,998 | |||||
Initial Costs, Land | $ 422 | |||||
Initial Costs, Building and Improvements | 3,528 | |||||
Costs Capitalized Subsequent to Acquisition | 436 | |||||
Gross Amount at Which Carried at Close of Period, Land | [3] | 426 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [3] | 3,960 | ||||
Total | 4,386 | |||||
Accumulated depreciation | [2] | $ 1,893 | ||||
Office And Office/Flex Buildings [Member] | 102 Commerce Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,987 | |||||
Acquired | 1,999 | |||||
Initial Costs, Land | $ 389 | |||||
Initial Costs, Building and Improvements | 1,554 | |||||
Costs Capitalized Subsequent to Acquisition | 482 | |||||
Gross Amount at Which Carried at Close of Period, Land | [3] | 389 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [3] | 2,036 | ||||
Total | 2,425 | |||||
Accumulated depreciation | [2] | $ 732 | ||||
Office And Office/Flex Buildings [Member] | 201 Commerce Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,986 | |||||
Acquired | 1,998 | |||||
Initial Costs, Land | $ 254 | |||||
Initial Costs, Building and Improvements | 1,694 | |||||
Costs Capitalized Subsequent to Acquisition | 349 | |||||
Gross Amount at Which Carried at Close of Period, Land | [3] | 258 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [3] | 2,039 | ||||
Total | 2,297 | |||||
Accumulated depreciation | [2] | $ 922 | ||||
Office And Office/Flex Buildings [Member] | 202 Commerce Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,988 | |||||
Acquired | 1,999 | |||||
Initial Costs, Land | $ 490 | |||||
Initial Costs, Building and Improvements | 1,963 | |||||
Costs Capitalized Subsequent to Acquisition | 384 | |||||
Gross Amount at Which Carried at Close of Period, Land | [3] | 490 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [3] | 2,347 | ||||
Total | 2,837 | |||||
Accumulated depreciation | [2] | $ 919 | ||||
Office And Office/Flex Buildings [Member] | 1 Executive Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,989 | |||||
Acquired | 1,998 | |||||
Initial Costs, Land | $ 226 | |||||
Initial Costs, Building and Improvements | 1,453 | |||||
Costs Capitalized Subsequent to Acquisition | 772 | |||||
Gross Amount at Which Carried at Close of Period, Land | [3] | 228 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [3] | 2,223 | ||||
Total | 2,451 | |||||
Accumulated depreciation | [2] | $ 979 | ||||
Office And Office/Flex Buildings [Member] | 2 Executive Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,988 | |||||
Acquired | 2,000 | |||||
Initial Costs, Land | $ 801 | |||||
Initial Costs, Building and Improvements | 3,206 | |||||
Costs Capitalized Subsequent to Acquisition | 980 | |||||
Gross Amount at Which Carried at Close of Period, Land | [3] | 801 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [3] | 4,186 | ||||
Total | 4,987 | |||||
Accumulated depreciation | [2] | $ 1,530 | ||||
Office And Office/Flex Buildings [Member] | 101 Executive Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,990 | |||||
Acquired | 1,998 | |||||
Initial Costs, Land | $ 241 | |||||
Initial Costs, Building and Improvements | 2,262 | |||||
Costs Capitalized Subsequent to Acquisition | 701 | |||||
Gross Amount at Which Carried at Close of Period, Land | [3] | 244 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [3] | 2,960 | ||||
Total | 3,204 | |||||
Accumulated depreciation | [2] | $ 1,328 | ||||
Office And Office/Flex Buildings [Member] | 102 Executive Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,990 | |||||
Acquired | 1,998 | |||||
Initial Costs, Land | $ 353 | |||||
Initial Costs, Building and Improvements | 3,607 | |||||
Costs Capitalized Subsequent to Acquisition | 420 | |||||
Gross Amount at Which Carried at Close of Period, Land | [3] | 357 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [3] | 4,023 | ||||
Total | 4,380 | |||||
Accumulated depreciation | [2] | $ 1,812 | ||||
Office And Office/Flex Buildings [Member] | 225 Executive Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,990 | |||||
Acquired | 1,998 | |||||
Initial Costs, Land | $ 323 | |||||
Initial Costs, Building and Improvements | 2,477 | |||||
Costs Capitalized Subsequent to Acquisition | 457 | |||||
Gross Amount at Which Carried at Close of Period, Land | [3] | 326 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [3] | 2,931 | ||||
Total | 3,257 | |||||
Accumulated depreciation | [2] | $ 1,280 | ||||
Office And Office/Flex Buildings [Member] | 97 Foster Road [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,982 | |||||
Acquired | 1,998 | |||||
Initial Costs, Land | $ 208 | |||||
Initial Costs, Building and Improvements | 1,382 | |||||
Costs Capitalized Subsequent to Acquisition | 389 | |||||
Gross Amount at Which Carried at Close of Period, Land | [3] | 211 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [3] | 1,768 | ||||
Total | 1,979 | |||||
Accumulated depreciation | [2] | $ 885 | ||||
Office And Office/Flex Buildings [Member] | 1507 Lancer Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,995 | |||||
Acquired | 1,998 | |||||
Initial Costs, Land | $ 119 | |||||
Initial Costs, Building and Improvements | 1,106 | |||||
Costs Capitalized Subsequent to Acquisition | 209 | |||||
Gross Amount at Which Carried at Close of Period, Land | [3] | 120 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [3] | 1,314 | ||||
Total | 1,434 | |||||
Accumulated depreciation | [2] | $ 612 | ||||
Office And Office/Flex Buildings [Member] | 1245 North Church Street [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,998 | |||||
Acquired | 2,001 | |||||
Initial Costs, Land | $ 691 | |||||
Initial Costs, Building and Improvements | 2,810 | |||||
Costs Capitalized Subsequent to Acquisition | 110 | |||||
Gross Amount at Which Carried at Close of Period, Land | [3] | 691 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [3] | 2,920 | ||||
Total | 3,611 | |||||
Accumulated depreciation | [2] | $ 1,078 | ||||
Office And Office/Flex Buildings [Member] | 1247 North Church Street [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,998 | |||||
Acquired | 2,001 | |||||
Initial Costs, Land | $ 805 | |||||
Initial Costs, Building and Improvements | 3,269 | |||||
Costs Capitalized Subsequent to Acquisition | 175 | |||||
Gross Amount at Which Carried at Close of Period, Land | [3] | 805 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [3] | 3,444 | ||||
Total | 4,249 | |||||
Accumulated depreciation | [2] | $ 1,287 | ||||
Office And Office/Flex Buildings [Member] | 1256 North Church Street [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,984 | |||||
Acquired | 1,998 | |||||
Initial Costs, Land | $ 354 | |||||
Initial Costs, Building and Improvements | 3,098 | |||||
Costs Capitalized Subsequent to Acquisition | 658 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 357 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 3,753 | ||||
Total | 4,110 | |||||
Accumulated depreciation | [2] | $ 1,678 | ||||
Office And Office/Flex Buildings [Member] | 840 North Lenola Road [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,995 | |||||
Acquired | 1,998 | |||||
Initial Costs, Land | $ 329 | |||||
Initial Costs, Building and Improvements | 2,366 | |||||
Costs Capitalized Subsequent to Acquisition | 499 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 333 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 2,861 | ||||
Total | 3,194 | |||||
Accumulated depreciation | [2] | $ 1,286 | ||||
Office And Office/Flex Buildings [Member] | 844 North Lenola Road [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,995 | |||||
Acquired | 1,998 | |||||
Initial Costs, Land | $ 239 | |||||
Initial Costs, Building and Improvements | 1,714 | |||||
Costs Capitalized Subsequent to Acquisition | 298 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 241 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 2,010 | ||||
Total | 2,251 | |||||
Accumulated depreciation | [2] | $ 957 | ||||
Office And Office/Flex Buildings [Member] | 915 North Lenola Road [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,998 | |||||
Acquired | 2,000 | |||||
Initial Costs, Land | $ 508 | |||||
Initial Costs, Building and Improvements | 2,034 | |||||
Costs Capitalized Subsequent to Acquisition | 215 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 508 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 2,249 | ||||
Total | 2,757 | |||||
Accumulated depreciation | [2] | $ 985 | ||||
Office And Office/Flex Buildings [Member] | 2 Twosome Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 2,000 | |||||
Acquired | 2,001 | |||||
Initial Costs, Land | $ 701 | |||||
Initial Costs, Building and Improvements | 2,807 | |||||
Costs Capitalized Subsequent to Acquisition | 225 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 701 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 3,032 | ||||
Total | 3,733 | |||||
Accumulated depreciation | [2] | $ 1,077 | ||||
Office And Office/Flex Buildings [Member] | 30 Twosome Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,997 | |||||
Acquired | 1,998 | |||||
Initial Costs, Land | $ 234 | |||||
Initial Costs, Building and Improvements | 1,954 | |||||
Costs Capitalized Subsequent to Acquisition | 510 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 236 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 2,462 | ||||
Total | 2,698 | |||||
Accumulated depreciation | [2] | $ 1,251 | ||||
Office And Office/Flex Buildings [Member] | 31 Twosome Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,998 | |||||
Acquired | 2,001 | |||||
Initial Costs, Land | $ 815 | |||||
Initial Costs, Building and Improvements | 3,276 | |||||
Costs Capitalized Subsequent to Acquisition | 258 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 815 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 3,534 | ||||
Total | 4,349 | |||||
Accumulated depreciation | [2] | $ 1,303 | ||||
Office And Office/Flex Buildings [Member] | 40 Twosome Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,996 | |||||
Acquired | 1,998 | |||||
Initial Costs, Land | $ 297 | |||||
Initial Costs, Building and Improvements | 2,393 | |||||
Costs Capitalized Subsequent to Acquisition | 160 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 301 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 2,549 | ||||
Total | 2,850 | |||||
Accumulated depreciation | [2] | $ 1,180 | ||||
Office And Office/Flex Buildings [Member] | 41 Twosome Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,998 | |||||
Acquired | 2,001 | |||||
Initial Costs, Land | $ 605 | |||||
Initial Costs, Building and Improvements | 2,459 | |||||
Costs Capitalized Subsequent to Acquisition | 214 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 605 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 2,673 | ||||
Total | 3,278 | |||||
Accumulated depreciation | [2] | $ 1,016 | ||||
Office And Office/Flex Buildings [Member] | 50 Twosome Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,997 | |||||
Acquired | 1,998 | |||||
Initial Costs, Land | $ 301 | |||||
Initial Costs, Building and Improvements | 2,330 | |||||
Costs Capitalized Subsequent to Acquisition | 98 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 304 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 2,425 | ||||
Total | 2,729 | |||||
Accumulated depreciation | [2] | $ 1,133 | ||||
Office And Office/Flex Buildings [Member] | 100 Horizon Center Boulevard [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,989 | |||||
Acquired | 1,995 | |||||
Initial Costs, Land | $ 205 | |||||
Initial Costs, Building and Improvements | 1,676 | |||||
Costs Capitalized Subsequent to Acquisition | 730 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 325 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 2,286 | ||||
Total | 2,611 | |||||
Accumulated depreciation | [2] | $ 1,029 | ||||
Office And Office/Flex Buildings [Member] | 200 Horizon Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,991 | |||||
Acquired | 1,995 | |||||
Initial Costs, Land | $ 205 | |||||
Initial Costs, Building and Improvements | 3,027 | |||||
Costs Capitalized Subsequent to Acquisition | 715 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 357 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 3,590 | ||||
Total | 3,947 | |||||
Accumulated depreciation | [2] | $ 1,845 | ||||
Office And Office/Flex Buildings [Member] | 300 Horizon Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,989 | |||||
Acquired | 1,995 | |||||
Initial Costs, Land | $ 379 | |||||
Initial Costs, Building and Improvements | 4,355 | |||||
Costs Capitalized Subsequent to Acquisition | 1,428 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 531 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 5,631 | ||||
Total | 6,162 | |||||
Accumulated depreciation | [2] | $ 2,641 | ||||
Office And Office/Flex Buildings [Member] | 500 Horizon Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,990 | |||||
Acquired | 1,995 | |||||
Initial Costs, Land | $ 379 | |||||
Initial Costs, Building and Improvements | 3,395 | |||||
Costs Capitalized Subsequent to Acquisition | 901 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 496 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 4,179 | ||||
Total | 4,675 | |||||
Accumulated depreciation | [2] | $ 2,152 | ||||
Office And Office/Flex Buildings [Member] | 600 Horizon Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 2,002 | |||||
Acquired | 2,002 | |||||
Initial Costs, Building and Improvements | $ 7,549 | |||||
Costs Capitalized Subsequent to Acquisition | 709 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 685 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 7,573 | ||||
Total | 8,258 | |||||
Accumulated depreciation | [2] | $ 2,478 | ||||
Office And Office/Flex Buildings [Member] | 1325 Campus Parkway [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,988 | |||||
Acquired | 1,995 | |||||
Initial Costs, Land | $ 270 | |||||
Initial Costs, Building and Improvements | 2,928 | |||||
Costs Capitalized Subsequent to Acquisition | 725 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 270 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 3,653 | ||||
Total | 3,923 | |||||
Accumulated depreciation | [2] | $ 1,914 | ||||
Office And Office/Flex Buildings [Member] | 1340 Campus Parkway [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,992 | |||||
Acquired | 1,995 | |||||
Initial Costs, Land | $ 489 | |||||
Initial Costs, Building and Improvements | 4,621 | |||||
Costs Capitalized Subsequent to Acquisition | 1,836 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 489 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 6,457 | ||||
Total | 6,946 | |||||
Accumulated depreciation | [2] | $ 3,434 | ||||
Office And Office/Flex Buildings [Member] | 1345 Campus Parkway [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,995 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 1,023 | |||||
Initial Costs, Building and Improvements | 5,703 | |||||
Costs Capitalized Subsequent to Acquisition | 1,772 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 1,024 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 7,474 | ||||
Total | 8,498 | |||||
Accumulated depreciation | [2] | $ 3,841 | ||||
Office And Office/Flex Buildings [Member] | 1433 Highway 34 [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,985 | |||||
Acquired | 1,995 | |||||
Initial Costs, Land | $ 889 | |||||
Initial Costs, Building and Improvements | 4,321 | |||||
Costs Capitalized Subsequent to Acquisition | 1,655 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 889 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 5,976 | ||||
Total | 6,865 | |||||
Accumulated depreciation | [2] | $ 2,972 | ||||
Office And Office/Flex Buildings [Member] | 1320 Wyckoff Avenue [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,986 | |||||
Acquired | 1,995 | |||||
Initial Costs, Land | $ 255 | |||||
Initial Costs, Building and Improvements | 1,285 | |||||
Costs Capitalized Subsequent to Acquisition | 291 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 216 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 1,615 | ||||
Total | 1,831 | |||||
Accumulated depreciation | [2] | $ 908 | ||||
Office And Office/Flex Buildings [Member] | 1324 Wyckoff Avenue [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,987 | |||||
Acquired | 1,995 | |||||
Initial Costs, Land | $ 230 | |||||
Initial Costs, Building and Improvements | 1,439 | |||||
Costs Capitalized Subsequent to Acquisition | 317 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 190 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 1,796 | ||||
Total | 1,986 | |||||
Accumulated depreciation | [2] | $ 853 | ||||
Office And Office/Flex Buildings [Member] | 1 Center Court [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,999 | |||||
Acquired | 1,999 | |||||
Initial Costs, Land | $ 270 | |||||
Initial Costs, Building and Improvements | 1,824 | |||||
Costs Capitalized Subsequent to Acquisition | 490 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 270 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 2,314 | ||||
Total | 2,584 | |||||
Accumulated depreciation | [2] | $ 990 | ||||
Office And Office/Flex Buildings [Member] | 2 Center Court [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,998 | |||||
Acquired | 1,998 | |||||
Initial Costs, Land | $ 191 | |||||
Costs Capitalized Subsequent to Acquisition | 2,476 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 191 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 2,476 | ||||
Total | 2,667 | |||||
Accumulated depreciation | [2] | $ 1,089 | ||||
Office And Office/Flex Buildings [Member] | 11 Commerce Way [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,989 | |||||
Acquired | 1,995 | |||||
Initial Costs, Land | $ 586 | |||||
Initial Costs, Building and Improvements | 2,986 | |||||
Costs Capitalized Subsequent to Acquisition | 1,000 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 586 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 3,986 | ||||
Total | 4,572 | |||||
Accumulated depreciation | [2] | $ 2,086 | ||||
Office And Office/Flex Buildings [Member] | 20 Commerce Way [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,992 | |||||
Acquired | 1,995 | |||||
Initial Costs, Land | $ 516 | |||||
Initial Costs, Building and Improvements | 3,108 | |||||
Costs Capitalized Subsequent to Acquisition | 111 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 516 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 3,219 | ||||
Total | 3,735 | |||||
Accumulated depreciation | [2] | $ 1,600 | ||||
Office And Office/Flex Buildings [Member] | 29 Commerce Way [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,990 | |||||
Acquired | 1,995 | |||||
Initial Costs, Land | $ 586 | |||||
Initial Costs, Building and Improvements | 3,092 | |||||
Costs Capitalized Subsequent to Acquisition | 961 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 586 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 4,053 | ||||
Total | 4,639 | |||||
Accumulated depreciation | [2] | $ 1,809 | ||||
Office And Office/Flex Buildings [Member] | 40 Commerce Way [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,987 | |||||
Acquired | 1,995 | |||||
Initial Costs, Land | $ 516 | |||||
Initial Costs, Building and Improvements | 3,260 | |||||
Costs Capitalized Subsequent to Acquisition | 1,509 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 516 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 4,769 | ||||
Total | 5,285 | |||||
Accumulated depreciation | [2] | $ 2,293 | ||||
Office And Office/Flex Buildings [Member] | 45 Commerce Way [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,992 | |||||
Acquired | 1,995 | |||||
Initial Costs, Land | $ 536 | |||||
Initial Costs, Building and Improvements | 3,379 | |||||
Costs Capitalized Subsequent to Acquisition | 497 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 536 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 3,876 | ||||
Total | 4,412 | |||||
Accumulated depreciation | [2] | $ 1,940 | ||||
Office And Office/Flex Buildings [Member] | 60 Commerce Way [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,988 | |||||
Acquired | 1,995 | |||||
Initial Costs, Land | $ 526 | |||||
Initial Costs, Building and Improvements | 3,257 | |||||
Costs Capitalized Subsequent to Acquisition | 507 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 526 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 3,764 | ||||
Total | 4,290 | |||||
Accumulated depreciation | [2] | $ 2,048 | ||||
Office And Office/Flex Buildings [Member] | 80 Commerce Way [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,996 | |||||
Acquired | 1,996 | |||||
Initial Costs, Land | $ 227 | |||||
Costs Capitalized Subsequent to Acquisition | 1,348 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 227 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 1,348 | ||||
Total | 1,575 | |||||
Accumulated depreciation | [2] | $ 638 | ||||
Office And Office/Flex Buildings [Member] | 100 Commerce Way [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,996 | |||||
Acquired | 1,996 | |||||
Initial Costs, Land | $ 226 | |||||
Costs Capitalized Subsequent to Acquisition | 1,348 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 226 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 1,348 | ||||
Total | 1,574 | |||||
Accumulated depreciation | [2] | $ 637 | ||||
Office And Office/Flex Buildings [Member] | 120 Commerce Way [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,994 | |||||
Acquired | 1,995 | |||||
Initial Costs, Land | $ 228 | |||||
Costs Capitalized Subsequent to Acquisition | 1,284 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 229 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 1,283 | ||||
Total | 1,512 | |||||
Accumulated depreciation | [2] | $ 657 | ||||
Office And Office/Flex Buildings [Member] | 140 Commerce Way [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,994 | |||||
Acquired | 1,995 | |||||
Initial Costs, Land | $ 229 | |||||
Costs Capitalized Subsequent to Acquisition | 1,282 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 228 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 1,283 | ||||
Total | 1,511 | |||||
Accumulated depreciation | [2] | $ 657 | ||||
Office And Office/Flex Buildings [Member] | 11 Clearbrook Road [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,974 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 149 | |||||
Initial Costs, Building and Improvements | 2,159 | |||||
Costs Capitalized Subsequent to Acquisition | 602 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 149 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 2,761 | ||||
Total | 2,910 | |||||
Accumulated depreciation | [3] | $ 1,278 | ||||
Office And Office/Flex Buildings [Member] | 75 Clearbrook Road [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,990 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 2,314 | |||||
Initial Costs, Building and Improvements | 4,716 | |||||
Costs Capitalized Subsequent to Acquisition | 57 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 2,314 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 4,773 | ||||
Total | 7,087 | |||||
Accumulated depreciation | [3] | $ 2,259 | ||||
Office And Office/Flex Buildings [Member] | 125 Clearbrook Road [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 2,002 | |||||
Acquired | 2,002 | |||||
Initial Costs, Land | $ 1,055 | |||||
Initial Costs, Building and Improvements | 3,676 | |||||
Costs Capitalized Subsequent to Acquisition | (445) | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 1,055 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 3,231 | ||||
Total | 4,286 | |||||
Accumulated depreciation | [3] | $ 1,145 | ||||
Office And Office/Flex Buildings [Member] | 150 Clearbrook Road [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,975 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 497 | |||||
Initial Costs, Building and Improvements | 7,030 | |||||
Costs Capitalized Subsequent to Acquisition | 2,221 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 497 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 9,251 | ||||
Total | 9,748 | |||||
Accumulated depreciation | [3] | $ 4,104 | ||||
Office And Office/Flex Buildings [Member] | 175 Clearbrook Road [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,973 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 655 | |||||
Initial Costs, Building and Improvements | 7,473 | |||||
Costs Capitalized Subsequent to Acquisition | 762 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 655 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 8,235 | ||||
Total | 8,890 | |||||
Accumulated depreciation | [3] | $ 3,863 | ||||
Office And Office/Flex Buildings [Member] | 200 Clearbrook Road [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,974 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 579 | |||||
Initial Costs, Building and Improvements | 6,620 | |||||
Costs Capitalized Subsequent to Acquisition | 1,888 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 579 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 8,508 | ||||
Total | 9,087 | |||||
Accumulated depreciation | [3] | $ 3,852 | ||||
Office And Office/Flex Buildings [Member] | 250 Clearbrook Road [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,973 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 867 | |||||
Initial Costs, Building and Improvements | 8,647 | |||||
Costs Capitalized Subsequent to Acquisition | 2,395 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 867 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 11,042 | ||||
Total | 11,909 | |||||
Accumulated depreciation | [3] | $ 4,697 | ||||
Office And Office/Flex Buildings [Member] | 50 Executive Boulevard [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,969 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 237 | |||||
Initial Costs, Building and Improvements | 2,617 | |||||
Costs Capitalized Subsequent to Acquisition | 441 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 237 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 3,058 | ||||
Total | 3,295 | |||||
Accumulated depreciation | [3] | $ 1,404 | ||||
Office And Office/Flex Buildings [Member] | 77 Executive Boulevard [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,977 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 34 | |||||
Initial Costs, Building and Improvements | 1,104 | |||||
Costs Capitalized Subsequent to Acquisition | 212 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 34 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 1,316 | ||||
Total | 1,350 | |||||
Accumulated depreciation | [3] | $ 677 | ||||
Office And Office/Flex Buildings [Member] | 85 Executive Boulevard [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,968 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 155 | |||||
Initial Costs, Building and Improvements | 2,507 | |||||
Costs Capitalized Subsequent to Acquisition | 516 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 155 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 3,023 | ||||
Total | 3,178 | |||||
Accumulated depreciation | [3] | $ 1,284 | ||||
Office And Office/Flex Buildings [Member] | 300 Executive Boulevard [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,970 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 460 | |||||
Initial Costs, Building and Improvements | 3,609 | |||||
Costs Capitalized Subsequent to Acquisition | 306 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 460 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 3,915 | ||||
Total | 4,375 | |||||
Accumulated depreciation | [3] | $ 1,802 | ||||
Office And Office/Flex Buildings [Member] | 350 Executive Boulevard [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,970 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 100 | |||||
Initial Costs, Building and Improvements | 1,793 | |||||
Costs Capitalized Subsequent to Acquisition | 175 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 100 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 1,968 | ||||
Total | 2,068 | |||||
Accumulated depreciation | [2] | $ 942 | ||||
Office And Office/Flex Buildings [Member] | 399 Executive Boulevard [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,962 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 531 | |||||
Initial Costs, Building and Improvements | 7,191 | |||||
Costs Capitalized Subsequent to Acquisition | 163 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 531 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 7,354 | ||||
Total | 7,885 | |||||
Accumulated depreciation | [2] | $ 3,502 | ||||
Office And Office/Flex Buildings [Member] | 400 Executive Boulevard [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,970 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 2,202 | |||||
Initial Costs, Building and Improvements | 1,846 | |||||
Costs Capitalized Subsequent to Acquisition | 938 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 2,202 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 2,784 | ||||
Total | 4,986 | |||||
Accumulated depreciation | [2] | $ 1,407 | ||||
Office And Office/Flex Buildings [Member] | 500 Executive Boulevard [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,970 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 258 | |||||
Initial Costs, Building and Improvements | 4,183 | |||||
Costs Capitalized Subsequent to Acquisition | 434 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 258 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 4,617 | ||||
Total | 4,875 | |||||
Accumulated depreciation | [2] | $ 2,268 | ||||
Office And Office/Flex Buildings [Member] | 525 Executive Boulevard [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,972 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 345 | |||||
Initial Costs, Building and Improvements | 5,499 | |||||
Costs Capitalized Subsequent to Acquisition | 837 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 345 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 6,336 | ||||
Total | 6,681 | |||||
Accumulated depreciation | [2] | $ 3,082 | ||||
Office And Office/Flex Buildings [Member] | 1 Westchester Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,967 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 199 | |||||
Initial Costs, Building and Improvements | 2,023 | |||||
Costs Capitalized Subsequent to Acquisition | 469 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 199 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 2,492 | ||||
Total | 2,691 | |||||
Accumulated depreciation | [2] | $ 1,318 | ||||
Office And Office/Flex Buildings [Member] | 2 Westchester Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,968 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 234 | |||||
Initial Costs, Building and Improvements | 2,726 | |||||
Costs Capitalized Subsequent to Acquisition | 686 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 234 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 3,412 | ||||
Total | 3,646 | |||||
Accumulated depreciation | [2] | $ 1,510 | ||||
Office And Office/Flex Buildings [Member] | 3 Westchester Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,969 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 655 | |||||
Initial Costs, Building and Improvements | 7,936 | |||||
Costs Capitalized Subsequent to Acquisition | 1,343 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 655 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 9,279 | ||||
Total | 9,934 | |||||
Accumulated depreciation | [2] | $ 4,453 | ||||
Office And Office/Flex Buildings [Member] | 4 Westchester Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,969 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 320 | |||||
Initial Costs, Building and Improvements | 3,729 | |||||
Costs Capitalized Subsequent to Acquisition | 1,244 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 320 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 4,973 | ||||
Total | 5,293 | |||||
Accumulated depreciation | [2] | $ 2,455 | ||||
Office And Office/Flex Buildings [Member] | 5 Westchester Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,969 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 118 | |||||
Initial Costs, Building and Improvements | 1,949 | |||||
Costs Capitalized Subsequent to Acquisition | 425 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 118 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 2,374 | ||||
Total | 2,492 | |||||
Accumulated depreciation | [2] | $ 1,219 | ||||
Office And Office/Flex Buildings [Member] | 6 Westchester Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,968 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 164 | |||||
Initial Costs, Building and Improvements | 1,998 | |||||
Costs Capitalized Subsequent to Acquisition | 166 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 164 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 2,164 | ||||
Total | 2,328 | |||||
Accumulated depreciation | [2] | $ 1,012 | ||||
Office And Office/Flex Buildings [Member] | 7 Westchester Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,972 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 286 | |||||
Initial Costs, Building and Improvements | 4,321 | |||||
Costs Capitalized Subsequent to Acquisition | 681 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 286 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 5,002 | ||||
Total | 5,288 | |||||
Accumulated depreciation | [2] | $ 2,187 | ||||
Office And Office/Flex Buildings [Member] | 8 Westchester Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,971 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 447 | |||||
Initial Costs, Building and Improvements | 5,262 | |||||
Costs Capitalized Subsequent to Acquisition | 1,917 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 447 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 7,179 | ||||
Total | 7,626 | |||||
Accumulated depreciation | [2] | $ 3,157 | ||||
Office And Office/Flex Buildings [Member] | 200 Saw Mill River Road [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,965 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 353 | |||||
Initial Costs, Building and Improvements | 3,353 | |||||
Costs Capitalized Subsequent to Acquisition | 533 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 353 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 3,886 | ||||
Total | 4,239 | |||||
Accumulated depreciation | [2] | $ 1,831 | ||||
Office And Office/Flex Buildings [Member] | 4 Skyline Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,987 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 363 | |||||
Initial Costs, Building and Improvements | 7,513 | |||||
Costs Capitalized Subsequent to Acquisition | 2,873 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 363 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 10,386 | ||||
Total | 10,749 | |||||
Accumulated depreciation | [2] | $ 5,320 | ||||
Office And Office/Flex Buildings [Member] | 5 Skyline Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,980 | |||||
Acquired | 2,001 | |||||
Initial Costs, Land | $ 2,219 | |||||
Initial Costs, Building and Improvements | 8,916 | |||||
Costs Capitalized Subsequent to Acquisition | 1,747 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 2,219 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 10,663 | ||||
Total | 12,882 | |||||
Accumulated depreciation | [2] | $ 4,706 | ||||
Office And Office/Flex Buildings [Member] | 6 Skyline Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,980 | |||||
Acquired | 2,001 | |||||
Initial Costs, Land | $ 740 | |||||
Initial Costs, Building and Improvements | 2,971 | |||||
Costs Capitalized Subsequent to Acquisition | 1,498 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 740 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 4,469 | ||||
Total | 5,209 | |||||
Accumulated depreciation | [2] | $ 2,380 | ||||
Office And Office/Flex Buildings [Member] | 8 Skyline Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,985 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 212 | |||||
Initial Costs, Building and Improvements | 4,410 | |||||
Costs Capitalized Subsequent to Acquisition | 769 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 212 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 5,179 | ||||
Total | 5,391 | |||||
Accumulated depreciation | [2] | $ 2,557 | ||||
Office And Office/Flex Buildings [Member] | 10 Skyline Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,985 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 134 | |||||
Initial Costs, Building and Improvements | 2,799 | |||||
Costs Capitalized Subsequent to Acquisition | 732 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 134 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 3,531 | ||||
Total | 3,665 | |||||
Accumulated depreciation | [2] | $ 1,903 | ||||
Office And Office/Flex Buildings [Member] | 11 Skyline Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | [3] | 1,989 | ||||
Acquired | [3] | 1,997 | ||||
Initial Costs, Building and Improvements | [3] | $ 4,788 | ||||
Costs Capitalized Subsequent to Acquisition | [3] | 761 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1],[3] | 5,549 | ||||
Total | [3] | 5,549 | ||||
Accumulated depreciation | [2],[3] | $ 2,409 | ||||
Office And Office/Flex Buildings [Member] | 12 Skyline Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | [3] | 1,999 | ||||
Acquired | [3] | 1,999 | ||||
Initial Costs, Land | [3] | $ 1,562 | ||||
Initial Costs, Building and Improvements | [3] | 3,254 | ||||
Costs Capitalized Subsequent to Acquisition | [3] | 200 | ||||
Gross Amount at Which Carried at Close of Period, Land | [1],[3] | 1,320 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1],[3] | 3,696 | ||||
Total | [3] | 5,016 | ||||
Accumulated depreciation | [2],[3] | $ 1,497 | ||||
Office And Office/Flex Buildings [Member] | 15 Skyline Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | [3] | 1,989 | ||||
Acquired | [3] | 1,997 | ||||
Initial Costs, Building and Improvements | [3] | $ 7,449 | ||||
Costs Capitalized Subsequent to Acquisition | [3] | 1,060 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1],[3] | 8,509 | ||||
Total | [3] | 8,509 | ||||
Accumulated depreciation | [2],[3] | $ 3,620 | ||||
Office And Office/Flex Buildings [Member] | 100 Corporate Boulevard [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,987 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 602 | |||||
Initial Costs, Building and Improvements | 9,910 | |||||
Costs Capitalized Subsequent to Acquisition | 1,397 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 602 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 11,307 | ||||
Total | 11,909 | |||||
Accumulated depreciation | [2] | $ 5,342 | ||||
Office And Office/Flex Buildings [Member] | 200 Corporate Boulevard South [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,990 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 502 | |||||
Initial Costs, Building and Improvements | 7,575 | |||||
Costs Capitalized Subsequent to Acquisition | 1,472 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 502 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 9,047 | ||||
Total | 9,549 | |||||
Accumulated depreciation | [2] | $ 4,473 | ||||
Office And Office/Flex Buildings [Member] | 4 Executive Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,986 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 584 | |||||
Initial Costs, Building and Improvements | 6,134 | |||||
Costs Capitalized Subsequent to Acquisition | 1,142 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 584 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 7,276 | ||||
Total | 7,860 | |||||
Accumulated depreciation | [2] | $ 3,294 | ||||
Office And Office/Flex Buildings [Member] | 6 Executive Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,987 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 546 | |||||
Initial Costs, Building and Improvements | 7,246 | |||||
Costs Capitalized Subsequent to Acquisition | 2,206 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 546 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 9,452 | ||||
Total | 9,998 | |||||
Accumulated depreciation | [2] | $ 4,218 | ||||
Office And Office/Flex Buildings [Member] | 1 Odell Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,980 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 1,206 | |||||
Initial Costs, Building and Improvements | 6,815 | |||||
Costs Capitalized Subsequent to Acquisition | 2,221 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 1,206 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 9,036 | ||||
Total | 10,242 | |||||
Accumulated depreciation | [2] | $ 4,058 | ||||
Office And Office/Flex Buildings [Member] | 5 Odell Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,983 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 331 | |||||
Initial Costs, Building and Improvements | 2,988 | |||||
Costs Capitalized Subsequent to Acquisition | 535 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 331 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 3,523 | ||||
Total | 3,854 | |||||
Accumulated depreciation | [2] | $ 1,760 | ||||
Office And Office/Flex Buildings [Member] | 7 Odell Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,984 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 419 | |||||
Initial Costs, Building and Improvements | 4,418 | |||||
Costs Capitalized Subsequent to Acquisition | 1,249 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 419 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 5,667 | ||||
Total | 6,086 | |||||
Accumulated depreciation | [2] | $ 2,482 | ||||
Office And Office/Flex Buildings [Member] | 419 West Avenue [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,986 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 4,538 | |||||
Initial Costs, Building and Improvements | 9,246 | |||||
Costs Capitalized Subsequent to Acquisition | 1,298 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 4,538 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 10,544 | ||||
Total | 15,082 | |||||
Accumulated depreciation | [2] | $ 5,417 | ||||
Office And Office/Flex Buildings [Member] | 500 West Avenue [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,988 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 415 | |||||
Initial Costs, Building and Improvements | 1,679 | |||||
Costs Capitalized Subsequent to Acquisition | 654 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 415 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 2,333 | ||||
Total | 2,748 | |||||
Accumulated depreciation | [2] | $ 899 | ||||
Office And Office/Flex Buildings [Member] | 550 West Avenue [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,990 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 1,975 | |||||
Initial Costs, Building and Improvements | 3,856 | |||||
Costs Capitalized Subsequent to Acquisition | 185 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 1,975 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 4,041 | ||||
Total | 6,016 | |||||
Accumulated depreciation | [2] | $ 1,956 | ||||
Office And Office/Flex Buildings [Member] | 600 West Avenue [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,999 | |||||
Acquired | 1,999 | |||||
Initial Costs, Land | $ 2,305 | |||||
Initial Costs, Building and Improvements | 2,863 | |||||
Costs Capitalized Subsequent to Acquisition | 754 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 2,305 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 3,617 | ||||
Total | 5,922 | |||||
Accumulated depreciation | [2] | $ 1,426 | ||||
Office And Office/Flex Buildings [Member] | 650 West Avenue [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,998 | |||||
Acquired | 1,998 | |||||
Initial Costs, Land | $ 1,328 | |||||
Costs Capitalized Subsequent to Acquisition | 3,524 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 1,328 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 3,524 | ||||
Total | 4,852 | |||||
Accumulated depreciation | [2] | $ 1,601 | ||||
Industrial/Warehouse Facilities [Member] | 1 Warehouse Lane [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | [3] | 1,957 | ||||
Acquired | [3] | 1,997 | ||||
Initial Costs, Land | [3] | $ 3 | ||||
Initial Costs, Building and Improvements | [3] | 268 | ||||
Costs Capitalized Subsequent to Acquisition | [3] | 233 | ||||
Gross Amount at Which Carried at Close of Period, Land | [1],[3] | 3 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1],[3] | 501 | ||||
Total | [3] | 504 | ||||
Accumulated depreciation | [2],[3] | $ 238 | ||||
Industrial/Warehouse Facilities [Member] | 2 Warehouse Lane [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | [3] | 1,957 | ||||
Acquired | [3] | 1,997 | ||||
Initial Costs, Land | [3] | $ 4 | ||||
Initial Costs, Building and Improvements | [3] | 672 | ||||
Costs Capitalized Subsequent to Acquisition | [3] | 232 | ||||
Gross Amount at Which Carried at Close of Period, Land | [1],[3] | 4 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1],[3] | 904 | ||||
Total | [3] | 908 | ||||
Accumulated depreciation | [2],[3] | $ 378 | ||||
Industrial/Warehouse Facilities [Member] | 3 Warehouse Lane [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | [3] | 1,957 | ||||
Acquired | [3] | 1,997 | ||||
Initial Costs, Land | [3] | $ 21 | ||||
Initial Costs, Building and Improvements | [3] | 1,948 | ||||
Costs Capitalized Subsequent to Acquisition | [3] | 363 | ||||
Gross Amount at Which Carried at Close of Period, Land | [1],[3] | 21 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1],[3] | 2,311 | ||||
Total | [3] | 2,332 | ||||
Accumulated depreciation | [2],[3] | $ 1,181 | ||||
Industrial/Warehouse Facilities [Member] | 4 Warehouse Lane [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | [3] | 1,957 | ||||
Acquired | [3] | 1,997 | ||||
Initial Costs, Land | [3] | $ 84 | ||||
Initial Costs, Building and Improvements | [3] | 13,393 | ||||
Costs Capitalized Subsequent to Acquisition | [3] | 3,405 | ||||
Gross Amount at Which Carried at Close of Period, Land | [1],[3] | 85 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1],[3] | 16,797 | ||||
Total | [3] | 16,882 | ||||
Accumulated depreciation | [2],[3] | $ 7,261 | ||||
Industrial/Warehouse Facilities [Member] | 5 Warehouse Lane [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | [3] | 1,957 | ||||
Acquired | [3] | 1,997 | ||||
Initial Costs, Land | [3] | $ 19 | ||||
Initial Costs, Building and Improvements | [3] | 4,804 | ||||
Costs Capitalized Subsequent to Acquisition | [3] | 943 | ||||
Gross Amount at Which Carried at Close of Period, Land | [1],[3] | 19 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1],[3] | 5,747 | ||||
Total | [3] | 5,766 | ||||
Accumulated depreciation | [2],[3] | $ 2,745 | ||||
Industrial/Warehouse Facilities [Member] | 6 Warehouse Lane [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | [3] | 1,982 | ||||
Acquired | [3] | 1,997 | ||||
Initial Costs, Land | [3] | $ 10 | ||||
Initial Costs, Building and Improvements | [3] | 4,419 | ||||
Costs Capitalized Subsequent to Acquisition | [3] | 2,381 | ||||
Gross Amount at Which Carried at Close of Period, Land | [1],[3] | 10 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1],[3] | 6,800 | ||||
Total | [3] | 6,810 | ||||
Accumulated depreciation | [2],[3] | $ 2,764 | ||||
Retail [Member] | 230 White Plains Road [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,984 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 124 | |||||
Initial Costs, Building and Improvements | 1,845 | |||||
Costs Capitalized Subsequent to Acquisition | 107 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 124 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 1,952 | ||||
Total | 2,076 | |||||
Accumulated depreciation | [2] | $ 919 | ||||
Retail [Member] | 2 Executive Boulevard [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,986 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 89 | |||||
Initial Costs, Building and Improvements | 2,439 | |||||
Costs Capitalized Subsequent to Acquisition | 107 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 89 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 2,546 | ||||
Total | 2,635 | |||||
Accumulated depreciation | [2] | $ 1,182 | ||||
Land [Member] | Capital Office Park Parcel A [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Acquired | 2,009 | |||||
Initial Costs, Land | $ 840 | |||||
Costs Capitalized Subsequent to Acquisition | 7 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 847 | ||||
Total | $ 847 | |||||
Multi-Family Properties [Member] | Richmond Court [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,997 | |||||
Acquired | 2,013 | |||||
Initial Costs, Land | $ 2,992 | |||||
Initial Costs, Building and Improvements | 13,534 | |||||
Costs Capitalized Subsequent to Acquisition | 1,601 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 2,992 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 15,135 | ||||
Total | 18,127 | |||||
Accumulated depreciation | [2] | $ 689 | ||||
Multi-Family Properties [Member] | Riverwatch Commons [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,995 | |||||
Acquired | 2,013 | |||||
Initial Costs, Land | $ 4,169 | |||||
Initial Costs, Building and Improvements | 18,974 | |||||
Costs Capitalized Subsequent to Acquisition | 729 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 4,169 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 19,703 | ||||
Total | 23,872 | |||||
Accumulated depreciation | [2] | $ 965 | ||||
Multi-Family Properties [Member] | Park Square [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 2,011 | |||||
Acquired | 2,013 | |||||
Related Encumbrances | $ 27,500 | |||||
Initial Costs, Land | 4,000 | |||||
Initial Costs, Building and Improvements | 40,670 | |||||
Costs Capitalized Subsequent to Acquisition | 256 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 4,000 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 40,926 | ||||
Total | 44,926 | |||||
Accumulated depreciation | [3] | $ 2,148 | ||||
Multi-Family Properties [Member] | Alterra At Overlook Ridge IA [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 2,004 | |||||
Acquired | 2,013 | |||||
Initial Costs, Land | $ 9,042 | |||||
Initial Costs, Building and Improvements | 50,671 | |||||
Costs Capitalized Subsequent to Acquisition | 879 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 9,042 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 51,550 | ||||
Total | 60,592 | |||||
Accumulated depreciation | [2] | $ 3,859 | ||||
Multi-Family Properties [Member] | Alterra at Overlook Ridge II [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 2,008 | |||||
Acquired | 2,013 | |||||
Initial Costs, Land | $ 12,055 | |||||
Initial Costs, Building and Improvements | 71,409 | |||||
Costs Capitalized Subsequent to Acquisition | 250 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 12,055 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 71,659 | ||||
Total | 83,714 | |||||
Accumulated depreciation | [2] | $ 5,236 | ||||
Multi-Family Properties [Member] | Apartments At Andover Place [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,988 | |||||
Acquired | 2,014 | |||||
Initial Costs, Land | $ 8,535 | |||||
Initial Costs, Building and Improvements | 27,609 | |||||
Costs Capitalized Subsequent to Acquisition | 2,263 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 8,534 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 29,873 | ||||
Total | 38,407 | |||||
Accumulated depreciation | [2] | $ 1,623 | ||||
Other Property [Member] | 500 Avenue At Port Imperial [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 2,013 | |||||
Acquired | 2,013 | |||||
Related Encumbrances | $ 36,600 | |||||
Initial Costs, Land | 13,099 | |||||
Initial Costs, Building and Improvements | 56,669 | |||||
Costs Capitalized Subsequent to Acquisition | (21,005) | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 13,099 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 35,664 | ||||
Total | 48,763 | |||||
Accumulated depreciation | [2] | 2,174 | ||||
Projects Under Development And Developable Land [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Related Encumbrances | 45,899 | |||||
Initial Costs, Land | 204,041 | |||||
Initial Costs, Building and Improvements | 237,906 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 204,041 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 237,906 | ||||
Total | 441,947 | |||||
Accumulated depreciation | [2] | 323 | ||||
Furniture, Fixtures And Equipment [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Costs Capitalized Subsequent to Acquisition | 15,167 | |||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 15,167 | ||||
Total | 15,167 | |||||
Accumulated depreciation | [2] | $ 5,418 | ||||
Buildings And Improvements [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Useful Live | 40 years | |||||
Land Lease [Member] | 700 Executive Boulevard [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 970 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 970 | ||||
Total | $ 970 | |||||
Land Lease [Member] | 1 Enterprise Boulevard [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 1,379 | |||||
Costs Capitalized Subsequent to Acquisition | 1 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 1,380 | ||||
Total | $ 1,380 | |||||
Minimum [Member] | Office [Member] | 9200 Edmonston Road [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,973 | |||||
Minimum [Member] | Office [Member] | 6301 Ivy Lane [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,979 | |||||
Minimum [Member] | Office [Member] | 6303 Ivy Lane [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,980 | |||||
Minimum [Member] | Office [Member] | 6305 Ivy Lane [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,982 | |||||
Minimum [Member] | Office [Member] | 6411 Ivy Lane [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,984 | |||||
Maximum [Member] | Office [Member] | 9200 Edmonston Road [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 2,003 | |||||
Maximum [Member] | Office [Member] | 6301 Ivy Lane [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,995 | |||||
Maximum [Member] | Office [Member] | 6303 Ivy Lane [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 2,003 | |||||
Maximum [Member] | Office [Member] | 6305 Ivy Lane [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,995 | |||||
Maximum [Member] | Office [Member] | 6411 Ivy Lane [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 2,005 | |||||
[1] | The aggregate cost for federal income tax purposes at December 31, 2015 was approximately $3.3 billion. | |||||
[2] | Depreciation of buildings and improvements are calculated over lives ranging from the life of the lease to 40 years. | |||||
[3] | This property is located on land leased by the Company. |
Real Estate Investments And 101
Real Estate Investments And Accumulated Depreciation (Schedule Of Changes In Rental Properties And Accumulated Depreciation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Real Estate Investments And Accumulated Depreciation [Abstract] | ||||
Rental Properties, Balance at beginning of year | $ 4,958,179 | $ 5,129,933 | $ 5,379,436 | |
Rental Properties, Additions | 219,227 | 193,005 | 317,994 | |
Rental Properties, Rental property held for sale | (107,205) | |||
Rental Properties, Properties sold | (82,015) | (331,181) | (256,335) | |
Rental Properties, Impairment charge | (255,849) | (149,030) | ||
Rental Properties, Retirements/disposals | (31,824) | (33,578) | (54,927) | |
Rental Properties, Balance at end of year | 4,807,718 | 4,958,179 | 5,129,933 | |
Accumulated Depreciation, Balance at beginning of year | 1,414,305 | 1,400,988 | 1,478,214 | |
Accumulated Depreciation, Depreciation expense | 147,447 | 143,278 | 155,846 | |
Accumulated Depreciation, Rental property held for sale | (35,594) | |||
Accumulated Depreciation, Properties sold | (7,517) | (96,383) | (104,196) | |
Accumulated Depreciation, Impairment charge | (57,929) | (38,353) | ||
Accumulated Depreciation, Retirements/disposals | (31,824) | (33,578) | (54,929) | |
Accumulated Depreciation, Balance at end of year | $ 1,464,482 | [1] | $ 1,414,305 | $ 1,400,988 |
[1] | Depreciation of buildings and improvements are calculated over lives ranging from the life of the lease to 40 years. |