Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 24, 2017 | Jun. 30, 2016 | |
Entity Registrant Name | MACK CALI REALTY CORP | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Entity Central Index Key | 924,901 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 2,382,974,937 | ||
Entity Common Stock, Shares Outstanding | 89,844,700 | ||
Mack-Cali Realty LP [Member] | |||
Entity Registrant Name | Mack Cali Realty LP | ||
Entity Central Index Key | 1,067,063 | ||
Entity Filer Category | Large Accelerated Filer |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Rental property | ||
Land and leasehold interests | $ 661,335 | $ 735,696 |
Buildings and improvements | 3,758,210 | 3,648,238 |
Tenant improvements | 364,092 | 408,617 |
Furniture, fixtures and equipment | 21,230 | 15,167 |
Gross investment in rental property | 4,804,867 | 4,807,718 |
Less - accumulated depreciation and amortization | (1,332,073) | (1,464,482) |
Total investment in rental property | 3,472,794 | 3,343,236 |
Rental property held for sale, net | 39,743 | |
Net investment in rental property | 3,512,537 | 3,343,236 |
Cash and cash equivalents | 31,611 | 37,077 |
Investments in unconsolidated joint ventures | 320,047 | 303,457 |
Unbilled rents receivable, net | 101,052 | 120,246 |
Deferred charges, goodwill and other assets, net | 267,950 | 203,850 |
Restricted cash | 53,952 | 35,343 |
Accounts receivable, net of allowance for doubtful accounts of $1,335 and $1,407 | 9,617 | 10,754 |
Total assets | 4,296,766 | 4,053,963 |
LIABILITIES AND EQUITY | ||
Senior unsecured notes, net | 817,355 | 1,263,782 |
Unsecured revolving credit facility and term loans | 634,069 | 155,000 |
Mortgages, loans payable and other obligations, net | 888,585 | 726,611 |
Dividends and distributions payable | 15,327 | 15,582 |
Accounts payable, accrued expenses and other liabilities | 159,874 | 135,057 |
Rents received in advance and security deposits | 46,442 | 49,739 |
Accrued interest payable | 8,427 | 24,484 |
Total liabilities | 2,570,079 | 2,370,255 |
Commitments and contingencies | ||
Mack-Cali Realty stockholders' equity: | ||
Common stock, $0.01 par value, 190,000,000 shares authorized, 89,696,713 and 89,583,950 shares outstanding | 897 | 896 |
Additional paid-in capital | 2,576,473 | 2,570,392 |
Dividends in excess of net earnings | (1,052,184) | (1,115,612) |
Accumulated other comprehensive income (loss) | 1,985 | |
Total Mack-Cali Realty Corporation stockholders' equity | 1,527,171 | 1,455,676 |
Noncontrolling interests in subsidiaries: | ||
Operating Partnership | 178,570 | 170,891 |
Consolidated joint ventures | 20,946 | 57,141 |
Total noncontrolling interests in subsidiaries | 199,516 | 228,032 |
Total equity | 1,726,687 | 1,683,708 |
Total liabilities and equity | 4,296,766 | 4,053,963 |
Mack-Cali Realty LP [Member] | ||
Rental property | ||
Land and leasehold interests | 661,335 | 735,696 |
Buildings and improvements | 3,758,210 | 3,648,238 |
Tenant improvements | 364,092 | 408,617 |
Furniture, fixtures and equipment | 21,230 | 15,167 |
Gross investment in rental property | 4,804,867 | 4,807,718 |
Less - accumulated depreciation and amortization | (1,332,073) | (1,464,482) |
Total investment in rental property | 3,472,794 | 3,343,236 |
Rental property held for sale, net | 39,743 | |
Net investment in rental property | 3,512,537 | 3,343,236 |
Cash and cash equivalents | 31,611 | 37,077 |
Investments in unconsolidated joint ventures | 320,047 | 303,457 |
Unbilled rents receivable, net | 101,052 | 120,246 |
Deferred charges, goodwill and other assets, net | 267,950 | 203,850 |
Restricted cash | 53,952 | 35,343 |
Accounts receivable, net of allowance for doubtful accounts of $1,335 and $1,407 | 9,617 | 10,754 |
Total assets | 4,296,766 | 4,053,963 |
LIABILITIES AND EQUITY | ||
Senior unsecured notes, net | 817,355 | 1,263,782 |
Unsecured revolving credit facility and term loans | 634,069 | 155,000 |
Mortgages, loans payable and other obligations, net | 888,585 | 726,611 |
Dividends and distributions payable | 15,327 | 15,582 |
Accounts payable, accrued expenses and other liabilities | 159,874 | 135,057 |
Rents received in advance and security deposits | 46,442 | 49,739 |
Accrued interest payable | 8,427 | 24,484 |
Total liabilities | 2,570,079 | 2,370,255 |
Commitments and contingencies | ||
Mack-Cali Realty stockholders' equity: | ||
General Partner, 89,696,713 and 89,583,950 common units outstanding | 1,467,569 | 1,399,419 |
Limited partners, 10,488,105 and 10,516,844 common units outstanding | 236,187 | 227,148 |
Accumulated other comprehensive income (loss) | 1,985 | |
Total Mack-Cali Realty, L.P. partners' capital | 1,705,741 | 1,626,567 |
Noncontrolling interests in subsidiaries: | ||
Noncontrolling interests in consolidated joint ventures | 20,946 | 57,141 |
Total equity | 1,726,687 | 1,683,708 |
Total liabilities and equity | $ 4,296,766 | $ 4,053,963 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Allowance for doubtful accounts receivable | $ 1,335 | $ 1,407 |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 190,000,000 | 190,000,000 |
Common stock, shares outstanding | 89,696,713 | 89,583,950 |
Mack-Cali Realty LP [Member] | ||
Allowance for doubtful accounts receivable | $ 1,335 | $ 1,407 |
General partner common units outstanding | 89,696,713 | 89,583,950 |
Limited partner common units outstanding | 10,488,105 | 10,516,844 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
REVENUES | |||
Base rents | $ 506,877 | $ 487,041 | $ 516,727 |
Escalations and recoveries from tenants | 60,505 | 62,481 | 78,554 |
Real estate services | 26,589 | 29,620 | 28,638 |
Parking income | 13,630 | 11,124 | 9,107 |
Other income | 5,797 | 4,617 | 3,773 |
Total revenues | 613,398 | 594,883 | 636,799 |
EXPENSES | |||
Real estate taxes | 87,379 | 82,688 | 90,750 |
Utilities | 49,624 | 55,965 | 72,822 |
Operating services | 103,954 | 107,951 | 112,621 |
Real estate services expenses | 26,260 | 25,583 | 26,136 |
General and administrative | 51,979 | 49,147 | 71,051 |
Acquisition-related costs | 2,880 | 1,560 | 2,118 |
Depreciation and amortization | 186,684 | 170,402 | 172,490 |
Impairments | 197,919 | ||
Total expenses | 508,760 | 691,215 | 547,988 |
Operating income (loss) | 104,638 | (96,332) | 88,811 |
OTHER (EXPENSE) INCOME | |||
Interest expense | (94,889) | (103,051) | (112,878) |
Interest and other investment income (loss) | 1,614 | 794 | 3,615 |
Equity in earnings (loss) of unconsolidated joint ventures | 18,788 | (3,172) | (2,423) |
Gain on change of control of interests | 15,347 | ||
Realized gains (losses) and unrealized losses on disposition of rental property, net | 109,666 | 53,261 | 54,848 |
Gain on sale of investment in unconsolidated joint venture | 5,670 | 6,448 | |
Loss from extinguishment of debt, net | (30,540) | (582) | |
Total other income (expense) | 25,656 | (45,720) | (57,420) |
Net income (loss) | 130,294 | (142,052) | 31,391 |
Noncontrolling interest in consolidated joint ventures | 651 | 1,044 | 778 |
Noncontrolling interest in Operating Partnership | (13,721) | 15,256 | (3,602) |
Net income (loss) available to common shareholders | $ 117,224 | $ (125,752) | $ 28,567 |
Basic earnings per common share: | |||
Net income (loss) available to common shareholders | $ 1.31 | $ (1.41) | $ 0.32 |
Diluted earnings per common share: | |||
Net income (loss) available to common shareholders | $ 1.30 | $ (1.41) | $ 0.32 |
Basic weighted average shares outstanding | 89,746 | 89,291 | 88,727 |
Diluted weighted average shares outstanding | 100,498 | 100,222 | 100,041 |
Mack-Cali Realty LP [Member] | |||
REVENUES | |||
Base rents | $ 506,877 | $ 487,041 | $ 516,727 |
Escalations and recoveries from tenants | 60,505 | 62,481 | 78,554 |
Real estate services | 26,589 | 29,620 | 28,638 |
Parking income | 13,630 | 11,124 | 9,107 |
Other income | 5,797 | 4,617 | 3,773 |
Total revenues | 613,398 | 594,883 | 636,799 |
EXPENSES | |||
Real estate taxes | 87,379 | 82,688 | 90,750 |
Utilities | 49,624 | 55,965 | 72,822 |
Operating services | 103,954 | 107,951 | 112,621 |
Real estate services expenses | 26,260 | 25,583 | 26,136 |
General and administrative | 51,979 | 49,147 | 71,051 |
Acquisition-related costs | 2,880 | 1,560 | 2,118 |
Depreciation and amortization | 186,684 | 170,402 | 172,490 |
Impairments | 197,919 | ||
Total expenses | 508,760 | 691,215 | 547,988 |
Operating income (loss) | 104,638 | (96,332) | 88,811 |
OTHER (EXPENSE) INCOME | |||
Interest expense | (94,889) | (103,051) | (112,878) |
Interest and other investment income (loss) | 1,614 | 794 | 3,615 |
Equity in earnings (loss) of unconsolidated joint ventures | 18,788 | (3,172) | (2,423) |
Gain on change of control of interests | 15,347 | ||
Realized gains (losses) and unrealized losses on disposition of rental property, net | 109,666 | 53,261 | 54,848 |
Gain on sale of investment in unconsolidated joint venture | 5,670 | 6,448 | |
Loss from extinguishment of debt, net | (30,540) | (582) | |
Total other income (expense) | 25,656 | (45,720) | (57,420) |
Net income (loss) | 130,294 | (142,052) | 31,391 |
Noncontrolling interest in consolidated joint ventures | 651 | 1,044 | 778 |
Net income (loss) available to common shareholders | $ 130,945 | $ (141,008) | $ 32,169 |
Basic earnings per common share: | |||
Net income (loss) available to common shareholders | $ 1.31 | $ (1.41) | $ 0.32 |
Diluted earnings per common share: | |||
Net income (loss) available to common shareholders | $ 1.30 | $ (1.41) | $ 0.32 |
Basic weighted average units outstanding | 100,245 | 100,222 | 99,999 |
Diluted weighted average units outstanding | 100,498 | 100,222 | 100,041 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income (loss) | $ 130,294 | $ (142,052) | $ 31,391 |
Other comprehensive income (loss): | |||
Net unrealized gain (loss) on derivative instruments for interest rate swaps | 2,216 | ||
Comprehensive income (loss) | 132,510 | (142,052) | 31,391 |
Comprehensive (income) loss attributable to noncontrolling interest in consolidated joint ventures | 651 | 1,044 | 778 |
Comprehensive (income) loss attributable to noncontrolling interest in Operating Partnership | (13,952) | 15,256 | (3,602) |
Comprehensive income (loss) attributable to common shareholders | 119,209 | (125,752) | 28,567 |
Mack-Cali Realty LP [Member] | |||
Net income (loss) | 130,294 | (142,052) | 31,391 |
Other comprehensive income (loss): | |||
Net unrealized gain (loss) on derivative instruments for interest rate swaps | 2,216 | ||
Comprehensive income (loss) | 132,510 | (142,052) | 31,391 |
Comprehensive (income) loss attributable to noncontrolling interest in consolidated joint ventures | 651 | 1,044 | 778 |
Comprehensive income (loss) attributable to common shareholders | $ 133,161 | $ (141,008) | $ 32,169 |
Consolidated Statement Of Chang
Consolidated Statement Of Changes In Equity - USD ($) shares in Thousands, $ in Thousands | Mack-Cali Realty LP [Member]General Partner Common Units [Member] | Mack-Cali Realty LP [Member]Limited Partner Common Units [Member] | Mack-Cali Realty LP [Member]General Partner Common Unitholders [Member] | Mack-Cali Realty LP [Member]Limited Partner Common Unitholders [Member] | Mack-Cali Realty LP [Member]Accumulated Other Comprehensive Income (Loss) [Member] | Mack-Cali Realty LP [Member]Noncontrolling Interests In Subsidiaries [Member] | Mack-Cali Realty LP [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Dividends In Excess Of Net Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests In Subsidiaries [Member] | Total |
Balance, value at Dec. 31, 2013 | $ 882 | $ 2,539,326 | $ (897,849) | $ 276,096 | $ 1,918,455 | ||||||||
Net income (loss) | $ 28,567 | $ 3,602 | $ (778) | $ 31,391 | 28,567 | 2,824 | 31,391 | ||||||
Balance, shares at Dec. 31, 2013 | 11,865 | 88,248 | |||||||||||
Balance, value at Dec. 31, 2013 | 1,585,100 | 278,072 | 55,283 | 1,918,455 | |||||||||
Balance, units at Dec. 31, 2013 | 88,248 | ||||||||||||
Common stock dividends | (67,011) | (67,011) | |||||||||||
Common unit distributions | (67,011) | (8,456) | (75,467) | (8,456) | (8,456) | ||||||||
Increase (Decrease) in noncontrolling interest in consolidated joint ventures | 552 | 552 | 552 | 552 | |||||||||
Redemption of common units for common stock, value | 14,362 | (14,362) | $ 8 | 14,354 | (14,362) | ||||||||
Redemption of common units for common stock, shares | 781 | (781) | 781 | ||||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, value | 118 | 118 | 118 | 118 | |||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, shares | 6 | 6 | |||||||||||
Directors' deferred compensation plan, value | 407 | 407 | 407 | 407 | |||||||||
Stock compensation, value | 6,555 | 6,555 | $ 1 | 6,554 | 6,555 | ||||||||
Stock compensation, shares | 42 | 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 | ||||||||||||
Balance, value at Dec. 31, 2014 | $ 11,084 | 1,568,098 | 258,856 | 55,057 | 1,882,011 | ||||||||
Balance, units at Dec. 31, 2014 | 89,077 | ||||||||||||
Net income (loss) | (125,752) | (15,256) | (1,044) | (142,052) | (125,752) | (16,300) | (142,052) | ||||||
Common stock dividends | (53,567) | (53,567) | |||||||||||
Common unit distributions | (53,567) | (6,505) | (60,072) | (6,505) | (6,505) | ||||||||
Increase (Decrease) in noncontrolling interest in consolidated joint ventures | 3,128 | 3,128 | 3,128 | 3,128 | |||||||||
Redemption of common units for common stock, value | (567) | 9,947 | (9,947) | $ 6 | 9,941 | (9,947) | |||||||
Redemption of common units for common stock, shares | 567 | 567 | |||||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, value | 60 | 60 | 60 | 60 | |||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, shares | 3 | 3 | |||||||||||
Directors' deferred compensation plan, value | 397 | 397 | 397 | 397 | |||||||||
Stock compensation, value | 2,277 | 2,277 | 2,277 | 2,277 | |||||||||
Stock compensation, shares | 46 | 46 | |||||||||||
Cancellation of restricted shares, value | (2,041) | (2,041) | $ (1) | (2,040) | (2,041) | ||||||||
Cancellation of restricted shares, shares | (109) | (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 | ||||||||||||
Balance, value at Dec. 31, 2015 | 10,517 | 1,399,419 | 227,148 | 57,141 | 1,683,708 | ||||||||
Balance, units at Dec. 31, 2015 | 89,584 | ||||||||||||
Net income (loss) | 117,224 | 13,721 | (651) | 130,294 | 117,224 | 13,070 | 130,294 | ||||||
Common stock dividends | (53,796) | (53,796) | |||||||||||
Common unit distributions | (53,796) | (6,619) | (60,415) | (6,619) | (6,619) | ||||||||
Increase (Decrease) in noncontrolling interest in consolidated joint ventures | 414 | (35,544) | (35,130) | 414 | (35,544) | (35,130) | |||||||
Redemption of common units for common stock, value | (29) | 474 | (474) | 474 | (474) | ||||||||
Redemption of common units for common stock, shares | 29 | 29 | |||||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, value | 71 | 71 | 71 | 71 | |||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, shares | 3 | 3 | |||||||||||
Directors' deferred compensation plan, value | 372 | 372 | 372 | 372 | |||||||||
Stock compensation, value | 3,466 | 2,180 | 5,646 | $ 1 | 3,465 | 2,180 | 5,646 | ||||||
Stock compensation, shares | 85 | 85 | |||||||||||
Cancellation of restricted shares, value | (75) | (75) | (75) | (75) | |||||||||
Cancellation of restricted shares, shares | (4) | (4) | |||||||||||
Other comprehensive income (loss) | 231 | $ 1,985 | 2,216 | $ 1,985 | 231 | 2,216 | |||||||
Rebalancing of ownership percentage between parent and subsidiaries | 1,360 | (1,360) | |||||||||||
Balance, value at Dec. 31, 2016 | $ 897 | $ 2,576,473 | $ (1,052,184) | $ 1,985 | $ 199,516 | $ 1,726,687 | |||||||
Balance, shares at Dec. 31, 2016 | 89,697 | ||||||||||||
Balance, value at Dec. 31, 2016 | $ 89,697 | $ 10,488 | $ 1,467,569 | $ 236,187 | $ 1,985 | $ 20,946 | $ 1,726,687 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income (loss) | $ 130,294 | $ (142,052) | $ 31,391 |
Adjustments to reconcile net income to net cash provided by Operating activities: | |||
Depreciation and amortization, including related intangible assets | 186,549 | 172,108 | 173,848 |
Amortization of directors deferred compensation stock units | 372 | 397 | 407 |
Amortization of stock compensation | 5,646 | 2,219 | 11,097 |
Amortization of deferred financing costs | 4,582 | 3,790 | 3,274 |
Write-off of unamortized discount on senior unsecured notes | 12 | ||
Amortization of debt discount and mark-to-market | 1,686 | 3,385 | 6,507 |
Equity in (earnings) loss of unconsolidated joint ventures | (18,788) | 3,172 | 2,423 |
Distributions of cumulative earnings from unconsolidated joint ventures | 6,120 | 5,644 | 11,213 |
Gain on change of control of interests | (15,347) | ||
Realized (gains) losses and unrealized losses on disposition of rental property, net | (109,666) | (53,261) | (54,848) |
Gain on sale of investments in unconsolidated joint ventures | (5,670) | (6,448) | |
Gain from extinguishment of debt | (12,420) | ||
Impairments | 197,919 | ||
Changes in operating assets and liabilities: | |||
Increase in unbilled rents receivable, net | (12,775) | (1,760) | (4,083) |
Increase in deferred charges, goodwill and other assets | (33,878) | (22,854) | (34,402) |
Decrease (increase) in accounts receivable, net | 596 | (2,178) | 355 |
Increase (decrease) in accounts payable, accrued expenses and other liabilities | (14,535) | 6,960 | 15,858 |
Decrease in rents received in advance and security deposits | (3,297) | (2,408) | (1,583) |
(Decrease) increase in accrued interest payable | (9,362) | 4,822 | (2,216) |
Net cash provided by operating activities | 100,107 | 169,455 | 159,253 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Rental property acquisitions and related intangibles | (407,869) | (70,455) | (61,938) |
Rental property additions and improvements | (121,582) | (94,073) | (91,813) |
Development of rental property and other related costs | (206,955) | (81,073) | (25,140) |
Proceeds from the sales of rental property | 607,457 | 81,049 | 274,839 |
Proceeds from the sale of investments in unconsolidated joint ventures | 6,420 | 6,448 | |
Investments in notes receivable | (62,276) | ||
Repayment of notes receivable | 500 | 8,250 | 62,526 |
Acquisition of noncontrolling interests | (37,946) | ||
Investment in unconsolidated joint ventures | (35,930) | (78,027) | (67,325) |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 22,231 | 6,445 | 35,901 |
Increase in restricted cash | (1,934) | (1,098) | (14,451) |
Net cash (used in) provided by investing activities | (137,662) | (222,534) | 50,323 |
CASH FLOW FROM FINANCING ACTIVITIES | |||
Borrowings from revolving credit facility | 1,165,000 | 334,000 | 277,328 |
Repayment of revolving credit facility | (1,034,000) | (179,000) | (277,328) |
Repayment of senior unsecured notes | (448,339) | (350,000) | |
Borrowings from unsecured term loan | 350,000 | ||
Proceeds from mortgages and loans payable | 455,190 | 10,752 | 130,135 |
Repayment of mortgages, loans payable and other obligations | (349,426) | (43,133) | (83,808) |
Payment of contingent consideration | (1,167) | (5,228) | |
Payment of financing costs | (9,414) | (2,998) | (3,147) |
Contributions from noncontrolling interests | 1,065 | 2,140 | 145 |
Payment of dividends and distributions | (60,041) | (59,987) | (89,830) |
Net cash provided by (used in) financing activities | 32,089 | 60,607 | (401,733) |
Net (decrease) increase in cash and cash equivalents | (5,466) | 7,528 | (192,157) |
Cash and cash equivalents, beginning of period | 37,077 | 29,549 | 221,706 |
Cash and cash equivalents, end of period | 31,611 | 37,077 | 29,549 |
Mack-Cali Realty LP [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income (loss) | 130,294 | (142,052) | 31,391 |
Adjustments to reconcile net income to net cash provided by Operating activities: | |||
Depreciation and amortization, including related intangible assets | 186,549 | 172,108 | 173,848 |
Amortization of directors deferred compensation stock units | 372 | 397 | 407 |
Amortization of stock compensation | 5,646 | 2,219 | 11,097 |
Amortization of deferred financing costs | 4,582 | 3,790 | 3,274 |
Write-off of unamortized discount on senior unsecured notes | 12 | ||
Amortization of debt discount and mark-to-market | 1,686 | 3,385 | 6,507 |
Equity in (earnings) loss of unconsolidated joint ventures | (18,788) | 3,172 | 2,423 |
Distributions of cumulative earnings from unconsolidated joint ventures | 6,120 | 5,644 | 11,213 |
Gain on change of control of interests | (15,347) | ||
Realized (gains) losses and unrealized losses on disposition of rental property, net | (109,666) | (53,261) | (54,848) |
Gain on sale of investments in unconsolidated joint ventures | (5,670) | (6,448) | |
Gain from extinguishment of debt | (12,420) | ||
Impairments | 197,919 | ||
Changes in operating assets and liabilities: | |||
Increase in unbilled rents receivable, net | (12,775) | (1,760) | (4,083) |
Increase in deferred charges, goodwill and other assets | (33,878) | (22,854) | (34,402) |
Decrease (increase) in accounts receivable, net | 596 | (2,178) | 355 |
Increase (decrease) in accounts payable, accrued expenses and other liabilities | (14,535) | 6,960 | 15,858 |
Decrease in rents received in advance and security deposits | (3,297) | (2,408) | (1,583) |
(Decrease) increase in accrued interest payable | (9,362) | 4,822 | (2,216) |
Net cash provided by operating activities | 100,107 | 169,455 | 159,253 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Rental property acquisitions and related intangibles | (407,869) | (70,455) | (61,938) |
Rental property additions and improvements | (121,582) | (94,073) | (91,813) |
Development of rental property and other related costs | (206,955) | (81,073) | (25,140) |
Proceeds from the sales of rental property | 607,457 | 81,049 | 274,839 |
Proceeds from the sale of investments in unconsolidated joint ventures | 6,420 | 6,448 | |
Investments in notes receivable | (62,276) | ||
Repayment of notes receivable | 500 | 8,250 | 62,526 |
Acquisition of noncontrolling interests | (37,946) | ||
Investment in unconsolidated joint ventures | (35,930) | (78,027) | (67,325) |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 22,231 | 6,445 | 35,901 |
Increase in restricted cash | (1,934) | (1,098) | (14,451) |
Net cash (used in) provided by investing activities | (137,662) | (222,534) | 50,323 |
CASH FLOW FROM FINANCING ACTIVITIES | |||
Borrowings from revolving credit facility | 1,165,000 | 334,000 | 277,328 |
Repayment of revolving credit facility | (1,034,000) | (179,000) | (277,328) |
Repayment of senior unsecured notes | (448,339) | (350,000) | |
Borrowings from unsecured term loan | 350,000 | ||
Proceeds from mortgages and loans payable | 455,190 | 10,752 | 130,135 |
Repayment of mortgages, loans payable and other obligations | (349,426) | (43,133) | (83,808) |
Payment of contingent consideration | (1,167) | (5,228) | |
Payment of financing costs | (9,414) | (2,998) | (3,147) |
Contributions from noncontrolling interests | 1,065 | 2,140 | 145 |
Payment of dividends and distributions | (60,041) | (59,987) | (89,830) |
Net cash provided by (used in) financing activities | 32,089 | 60,607 | (401,733) |
Net (decrease) increase in cash and cash equivalents | (5,466) | 7,528 | (192,157) |
Cash and cash equivalents, beginning of period | 37,077 | 29,549 | 221,706 |
Cash and cash equivalents, end of period | $ 31,611 | $ 37,077 | $ 29,549 |
Organization And Basis Of Prese
Organization And Basis Of Presentation | 12 Months Ended |
Dec. 31, 2016 | |
Organization And Basis Of Presentation | 1. ORGANIZATION AND BASIS OF PRESENTATION Organization Mack-Cali Realty Corporation, a Maryland corporation, together with its subsidiaries (collectively, the “ General Partner ”), is a fully-integrated, self-administered, self-managed real estate investment trust (“REIT”) The General Partner controls Mack-Cali Realty, L.P., a Delaware limited partnership, together with its subsidiaries (collectively, the “Operating Partnership”), as its sole general partner and owned an 89.5 percent common unit interest in the Operating Partnership as of both December 31, 2016 and December 31, 2015. The General Partner’s business is the ownership of interests in and operation of the Operating Partnership and all of the General Partner’s expenses are incurred for the benefit of the Operating Partnership. The General Partner is reimbursed by the Operating Partnership for all expenses it incurs relating to the ownership and operation of the Operating Partnership. The Operating Partnership conducts the business of providing leasing, management, acquisition, development, and tenant-related services for its General Partner. The Operating Partnership, through its operating divisions and subsidiaries, including the Mack-Cali property-owning partnerships and limited liability companies, is the entity through which all of the General Partner’s operations are conducted. Unless stated otherwise or the context requires, the “Company” refers to the General Partner and its subsidiaries, including the Operating Partnership and its subsidiaries. As of December 31, 2016 , the Company owned or had interests in 248 properties, consisting of 119 office and 110 flex properties, totaling approximately 26.6 million square feet, leased to approximately 1,600 commercial tenants, and 19 multi-family rental properties containing 5,614 residential units, plus developable land (collectively, the “Properties”). The Properties are comprised of 119 office buildings totaling approximately 21.3 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 5,614 apartments (which include 10 properties aggregating 3,587 apartments owned by unconsolidated joint ventures in which the Company has investment interests), six parking/retail properties totaling approximately 137,100 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 six 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 the Operating Partnership and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any. See Note 2: Significant Accounting Policies – Investments in Unconsolidated Joint Ventures, for the Company’s treatment of unconsolidated joint venture interests. Intercompany accounts and transactions have been eliminated. Accounting Standards Codification (“ASC”) 810, Consolidation, provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack (i) the ability to make decisions about the entity's activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and substantially all of the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the variable interest entity’s performance: and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. On January 1, 2016, the Company adopted accounting guidance under ASC 810, Consolidation, modifying the analysis it must perform to determine whether it should consolidate certain types of legal entities. The guidance does not amend the existing disclosure requirements for variable interest entities or voting interest model entities. The guidance, however, modified the requirements to qualify under the voting interest model. Under the revised guidance, the Operating Partnership will be a variable interest entity of the parent company, Mack-Cali Realty Corporation. As the Operating Partnership is already consolidated in the balance sheets of Mack-Cali Realty Corporation, the identification of this entity as a variable interest entity has no impact on the consolidated financial statements of Mack-Cali Realty Corporation. There were no other legal entities qualifying under the scope of the revised guidance that were consolidated as a result of the adoption. As of December 31, 2016 and 2015 , the Company’s investments in consolidated real estate joint ventures , which are variable interest entities in which the Company is deemed to be the primary beneficiary have total real estate assets of $201.9 million and $273.4 million, respectively, mortgages of $78.4 million and $89.5 million, respectively, and other liabilities of $19.2 million and $17.5 million, respectively. The financial statements have been prepared in conformity with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are based on management’s historical experience that are believed to be reasonable at the time. However, because future events and their effects cannot be determined with certainty, the determination of estimates requires the exercise of judgment. Actual results could differ from those estimates. Certain reclassifications have been made to prior period amounts in order to conform with current period presentations, including a change in the classification of “acquisition of noncontrolling interests” to Financing Activities in the accompanying consolidated statement of cash flows for the year ended December 31, 2016 from its classification as Investing Activities in the consolidated statements of cash flows in the Company’s quarterly filings on Form 10-Q for the quarters ended September 30, 2016 and June 30, 2016. |
Mack-Cali Realty LP [Member] | |
Organization And Basis Of Presentation | 1. ORGANIZATION AND BASIS OF PRESENTATION Organization Mack-Cali Realty Corporation, a Maryland corporation, together with its subsidiaries (collectively, the “ General Partner ”), is a fully-integrated, self-administered, self-managed real estate investment trust (“REIT”) The General Partner controls Mack-Cali Realty, L.P., a Delaware limited partnership, together with its subsidiaries (collectively, the “Operating Partnership”), as its sole general partner and owned an 89.5 percent common unit interest in the Operating Partnership as of both December 31, 2016 and December 31, 2015. The General Partner’s business is the ownership of interests in and operation of the Operating Partnership and all of the General Partner’s expenses are incurred for the benefit of the Operating Partnership. The General Partner is reimbursed by the Operating Partnership for all expenses it incurs relating to the ownership and operation of the Operating Partnership. The Operating Partnership conducts the business of providing leasing, management, acquisition, development, and tenant-related services for its General Partner. The Operating Partnership, through its operating divisions and subsidiaries, including the Mack-Cali property-owning partnerships and limited liability companies, is the entity through which all of the General Partner’s operations are conducted. Unless stated otherwise or the context requires, the “Company” refers to the General Partner and its subsidiaries, including the Operating Partnership and its subsidiaries. As of December 31, 2016 , the Company owned or had interests in 248 properties, consisting of 119 office and 110 flex properties, totaling approximately 26.6 million square feet, leased to approximately 1,600 commercial tenants, and 19 multi-family rental properties containing 5,614 residential units, plus developable land (collectively, the “Properties”). The Properties are comprised of 119 office buildings totaling approximately 21.3 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 5,614 apartments (which include 10 properties aggregating 3,587 apartments owned by unconsolidated joint ventures in which the Company has investment interests), six parking/retail properties totaling approximately 137,100 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 six 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 the Operating Partnership and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any. See Note 2: Significant Accounting Policies – Investments in Unconsolidated Joint Ventures, for the Company’s treatment of unconsolidated joint venture interests. Intercompany accounts and transactions have been eliminated. Accounting Standards Codification (“ASC”) 810, Consolidation, provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack (i) the ability to make decisions about the entity's activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and substantially all of the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the variable interest entity’s performance: and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. On January 1, 2016, the Company adopted accounting guidance under ASC 810, Consolidation, modifying the analysis it must perform to determine whether it should consolidate certain types of legal entities. The guidance does not amend the existing disclosure requirements for variable interest entities or voting interest model entities. The guidance, however, modified the requirements to qualify under the voting interest model. Under the revised guidance, the Operating Partnership will be a variable interest entity of the parent company, Mack-Cali Realty Corporation. As the Operating Partnership is already consolidated in the balance sheets of Mack-Cali Realty Corporation, the identification of this entity as a variable interest entity has no impact on the consolidated financial statements of Mack-Cali Realty Corporation. There were no other legal entities qualifying under the scope of the revised guidance that were consolidated as a result of the adoption. As of December 31, 2016 and 2015 , the Company’s investments in consolidated real estate joint ventures , which are variable interest entities in which the Company is deemed to be the primary beneficiary have total real estate assets of $201.9 million and $273.4 million, respectively, mortgages of $78.4 million and $89.5 million, respectively, and other liabilities of $19.2 million and $17.5 million, respectively. The financial statements have been prepared in conformity with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are based on management’s historical experience that are believed to be reasonable at the time. However, because future events and their effects cannot be determined with certainty, the determination of estimates requires the exercise of judgment. Actual results could differ from those estimates. Certain reclassifications have been made to prior period amounts in order to conform with current period presentations, including a change in the classification of “acquisition of noncontrolling interests” to Financing Activities in the accompanying consolidated statement of cash flows for the year ended December 31, 2016 from its classification as Investing Activities in the consolidated statements of cash flows in the Company’s quarterly filings on Form 10-Q for the quarters ended September 30, 2016 and June 30, 2016. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
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 $ 2.6 million, $ 4.2 million and $3.1 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Included in total rental property (primarily in buildings and improvements) is construction, tenant improvement and development in-progress of $ 361.1 million and $ 88.7 million as of December 31, 2016 and 2015 , 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 differ from 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, current and historical operating and/or cash flow losses, near-term mortgage debt maturities and/ or other factors , including those that might impact the Company’s intent and ability to hold the property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the property 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. The Company generally considers assets to be held for sale when the transaction has received appropriate corporate authority, and there are no significant contingencies relating to the sale. If, in management’s opinion, the estimated net sales price , net of selling costs, of the assets which have been identified as held for sale is less than the carrying 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. If the venture subsequently makes distributions and the Company does not have an implied or actual commitment to support the operations of the venture, including a general partner interest in the investee, the Company will not record a basis less than zero, rather such amounts will be recorded as equity in earnings of unconsolidated joint ventures. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying value of the investment over the value of the investment. The Company’s estimates of value for each investment (particularly in real estate joint ventures) are based on a number of assumptions 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 an original maturity of three months or less when purchased are considered to be cash equivalents. Deferred Financing Costs Costs incurred in obtaining financing are capitalized and amortized over the term of the related indebtedness. Deferred financing costs are presented in the balance sheet as a direct deduction from the carrying value of the debt liability to which they relate, except deferred financing costs related to the revolving credit facility, which are presented in deferred charges, goodwill and other assets. In all cases, amortization of such costs is included in interest expense and was $ 4,582,000 , $ 3,790,000 and $ 3,274,000 for the years ended December 31, 2016 , 2015 and 2014 , respectively. If a financing obligation is extinguished early, any unamortized deferred financing costs are written off and included in gains (losses) from extinguishment of debt. Included in loss from extinguishment of debt, net of gains, of $30.5 million , zero and $582,000 for the years ended December 31, 2016 , 2015 and 2014 were unamortized deferred financing costs which were written off amounting to $745,000 , zero and $12,000 , 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, and included in deferred charges, goodwill and other assets, net was approximately $ 3,270,000 , $ 3,521,000 and $ 3,840,000 for the years ended December 31, 2016 , 2015 and 2014 , 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, 2016 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 13: Tenant Leases. Real estate services revenue includes property management, development, construction and leasing commission fees and other services, and payroll and related costs reimbursed from clients. Fee income derived from the Company’s unconsolidated joint ventures (which are capitalized by such ventures) are recognized to the extent attributable to the unaffiliated ownership interests. Parking income includes income from parking spaces leased to tenants and others. 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 General Partner has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”). As a REIT, the General Partner 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 General Partner satisfies certain organizational and operational requirements including the requirement to distribute at least 90 percent of its REIT taxable income (determined by excluding any net capital gains) to its shareholders. If and to the extent the General Partner retains and does not distribute any net capital gains, the General Partner will be required to pay federal, state and local taxes , as applicable, on such net capital gains at the rate applicable to capital gains of a corporation. The Operating Partnership is a partnership, and, as a result, all income and losses of the partnership are allocated to the partners for inclusion in their respective tax returns. Accordingly, no provision or benefit for income taxes has been made in the accompanying financial statements. As of December 31, 2016 , the estimated net basis of the rental property for federal income tax purposes was lower than the net assets as reported in the Operating Partnership’s financial statements by approximately $383,501,000 . The Operating Partnership’s taxable income for the year ended December 31, 2016 was estimated to be approximately $30,208,000 and for the years ended December 31, 2015 and 2014 was approximately $63,285,000 and $73,546,008 , respectively. The differences between book income and taxable income primarily result from differences in depreciation expenses, the recording of rental income, differences in the deductibility of certain expenses for tax purposes, differences in revenue recognition and the rules for tax purposes of a property exchange. The General Partner has elected to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (each a “TRS”). In general, a TRS of the General Partner may perform additional services for tenants of the General Partner and generally may engage in any real estate or non-real estate related business (except for the operation or management of health care facilities or lodging facilities or the providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal income tax. The General Partner has conducted business through its TRS entities for certain property management, development, construction and other related services, as well as to hold a joint venture interest in a hotel and other matters. As of December 31, 2016 , the Company had a deferred tax asset related to its TRS activity with a balance of approximately $ 16.0 million which has been fully reserved for through a valuation allowance. If the General Partner 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, 2016 , the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are generally from the year 2012 forward. Earnings Per Share or Unit The Company presents both basic and diluted earnings per share or unit (“EPS or EPU”). Basic EPS or EPU excludes dilution and is computed by dividing net income available to common shareholders or unitholders by the weighted average number of shares or units outstanding for the period. Diluted EPS or EPU reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS or EPU from continuing operations amount. Shares or Units whose issuance is contingent upon the satisfaction of certain conditions shall be considered outstanding and included in the computation of diluted EPS or EPU as follows (i) if all necessary conditions have been satisfied by the end of the period (the events have occurred), those shares or units shall be included as of the beginning of the period in which the conditions were satisfied (or as of the date of the grant, if later) or (ii) if all necessary conditions have not been satisfied by the end of the period, the number of contingently issuable shares or units included in diluted EPS or EPU shall be based on the number of shares or units, if any, that would be issuable if the end of the reporting period were the end of the contingency period (for example, the number of shares or units that would be issuable based on current period earnings or period-end market price) and if the result would be dilutive. Those contingently issuable shares or units shall be included in the denominator of diluted EPS or EPU as of the beginning of the period (or as of the date of the grant, if later). Dividends and Distributions Payable The dividends and distributions payable at December 31, 2016 represents dividends payable to common shareholders ( 89,696,824 shares) and distributions payable to noncontrolling interest common unitholders of the Operating Partnership ( 10,488,105 common units and 657,373 LTIP units) for all such holders of record as of January 5, 2017 with respect to the fourth quarter 2016 . The fourth quarter 2016 common stock dividends and common unit distributions of $ 0.15 per common share and unit were approved by the Board of Directors on December 13, 2016 and paid on January 13, 2017 . 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 Company has determined that the $0.60 dividend per common share paid during the year ended December 31, 2016 represented 100 percent return of capital; 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 return of capital; and the $0.90 dividend per common share paid during the year ended December 31, 2014 represented approximately 77 percent ordinary income and approximately 23 return of capital. 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”), long term incentives plan awards and stock options at the grant date be amortized ratably into expense over the appropriate vesting period. The Company recorded stock compensation expense of $ 5,646,000 , $ 2,219,000 and $ 8,139,000 for the years ended December 31, 2016 , 2015 and 2014 , respectively. The amount for 2014 included $5,824,000 related to the departure of certain executive officers. Other Comprehensive Income Other comprehensive income (loss) includes items that are recorded in equity, such as effective portions of derivatives designated as cash flow hedges or unrealized holding gains or losses on marketable securities available for sale. Fair Value Hierarchy The standard Fair Value Measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs). The following summarizes the fair value hierarchy: · Level 1: Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; · Level 2: Quoted prices for identical assets and liabilities in markets that are inactive, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly, such as interest rates and yield curves that are observable at commonly quoted intervals and · Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Impact Of Recently-Issued Accounting Standards 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. While lease contracts with customers, which constitute the majority of the Company’s revenues, are a specific scope exception of ASU 2014-09, certain of the Company’s revenue streams may be impacted by ASU 2014-09. The Company is currently in the process of evaluating the impact the adoption of ASU 2014-09 will have on the Company’s consolidated financial statement s. In February 2016, the FASB issued ASU 2016-02, modifying the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for in the same manner as operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The guidance is expected to impact the consolidated financial statements as the Company has certain operating and land lease arrangements for which it is the lessee. The guidance supersedes previously issued guidance under ASC Topic 840 “Leases.” The guidance is effective on January 1, 2019, with early adoption permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2016-02 will have on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, which eliminates a requirement for the retroactive adjustment on a step by step basis of the investment, results of operations, and retained earnings as if the equity method had been effective during all previous periods that the investment had been held when an investment qualifies for equity method accounting due to an increase in the level of ownership or degree of influence. The cost of acquiring the additional interest in the investee is to be added to the current basis of the investor’s previously held interest and the equity method of accounting should be adopted as of the date the investment becomes qualified for equity method accounting. This guidance is to be applied on a prospective basis and is effective for interim and annual periods beginning after December 15, 2016. Since the Company uses the equity method of accounting for its investments in joint ventures, the adoption of ASU 2016-07 is not expected to materially impact t he Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-09 |
Mack-Cali Realty LP [Member] | |
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 $ 2.6 million, $ 4.2 million and $3.1 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Included in total rental property (primarily in buildings and improvements) is construction, tenant improvement and development in-progress of $ 361.1 million and $ 88.7 million as of December 31, 2016 and 2015 , 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 differ from 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, current and historical operating and/or cash flow losses, near-term mortgage debt maturities and/ or other factors , including those that might impact the Company’s intent and ability to hold the property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the property 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. The Company generally considers assets to be held for sale when the transaction has received appropriate corporate authority, and there are no significant contingencies relating to the sale. If, in management’s opinion, the estimated net sales price , net of selling costs, of the assets which have been identified as held for sale is less than the carrying 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. If the venture subsequently makes distributions and the Company does not have an implied or actual commitment to support the operations of the venture, including a general partner interest in the investee, the Company will not record a basis less than zero, rather such amounts will be recorded as equity in earnings of unconsolidated joint ventures. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying value of the investment over the value of the investment. The Company’s estimates of value for each investment (particularly in real estate joint ventures) are based on a number of assumptions 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 an original maturity of three months or less when purchased are considered to be cash equivalents. Deferred Financing Costs Costs incurred in obtaining financing are capitalized and amortized over the term of the related indebtedness. Deferred financing costs are presented in the balance sheet as a direct deduction from the carrying value of the debt liability to which they relate, except deferred financing costs related to the revolving credit facility, which are presented in deferred charges, goodwill and other assets. In all cases, amortization of such costs is included in interest expense and was $ 4,582,000 , $ 3,790,000 and $ 3,274,000 for the years ended December 31, 2016 , 2015 and 2014 , respectively. If a financing obligation is extinguished early, any unamortized deferred financing costs are written off and included in gains (losses) from extinguishment of debt. Included in loss from extinguishment of debt, net of gains, of $30.5 million , zero and $582,000 for the years ended December 31, 2016 , 2015 and 2014 were unamortized deferred financing costs which were written off amounting to $745,000 , zero and $12,000 , 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, and included in deferred charges, goodwill and other assets, net was approximately $ 3,270,000 , $ 3,521,000 and $ 3,840,000 for the years ended December 31, 2016 , 2015 and 2014 , 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, 2016 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 13: Tenant Leases. Real estate services revenue includes property management, development, construction and leasing commission fees and other services, and payroll and related costs reimbursed from clients. Fee income derived from the Company’s unconsolidated joint ventures (which are capitalized by such ventures) are recognized to the extent attributable to the unaffiliated ownership interests. Parking income includes income from parking spaces leased to tenants and others. 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 General Partner has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”). As a REIT, the General Partner 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 General Partner satisfies certain organizational and operational requirements including the requirement to distribute at least 90 percent of its REIT taxable income (determined by excluding any net capital gains) to its shareholders. If and to the extent the General Partner retains and does not distribute any net capital gains, the General Partner will be required to pay federal, state and local taxes , as applicable, on such net capital gains at the rate applicable to capital gains of a corporation. The Operating Partnership is a partnership, and, as a result, all income and losses of the partnership are allocated to the partners for inclusion in their respective tax returns. Accordingly, no provision or benefit for income taxes has been made in the accompanying financial statements. As of December 31, 2016 , the estimated net basis of the rental property for federal income tax purposes was lower than the net assets as reported in the Operating Partnership’s financial statements by approximately $383,501,000 . The Operating Partnership’s taxable income for the year ended December 31, 2016 was estimated to be approximately $30,208,000 and for the years ended December 31, 2015 and 2014 was approximately $63,285,000 and $73,546,008 , respectively. The differences between book income and taxable income primarily result from differences in depreciation expenses, the recording of rental income, differences in the deductibility of certain expenses for tax purposes, differences in revenue recognition and the rules for tax purposes of a property exchange. The General Partner has elected to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (each a “TRS”). In general, a TRS of the General Partner may perform additional services for tenants of the General Partner and generally may engage in any real estate or non-real estate related business (except for the operation or management of health care facilities or lodging facilities or the providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal income tax. The General Partner has conducted business through its TRS entities for certain property management, development, construction and other related services, as well as to hold a joint venture interest in a hotel and other matters. As of December 31, 2016 , the Company had a deferred tax asset related to its TRS activity with a balance of approximately $ 16.0 million which has been fully reserved for through a valuation allowance. If the General Partner 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, 2016 , the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are generally from the year 2012 forward. Earnings Per Share or Unit The Company presents both basic and diluted earnings per share or unit (“EPS or EPU”). Basic EPS or EPU excludes dilution and is computed by dividing net income available to common shareholders or unitholders by the weighted average number of shares or units outstanding for the period. Diluted EPS or EPU reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS or EPU from continuing operations amount. Shares or Units whose issuance is contingent upon the satisfaction of certain conditions shall be considered outstanding and included in the computation of diluted EPS or EPU as follows (i) if all necessary conditions have been satisfied by the end of the period (the events have occurred), those shares or units shall be included as of the beginning of the period in which the conditions were satisfied (or as of the date of the grant, if later) or (ii) if all necessary conditions have not been satisfied by the end of the period, the number of contingently issuable shares or units included in diluted EPS or EPU shall be based on the number of shares or units, if any, that would be issuable if the end of the reporting period were the end of the contingency period (for example, the number of shares or units that would be issuable based on current period earnings or period-end market price) and if the result would be dilutive. Those contingently issuable shares or units shall be included in the denominator of diluted EPS or EPU as of the beginning of the period (or as of the date of the grant, if later). Dividends and Distributions Payable The dividends and distributions payable at December 31, 2016 represents dividends payable to common shareholders ( 89,696,824 shares) and distributions payable to noncontrolling interest common unitholders of the Operating Partnership ( 10,488,105 common units and 657,373 LTIP units) for all such holders of record as of January 5, 2017 with respect to the fourth quarter 2016 . The fourth quarter 2016 common stock dividends and common unit distributions of $ 0.15 per common share and unit were approved by the Board of Directors on December 13, 2016 and paid on January 13, 2017 . 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 Company has determined that the $0.60 dividend per common share paid during the year ended December 31, 2016 represented 100 percent return of capital; 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 return of capital; and the $0.90 dividend per common share paid during the year ended December 31, 2014 represented approximately 77 percent ordinary income and approximately 23 return of capital. 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”), long term incentives plan awards and stock options at the grant date be amortized ratably into expense over the appropriate vesting period. The Company recorded stock compensation expense of $ 5,646,000 , $ 2,219,000 and $ 8,139,000 for the years ended December 31, 2016 , 2015 and 2014 , respectively. The amount for 2014 included $5,824,000 related to the departure of certain executive officers. Other Comprehensive Income Other comprehensive income (loss) includes items that are recorded in equity, such as effective portions of derivatives designated as cash flow hedges or unrealized holding gains or losses on marketable securities available for sale. Fair Value Hierarchy The standard Fair Value Measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs). The following summarizes the fair value hierarchy: · Level 1: Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; · Level 2: Quoted prices for identical assets and liabilities in markets that are inactive, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly, such as interest rates and yield curves that are observable at commonly quoted intervals and · Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Impact Of Recently-Issued Accounting Standards 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. While lease contracts with customers, which constitute the majority of the Company’s revenues, are a specific scope exception of ASU 2014-09, certain of the Company’s revenue streams may be impacted by ASU 2014-09. The Company is currently in the process of evaluating the impact the adoption of ASU 2014-09 will have on the Company’s consolidated financial statement s. In February 2016, the FASB issued ASU 2016-02, modifying the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for in the same manner as operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The guidance is expected to impact the consolidated financial statements as the Company has certain operating and land lease arrangements for which it is the lessee. The guidance supersedes previously issued guidance under ASC Topic 840 “Leases.” The guidance is effective on January 1, 2019, with early adoption permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2016-02 will have on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, which eliminates a requirement for the retroactive adjustment on a step by step basis of the investment, results of operations, and retained earnings as if the equity method had been effective during all previous periods that the investment had been held when an investment qualifies for equity method accounting due to an increase in the level of ownership or degree of influence. The cost of acquiring the additional interest in the investee is to be added to the current basis of the investor’s previously held interest and the equity method of accounting should be adopted as of the date the investment becomes qualified for equity method accounting. This guidance is to be applied on a prospective basis and is effective for interim and annual periods beginning after December 15, 2016. Since the Company uses the equity method of accounting for its investments in joint ventures, the adoption of ASU 2016-07 is not expected to materially impact t he Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-09 |
Recent Transactions
Recent Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Recent Transactions | 3. RECENT TRANSACTIONS On February 27, 2017, the Company, Roseland Residential Trust (“RRT”), the Company’s wholly-owned subsidiary through which the Company conducts its multi-family residential real estate operations, Roseland Residential, L.P. (“RRLP”), the operating partnership through which RRT conducts all of its operations, and certain other affiliates of the Company entered into an investment agreement (the “Investment Agreement”) with affiliates of Rockpoint Group, L.L.C. and certain of its affiliates (collectively, “Rockpoint”). The Investment Agreement provides for multiple equity investments by Rockpoint in RRLP from time to time for up to an aggregate of $300 million of preferred units of limited partnership interests of RRLP (the “Preferred Units”). The initial closing under the Investment Agreement is expected to occur by mid-March 2017 for $150 million of Preferred Units, inclusive of a $30 million deposit paid by Rockpoint to RRLP on signing the Investment Agreement. Additional closings of Preferred Units to be issued and sold to Rockpoint pursuant to the Investment Agreement may occur from time to time in increments of not less than $10 million per closing, with the balance of the full $300 million by March 1, 2019. Acquisitions 2016 The Company acquired the following office properties during the year ended December 31, 2016 (dollars in thousands) : Acquisition # of Rentable Acquisition Date Property Address Location Bldgs. Square Feet Cost 04/04/16 11 Martine Avenue (a) White Plains, New York 1 82,000 $ 10,750 04/07/16 320, 321 University Avenue (b) Newark, New Jersey 2 147,406 23,000 06/02/16 101 Wood Avenue South (c) Edison, New Jersey 1 262,841 82,300 07/01/16 111 River Street (c) Hoboken, New Jersey 1 566,215 210,761 Total Acquisitions 5 1,058,462 $ 326,811 (a) Acquisition represented four units of condominium interests which collectively comprise floors 2 through 5. Upon completion of the acquisition, the Company owns the entire 14-story 262,000 square-foot building. The acquisition was funded using available cash. (b) This acquisition was funded through borrowings under the Company’s unsecured revolving credit facility. (c) This acquisition was funded using available cash and through borrowings under the Company’s unsecured revolving credit facility. The purchase prices were allocated to the net assets acquired, as follows (in thousands) : 320,321 11 Martine University 101 Wood 111 River Avenue Avenue Avenue Street Land and leasehold interest $ 2,460 $ 7,305 $ 8,509 $ 204 Buildings and improvements 8,290 15,695 72,738 198,609 Above market leases (a) - - 58 617 In-place lease values (a) - - 6,743 43,801 Other assets - - - 11,279 88,048 254,510 Less: Below market lease values (a) - - (5,748) (43,749) Net assets recorded upon acquisition $ 10,750 $ 23,000 $ 82,300 $ 210,761 (a) Above market, in-place and below market leases are being amortized over a weighted-average term of 8.1 years. On January 11, 2017, the Company acquired three office properties totaling approximately 280,000 square feet located in Red Bank, New Jersey, for approximately $26.8 million, which was funded primarily through borrowings under the Company’s unsecured revolving credit facility. It was not practicable to finalize the purchase price allocation for this acquisition given the period of time between the acquisition date and the issuance of this Report. On February 2, 2017, the Company agreed to acquire six office properties totaling approximately 1.1 million square feet, located in Short Hills and Madison, New Jersey for approximately $368 million, subject to certain conditions. The acquisitions are expected to be completed in March 2017. On February 27, 2017, the Company reached an agreement to acquire all joint venture partner interests in Monaco, a 523 -apartment, two -tower, stabilized community located in Jersey City, New Jersey. The transaction, valued at $315 million, is expected to close in the second quarter of 2017. 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. Properties Commencing Initial Operations The following properties commenced initial operations during the year ended December 31, 2016 ( dollars in thousands ): Total In-Service # of Development Date Property Location Type Apartment Units Costs 12/01/16 Quarry Place at Tuckahoe Eastchester, NY Multi-Family 108 $ 56,961 (a) 12/01/16 The Chase II at Overlook Ridge Malden, MA Multi-Family 292 65,218 (b) Totals 400 $ 122,179 (a) Development costs as of December 31, 2016 included approximately $5.6 million in land costs. (b) Development costs as of December 31, 2016 included approximately $10.8 million in land costs. As of December 31, 2016, the Company anticipates additional costs of approximately $9.7 million, which will be funded from a construction loan. Consolidations in 2016 On January 5, 2016, the Company, which held a 50 percent subordinated interest in the unconsolidated joint venture, Overlook Ridge Apartment Investors LLC, a 371 -unit multi-family operating property located in Malden, Massachusetts, acquired the remaining interest for $39.8 million in cash plus the assumption of a first mortgage loan secured by the property with a principal balance of $52.7 million. The cash portion of the acquisition was funded primarily through borrowings under the Company’s unsecured revolving credit facility. Upon acquisition, the Company consolidated the asset and accordingly, remeasured its equity interests, as required by the FASB’s consolidation guidance, at fair value (based upon the income approach using current rates and market cap rates and discount rates). As a result, the Company recorded a gain on change of control of interests of $10.2 million in the year ended December 31, 2016 . On January 19, 2016, the Company repaid the assumed loan and obtained a new loan secured by the property in the amount of $72.5 million, which bears interest at 3.625 percent and matures in February 2023 . See Note 9: Mortgages, Loans Payable and Other Obligations. During the second quarter 2016, the Company, which held a 38.25 percent subordinate interest in the unconsolidated Portside Apartment Developers, L.L.C., a joint venture which owns a 175 -unit operating multi-family property located in East Boston, Massachusetts, acquired the remaining interests of its joint venture partners for $39.6 million in cash plus the assumption of a mortgage loan secured by the property with a principal balance of $42.5 million. The cash portion of the acquisition was funded primarily through borrowings under the Company’s unsecured revolving credit facility. Upon acquisition, the Company consolidated the asset and accordingly, remeasured its equity interests, as required by the FASB’s consolidation guidance, at fair value (based upon the income approach using current rates and market cap rates and discount rates). As a result, the Company recorded a gain on change of control of interests of $5.2 million in the year ended December 31, 2016 . On July 8, 2016, the Company repaid the assumed loan and obtained a new loan secured by the property in the amount of $59 million, which bears interest at 3.44 percent and matures in August 2023 . See Note 9: Mortgages, Loans Payable and Other Obligations. The purchase prices were preliminarily allocated to the net assets acquired upon consolidation, as follows (in thousands) : Overlook Portside Ridge Apts Land and leasehold interest $ 11,072 $ - Buildings and improvements 87,793 73,713 Furniture, fixtures and equipment 1,695 1,038 Other assets 237 10,181 In-place lease values (a) 4,389 2,637 Less: Below market lease values (a) (489) (242) Sub Total 104,697 87,327 Less: Debt assumed (52,662) (42,500) Net assets recorded upon consolidation $ 52,035 $ 44,827 (a) In-place lease values and below-market lease values will be amortized over a weighted average term of 7.4 months. Other Investments in 2016 On April 26, 2016, the Company acquired the remaining non-controlling interest in a development project located in Weehawken, New Jersey for $36.4 million. The project includes developable land for approximately 1,100 multi-family units, 290,000 square feet of office space, a 52.5 percent ownership interest in Port Imperial 4/5 Garage and Retail operating properties. The initial phase, Port Imperial South 11, a 295 -unit multi-family project, began construction in the first quarter 2016. Dispositions /Rental Property Held for Sale 201 6 The Company disposed of the following office and multi-family properties during the year ended December 31, 201 6 (dollars in thousands) : Realized Gains Net Net (losses)/ Disposition # of Sales Book Unrealized Date Property/Address Location Bldgs. Proceeds Value Losses, net 03/11/16 2 Independence Way (a) Princeton, New Jersey 1 $ 4,119 $ 4,283 $ (164) 03/24/16 1201 Connecticut Avenue, NW Washington, D.C. 1 90,591 31,827 58,764 04/26/16 125 Broad Street (b) New York, New York 1 192,323 200,183 (7,860) 05/09/16 9200 Edmonston Road Greenbelt, Maryland 1 4,083 (c) 3,837 246 05/18/16 1400 L Street Washington, D.C. 1 68,399 30,053 38,346 07/14/16 600 Parsippany Road Parsippany, New Jersey 1 10,465 (d) 5,875 4,590 07/14/16 4,5,6 Century Drive (e) Parsippany, New Jersey 3 14,533 17,308 (2,775) 08/11/16 Andover Place Andover, Massachusetts 1 39,863 37,150 2,713 09/26/16 222,233 Mount Airy Road (f) Basking Ridge, New Jersey 2 8,817 9,039 (222) 09/27/16 10 Mountainview Road Upper Saddle River, New Jersey 1 18,990 19,571 (581) 11/07/16 100 Willowbrook, 2,3,4 Paragon (g) Freehold, New Jersey 4 14,634 19,377 (4,743) 12/05/16 4 Becker Farm Road Roseland, New Jersey 1 41,400 (h) 31,001 10,399 12/09/16 101,103,105 Eisenhower Parkway Roseland, New Jersey 3 46,423 45,999 424 12/22/16 Capital Office Park, Ivy Lane (i) Greenbelt, Maryland 6 46,570 65,064 (18,494) 12/22/16 100 Walnut Avenue Clark, New Jersey 1 28,428 7,529 20,899 12/22/16 20 Commerce Drive Cranford, New Jersey 1 28,878 13,071 15,807 12/29/16 4200 Parliament Place (j) Lanham, Maryland 1 5,965 5,983 (18) Sub-total 30 664,481 547,150 117,331 Unrealized losses on rental property held for sale (7,665) Totals 30 $ 664,481 $ 547,150 $ 109,666 (a) The Company recorded an impairment charge of $3.2 million on this property during the year ended December 31, 2015. (b) The Company recorded impairment charges of $83.2 million on this property during the year ended December 31, 2015. (c) The Company transferred the deed for this property to the lender in satisfaction of its obligations. The Company recorded an impairment charge of $3.0 million on this property during the year ended December 31, 2012. (d) $10.5 million of the net sales proceeds from this sale were held by a qualified intermediary. The Company received these proceeds on January 11, 2017. (e) The Company recorded impairment charges of $9.8 million on these properties during the year ended December 31, 2015. (f) The Company recorded impairment charges of $1.0 million on these properties during the year ended December 31, 2015. (g) The Company recorded impairment charges of $7.4 million on these properties during the year ended December 31, 2015. (h) The Company transferred the deed for this property to the lender in satisfaction of its obligations. (i) The Company recorded impairment charges of $66.5 million on these properties during the year ended December 31, 2015. (j) The Company recorded an impairment charge of $4.2 million on this property during the year ended December 31, 2015. During the year ended December 31, 2016, the Company signed agreements to sell eight office properties totaling approximately 750,000 square feet, subject to certain conditions, and identified them as held for sale as of December 31, 2016. The properties are located in Princeton, Cranford and Bridgewater, New Jersey. The Company determined that the carrying value of one of the office properties was not expected to be recovered from estimated net sales proceeds and accordingly recognized an unrealized loss allowance of $7.7 million at December 31, 2016. In January and February 2017, the Company completed the disposition of these properties for net sales proceeds of approximately $45.8 million. The following table summarizes the rental property held for sale, net, as of December 31, 2016: (dollars in thousands) December 31, 2016 Land $ 10,934 Buildings and improvements 68,266 Less: Accumulated depreciation (31,792) Less: Unrealized losses on properties held for sale (7,665) Rental property held for sale,net $ 39,743 Other assets and liabilities related to the rental properties held for sale, as of December 31, 2016 , include $1.7 million in deferred charges, and other assets, $1.2 million in Unbilled rents receivable, $ 1.1 million in Accounts payable, accrued expenses and other liabilities, and $1.9 million in Rents received in advance and security deposits. Approximately $2.9 million of these assets and $ 0.5 million of these liabilities are expected to be written off with the completion of the sales. 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. The following table summarizes income (loss) from the properties disposed of during the years ended December 31, 2016 , 2015 and 2014 , for the years ended December 31, 2016 , 2015 and 2014 : (dollars in thousands) Years Ended 2016 2015 2014 Total revenues $ 60,590 $ 9,137 $ 53,975 Operating and other expenses (36,428) (5,532) (24,311) Depreciation and amortization (22,712) (11,700) (9,955) Interest expense (10,845) (7,008) (10,369) Income (loss) from properties disposed of $ (9,395) $ (15,103) $ 9,340 Realized gains/unrealized Losses on dispositions 117,331 53,261 54,848 Total income (loss) from properties disposed of $ 107,936 $ 38,158 $ 64,188 Impairments on Properties Held and Used in 2015 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. A t September 30, 2015, the Company evaluated the recoverability of the carrying values of these non-core properties as well as three properties with near term debt maturities , and determined that due to the shortening of the expected periods of ownership, it was necessary to reduce the carrying values of 25 rental properties to their estimated fair values. Accordingly, the Company recorded an impairment charge of $164.2 million at September 30, 2015 reducing the aggregate carrying values of these properties from $602.8 million to their estimated fair values of $438.6 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. Unconsolidated Joint Venture Activity On April 1, 2016, the Company bought out its partner PruRose Riverwalk G, L.L.C. for $11.3 million and increased its subordinated interest in Riverwalk G Urban Renewal, L.L.C. from 25 percent to 50 percent using borrowings on the Company’s unsecured credit facility. Riverwalk G Urban Renewal, L.L.C., owns a 316 -unit operating multi-family property located in West New York, New Jersey. Concurrent with the refinancing in October 2016, the Company executed an agreement with the remaining partner which converted the 50 percent subordinated interest to 22.5 percent pari passu interest. On May 26, 2016, the Company sold its 50 percent interest in Port Imperial South 15, L.L.C. (“RiversEdge”) and its 20 percent interest in Port Imperial South 13 Urban Renewal, L.L.C. (“RiverParc”), joint ventures that own the 236 -unit and the 280 -unit multi-family operating properties, respectively, located in Weehawken, New Jersey for $6.4 million. The Company realized a gain on the sale of $5.7 million. On January 31 , 2017, the Company sold its interest in KPG-P 100 IMW JV, LLC, Keystone-Penn and Keystone-Tristate joint ventures that own operating properties, located in Philadelphia, Pennsylvania for a combined sales price of $9.7 million. On February 3, 2017, the Operating Partnership issued 42,800 shares of a new class of 3.5 percent Series A Preferred Limited Partnership Units of the Operating Partnership (the “Preferred Units”). The Preferred Units were issued to the Company’s partners in the Plaza VIII & IX Associates L.L.C. joint venture that owns a development site adjacent to the Company’s Harborside property in Jersey City, New Jersey as consideration for their approximate 37.5 percent interest in the joint venture. Concurrent with the issuance of the Preferred Units, the Company purchased from other partners in the Plaza VIII & IX Associates L.L.C. joint venture their approximate 12.5 percent interest for approximately $14.3 million in cash. The results of these transactions increased the Company’s interests in the joint venture from 50 percent to 100 percent. |
Mack-Cali Realty LP [Member] | |
Recent Transactions | 3. RECENT TRANSACTIONS On February 27, 2017, the Company, Roseland Residential Trust (“RRT”), the Company’s wholly-owned subsidiary through which the Company conducts its multi-family residential real estate operations, Roseland Residential, L.P. (“RRLP”), the operating partnership through which RRT conducts all of its operations, and certain other affiliates of the Company entered into an investment agreement (the “Investment Agreement”) with affiliates of Rockpoint Group, L.L.C. and certain of its affiliates (collectively, “Rockpoint”). The Investment Agreement provides for multiple equity investments by Rockpoint in RRLP from time to time for up to an aggregate of $300 million of preferred units of limited partnership interests of RRLP (the “Preferred Units”). The initial closing under the Investment Agreement is expected to occur by mid-March 2017 for $150 million of Preferred Units, inclusive of a $30 million deposit paid by Rockpoint to RRLP on signing the Investment Agreement. Additional closings of Preferred Units to be issued and sold to Rockpoint pursuant to the Investment Agreement may occur from time to time in increments of not less than $10 million per closing, with the balance of the full $300 million by March 1, 2019. Acquisitions 2016 The Company acquired the following office properties during the year ended December 31, 2016 (dollars in thousands) : Acquisition # of Rentable Acquisition Date Property Address Location Bldgs. Square Feet Cost 04/04/16 11 Martine Avenue (a) White Plains, New York 1 82,000 $ 10,750 04/07/16 320, 321 University Avenue (b) Newark, New Jersey 2 147,406 23,000 06/02/16 101 Wood Avenue South (c) Edison, New Jersey 1 262,841 82,300 07/01/16 111 River Street (c) Hoboken, New Jersey 1 566,215 210,761 Total Acquisitions 5 1,058,462 $ 326,811 (a) Acquisition represented four units of condominium interests which collectively comprise floors 2 through 5. Upon completion of the acquisition, the Company owns the entire 14-story 262,000 square-foot building. The acquisition was funded using available cash. (b) This acquisition was funded through borrowings under the Company’s unsecured revolving credit facility. (c) This acquisition was funded using available cash and through borrowings under the Company’s unsecured revolving credit facility. The purchase prices were allocated to the net assets acquired, as follows (in thousands) : 320,321 11 Martine University 101 Wood 111 River Avenue Avenue Avenue Street Land and leasehold interest $ 2,460 $ 7,305 $ 8,509 $ 204 Buildings and improvements 8,290 15,695 72,738 198,609 Above market leases (a) - - 58 617 In-place lease values (a) - - 6,743 43,801 Other assets - - - 11,279 88,048 254,510 Less: Below market lease values (a) - - (5,748) (43,749) Net assets recorded upon acquisition $ 10,750 $ 23,000 $ 82,300 $ 210,761 (a) Above market, in-place and below market leases are being amortized over a weighted-average term of 8.1 years. On January 11, 2017, the Company acquired three office properties totaling approximately 280,000 square feet located in Red Bank, New Jersey, for approximately $26.8 million, which was funded primarily through borrowings under the Company’s unsecured revolving credit facility. It was not practicable to finalize the purchase price allocation for this acquisition given the period of time between the acquisition date and the issuance of this Report. On February 2, 2017, the Company agreed to acquire six office properties totaling approximately 1.1 million square feet, located in Short Hills and Madison, New Jersey for approximately $368 million, subject to certain conditions. The acquisitions are expected to be completed in March 2017. On February 27, 2017, the Company reached an agreement to acquire all joint venture partner interests in Monaco, a 523 -apartment, two -tower, stabilized community located in Jersey City, New Jersey. The transaction, valued at $315 million, is expected to close in the second quarter of 2017. 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. Properties Commencing Initial Operations The following properties commenced initial operations during the year ended December 31, 2016 ( dollars in thousands ): Total In-Service # of Development Date Property Location Type Apartment Units Costs 12/01/16 Quarry Place at Tuckahoe Eastchester, NY Multi-Family 108 $ 56,961 (a) 12/01/16 The Chase II at Overlook Ridge Malden, MA Multi-Family 292 65,218 (b) Totals 400 $ 122,179 (a) Development costs as of December 31, 2016 included approximately $5.6 million in land costs. (b) Development costs as of December 31, 2016 included approximately $10.8 million in land costs. As of December 31, 2016, the Company anticipates additional costs of approximately $9.7 million, which will be funded from a construction loan. Consolidations in 2016 On January 5, 2016, the Company, which held a 50 percent subordinated interest in the unconsolidated joint venture, Overlook Ridge Apartment Investors LLC, a 371 -unit multi-family operating property located in Malden, Massachusetts, acquired the remaining interest for $39.8 million in cash plus the assumption of a first mortgage loan secured by the property with a principal balance of $52.7 million. The cash portion of the acquisition was funded primarily through borrowings under the Company’s unsecured revolving credit facility. Upon acquisition, the Company consolidated the asset and accordingly, remeasured its equity interests, as required by the FASB’s consolidation guidance, at fair value (based upon the income approach using current rates and market cap rates and discount rates). As a result, the Company recorded a gain on change of control of interests of $10.2 million in the year ended December 31, 2016 . On January 19, 2016, the Company repaid the assumed loan and obtained a new loan secured by the property in the amount of $72.5 million, which bears interest at 3.625 percent and matures in February 2023 . See Note 9: Mortgages, Loans Payable and Other Obligations. During the second quarter 2016, the Company, which held a 38.25 percent subordinate interest in the unconsolidated Portside Apartment Developers, L.L.C., a joint venture which owns a 175 -unit operating multi-family property located in East Boston, Massachusetts, acquired the remaining interests of its joint venture partners for $39.6 million in cash plus the assumption of a mortgage loan secured by the property with a principal balance of $42.5 million. The cash portion of the acquisition was funded primarily through borrowings under the Company’s unsecured revolving credit facility. Upon acquisition, the Company consolidated the asset and accordingly, remeasured its equity interests, as required by the FASB’s consolidation guidance, at fair value (based upon the income approach using current rates and market cap rates and discount rates). As a result, the Company recorded a gain on change of control of interests of $5.2 million in the year ended December 31, 2016 . On July 8, 2016, the Company repaid the assumed loan and obtained a new loan secured by the property in the amount of $59 million, which bears interest at 3.44 percent and matures in August 2023 . See Note 9: Mortgages, Loans Payable and Other Obligations. The purchase prices were preliminarily allocated to the net assets acquired upon consolidation, as follows (in thousands) : Overlook Portside Ridge Apts Land and leasehold interest $ 11,072 $ - Buildings and improvements 87,793 73,713 Furniture, fixtures and equipment 1,695 1,038 Other assets 237 10,181 In-place lease values (a) 4,389 2,637 Less: Below market lease values (a) (489) (242) Sub Total 104,697 87,327 Less: Debt assumed (52,662) (42,500) Net assets recorded upon consolidation $ 52,035 $ 44,827 (a) In-place lease values and below-market lease values will be amortized over a weighted average term of 7.4 months. Other Investments in 2016 On April 26, 2016, the Company acquired the remaining non-controlling interest in a development project located in Weehawken, New Jersey for $36.4 million. The project includes developable land for approximately 1,100 multi-family units, 290,000 square feet of office space, a 52.5 percent ownership interest in Port Imperial 4/5 Garage and Retail operating properties. The initial phase, Port Imperial South 11, a 295 -unit multi-family project, began construction in the first quarter 2016. Dispositions /Rental Property Held for Sale 201 6 The Company disposed of the following office and multi-family properties during the year ended December 31, 201 6 (dollars in thousands) : Realized Gains Net Net (losses)/ Disposition # of Sales Book Unrealized Date Property/Address Location Bldgs. Proceeds Value Losses, net 03/11/16 2 Independence Way (a) Princeton, New Jersey 1 $ 4,119 $ 4,283 $ (164) 03/24/16 1201 Connecticut Avenue, NW Washington, D.C. 1 90,591 31,827 58,764 04/26/16 125 Broad Street (b) New York, New York 1 192,323 200,183 (7,860) 05/09/16 9200 Edmonston Road Greenbelt, Maryland 1 4,083 (c) 3,837 246 05/18/16 1400 L Street Washington, D.C. 1 68,399 30,053 38,346 07/14/16 600 Parsippany Road Parsippany, New Jersey 1 10,465 (d) 5,875 4,590 07/14/16 4,5,6 Century Drive (e) Parsippany, New Jersey 3 14,533 17,308 (2,775) 08/11/16 Andover Place Andover, Massachusetts 1 39,863 37,150 2,713 09/26/16 222,233 Mount Airy Road (f) Basking Ridge, New Jersey 2 8,817 9,039 (222) 09/27/16 10 Mountainview Road Upper Saddle River, New Jersey 1 18,990 19,571 (581) 11/07/16 100 Willowbrook, 2,3,4 Paragon (g) Freehold, New Jersey 4 14,634 19,377 (4,743) 12/05/16 4 Becker Farm Road Roseland, New Jersey 1 41,400 (h) 31,001 10,399 12/09/16 101,103,105 Eisenhower Parkway Roseland, New Jersey 3 46,423 45,999 424 12/22/16 Capital Office Park, Ivy Lane (i) Greenbelt, Maryland 6 46,570 65,064 (18,494) 12/22/16 100 Walnut Avenue Clark, New Jersey 1 28,428 7,529 20,899 12/22/16 20 Commerce Drive Cranford, New Jersey 1 28,878 13,071 15,807 12/29/16 4200 Parliament Place (j) Lanham, Maryland 1 5,965 5,983 (18) Sub-total 30 664,481 547,150 117,331 Unrealized losses on rental property held for sale (7,665) Totals 30 $ 664,481 $ 547,150 $ 109,666 (a) The Company recorded an impairment charge of $3.2 million on this property during the year ended December 31, 2015. (b) The Company recorded impairment charges of $83.2 million on this property during the year ended December 31, 2015. (c) The Company transferred the deed for this property to the lender in satisfaction of its obligations. The Company recorded an impairment charge of $3.0 million on this property during the year ended December 31, 2012. (d) $10.5 million of the net sales proceeds from this sale were held by a qualified intermediary. The Company received these proceeds on January 11, 2017. (e) The Company recorded impairment charges of $9.8 million on these properties during the year ended December 31, 2015. (f) The Company recorded impairment charges of $1.0 million on these properties during the year ended December 31, 2015. (g) The Company recorded impairment charges of $7.4 million on these properties during the year ended December 31, 2015. (h) The Company transferred the deed for this property to the lender in satisfaction of its obligations. (i) The Company recorded impairment charges of $66.5 million on these properties during the year ended December 31, 2015. (j) The Company recorded an impairment charge of $4.2 million on this property during the year ended December 31, 2015. During the year ended December 31, 2016, the Company signed agreements to sell eight office properties totaling approximately 750,000 square feet, subject to certain conditions, and identified them as held for sale as of December 31, 2016. The properties are located in Princeton, Cranford and Bridgewater, New Jersey. The Company determined that the carrying value of one of the office properties was not expected to be recovered from estimated net sales proceeds and accordingly recognized an unrealized loss allowance of $7.7 million at December 31, 2016. In January and February 2017, the Company completed the disposition of these properties for net sales proceeds of approximately $45.8 million. The following table summarizes the rental property held for sale, net, as of December 31, 2016: (dollars in thousands) December 31, 2016 Land $ 10,934 Buildings and improvements 68,266 Less: Accumulated depreciation (31,792) Less: Unrealized losses on properties held for sale (7,665) Rental property held for sale,net $ 39,743 Other assets and liabilities related to the rental properties held for sale, as of December 31, 2016 , include $1.7 million in deferred charges, and other assets, $1.2 million in Unbilled rents receivable, $ 1.1 million in Accounts payable, accrued expenses and other liabilities, and $1.9 million in Rents received in advance and security deposits. Approximately $2.9 million of these assets and $ 0.5 million of these liabilities are expected to be written off with the completion of the sales. 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. The following table summarizes income (loss) from the properties disposed of during the years ended December 31, 2016 , 2015 and 2014 , for the years ended December 31, 2016 , 2015 and 2014 : (dollars in thousands) Years Ended 2016 2015 2014 Total revenues $ 60,590 $ 9,137 $ 53,975 Operating and other expenses (36,428) (5,532) (24,311) Depreciation and amortization (22,712) (11,700) (9,955) Interest expense (10,845) (7,008) (10,369) Income (loss) from properties disposed of $ (9,395) $ (15,103) $ 9,340 Realized gains/unrealized Losses on dispositions 117,331 53,261 54,848 Total income (loss) from properties disposed of $ 107,936 $ 38,158 $ 64,188 Impairments on Properties Held and Used in 2015 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. A t September 30, 2015, the Company evaluated the recoverability of the carrying values of these non-core properties as well as three properties with near term debt maturities , and determined that due to the shortening of the expected periods of ownership, it was necessary to reduce the carrying values of 25 rental properties to their estimated fair values. Accordingly, the Company recorded an impairment charge of $164.2 million at September 30, 2015 reducing the aggregate carrying values of these properties from $602.8 million to their estimated fair values of $438.6 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. Unconsolidated Joint Venture Activity On April 1, 2016, the Company bought out its partner PruRose Riverwalk G, L.L.C. for $11.3 million and increased its subordinated interest in Riverwalk G Urban Renewal, L.L.C. from 25 percent to 50 percent using borrowings on the Company’s unsecured credit facility. Riverwalk G Urban Renewal, L.L.C., owns a 316 -unit operating multi-family property located in West New York, New Jersey. Concurrent with the refinancing in October 2016, the Company executed an agreement with the remaining partner which converted the 50 percent subordinated interest to 22.5 percent pari passu interest. On May 26, 2016, the Company sold its 50 percent interest in Port Imperial South 15, L.L.C. (“RiversEdge”) and its 20 percent interest in Port Imperial South 13 Urban Renewal, L.L.C. (“RiverParc”), joint ventures that own the 236 -unit and the 280 -unit multi-family operating properties, respectively, located in Weehawken, New Jersey for $6.4 million. The Company realized a gain on the sale of $5.7 million. On January 31 , 2017, the Company sold its interest in KPG-P 100 IMW JV, LLC, Keystone-Penn and Keystone-Tristate joint ventures that own operating properties, located in Philadelphia, Pennsylvania for a combined sales price of $9.7 million. On February 3, 2017, the Operating Partnership issued 42,800 shares of a new class of 3.5 percent Series A Preferred Limited Partnership Units of the Operating Partnership (the “Preferred Units”). The Preferred Units were issued to the Company’s partners in the Plaza VIII & IX Associates L.L.C. joint venture that owns a development site adjacent to the Company’s Harborside property in Jersey City, New Jersey as consideration for their approximate 37.5 percent interest in the joint venture. Concurrent with the issuance of the Preferred Units, the Company purchased from other partners in the Plaza VIII & IX Associates L.L.C. joint venture their approximate 12.5 percent interest for approximately $14.3 million in cash. The results of these transactions increased the Company’s interests in the joint venture from 50 percent to 100 percent. |
Investments In Unconsolidated J
Investments In Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2016 | |
Investments In Unconsolidated Joint Ventures | 4. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES As of December 31, 2016 , the Company had an aggregate investment of approximately $320.0 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, 2016 , the unconsolidated joint ventures owned: 36 office properties aggregating approximately 5.6 million square feet, 10 multi-family properties totaling 3,587 apartments, two retail properties aggregating approximately 81,700 square feet, a 350 -room hotel, development projects for up to approximately 822 apartments; and interests and/or rights to developable land parcels able to accommodate up to 4,151 apartments. 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, 2016 , such debt had a total facility amount of $192 million of which the Company agreed to guarantee up to $22 million. As of December 31, 2016 , the outstanding balance of such debt totaled $155.2 million of which $22 million was guaranteed by the Company. The Company performed management, leasing, development and other services for the properties owned by the unconsolidated joint ventures and recognized $3.7 million and $5.5 million for such services in the years ended December 31, 2016 and 2015 , respectively. The Company had $ 0.7 million and $0.8 million in accounts receivable due from its unconsolidated joint ventures as of December 31, 2016 and 2015 . Included in the Company’s investments in unconsolidated joint ventures as of December 31, 2016 are four 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 $ 185.4 million as of December 31, 2016 . The Company’s maximum exposure to loss as a result of its involvement with these VIEs is estimated to be approximately $ 207.4 million, which includes the Company’s current investment and estimated future funding commitments/guarantees of approximately $ 22 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, 2016 and 2015 : (dollars in thousands) Property Debt Number of Company's Carrying Value As of December 31, 2016 Apartment Units Effective December 31, December 31, Maturity Interest Entity / Property Name or Rentable Square Feet (sf) Ownership % (a) 2016 2015 Balance Date Rate Multi-family Marbella RoseGarden, L.L.C./ Marbella (b) 412 units 24.27 % $ 15,150 $ 15,569 $ 95,000 05/01/18 4.99 % RoseGarden Monaco Holdings, L.L.C./ Monaco (b) 523 units 15.00 % - 937 165,000 02/01/21 4.19 % Rosewood Morristown, L.L.C. / Metropolitan at 40 Park (b) (c) 130 units 12.50 % 7,145 5,723 43,958 (d) (d) Riverwalk G Urban Renewal, L.L.C./ RiverTrace at Port Imperial (e) 316 units 22.50 % (f) 9,707 - 82,000 11/10/26 3.21 % (f) Elmajo Urban Renewal Associates, LLC / Lincoln Harbor (Bldg A&C) (b) (v) 355 units 7.50 % - - 128,100 03/01/30 4.00 % Crystal House Apartments Investors LLC / Crystal House (g) 794 units 25.00 % 30,565 28,114 165,000 04/01/20 3.17 % Roseland/Port Imperial Partners, L.P./ Riverwalk C (b) (h) 363 units 20.00 % 1,678 1,678 - - - RoseGarden Marbella South, L.L.C./ Marbella II 311 units 24.27 % 18,050 16,728 72,544 03/30/17 L+2.25 % (i) Estuary Urban Renewal Unit B, LLC / Lincoln Harbor (Bldg B) (b) (v) 227 units 7.50 % - - 81,900 03/01/30 4.00 % Riverpark at Harrison I, L.L.C./ Riverpark at Harrison 141 units 45.00 % 2,085 2,544 30,000 08/01/25 3.70 % Capitol Place Mezz LLC / Station Townhouses 378 units 50.00 % 43,073 46,267 100,700 07/01/33 4.82 % Harborside Unit A Urban Renewal, L.L.C. / URL Harborside 763 units 85.00 % 100,188 96,799 155,186 08/01/29 5.197 % (j) RoseGarden Monaco, L.L.C./ San Remo Land 250 potential units 41.67 % 1,400 1,339 - - - Grand Jersey Waterfront URA, L.L.C./ Liberty Landing 850 potential units 50.00 % 337 337 - - - Hillsborough 206 Holdings, L.L.C./ Hillsborough 206 160,000 sf 50.00 % 1,962 1,962 - - - Plaza VIII & IX Associates, L.L.C./ Vacant land (parking operations) (u) 1,225,000 sf 50.00 % 4,448 4,055 - - - Office Red Bank Corporate Plaza, L.L.C./ Red Bank 92,878 sf 50.00 % 4,339 4,140 14,476 05/17/17 L+3.00 % 12 Vreeland Associates, L.L.C./ 12 Vreeland Road 139,750 sf 50.00 % 6,237 5,890 11,041 07/01/23 2.87 % BNES Associates III / Offices at Crystal Lake 106,345 sf 31.25 % 3,124 2,295 5,480 11/01/23 4.76 % KPG-P 100 IMW JV, LLC / 100 Independence Mall West 339,615 sf 33.33 % (t) - - 72,000 09/08/18 L+5.95 % (k) Keystone-Penn 1,842,820 sf (l) (t) - - 235,059 (m) (m) Keystone-TriState 1,266,384 sf (n) (t) 2,285 3,958 218,639 (o) (o) KPG-MCG Curtis JV, L.L.C./ Curtis Center (p) 885,000 sf 50.00 % 65,400 59,858 (q) (q) (q) Other Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial (b) 30,745 sf 20.00 % 1,706 1,758 - - - South Pier at Harborside / Hyatt Regency Jersey City on the Hudson 350 rooms 50.00 % 163 (r) 100,000 10/01/26 3.668 % Other (s) 1,005 3,506 - - - Totals: $ 320,047 $ 303,457 $ 1,776,083 (a) Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable. (b) The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the Company is not expected to meaningfully participate in the venture's cash flows in the near term. (c) Through the joint venture, the Company also owns a 12.5 percent interest in a 50,973 square feet retail building ("Shops at 40 Park") and a 25 percent interest in a to-be-built 59 -unit, five story multi-family rental development property ("Lofts at 40 Park"). (d) Property debt balance consists of: (i) an amortizable loan, collateralized by the Metropolitan at 40 Park, with a balance of $37,640 , 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 $6,318 , bears interest at 3.63 percent, matures in August 2018 . On February 3, 2017, the venture obtained a construction loan for the Lofts at 40 Park with a maximum borrowing amount of $13,950 , which bears interest at LIBOR plus 250 basis points and matures in February 2020 . (e) During the second quarter 2016, the Company acquired the equity interests of its joint venture partner in Portside Apartment Holdings, L.L.C and PruRose Riverwalk G, L.L.C. for $39.6 million and $11.3 million, respectively, which increased its ownership to 100 percent in Portside Apartment Holdings, LLC and 50 percent in Riverwalk G Urban Renewal, L.L.C. (See Note 3: Recent Transactions – Acquisitions). (f) The loan was refinanced in October 2016. The new $82 million loan matures in November 2026 and has an interest rate of 3.21 percent. Concurrent with the refinancing in October 2016, the Company executed an agreement with the remaining partner which converted its 50 percent subordinated interest to 22.5 percent pari passu interest. (g) 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. (h) The Company also owns a 20 percent residual interest in undeveloped land parcels: parcels 6, I, and J that can accommodate the development of 836 apartment units. (i) 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. (j) The construction/permanent loan has a maximum borrowing amount of $192,000 . The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines. (k) The mortgage loan has three one -year extension options, subject to certain conditions. (l) 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. (m) Principal balance of $127,103 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 $18,281 bears interest at LIBOR+5.5 percent and matures on December 21, 2020 ; principal balance of $22,500 bears interest at LIBOR+5.2 percent and matures on August 31, 2019 ; 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 27, 2017 . (n) Includes the Company’s pari passu interests of $2.3 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. (o) Principal balance of $47,500 bears interest at 5.57 percent and matures on July 1, 2017 ; principal balance of $78,439 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, 2024 . (p) Includes undivided interests in the same manner as investments in noncontrolling partnership, pursuant to ASC 970-323-25-12. (q) See Note 9: Mortgages, Loans Payable and Other Obligations for debt secured by interests in these assets. (r) The negative carrying value for this venture of $3,317 as of December 31, 2015 , was included in accounts payable, accrued expenses and other liabilities. (s) 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. (t) On January 31, 2017, the Company sold its equity interest in the joint venture. See Note 3: Recent Transactions - Unconsolidated Joint Venture Activity. (u) On February 3, 2017, the Company acquired the equity interest of its partner. See Note 3: Recent Transactions - Unconsolidated Joint Venture Activity. (v) On February 15, 2017, the Company sold its 7.5 percent interest in Elmajo Urban Renewal Associates, LLC and Estuary Urban Renewal Unit B, LLC joint ventures that own operating multi-family properties, located in Weehawken, New Jersey for a combined sales price of $5.1 million. The following is a summary of the Compan y’s equity in earnings (loss) of unconsolidated joint ventures for the years ended December 31, 2016 and 2015 : (dollars in thousands) Year Ended December 31, Entity / Property Name 2016 2015 2014 Multi-family Marbella RoseGarden, L.L.C./ Marbella $ 231 $ 231 $ (19) RoseGarden Monaco Holdings, L.L.C./ Monaco (937) (1,224) (1,040) Rosewood Morristown, L.L.C. / Metropolitan at 40 Park (317) (364) (345) Riverwalk G Urban Renewal, L.L.C./ RiverTrace at Port Imperial (1,146) (955) (2,139) Elmajo Urban Renewal Associates, LLC / Lincoln Harbor (Bldg A&C) - - (203) Crystal House Apartments Investors LLC / Crystal House (870) (123) (139) Roseland/Port Imperial Partners, L.P./ Riverwalk C (120) (474) (646) RoseGarden Marbella South, L.L.C./ Marbella II (202) - - Estuary Urban Renewal Unit B, LLC / Lincoln Harbor (Bldg B) - 1 (15) Riverpark at Harrison I, L.L.C./ Riverpark at Harrison (190) (363) (150) Capitol Place Mezz LLC / Station Townhouses (2,440) (3,687) (75) Harborside Unit A Urban Renewal, L.L.C. / URL Harborside (219) - (218) RoseGarden Monaco, L.L.C./ San Remo Land - - - Grand Jersey Waterfront URA, L.L.C./ Liberty Landing (80) (32) (54) Hillsborough 206 Holdings, L.L.C./ Hillsborough 206 (53) (5) (10) Plaza VIII & IX Associates, L.L.C./ Vacant land (parking operations) 393 344 320 Office Red Bank Corporate Plaza, L.L.C./ Red Bank 448 392 380 12 Vreeland Associates, L.L.C./ 12 Vreeland Road 347 270 106 BNES Associates III / Offices at Crystal Lake (15) 115 240 KPG-P 100 IMW JV, LLC / 100 Independence Mall West - (800) (1,887) Keystone-Penn 600 3,812 - Keystone-TriState (1,672) (2,182) (318) KPG-MCG Curtis JV, L.L.C./ Curtis Center (92) 475 624 Other Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial (52) (70) (102) South Pier at Harborside / Hyatt Regency Jersey City on the Hudson (a) 24,180 3,036 2,602 Other 994 (1,569) 665 Company's equity in earnings (loss) of unconsolidated joint ventures $ 18,788 $ (3,172) $ (2,423) (a) Equity in earnings in 2016 includes the effect of distributions received from the joint venture’s refinancing. See Recent Joint Venture Transactions following in this footnote. 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, 2016 and 2015 : (dollars in thousands) December 31, December 31, 2016 2015 Assets: Rental property, net $ 1,746,233 $ 1,781,621 Other assets 278,289 307,000 Total assets $ 2,024,522 $ 2,088,621 Liabilities and partners'/ members' capital: Mortgages and loans payable $ 1,350,973 $ 1,298,293 Other liabilities 247,212 215,951 Partners'/members' capital 426,337 574,377 Total liabilities and partners'/members' capital $ 2,024,522 $ 2,088,621 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, 2016 , 2015 and 2014 : (dollars in thousands) Year Ended December 31, 2016 2015 2014 Total revenues $ 377,711 $ 318,980 $ 305,034 Operating and other expenses (262,703) (220,982) (233,320) Depreciation and amortization (75,512) (71,711) (42,985) Interest expense (58,390) (52,972) (32,862) Net loss $ (18,894) $ (26,685) $ (4,133) Recent Joint Venture Transactions The South Pier at Harborside venture had a $59.1 million mortgage loan collateralized by the hotel property, which bore interest at a rate of 6.15 percent and was scheduled to mature in November 2016 . The venture also had a $3.0 million loan with the City of Jersey City, provided by the U.S. Department of Housing and Urban Development (“HUD loan”), which was guaranteed by the Company, half of which was indemnified by the venture partner. On September 14, 2016, the venture refinanced the mortgage loan and repaid in full the HUD loan, eliminating the previous guarantee which had caused the Company to carry this investment at a negative balance. The Company recorded this reversal through equity in earnings for the year ended December 31, 2016 . The new loan, with a balance of $100.0 million at December 31, 2016 , bears interest at a rate of 3.668 percent and matures in October 2026 . In connection with the refinancing, the venture distributed $35.7 million of the loan proceeds, of which the Company’s share was $17.8 million. Prior to this distribution, the Company had already received cumulative distributions in excess of cumulative earnings and contributions resulting in a carrying value of zero and as such, $17.8 million was recognized as equity in earnings for the year ended December 31, 2016 . The Company has no obligations to fund future venture losses nor has any guarantees on the joint venture’s current debt. |
Mack-Cali Realty LP [Member] | |
Investments In Unconsolidated Joint Ventures | 4. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES As of December 31, 2016 , the Company had an aggregate investment of approximately $320.0 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, 2016 , the unconsolidated joint ventures owned: 36 office properties aggregating approximately 5.6 million square feet, 10 multi-family properties totaling 3,587 apartments, two retail properties aggregating approximately 81,700 square feet, a 350 -room hotel, development projects for up to approximately 822 apartments; and interests and/or rights to developable land parcels able to accommodate up to 4,151 apartments. 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, 2016 , such debt had a total facility amount of $192 million of which the Company agreed to guarantee up to $22 million. As of December 31, 2016 , the outstanding balance of such debt totaled $155.2 million of which $22 million was guaranteed by the Company. The Company performed management, leasing, development and other services for the properties owned by the unconsolidated joint ventures and recognized $3.7 million and $5.5 million for such services in the years ended December 31, 2016 and 2015 , respectively. The Company had $ 0.7 million and $0.8 million in accounts receivable due from its unconsolidated joint ventures as of December 31, 2016 and 2015 . Included in the Company’s investments in unconsolidated joint ventures as of December 31, 2016 are four 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 $ 185.4 million as of December 31, 2016 . The Company’s maximum exposure to loss as a result of its involvement with these VIEs is estimated to be approximately $ 207.4 million, which includes the Company’s current investment and estimated future funding commitments/guarantees of approximately $ 22 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, 2016 and 2015 : (dollars in thousands) Property Debt Number of Company's Carrying Value As of December 31, 2016 Apartment Units Effective December 31, December 31, Maturity Interest Entity / Property Name or Rentable Square Feet (sf) Ownership % (a) 2016 2015 Balance Date Rate Multi-family Marbella RoseGarden, L.L.C./ Marbella (b) 412 units 24.27 % $ 15,150 $ 15,569 $ 95,000 05/01/18 4.99 % RoseGarden Monaco Holdings, L.L.C./ Monaco (b) 523 units 15.00 % - 937 165,000 02/01/21 4.19 % Rosewood Morristown, L.L.C. / Metropolitan at 40 Park (b) (c) 130 units 12.50 % 7,145 5,723 43,958 (d) (d) Riverwalk G Urban Renewal, L.L.C./ RiverTrace at Port Imperial (e) 316 units 22.50 % (f) 9,707 - 82,000 11/10/26 3.21 % (f) Elmajo Urban Renewal Associates, LLC / Lincoln Harbor (Bldg A&C) (b) (v) 355 units 7.50 % - - 128,100 03/01/30 4.00 % Crystal House Apartments Investors LLC / Crystal House (g) 794 units 25.00 % 30,565 28,114 165,000 04/01/20 3.17 % Roseland/Port Imperial Partners, L.P./ Riverwalk C (b) (h) 363 units 20.00 % 1,678 1,678 - - - RoseGarden Marbella South, L.L.C./ Marbella II 311 units 24.27 % 18,050 16,728 72,544 03/30/17 L+2.25 % (i) Estuary Urban Renewal Unit B, LLC / Lincoln Harbor (Bldg B) (b) (v) 227 units 7.50 % - - 81,900 03/01/30 4.00 % Riverpark at Harrison I, L.L.C./ Riverpark at Harrison 141 units 45.00 % 2,085 2,544 30,000 08/01/25 3.70 % Capitol Place Mezz LLC / Station Townhouses 378 units 50.00 % 43,073 46,267 100,700 07/01/33 4.82 % Harborside Unit A Urban Renewal, L.L.C. / URL Harborside 763 units 85.00 % 100,188 96,799 155,186 08/01/29 5.197 % (j) RoseGarden Monaco, L.L.C./ San Remo Land 250 potential units 41.67 % 1,400 1,339 - - - Grand Jersey Waterfront URA, L.L.C./ Liberty Landing 850 potential units 50.00 % 337 337 - - - Hillsborough 206 Holdings, L.L.C./ Hillsborough 206 160,000 sf 50.00 % 1,962 1,962 - - - Plaza VIII & IX Associates, L.L.C./ Vacant land (parking operations) (u) 1,225,000 sf 50.00 % 4,448 4,055 - - - Office Red Bank Corporate Plaza, L.L.C./ Red Bank 92,878 sf 50.00 % 4,339 4,140 14,476 05/17/17 L+3.00 % 12 Vreeland Associates, L.L.C./ 12 Vreeland Road 139,750 sf 50.00 % 6,237 5,890 11,041 07/01/23 2.87 % BNES Associates III / Offices at Crystal Lake 106,345 sf 31.25 % 3,124 2,295 5,480 11/01/23 4.76 % KPG-P 100 IMW JV, LLC / 100 Independence Mall West 339,615 sf 33.33 % (t) - - 72,000 09/08/18 L+5.95 % (k) Keystone-Penn 1,842,820 sf (l) (t) - - 235,059 (m) (m) Keystone-TriState 1,266,384 sf (n) (t) 2,285 3,958 218,639 (o) (o) KPG-MCG Curtis JV, L.L.C./ Curtis Center (p) 885,000 sf 50.00 % 65,400 59,858 (q) (q) (q) Other Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial (b) 30,745 sf 20.00 % 1,706 1,758 - - - South Pier at Harborside / Hyatt Regency Jersey City on the Hudson 350 rooms 50.00 % 163 (r) 100,000 10/01/26 3.668 % Other (s) 1,005 3,506 - - - Totals: $ 320,047 $ 303,457 $ 1,776,083 (a) Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable. (b) The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the Company is not expected to meaningfully participate in the venture's cash flows in the near term. (c) Through the joint venture, the Company also owns a 12.5 percent interest in a 50,973 square feet retail building ("Shops at 40 Park") and a 25 percent interest in a to-be-built 59 -unit, five story multi-family rental development property ("Lofts at 40 Park"). (d) Property debt balance consists of: (i) an amortizable loan, collateralized by the Metropolitan at 40 Park, with a balance of $37,640 , 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 $6,318 , bears interest at 3.63 percent, matures in August 2018 . On February 3, 2017, the venture obtained a construction loan for the Lofts at 40 Park with a maximum borrowing amount of $13,950 , which bears interest at LIBOR plus 250 basis points and matures in February 2020 . (e) During the second quarter 2016, the Company acquired the equity interests of its joint venture partner in Portside Apartment Holdings, L.L.C and PruRose Riverwalk G, L.L.C. for $39.6 million and $11.3 million, respectively, which increased its ownership to 100 percent in Portside Apartment Holdings, LLC and 50 percent in Riverwalk G Urban Renewal, L.L.C. (See Note 3: Recent Transactions – Acquisitions). (f) The loan was refinanced in October 2016. The new $82 million loan matures in November 2026 and has an interest rate of 3.21 percent. Concurrent with the refinancing in October 2016, the Company executed an agreement with the remaining partner which converted its 50 percent subordinated interest to 22.5 percent pari passu interest. (g) 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. (h) The Company also owns a 20 percent residual interest in undeveloped land parcels: parcels 6, I, and J that can accommodate the development of 836 apartment units. (i) 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. (j) The construction/permanent loan has a maximum borrowing amount of $192,000 . The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines. (k) The mortgage loan has three one -year extension options, subject to certain conditions. (l) 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. (m) Principal balance of $127,103 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 $18,281 bears interest at LIBOR+5.5 percent and matures on December 21, 2020 ; principal balance of $22,500 bears interest at LIBOR+5.2 percent and matures on August 31, 2019 ; 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 27, 2017 . (n) Includes the Company’s pari passu interests of $2.3 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. (o) Principal balance of $47,500 bears interest at 5.57 percent and matures on July 1, 2017 ; principal balance of $78,439 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, 2024 . (p) Includes undivided interests in the same manner as investments in noncontrolling partnership, pursuant to ASC 970-323-25-12. (q) See Note 9: Mortgages, Loans Payable and Other Obligations for debt secured by interests in these assets. (r) The negative carrying value for this venture of $3,317 as of December 31, 2015 , was included in accounts payable, accrued expenses and other liabilities. (s) 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. (t) On January 31, 2017, the Company sold its equity interest in the joint venture. See Note 3: Recent Transactions - Unconsolidated Joint Venture Activity. (u) On February 3, 2017, the Company acquired the equity interest of its partner. See Note 3: Recent Transactions - Unconsolidated Joint Venture Activity. (v) On February 15, 2017, the Company sold its 7.5 percent interest in Elmajo Urban Renewal Associates, LLC and Estuary Urban Renewal Unit B, LLC joint ventures that own operating multi-family properties, located in Weehawken, New Jersey for a combined sales price of $5.1 million. The following is a summary of the Compan y’s equity in earnings (loss) of unconsolidated joint ventures for the years ended December 31, 2016 and 2015 : (dollars in thousands) Year Ended December 31, Entity / Property Name 2016 2015 2014 Multi-family Marbella RoseGarden, L.L.C./ Marbella $ 231 $ 231 $ (19) RoseGarden Monaco Holdings, L.L.C./ Monaco (937) (1,224) (1,040) Rosewood Morristown, L.L.C. / Metropolitan at 40 Park (317) (364) (345) Riverwalk G Urban Renewal, L.L.C./ RiverTrace at Port Imperial (1,146) (955) (2,139) Elmajo Urban Renewal Associates, LLC / Lincoln Harbor (Bldg A&C) - - (203) Crystal House Apartments Investors LLC / Crystal House (870) (123) (139) Roseland/Port Imperial Partners, L.P./ Riverwalk C (120) (474) (646) RoseGarden Marbella South, L.L.C./ Marbella II (202) - - Estuary Urban Renewal Unit B, LLC / Lincoln Harbor (Bldg B) - 1 (15) Riverpark at Harrison I, L.L.C./ Riverpark at Harrison (190) (363) (150) Capitol Place Mezz LLC / Station Townhouses (2,440) (3,687) (75) Harborside Unit A Urban Renewal, L.L.C. / URL Harborside (219) - (218) RoseGarden Monaco, L.L.C./ San Remo Land - - - Grand Jersey Waterfront URA, L.L.C./ Liberty Landing (80) (32) (54) Hillsborough 206 Holdings, L.L.C./ Hillsborough 206 (53) (5) (10) Plaza VIII & IX Associates, L.L.C./ Vacant land (parking operations) 393 344 320 Office Red Bank Corporate Plaza, L.L.C./ Red Bank 448 392 380 12 Vreeland Associates, L.L.C./ 12 Vreeland Road 347 270 106 BNES Associates III / Offices at Crystal Lake (15) 115 240 KPG-P 100 IMW JV, LLC / 100 Independence Mall West - (800) (1,887) Keystone-Penn 600 3,812 - Keystone-TriState (1,672) (2,182) (318) KPG-MCG Curtis JV, L.L.C./ Curtis Center (92) 475 624 Other Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial (52) (70) (102) South Pier at Harborside / Hyatt Regency Jersey City on the Hudson (a) 24,180 3,036 2,602 Other 994 (1,569) 665 Company's equity in earnings (loss) of unconsolidated joint ventures $ 18,788 $ (3,172) $ (2,423) (a) Equity in earnings in 2016 includes the effect of distributions received from the joint venture’s refinancing. See Recent Joint Venture Transactions following in this footnote. 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, 2016 and 2015 : (dollars in thousands) December 31, December 31, 2016 2015 Assets: Rental property, net $ 1,746,233 $ 1,781,621 Other assets 278,289 307,000 Total assets $ 2,024,522 $ 2,088,621 Liabilities and partners'/ members' capital: Mortgages and loans payable $ 1,350,973 $ 1,298,293 Other liabilities 247,212 215,951 Partners'/members' capital 426,337 574,377 Total liabilities and partners'/members' capital $ 2,024,522 $ 2,088,621 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, 2016 , 2015 and 2014 : (dollars in thousands) Year Ended December 31, 2016 2015 2014 Total revenues $ 377,711 $ 318,980 $ 305,034 Operating and other expenses (262,703) (220,982) (233,320) Depreciation and amortization (75,512) (71,711) (42,985) Interest expense (58,390) (52,972) (32,862) Net loss $ (18,894) $ (26,685) $ (4,133) Recent Joint Venture Transactions The South Pier at Harborside venture had a $59.1 million mortgage loan collateralized by the hotel property, which bore interest at a rate of 6.15 percent and was scheduled to mature in November 2016 . The venture also had a $3.0 million loan with the City of Jersey City, provided by the U.S. Department of Housing and Urban Development (“HUD loan”), which was guaranteed by the Company, half of which was indemnified by the venture partner. On September 14, 2016, the venture refinanced the mortgage loan and repaid in full the HUD loan, eliminating the previous guarantee which had caused the Company to carry this investment at a negative balance. The Company recorded this reversal through equity in earnings for the year ended December 31, 2016 . The new loan, with a balance of $100.0 million at December 31, 2016 , bears interest at a rate of 3.668 percent and matures in October 2026 . In connection with the refinancing, the venture distributed $35.7 million of the loan proceeds, of which the Company’s share was $17.8 million. Prior to this distribution, the Company had already received cumulative distributions in excess of cumulative earnings and contributions resulting in a carrying value of zero and as such, $17.8 million was recognized as equity in earnings for the year ended December 31, 2016 . The Company has no obligations to fund future venture losses nor has any guarantees on the joint venture’s current debt. |
Deferred Charges, Goodwill And
Deferred Charges, Goodwill And Other Assets, Net | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Charges, Goodwill And Other Assets, Net | 5. DEFERRED CHARGES , GOODWILL AND OTHER ASSETS , NET December 31, (dollars in thousands) 2016 2015 Deferred leasing costs $ 220,947 $ 239,690 Deferred financing costs - unsecured revolving credit facility (a) 5,400 5,394 226,347 245,084 Accumulated amortization (107,359) (118,014) Deferred charges, net 118,988 127,070 Notes receivable (b) 13,251 13,496 In-place lease values, related intangibles and other assets, net (c) (d) 72,046 10,931 Goodwill (e) 2,945 2,945 Prepaid expenses and other assets, net (f) 60,720 49,408 Total deferred charges, goodwill and other assets, net $ 267,950 $ 203,850 (a) Pursuant to recently issued accounting standards, deferred financing costs related to all other debt liabilities (other than for the unsecured revolving credit facility) are netted against those debt liabilities for all periods presented. See Note 2: Significant Accounting Policies – Deferred Financing Costs. (b) Includes as of December 31, 2016 : a mortgage receivable for $ 10.4 million which bore interest at LIBOR plus six percent and was repaid in full in January 2017, and an interest-free note receivable with a net present value of $2.8 million which matures in April 2023 and the Company believes is fully collectible. (c) In accordance with ASC 805, Business Combinations, the Company recognizes rental revenue of acquired above and below market lease intangibles over the terms of the respective leases. The impact of amortizating the acquired above and below-market lease intangibles increased revenue by approximately $ 1.9 million, $0.2 million and $0.7 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. The following table summarizes, as of December 31, 2016 , 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 2017 $ (1,068) $ 3,827 $ 2,759 2018 (691) 3,575 2,884 2019 (574) 3,423 2,849 2020 (386) 3,204 2,818 2021 (298) 3,178 2,880 ( d ) 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 $14.3 million, $1.4 million and $6.9 million for the years ended December 31, 2016 , 2015 and 2014 , 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 2017 $ 7,869 2018 4,391 2019 4,069 2020 2,868 2021 2,785 ( e ) All goodwill is attributable to the Company’s Multi-family Services segment. ( f ) Includes as of December 31, 2016 , $10.5 million of proceeds from property sales held by a qualified intermediary. DERIVATIVE FINANCIAL INSTRUMENTS Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. As of December 31, 2016 , the Company had outstanding interest rate swaps with a combined notional value of $350 million that were designated as cash flow hedges of interest rate risk. During the year ending December 31, 2016 , such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the years ended December 31, 2016 , 2015 and 2014 the Company recorded ineffectiveness gain of $0.6 million, zero and zero , respectively, which is included in interest and other investment income (loss) in the consolidated statements of operations, attributable to a floor mismatch in the underlying indices of the derivatives and the hedged interest payments made on its variable-rate debt. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next 12 months, the Company estimates that an additional $1.7 million will be reclassified as an increase to interest expense. Undesignated Cash Flow Hedges of Interest Rate Risk Interest rate caps not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements but do not meet the strict hedge accounting requirements. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. The Company recognized expenses of $2,000 , $ 93,000 and $79,000 for the year s ended December 31, 2016 , 2015 and 2014 , respectively, which is included in interest and other investment income (loss) in the consolidated statements of operations. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Balance Sheet as of December 31, 2016 and 2015 . (dollars in thousands) Fair Value Asset Derivatives designated December 31, as hedging instruments 2016 2015 Balance sheet location Interest rate swaps $ 2,847 $ - Deferred charges, goodwill and other assets Asset Derivatives not designated as hedging instruments Interest rate caps $ - $ 2 Deferred charges, goodwill and other assets The table below presents the effect of the Company’s derivative financial instruments on the Income Statement for the year s ending December 31, 2016 , 2015 and 2014 . (dollars in thousands) Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion, Reclassification for Forecasted Transactions No Longer Probable of Occurring and Amount Excluded from Effectiveness Testing) 2016 2015 2014 2016 2015 2014 2016 2015 2014 Year ended December 31, Interest rate swaps $ 1,183 $ - $ - Interest expense $ 3,398 $ - $ - Interest and other investment income (loss) $ 631 $ - $ - Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on the indebtedness. As of December 31, 2016 , the Company did not have any derivatives in a net liability position including accrued interest but excluding any adjustment for nonperformance risk. As of December 31, 2016 , the Company has not posted any collateral related to these agreements. |
Mack-Cali Realty LP [Member] | |
Deferred Charges, Goodwill And Other Assets, Net | 5. DEFERRED CHARGES , GOODWILL AND OTHER ASSETS , NET December 31, (dollars in thousands) 2016 2015 Deferred leasing costs $ 220,947 $ 239,690 Deferred financing costs - unsecured revolving credit facility (a) 5,400 5,394 226,347 245,084 Accumulated amortization (107,359) (118,014) Deferred charges, net 118,988 127,070 Notes receivable (b) 13,251 13,496 In-place lease values, related intangibles and other assets, net (c) (d) 72,046 10,931 Goodwill (e) 2,945 2,945 Prepaid expenses and other assets, net (f) 60,720 49,408 Total deferred charges, goodwill and other assets, net $ 267,950 $ 203,850 (a) Pursuant to recently issued accounting standards, deferred financing costs related to all other debt liabilities (other than for the unsecured revolving credit facility) are netted against those debt liabilities for all periods presented. See Note 2: Significant Accounting Policies – Deferred Financing Costs. (b) Includes as of December 31, 2016 : a mortgage receivable for $ 10.4 million which bore interest at LIBOR plus six percent and was repaid in full in January 2017, and an interest-free note receivable with a net present value of $2.8 million which matures in April 2023 and the Company believes is fully collectible. (c) In accordance with ASC 805, Business Combinations, the Company recognizes rental revenue of acquired above and below market lease intangibles over the terms of the respective leases. The impact of amortizating the acquired above and below-market lease intangibles increased revenue by approximately $ 1.9 million, $0.2 million and $0.7 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. The following table summarizes, as of December 31, 2016 , 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 2017 $ (1,068) $ 3,827 $ 2,759 2018 (691) 3,575 2,884 2019 (574) 3,423 2,849 2020 (386) 3,204 2,818 2021 (298) 3,178 2,880 ( d ) 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 $14.3 million, $1.4 million and $6.9 million for the years ended December 31, 2016 , 2015 and 2014 , 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 2017 $ 7,869 2018 4,391 2019 4,069 2020 2,868 2021 2,785 ( e ) All goodwill is attributable to the Company’s Multi-family Services segment. ( f ) Includes as of December 31, 2016 , $10.5 million of proceeds from property sales held by a qualified intermediary. DERIVATIVE FINANCIAL INSTRUMENTS Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. As of December 31, 2016 , the Company had outstanding interest rate swaps with a combined notional value of $350 million that were designated as cash flow hedges of interest rate risk. During the year ending December 31, 2016 , such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the years ended December 31, 2016 , 2015 and 2014 the Company recorded ineffectiveness gain of $0.6 million, zero and zero , respectively, which is included in interest and other investment income (loss) in the consolidated statements of operations, attributable to a floor mismatch in the underlying indices of the derivatives and the hedged interest payments made on its variable-rate debt. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next 12 months, the Company estimates that an additional $1.7 million will be reclassified as an increase to interest expense. Undesignated Cash Flow Hedges of Interest Rate Risk Interest rate caps not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements but do not meet the strict hedge accounting requirements. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. The Company recognized expenses of $2,000 , $ 93,000 and $79,000 for the year s ended December 31, 2016 , 2015 and 2014 , respectively, which is included in interest and other investment income (loss) in the consolidated statements of operations. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Balance Sheet as of December 31, 2016 and 2015 . (dollars in thousands) Fair Value Asset Derivatives designated December 31, as hedging instruments 2016 2015 Balance sheet location Interest rate swaps $ 2,847 $ - Deferred charges, goodwill and other assets Asset Derivatives not designated as hedging instruments Interest rate caps $ - $ 2 Deferred charges, goodwill and other assets The table below presents the effect of the Company’s derivative financial instruments on the Income Statement for the year s ending December 31, 2016 , 2015 and 2014 . (dollars in thousands) Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion, Reclassification for Forecasted Transactions No Longer Probable of Occurring and Amount Excluded from Effectiveness Testing) 2016 2015 2014 2016 2015 2014 2016 2015 2014 Year ended December 31, Interest rate swaps $ 1,183 $ - $ - Interest expense $ 3,398 $ - $ - Interest and other investment income (loss) $ 631 $ - $ - Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on the indebtedness. As of December 31, 2016 , the Company did not have any derivatives in a net liability position including accrued interest but excluding any adjustment for nonperformance risk. As of December 31, 2016 , the Company has not posted any collateral related to these agreements. |
Restricted Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 2015 Security deposits $ 8,778 $ 7,785 Escrow and other reserve funds 45,174 27,558 Total restricted cash $ 53,952 $ 35,343 |
Mack-Cali Realty LP [Member] | |
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, 2016 2015 Security deposits $ 8,778 $ 7,785 Escrow and other reserve funds 45,174 27,558 Total restricted cash $ 53,952 $ 35,343 |
Senior Unsecured Notes
Senior Unsecured Notes | 12 Months Ended |
Dec. 31, 2016 | |
Senior Unsecured Notes | 7. SENIOR UNSECURED NOTES On September 12, 2016, the Company commenced a tender offer to purchase for cash any and all of its $250 million principal amount, 7.750 percent Senior Unsecured Notes due August 15, 2019 (the “2019 Notes”), subject to certain terms and conditions. On September 19, 2016, the Company purchased approximately $114.9 million principal amount of these notes validly tendered pursuant to its tender offer. The purchase price, including a make-whole premium, was 115.977 percent of the face amount of these notes, plus all accrued and unpaid interest up to the settlement date. The Company funded the purchase price, including accrued and unpaid interest, of approximately $134.1 million using available cash and borrowings on the Company’s unsecured revolving credit facility. On November 29, 2016, the Company announced that it would redeem for cash all $135.1 million o utstanding principal amount of the 2019 Notes. The 2019 Notes were redeemed on December 28, 2016. The redemption price for the 2019 Notes, including a make-whole premium, was 115.314 percent of the principal amount of the 2019 Notes, plus any accrued and unpaid interest up to the redemption date. The Company funded the redemption price, including accrued and unpaid interest, of approximately $159.7 million using available cash and borrowings from its unsecured revolving credit facility. In connection with the redemption of the 2019 N otes, the Company recorded approximately $40.7 million as a loss from extinguishment of debt for the year ended December 31, 2016. A summary of the Company’s senior unsecured notes as of December 31, 2016 and 2015 is as follows : (dollars in thousands) December 31, December 31, Effective 2016 2015 Rate (1) 5.800% Senior Unsecured Notes, due January 15, 2016 (2) - $ 200,000 5.806 % 7.750% Senior Unsecured Notes, due August 15, 2019 (3) - 250,000 8.017 % 2.500% Senior Unsecured Notes, due December 15, 2017 $ 250,000 250,000 2.803 % 4.500% Senior Unsecured Notes, due April 18, 2022 300,000 300,000 4.612 % 3.150% Senior Unsecured Notes, due May 15, 2023 275,000 275,000 3.517 % Principal balance outstanding 825,000 1,275,000 Adjustment for unamortized debt discount (4,430) (6,156) Unamortized deferred financing costs (3,215) (5,062) Total senior unsecured notes, net $ 817,355 $ 1,263,782 (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 maturity using proceeds from a new unsecured term loan and borrowings under the Company’s unsecured revolving credit facility. (3) During the year ended December 31, 2016, the Company purchased and redeemed these notes. See summaries above. 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, 2016 . |
Mack-Cali Realty LP [Member] | |
Senior Unsecured Notes | 7. SENIOR UNSECURED NOTES On September 12, 2016, the Company commenced a tender offer to purchase for cash any and all of its $250 million principal amount, 7.750 percent Senior Unsecured Notes due August 15, 2019 (the “2019 Notes”), subject to certain terms and conditions. On September 19, 2016, the Company purchased approximately $114.9 million principal amount of these notes validly tendered pursuant to its tender offer. The purchase price, including a make-whole premium, was 115.977 percent of the face amount of these notes, plus all accrued and unpaid interest up to the settlement date. The Company funded the purchase price, including accrued and unpaid interest, of approximately $134.1 million using available cash and borrowings on the Company’s unsecured revolving credit facility. On November 29, 2016, the Company announced that it would redeem for cash all $135.1 million o utstanding principal amount of the 2019 Notes. The 2019 Notes were redeemed on December 28, 2016. The redemption price for the 2019 Notes, including a make-whole premium, was 115.314 percent of the principal amount of the 2019 Notes, plus any accrued and unpaid interest up to the redemption date. The Company funded the redemption price, including accrued and unpaid interest, of approximately $159.7 million using available cash and borrowings from its unsecured revolving credit facility. In connection with the redemption of the 2019 N otes, the Company recorded approximately $40.7 million as a loss from extinguishment of debt for the year ended December 31, 2016. A summary of the Company’s senior unsecured notes as of December 31, 2016 and 2015 is as follows : (dollars in thousands) December 31, December 31, Effective 2016 2015 Rate (1) 5.800% Senior Unsecured Notes, due January 15, 2016 (2) - $ 200,000 5.806 % 7.750% Senior Unsecured Notes, due August 15, 2019 (3) - 250,000 8.017 % 2.500% Senior Unsecured Notes, due December 15, 2017 $ 250,000 250,000 2.803 % 4.500% Senior Unsecured Notes, due April 18, 2022 300,000 300,000 4.612 % 3.150% Senior Unsecured Notes, due May 15, 2023 275,000 275,000 3.517 % Principal balance outstanding 825,000 1,275,000 Adjustment for unamortized debt discount (4,430) (6,156) Unamortized deferred financing costs (3,215) (5,062) Total senior unsecured notes, net $ 817,355 $ 1,263,782 (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 maturity using proceeds from a new unsecured term loan and borrowings under the Company’s unsecured revolving credit facility. (3) During the year ended December 31, 2016, the Company purchased and redeemed these notes. See summaries above. 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, 2016 . |
Unsecured Revolving Credit Faci
Unsecured Revolving Credit Facility And Term Loans | 12 Months Ended |
Dec. 31, 2016 | |
Unsecured Revolving Credit Facility And Term Loans | 8. UNSECURED REVOLVING CREDIT FACILITY AND TERM LOANS Before it amended and restated its unsecured revolving credit facility in January 2017, the Company had a $ 600 million unsecured revolving credit facility with a group of 17 lenders that was scheduled to mature in July 2017 . The interest rate on outstanding borrowings (not electing the Company’s competitive bid feature) and the facility fee on the current borrowing capacity payable quarterly in arrears was based upon the Operating Partnership’s unsecured debt ratings at the time, as follows: Operating Partnership's Interest Rate - Unsecured Debt Ratings: Applicable Basis Points Facility Fee Higher of S&P or Moody's Above LIBOR Basis Points No ratings or less than BBB-/Baa3 170.0 35.0 BBB- or Baa3 (current through January 2017 amendment) 130.0 30.0 BBB or Baa2 110.0 20.0 BBB+ or Baa1 100.0 15.0 A- or A3 or higher 92.5 12.5 The terms of the unsecured facility through January 2017 included certain restrictions and covenants which limited, 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 had occurred and was continuing, the Company would not make any excess distributions except to enable the General Partner to continue to qualify as a REIT under the Code. The Company was in compliance with its debt covenants under its unsecured revolving credit facility as of December 31, 2016 On January 25, 2017 , the Company entered into an a mended r evolving c redit facility a nd new ter m l oan a greement (“2017 Credit Agreement”) with a group of 13 lenders. Pursuant to the 2017 Credit Agreement, the Company refinanced its existing $600 million unsecured revolving credit facility (“ 2017 Credit Facility”) and entered into a new $325 million unsecured, delayed-draw term loan facility (“ 2017 Term Loan”). The terms of the 2017 Credit Facility included: (1) a four -year term ending in January 2021 , with two six -month extension options; (2) revolving credit loans may be made to the Company in an aggregate principal amount of up to $600 million (subject to increase as discussed below), with a sublimit under the 2017 Credit Facility for the issuance of letters of credit in an amount not to exceed $60 million (subject to increase as discussed below); (3) an interest rate based on the Operating Partnership’s unsecured debt ratings from Moody’s or S&P, currently the London Inter-Bank Offered Rate (“LIBOR”) plus 120 basis points, or, at the Operating Partnership’s option, if it no longer maintains a debt rating from Moody’s or S&P or such debt ratings fall below Baa3 and BBB-, based on a defined leverage ratio; and (4) a facility fee payable quarterly based on the Operating Partnership’s unsecured debt ratings from Moody’s or S&P, currently 25 basis points, or, at the Operating Partnership’s option, if it no longer maintains a debt rating from Moody’s or S&P or such debt ratings fall below Baa3 and BBB-, based on a defined leverage ratio. The terms of the 2017 Term Loan include: (1) a three -year term ending in January 2020 , with two one -year extension options; (2) multiple draws of the term loan commitments may be made within 12 months of the effective date of the 2017 Credit Agreement up to an aggregate principal amount of $325 million (subject to increase as discussed below), with no requirement to be drawn in full; provided, that, if the Company does not borrow at least 50 percent of the initial term commitment from the term lenders (i.e. 50 percent of $325 million) on or before July 25, 2017, the amount of unused term loan commitments shall be reduced on such date so that, after giving effect to such reduction, the amount of unused term loan commitments is not greater than the outstanding term loans on such date; (3) a n interest rate based on the Operating Partnership’s unsecured debt ratings from Moody’s or S&P, currently the LIBOR plus 140 basis points, or, at the Operating Partnership’s option if it no longer maintains a debt rating from Moody’s or S&P or such debt ratings fall below Baa3 and BBB-, based on a defined leverage ratio; and (4) a term commitment fee on any unused term loan commitment during the first 12 months after the effective date of the 2017 Credit Agreement at a rate of 0.25 percent per annum on the sum of the average daily unused portion of the aggregate term loan commitments. On up to four occasions at any time after the effective date of the 2017 Credit Agreement , the Company may elect to request ( 1 ) an increase to the existing revolving credit commitments (any such increase, the “New Revolving Credit Commitments”) and/or ( 2 ) the establishment of one or more new term loan commitments (the “New Term Commitments”, together with the 2017 Credit Commitments, the “Incremental Commitments”), by up to an aggregate amount not to exceed $350 million for all Incremental Commitments. The Company may also request that the sublimit for letters of credit available under the 2017 Credit Facility be increased to $100 million (without arranging any New Revolving Credit Commitments). No lender or letter of credit issued has any obligation to accept any Incremental Commitment or any increase to the letter of credit subfacility. There is no premium or penalty associated with full or partial prepayment of borrowings under the 2017 Credit Agreement. The 2017 Credit Agreement, which applies to both the 2017 Credit Facility and 2017 Term Loan, includes certain restrictions and covenants which limit, among other things the incurrence of additional indebtedness, the incurrence of liens and the disposition of real estate properties (to the extent that: (i) such property dispositions cause the Company to default on any of the financial ratios of the 2017 Credit Agreement (described below), or (ii) the property dispositions are completed while the Company is under an event of default under the 2017 Credit Agreement, unless, under certain circumstances, such disposition is being carried out to cure such default), and which require compliance with financial ratios relating to the maximum leverage ratio (60 percent), the maximum amount of secured indebtedness (40 percent), the minimum amount of fixed charge coverage (1.5 times), the maximum amount of unsecured indebtedness (60 percent), the minimum amount of unencumbered property interest coverage (2.0 times) and certain investment limitations (generally 15 percent of total capitalization). If an event of default has occurred and is continuing, the entire outstanding balance under the 2017 Credit Agreement may (or, in the case of any bankruptcy event of default, shall) become immediately due and payable, and the Company will not make any excess distributions except to enable the General Partner to continue to qualify as a REIT under the Internal Revenue Code of 1986, as amended. Through February 24, 2017, the Company had $264 million in outstanding borrowings under the 2017 Credit Facility and no outstanding borrowings under its 2017 Term Loan. I n January 2016, the Company obtained a $350 million unsecured term loan (“2016 Term Loan”) , which matures in January 2019 with two one ‑year extension options. The interest rate for the term loan is currently 140 basis points over LIBOR, subject to adjustment on a sliding scale based on the Operating Partnership’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 current all-in fixed rate is 3.13 percent. The proceeds from the loan were used primarily to repay outstanding borrowings on the Company’s then existing unsecured revolving credit facility and to repay $200 million senior unsecured notes that matured on January 15, 2016 . As of December 31, 2016 and December 31, 2015 , there was $1.9 million and zero of unamortized deferred financing costs related to this debt. The interest rate on the 2016 Term Loan is based upon the Operating Partnership’s unsecured debt ratings, as follows: Operating Partnership's Interest Rate - Unsecured Debt Ratings: Applicable Basis Points Higher of S&P or Moody's Above LIBOR No ratings or less than BBB-/Baa3 185.0 BBB- or Baa3 (current interest rate based on Company's election) 140.0 BBB or Baa2 115.0 BBB+ or Baa1 100.0 A- or A3 or higher 90.0 If the Company elected to use the defined leverage ratio, the interest rate under the 2016 Term Loan would be based on the following total leverage ratio grid: Interest Rate - Applicable Basis Total Leverage Ratio Points above LIBOR < 45% 145.0 ≥ 45% and < 50% (current ratio) 155.0 ≥ 50% and < 55% 165.0 ≥ 55% 195.0 The terms of the 2016 Term Loan include certain restrictions and covenants which limit, among other things the incurrence of additional indebtedness, the incurrence of liens and the disposition of real estate properties (to the extent that: (i) such property dispositions cause the Company to default on any of the financial ratios of the term loan described below, or (ii) the property dispositions are completed while the Company is under an event of default under the term loan, unless, under certain circumstances, such disposition is being carried out to cure such default), and which require compliance with financial ratios relating to the maximum leverage ratio (60 percent), the maximum amount of secured indebtedness (40 percent), the minimum amount of fixed charge coverage (1.5 times), the maximum amount of unsecured indebtedness (60 percent), the minimum amount of unencumbered property interest coverage (2.0 times) and certain investment limitations (generally 15 percent of total capitalization). If an event of default has occurred and is continuing, the Company will not make any excess distributions except to enable the General Partner to continue to qualify as a REIT under the Code. The Company was in compliance with its debt covenants under its 2016 Term Loan as of December 31, 2016 . As of December 31, 2016 and 2015, the Company’s unsecured credit facility and term loans totaled $634.1 million and $155 million, respectively, comprised of: $286 million of outstanding borrowings under its unsecured revolving credit facility and $348.1 from the 2016 Term Loan (net of unamortized deferred financing costs of $1.9 million) as of December 31, 2016; and $155 million of borrowings under its unsecured revolving credit facility as of December 31, 2015. |
Mack-Cali Realty LP [Member] | |
Unsecured Revolving Credit Facility And Term Loans | 8. UNSECURED REVOLVING CREDIT FACILITY AND TERM LOANS Before it amended and restated its unsecured revolving credit facility in January 2017, the Company had a $ 600 million unsecured revolving credit facility with a group of 17 lenders that was scheduled to mature in July 2017 . The interest rate on outstanding borrowings (not electing the Company’s competitive bid feature) and the facility fee on the current borrowing capacity payable quarterly in arrears was based upon the Operating Partnership’s unsecured debt ratings at the time, as follows: Operating Partnership's Interest Rate - Unsecured Debt Ratings: Applicable Basis Points Facility Fee Higher of S&P or Moody's Above LIBOR Basis Points No ratings or less than BBB-/Baa3 170.0 35.0 BBB- or Baa3 (current through January 2017 amendment) 130.0 30.0 BBB or Baa2 110.0 20.0 BBB+ or Baa1 100.0 15.0 A- or A3 or higher 92.5 12.5 The terms of the unsecured facility through January 2017 included certain restrictions and covenants which limited, 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 had occurred and was continuing, the Company would not make any excess distributions except to enable the General Partner to continue to qualify as a REIT under the Code. The Company was in compliance with its debt covenants under its unsecured revolving credit facility as of December 31, 2016 On January 25, 2017 , the Company entered into an a mended r evolving c redit facility a nd new ter m l oan a greement (“2017 Credit Agreement”) with a group of 13 lenders. Pursuant to the 2017 Credit Agreement, the Company refinanced its existing $600 million unsecured revolving credit facility (“ 2017 Credit Facility”) and entered into a new $325 million unsecured, delayed-draw term loan facility (“ 2017 Term Loan”). The terms of the 2017 Credit Facility included: (1) a four -year term ending in January 2021 , with two six -month extension options; (2) revolving credit loans may be made to the Company in an aggregate principal amount of up to $600 million (subject to increase as discussed below), with a sublimit under the 2017 Credit Facility for the issuance of letters of credit in an amount not to exceed $60 million (subject to increase as discussed below); (3) an interest rate based on the Operating Partnership’s unsecured debt ratings from Moody’s or S&P, currently the London Inter-Bank Offered Rate (“LIBOR”) plus 120 basis points, or, at the Operating Partnership’s option, if it no longer maintains a debt rating from Moody’s or S&P or such debt ratings fall below Baa3 and BBB-, based on a defined leverage ratio; and (4) a facility fee payable quarterly based on the Operating Partnership’s unsecured debt ratings from Moody’s or S&P, currently 25 basis points, or, at the Operating Partnership’s option, if it no longer maintains a debt rating from Moody’s or S&P or such debt ratings fall below Baa3 and BBB-, based on a defined leverage ratio. The terms of the 2017 Term Loan include: (1) a three -year term ending in January 2020 , with two one -year extension options; (2) multiple draws of the term loan commitments may be made within 12 months of the effective date of the 2017 Credit Agreement up to an aggregate principal amount of $325 million (subject to increase as discussed below), with no requirement to be drawn in full; provided, that, if the Company does not borrow at least 50 percent of the initial term commitment from the term lenders (i.e. 50 percent of $325 million) on or before July 25, 2017, the amount of unused term loan commitments shall be reduced on such date so that, after giving effect to such reduction, the amount of unused term loan commitments is not greater than the outstanding term loans on such date; (3) a n interest rate based on the Operating Partnership’s unsecured debt ratings from Moody’s or S&P, currently the LIBOR plus 140 basis points, or, at the Operating Partnership’s option if it no longer maintains a debt rating from Moody’s or S&P or such debt ratings fall below Baa3 and BBB-, based on a defined leverage ratio; and (4) a term commitment fee on any unused term loan commitment during the first 12 months after the effective date of the 2017 Credit Agreement at a rate of 0.25 percent per annum on the sum of the average daily unused portion of the aggregate term loan commitments. On up to four occasions at any time after the effective date of the 2017 Credit Agreement , the Company may elect to request ( 1 ) an increase to the existing revolving credit commitments (any such increase, the “New Revolving Credit Commitments”) and/or ( 2 ) the establishment of one or more new term loan commitments (the “New Term Commitments”, together with the 2017 Credit Commitments, the “Incremental Commitments”), by up to an aggregate amount not to exceed $350 million for all Incremental Commitments. The Company may also request that the sublimit for letters of credit available under the 2017 Credit Facility be increased to $100 million (without arranging any New Revolving Credit Commitments). No lender or letter of credit issued has any obligation to accept any Incremental Commitment or any increase to the letter of credit subfacility. There is no premium or penalty associated with full or partial prepayment of borrowings under the 2017 Credit Agreement. The 2017 Credit Agreement, which applies to both the 2017 Credit Facility and 2017 Term Loan, includes certain restrictions and covenants which limit, among other things the incurrence of additional indebtedness, the incurrence of liens and the disposition of real estate properties (to the extent that: (i) such property dispositions cause the Company to default on any of the financial ratios of the 2017 Credit Agreement (described below), or (ii) the property dispositions are completed while the Company is under an event of default under the 2017 Credit Agreement, unless, under certain circumstances, such disposition is being carried out to cure such default), and which require compliance with financial ratios relating to the maximum leverage ratio (60 percent), the maximum amount of secured indebtedness (40 percent), the minimum amount of fixed charge coverage (1.5 times), the maximum amount of unsecured indebtedness (60 percent), the minimum amount of unencumbered property interest coverage (2.0 times) and certain investment limitations (generally 15 percent of total capitalization). If an event of default has occurred and is continuing, the entire outstanding balance under the 2017 Credit Agreement may (or, in the case of any bankruptcy event of default, shall) become immediately due and payable, and the Company will not make any excess distributions except to enable the General Partner to continue to qualify as a REIT under the Internal Revenue Code of 1986, as amended. Through February 24, 2017, the Company had $264 million in outstanding borrowings under the 2017 Credit Facility and no outstanding borrowings under its 2017 Term Loan. I n January 2016, the Company obtained a $350 million unsecured term loan (“2016 Term Loan”) , which matures in January 2019 with two one ‑year extension options. The interest rate for the term loan is currently 140 basis points over LIBOR, subject to adjustment on a sliding scale based on the Operating Partnership’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 current all-in fixed rate is 3.13 percent. The proceeds from the loan were used primarily to repay outstanding borrowings on the Company’s then existing unsecured revolving credit facility and to repay $200 million senior unsecured notes that matured on January 15, 2016 . As of December 31, 2016 and December 31, 2015 , there was $1.9 million and zero of unamortized deferred financing costs related to this debt. The interest rate on the 2016 Term Loan is based upon the Operating Partnership’s unsecured debt ratings, as follows: Operating Partnership's Interest Rate - Unsecured Debt Ratings: Applicable Basis Points Higher of S&P or Moody's Above LIBOR No ratings or less than BBB-/Baa3 185.0 BBB- or Baa3 (current interest rate based on Company's election) 140.0 BBB or Baa2 115.0 BBB+ or Baa1 100.0 A- or A3 or higher 90.0 If the Company elected to use the defined leverage ratio, the interest rate under the 2016 Term Loan would be based on the following total leverage ratio grid: Interest Rate - Applicable Basis Total Leverage Ratio Points above LIBOR < 45% 145.0 ≥ 45% and < 50% (current ratio) 155.0 ≥ 50% and < 55% 165.0 ≥ 55% 195.0 The terms of the 2016 Term Loan include certain restrictions and covenants which limit, among other things the incurrence of additional indebtedness, the incurrence of liens and the disposition of real estate properties (to the extent that: (i) such property dispositions cause the Company to default on any of the financial ratios of the term loan described below, or (ii) the property dispositions are completed while the Company is under an event of default under the term loan, unless, under certain circumstances, such disposition is being carried out to cure such default), and which require compliance with financial ratios relating to the maximum leverage ratio (60 percent), the maximum amount of secured indebtedness (40 percent), the minimum amount of fixed charge coverage (1.5 times), the maximum amount of unsecured indebtedness (60 percent), the minimum amount of unencumbered property interest coverage (2.0 times) and certain investment limitations (generally 15 percent of total capitalization). If an event of default has occurred and is continuing, the Company will not make any excess distributions except to enable the General Partner to continue to qualify as a REIT under the Code. The Company was in compliance with its debt covenants under its 2016 Term Loan as of December 31, 2016 . As of December 31, 2016 and 2015, the Company’s unsecured credit facility and term loans totaled $634.1 million and $155 million, respectively, comprised of: $286 million of outstanding borrowings under its unsecured revolving credit facility and $348.1 from the 2016 Term Loan (net of unamortized deferred financing costs of $1.9 million) as of December 31, 2016; and $155 million of borrowings under its unsecured revolving credit facility as of December 31, 2015. |
Mortgages, Loans Payable And Ot
Mortgages, Loans Payable And Other Obligations | 12 Months Ended |
Dec. 31, 2016 | |
Mortgages, Loans Payable And Other Obligations | 9 . 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, 2016 , 13 of the Company’s properties, with a total carrying value of approximately $ 970.0 million, and four of the Company’s land and development projects, with a total carrying value of approximately $194.8 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, 2016 . A summary of the Company’s mortgages, loans payable and other obligations as of December 31, 2016 and 2015 is as follows: (dollars in thousands) Effective December 31, December 31, Property/Project Name Lender Rate (a) 2016 2015 Maturity Port Imperial South (b) Wells Fargo Bank N.A. LIBOR+1.75 % - $ 34,962 - 6 Becker, 85 Livingston, 75 Livingston & 20 Waterview (c) Wells Fargo CMBS 10.260 % - 63,279 - 9200 Edmonston Road (d) Principal Commercial Funding L.L.C. 9.780 % - 3,793 - Various (e) Prudential Insurance 6.332 % - 143,513 - 4 Becker (f) Wells Fargo CMBS 11.260 % - 40,631 - 100 Walnut Avenue (g) Guardian Life Insurance Co. 7.311 % - 18,273 - 150 Main St. (h) Webster Bank LIBOR+2.35 % $ 26,642 10,937 03/30/17 Curtis Center (i) CCRE & PREFG LIBOR+5.912 % 75,000 64,000 10/09/17 23 Main Street JPMorgan CMBS 5.587 % 27,838 28,541 09/01/18 Port Imperial 4/5 Hotel (j) Fifth Third Bank & Santander LIBOR+4.50 % 14,919 - 10/06/18 Harborside Plaza 5 The Northwestern Mutual Life 6.842 % 213,640 217,736 11/01/18 Insurance Co. & New York Life Insurance Co. Chase II (k) Fifth Third Bank LIBOR+2.25 % 34,708 - 12/16/18 One River Center (l) Guardian Life Insurance Co. 7.311 % 41,197 41,859 02/01/19 Park Square Wells Fargo Bank N.A. LIBOR+1.872 % (m) 27,500 27,500 04/10/19 250 Johnson M&T Bank LIBOR+2.35 % 2,440 - 05/20/19 Port Imperial South 11 (n) JPMorgan Chase LIBOR+2.35 % 14,073 - 11/24/19 Port Imperial South 4/5 Retail American General Life & A/G PC 4.559 % 4,000 4,000 12/01/21 The Chase at Overlook Ridge New York Community Bank 3.740 % 72,500 - 02/01/23 Portside 7 (o) CBRE Capital Markets/ 3.569 % 58,998 - 08/01/23 FreddieMac 101 Hudson (p) Wells Fargo CMBS 3.197 % (q) 250,000 - 10/11/26 Port Imperial South 4/5 Garage American General Life & A/G PC 4.853 % 32,600 32,600 12/01/29 Principal balance outstanding 896,055 731,624 Adjustment for unamortized debt discount - (548) Unamortized deferred financing costs (7,470) (4,465) Total mortgages, loans payable and other obligations, net $ 888,585 $ 726,611 (a) Reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable. (b) On January 19, 2016, the loan was repaid in full at maturity, using borrowings from the Company's unsecured revolving credit facility. (c) On April 22, 2016, the loan was repaid at a discount for $51.5 million, using borrowings from the Company's unsecured revolving credit facility. Accordingly, the Company recognized a gain on extinguishment of debt of $12.4 million, which is included in loss on extinguishment of debt, net. (d) On May 5, 2016, the Company transferred the deed for 9200 Edmonston Road to the lender in satisfaction of its obligations and recorded a gain of $0.2 million. (e) On November 16, 2016, the loan was repaid in full, using borrowings from the Company's unsecured revolving credit facility. (f) On December 5, 2016, the Company transferred the deed for 4 Becker Farm Road to the lender in satisfaction of its obligations and recorded a gain of $10.4 million. (g) On December 22, 2016, the loan was repaid at a premium, using proceeds from the disposition of 100 Walnut Avenue. Accordingly, the Company recognized a loss on extinguishment of debt of $2.3 million, which is included in loss on extinguishment of debt, net. (h) This construction loan has a maximum borrowing capacity of $28.8 million. (i) The Company owns a 50 percent tenants-in-common interest in the Curtis Center property. The Company’s $75 million loan consists of its 50 percent interest in a $102 million senior loan with a current rate of 3.998 percent at December 31, 2016 and its 50 percent interest in a $48 million mezzanine loan with a current rate of 10.204 percent at December 31, 2016. 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. In October 2016, the first of three one -year extension options was exercised by the venture. (j) This construction loan has a maximum borrowing capacity of $94 million. (k) This construction loan has a maximum borrowing capacity of $48 million. (l) Mortgage is collateralized by the three properties comprising One River Center. (m) The effective interest rate includes amortization of deferred financing costs of 0.122 percent. (n) This constuction loan has a maximum borrowing capacity of $78 million. (o) This mortgage loan was obtained by the Company in July 2016 to replace a $42.5 million mortgage loan that was in place at the property acquisition date of April 1, 2016. (p) This mortgage loan was obtained by the Company on September 30, 2016. (q) The effective interest rate includes amortization of deferred financing costs of 0.0798 percent. SCHEDULED PRINCIPAL PAYMENTS Scheduled principal payments for the Company’s senior unsecured notes (see Note 7 ), unsecured revolving credit facility and term loan (see Note 8 ) and mortgages, loans payable and other obligations as of December 31, 2016 are as follows: (dollars in thousands) Scheduled Principal Period Amortization Maturities Total 2017 $ 6,776 $ 637,643 $ 644,419 2018 6,977 281,163 288,140 2019 1,912 430,799 432,711 2020 1,977 - 1,977 2021 2,050 3,800 5,850 Thereafter 6,813 977,145 983,958 Sub-total 26,505 2,330,550 2,357,055 Adjustment for unamortized debt discount/premium, net December 31, 2016 (4,430) - (4,430) Unamortized deferred financing costs (12,616) (12,616) Totals/Weighted Average $ 9,459 $ 2,330,550 $ 2,340,009 CASH PAID FOR INTEREST AND INTEREST CAPITALIZED Cash paid for interest for the year s ended December 31, 2016 , 2015 and 2014 was $ 122,414,000 , $ 115,123,000 and $ 119,664,000 , respectively. Interest capitalized by the Company for the year s ended December 31, 2016 , 2015 and 2014 was $ 19,316,000 , $ 16,217,000 , and $ 15,470,000 , respectively (of which these amounts included $5,055,000 , $5,325,000 and $4,646,000 for the year s ended December 31, 2016 , 2015 and 2014 , respectively, o f interest capitalized on the Company’s investments in unconsolidated joint ventures which were substantially in development). SUMMARY OF INDEBTEDNESS As of December 31, 2016 , the Company’s total indebtedness of $ 2,357,055,000 (weighted average interest rate of 3.79 percent) was comprised of $ 481,282,000 of unsecured revolving credit facility borrowings and other variable rate mortgage debt (weighted average rate of 2.93 percent) and fixed rate debt and other obligations of $ 1,875,773,000 (weighted average rate of 4.01 percent). 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 unsecured revolving credit facility borrowings and other v ariable 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). |
Mack-Cali Realty LP [Member] | |
Mortgages, Loans Payable And Other Obligations | 9 . 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, 2016 , 13 of the Company’s properties, with a total carrying value of approximately $ 970.0 million, and four of the Company’s land and development projects, with a total carrying value of approximately $194.8 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, 2016 . A summary of the Company’s mortgages, loans payable and other obligations as of December 31, 2016 and 2015 is as follows: (dollars in thousands) Effective December 31, December 31, Property/Project Name Lender Rate (a) 2016 2015 Maturity Port Imperial South (b) Wells Fargo Bank N.A. LIBOR+1.75 % - $ 34,962 - 6 Becker, 85 Livingston, 75 Livingston & 20 Waterview (c) Wells Fargo CMBS 10.260 % - 63,279 - 9200 Edmonston Road (d) Principal Commercial Funding L.L.C. 9.780 % - 3,793 - Various (e) Prudential Insurance 6.332 % - 143,513 - 4 Becker (f) Wells Fargo CMBS 11.260 % - 40,631 - 100 Walnut Avenue (g) Guardian Life Insurance Co. 7.311 % - 18,273 - 150 Main St. (h) Webster Bank LIBOR+2.35 % $ 26,642 10,937 03/30/17 Curtis Center (i) CCRE & PREFG LIBOR+5.912 % 75,000 64,000 10/09/17 23 Main Street JPMorgan CMBS 5.587 % 27,838 28,541 09/01/18 Port Imperial 4/5 Hotel (j) Fifth Third Bank & Santander LIBOR+4.50 % 14,919 - 10/06/18 Harborside Plaza 5 The Northwestern Mutual Life 6.842 % 213,640 217,736 11/01/18 Insurance Co. & New York Life Insurance Co. Chase II (k) Fifth Third Bank LIBOR+2.25 % 34,708 - 12/16/18 One River Center (l) Guardian Life Insurance Co. 7.311 % 41,197 41,859 02/01/19 Park Square Wells Fargo Bank N.A. LIBOR+1.872 % (m) 27,500 27,500 04/10/19 250 Johnson M&T Bank LIBOR+2.35 % 2,440 - 05/20/19 Port Imperial South 11 (n) JPMorgan Chase LIBOR+2.35 % 14,073 - 11/24/19 Port Imperial South 4/5 Retail American General Life & A/G PC 4.559 % 4,000 4,000 12/01/21 The Chase at Overlook Ridge New York Community Bank 3.740 % 72,500 - 02/01/23 Portside 7 (o) CBRE Capital Markets/ 3.569 % 58,998 - 08/01/23 FreddieMac 101 Hudson (p) Wells Fargo CMBS 3.197 % (q) 250,000 - 10/11/26 Port Imperial South 4/5 Garage American General Life & A/G PC 4.853 % 32,600 32,600 12/01/29 Principal balance outstanding 896,055 731,624 Adjustment for unamortized debt discount - (548) Unamortized deferred financing costs (7,470) (4,465) Total mortgages, loans payable and other obligations, net $ 888,585 $ 726,611 (a) Reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable. (b) On January 19, 2016, the loan was repaid in full at maturity, using borrowings from the Company's unsecured revolving credit facility. (c) On April 22, 2016, the loan was repaid at a discount for $51.5 million, using borrowings from the Company's unsecured revolving credit facility. Accordingly, the Company recognized a gain on extinguishment of debt of $12.4 million, which is included in loss on extinguishment of debt, net. (d) On May 5, 2016, the Company transferred the deed for 9200 Edmonston Road to the lender in satisfaction of its obligations and recorded a gain of $0.2 million. (e) On November 16, 2016, the loan was repaid in full, using borrowings from the Company's unsecured revolving credit facility. (f) On December 5, 2016, the Company transferred the deed for 4 Becker Farm Road to the lender in satisfaction of its obligations and recorded a gain of $10.4 million. (g) On December 22, 2016, the loan was repaid at a premium, using proceeds from the disposition of 100 Walnut Avenue. Accordingly, the Company recognized a loss on extinguishment of debt of $2.3 million, which is included in loss on extinguishment of debt, net. (h) This construction loan has a maximum borrowing capacity of $28.8 million. (i) The Company owns a 50 percent tenants-in-common interest in the Curtis Center property. The Company’s $75 million loan consists of its 50 percent interest in a $102 million senior loan with a current rate of 3.998 percent at December 31, 2016 and its 50 percent interest in a $48 million mezzanine loan with a current rate of 10.204 percent at December 31, 2016. 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. In October 2016, the first of three one -year extension options was exercised by the venture. (j) This construction loan has a maximum borrowing capacity of $94 million. (k) This construction loan has a maximum borrowing capacity of $48 million. (l) Mortgage is collateralized by the three properties comprising One River Center. (m) The effective interest rate includes amortization of deferred financing costs of 0.122 percent. (n) This constuction loan has a maximum borrowing capacity of $78 million. (o) This mortgage loan was obtained by the Company in July 2016 to replace a $42.5 million mortgage loan that was in place at the property acquisition date of April 1, 2016. (p) This mortgage loan was obtained by the Company on September 30, 2016. (q) The effective interest rate includes amortization of deferred financing costs of 0.0798 percent. SCHEDULED PRINCIPAL PAYMENTS Scheduled principal payments for the Company’s senior unsecured notes (see Note 7 ), unsecured revolving credit facility and term loan (see Note 8 ) and mortgages, loans payable and other obligations as of December 31, 2016 are as follows: (dollars in thousands) Scheduled Principal Period Amortization Maturities Total 2017 $ 6,776 $ 637,643 $ 644,419 2018 6,977 281,163 288,140 2019 1,912 430,799 432,711 2020 1,977 - 1,977 2021 2,050 3,800 5,850 Thereafter 6,813 977,145 983,958 Sub-total 26,505 2,330,550 2,357,055 Adjustment for unamortized debt discount/premium, net December 31, 2016 (4,430) - (4,430) Unamortized deferred financing costs (12,616) (12,616) Totals/Weighted Average $ 9,459 $ 2,330,550 $ 2,340,009 CASH PAID FOR INTEREST AND INTEREST CAPITALIZED Cash paid for interest for the year s ended December 31, 2016 , 2015 and 2014 was $ 122,414,000 , $ 115,123,000 and $ 119,664,000 , respectively. Interest capitalized by the Company for the year s ended December 31, 2016 , 2015 and 2014 was $ 19,316,000 , $ 16,217,000 , and $ 15,470,000 , respectively (of which these amounts included $5,055,000 , $5,325,000 and $4,646,000 for the year s ended December 31, 2016 , 2015 and 2014 , respectively, o f interest capitalized on the Company’s investments in unconsolidated joint ventures which were substantially in development). SUMMARY OF INDEBTEDNESS As of December 31, 2016 , the Company’s total indebtedness of $ 2,357,055,000 (weighted average interest rate of 3.79 percent) was comprised of $ 481,282,000 of unsecured revolving credit facility borrowings and other variable rate mortgage debt (weighted average rate of 2.93 percent) and fixed rate debt and other obligations of $ 1,875,773,000 (weighted average rate of 4.01 percent). 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 unsecured revolving credit facility borrowings and other v ariable 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). |
Employee Benefit 401(k) Plans A
Employee Benefit 401(k) Plans And Deferred Retirement Compensation Agreements | 12 Months Ended |
Dec. 31, 2016 | |
Employee Benefit 401(k) Plans And Deferred Retirement Compensation Agreements | 1 0 . EMPLOYEE BENEFIT 401(k) PLANS AND DEFERRED RETIREMENT COMPENSATION AGREEMENTS Employees of the General Partner , who meet certain minimum age and service requirements, are eligible to participate in the Mack-Cali Realty Corporation 401(k) Savings/Retirement Plan (the “401(k) Plan”). Eligible employees may elect to defer from one percent up to 60 percent of their annual compensation on a pre-tax basis to the 401(k) Plan, subject to certain limitations imposed by federal law. The amounts contributed by employees are immediately vested and non-forfeitable. The Company may make discretionary matching or profit sharing contributions to the 401(k) Plan on behalf of 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, 2016 , 2015 and 2014 was $ 1,029,000 , $ 970,000 and zero , 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 General Partner ’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 General Partner 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 General Partner 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, 2016 , 2015 and 2014 was zero , zero and $ 2,957,000 , respectively . |
Mack-Cali Realty LP [Member] | |
Employee Benefit 401(k) Plans And Deferred Retirement Compensation Agreements | 1 0 . EMPLOYEE BENEFIT 401(k) PLANS AND DEFERRED RETIREMENT COMPENSATION AGREEMENTS Employees of the General Partner , who meet certain minimum age and service requirements, are eligible to participate in the Mack-Cali Realty Corporation 401(k) Savings/Retirement Plan (the “401(k) Plan”). Eligible employees may elect to defer from one percent up to 60 percent of their annual compensation on a pre-tax basis to the 401(k) Plan, subject to certain limitations imposed by federal law. The amounts contributed by employees are immediately vested and non-forfeitable. The Company may make discretionary matching or profit sharing contributions to the 401(k) Plan on behalf of 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, 2016 , 2015 and 2014 was $ 1,029,000 , $ 970,000 and zero , 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 General Partner ’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 General Partner 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 General Partner 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, 2016 , 2015 and 2014 was zero , zero and $ 2,957,000 , respectively . |
Disclosure Of Fair Value Of Ass
Disclosure Of Fair Value Of Assets And Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Of Fair Value Of Assets And Liabilities | 11. 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, 2016 and 2015 . 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, 2016 and 2015 . The fair value of the Company’s long-term debt, consisting of senior unsecured notes , an unsecured term loan, an unsecured revolving credit facility and mortgages, loans payable and other obligations aggregate d approximately $ 2,308,488,000 and $ 2,150,507,000 a s compared to the book value of approximately $ 2,340,009,000 and $ 2,145,393,000 as of December 31, 2016 and 2015 , 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% - 8% Exit Capitalization rate Suburban 7.5% - 9% Central Business District 4.6% - 5.75% Valuations of rental property identified as held for sale are based on sale prices, net of estimated selling costs, of such property, based on signed sale agreements. Disclosure about fair value of assets and liabilities is based on pertinent information available to management as of December 31, 2016 and 2015 . 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, 2016 and current estimates of fair value may differ significantly from the amounts presented herein. |
Mack-Cali Realty LP [Member] | |
Disclosure Of Fair Value Of Assets And Liabilities | 11. 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, 2016 and 2015 . 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, 2016 and 2015 . The fair value of the Company’s long-term debt, consisting of senior unsecured notes , an unsecured term loan, an unsecured revolving credit facility and mortgages, loans payable and other obligations aggregate d approximately $ 2,308,488,000 and $ 2,150,507,000 a s compared to the book value of approximately $ 2,340,009,000 and $ 2,145,393,000 as of December 31, 2016 and 2015 , 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% - 8% Exit Capitalization rate Suburban 7.5% - 9% Central Business District 4.6% - 5.75% Valuations of rental property identified as held for sale are based on sale prices, net of estimated selling costs, of such property, based on signed sale agreements. Disclosure about fair value of assets and liabilities is based on pertinent information available to management as of December 31, 2016 and 2015 . 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, 2016 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, 2016 | |
Commitments And Contingencies | 12. COMMITMENTS AND CONTINGENCIES TAX ABATEMENT AGREEMENTS Pursuant to agreements with certain municipalities, the Company is required to make payments in lieu of property taxes (“PILOT”) on certain of its properties and has tax abatement agreements on other properties, as follows: The Harborside Plaza 4-A agreement with the City of Jersey City, as amended, which commenced in 2002, is for a term of 20 years. The annual PILOT is equal to two percent of Total Project Costs, as defined. Total Project Costs are $ 49.5 million. The PILOT totaled $ 1.1 million, $990,000 and $ 990,000 for the years ended December 31, 2016 , 2015 and 2014 , respectively. The Harborside Plaza 5 agreement, also with the City of Jersey City, as amended, which commenced in 2002, is for a term of 20 years. The annual PILOT is equal to two percent of Total Project Costs, as defined. Total Project Costs are $ 170.9 million. The PILOT totaled $ 3.9 million, $ 3.4 million and $ 3.4 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. The Port Imperial 4/5 Garage development project agreement with the City of Weehawken has a term of five years beginning when the project is substantially complete, which occurred in the third quarter of 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 at zero percent year one and 80 percent in years two through five. The Port Imperial South 1/3 Garage development project agreement with the City of Weehawken has a term of five years beginning when the project is substantially complete, which occurred in the fourth quarter of 2015. The agreement provides that real estate taxes be paid at 100 percent on the land value of the project only over the five year period and allows for a phase in of real estate taxes on the building improvement value at zero percent in year one and 95 percent in years two through five. The Port Imperial Hotel development project agreement with the City of Weehawken is for a term of 15 years following substantial completion, which is anticipated to be in the first quarter 2018. The annual PILOT is equal to two percent of Total Project Costs, as defined. The Port Imperial South 11 development project agreement with the City of Weehawken is for a term of 15 years following substantial completion, which is anticipated to be in the first quarter 2018. The annual PILOT is equal to 10 percent of Gross Revenues, as defined. The 111 River Realty agreement with the City of Hoboken, which commenced on October 1, 2001 expires in April 2022. The PILOT payment equals $1,227,708 annually through April 2017 and then increases to $1,406,064 annually until expiration. The PILOT totaled $613,900 for the year ended December 31, 2016 . 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, 2016 , are as follows: (dollars in thousands) Year Amount 2017 $ 2,024 2018 1,989 2019 1,999 2020 2,015 2021 2,015 2022 through 2084 170,249 Total $ 180,291 Ground lease expense incurred by the Company during the years ended December 31, 2016 , 2015 and 2014 amounted to $ 1.5 million, $ 406,000 and $406,000 , respectively. CONSTRUCTION PROJECTS In 2014, the Company entered into a joint venture agreement with Ironstate Harborside-A LLC to form Harborside Unit A Urban Renewal, L.L.C. that is developing a high-rise tower of approximately 763 multi-family apartment units above a parking pedestal at the Company’s Harborside complex in Jersey City, New Jersey. The Company owns an 85 percent interest in the joint venture with shared control over major decisions. The construction of the project, which is projected to be ready for occupancy by first quarter 2017 , is estimated to cost $320 million (of which development costs of $301.1 million have been incurred by the venture through December 31, 2016). The venture has a construction/permanent loan with a maximum borrowing amount of $192 million (with $155.2 million outstanding as of December 31, 2016). The Company does not expect to fund any future development costs of the project, as future development costs will be funded by using the loan financing. In 2015, the Company commenced development of a two-phase multi-family development of the CitySquare project in Worcester, Massachusetts. The first phase, with 237 units, is under construction with anticipated initial deliveries in the fourth quarter 2017 . The second phase, with 128 units, started construction in the third quarter 2016 with anticipated initial deliveries in the third quarter 2018 . Total development costs for both phases are estimated to be $92 million with development costs of $34.5 million incurred through December 31, 2016. The Company has a construction loan with a maximum borrowing amount of $58 million (with no outstanding balance as of December 31, 2016). The Company does not expect to fund additional costs for the completion of the project as future development costs will be funded by using the loan financings. In 2015, the Company entered into a 90 -percent owned joint venture with XS Port Imperial Hotel, LLC to form XS Hotel Urban Renewal Associates LLC, which is developing a 372 -key hotel in Weehawken, New Jersey. The construction of the project is estimated to cost $129.6 million, with development costs of $55.8 million incurred by the venture through December 31, 2016. The venture has a $94 million construction loan (with $14.9 million outstanding as of December 31, 2016). The Company does not expect to fund additional costs for the completion of the project as future costs will be funded by using the loan financing. In 2016, the Company commenced the repurposing of a former office property site in Morris Plains, New Jersey into a 197 -unit multi-family development project. The project, which is estimated to cost $58.7 million of which development costs of $18.6 million have been incurred through December 31, 2016, is expected to be ready for occupancy by the fourth quarter of 2017 . The project costs are expected to be funded primarily from a $42 million construction loan. In 2016, the Company started construction of a 296 -unit multi-family project in East Boston, Massachusetts. The project is expected to be ready for occupancy by second quarter 2018 and is estimated to cost $111.4 million. The project costs are expected to be funded primarily from a $73 million construction loan. The Company expects to fund $38.4 million for the development of the project, of which the Company has funded $35.3 million as of December 31, 2016. The Company is developing a 295 -unit multi-family project in Weehawken, New Jersey, which began construction in first quarter 2016. The project, which is expected to be ready for occupancy by first quarter 2018 , is estimated to cost $124 million (of which development costs of $42 million have been incurred through December 31, 2016). The project costs are expected to be funded primarily from a $78 million construction loan. The Company expects to fund $46 million for the development of the project, of which the Company has funded $27.9 million as of December 31, 2016. The Company is developing a 310 -unit multi-family project in Conshohocken, Pennsylvania, which began construction in third quarter 2016 with anticipated initial occupancy in fourth quarter 2018 . The project is estimated to cost $89.4 million (of which development costs of $21.7 million have been incurred through December 31, 2016). The project costs are expected to be funded primarily from a $54 million construction loan and the balance of $35.4 million from the Company. OTHER Through February 2016, the Company could not dispose of or distribute certain of its properties, which were originally contributed by certain unrelated common unitholders, without the express written consent of such common unitholders, as applicable, except in a manner which did not result in recognition of any built-in-gain (which may result in an income tax liability) or which reimbursed the appropriate specific common unitholders for the tax consequences of the recognition of such built-in-gains (collectively, the “Property Lock-Ups”). The aforementioned restrictions did not apply in the event that the Company sold all of its properties or in connection with a sale transaction which the General Partner’s Board of Directors determined was 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 d 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 General Partner’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 the General Partner's Advisory Board), and the Cali Group (which includes John R. Cali, a former director and current member of the General Partner's Advisory Board). 107 of the Company’s properties, with an aggregate net book value of approximately $ 1.2 billion, have lapsed restrictions and are subject to these conditions. |
Mack-Cali Realty LP [Member] | |
Commitments And Contingencies | 12. COMMITMENTS AND CONTINGENCIES TAX ABATEMENT AGREEMENTS Pursuant to agreements with certain municipalities, the Company is required to make payments in lieu of property taxes (“PILOT”) on certain of its properties and has tax abatement agreements on other properties, as follows: The Harborside Plaza 4-A agreement with the City of Jersey City, as amended, which commenced in 2002, is for a term of 20 years. The annual PILOT is equal to two percent of Total Project Costs, as defined. Total Project Costs are $ 49.5 million. The PILOT totaled $ 1.1 million, $990,000 and $ 990,000 for the years ended December 31, 2016 , 2015 and 2014 , respectively. The Harborside Plaza 5 agreement, also with the City of Jersey City, as amended, which commenced in 2002, is for a term of 20 years. The annual PILOT is equal to two percent of Total Project Costs, as defined. Total Project Costs are $ 170.9 million. The PILOT totaled $ 3.9 million, $ 3.4 million and $ 3.4 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. The Port Imperial 4/5 Garage development project agreement with the City of Weehawken has a term of five years beginning when the project is substantially complete, which occurred in the third quarter of 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 at zero percent year one and 80 percent in years two through five. The Port Imperial South 1/3 Garage development project agreement with the City of Weehawken has a term of five years beginning when the project is substantially complete, which occurred in the fourth quarter of 2015. The agreement provides that real estate taxes be paid at 100 percent on the land value of the project only over the five year period and allows for a phase in of real estate taxes on the building improvement value at zero percent in year one and 95 percent in years two through five. The Port Imperial Hotel development project agreement with the City of Weehawken is for a term of 15 years following substantial completion, which is anticipated to be in the first quarter 2018. The annual PILOT is equal to two percent of Total Project Costs, as defined. The Port Imperial South 11 development project agreement with the City of Weehawken is for a term of 15 years following substantial completion, which is anticipated to be in the first quarter 2018. The annual PILOT is equal to 10 percent of Gross Revenues, as defined. The 111 River Realty agreement with the City of Hoboken, which commenced on October 1, 2001 expires in April 2022. The PILOT payment equals $1,227,708 annually through April 2017 and then increases to $1,406,064 annually until expiration. The PILOT totaled $613,900 for the year ended December 31, 2016 . 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, 2016 , are as follows: (dollars in thousands) Year Amount 2017 $ 2,024 2018 1,989 2019 1,999 2020 2,015 2021 2,015 2022 through 2084 170,249 Total $ 180,291 Ground lease expense incurred by the Company during the years ended December 31, 2016 , 2015 and 2014 amounted to $ 1.5 million, $ 406,000 and $406,000 , respectively. CONSTRUCTION PROJECTS In 2014, the Company entered into a joint venture agreement with Ironstate Harborside-A LLC to form Harborside Unit A Urban Renewal, L.L.C. that is developing a high-rise tower of approximately 763 multi-family apartment units above a parking pedestal at the Company’s Harborside complex in Jersey City, New Jersey. The Company owns an 85 percent interest in the joint venture with shared control over major decisions. The construction of the project, which is projected to be ready for occupancy by first quarter 2017 , is estimated to cost $320 million (of which development costs of $301.1 million have been incurred by the venture through December 31, 2016). The venture has a construction/permanent loan with a maximum borrowing amount of $192 million (with $155.2 million outstanding as of December 31, 2016). The Company does not expect to fund any future development costs of the project, as future development costs will be funded by using the loan financing. In 2015, the Company commenced development of a two-phase multi-family development of the CitySquare project in Worcester, Massachusetts. The first phase, with 237 units, is under construction with anticipated initial deliveries in the fourth quarter 2017 . The second phase, with 128 units, started construction in the third quarter 2016 with anticipated initial deliveries in the third quarter 2018 . Total development costs for both phases are estimated to be $92 million with development costs of $34.5 million incurred through December 31, 2016. The Company has a construction loan with a maximum borrowing amount of $58 million (with no outstanding balance as of December 31, 2016). The Company does not expect to fund additional costs for the completion of the project as future development costs will be funded by using the loan financings. In 2015, the Company entered into a 90 -percent owned joint venture with XS Port Imperial Hotel, LLC to form XS Hotel Urban Renewal Associates LLC, which is developing a 372 -key hotel in Weehawken, New Jersey. The construction of the project is estimated to cost $129.6 million, with development costs of $55.8 million incurred by the venture through December 31, 2016. The venture has a $94 million construction loan (with $14.9 million outstanding as of December 31, 2016). The Company does not expect to fund additional costs for the completion of the project as future costs will be funded by using the loan financing. In 2016, the Company commenced the repurposing of a former office property site in Morris Plains, New Jersey into a 197 -unit multi-family development project. The project, which is estimated to cost $58.7 million of which development costs of $18.6 million have been incurred through December 31, 2016, is expected to be ready for occupancy by the fourth quarter of 2017 . The project costs are expected to be funded primarily from a $42 million construction loan. In 2016, the Company started construction of a 296 -unit multi-family project in East Boston, Massachusetts. The project is expected to be ready for occupancy by second quarter 2018 and is estimated to cost $111.4 million. The project costs are expected to be funded primarily from a $73 million construction loan. The Company expects to fund $38.4 million for the development of the project, of which the Company has funded $35.3 million as of December 31, 2016. The Company is developing a 295 -unit multi-family project in Weehawken, New Jersey, which began construction in first quarter 2016. The project, which is expected to be ready for occupancy by first quarter 2018 , is estimated to cost $124 million (of which development costs of $42 million have been incurred through December 31, 2016). The project costs are expected to be funded primarily from a $78 million construction loan. The Company expects to fund $46 million for the development of the project, of which the Company has funded $27.9 million as of December 31, 2016. The Company is developing a 310 -unit multi-family project in Conshohocken, Pennsylvania, which began construction in third quarter 2016 with anticipated initial occupancy in fourth quarter 2018 . The project is estimated to cost $89.4 million (of which development costs of $21.7 million have been incurred through December 31, 2016). The project costs are expected to be funded primarily from a $54 million construction loan and the balance of $35.4 million from the Company. OTHER Through February 2016, the Company could not dispose of or distribute certain of its properties, which were originally contributed by certain unrelated common unitholders, without the express written consent of such common unitholders, as applicable, except in a manner which did not result in recognition of any built-in-gain (which may result in an income tax liability) or which reimbursed the appropriate specific common unitholders for the tax consequences of the recognition of such built-in-gains (collectively, the “Property Lock-Ups”). The aforementioned restrictions did not apply in the event that the Company sold all of its properties or in connection with a sale transaction which the General Partner’s Board of Directors determined was 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 d 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 General Partner’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 the General Partner's Advisory Board), and the Cali Group (which includes John R. Cali, a former director and current member of the General Partner's Advisory Board). 107 of the Company’s properties, with an aggregate net book value of approximately $ 1.2 billion, have lapsed restrictions and are subject to these conditions. |
Tenant Leases
Tenant Leases | 12 Months Ended |
Dec. 31, 2016 | |
Tenant Leases | 13. 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, 2016 are as follows (dollars in thousands) : Year Amount 2017 $ 405,978 2018 355,347 2019 301,414 2020 257,365 2021 225,052 2022 and thereafter 959,213 Total $ 2,504,369 Multi-family rental property residential leases are excluded from the above table as they generally expire with in one year. |
Mack-Cali Realty LP [Member] | |
Tenant Leases | 13. 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, 2016 are as follows (dollars in thousands) : Year Amount 2017 $ 405,978 2018 355,347 2019 301,414 2020 257,365 2021 225,052 2022 and thereafter 959,213 Total $ 2,504,369 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 And Mack-Cali Realty, L.P.'s Partners' Capital | 12 Months Ended |
Dec. 31, 2016 | |
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital | 1 4 . MACK-CALI REALTY CORPORATION STOCKHOLDERS’ EQUITY AND MACK-CALI REALTY, L.P.’S PARTNERS’ CAPITAL To maintain its qualification as a REIT, not more than 50 percent in value of the outstanding shares of the General Partner may be owned, directly or indirectly, by five or fewer individuals at any time during the last half of any taxable year of the General Partner, other than its initial taxable year (defined to include certain entities), applying certain constructive ownership rules. To help ensure that the General Partner will not fail this test, the General Partner’s Charter provides, among other things, certain restrictions on the transfer of common stock to prevent further concentration of stock ownership. Moreover, to evidence compliance with these requirements, the General Partner must maintain records that disclose the actual ownership of its outstanding common stock and demands written statements each year from the holders of record of designated percentages of its common stock requesting the disclosure of the beneficial owners of such common stock. Partners’ Capital in the accompanying consolidated financial statements relates to (a) General Partners’ capital consisting of common units in the Operating Partnership held by the General Partner, and (b) Limited Partners’ capital consisting of common units and LTIP Units held by the limited partners. See Note 15: Noncontrolling interests in Subsidiaries. Any transactions resulting in the issuance of additional common and preferred stock of the General Partner result in a corresponding issuance by the Operating Partnership of an equivalent amount of common and preferred units to the General Partner. SHARE /UNIT REPURCHASE PROGRAM In September 2012 , the Board of Directors of the General Partner renewed and authorized an increase to the General Partner ’s repurchase program (“Repurchase Program”). The General Partner has authorization to repurchase up to $ 150 million of its outstanding common stock under the renewed Repurchase Program, which it may repurchase from time to time in open market transactions at prevailing prices or through privately negotiated transactions. The General Partner 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. Concurrent with these purchases, the General Partner sold to the Operating Partnership common units for approximately $11 million. DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN The General Partner has a Dividend Reinvestment and Stock Purchase Plan (the “DRIP”) which commenced in March 1999 under which approximately 5.5 million shares of the General Partner’s common stock have been reserved for future issuance. The DRIP provides for automatic reinvestment of all or a portion of a participant’s dividends from the General Partner’s shares of common stock. The DRIP also permits participants to make optional cash investments up to $ 5,000 a month without restriction and, if the Company waives this limit, for additional amounts subject to certain restrictions and other conditions set forth in the DRIP prospectus filed as part of the Company’s effective registration statement on Form S-3 filed with the SEC for the approximately 5.5 million shares of the General Partner’s common stock reserved for issuance under the DRIP. STOCK OPTION PLANS In May 2013, the General Partner established the 2013 Incentive Stock Plan (the “2013 Plan”) under which a total of 4,600,000 shares have been reserved for issuance. On June 5, 2015, in connection with employment agreements entered into with each of Messrs. Rudin and DeMarco (together the “Executive Employment Agreements”), the Company granted options to purchase a total of 800,000 shares of the General Partner’s common stock, exercisable for a period of ten years with an exercise price equal to the closing price of the General Partner’s common stock on the grant date of $17.31 per share, with 400,000 of such options vesting in three equal annual installments commencing on the first anniversary of the grant date (“Time Vesting Options”), and 400,000 of such options vesting if the General Partner’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. The Price Vesting Options vested on July 5, 2016 on account of the price vesting condition being achieved. All currently outstanding stock options were granted under the 2013 plan. 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, 2014 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 Lapsed or Cancelled (5,000) 21.25 Outstanding at December 31, 2016 ($17.31) 800,000 $ 17.31 $ 9,368 Options exercisable at December 31, 2016 533,334 Available for grant at December 31, 2016 2,695,978 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 a ny stock option plans for the year s ended December 31, 2016 , 2015 and 2014 . The Comp any has a policy of issuing new shares to satisfy stock option exercises. As of December 31, 2016 and 2015 , the stock options outstanding had a weighted average remaining contractual life of approximately 8.4 years and 9.4 years, respectively. The Company recognized stock opt ions expense of $ 1,407,000 , $ 432,000 and $ 4,000 for the years ended December 31, 2016 , 2015 and 2014 , respectively. RESTRICTED STOCK AWARDS The Company has issued stock awards (“Restricted Stock Awards”) to officers, certain other employees, and non - employee members of the Board of Directors of the General Partner , which allow the holders to each receive a certain amount of shares of the General Partner ’s common stock generally over a one to seven -year vesting period, of which 120,245 unvested shares were legally outstanding at December 31, 2016 . Vesting of the Restricted Stock Awards issued to executive officers and certain other employees is based on time and service. 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 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 General Partner were issued under the 2013 Plan. Information regarding the Restricted Stock Awards grant activity is summarized below: Weighted-Average Grant – Date Shares Fair Value Outstanding at January 1, 2014 153,560 $ 25.20 Granted (a) (b) (c) 376,719 20.04 Vested (183,214) 22.37 Forfeited (119) 26.36 Outstanding at December 31, 2014 346,946 $ 21.09 Granted (d) 41,337 17.51 Vested (250,132) 21.44 Forfeited (1,931) 20.31 Outstanding at December 31, 2015 136,220 $ 19.36 Granted 74,622 23.79 Vested (61,654) 18.94 Forfeited (3,910) 21.58 Outstanding at December 31, 2016 145,278 $ 21.76 (a) 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. (b) Includes 42,000 Performance Shares which were legally granted in 2013 for which the 2014 performance goals were set by the Committee on March 31, 2014. Also includes 87,734 shares which were additionally considered granted for accounting purposes to two executive officers in connection with their departure effective March 31, 2014, which vested on April 1, 2014. (c) 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. (d) 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, 2016 , the Company had $1.1 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 2.4 years. PERFORMANCE SHARE UNITS 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 2013 Plan for issuance upon vesting of the PSUs in accordance with their terms and conditions. As of December 31, 2016 , the Company had $0.7 million of total unrecognized compensation cost related to unvested PSUs granted under the Company’s stock compensation plans. That cost is expected to be recognized over a weighted average period of 1.4 years. LONG-TERM INCENTIVE PLAN AWARDS On March 8, 2016, the Company granted Long-Term Incentive Plan (“LTIP”) awards to senior management of the Company, including all of the Company’s executive officers (the “2016 LTIP Awards”). All of the 2016 LTIP Awards were in the form of units in the Operating Partnership (“LTIP Units”) and constitute awards under the 2013 Plan. For Messrs. Rudin, DeMarco and Tycher, approximately 25 percent of the target 2016 LTIP Award was in the form of a time-based award that will vest after three years on March 8, 2019 (the “2016 TBV LTIP Units”), and the remaining approximately 75 percent of the target 2016 LTIP Award was in the form of a performance-based award under a new Outperformance Plan (the “2016 OPP”) adopted by the Company’s Board of Directors consisting of a multi-year, performance-based equity compensation plan and related forms of award agreement (the “2016 PBV LTIP Units”). For all other executive officers, approximately 40 percent of the target 2016 LTIP Award was in the form of 2016 TBV LTIP Units and the remaining approximately 60 percent of the target 2016 LTIP Award was in the form of 2016 PBV LTIP Units. The 2016 OPP is designed to align the interests of senior management to relative and absolute performance of the Company over a three-year performance period from March 8, 2016 through March 7, 2019. The senior management team that received 2016 LTIP Awards includes the Company’s eight executive officers. Participants in the 2016 OPP will only earn the full awards if, over the three -year performance period, the Company achieves a 50 percent absolute total stockholder return (“TSR”) and if the Company is in the 75th percentile of performance versus the NAREIT Office Index. LTIP Units will remain subject to forfeiture depending on the extent that the 2016 LTIP Awards vest. The number of LTIP Units to be issued initially to recipients of the 2016 PBV LTIP Awards is the maximum number of LTIP Units that may be earned under the awards. The number of LTIP Units that actually vest for each award recipient will be determined at the end of the performance measurement period. TSR for the Company and for the Index over the three-year measurement period and other circumstances will determine how many LTIP Units vest for each recipient; if they are fewer than the number issued initially, the balance will be forfeited as of the performance measurement date. Prior to vesting, recipients of LTIP Units will be entitled to receive per unit distributions equal to one-tenth ( 10 percent) of the regular quarterly distributions payable on a common unit of limited partnership interest in the Operating Partnership (a “common unit”), but will not be entitled to receive any special distributions. Distributions with respect to the other nine-tenths ( 90 percent) of regular quarterly distributions payable on a common unit will accrue but shall only become payable upon vesting of the LTIP Unit. After vesting of the 2016 TBV LTIP Units or the end of the measurement period for the 2016 PBV LTIP Units, the number of LTIP Units, both vested and unvested, will be entitled to receive distributions in an amount per unit equal to distributions, both regular and special, payable on a common unit. The Company granted a total of 499,756 PBV LTIP Units and 157,617 TBV LTIP Units. The LTIP Units were valued in accordance with ASC 718 – Stock Compensation, at their fair value. The Company has reserved shares of common stock under the 2013 Plan for issuance upon vesting and conversion of the LTIP Units in accordance with their terms and conditions. As of December 31, 2016 , the Company had $6.7 million of total unrecognized compensation cost related to unvested 2016 LTIP Awards granted under the Company’s stock compensation plans. That cost is expected to be recognized over a weighted average period of 2.7 years. DEFERRED STOCK COMPENSATION PLAN FOR DIRECTORS The Amended and Restated Deferred Compensation Plan for Directors, which commenced January 1, 1999, allows non ‑employee directors of the Company to elect to defer up to 100 percent of their annual retainer fee into deferred stock units. The deferred stock units are convertible into an equal number of shares of common stock upon the directors’ termination of service from the Board of Directors or a change in control of the Company, as defined in the plan. Deferred stock units are credited to each director quarterly using the closing price of the Company’s common stock on the applicable dividend record date for the respective quarter. Each participating director’s account is also credited for an equivalent amount of deferred stock units based on the dividend rate for each quarter. During the year s ended December 31, 2016 , 2015 and 2014 , 14,274 , 19,702 and 20,261 deferred stock units were earned, respectively. As of December 31, 2016 and 2015 , there were 193,711 and 178,039 deferred stock units outstanding, respectively. EARNINGS PER SHARE /UNIT Basic EPS or EPU excludes dilution and is computed by dividing net income available to common shareholders or unitholders by the weighted average number of shares or units outstanding for the period. Diluted EPS or EPU reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The following information presents the Company’s results for the years ended December 31, 2016 , 2015 and 2014 in accordance with ASC 260, Earning s Per Share: (dollars in thousands, except per share amounts) Mack-Cali Realty Corporation: Year Ended December 31, Computation of Basic EPS 2016 2015 2014 Net income (loss) $ 130,294 $ (142,052) $ 31,391 Add: Noncontrolling interest in consolidated joint ventures 651 1,044 778 Add (deduct): Noncontrolling interest in Operating Partnership (13,721) 15,256 (3,602) Net income (loss) available to common shareholders $ 117,224 $ (125,752) $ 28,567 Weighted average common shares 89,746 89,291 88,727 Basic EPS : Net income (loss) available to common shareholders $ 1.31 $ (1.41) $ 0.32 Year Ended December 31, Computation of Diluted EPS 2016 2015 2014 Net income (loss) available to common shareholders $ 117,224 $ (125,752) $ 28,567 Add (deduct): Noncontrolling interest in Operating Partnership 13,721 (15,256) 3,602 Net income (loss) for diluted earnings per share $ 130,945 $ (141,008) $ 32,169 Weighted average common shares 100,498 100,222 100,041 Diluted EPS : Net income (loss) available to common shareholders $ 1.30 $ (1.41) $ 0.32 The following schedule reconciles the weighted average shares used in the basic EPS calculation to the shares used in the diluted EPS calculation: (in thousands) Year Ended December 31, 2016 2015 2014 Basic EPS shares 89,746 89,291 88,727 Add: Operating Partnership – common units 10,499 10,931 11,272 Restricted Stock Awards 43 - 42 Stock Options 210 - - Diluted EPS Shares 100,498 100,222 100,041 Contingently issuable shares under the PSU awards were excluded from the denominator in 2016 and 2015 because the criteria had not been met for the periods. Contingently issuable shares under Price Vesting Options were excluded from the denominator in 2015 because the criteria had not been met for the period. Not included in the computations of diluted EPS were zero , 405,000 and 10,000 stock options as such securities were anti-dilutive during the years ended December 31, 2016 , 2015 and 2014 , respectively . Also not included in the computations of diluted EPS were all of the LTIP units as such securities were anti-dilutive during the periods. Unvested restricted stock outstanding as of December 31, 2016 , 2015 and 2014 were 120,245 , 98,669 and 136,946 shares, respectively. Dividends declared per common share for the years ended December 31, 2016 , 2015 and 2014 was $0.60 , $0.60 and $0.75 per share, respectively. Mack-Cali Realty, L.P.: Year Ended December 31, Computation of Basic EPU 2016 2015 2014 Net income (loss) $ 130,294 $ (142,052) $ 31,391 Add: Noncontrolling interest in consolidated joint ventures 651 1,044 778 Net income (loss) available to common unitholders $ 130,945 $ (141,008) $ 32,169 Weighted average common units 100,245 100,222 99,999 Basic EPU : Net income (loss) available to common unitholders $ 1.31 $ (1.41) $ 0.32 Year Ended December 31, Computation of Diluted EPU 2016 2015 2014 Net income (loss) available to common unitholders $ 130,945 $ (141,008) $ 32,169 Weighted average common unit 100,498 100,222 100,041 Diluted EPU : Net income (loss) available to common unitholders $ 1.30 $ (1.41) $ 0.32 The following schedule reconciles the weighted average units used in the basic EPU calculation to the units used in the diluted EPU calculation: (in thousands) Year Ended December 31, 2016 2015 2014 Basic EPU units 100,245 100,222 99,999 Add: Restricted Stock Awards 43 - 42 Stock Options 210 - - Diluted EPU Units 100,498 100,222 100,041 Contingently issuable shares under the PSU awards were excluded from the denominator in 2016 and 2015 because the criteria had not been met for the periods. Contingently issuable shares under Price Vesting Options were excluded from the denominator in 2015 because the criteria had not been met for the period. Not included in the computations of diluted EPU were zero , 405,000 and 10,000 stock options as such securities were anti-dilutive during the years ended December 31, 2016 , 2015 and 2014 , respectively. Also not included in the computations of diluted EPU were all of the LTIP units as such securities were anti-dilutive during the periods. Unvested restricted stock outstanding as of December 31, 2016 , 2015 and 2014 were 120,245 , 98,669 and 136,946 shares, respectively. Distributions declared per common unit for the years ended December 31, 2016 , 2015 and 2014 was $0.60 , $0.60 and $0.75 per unit, respectively. |
Mack-Cali Realty LP [Member] | |
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital | 1 4 . MACK-CALI REALTY CORPORATION STOCKHOLDERS’ EQUITY AND MACK-CALI REALTY, L.P.’S PARTNERS’ CAPITAL To maintain its qualification as a REIT, not more than 50 percent in value of the outstanding shares of the General Partner may be owned, directly or indirectly, by five or fewer individuals at any time during the last half of any taxable year of the General Partner, other than its initial taxable year (defined to include certain entities), applying certain constructive ownership rules. To help ensure that the General Partner will not fail this test, the General Partner’s Charter provides, among other things, certain restrictions on the transfer of common stock to prevent further concentration of stock ownership. Moreover, to evidence compliance with these requirements, the General Partner must maintain records that disclose the actual ownership of its outstanding common stock and demands written statements each year from the holders of record of designated percentages of its common stock requesting the disclosure of the beneficial owners of such common stock. Partners’ Capital in the accompanying consolidated financial statements relates to (a) General Partners’ capital consisting of common units in the Operating Partnership held by the General Partner, and (b) Limited Partners’ capital consisting of common units and LTIP Units held by the limited partners. See Note 15: Noncontrolling interests in Subsidiaries. Any transactions resulting in the issuance of additional common and preferred stock of the General Partner result in a corresponding issuance by the Operating Partnership of an equivalent amount of common and preferred units to the General Partner. SHARE /UNIT REPURCHASE PROGRAM In September 2012 , the Board of Directors of the General Partner renewed and authorized an increase to the General Partner ’s repurchase program (“Repurchase Program”). The General Partner has authorization to repurchase up to $ 150 million of its outstanding common stock under the renewed Repurchase Program, which it may repurchase from time to time in open market transactions at prevailing prices or through privately negotiated transactions. The General Partner 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. Concurrent with these purchases, the General Partner sold to the Operating Partnership common units for approximately $11 million. DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN The General Partner has a Dividend Reinvestment and Stock Purchase Plan (the “DRIP”) which commenced in March 1999 under which approximately 5.5 million shares of the General Partner’s common stock have been reserved for future issuance. The DRIP provides for automatic reinvestment of all or a portion of a participant’s dividends from the General Partner’s shares of common stock. The DRIP also permits participants to make optional cash investments up to $ 5,000 a month without restriction and, if the Company waives this limit, for additional amounts subject to certain restrictions and other conditions set forth in the DRIP prospectus filed as part of the Company’s effective registration statement on Form S-3 filed with the SEC for the approximately 5.5 million shares of the General Partner’s common stock reserved for issuance under the DRIP. STOCK OPTION PLANS In May 2013, the General Partner established the 2013 Incentive Stock Plan (the “2013 Plan”) under which a total of 4,600,000 shares have been reserved for issuance. On June 5, 2015, in connection with employment agreements entered into with each of Messrs. Rudin and DeMarco (together the “Executive Employment Agreements”), the Company granted options to purchase a total of 800,000 shares of the General Partner’s common stock, exercisable for a period of ten years with an exercise price equal to the closing price of the General Partner’s common stock on the grant date of $17.31 per share, with 400,000 of such options vesting in three equal annual installments commencing on the first anniversary of the grant date (“Time Vesting Options”), and 400,000 of such options vesting if the General Partner’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. The Price Vesting Options vested on July 5, 2016 on account of the price vesting condition being achieved. All currently outstanding stock options were granted under the 2013 plan. 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, 2014 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 Lapsed or Cancelled (5,000) 21.25 Outstanding at December 31, 2016 ($17.31) 800,000 $ 17.31 $ 9,368 Options exercisable at December 31, 2016 533,334 Available for grant at December 31, 2016 2,695,978 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 a ny stock option plans for the year s ended December 31, 2016 , 2015 and 2014 . The Comp any has a policy of issuing new shares to satisfy stock option exercises. As of December 31, 2016 and 2015 , the stock options outstanding had a weighted average remaining contractual life of approximately 8.4 years and 9.4 years, respectively. The Company recognized stock opt ions expense of $ 1,407,000 , $ 432,000 and $ 4,000 for the years ended December 31, 2016 , 2015 and 2014 , respectively. RESTRICTED STOCK AWARDS The Company has issued stock awards (“Restricted Stock Awards”) to officers, certain other employees, and non - employee members of the Board of Directors of the General Partner , which allow the holders to each receive a certain amount of shares of the General Partner ’s common stock generally over a one to seven -year vesting period, of which 120,245 unvested shares were legally outstanding at December 31, 2016 . Vesting of the Restricted Stock Awards issued to executive officers and certain other employees is based on time and service. 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 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 General Partner were issued under the 2013 Plan. Information regarding the Restricted Stock Awards grant activity is summarized below: Weighted-Average Grant – Date Shares Fair Value Outstanding at January 1, 2014 153,560 $ 25.20 Granted (a) (b) (c) 376,719 20.04 Vested (183,214) 22.37 Forfeited (119) 26.36 Outstanding at December 31, 2014 346,946 $ 21.09 Granted (d) 41,337 17.51 Vested (250,132) 21.44 Forfeited (1,931) 20.31 Outstanding at December 31, 2015 136,220 $ 19.36 Granted 74,622 23.79 Vested (61,654) 18.94 Forfeited (3,910) 21.58 Outstanding at December 31, 2016 145,278 $ 21.76 (a) 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. (b) Includes 42,000 Performance Shares which were legally granted in 2013 for which the 2014 performance goals were set by the Committee on March 31, 2014. Also includes 87,734 shares which were additionally considered granted for accounting purposes to two executive officers in connection with their departure effective March 31, 2014, which vested on April 1, 2014. (c) 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. (d) 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, 2016 , the Company had $1.1 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 2.4 years. PERFORMANCE SHARE UNITS 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 2013 Plan for issuance upon vesting of the PSUs in accordance with their terms and conditions. As of December 31, 2016 , the Company had $0.7 million of total unrecognized compensation cost related to unvested PSUs granted under the Company’s stock compensation plans. That cost is expected to be recognized over a weighted average period of 1.4 years. LONG-TERM INCENTIVE PLAN AWARDS On March 8, 2016, the Company granted Long-Term Incentive Plan (“LTIP”) awards to senior management of the Company, including all of the Company’s executive officers (the “2016 LTIP Awards”). All of the 2016 LTIP Awards were in the form of units in the Operating Partnership (“LTIP Units”) and constitute awards under the 2013 Plan. For Messrs. Rudin, DeMarco and Tycher, approximately 25 percent of the target 2016 LTIP Award was in the form of a time-based award that will vest after three years on March 8, 2019 (the “2016 TBV LTIP Units”), and the remaining approximately 75 percent of the target 2016 LTIP Award was in the form of a performance-based award under a new Outperformance Plan (the “2016 OPP”) adopted by the Company’s Board of Directors consisting of a multi-year, performance-based equity compensation plan and related forms of award agreement (the “2016 PBV LTIP Units”). For all other executive officers, approximately 40 percent of the target 2016 LTIP Award was in the form of 2016 TBV LTIP Units and the remaining approximately 60 percent of the target 2016 LTIP Award was in the form of 2016 PBV LTIP Units. The 2016 OPP is designed to align the interests of senior management to relative and absolute performance of the Company over a three-year performance period from March 8, 2016 through March 7, 2019. The senior management team that received 2016 LTIP Awards includes the Company’s eight executive officers. Participants in the 2016 OPP will only earn the full awards if, over the three -year performance period, the Company achieves a 50 percent absolute total stockholder return (“TSR”) and if the Company is in the 75th percentile of performance versus the NAREIT Office Index. LTIP Units will remain subject to forfeiture depending on the extent that the 2016 LTIP Awards vest. The number of LTIP Units to be issued initially to recipients of the 2016 PBV LTIP Awards is the maximum number of LTIP Units that may be earned under the awards. The number of LTIP Units that actually vest for each award recipient will be determined at the end of the performance measurement period. TSR for the Company and for the Index over the three-year measurement period and other circumstances will determine how many LTIP Units vest for each recipient; if they are fewer than the number issued initially, the balance will be forfeited as of the performance measurement date. Prior to vesting, recipients of LTIP Units will be entitled to receive per unit distributions equal to one-tenth ( 10 percent) of the regular quarterly distributions payable on a common unit of limited partnership interest in the Operating Partnership (a “common unit”), but will not be entitled to receive any special distributions. Distributions with respect to the other nine-tenths ( 90 percent) of regular quarterly distributions payable on a common unit will accrue but shall only become payable upon vesting of the LTIP Unit. After vesting of the 2016 TBV LTIP Units or the end of the measurement period for the 2016 PBV LTIP Units, the number of LTIP Units, both vested and unvested, will be entitled to receive distributions in an amount per unit equal to distributions, both regular and special, payable on a common unit. The Company granted a total of 499,756 PBV LTIP Units and 157,617 TBV LTIP Units. The LTIP Units were valued in accordance with ASC 718 – Stock Compensation, at their fair value. The Company has reserved shares of common stock under the 2013 Plan for issuance upon vesting and conversion of the LTIP Units in accordance with their terms and conditions. As of December 31, 2016 , the Company had $6.7 million of total unrecognized compensation cost related to unvested 2016 LTIP Awards granted under the Company’s stock compensation plans. That cost is expected to be recognized over a weighted average period of 2.7 years. DEFERRED STOCK COMPENSATION PLAN FOR DIRECTORS The Amended and Restated Deferred Compensation Plan for Directors, which commenced January 1, 1999, allows non ‑employee directors of the Company to elect to defer up to 100 percent of their annual retainer fee into deferred stock units. The deferred stock units are convertible into an equal number of shares of common stock upon the directors’ termination of service from the Board of Directors or a change in control of the Company, as defined in the plan. Deferred stock units are credited to each director quarterly using the closing price of the Company’s common stock on the applicable dividend record date for the respective quarter. Each participating director’s account is also credited for an equivalent amount of deferred stock units based on the dividend rate for each quarter. During the year s ended December 31, 2016 , 2015 and 2014 , 14,274 , 19,702 and 20,261 deferred stock units were earned, respectively. As of December 31, 2016 and 2015 , there were 193,711 and 178,039 deferred stock units outstanding, respectively. EARNINGS PER SHARE /UNIT Basic EPS or EPU excludes dilution and is computed by dividing net income available to common shareholders or unitholders by the weighted average number of shares or units outstanding for the period. Diluted EPS or EPU reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The following information presents the Company’s results for the years ended December 31, 2016 , 2015 and 2014 in accordance with ASC 260, Earning s Per Share: (dollars in thousands, except per share amounts) Mack-Cali Realty Corporation: Year Ended December 31, Computation of Basic EPS 2016 2015 2014 Net income (loss) $ 130,294 $ (142,052) $ 31,391 Add: Noncontrolling interest in consolidated joint ventures 651 1,044 778 Add (deduct): Noncontrolling interest in Operating Partnership (13,721) 15,256 (3,602) Net income (loss) available to common shareholders $ 117,224 $ (125,752) $ 28,567 Weighted average common shares 89,746 89,291 88,727 Basic EPS : Net income (loss) available to common shareholders $ 1.31 $ (1.41) $ 0.32 Year Ended December 31, Computation of Diluted EPS 2016 2015 2014 Net income (loss) available to common shareholders $ 117,224 $ (125,752) $ 28,567 Add (deduct): Noncontrolling interest in Operating Partnership 13,721 (15,256) 3,602 Net income (loss) for diluted earnings per share $ 130,945 $ (141,008) $ 32,169 Weighted average common shares 100,498 100,222 100,041 Diluted EPS : Net income (loss) available to common shareholders $ 1.30 $ (1.41) $ 0.32 The following schedule reconciles the weighted average shares used in the basic EPS calculation to the shares used in the diluted EPS calculation: (in thousands) Year Ended December 31, 2016 2015 2014 Basic EPS shares 89,746 89,291 88,727 Add: Operating Partnership – common units 10,499 10,931 11,272 Restricted Stock Awards 43 - 42 Stock Options 210 - - Diluted EPS Shares 100,498 100,222 100,041 Contingently issuable shares under the PSU awards were excluded from the denominator in 2016 and 2015 because the criteria had not been met for the periods. Contingently issuable shares under Price Vesting Options were excluded from the denominator in 2015 because the criteria had not been met for the period. Not included in the computations of diluted EPS were zero , 405,000 and 10,000 stock options as such securities were anti-dilutive during the years ended December 31, 2016 , 2015 and 2014 , respectively . Also not included in the computations of diluted EPS were all of the LTIP units as such securities were anti-dilutive during the periods. Unvested restricted stock outstanding as of December 31, 2016 , 2015 and 2014 were 120,245 , 98,669 and 136,946 shares, respectively. Dividends declared per common share for the years ended December 31, 2016 , 2015 and 2014 was $0.60 , $0.60 and $0.75 per share, respectively. Mack-Cali Realty, L.P.: Year Ended December 31, Computation of Basic EPU 2016 2015 2014 Net income (loss) $ 130,294 $ (142,052) $ 31,391 Add: Noncontrolling interest in consolidated joint ventures 651 1,044 778 Net income (loss) available to common unitholders $ 130,945 $ (141,008) $ 32,169 Weighted average common units 100,245 100,222 99,999 Basic EPU : Net income (loss) available to common unitholders $ 1.31 $ (1.41) $ 0.32 Year Ended December 31, Computation of Diluted EPU 2016 2015 2014 Net income (loss) available to common unitholders $ 130,945 $ (141,008) $ 32,169 Weighted average common unit 100,498 100,222 100,041 Diluted EPU : Net income (loss) available to common unitholders $ 1.30 $ (1.41) $ 0.32 The following schedule reconciles the weighted average units used in the basic EPU calculation to the units used in the diluted EPU calculation: (in thousands) Year Ended December 31, 2016 2015 2014 Basic EPU units 100,245 100,222 99,999 Add: Restricted Stock Awards 43 - 42 Stock Options 210 - - Diluted EPU Units 100,498 100,222 100,041 Contingently issuable shares under the PSU awards were excluded from the denominator in 2016 and 2015 because the criteria had not been met for the periods. Contingently issuable shares under Price Vesting Options were excluded from the denominator in 2015 because the criteria had not been met for the period. Not included in the computations of diluted EPU were zero , 405,000 and 10,000 stock options as such securities were anti-dilutive during the years ended December 31, 2016 , 2015 and 2014 , respectively. Also not included in the computations of diluted EPU were all of the LTIP units as such securities were anti-dilutive during the periods. Unvested restricted stock outstanding as of December 31, 2016 , 2015 and 2014 were 120,245 , 98,669 and 136,946 shares, respectively. Distributions declared per common unit for the years ended December 31, 2016 , 2015 and 2014 was $0.60 , $0.60 and $0.75 per unit, respectively. |
Noncontrolling Interests In Sub
Noncontrolling Interests In Subsidiaries | 12 Months Ended |
Dec. 31, 2016 | |
Noncontrolling Interests In Subsidiaries | 15. NONCONTROLLING INTERESTS IN SUBSIDIARIES NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP (applicable only to General Partner) Noncontrolling interests in subsidiaries in the accompanying consolidated financial statements relate to (i) common units and LTIP units in the Operating Partnership, held by parties other than the General Partner (“Limited Partners”) , and (ii) interests in consolidated joint ventures for the portion of such ventures not owned by the Company. Pursuant to ASC 810, Consolidation, on the accounting and reporting for noncontrolling interests and changes in ownership interests of a subsidiary , changes in a parent’s ownership interest (and transactions with noncontrolling 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, 2016 , the Company has decreased noncontrolling interests in the Operating Partnership and increased additional paid-in capital in Mack-Cali Realty Corporation stockholders’ equity by approximately $1.4 million a s of December 31, 201 6 . Preferred Units On February 3, 2017, the Operating Partnership issued 42,800 shares of a new class of 3.5 percent Series A Preferred Limited Partnership Units of the Operating Partnership (the “Preferred Units”). The Preferred Units were issued to the Company’s partners in the Plaza VIII & IX Associates L.L.C. joint venture that owns a development site adjacent to t he Company’ s Harborside property in Jersey City, New Jersey as consideration for their approximate 37.5 percent interest in the joint venture. Each Preferred Unit has a stated value of $1,000 , pays dividends quarterly at an annual rate of 3.5 percent (subject to increase under certain circumstances), is convertible into 28.15 common units of limited partnership interests of the Operating Partnership beginning generally five years from the date of issuance, or an aggregate of up to 1,204,820 common units. The Preferred Units have a liquidation and dividend preference senior to the common units and include customary anti-dilution protections for stock splits and similar events. The Preferred Units are redeemable for cash at their stated value beginning five years from the date of issuance at the option of the holder. Common Units Certain individuals and entities own common units in the Operating Partnership. A common unit and a share of Common Stock of the General Partner have substantially the same economic characteristics in as much as they effectively share equally in the net income or loss of the Operating Partnership. Common unitholders have the right to redeem their common units, subject to certain restrictions. The redemption is required to be satisfied in shares of Common Stock, cash, or a combination thereof, calculated as follows: one share of the General Partner ’s Common Stock, or cash equal to the fair market value of a share of the General Partner ’s Common Stock at the time of redemption, for each common unit. The General Partner , in its sole discretion, determines the form of redemption of common units (i.e., whether a common unitholder receives Common Stock, cash, or any combination thereof). If the General Partner elects to satisfy the redemption with shares of Common Stock as opposed to cash, it is obligated to issue shares of its Common Stock to the redeeming unitholder. Regardless of the rights described above, the common unitholders may not put their units for cash to the General Partner or the Operating Partnership under any circumstances. When a unitholder redeems a common unit, noncontrolling interest in the Operating Partnership is reduced and Mack-Cali Realty Corporation Stockholders’ equity is increased. LTIP Units On March 8, 2016, the Company granted 2016 LTIP awards to senior management of the Company, including all of the General Partner’s executive officers. All of the 2016 LTIP Awards will be in the form of units in the Operating Partnership. See Note 14: Mack-Cali Realty Corporation Stockholders’ Equity and Mack-Cali Realty, L.P.’s Partners’ Capital – Long-Term Incentive Plan Awards. LTIP Units are designed to qualify as “profits interests” in the Operating Partnership for federal income tax purposes. As a general matter, the profits interests characteristics of the LTIP Units mean that initially they will not be economically equivalent in value to a common unit. If and when events specified by applicable tax regulations occur, LTIP Units can over time increase in value up to the point where they are equivalent to common units on a one-for-one basis. After LTIP Units are fully vested, and to the extent the special tax rules applicable to profits interests have allowed them to become equivalent in value to common units, LTIP Units may be converted on a one-for-one basis into common units. Common units in turn have a one-for-one relationship in value with shares of the General Partner’s common stock, and are redeemable on a one-for-one basis for cash or, at the election of the Company, shares of the General Partner’s common stock. 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, 2016 , 2015 and 2014 : Common LTIP Units Units Balance at January 1, 2014 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 - Granted - 657,373 Redemption of common units for shares of common stock (28,739) - Balance at December 31, 2016 10,488,105 657,373 Noncontrolling Interest Ownership in Operating Partnership As of December 31, 2016 and 2015 , the noncontrolling interest common unitholders owned 10.5 percent and 10.5 percent of the Operating Partnership, respectively. NONCONTROLLING INTEREST IN CONSOLIDATED JOINT VENTURES (applicable to General Partner and Operating Partnership) The Company consolidates certain joint ventures in which it has ownership interests. Various entities and/or individuals hold noncontrolling interests in these ventures. PARTICIPATION RIGHTS The Company’s interests in 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. |
Mack-Cali Realty LP [Member] | |
Noncontrolling Interests In Subsidiaries | 15. NONCONTROLLING INTERESTS IN SUBSIDIARIES NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP (applicable only to General Partner) Noncontrolling interests in subsidiaries in the accompanying consolidated financial statements relate to (i) common units and LTIP units in the Operating Partnership, held by parties other than the General Partner (“Limited Partners”) , and (ii) interests in consolidated joint ventures for the portion of such ventures not owned by the Company. Pursuant to ASC 810, Consolidation, on the accounting and reporting for noncontrolling interests and changes in ownership interests of a subsidiary , changes in a parent’s ownership interest (and transactions with noncontrolling 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, 2016 , the Company has decreased noncontrolling interests in the Operating Partnership and increased additional paid-in capital in Mack-Cali Realty Corporation stockholders’ equity by approximately $1.4 million a s of December 31, 201 6 . Preferred Units On February 3, 2017, the Operating Partnership issued 42,800 shares of a new class of 3.5 percent Series A Preferred Limited Partnership Units of the Operating Partnership (the “Preferred Units”). The Preferred Units were issued to the Company’s partners in the Plaza VIII & IX Associates L.L.C. joint venture that owns a development site adjacent to t he Company’ s Harborside property in Jersey City, New Jersey as consideration for their approximate 37.5 percent interest in the joint venture. Each Preferred Unit has a stated value of $1,000 , pays dividends quarterly at an annual rate of 3.5 percent (subject to increase under certain circumstances), is convertible into 28.15 common units of limited partnership interests of the Operating Partnership beginning generally five years from the date of issuance, or an aggregate of up to 1,204,820 common units. The Preferred Units have a liquidation and dividend preference senior to the common units and include customary anti-dilution protections for stock splits and similar events. The Preferred Units are redeemable for cash at their stated value beginning five years from the date of issuance at the option of the holder. Common Units Certain individuals and entities own common units in the Operating Partnership. A common unit and a share of Common Stock of the General Partner have substantially the same economic characteristics in as much as they effectively share equally in the net income or loss of the Operating Partnership. Common unitholders have the right to redeem their common units, subject to certain restrictions. The redemption is required to be satisfied in shares of Common Stock, cash, or a combination thereof, calculated as follows: one share of the General Partner ’s Common Stock, or cash equal to the fair market value of a share of the General Partner ’s Common Stock at the time of redemption, for each common unit. The General Partner , in its sole discretion, determines the form of redemption of common units (i.e., whether a common unitholder receives Common Stock, cash, or any combination thereof). If the General Partner elects to satisfy the redemption with shares of Common Stock as opposed to cash, it is obligated to issue shares of its Common Stock to the redeeming unitholder. Regardless of the rights described above, the common unitholders may not put their units for cash to the General Partner or the Operating Partnership under any circumstances. When a unitholder redeems a common unit, noncontrolling interest in the Operating Partnership is reduced and Mack-Cali Realty Corporation Stockholders’ equity is increased. LTIP Units On March 8, 2016, the Company granted 2016 LTIP awards to senior management of the Company, including all of the General Partner’s executive officers. All of the 2016 LTIP Awards will be in the form of units in the Operating Partnership. See Note 14: Mack-Cali Realty Corporation Stockholders’ Equity and Mack-Cali Realty, L.P.’s Partners’ Capital – Long-Term Incentive Plan Awards. LTIP Units are designed to qualify as “profits interests” in the Operating Partnership for federal income tax purposes. As a general matter, the profits interests characteristics of the LTIP Units mean that initially they will not be economically equivalent in value to a common unit. If and when events specified by applicable tax regulations occur, LTIP Units can over time increase in value up to the point where they are equivalent to common units on a one-for-one basis. After LTIP Units are fully vested, and to the extent the special tax rules applicable to profits interests have allowed them to become equivalent in value to common units, LTIP Units may be converted on a one-for-one basis into common units. Common units in turn have a one-for-one relationship in value with shares of the General Partner’s common stock, and are redeemable on a one-for-one basis for cash or, at the election of the Company, shares of the General Partner’s common stock. 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, 2016 , 2015 and 2014 : Common LTIP Units Units Balance at January 1, 2014 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 - Granted - 657,373 Redemption of common units for shares of common stock (28,739) - Balance at December 31, 2016 10,488,105 657,373 Noncontrolling Interest Ownership in Operating Partnership As of December 31, 2016 and 2015 , the noncontrolling interest common unitholders owned 10.5 percent and 10.5 percent of the Operating Partnership, respectively. NONCONTROLLING INTEREST IN CONSOLIDATED JOINT VENTURES (applicable to General Partner and Operating Partnership) The Company consolidates certain joint ventures in which it has ownership interests. Various entities and/or individuals hold noncontrolling interests in these ventures. PARTICIPATION RIGHTS The Company’s interests in 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, 2016 | |
Segment Reporting | 1 6 . 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, 2016 , 2015 and 2014 . The Company had no long lived assets in foreign locations as of December 31, 2016 and 2015 . 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, 2016 , 2015 and 2014 , and selected asset information as of December 31, 2016 and 2015 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: 2016 $ 551,958 $ 35,450 $ 37,820 (e) $ (11,830) $ 613,398 2015 538,323 27,787 33,112 (f) (4,339) 594,883 2014 585,491 24,971 30,533 (g) (4,196) 636,799 Total operating and interest expenses (a): 2016 $ 268,137 $ 21,318 $ 41,445 (h) $ 84,451 $ 415,351 2015 264,967 17,642 37,090 (i) 105,452 425,151 2014 295,416 12,235 38,377 (j) 138,733 484,761 Equity in earnings (loss) of unconsolidated joint ventures: 2016 $ 23,796 $ (6,002) $ 994 $ - $ 18,788 2015 5,104 (9,879) 1,603 - (3,172) 2014 4,236 (8,790) 2,131 - (2,423) Net operating income (loss) (b): 2016 $ 307,617 $ 8,130 $ (2,631) $ (96,281) $ 216,835 2015 278,460 266 (2,375) (109,791) 166,560 2014 294,311 3,946 (5,713) (142,929) 149,615 Total assets: 2016 $ 3,344,396 $ 887,394 $ 17,207 $ 47,769 $ 4,296,766 2015 3,166,577 836,020 9,831 41,535 4,053,963 Total long-lived assets (c): 2016 $ 2,999,820 $ 618,038 $ 4,609 $ (5,933) $ 3,616,534 2015 2,886,583 577,705 3,670 (1,531) 3,466,427 Total investments in unconsolidated joint ventures: 2016 $ 81,549 $ 237,493 $ 1,005 $ - $ 320,047 2015 76,140 225,850 1,467 - 303,457 (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 $3.8 million and $13.8 million of fees and salary reimbursements earned for the year ended December 31, 2016, respectively, from the multi-family real estate segment, which are eliminated in consolidation. (f) Includes $ 2.1 million and $6.3 million of fees and salary reimbursements earned for the year ended December 31, 2015 , from the multi-family real estate segment, which are eliminated in consolidation. (g) Includes $ 1.1 million and $4.0 million of fees and salary reimbursements earned for the year ended December 31, 2014, respectively, from the multi-family real estate segment, which are eliminated in consolidation. (h) Includes $1.8 million and $6.5 million of management fees and salary reimbursement expenses for the year ended December 31, 2016, respectively, from the multi-family real estate segment, which are eliminated in consolidation . (i) Includes $ 1.0 million and $3.9 million of management fees and salary reimbursement expenses for the year ended December 31, 2015, respectively, from the multi-family real estate segment, which are eliminated in consolidation. (j) Includes $0.8 million and $2.9 million of management fees and salary reimbursement expenses for the year ended December 31, 2014, respectively, from the multi-family real estate segment, which are eliminated in consolidation . Mack-Cali Realty Corporation The following schedule reconciles net operating income to net income available to common shareholders: (dollars in thousands) Year Ended December 31, 2016 2015 2014 Net operating income $ 216,835 $ 166,560 $ 149,615 Add (deduct): Depreciation and amortization (186,684) (170,402) (172,490) Gain on change of control of interests 15,347 - - Realized gains (losses) and unrealized losses on disposition of rental property, net 109,666 53,261 54,848 Gain on sale of investment in unconsolidated joint venture 5,670 6,448 - Loss from extinguishment of debt, net (30,540) - (582) Impairments - (197,919) - Net income (loss) 130,294 (142,052) 31,391 Noncontrolling interest in consolidated joint ventures 651 1,044 778 Noncontrolling interest in Operating Partnership (13,721) 15,256 (3,602) Net income (loss) available to common shareholders $ 117,224 $ (125,752) $ 28,567 Mack-Cali Realty, L.P. The following schedule reconciles net operating income to net income available to common unitholders: (dollars in thousands) Year Ended December 31, 2016 2015 2014 Net operating income $ 216,835 $ 166,560 $ 149,615 Add (deduct): Depreciation and amortization (186,684) (170,402) (172,490) Gain on change of control of interests 15,347 - - Realized gains (losses) and unrealized losses on disposition of rental property, net 109,666 53,261 54,848 Gain on sale of investment in unconsolidated joint venture 5,670 6,448 - Loss from extinguishment of debt, net (30,540) - (582) Impairments - (197,919) - Net income (loss) 130,294 (142,052) 31,391 Noncontrolling interest in consolidated joint ventures 651 1,044 778 Net income (loss) available to common unitholders $ 130,945 $ (141,008) $ 32,169 |
Mack-Cali Realty LP [Member] | |
Segment Reporting | 1 6 . 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, 2016 , 2015 and 2014 . The Company had no long lived assets in foreign locations as of December 31, 2016 and 2015 . 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, 2016 , 2015 and 2014 , and selected asset information as of December 31, 2016 and 2015 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: 2016 $ 551,958 $ 35,450 $ 37,820 (e) $ (11,830) $ 613,398 2015 538,323 27,787 33,112 (f) (4,339) 594,883 2014 585,491 24,971 30,533 (g) (4,196) 636,799 Total operating and interest expenses (a): 2016 $ 268,137 $ 21,318 $ 41,445 (h) $ 84,451 $ 415,351 2015 264,967 17,642 37,090 (i) 105,452 425,151 2014 295,416 12,235 38,377 (j) 138,733 484,761 Equity in earnings (loss) of unconsolidated joint ventures: 2016 $ 23,796 $ (6,002) $ 994 $ - $ 18,788 2015 5,104 (9,879) 1,603 - (3,172) 2014 4,236 (8,790) 2,131 - (2,423) Net operating income (loss) (b): 2016 $ 307,617 $ 8,130 $ (2,631) $ (96,281) $ 216,835 2015 278,460 266 (2,375) (109,791) 166,560 2014 294,311 3,946 (5,713) (142,929) 149,615 Total assets: 2016 $ 3,344,396 $ 887,394 $ 17,207 $ 47,769 $ 4,296,766 2015 3,166,577 836,020 9,831 41,535 4,053,963 Total long-lived assets (c): 2016 $ 2,999,820 $ 618,038 $ 4,609 $ (5,933) $ 3,616,534 2015 2,886,583 577,705 3,670 (1,531) 3,466,427 Total investments in unconsolidated joint ventures: 2016 $ 81,549 $ 237,493 $ 1,005 $ - $ 320,047 2015 76,140 225,850 1,467 - 303,457 (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 $3.8 million and $13.8 million of fees and salary reimbursements earned for the year ended December 31, 2016, respectively, from the multi-family real estate segment, which are eliminated in consolidation. (f) Includes $ 2.1 million and $6.3 million of fees and salary reimbursements earned for the year ended December 31, 2015 , from the multi-family real estate segment, which are eliminated in consolidation. (g) Includes $ 1.1 million and $4.0 million of fees and salary reimbursements earned for the year ended December 31, 2014, respectively, from the multi-family real estate segment, which are eliminated in consolidation. (h) Includes $1.8 million and $6.5 million of management fees and salary reimbursement expenses for the year ended December 31, 2016, respectively, from the multi-family real estate segment, which are eliminated in consolidation . (i) Includes $ 1.0 million and $3.9 million of management fees and salary reimbursement expenses for the year ended December 31, 2015, respectively, from the multi-family real estate segment, which are eliminated in consolidation. (j) Includes $0.8 million and $2.9 million of management fees and salary reimbursement expenses for the year ended December 31, 2014, respectively, from the multi-family real estate segment, which are eliminated in consolidation . Mack-Cali Realty Corporation The following schedule reconciles net operating income to net income available to common shareholders: (dollars in thousands) Year Ended December 31, 2016 2015 2014 Net operating income $ 216,835 $ 166,560 $ 149,615 Add (deduct): Depreciation and amortization (186,684) (170,402) (172,490) Gain on change of control of interests 15,347 - - Realized gains (losses) and unrealized losses on disposition of rental property, net 109,666 53,261 54,848 Gain on sale of investment in unconsolidated joint venture 5,670 6,448 - Loss from extinguishment of debt, net (30,540) - (582) Impairments - (197,919) - Net income (loss) 130,294 (142,052) 31,391 Noncontrolling interest in consolidated joint ventures 651 1,044 778 Noncontrolling interest in Operating Partnership (13,721) 15,256 (3,602) Net income (loss) available to common shareholders $ 117,224 $ (125,752) $ 28,567 Mack-Cali Realty, L.P. The following schedule reconciles net operating income to net income available to common unitholders: (dollars in thousands) Year Ended December 31, 2016 2015 2014 Net operating income $ 216,835 $ 166,560 $ 149,615 Add (deduct): Depreciation and amortization (186,684) (170,402) (172,490) Gain on change of control of interests 15,347 - - Realized gains (losses) and unrealized losses on disposition of rental property, net 109,666 53,261 54,848 Gain on sale of investment in unconsolidated joint venture 5,670 6,448 - Loss from extinguishment of debt, net (30,540) - (582) Impairments - (197,919) - Net income (loss) 130,294 (142,052) 31,391 Noncontrolling interest in consolidated joint ventures 651 1,044 778 Net income (loss) available to common unitholders $ 130,945 $ (141,008) $ 32,169 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions | 17. RELATED PARTY TRANSACTIONS William L. Mack, Chairman of the Board of Directors of the General Partner, David S. Mack, a director of the General Partner, and Earle I. Mack, a former director of the General Partner, are the executive officers, directors and stockholders of a corporation that leases 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 $193,000 , $204,000 and $231,000 in revenue under this lease for the years ended December 31, 2016 , 2015 and 2014 , respectively, and had no accounts receivable from the corporation as of December 31, 2016 and 2015 . 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 $2,464,000 , $2,542,000 , and $2,401,000 from entities in which RG has ownership interests for the years ended December 31, 2016 , 2015 and 2014 , respectively. |
Mack-Cali Realty LP [Member] | |
Related Party Transactions | 17. RELATED PARTY TRANSACTIONS William L. Mack, Chairman of the Board of Directors of the General Partner, David S. Mack, a director of the General Partner, and Earle I. Mack, a former director of the General Partner, are the executive officers, directors and stockholders of a corporation that leases 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 $193,000 , $204,000 and $231,000 in revenue under this lease for the years ended December 31, 2016 , 2015 and 2014 , respectively, and had no accounts receivable from the corporation as of December 31, 2016 and 2015 . 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 $2,464,000 , $2,542,000 , and $2,401,000 from entities in which RG has ownership interests for the years ended December 31, 2016 , 2015 and 2014 , respectively. |
Condensed Quarterly Financial I
Condensed Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Quarterly Financial Information | 18. CONDENSED QUARTERLY FINANCIAL INFORMATION (unaudited) Mack-Cali Realty Corporation The following summarizes the condensed quarterly financial information for the Company: (dollars in thousands) Quarter Ended 2016 December 31 September 30 June 30 March 31 Total revenues $ 153,731 $ 157,517 $ 149,227 $ 152,923 Operating and other expenses 59,740 60,286 57,395 63,536 Real estate service salaries 6,842 6,361 6,211 6,846 General and administrative 12,968 14,007 12,755 12,249 Acquisition-related costs 26 815 2,039 - Depreciation and amortization 52,045 48,117 43,459 43,063 Impairments - - - - Total expenses 131,621 129,586 121,859 125,694 Operating Income (loss) 22,110 27,931 27,368 27,229 Interest expense (22,731) (24,233) (22,932) (24,993) Interest and other investment income 875 1,262 146 (669) Equity in earnings (loss) of unconsolidated joint ventures (834) 21,790 (614) (1,554) Gain on change of control of interests - - 5,191 10,156 Realized gains (losses) and unrealized losses on disposition of rental properties, net 41,002 (17,053) 27,117 58,600 Gain on sale of investment in unconsolidated joint venture - - 5,670 - Loss from extinguishment of debt, net (23,658) (19,302) 12,420 - Total other (expense) income (5,346) (37,536) 26,998 41,540 Net income (loss) 16,764 (9,605) 54,366 68,769 Noncontrolling interest in consolidated joint ventures 191 65 (311) 706 Noncontrolling interest in Operating Partnership (1,774) 999 (5,662) (7,284) Net income (loss) available to common shareholders $ 15,181 $ (8,541) $ 48,393 $ 62,191 Basic earnings per common share: Net income (loss) available to common shareholders $ 0.17 $ (0.10) $ 0.54 $ 0.69 Diluted earnings per common share: Net income (loss) available to common shareholders $ 0.17 $ (0.10) $ 0.54 $ 0.69 Dividends declared per common share $ 0.15 $ 0.15 $ 0.15 $ 0.15 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 (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) and unrealized losses on disposition of rental properties, net - 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. Mack-Cali Realty, L.P. The following summarizes the condensed quarterly financial information for the Company: (dollars in thousands) Quarter Ended 2016 December 31 September 30 June 30 March 31 Total revenues $ 153,731 $ 157,517 $ 149,227 $ 152,923 Operating and other expenses 59,740 60,286 57,395 63,536 Real estate service salaries 6,842 6,361 6,211 6,846 General and administrative 12,968 14,007 12,755 12,249 Acquisition-related costs 26 815 2,039 - Depreciation and amortization 52,045 48,117 43,459 43,063 Impairments - - - - Total expenses 131,621 129,586 121,859 125,694 Operating Income (loss) 22,110 27,931 27,368 27,229 Interest expense (22,731) (24,233) (22,932) (24,993) Interest and other investment income 875 1,262 146 (669) Equity in earnings (loss) of unconsolidated joint ventures (834) 21,790 (614) (1,554) Gain on change of control of interests - - 5,191 10,156 Realized gains (losses) and unrealized losses on disposition of rental properties, net 41,002 (17,053) 27,117 58,600 Gain on sale of investment in unconsolidated joint venture - - 5,670 - Loss from extinguishment of debt, net (23,658) (19,302) 12,420 - Total other (expense) income (5,346) (37,536) 26,998 41,540 Net income (loss) 16,764 (9,605) 54,366 68,769 Noncontrolling interest in consolidated joint ventures 191 65 (311) 706 Net income (loss) available to common unitholders $ 16,955 $ (9,540) $ 54,055 $ 69,475 Basic earnings per common unit: Net income (loss) available to common unitholders $ 0.17 $ (0.10) $ 0.54 $ 0.69 Diluted earnings per common units: Net income (loss) available to common unitolders $ 0.17 $ (0.10) $ 0.54 $ 0.69 Distributions declared per common unit $ 0.15 $ 0.15 $ 0.15 $ 0.15 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 (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) and unrealized losses on disposition of rental properties, net - 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 Net income (loss) available to common unitholders $ (35,513) $ (142,422) $ 39,762 $ (2,835) Basic earnings per common unit: Net income (loss) available to common unitholders $ (0.35) $ (1.42) $ 0.40 $ (0.03) Diluted earnings per common unit: Net income (loss) available to common unitholders $ (0.35) $ (1.42) $ 0.40 $ (0.03) Distributions declared per common unit $ 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. |
Mack-Cali Realty LP [Member] | |
Condensed Quarterly Financial Information | 18. CONDENSED QUARTERLY FINANCIAL INFORMATION (unaudited) Mack-Cali Realty Corporation The following summarizes the condensed quarterly financial information for the Company: (dollars in thousands) Quarter Ended 2016 December 31 September 30 June 30 March 31 Total revenues $ 153,731 $ 157,517 $ 149,227 $ 152,923 Operating and other expenses 59,740 60,286 57,395 63,536 Real estate service salaries 6,842 6,361 6,211 6,846 General and administrative 12,968 14,007 12,755 12,249 Acquisition-related costs 26 815 2,039 - Depreciation and amortization 52,045 48,117 43,459 43,063 Impairments - - - - Total expenses 131,621 129,586 121,859 125,694 Operating Income (loss) 22,110 27,931 27,368 27,229 Interest expense (22,731) (24,233) (22,932) (24,993) Interest and other investment income 875 1,262 146 (669) Equity in earnings (loss) of unconsolidated joint ventures (834) 21,790 (614) (1,554) Gain on change of control of interests - - 5,191 10,156 Realized gains (losses) and unrealized losses on disposition of rental properties, net 41,002 (17,053) 27,117 58,600 Gain on sale of investment in unconsolidated joint venture - - 5,670 - Loss from extinguishment of debt, net (23,658) (19,302) 12,420 - Total other (expense) income (5,346) (37,536) 26,998 41,540 Net income (loss) 16,764 (9,605) 54,366 68,769 Noncontrolling interest in consolidated joint ventures 191 65 (311) 706 Noncontrolling interest in Operating Partnership (1,774) 999 (5,662) (7,284) Net income (loss) available to common shareholders $ 15,181 $ (8,541) $ 48,393 $ 62,191 Basic earnings per common share: Net income (loss) available to common shareholders $ 0.17 $ (0.10) $ 0.54 $ 0.69 Diluted earnings per common share: Net income (loss) available to common shareholders $ 0.17 $ (0.10) $ 0.54 $ 0.69 Dividends declared per common share $ 0.15 $ 0.15 $ 0.15 $ 0.15 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 (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) and unrealized losses on disposition of rental properties, net - 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. Mack-Cali Realty, L.P. The following summarizes the condensed quarterly financial information for the Company: (dollars in thousands) Quarter Ended 2016 December 31 September 30 June 30 March 31 Total revenues $ 153,731 $ 157,517 $ 149,227 $ 152,923 Operating and other expenses 59,740 60,286 57,395 63,536 Real estate service salaries 6,842 6,361 6,211 6,846 General and administrative 12,968 14,007 12,755 12,249 Acquisition-related costs 26 815 2,039 - Depreciation and amortization 52,045 48,117 43,459 43,063 Impairments - - - - Total expenses 131,621 129,586 121,859 125,694 Operating Income (loss) 22,110 27,931 27,368 27,229 Interest expense (22,731) (24,233) (22,932) (24,993) Interest and other investment income 875 1,262 146 (669) Equity in earnings (loss) of unconsolidated joint ventures (834) 21,790 (614) (1,554) Gain on change of control of interests - - 5,191 10,156 Realized gains (losses) and unrealized losses on disposition of rental properties, net 41,002 (17,053) 27,117 58,600 Gain on sale of investment in unconsolidated joint venture - - 5,670 - Loss from extinguishment of debt, net (23,658) (19,302) 12,420 - Total other (expense) income (5,346) (37,536) 26,998 41,540 Net income (loss) 16,764 (9,605) 54,366 68,769 Noncontrolling interest in consolidated joint ventures 191 65 (311) 706 Net income (loss) available to common unitholders $ 16,955 $ (9,540) $ 54,055 $ 69,475 Basic earnings per common unit: Net income (loss) available to common unitholders $ 0.17 $ (0.10) $ 0.54 $ 0.69 Diluted earnings per common units: Net income (loss) available to common unitolders $ 0.17 $ (0.10) $ 0.54 $ 0.69 Distributions declared per common unit $ 0.15 $ 0.15 $ 0.15 $ 0.15 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 (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) and unrealized losses on disposition of rental properties, net - 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 Net income (loss) available to common unitholders $ (35,513) $ (142,422) $ 39,762 $ (2,835) Basic earnings per common unit: Net income (loss) available to common unitholders $ (0.35) $ (1.42) $ 0.40 $ (0.03) Diluted earnings per common unit: Net income (loss) available to common unitholders $ (0.35) $ (1.42) $ 0.40 $ (0.03) Distributions declared per common unit $ 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. |
Real Estate Investments And Acc
Real Estate Investments And Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate Investments And Accumulated Depreciation | MACK-CALI REALTY CORPORATION, MACK-CALI REALTY, L.P. AND SUBSIDIARIES REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION December 31, 2016 (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 (d) Depreciation (b) NEW JERSEY Bergen County Fort Lee One Bridge Plaza Office 1981 1996 - 2,439 24,462 7,283 2,439 31,745 34,184 15,881 2115 Linwood Avenue Office 1981 1998 - 474 4,419 7,503 474 11,922 12,396 4,518 Montvale 135 Chestnut Ridge Road Office 1981 1997 - 2,587 10,350 (4,659) 1,437 6,841 8,278 4,536 Paramus 15 East Midland Avenue Office 1988 1997 - 10,375 41,497 2,508 10,374 44,006 54,380 21,052 140 East Ridgewood Avenue Office 1981 1997 - 7,932 31,463 8,171 7,932 39,634 47,566 19,260 461 From Road Office 1988 1997 - 13,194 52,778 11,533 13,194 64,311 77,505 26,938 650 From Road Office 1978 1997 - 10,487 41,949 8,209 10,487 50,158 60,645 24,199 61 South Paramus Road (c) Office 1985 1997 - 9,005 36,018 10,595 9,005 46,613 55,618 21,611 Rochelle Park 365 West Passaic Street Office 1976 1997 - 4,148 16,592 5,043 4,148 21,635 25,783 10,029 395 West Passaic Street Office 1979 2006 - 2,550 17,131 1,315 2,550 18,446 20,996 4,967 Upper Saddle River 1 Lake Street Office 1994 1997 - 13,952 55,812 (36,310) 6,268 27,186 33,454 21,472 Woodcliff Lake 400 Chestnut Ridge Road Office 1982 1997 - 4,201 16,802 (9,243) 2,312 9,448 11,760 4,210 50 Tice Boulevard Office 1984 1994 - 4,500 - 27,735 4,500 27,735 32,235 20,159 300 Tice Boulevard Office 1991 1996 - 5,424 29,688 6,641 5,424 36,329 41,753 17,560 Burlington County Burlington 3 Terri Lane Office/Flex 1991 1998 - 652 3,433 1,517 658 4,944 5,602 2,281 5 Terri Lane Office/Flex 1992 1998 - 564 3,792 2,417 569 6,204 6,773 3,104 Moorestown 2 Commerce Drive Office/Flex 1986 1999 - 723 2,893 615 723 3,508 4,231 1,571 101 Commerce Drive Office/Flex 1988 1998 - 422 3,528 436 426 3,960 4,386 2,003 102 Commerce Drive Office/Flex 1987 1999 - 389 1,554 543 389 2,097 2,486 820 201 Commerce Drive Office/Flex 1986 1998 - 254 1,694 421 258 2,111 2,369 996 202 Commerce Drive Office/Flex 1988 1999 - 490 1,963 462 490 2,425 2,915 989 1 Executive Drive Office/Flex 1989 1998 - 226 1,453 772 228 2,223 2,451 1,090 2 Executive Drive Office/Flex 1988 2000 - 801 3,206 1,157 801 4,363 5,164 1,742 101 Executive Drive Office/Flex 1990 1998 - 241 2,262 622 244 2,881 3,125 1,340 102 Executive Drive Office/Flex 1990 1998 - 353 3,607 420 357 4,023 4,380 1,923 225 Executive Drive Office/Flex 1990 1998 - 323 2,477 557 326 3,031 3,357 1,378 97 Foster Road Office/Flex 1982 1998 - 208 1,382 266 211 1,645 1,856 815 1507 Lancer Drive Office/Flex 1995 1998 - 119 1,106 209 120 1,314 1,434 664 1245 North Church Street Office/Flex 1998 2001 - 691 2,810 110 691 2,920 3,611 1,160 1247 North Church Street Office/Flex 1998 2001 - 805 3,269 361 805 3,630 4,435 1,439 1256 North Church Street Office/Flex 1984 1998 - 354 3,098 658 357 3,753 4,110 1,815 840 North Lenola Road Office/Flex 1995 1998 - 329 2,366 422 333 2,784 3,117 1,228 844 North Lenola Road Office/Flex 1995 1998 - 239 1,714 231 241 1,943 2,184 959 915 North Lenola Road Office/Flex 1998 2000 - 508 2,034 29 508 2,063 2,571 851 2 Twosome Drive Office/Flex 2000 2001 - 701 2,807 276 701 3,083 3,784 1,229 30 Twosome Drive Office/Flex 1997 1998 - 234 1,954 510 236 2,462 2,698 1,349 31 Twosome Drive Office/Flex 1998 2001 - 815 3,276 258 815 3,534 4,349 1,433 40 Twosome Drive Office/Flex 1996 1998 - 297 2,393 160 301 2,549 2,850 1,260 41 Twosome Drive Office/Flex 1998 2001 - 605 2,459 214 605 2,673 3,278 1,114 50 Twosome Drive Office/Flex 1997 1998 - 301 2,330 441 304 2,768 3,072 1,180 Essex County Millburn 150 J.F. Kennedy Parkway Office 1980 1997 - 12,606 50,425 13,879 12,606 64,304 76,910 28,231 Roseland 6 Becker Farm Road Office 1983 2009 - 2,600 15,548 (7,057) 1,556 9,535 11,091 4,877 75 Livingston Avenue Office 1985 2009 - 1,900 6,312 (1,890) 1,281 5,041 6,322 1,098 85 Livingston Avenue Office 1985 2009 - 2,500 14,238 (8,799) 1,234 6,705 7,939 3,189 Hudson County Hoboken 111 River Street Office 2002 2016 - 204 198,609 10,671 - 209,484 209,484 2,766 MACK-CALI REALTY CORPORATION MACK-CALI REALTY CORPORATION, MACK-CALI REALTY, L.P. AND SUBSIDIARIES REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION December 31, 2016 (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 (d) Depreciation (b) Jersey City Harborside Plaza 1 Office 1983 1996 - 3,923 51,013 28,059 3,923 79,072 82,995 42,198 Harborside Plaza 2 Office 1990 1996 - 17,655 101,546 27,549 8,364 138,386 146,750 60,054 Harborside Plaza 3 Office 1990 1996 - 17,655 101,878 27,216 8,363 138,386 146,749 60,054 Harborside Plaza 4A Office 2000 2000 - 1,244 56,144 8,297 1,244 64,441 65,685 26,763 Harborside Plaza 5 Office 2002 2002 213,470 6,218 170,682 61,152 5,705 232,347 238,052 91,896 101 Hudson Street Office 1992 2005 248,062 45,530 271,376 17,279 45,530 288,655 334,185 84,447 Weehawken 100 Avenue at Port Imperial Other 2016 2016 - 350 - 4,185 471 4,064 4,535 60 500 Avenue at Port Imperial Other 2013 2013 36,228 13,099 56,669 (20,587) 13,099 36,082 49,181 3,066 Mercer County Hamilton Township 3 AAA Drive Office 1981 2007 - 242 3,218 1,106 242 4,324 4,566 1,223 100 Horizon Center Boulevard Office/Flex 1989 1995 - 205 1,676 732 327 2,286 2,613 1,124 200 Horizon Drive Office/Flex 1991 1995 - 205 3,027 704 359 3,577 3,936 1,921 300 Horizon Drive Office/Flex 1989 1995 - 379 4,355 1,991 533 6,192 6,725 2,891 500 Horizon Drive Office/Flex 1990 1995 - 379 3,395 1,062 498 4,338 4,836 2,303 600 Horizon Drive Office/Flex 2002 2002 - - 7,549 1,014 685 7,878 8,563 2,845 700 Horizon Drive Office 2007 2007 - 490 43 16,663 865 16,331 17,196 4,537 2 South Gold Drive Office 1974 2007 - 476 3,487 853 476 4,340 4,816 1,121 Princeton 103 Carnegie Center Office 1984 1996 - 2,566 7,868 3,250 2,566 11,118 13,684 5,798 100 Overlook Center Office 1988 1997 - 2,378 21,754 3,665 2,378 25,419 27,797 12,017 5 Vaughn Drive Office 1987 1995 - 657 9,800 1,906 657 11,706 12,363 6,113 Middlesex County East Brunswick 377 Summerhill Road Office 1977 1997 - 649 2,594 324 649 2,918 3,567 1,431 Edison 333 Thornall Street Office 1984 2015 - 5,542 40,762 1,411 5,542 42,173 47,715 1,776 343 Thornall Street Office 1991 2006 - 6,027 39,101 6,658 6,027 45,759 51,786 13,332 Iselin 101 Wood Avenue South Office 1990 2016 - 8,509 72,738 442 7,384 74,305 81,689 1,605 Newark 320 University Avenue Office 2001 2016 - 1,468 6,253 24 1,468 6,277 7,745 117 321 University Avenue Office 2003 2016 - 5,837 9,442 32 2,217 13,094 15,311 448 New Brunswick Richmond Court Multi-Family 1997 2013 - 2,992 13,534 2,103 2,992 15,637 18,629 1,038 Riverwatch Commons Multi-Family 1995 2013 - 4,169 18,974 2,354 4,169 21,328 25,497 1,440 Plainsboro 500 College Road East (c) Office 1984 1998 614 20,626 4,982 614 25,608 26,222 12,194 Woodbridge 581 Main Street Office 1991 1997 - 3,237 12,949 26,538 8,115 34,609 42,724 18,120 Monmouth County Holmdel 23 Main Street Office 1977 2005 27,809 4,336 19,544 11,894 4,336 31,438 35,774 14,037 Middletown One River Center, Building 1 Office 1983 2004 10,538 3,070 17,414 4,279 2,451 22,312 24,763 8,292 One River Center, Building 2 Office 1983 2004 11,822 2,468 15,043 3,989 2,452 19,048 21,500 6,252 One River Center, Building 3 Office 1984 2004 18,786 4,051 24,790 5,671 4,627 29,885 34,512 9,652 Neptune 3600 Route 66 Office 1989 1995 - 1,098 18,146 11,471 1,098 29,617 30,715 12,818 Wall Township 1305 Campus Parkway Office 1988 1995 - 335 2,560 591 291 3,195 3,486 1,602 1325 Campus Parkway Office/Flex 1988 1995 - 270 2,928 774 270 3,702 3,972 2,078 1340 Campus Parkway Office/Flex 1992 1995 - 489 4,621 2,528 489 7,149 7,638 3,688 1345 Campus Parkway Office/Flex 1995 1997 - 1,023 5,703 1,208 1,024 6,910 7,934 3,440 1350 Campus Parkway Office 1990 1995 - 454 7,134 1,211 454 8,345 8,799 4,251 1433 Highway 34 Office/Flex 1985 1995 - 889 4,321 1,813 889 6,134 7,023 3,250 MACK-CALI REALTY CORPORATION, MACK-CALI REALTY, L.P. AND SUBSIDIARIES REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION December 31, 2016 (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 (d) Depreciation (b) 1320 Wyckoff Avenue Office/Flex 1986 1995 - 255 1,285 315 216 1,639 1,855 955 1324 Wyckoff Avenue Office/Flex 1987 1995 - 230 1,439 345 190 1,824 2,014 931 Morris County Florham Park 325 Columbia Parkway Office 1987 1994 - 1,564 - 18,070 1,564 18,070 19,634 11,783 Morris Plains 201 Littleton Road Office 1979 1997 - 2,407 9,627 3,332 2,407 12,959 15,366 6,134 Parsippany 4 Campus Drive Office 1983 2001 - 5,213 20,984 4,072 5,213 25,056 30,269 9,767 6 Campus Drive Office 1983 2001 - 4,411 17,796 3,458 4,411 21,254 25,665 8,532 7 Campus Drive Office 1982 1998 - 1,932 27,788 7,464 1,932 35,252 37,184 16,937 8 Campus Drive Office 1987 1998 - 1,865 35,456 6,182 1,865 41,638 43,503 18,624 9 Campus Drive Office 1983 2001 - 3,277 11,796 22,610 5,842 31,841 37,683 11,223 2 Dryden Way Office 1990 1998 - 778 420 110 778 530 1,308 283 4 Gatehall Drive Office 1988 2000 - 8,452 33,929 4,315 8,452 38,244 46,696 16,518 2 Hilton Court Office 1991 1998 - 1,971 32,007 4,474 1,971 36,481 38,452 17,756 1633 Littleton Road Office 1978 2002 - 2,283 9,550 507 2,355 9,985 12,340 9,641 1 Sylvan Way Office 1989 1998 - 1,689 24,699 2,593 1,021 27,960 28,981 14,312 3 Sylvan Way Office 1988 2015 - 5,590 4,710 238 5,590 4,948 10,538 118 5 Sylvan Way Office 1989 1998 - 1,160 25,214 3,244 1,161 28,457 29,618 13,007 7 Sylvan Way Office 1987 1998 - 2,084 26,083 6,800 2,084 32,883 34,967 12,607 20 Waterview Boulevard Office 1988 2009 - 4,500 27,246 (4,354) 3,816 23,576 27,392 5,472 35 Waterview Boulevard Office 1990 2006 - 5,133 28,059 1,145 5,133 29,204 34,337 9,026 5 Wood Hollow Road Office 1979 2004 - 5,302 26,488 20,070 5,302 46,558 51,860 17,314 Passaic County Totowa 1 Center Court Office/Flex 1999 1999 - 270 1,824 594 270 2,418 2,688 1,082 2 Center Court Office/Flex 1998 1998 - 191 - 2,670 191 2,670 2,861 1,363 11 Commerce Way Office/Flex 1989 1995 - 586 2,986 1,000 586 3,986 4,572 2,250 20 Commerce Way Office/Flex 1992 1995 - 516 3,108 155 516 3,263 3,779 1,686 29 Commerce Way Office/Flex 1990 1995 - 586 3,092 961 586 4,053 4,639 1,978 40 Commerce Way Office/Flex 1987 1995 - 516 3,260 1,427 516 4,687 5,203 2,420 45 Commerce Way Office/Flex 1992 1995 - 536 3,379 584 536 3,963 4,499 1,981 60 Commerce Way Office/Flex 1988 1995 - 526 3,257 381 526 3,638 4,164 1,785 80 Commerce Way Office/Flex 1996 1996 - 227 - 1,370 227 1,370 1,597 700 100 Commerce Way Office/Flex 1996 1996 - 226 - 1,369 226 1,369 1,595 700 120 Commerce Way Office/Flex 1994 1995 - 228 - 1,286 229 1,285 1,514 703 140 Commerce Way Office/Flex 1994 1995 - 229 - 1,284 228 1,285 1,513 703 999 Riverview Drive Office 1988 1995 - 476 6,024 2,139 1,102 7,537 8,639 3,952 Somerset County Bridgewater 440 Route 22 East Office 1990 2010 - 3,986 13,658 (17,644) - - - - 721 Route 202/206 Office 1989 1997 - 6,730 26,919 (4,831) 5,067 23,751 28,818 11,944 Union County New Providence 890 Mountain Road Office 1977 1997 - 2,796 11,185 (4,842) 1,719 7,420 9,139 3,196 Rahway Park Square Multi-Family 2011 2013 27,426 4,000 40,670 309 4,000 40,979 44,979 3,165 NEW YORK Westchester County Eastchester Quarry Place at Tuckahoe Multi-Family 2016 2016 26,642 5,585 3,400 47,710 5,585 51,110 56,695 30 Elmsford 11 Clearbrook Road Office/Flex 1974 1997 - 149 2,159 578 149 2,737 2,886 1,344 75 Clearbrook Road Office/Flex 1990 1997 - 2,314 4,716 57 2,314 4,773 7,087 2,380 100 Clearbrook Road Office 1975 1997 - 220 5,366 1,793 220 7,159 7,379 3,551 125 Clearbrook Road Office/Flex 2002 2002 - 1,055 3,676 (339) 1,055 3,337 4,392 1,301 150 Clearbrook Road Office/Flex 1975 1997 - 497 7,030 2,129 497 9,159 9,656 4,296 175 Clearbrook Road Office/Flex 1973 1997 - 655 7,473 961 655 8,434 9,089 4,155 200 Clearbrook Road Office/Flex 1974 1997 - 579 6,620 1,729 579 8,349 8,928 3,862 250 Clearbrook Road Office/Flex 1973 1997 - 867 8,647 2,466 867 11,113 11,980 5,130 MACK-CALI REALTY CORPORATION, MACK-CALI REALTY, L.P. AND SUBSIDIARIES REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION December 31, 2016 (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 (d) Depreciation (b) 50 Executive Boulevard Office/Flex 1969 1997 - 237 2,617 540 237 3,157 3,394 1,510 77 Executive Boulevard Office/Flex 1977 1997 - 34 1,104 177 34 1,281 1,315 651 85 Executive Boulevard Office/Flex 1968 1997 - 155 2,507 538 155 3,045 3,200 1,406 101 Executive Boulevard Office 1971 1997 - 267 5,838 (5,542) 101 462 563 3 300 Executive Boulevard Office/Flex 1970 1997 - 460 3,609 306 460 3,915 4,375 1,922 350 Executive Boulevard Office/Flex 1970 1997 - 100 1,793 175 100 1,968 2,068 1,013 399 Executive Boulevard Office/Flex 1962 1997 - 531 7,191 163 531 7,354 7,885 3,693 400 Executive Boulevard Office/Flex 1970 1997 - 2,202 1,846 1,073 2,202 2,919 5,121 1,555 500 Executive Boulevard Office/Flex 1970 1997 - 258 4,183 434 258 4,617 4,875 2,418 525 Executive Boulevard Office/Flex 1972 1997 - 345 5,499 844 345 6,343 6,688 3,272 700 Executive Boulevard Land Lease N/A 1997 - 970 - - 970 - 970 - 1 Warehouse Lane (c) Industrial/Warehouse 1957 1997 - 3 268 233 3 501 504 253 2 Warehouse Lane (c) Industrial/Warehouse 1957 1997 - 4 672 245 4 917 921 410 3 Warehouse Lane (c) Industrial/Warehouse 1957 1997 - 21 1,948 363 21 2,311 2,332 1,247 4 Warehouse Lane (c) Industrial/Warehouse 1957 1997 - 84 13,393 3,665 85 17,057 17,142 7,832 5 Warehouse Lane (c) Industrial/Warehouse 1957 1997 - 19 4,804 943 19 5,747 5,766 2,930 6 Warehouse Lane (c) Industrial/Warehouse 1982 1997 - 10 4,419 2,381 10 6,800 6,810 3,006 1 Westchester Plaza Office/Flex 1967 1997 - 199 2,023 472 199 2,495 2,694 1,416 2 Westchester Plaza Office/Flex 1968 1997 - 234 2,726 905 234 3,631 3,865 1,653 3 Westchester Plaza Office/Flex 1969 1997 - 655 7,936 1,764 655 9,700 10,355 4,719 4 Westchester Plaza Office/Flex 1969 1997 - 320 3,729 1,191 320 4,920 5,240 2,606 5 Westchester Plaza Office/Flex 1969 1997 - 118 1,949 304 118 2,253 2,371 1,161 6 Westchester Plaza Office/Flex 1968 1997 - 164 1,998 148 164 2,146 2,310 1,052 7 Westchester Plaza Office/Flex 1972 1997 - 286 4,321 1,116 286 5,437 5,723 2,369 8 Westchester Plaza Office/Flex 1971 1997 - 447 5,262 2,122 447 7,384 7,831 3,420 Hawthorne 200 Saw Mill River Road Office/Flex 1965 1997 - 353 3,353 533 353 3,886 4,239 1,945 1 Skyline Drive Office 1980 1997 - 66 1,711 210 66 1,921 1,987 996 2 Skyline Drive Office 1987 1997 - 109 3,128 1,474 109 4,602 4,711 2,483 4 Skyline Drive Office/Flex 1987 1997 - 363 7,513 2,980 363 10,493 10,856 5,767 5 Skyline Drive Office/Flex 1980 2001 - 2,219 8,916 1,754 2,219 10,670 12,889 5,095 6 Skyline Drive Office/Flex 1980 2001 - 740 2,971 1,502 740 4,473 5,213 2,600 7 Skyline Drive Office 1987 1998 - 330 13,013 2,850 330 15,863 16,193 7,258 8 Skyline Drive Office/Flex 1985 1997 - 212 4,410 777 212 5,187 5,399 2,720 10 Skyline Drive Office/Flex 1985 1997 - 134 2,799 750 134 3,549 3,683 2,042 11 Skyline Drive (c) Office/Flex 1989 1997 - - 4,788 763 - 5,551 5,551 2,575 12 Skyline Drive (c) Office/Flex 1999 1999 - 1,562 3,254 218 1,320 3,714 5,034 1,644 15 Skyline Drive (c) Office/Flex 1989 1997 - - 7,449 1,749 - 9,198 9,198 3,906 17 Skyline Drive (c) Office 1989 1997 - - 7,269 1,484 - 8,753 8,753 4,269 Tarrytown 230 White Plains Road Retail 1984 1997 - 124 1,845 288 124 2,133 2,257 982 White Plains 1 Barker Avenue Office 1975 1997 - 208 9,629 3,001 207 12,631 12,838 5,919 3 Barker Avenue Office 1983 1997 - 122 7,864 1,930 122 9,794 9,916 4,769 50 Main Street Office 1985 1997 - 564 48,105 15,530 564 63,635 64,199 30,051 11 Martine Avenue Office 1987 1997 - 2,587 35,123 9,594 2,587 44,717 47,304 17,133 1 Water Street Office 1979 1997 - 211 5,382 1,273 211 6,655 6,866 4,352 Yonkers 100 Corporate Boulevard Office/Flex 1987 1997 - 602 9,910 1,397 602 11,307 11,909 5,696 200 Corporate Boulevard South Office/Flex 1990 1997 - 502 7,575 2,296 502 9,871 10,373 4,799 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 3,719 1,105 15,622 16,727 7,269 2 Executive Boulevard Retail 1986 1997 - 89 2,439 107 89 2,546 2,635 1,253 3 Executive Boulevard Office 1987 1997 - 385 6,256 1,799 385 8,055 8,440 3,913 4 Executive Plaza Office/Flex 1986 1997 - 584 6,134 1,142 584 7,276 7,860 3,565 6 Executive Plaza Office/Flex 1987 1997 - 546 7,246 2,331 546 9,577 10,123 4,561 1 Odell Plaza Office/Flex 1980 1997 - 1,206 6,815 2,284 1,206 9,099 10,305 4,403 3 Odell Plaza Office 1984 2003 - 1,322 4,777 2,332 1,322 7,109 8,431 3,498 5 Odell Plaza Office/Flex 1983 1997 - 331 2,988 535 331 3,523 3,854 1,878 7 Odell Plaza Office/Flex 1984 1997 - 419 4,418 1,319 419 5,737 6,156 2,664 CONNECTICUT Fairfield County Stamford 419 West Avenue Office/Flex 1986 1997 - 4,538 9,246 1,452 4,538 10,698 15,236 5,773 MACK-CALI REALTY CORPORATION, MACK-CALI REALTY, L.P. AND SUBSIDIARIES REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION December 31, 2016 (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 (d) Depreciation (b) 500 West Avenue Office/Flex 1988 1997 - 415 1,679 646 415 2,325 2,740 975 550 West Avenue Office/Flex 1990 1997 - 1,975 3,856 133 1,975 3,989 5,964 1,960 600 West Avenue Office/Flex 1999 1999 - 2,305 2,863 754 2,305 3,617 5,922 1,519 650 West Avenue Office/Flex 1998 1998 - 1,328 - 3,547 1,328 3,547 4,875 1,764 MASSACHUSETTS Middlesex County Malden Chase at Overlook Ridge Multi-Family 2016 2016 71,992 11,072 87,793 9 11,072 87,802 98,874 2,188 Chase II at Overlook Ridge Multi-Family 2016 2016 34,366 10,755 10,846 43,181 10,755 54,027 64,782 39 Suffolk County East Boston Portside at Pier One Multi-Family 2016 2016 58,505 - 73,713 9 - 73,722 73,722 1,675 Revere Alterra at Overlook Ridge IA Multi-Family 2004 2013 - 9,042 50,671 1,322 9,042 51,993 61,035 5,188 Alterra at Overlook Ridge II Multi-Family 2008 2013 - 12,055 71,409 485 12,055 71,894 83,949 7,144 Projects Under Development and Developable Land 27,939 229,250 308,623 - 229,250 308,623 537,873 4,966 Furniture, Fixtures and Equipment - - - 21,230 - 21,230 21,230 7,186 TOTALS 813,585 697,773 3,457,953 649,141 661,335 4,143,532 4,804,867 1,332,073 (a) The aggregate cost for federal income tax purposes at December 31, 2016 was approximately $3.1 billion. (b) Depreciation of buildings and improvements are calculated over lives ranging from the life of the lease to 40 years. (c) This property is located on land leased by the Company. (d) Properties identified as held for sale at December 31, 2016 are excluded. MACK-CALI REALTY CORPORATION/MACK-CALI REALTY, L.P. AND SUBSIDIARIES NOTE TO SCHEDULE III Changes in rental properties and accumulated depreciation for the periods ended December 31, 2016 , 2015 and 2014 are as follows: (dollars in thousands) 2016 2015 2014 Rental Properties Balance at beginning of year $ 4,807,718 $ 4,958,179 $ 5,129,933 Additions 819,535 219,227 193,005 Rental property held for sale (79,200) - - Properties sold (695,837) (82,015) (331,181) Impairment charge - (255,849) - Retirements/disposals (47,349) (31,824) (33,578) Balance at end of year $ 4,804,867 $ 4,807,718 $ 4,958,179 Accumulated Depreciation Balance at beginning of year $ 1,464,482 $ 1,414,305 $ 1,400,988 Depreciation expense 151,569 147,447 143,278 Rental property held for sale (31,792) - - Properties sold (204,837) (7,517) (96,383) Impairment charge - (57,929) - Retirements/disposals (47,349) (31,824) (33,578) Balance at end of year $ 1,332,073 $ 1,464,482 $ 1,414,305 |
Mack-Cali Realty LP [Member] | |
Real Estate Investments And Accumulated Depreciation | MACK-CALI REALTY CORPORATION, MACK-CALI REALTY, L.P. AND SUBSIDIARIES REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION December 31, 2016 (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 (d) Depreciation (b) NEW JERSEY Bergen County Fort Lee One Bridge Plaza Office 1981 1996 - 2,439 24,462 7,283 2,439 31,745 34,184 15,881 2115 Linwood Avenue Office 1981 1998 - 474 4,419 7,503 474 11,922 12,396 4,518 Montvale 135 Chestnut Ridge Road Office 1981 1997 - 2,587 10,350 (4,659) 1,437 6,841 8,278 4,536 Paramus 15 East Midland Avenue Office 1988 1997 - 10,375 41,497 2,508 10,374 44,006 54,380 21,052 140 East Ridgewood Avenue Office 1981 1997 - 7,932 31,463 8,171 7,932 39,634 47,566 19,260 461 From Road Office 1988 1997 - 13,194 52,778 11,533 13,194 64,311 77,505 26,938 650 From Road Office 1978 1997 - 10,487 41,949 8,209 10,487 50,158 60,645 24,199 61 South Paramus Road (c) Office 1985 1997 - 9,005 36,018 10,595 9,005 46,613 55,618 21,611 Rochelle Park 365 West Passaic Street Office 1976 1997 - 4,148 16,592 5,043 4,148 21,635 25,783 10,029 395 West Passaic Street Office 1979 2006 - 2,550 17,131 1,315 2,550 18,446 20,996 4,967 Upper Saddle River 1 Lake Street Office 1994 1997 - 13,952 55,812 (36,310) 6,268 27,186 33,454 21,472 Woodcliff Lake 400 Chestnut Ridge Road Office 1982 1997 - 4,201 16,802 (9,243) 2,312 9,448 11,760 4,210 50 Tice Boulevard Office 1984 1994 - 4,500 - 27,735 4,500 27,735 32,235 20,159 300 Tice Boulevard Office 1991 1996 - 5,424 29,688 6,641 5,424 36,329 41,753 17,560 Burlington County Burlington 3 Terri Lane Office/Flex 1991 1998 - 652 3,433 1,517 658 4,944 5,602 2,281 5 Terri Lane Office/Flex 1992 1998 - 564 3,792 2,417 569 6,204 6,773 3,104 Moorestown 2 Commerce Drive Office/Flex 1986 1999 - 723 2,893 615 723 3,508 4,231 1,571 101 Commerce Drive Office/Flex 1988 1998 - 422 3,528 436 426 3,960 4,386 2,003 102 Commerce Drive Office/Flex 1987 1999 - 389 1,554 543 389 2,097 2,486 820 201 Commerce Drive Office/Flex 1986 1998 - 254 1,694 421 258 2,111 2,369 996 202 Commerce Drive Office/Flex 1988 1999 - 490 1,963 462 490 2,425 2,915 989 1 Executive Drive Office/Flex 1989 1998 - 226 1,453 772 228 2,223 2,451 1,090 2 Executive Drive Office/Flex 1988 2000 - 801 3,206 1,157 801 4,363 5,164 1,742 101 Executive Drive Office/Flex 1990 1998 - 241 2,262 622 244 2,881 3,125 1,340 102 Executive Drive Office/Flex 1990 1998 - 353 3,607 420 357 4,023 4,380 1,923 225 Executive Drive Office/Flex 1990 1998 - 323 2,477 557 326 3,031 3,357 1,378 97 Foster Road Office/Flex 1982 1998 - 208 1,382 266 211 1,645 1,856 815 1507 Lancer Drive Office/Flex 1995 1998 - 119 1,106 209 120 1,314 1,434 664 1245 North Church Street Office/Flex 1998 2001 - 691 2,810 110 691 2,920 3,611 1,160 1247 North Church Street Office/Flex 1998 2001 - 805 3,269 361 805 3,630 4,435 1,439 1256 North Church Street Office/Flex 1984 1998 - 354 3,098 658 357 3,753 4,110 1,815 840 North Lenola Road Office/Flex 1995 1998 - 329 2,366 422 333 2,784 3,117 1,228 844 North Lenola Road Office/Flex 1995 1998 - 239 1,714 231 241 1,943 2,184 959 915 North Lenola Road Office/Flex 1998 2000 - 508 2,034 29 508 2,063 2,571 851 2 Twosome Drive Office/Flex 2000 2001 - 701 2,807 276 701 3,083 3,784 1,229 30 Twosome Drive Office/Flex 1997 1998 - 234 1,954 510 236 2,462 2,698 1,349 31 Twosome Drive Office/Flex 1998 2001 - 815 3,276 258 815 3,534 4,349 1,433 40 Twosome Drive Office/Flex 1996 1998 - 297 2,393 160 301 2,549 2,850 1,260 41 Twosome Drive Office/Flex 1998 2001 - 605 2,459 214 605 2,673 3,278 1,114 50 Twosome Drive Office/Flex 1997 1998 - 301 2,330 441 304 2,768 3,072 1,180 Essex County Millburn 150 J.F. Kennedy Parkway Office 1980 1997 - 12,606 50,425 13,879 12,606 64,304 76,910 28,231 Roseland 6 Becker Farm Road Office 1983 2009 - 2,600 15,548 (7,057) 1,556 9,535 11,091 4,877 75 Livingston Avenue Office 1985 2009 - 1,900 6,312 (1,890) 1,281 5,041 6,322 1,098 85 Livingston Avenue Office 1985 2009 - 2,500 14,238 (8,799) 1,234 6,705 7,939 3,189 Hudson County Hoboken 111 River Street Office 2002 2016 - 204 198,609 10,671 - 209,484 209,484 2,766 MACK-CALI REALTY CORPORATION MACK-CALI REALTY CORPORATION, MACK-CALI REALTY, L.P. AND SUBSIDIARIES REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION December 31, 2016 (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 (d) Depreciation (b) Jersey City Harborside Plaza 1 Office 1983 1996 - 3,923 51,013 28,059 3,923 79,072 82,995 42,198 Harborside Plaza 2 Office 1990 1996 - 17,655 101,546 27,549 8,364 138,386 146,750 60,054 Harborside Plaza 3 Office 1990 1996 - 17,655 101,878 27,216 8,363 138,386 146,749 60,054 Harborside Plaza 4A Office 2000 2000 - 1,244 56,144 8,297 1,244 64,441 65,685 26,763 Harborside Plaza 5 Office 2002 2002 213,470 6,218 170,682 61,152 5,705 232,347 238,052 91,896 101 Hudson Street Office 1992 2005 248,062 45,530 271,376 17,279 45,530 288,655 334,185 84,447 Weehawken 100 Avenue at Port Imperial Other 2016 2016 - 350 - 4,185 471 4,064 4,535 60 500 Avenue at Port Imperial Other 2013 2013 36,228 13,099 56,669 (20,587) 13,099 36,082 49,181 3,066 Mercer County Hamilton Township 3 AAA Drive Office 1981 2007 - 242 3,218 1,106 242 4,324 4,566 1,223 100 Horizon Center Boulevard Office/Flex 1989 1995 - 205 1,676 732 327 2,286 2,613 1,124 200 Horizon Drive Office/Flex 1991 1995 - 205 3,027 704 359 3,577 3,936 1,921 300 Horizon Drive Office/Flex 1989 1995 - 379 4,355 1,991 533 6,192 6,725 2,891 500 Horizon Drive Office/Flex 1990 1995 - 379 3,395 1,062 498 4,338 4,836 2,303 600 Horizon Drive Office/Flex 2002 2002 - - 7,549 1,014 685 7,878 8,563 2,845 700 Horizon Drive Office 2007 2007 - 490 43 16,663 865 16,331 17,196 4,537 2 South Gold Drive Office 1974 2007 - 476 3,487 853 476 4,340 4,816 1,121 Princeton 103 Carnegie Center Office 1984 1996 - 2,566 7,868 3,250 2,566 11,118 13,684 5,798 100 Overlook Center Office 1988 1997 - 2,378 21,754 3,665 2,378 25,419 27,797 12,017 5 Vaughn Drive Office 1987 1995 - 657 9,800 1,906 657 11,706 12,363 6,113 Middlesex County East Brunswick 377 Summerhill Road Office 1977 1997 - 649 2,594 324 649 2,918 3,567 1,431 Edison 333 Thornall Street Office 1984 2015 - 5,542 40,762 1,411 5,542 42,173 47,715 1,776 343 Thornall Street Office 1991 2006 - 6,027 39,101 6,658 6,027 45,759 51,786 13,332 Iselin 101 Wood Avenue South Office 1990 2016 - 8,509 72,738 442 7,384 74,305 81,689 1,605 Newark 320 University Avenue Office 2001 2016 - 1,468 6,253 24 1,468 6,277 7,745 117 321 University Avenue Office 2003 2016 - 5,837 9,442 32 2,217 13,094 15,311 448 New Brunswick Richmond Court Multi-Family 1997 2013 - 2,992 13,534 2,103 2,992 15,637 18,629 1,038 Riverwatch Commons Multi-Family 1995 2013 - 4,169 18,974 2,354 4,169 21,328 25,497 1,440 Plainsboro 500 College Road East (c) Office 1984 1998 614 20,626 4,982 614 25,608 26,222 12,194 Woodbridge 581 Main Street Office 1991 1997 - 3,237 12,949 26,538 8,115 34,609 42,724 18,120 Monmouth County Holmdel 23 Main Street Office 1977 2005 27,809 4,336 19,544 11,894 4,336 31,438 35,774 14,037 Middletown One River Center, Building 1 Office 1983 2004 10,538 3,070 17,414 4,279 2,451 22,312 24,763 8,292 One River Center, Building 2 Office 1983 2004 11,822 2,468 15,043 3,989 2,452 19,048 21,500 6,252 One River Center, Building 3 Office 1984 2004 18,786 4,051 24,790 5,671 4,627 29,885 34,512 9,652 Neptune 3600 Route 66 Office 1989 1995 - 1,098 18,146 11,471 1,098 29,617 30,715 12,818 Wall Township 1305 Campus Parkway Office 1988 1995 - 335 2,560 591 291 3,195 3,486 1,602 1325 Campus Parkway Office/Flex 1988 1995 - 270 2,928 774 270 3,702 3,972 2,078 1340 Campus Parkway Office/Flex 1992 1995 - 489 4,621 2,528 489 7,149 7,638 3,688 1345 Campus Parkway Office/Flex 1995 1997 - 1,023 5,703 1,208 1,024 6,910 7,934 3,440 1350 Campus Parkway Office 1990 1995 - 454 7,134 1,211 454 8,345 8,799 4,251 1433 Highway 34 Office/Flex 1985 1995 - 889 4,321 1,813 889 6,134 7,023 3,250 MACK-CALI REALTY CORPORATION, MACK-CALI REALTY, L.P. AND SUBSIDIARIES REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION December 31, 2016 (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 (d) Depreciation (b) 1320 Wyckoff Avenue Office/Flex 1986 1995 - 255 1,285 315 216 1,639 1,855 955 1324 Wyckoff Avenue Office/Flex 1987 1995 - 230 1,439 345 190 1,824 2,014 931 Morris County Florham Park 325 Columbia Parkway Office 1987 1994 - 1,564 - 18,070 1,564 18,070 19,634 11,783 Morris Plains 201 Littleton Road Office 1979 1997 - 2,407 9,627 3,332 2,407 12,959 15,366 6,134 Parsippany 4 Campus Drive Office 1983 2001 - 5,213 20,984 4,072 5,213 25,056 30,269 9,767 6 Campus Drive Office 1983 2001 - 4,411 17,796 3,458 4,411 21,254 25,665 8,532 7 Campus Drive Office 1982 1998 - 1,932 27,788 7,464 1,932 35,252 37,184 16,937 8 Campus Drive Office 1987 1998 - 1,865 35,456 6,182 1,865 41,638 43,503 18,624 9 Campus Drive Office 1983 2001 - 3,277 11,796 22,610 5,842 31,841 37,683 11,223 2 Dryden Way Office 1990 1998 - 778 420 110 778 530 1,308 283 4 Gatehall Drive Office 1988 2000 - 8,452 33,929 4,315 8,452 38,244 46,696 16,518 2 Hilton Court Office 1991 1998 - 1,971 32,007 4,474 1,971 36,481 38,452 17,756 1633 Littleton Road Office 1978 2002 - 2,283 9,550 507 2,355 9,985 12,340 9,641 1 Sylvan Way Office 1989 1998 - 1,689 24,699 2,593 1,021 27,960 28,981 14,312 3 Sylvan Way Office 1988 2015 - 5,590 4,710 238 5,590 4,948 10,538 118 5 Sylvan Way Office 1989 1998 - 1,160 25,214 3,244 1,161 28,457 29,618 13,007 7 Sylvan Way Office 1987 1998 - 2,084 26,083 6,800 2,084 32,883 34,967 12,607 20 Waterview Boulevard Office 1988 2009 - 4,500 27,246 (4,354) 3,816 23,576 27,392 5,472 35 Waterview Boulevard Office 1990 2006 - 5,133 28,059 1,145 5,133 29,204 34,337 9,026 5 Wood Hollow Road Office 1979 2004 - 5,302 26,488 20,070 5,302 46,558 51,860 17,314 Passaic County Totowa 1 Center Court Office/Flex 1999 1999 - 270 1,824 594 270 2,418 2,688 1,082 2 Center Court Office/Flex 1998 1998 - 191 - 2,670 191 2,670 2,861 1,363 11 Commerce Way Office/Flex 1989 1995 - 586 2,986 1,000 586 3,986 4,572 2,250 20 Commerce Way Office/Flex 1992 1995 - 516 3,108 155 516 3,263 3,779 1,686 29 Commerce Way Office/Flex 1990 1995 - 586 3,092 961 586 4,053 4,639 1,978 40 Commerce Way Office/Flex 1987 1995 - 516 3,260 1,427 516 4,687 5,203 2,420 45 Commerce Way Office/Flex 1992 1995 - 536 3,379 584 536 3,963 4,499 1,981 60 Commerce Way Office/Flex 1988 1995 - 526 3,257 381 526 3,638 4,164 1,785 80 Commerce Way Office/Flex 1996 1996 - 227 - 1,370 227 1,370 1,597 700 100 Commerce Way Office/Flex 1996 1996 - 226 - 1,369 226 1,369 1,595 700 120 Commerce Way Office/Flex 1994 1995 - 228 - 1,286 229 1,285 1,514 703 140 Commerce Way Office/Flex 1994 1995 - 229 - 1,284 228 1,285 1,513 703 999 Riverview Drive Office 1988 1995 - 476 6,024 2,139 1,102 7,537 8,639 3,952 Somerset County Bridgewater 440 Route 22 East Office 1990 2010 - 3,986 13,658 (17,644) - - - - 721 Route 202/206 Office 1989 1997 - 6,730 26,919 (4,831) 5,067 23,751 28,818 11,944 Union County New Providence 890 Mountain Road Office 1977 1997 - 2,796 11,185 (4,842) 1,719 7,420 9,139 3,196 Rahway Park Square Multi-Family 2011 2013 27,426 4,000 40,670 309 4,000 40,979 44,979 3,165 NEW YORK Westchester County Eastchester Quarry Place at Tuckahoe Multi-Family 2016 2016 26,642 5,585 3,400 47,710 5,585 51,110 56,695 30 Elmsford 11 Clearbrook Road Office/Flex 1974 1997 - 149 2,159 578 149 2,737 2,886 1,344 75 Clearbrook Road Office/Flex 1990 1997 - 2,314 4,716 57 2,314 4,773 7,087 2,380 100 Clearbrook Road Office 1975 1997 - 220 5,366 1,793 220 7,159 7,379 3,551 125 Clearbrook Road Office/Flex 2002 2002 - 1,055 3,676 (339) 1,055 3,337 4,392 1,301 150 Clearbrook Road Office/Flex 1975 1997 - 497 7,030 2,129 497 9,159 9,656 4,296 175 Clearbrook Road Office/Flex 1973 1997 - 655 7,473 961 655 8,434 9,089 4,155 200 Clearbrook Road Office/Flex 1974 1997 - 579 6,620 1,729 579 8,349 8,928 3,862 250 Clearbrook Road Office/Flex 1973 1997 - 867 8,647 2,466 867 11,113 11,980 5,130 MACK-CALI REALTY CORPORATION, MACK-CALI REALTY, L.P. AND SUBSIDIARIES REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION December 31, 2016 (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 (d) Depreciation (b) 50 Executive Boulevard Office/Flex 1969 1997 - 237 2,617 540 237 3,157 3,394 1,510 77 Executive Boulevard Office/Flex 1977 1997 - 34 1,104 177 34 1,281 1,315 651 85 Executive Boulevard Office/Flex 1968 1997 - 155 2,507 538 155 3,045 3,200 1,406 101 Executive Boulevard Office 1971 1997 - 267 5,838 (5,542) 101 462 563 3 300 Executive Boulevard Office/Flex 1970 1997 - 460 3,609 306 460 3,915 4,375 1,922 350 Executive Boulevard Office/Flex 1970 1997 - 100 1,793 175 100 1,968 2,068 1,013 399 Executive Boulevard Office/Flex 1962 1997 - 531 7,191 163 531 7,354 7,885 3,693 400 Executive Boulevard Office/Flex 1970 1997 - 2,202 1,846 1,073 2,202 2,919 5,121 1,555 500 Executive Boulevard Office/Flex 1970 1997 - 258 4,183 434 258 4,617 4,875 2,418 525 Executive Boulevard Office/Flex 1972 1997 - 345 5,499 844 345 6,343 6,688 3,272 700 Executive Boulevard Land Lease N/A 1997 - 970 - - 970 - 970 - 1 Warehouse Lane (c) Industrial/Warehouse 1957 1997 - 3 268 233 3 501 504 253 2 Warehouse Lane (c) Industrial/Warehouse 1957 1997 - 4 672 245 4 917 921 410 3 Warehouse Lane (c) Industrial/Warehouse 1957 1997 - 21 1,948 363 21 2,311 2,332 1,247 4 Warehouse Lane (c) Industrial/Warehouse 1957 1997 - 84 13,393 3,665 85 17,057 17,142 7,832 5 Warehouse Lane (c) Industrial/Warehouse 1957 1997 - 19 4,804 943 19 5,747 5,766 2,930 6 Warehouse Lane (c) Industrial/Warehouse 1982 1997 - 10 4,419 2,381 10 6,800 6,810 3,006 1 Westchester Plaza Office/Flex 1967 1997 - 199 2,023 472 199 2,495 2,694 1,416 2 Westchester Plaza Office/Flex 1968 1997 - 234 2,726 905 234 3,631 3,865 1,653 3 Westchester Plaza Office/Flex 1969 1997 - 655 7,936 1,764 655 9,700 10,355 4,719 4 Westchester Plaza Office/Flex 1969 1997 - 320 3,729 1,191 320 4,920 5,240 2,606 5 Westchester Plaza Office/Flex 1969 1997 - 118 1,949 304 118 2,253 2,371 1,161 6 Westchester Plaza Office/Flex 1968 1997 - 164 1,998 148 164 2,146 2,310 1,052 7 Westchester Plaza Office/Flex 1972 1997 - 286 4,321 1,116 286 5,437 5,723 2,369 8 Westchester Plaza Office/Flex 1971 1997 - 447 5,262 2,122 447 7,384 7,831 3,420 Hawthorne 200 Saw Mill River Road Office/Flex 1965 1997 - 353 3,353 533 353 3,886 4,239 1,945 1 Skyline Drive Office 1980 1997 - 66 1,711 210 66 1,921 1,987 996 2 Skyline Drive Office 1987 1997 - 109 3,128 1,474 109 4,602 4,711 2,483 4 Skyline Drive Office/Flex 1987 1997 - 363 7,513 2,980 363 10,493 10,856 5,767 5 Skyline Drive Office/Flex 1980 2001 - 2,219 8,916 1,754 2,219 10,670 12,889 5,095 6 Skyline Drive Office/Flex 1980 2001 - 740 2,971 1,502 740 4,473 5,213 2,600 7 Skyline Drive Office 1987 1998 - 330 13,013 2,850 330 15,863 16,193 7,258 8 Skyline Drive Office/Flex 1985 1997 - 212 4,410 777 212 5,187 5,399 2,720 10 Skyline Drive Office/Flex 1985 1997 - 134 2,799 750 134 3,549 3,683 2,042 11 Skyline Drive (c) Office/Flex 1989 1997 - - 4,788 763 - 5,551 5,551 2,575 12 Skyline Drive (c) Office/Flex 1999 1999 - 1,562 3,254 218 1,320 3,714 5,034 1,644 15 Skyline Drive (c) Office/Flex 1989 1997 - - 7,449 1,749 - 9,198 9,198 3,906 17 Skyline Drive (c) Office 1989 1997 - - 7,269 1,484 - 8,753 8,753 4,269 Tarrytown 230 White Plains Road Retail 1984 1997 - 124 1,845 288 124 2,133 2,257 982 White Plains 1 Barker Avenue Office 1975 1997 - 208 9,629 3,001 207 12,631 12,838 5,919 3 Barker Avenue Office 1983 1997 - 122 7,864 1,930 122 9,794 9,916 4,769 50 Main Street Office 1985 1997 - 564 48,105 15,530 564 63,635 64,199 30,051 11 Martine Avenue Office 1987 1997 - 2,587 35,123 9,594 2,587 44,717 47,304 17,133 1 Water Street Office 1979 1997 - 211 5,382 1,273 211 6,655 6,866 4,352 Yonkers 100 Corporate Boulevard Office/Flex 1987 1997 - 602 9,910 1,397 602 11,307 11,909 5,696 200 Corporate Boulevard South Office/Flex 1990 1997 - 502 7,575 2,296 502 9,871 10,373 4,799 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 3,719 1,105 15,622 16,727 7,269 2 Executive Boulevard Retail 1986 1997 - 89 2,439 107 89 2,546 2,635 1,253 3 Executive Boulevard Office 1987 1997 - 385 6,256 1,799 385 8,055 8,440 3,913 4 Executive Plaza Office/Flex 1986 1997 - 584 6,134 1,142 584 7,276 7,860 3,565 6 Executive Plaza Office/Flex 1987 1997 - 546 7,246 2,331 546 9,577 10,123 4,561 1 Odell Plaza Office/Flex 1980 1997 - 1,206 6,815 2,284 1,206 9,099 10,305 4,403 3 Odell Plaza Office 1984 2003 - 1,322 4,777 2,332 1,322 7,109 8,431 3,498 5 Odell Plaza Office/Flex 1983 1997 - 331 2,988 535 331 3,523 3,854 1,878 7 Odell Plaza Office/Flex 1984 1997 - 419 4,418 1,319 419 5,737 6,156 2,664 CONNECTICUT Fairfield County Stamford 419 West Avenue Office/Flex 1986 1997 - 4,538 9,246 1,452 4,538 10,698 15,236 5,773 MACK-CALI REALTY CORPORATION, MACK-CALI REALTY, L.P. AND SUBSIDIARIES REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION December 31, 2016 (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 (d) Depreciation (b) 500 West Avenue Office/Flex 1988 1997 - 415 1,679 646 415 2,325 2,740 975 550 West Avenue Office/Flex 1990 1997 - 1,975 3,856 133 1,975 3,989 5,964 1,960 600 West Avenue Office/Flex 1999 1999 - 2,305 2,863 754 2,305 3,617 5,922 1,519 650 West Avenue Office/Flex 1998 1998 - 1,328 - 3,547 1,328 3,547 4,875 1,764 MASSACHUSETTS Middlesex County Malden Chase at Overlook Ridge Multi-Family 2016 2016 71,992 11,072 87,793 9 11,072 87,802 98,874 2,188 Chase II at Overlook Ridge Multi-Family 2016 2016 34,366 10,755 10,846 43,181 10,755 54,027 64,782 39 Suffolk County East Boston Portside at Pier One Multi-Family 2016 2016 58,505 - 73,713 9 - 73,722 73,722 1,675 Revere Alterra at Overlook Ridge IA Multi-Family 2004 2013 - 9,042 50,671 1,322 9,042 51,993 61,035 5,188 Alterra at Overlook Ridge II Multi-Family 2008 2013 - 12,055 71,409 485 12,055 71,894 83,949 7,144 Projects Under Development and Developable Land 27,939 229,250 308,623 - 229,250 308,623 537,873 4,966 Furniture, Fixtures and Equipment - - - 21,230 - 21,230 21,230 7,186 TOTALS 813,585 697,773 3,457,953 649,141 661,335 4,143,532 4,804,867 1,332,073 (a) The aggregate cost for federal income tax purposes at December 31, 2016 was approximately $3.1 billion. (b) Depreciation of buildings and improvements are calculated over lives ranging from the life of the lease to 40 years. (c) This property is located on land leased by the Company. (d) Properties identified as held for sale at December 31, 2016 are excluded. MACK-CALI REALTY CORPORATION/MACK-CALI REALTY, L.P. AND SUBSIDIARIES NOTE TO SCHEDULE III Changes in rental properties and accumulated depreciation for the periods ended December 31, 2016 , 2015 and 2014 are as follows: (dollars in thousands) 2016 2015 2014 Rental Properties Balance at beginning of year $ 4,807,718 $ 4,958,179 $ 5,129,933 Additions 819,535 219,227 193,005 Rental property held for sale (79,200) - - Properties sold (695,837) (82,015) (331,181) Impairment charge - (255,849) - Retirements/disposals (47,349) (31,824) (33,578) Balance at end of year $ 4,804,867 $ 4,807,718 $ 4,958,179 Accumulated Depreciation Balance at beginning of year $ 1,464,482 $ 1,414,305 $ 1,400,988 Depreciation expense 151,569 147,447 143,278 Rental property held for sale (31,792) - - Properties sold (204,837) (7,517) (96,383) Impairment charge - (57,929) - Retirements/disposals (47,349) (31,824) (33,578) Balance at end of year $ 1,332,073 $ 1,464,482 $ 1,414,305 |
Significant Accounting Polici27
Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2016 | |
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 $ 2.6 million, $ 4.2 million and $3.1 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Included in total rental property (primarily in buildings and improvements) is construction, tenant improvement and development in-progress of $ 361.1 million and $ 88.7 million as of December 31, 2016 and 2015 , 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 differ from 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, current and historical operating and/or cash flow losses, near-term mortgage debt maturities and/ or other factors , including those that might impact the Company’s intent and ability to hold the property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the property 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. The Company generally considers assets to be held for sale when the transaction has received appropriate corporate authority, and there are no significant contingencies relating to the sale. If, in management’s opinion, the estimated net sales price , net of selling costs, of the assets which have been identified as held for sale is less than the carrying 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. If the venture subsequently makes distributions and the Company does not have an implied or actual commitment to support the operations of the venture, including a general partner interest in the investee, the Company will not record a basis less than zero, rather such amounts will be recorded as equity in earnings of unconsolidated joint ventures. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying value of the investment over the value of the investment. The Company’s estimates of value for each investment (particularly in real estate joint ventures) are based on a number of assumptions 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 an original maturity of three months or less when purchased are considered to be cash equivalents. |
Deferred Financing Costs | Deferred Financing Costs Costs incurred in obtaining financing are capitalized and amortized over the term of the related indebtedness. Deferred financing costs are presented in the balance sheet as a direct deduction from the carrying value of the debt liability to which they relate, except deferred financing costs related to the revolving credit facility, which are presented in deferred charges, goodwill and other assets. In all cases, amortization of such costs is included in interest expense and was $ 4,582,000 , $ 3,790,000 and $ 3,274,000 for the years ended December 31, 2016 , 2015 and 2014 , respectively. If a financing obligation is extinguished early, any unamortized deferred financing costs are written off and included in gains (losses) from extinguishment of debt. Included in loss from extinguishment of debt, net of gains, of $30.5 million , zero and $582,000 for the years ended December 31, 2016 , 2015 and 2014 were unamortized deferred financing costs which were written off amounting to $745,000 , zero and $12,000 , 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, and included in deferred charges, goodwill and other assets, net was approximately $ 3,270,000 , $ 3,521,000 and $ 3,840,000 for the years ended December 31, 2016 , 2015 and 2014 , 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, 2016 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 13: Tenant Leases. Real estate services revenue includes property management, development, construction and leasing commission fees and other services, and payroll and related costs reimbursed from clients. Fee income derived from the Company’s unconsolidated joint ventures (which are capitalized by such ventures) are recognized to the extent attributable to the unaffiliated ownership interests. Parking income includes income from parking spaces leased to tenants and others. 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 General Partner has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”). As a REIT, the General Partner 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 General Partner satisfies certain organizational and operational requirements including the requirement to distribute at least 90 percent of its REIT taxable income (determined by excluding any net capital gains) to its shareholders. If and to the extent the General Partner retains and does not distribute any net capital gains, the General Partner will be required to pay federal, state and local taxes , as applicable, on such net capital gains at the rate applicable to capital gains of a corporation. The Operating Partnership is a partnership, and, as a result, all income and losses of the partnership are allocated to the partners for inclusion in their respective tax returns. Accordingly, no provision or benefit for income taxes has been made in the accompanying financial statements. As of December 31, 2016 , the estimated net basis of the rental property for federal income tax purposes was lower than the net assets as reported in the Operating Partnership’s financial statements by approximately $383,501,000 . The Operating Partnership’s taxable income for the year ended December 31, 2016 was estimated to be approximately $30,208,000 and for the years ended December 31, 2015 and 2014 was approximately $63,285,000 and $73,546,008 , respectively. The differences between book income and taxable income primarily result from differences in depreciation expenses, the recording of rental income, differences in the deductibility of certain expenses for tax purposes, differences in revenue recognition and the rules for tax purposes of a property exchange. The General Partner has elected to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (each a “TRS”). In general, a TRS of the General Partner may perform additional services for tenants of the General Partner and generally may engage in any real estate or non-real estate related business (except for the operation or management of health care facilities or lodging facilities or the providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal income tax. The General Partner has conducted business through its TRS entities for certain property management, development, construction and other related services, as well as to hold a joint venture interest in a hotel and other matters. As of December 31, 2016 , the Company had a deferred tax asset related to its TRS activity with a balance of approximately $ 16.0 million which has been fully reserved for through a valuation allowance. If the General Partner 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, 2016 , the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are generally from the year 2012 forward. |
Earnings Per Share Or Unit | Earnings Per Share or Unit The Company presents both basic and diluted earnings per share or unit (“EPS or EPU”). Basic EPS or EPU excludes dilution and is computed by dividing net income available to common shareholders or unitholders by the weighted average number of shares or units outstanding for the period. Diluted EPS or EPU reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS or EPU from continuing operations amount. Shares or Units whose issuance is contingent upon the satisfaction of certain conditions shall be considered outstanding and included in the computation of diluted EPS or EPU as follows (i) if all necessary conditions have been satisfied by the end of the period (the events have occurred), those shares or units shall be included as of the beginning of the period in which the conditions were satisfied (or as of the date of the grant, if later) or (ii) if all necessary conditions have not been satisfied by the end of the period, the number of contingently issuable shares or units included in diluted EPS or EPU shall be based on the number of shares or units, if any, that would be issuable if the end of the reporting period were the end of the contingency period (for example, the number of shares or units that would be issuable based on current period earnings or period-end market price) and if the result would be dilutive. Those contingently issuable shares or units shall be included in the denominator of diluted EPS or EPU as of the beginning of the period (or as of the date of the grant, if later). |
Dividends And Distributions Payable | Dividends and Distributions Payable The dividends and distributions payable at December 31, 2016 represents dividends payable to common shareholders ( 89,696,824 shares) and distributions payable to noncontrolling interest common unitholders of the Operating Partnership ( 10,488,105 common units and 657,373 LTIP units) for all such holders of record as of January 5, 2017 with respect to the fourth quarter 2016 . The fourth quarter 2016 common stock dividends and common unit distributions of $ 0.15 per common share and unit were approved by the Board of Directors on December 13, 2016 and paid on January 13, 2017 . 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 Company has determined that the $0.60 dividend per common share paid during the year ended December 31, 2016 represented 100 percent return of capital; 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 return of capital; and the $0.90 dividend per common share paid during the year ended December 31, 2014 represented approximately 77 percent ordinary income and approximately 23 return of capital. |
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”), long term incentives plan awards and stock options at the grant date be amortized ratably into expense over the appropriate vesting period. The Company recorded stock compensation expense of $ 5,646,000 , $ 2,219,000 and $ 8,139,000 for the years ended December 31, 2016 , 2015 and 2014 , 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) includes items that are recorded in equity, such as effective portions of derivatives designated as cash flow hedges or unrealized holding gains or losses on marketable securities available for sale. |
Fair Value Hierarchy | Fair Value Hierarchy The standard Fair Value Measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs). The following summarizes the fair value hierarchy: · Level 1: Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; · Level 2: Quoted prices for identical assets and liabilities in markets that are inactive, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly, such as interest rates and yield curves that are observable at commonly quoted intervals and · Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. |
Impact Of Recently-Issued Accounting Standards | Impact Of Recently-Issued Accounting Standards In 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. While lease contracts with customers, which constitute the majority of the Company’s revenues, are a specific scope exception of ASU 2014-09, certain of the Company’s revenue streams may be impacted by ASU 2014-09. The Company is currently in the process of evaluating the impact the adoption of ASU 2014-09 will have on the Company’s consolidated financial statement s. In February 2016, the FASB issued ASU 2016-02, modifying the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for in the same manner as operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The guidance is expected to impact the consolidated financial statements as the Company has certain operating and land lease arrangements for which it is the lessee. The guidance supersedes previously issued guidance under ASC Topic 840 “Leases.” The guidance is effective on January 1, 2019, with early adoption permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2016-02 will have on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, which eliminates a requirement for the retroactive adjustment on a step by step basis of the investment, results of operations, and retained earnings as if the equity method had been effective during all previous periods that the investment had been held when an investment qualifies for equity method accounting due to an increase in the level of ownership or degree of influence. The cost of acquiring the additional interest in the investee is to be added to the current basis of the investor’s previously held interest and the equity method of accounting should be adopted as of the date the investment becomes qualified for equity method accounting. This guidance is to be applied on a prospective basis and is effective for interim and annual periods beginning after December 15, 2016. Since the Company uses the equity method of accounting for its investments in joint ventures, the adoption of ASU 2016-07 is not expected to materially impact t he Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. The new guidance allows for entities to make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. In addition, the guidance allows employers to withhold shares to satisfy minimum statutory tax withholding requirements up to the employees’ maximum individual tax rate without causing the award to be classified as a liability. The guidance also stipulates that cash paid by an employer to a taxing authority when directly withholding shares for tax-withholding purposes should be classified as a financing activity on the statement of cash flows. This guidance is effective for annual reporting periods beginning after December 15, 2016, and interim periods within that reporting period . Since the Company already has an entity-wide policy of accounting for forfeitures when they occur, the adoption of ASU 2016-09 is not expected to materially impact the Company’s consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 addresses eight specific cash flow issues and intends to reduce the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This guidance is effective for annual periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2016-15 will have on the Company’s consolidated statement of cash flows. |
Mack-Cali Realty LP [Member] | |
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 $ 2.6 million, $ 4.2 million and $3.1 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Included in total rental property (primarily in buildings and improvements) is construction, tenant improvement and development in-progress of $ 361.1 million and $ 88.7 million as of December 31, 2016 and 2015 , 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 differ from 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, current and historical operating and/or cash flow losses, near-term mortgage debt maturities and/ or other factors , including those that might impact the Company’s intent and ability to hold the property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the property 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. The Company generally considers assets to be held for sale when the transaction has received appropriate corporate authority, and there are no significant contingencies relating to the sale. If, in management’s opinion, the estimated net sales price , net of selling costs, of the assets which have been identified as held for sale is less than the carrying 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. If the venture subsequently makes distributions and the Company does not have an implied or actual commitment to support the operations of the venture, including a general partner interest in the investee, the Company will not record a basis less than zero, rather such amounts will be recorded as equity in earnings of unconsolidated joint ventures. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying value of the investment over the value of the investment. The Company’s estimates of value for each investment (particularly in real estate joint ventures) are based on a number of assumptions 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 an original maturity of three months or less when purchased are considered to be cash equivalents. |
Deferred Financing Costs | Deferred Financing Costs Costs incurred in obtaining financing are capitalized and amortized over the term of the related indebtedness. Deferred financing costs are presented in the balance sheet as a direct deduction from the carrying value of the debt liability to which they relate, except deferred financing costs related to the revolving credit facility, which are presented in deferred charges, goodwill and other assets. In all cases, amortization of such costs is included in interest expense and was $ 4,582,000 , $ 3,790,000 and $ 3,274,000 for the years ended December 31, 2016 , 2015 and 2014 , respectively. If a financing obligation is extinguished early, any unamortized deferred financing costs are written off and included in gains (losses) from extinguishment of debt. Included in loss from extinguishment of debt, net of gains, of $30.5 million , zero and $582,000 for the years ended December 31, 2016 , 2015 and 2014 were unamortized deferred financing costs which were written off amounting to $745,000 , zero and $12,000 , 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, and included in deferred charges, goodwill and other assets, net was approximately $ 3,270,000 , $ 3,521,000 and $ 3,840,000 for the years ended December 31, 2016 , 2015 and 2014 , 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, 2016 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 13: Tenant Leases. Real estate services revenue includes property management, development, construction and leasing commission fees and other services, and payroll and related costs reimbursed from clients. Fee income derived from the Company’s unconsolidated joint ventures (which are capitalized by such ventures) are recognized to the extent attributable to the unaffiliated ownership interests. Parking income includes income from parking spaces leased to tenants and others. 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 General Partner has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”). As a REIT, the General Partner 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 General Partner satisfies certain organizational and operational requirements including the requirement to distribute at least 90 percent of its REIT taxable income (determined by excluding any net capital gains) to its shareholders. If and to the extent the General Partner retains and does not distribute any net capital gains, the General Partner will be required to pay federal, state and local taxes , as applicable, on such net capital gains at the rate applicable to capital gains of a corporation. The Operating Partnership is a partnership, and, as a result, all income and losses of the partnership are allocated to the partners for inclusion in their respective tax returns. Accordingly, no provision or benefit for income taxes has been made in the accompanying financial statements. As of December 31, 2016 , the estimated net basis of the rental property for federal income tax purposes was lower than the net assets as reported in the Operating Partnership’s financial statements by approximately $383,501,000 . The Operating Partnership’s taxable income for the year ended December 31, 2016 was estimated to be approximately $30,208,000 and for the years ended December 31, 2015 and 2014 was approximately $63,285,000 and $73,546,008 , respectively. The differences between book income and taxable income primarily result from differences in depreciation expenses, the recording of rental income, differences in the deductibility of certain expenses for tax purposes, differences in revenue recognition and the rules for tax purposes of a property exchange. The General Partner has elected to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (each a “TRS”). In general, a TRS of the General Partner may perform additional services for tenants of the General Partner and generally may engage in any real estate or non-real estate related business (except for the operation or management of health care facilities or lodging facilities or the providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal income tax. The General Partner has conducted business through its TRS entities for certain property management, development, construction and other related services, as well as to hold a joint venture interest in a hotel and other matters. As of December 31, 2016 , the Company had a deferred tax asset related to its TRS activity with a balance of approximately $ 16.0 million which has been fully reserved for through a valuation allowance. If the General Partner 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, 2016 , the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are generally from the year 2012 forward. |
Earnings Per Share Or Unit | Earnings Per Share or Unit The Company presents both basic and diluted earnings per share or unit (“EPS or EPU”). Basic EPS or EPU excludes dilution and is computed by dividing net income available to common shareholders or unitholders by the weighted average number of shares or units outstanding for the period. Diluted EPS or EPU reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS or EPU from continuing operations amount. Shares or Units whose issuance is contingent upon the satisfaction of certain conditions shall be considered outstanding and included in the computation of diluted EPS or EPU as follows (i) if all necessary conditions have been satisfied by the end of the period (the events have occurred), those shares or units shall be included as of the beginning of the period in which the conditions were satisfied (or as of the date of the grant, if later) or (ii) if all necessary conditions have not been satisfied by the end of the period, the number of contingently issuable shares or units included in diluted EPS or EPU shall be based on the number of shares or units, if any, that would be issuable if the end of the reporting period were the end of the contingency period (for example, the number of shares or units that would be issuable based on current period earnings or period-end market price) and if the result would be dilutive. Those contingently issuable shares or units shall be included in the denominator of diluted EPS or EPU as of the beginning of the period (or as of the date of the grant, if later). |
Dividends And Distributions Payable | Dividends and Distributions Payable The dividends and distributions payable at December 31, 2016 represents dividends payable to common shareholders ( 89,696,824 shares) and distributions payable to noncontrolling interest common unitholders of the Operating Partnership ( 10,488,105 common units and 657,373 LTIP units) for all such holders of record as of January 5, 2017 with respect to the fourth quarter 2016 . The fourth quarter 2016 common stock dividends and common unit distributions of $ 0.15 per common share and unit were approved by the Board of Directors on December 13, 2016 and paid on January 13, 2017 . 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 Company has determined that the $0.60 dividend per common share paid during the year ended December 31, 2016 represented 100 percent return of capital; 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 return of capital; and the $0.90 dividend per common share paid during the year ended December 31, 2014 represented approximately 77 percent ordinary income and approximately 23 return of capital. |
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”), long term incentives plan awards and stock options at the grant date be amortized ratably into expense over the appropriate vesting period. The Company recorded stock compensation expense of $ 5,646,000 , $ 2,219,000 and $ 8,139,000 for the years ended December 31, 2016 , 2015 and 2014 , 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) includes items that are recorded in equity, such as effective portions of derivatives designated as cash flow hedges or unrealized holding gains or losses on marketable securities available for sale. |
Fair Value Hierarchy | Fair Value Hierarchy The standard Fair Value Measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs). The following summarizes the fair value hierarchy: · Level 1: Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; · Level 2: Quoted prices for identical assets and liabilities in markets that are inactive, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly, such as interest rates and yield curves that are observable at commonly quoted intervals and · Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. |
Impact Of Recently-Issued Accounting Standards | Impact Of Recently-Issued Accounting Standards In 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. While lease contracts with customers, which constitute the majority of the Company’s revenues, are a specific scope exception of ASU 2014-09, certain of the Company’s revenue streams may be impacted by ASU 2014-09. The Company is currently in the process of evaluating the impact the adoption of ASU 2014-09 will have on the Company’s consolidated financial statement s. In February 2016, the FASB issued ASU 2016-02, modifying the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for in the same manner as operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The guidance is expected to impact the consolidated financial statements as the Company has certain operating and land lease arrangements for which it is the lessee. The guidance supersedes previously issued guidance under ASC Topic 840 “Leases.” The guidance is effective on January 1, 2019, with early adoption permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2016-02 will have on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, which eliminates a requirement for the retroactive adjustment on a step by step basis of the investment, results of operations, and retained earnings as if the equity method had been effective during all previous periods that the investment had been held when an investment qualifies for equity method accounting due to an increase in the level of ownership or degree of influence. The cost of acquiring the additional interest in the investee is to be added to the current basis of the investor’s previously held interest and the equity method of accounting should be adopted as of the date the investment becomes qualified for equity method accounting. This guidance is to be applied on a prospective basis and is effective for interim and annual periods beginning after December 15, 2016. Since the Company uses the equity method of accounting for its investments in joint ventures, the adoption of ASU 2016-07 is not expected to materially impact t he Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. The new guidance allows for entities to make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. In addition, the guidance allows employers to withhold shares to satisfy minimum statutory tax withholding requirements up to the employees’ maximum individual tax rate without causing the award to be classified as a liability. The guidance also stipulates that cash paid by an employer to a taxing authority when directly withholding shares for tax-withholding purposes should be classified as a financing activity on the statement of cash flows. This guidance is effective for annual reporting periods beginning after December 15, 2016, and interim periods within that reporting period . Since the Company already has an entity-wide policy of accounting for forfeitures when they occur, the adoption of ASU 2016-09 is not expected to materially impact the Company’s consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 addresses eight specific cash flow issues and intends to reduce the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This guidance is effective for annual periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2016-15 will have on the Company’s consolidated statement of cash flows. |
Significant Accounting Polici28
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Estimated Useful Lives Of Assets | Leasehold interests Remaining lease term Buildings and improvements 5 to 40 years Tenant improvements The shorter of the term of the related lease or useful life Furniture, fixtures and equipment 5 to 10 years |
Mack-Cali Realty LP [Member] | |
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, 2016 | |
Real Estate Properties [Line Items] | |
Schedule Of Properties Acquired | Acquisition # of Rentable Acquisition Date Property Address Location Bldgs. Square Feet Cost 04/04/16 11 Martine Avenue (a) White Plains, New York 1 82,000 $ 10,750 04/07/16 320, 321 University Avenue (b) Newark, New Jersey 2 147,406 23,000 06/02/16 101 Wood Avenue South (c) Edison, New Jersey 1 262,841 82,300 07/01/16 111 River Street (c) Hoboken, New Jersey 1 566,215 210,761 Total Acquisitions 5 1,058,462 $ 326,811 (a) Acquisition represented four units of condominium interests which collectively comprise floors 2 through 5. Upon completion of the acquisition, the Company owns the entire 14-story 262,000 square-foot building. The acquisition was funded using available cash. (b) This acquisition was funded through borrowings under the Company’s unsecured revolving credit facility. (c) This acquisition was funded using available cash and through borrowings under the Company’s unsecured revolving credit facility. |
Schedule Of Purchase Price Allocation | The purchase prices were allocated to the net assets acquired, as follows (in thousands) : 320,321 11 Martine University 101 Wood 111 River Avenue Avenue Avenue Street Land and leasehold interest $ 2,460 $ 7,305 $ 8,509 $ 204 Buildings and improvements 8,290 15,695 72,738 198,609 Above market leases (a) - - 58 617 In-place lease values (a) - - 6,743 43,801 Other assets - - - 11,279 88,048 254,510 Less: Below market lease values (a) - - (5,748) (43,749) Net assets recorded upon acquisition $ 10,750 $ 23,000 $ 82,300 $ 210,761 (a) Above market, in-place and below market leases are being amortized over a weighted-average term of 8.1 years. 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. |
Schedule Of Properties Which Commenced Initial Operations | Total In-Service # of Development Date Property Location Type Apartment Units Costs 12/01/16 Quarry Place at Tuckahoe Eastchester, NY Multi-Family 108 $ 56,961 (a) 12/01/16 The Chase II at Overlook Ridge Malden, MA Multi-Family 292 65,218 (b) Totals 400 $ 122,179 (a) Development costs as of December 31, 2016 included approximately $5.6 million in land costs. (b) Development costs as of December 31, 2016 included approximately $10.8 million in land costs. As of December 31, 2016, the Company anticipates additional costs of approximately $9.7 million, which will be funded from a construction loan. |
Schedule Of Net Assets Recorded Upon Consolidation | Overlook Portside Ridge Apts Land and leasehold interest $ 11,072 $ - Buildings and improvements 87,793 73,713 Furniture, fixtures and equipment 1,695 1,038 Other assets 237 10,181 In-place lease values (a) 4,389 2,637 Less: Below market lease values (a) (489) (242) Sub Total 104,697 87,327 Less: Debt assumed (52,662) (42,500) Net assets recorded upon consolidation $ 52,035 $ 44,827 (a) In-place lease values and below-market lease values will be amortized over a weighted average term of 7.4 months. |
Schedule Of Dispositions/Rental Property Held For Sale | The Company disposed of the following office and multi-family properties during the year ended December 31, 2016 (dollars in thousands) : Realized Gains Net Net (losses)/ Disposition # of Sales Book Unrealized Date Property/Address Location Bldgs. Proceeds Value Losses, net 03/11/16 2 Independence Way (a) Princeton, New Jersey 1 $ 4,119 $ 4,283 $ (164) 03/24/16 1201 Connecticut Avenue, NW Washington, D.C. 1 90,591 31,827 58,764 04/26/16 125 Broad Street (b) New York, New York 1 192,323 200,183 (7,860) 05/09/16 9200 Edmonston Road Greenbelt, Maryland 1 4,083 (c) 3,837 246 05/18/16 1400 L Street Washington, D.C. 1 68,399 30,053 38,346 07/14/16 600 Parsippany Road Parsippany, New Jersey 1 10,465 (d) 5,875 4,590 07/14/16 4,5,6 Century Drive (e) Parsippany, New Jersey 3 14,533 17,308 (2,775) 08/11/16 Andover Place Andover, Massachusetts 1 39,863 37,150 2,713 09/26/16 222,233 Mount Airy Road (f) Basking Ridge, New Jersey 2 8,817 9,039 (222) 09/27/16 10 Mountainview Road Upper Saddle River, New Jersey 1 18,990 19,571 (581) 11/07/16 100 Willowbrook, 2,3,4 Paragon (g) Freehold, New Jersey 4 14,634 19,377 (4,743) 12/05/16 4 Becker Farm Road Roseland, New Jersey 1 41,400 (h) 31,001 10,399 12/09/16 101,103,105 Eisenhower Parkway Roseland, New Jersey 3 46,423 45,999 424 12/22/16 Capital Office Park, Ivy Lane (i) Greenbelt, Maryland 6 46,570 65,064 (18,494) 12/22/16 100 Walnut Avenue Clark, New Jersey 1 28,428 7,529 20,899 12/22/16 20 Commerce Drive Cranford, New Jersey 1 28,878 13,071 15,807 12/29/16 4200 Parliament Place (j) Lanham, Maryland 1 5,965 5,983 (18) Sub-total 30 664,481 547,150 117,331 Unrealized losses on rental property held for sale (7,665) Totals 30 $ 664,481 $ 547,150 $ 109,666 (a) The Company recorded an impairment charge of $3.2 million on this property during the year ended December 31, 2015. (b) The Company recorded impairment charges of $83.2 million on this property during the year ended December 31, 2015. (c) The Company transferred the deed for this property to the lender in satisfaction of its obligations. The Company recorded an impairment charge of $3.0 million on this property during the year ended December 31, 2012. (d) $10.5 million of the net sales proceeds from this sale were held by a qualified intermediary. The Company received these proceeds on January 11, 2017. (e) The Company recorded impairment charges of $9.8 million on these properties during the year ended December 31, 2015. (f) The Company recorded impairment charges of $1.0 million on these properties during the year ended December 31, 2015. (g) The Company recorded impairment charges of $7.4 million on these properties during the year ended December 31, 2015. (h) The Company transferred the deed for this property to the lender in satisfaction of its obligations. (i) The Company recorded impairment charges of $66.5 million on these properties during the year ended December 31, 2015. (j) The Company recorded an impairment charge of $4.2 million on this property during the year ended December 31, 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. |
Disposal Group, Not Discontinued Operations [Member] | |
Real Estate Properties [Line Items] | |
Summary Of Income (Loss) From Properties Disposed | Years Ended 2016 2015 2014 Total revenues $ 60,590 $ 9,137 $ 53,975 Operating and other expenses (36,428) (5,532) (24,311) Depreciation and amortization (22,712) (11,700) (9,955) Interest expense (10,845) (7,008) (10,369) Income (loss) from properties disposed of $ (9,395) $ (15,103) $ 9,340 Realized gains/unrealized Losses on dispositions 117,331 53,261 54,848 Total income (loss) from properties disposed of $ 107,936 $ 38,158 $ 64,188 |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |
Real Estate Properties [Line Items] | |
Summary Of Income From Property Held For Sale, Net | December 31, 2016 Land $ 10,934 Buildings and improvements 68,266 Less: Accumulated depreciation (31,792) Less: Unrealized losses on properties held for sale (7,665) Rental property held for sale,net $ 39,743 |
Mack-Cali Realty LP [Member] | |
Real Estate Properties [Line Items] | |
Schedule Of Properties Acquired | Acquisition # of Rentable Acquisition Date Property Address Location Bldgs. Square Feet Cost 04/04/16 11 Martine Avenue (a) White Plains, New York 1 82,000 $ 10,750 04/07/16 320, 321 University Avenue (b) Newark, New Jersey 2 147,406 23,000 06/02/16 101 Wood Avenue South (c) Edison, New Jersey 1 262,841 82,300 07/01/16 111 River Street (c) Hoboken, New Jersey 1 566,215 210,761 Total Acquisitions 5 1,058,462 $ 326,811 (a) Acquisition represented four units of condominium interests which collectively comprise floors 2 through 5. Upon completion of the acquisition, the Company owns the entire 14-story 262,000 square-foot building. The acquisition was funded using available cash. (b) This acquisition was funded through borrowings under the Company’s unsecured revolving credit facility. (c) This acquisition was funded using available cash and through borrowings under the Company’s unsecured revolving credit facility. |
Schedule Of Purchase Price Allocation | The purchase prices were allocated to the net assets acquired, as follows (in thousands) : 320,321 11 Martine University 101 Wood 111 River Avenue Avenue Avenue Street Land and leasehold interest $ 2,460 $ 7,305 $ 8,509 $ 204 Buildings and improvements 8,290 15,695 72,738 198,609 Above market leases (a) - - 58 617 In-place lease values (a) - - 6,743 43,801 Other assets - - - 11,279 88,048 254,510 Less: Below market lease values (a) - - (5,748) (43,749) Net assets recorded upon acquisition $ 10,750 $ 23,000 $ 82,300 $ 210,761 (a) Above market, in-place and below market leases are being amortized over a weighted-average term of 8.1 years. 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. |
Schedule Of Properties Which Commenced Initial Operations | Total In-Service # of Development Date Property Location Type Apartment Units Costs 12/01/16 Quarry Place at Tuckahoe Eastchester, NY Multi-Family 108 $ 56,961 (a) 12/01/16 The Chase II at Overlook Ridge Malden, MA Multi-Family 292 65,218 (b) Totals 400 $ 122,179 (a) Development costs as of December 31, 2016 included approximately $5.6 million in land costs. (b) Development costs as of December 31, 2016 included approximately $10.8 million in land costs. As of December 31, 2016, the Company anticipates additional costs of approximately $9.7 million, which will be funded from a construction loan. |
Schedule Of Net Assets Recorded Upon Consolidation | Overlook Portside Ridge Apts Land and leasehold interest $ 11,072 $ - Buildings and improvements 87,793 73,713 Furniture, fixtures and equipment 1,695 1,038 Other assets 237 10,181 In-place lease values (a) 4,389 2,637 Less: Below market lease values (a) (489) (242) Sub Total 104,697 87,327 Less: Debt assumed (52,662) (42,500) Net assets recorded upon consolidation $ 52,035 $ 44,827 (a) In-place lease values and below-market lease values will be amortized over a weighted average term of 7.4 months. |
Schedule Of Dispositions/Rental Property Held For Sale | The Company disposed of the following office and multi-family properties during the year ended December 31, 2016 (dollars in thousands) : Realized Gains Net Net (losses)/ Disposition # of Sales Book Unrealized Date Property/Address Location Bldgs. Proceeds Value Losses, net 03/11/16 2 Independence Way (a) Princeton, New Jersey 1 $ 4,119 $ 4,283 $ (164) 03/24/16 1201 Connecticut Avenue, NW Washington, D.C. 1 90,591 31,827 58,764 04/26/16 125 Broad Street (b) New York, New York 1 192,323 200,183 (7,860) 05/09/16 9200 Edmonston Road Greenbelt, Maryland 1 4,083 (c) 3,837 246 05/18/16 1400 L Street Washington, D.C. 1 68,399 30,053 38,346 07/14/16 600 Parsippany Road Parsippany, New Jersey 1 10,465 (d) 5,875 4,590 07/14/16 4,5,6 Century Drive (e) Parsippany, New Jersey 3 14,533 17,308 (2,775) 08/11/16 Andover Place Andover, Massachusetts 1 39,863 37,150 2,713 09/26/16 222,233 Mount Airy Road (f) Basking Ridge, New Jersey 2 8,817 9,039 (222) 09/27/16 10 Mountainview Road Upper Saddle River, New Jersey 1 18,990 19,571 (581) 11/07/16 100 Willowbrook, 2,3,4 Paragon (g) Freehold, New Jersey 4 14,634 19,377 (4,743) 12/05/16 4 Becker Farm Road Roseland, New Jersey 1 41,400 (h) 31,001 10,399 12/09/16 101,103,105 Eisenhower Parkway Roseland, New Jersey 3 46,423 45,999 424 12/22/16 Capital Office Park, Ivy Lane (i) Greenbelt, Maryland 6 46,570 65,064 (18,494) 12/22/16 100 Walnut Avenue Clark, New Jersey 1 28,428 7,529 20,899 12/22/16 20 Commerce Drive Cranford, New Jersey 1 28,878 13,071 15,807 12/29/16 4200 Parliament Place (j) Lanham, Maryland 1 5,965 5,983 (18) Sub-total 30 664,481 547,150 117,331 Unrealized losses on rental property held for sale (7,665) Totals 30 $ 664,481 $ 547,150 $ 109,666 (a) The Company recorded an impairment charge of $3.2 million on this property during the year ended December 31, 2015. (b) The Company recorded impairment charges of $83.2 million on this property during the year ended December 31, 2015. (c) The Company transferred the deed for this property to the lender in satisfaction of its obligations. The Company recorded an impairment charge of $3.0 million on this property during the year ended December 31, 2012. (d) $10.5 million of the net sales proceeds from this sale were held by a qualified intermediary. The Company received these proceeds on January 11, 2017. (e) The Company recorded impairment charges of $9.8 million on these properties during the year ended December 31, 2015. (f) The Company recorded impairment charges of $1.0 million on these properties during the year ended December 31, 2015. (g) The Company recorded impairment charges of $7.4 million on these properties during the year ended December 31, 2015. (h) The Company transferred the deed for this property to the lender in satisfaction of its obligations. (i) The Company recorded impairment charges of $66.5 million on these properties during the year ended December 31, 2015. (j) The Company recorded an impairment charge of $4.2 million on this property during the year ended December 31, 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. |
Mack-Cali Realty LP [Member] | Disposal Group, Not Discontinued Operations [Member] | |
Real Estate Properties [Line Items] | |
Summary Of Income (Loss) From Properties Disposed | Years Ended 2016 2015 2014 Total revenues $ 60,590 $ 9,137 $ 53,975 Operating and other expenses (36,428) (5,532) (24,311) Depreciation and amortization (22,712) (11,700) (9,955) Interest expense (10,845) (7,008) (10,369) Income (loss) from properties disposed of $ (9,395) $ (15,103) $ 9,340 Realized gains/unrealized Losses on dispositions 117,331 53,261 54,848 Total income (loss) from properties disposed of $ 107,936 $ 38,158 $ 64,188 |
Mack-Cali Realty LP [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |
Real Estate Properties [Line Items] | |
Summary Of Income From Property Held For Sale, Net | December 31, 2016 Land $ 10,934 Buildings and improvements 68,266 Less: Accumulated depreciation (31,792) Less: Unrealized losses on properties held for sale (7,665) Rental property held for sale,net $ 39,743 |
Investments In Unconsolidated30
Investments In Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Summary Of Unconsolidated Joint Ventures | Property Debt Number of Company's Carrying Value As of December 31, 2016 Apartment Units Effective December 31, December 31, Maturity Interest Entity / Property Name or Rentable Square Feet (sf) Ownership % (a) 2016 2015 Balance Date Rate Multi-family Marbella RoseGarden, L.L.C./ Marbella (b) 412 units 24.27 % $ 15,150 $ 15,569 $ 95,000 05/01/18 4.99 % RoseGarden Monaco Holdings, L.L.C./ Monaco (b) 523 units 15.00 % - 937 165,000 02/01/21 4.19 % Rosewood Morristown, L.L.C. / Metropolitan at 40 Park (b) (c) 130 units 12.50 % 7,145 5,723 43,958 (d) (d) Riverwalk G Urban Renewal, L.L.C./ RiverTrace at Port Imperial (e) 316 units 22.50 % (f) 9,707 - 82,000 11/10/26 3.21 % (f) Elmajo Urban Renewal Associates, LLC / Lincoln Harbor (Bldg A&C) (b) (v) 355 units 7.50 % - - 128,100 03/01/30 4.00 % Crystal House Apartments Investors LLC / Crystal House (g) 794 units 25.00 % 30,565 28,114 165,000 04/01/20 3.17 % Roseland/Port Imperial Partners, L.P./ Riverwalk C (b) (h) 363 units 20.00 % 1,678 1,678 - - - RoseGarden Marbella South, L.L.C./ Marbella II 311 units 24.27 % 18,050 16,728 72,544 03/30/17 L+2.25 % (i) Estuary Urban Renewal Unit B, LLC / Lincoln Harbor (Bldg B) (b) (v) 227 units 7.50 % - - 81,900 03/01/30 4.00 % Riverpark at Harrison I, L.L.C./ Riverpark at Harrison 141 units 45.00 % 2,085 2,544 30,000 08/01/25 3.70 % Capitol Place Mezz LLC / Station Townhouses 378 units 50.00 % 43,073 46,267 100,700 07/01/33 4.82 % Harborside Unit A Urban Renewal, L.L.C. / URL Harborside 763 units 85.00 % 100,188 96,799 155,186 08/01/29 5.197 % (j) RoseGarden Monaco, L.L.C./ San Remo Land 250 potential units 41.67 % 1,400 1,339 - - - Grand Jersey Waterfront URA, L.L.C./ Liberty Landing 850 potential units 50.00 % 337 337 - - - Hillsborough 206 Holdings, L.L.C./ Hillsborough 206 160,000 sf 50.00 % 1,962 1,962 - - - Plaza VIII & IX Associates, L.L.C./ Vacant land (parking operations) (u) 1,225,000 sf 50.00 % 4,448 4,055 - - - Office Red Bank Corporate Plaza, L.L.C./ Red Bank 92,878 sf 50.00 % 4,339 4,140 14,476 05/17/17 L+3.00 % 12 Vreeland Associates, L.L.C./ 12 Vreeland Road 139,750 sf 50.00 % 6,237 5,890 11,041 07/01/23 2.87 % BNES Associates III / Offices at Crystal Lake 106,345 sf 31.25 % 3,124 2,295 5,480 11/01/23 4.76 % KPG-P 100 IMW JV, LLC / 100 Independence Mall West 339,615 sf 33.33 % (t) - - 72,000 09/08/18 L+5.95 % (k) Keystone-Penn 1,842,820 sf (l) (t) - - 235,059 (m) (m) Keystone-TriState 1,266,384 sf (n) (t) 2,285 3,958 218,639 (o) (o) KPG-MCG Curtis JV, L.L.C./ Curtis Center (p) 885,000 sf 50.00 % 65,400 59,858 (q) (q) (q) Other Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial (b) 30,745 sf 20.00 % 1,706 1,758 - - - South Pier at Harborside / Hyatt Regency Jersey City on the Hudson 350 rooms 50.00 % 163 (r) 100,000 10/01/26 3.668 % Other (s) 1,005 3,506 - - - Totals: $ 320,047 $ 303,457 $ 1,776,083 (a) Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable. (b) The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the Company is not expected to meaningfully participate in the venture's cash flows in the near term. (c) Through the joint venture, the Company also owns a 12.5 percent interest in a 50,973 square feet retail building ("Shops at 40 Park") and a 25 percent interest in a to-be-built 59 -unit, five story multi-family rental development property ("Lofts at 40 Park"). (d) Property debt balance consists of: (i) an amortizable loan, collateralized by the Metropolitan at 40 Park, with a balance of $37,640 , 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 $6,318 , bears interest at 3.63 percent, matures in August 2018 . On February 3, 2017, the venture obtained a construction loan for the Lofts at 40 Park with a maximum borrowing amount of $13,950 , which bears interest at LIBOR plus 250 basis points and matures in February 2020 . (e) During the second quarter 2016, the Company acquired the equity interests of its joint venture partner in Portside Apartment Holdings, L.L.C and PruRose Riverwalk G, L.L.C. for $39.6 million and $11.3 million, respectively, which increased its ownership to 100 percent in Portside Apartment Holdings, LLC and 50 percent in Riverwalk G Urban Renewal, L.L.C. (See Note 3: Recent Transactions – Acquisitions). (f) The loan was refinanced in October 2016. The new $82 million loan matures in November 2026 and has an interest rate of 3.21 percent. Concurrent with the refinancing in October 2016, the Company executed an agreement with the remaining partner which converted its 50 percent subordinated interest to 22.5 percent pari passu interest. (g) 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. (h) The Company also owns a 20 percent residual interest in undeveloped land parcels: parcels 6, I, and J that can accommodate the development of 836 apartment units. (i) 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. (j) The construction/permanent loan has a maximum borrowing amount of $192,000 . The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines. (k) The mortgage loan has three one -year extension options, subject to certain conditions. (l) 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. (m) Principal balance of $127,103 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 $18,281 bears interest at LIBOR+5.5 percent and matures on December 21, 2020 ; principal balance of $22,500 bears interest at LIBOR+5.2 percent and matures on August 31, 2019 ; 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 27, 2017 . (n) Includes the Company’s pari passu interests of $2.3 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. (o) Principal balance of $47,500 bears interest at 5.57 percent and matures on July 1, 2017 ; principal balance of $78,439 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, 2024 . (p) Includes undivided interests in the same manner as investments in noncontrolling partnership, pursuant to ASC 970-323-25-12. (q) See Note 9: Mortgages, Loans Payable and Other Obligations for debt secured by interests in these assets. (r) The negative carrying value for this venture of $3,317 as of December 31, 2015 , was included in accounts payable, accrued expenses and other liabilities. (s) 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. (t) On January 31, 2017, the Company sold its equity interest in the joint venture. See Note 3: Recent Transactions - Unconsolidated Joint Venture Activity. (u) On February 3, 2017, the Company acquired the equity interest of its partner. See Note 3: Recent Transactions - Unconsolidated Joint Venture Activity. (v) On February 15, 2017, the Company sold its 7.5 percent interest in Elmajo Urban Renewal Associates, LLC and Estuary Urban Renewal Unit B, LLC joint ventures that own operating multi-family properties, located in Weehawken, New Jersey for a combined sales price of $5.1 million. |
Summary Of Company's Equity In Earnings (Loss) Of Unconsolidated Joint Ventures | Year Ended December 31, Entity / Property Name 2016 2015 2014 Multi-family Marbella RoseGarden, L.L.C./ Marbella $ 231 $ 231 $ (19) RoseGarden Monaco Holdings, L.L.C./ Monaco (937) (1,224) (1,040) Rosewood Morristown, L.L.C. / Metropolitan at 40 Park (317) (364) (345) Riverwalk G Urban Renewal, L.L.C./ RiverTrace at Port Imperial (1,146) (955) (2,139) Elmajo Urban Renewal Associates, LLC / Lincoln Harbor (Bldg A&C) - - (203) Crystal House Apartments Investors LLC / Crystal House (870) (123) (139) Roseland/Port Imperial Partners, L.P./ Riverwalk C (120) (474) (646) RoseGarden Marbella South, L.L.C./ Marbella II (202) - - Estuary Urban Renewal Unit B, LLC / Lincoln Harbor (Bldg B) - 1 (15) Riverpark at Harrison I, L.L.C./ Riverpark at Harrison (190) (363) (150) Capitol Place Mezz LLC / Station Townhouses (2,440) (3,687) (75) Harborside Unit A Urban Renewal, L.L.C. / URL Harborside (219) - (218) RoseGarden Monaco, L.L.C./ San Remo Land - - - Grand Jersey Waterfront URA, L.L.C./ Liberty Landing (80) (32) (54) Hillsborough 206 Holdings, L.L.C./ Hillsborough 206 (53) (5) (10) Plaza VIII & IX Associates, L.L.C./ Vacant land (parking operations) 393 344 320 Office Red Bank Corporate Plaza, L.L.C./ Red Bank 448 392 380 12 Vreeland Associates, L.L.C./ 12 Vreeland Road 347 270 106 BNES Associates III / Offices at Crystal Lake (15) 115 240 KPG-P 100 IMW JV, LLC / 100 Independence Mall West - (800) (1,887) Keystone-Penn 600 3,812 - Keystone-TriState (1,672) (2,182) (318) KPG-MCG Curtis JV, L.L.C./ Curtis Center (92) 475 624 Other Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial (52) (70) (102) South Pier at Harborside / Hyatt Regency Jersey City on the Hudson (a) 24,180 3,036 2,602 Other 994 (1,569) 665 Company's equity in earnings (loss) of unconsolidated joint ventures $ 18,788 $ (3,172) $ (2,423) (a) Equity in earnings in 2016 includes the effect of distributions received from the joint venture’s refinancing. See Recent Joint Venture Transactions following in this footnote. |
Summary Of Financial Position Of Unconsolidated Joint Ventures | December 31, December 31, 2016 2015 Assets: Rental property, net $ 1,746,233 $ 1,781,621 Other assets 278,289 307,000 Total assets $ 2,024,522 $ 2,088,621 Liabilities and partners'/ members' capital: Mortgages and loans payable $ 1,350,973 $ 1,298,293 Other liabilities 247,212 215,951 Partners'/members' capital 426,337 574,377 Total liabilities and partners'/members' capital $ 2,024,522 $ 2,088,621 |
Summary Of Results Of Operations Of Unconsolidated Joint Ventures | Year Ended December 31, 2016 2015 2014 Total revenues $ 377,711 $ 318,980 $ 305,034 Operating and other expenses (262,703) (220,982) (233,320) Depreciation and amortization (75,512) (71,711) (42,985) Interest expense (58,390) (52,972) (32,862) Net loss $ (18,894) $ (26,685) $ (4,133) |
Mack-Cali Realty LP [Member] | |
Summary Of Unconsolidated Joint Ventures | Property Debt Number of Company's Carrying Value As of December 31, 2016 Apartment Units Effective December 31, December 31, Maturity Interest Entity / Property Name or Rentable Square Feet (sf) Ownership % (a) 2016 2015 Balance Date Rate Multi-family Marbella RoseGarden, L.L.C./ Marbella (b) 412 units 24.27 % $ 15,150 $ 15,569 $ 95,000 05/01/18 4.99 % RoseGarden Monaco Holdings, L.L.C./ Monaco (b) 523 units 15.00 % - 937 165,000 02/01/21 4.19 % Rosewood Morristown, L.L.C. / Metropolitan at 40 Park (b) (c) 130 units 12.50 % 7,145 5,723 43,958 (d) (d) Riverwalk G Urban Renewal, L.L.C./ RiverTrace at Port Imperial (e) 316 units 22.50 % (f) 9,707 - 82,000 11/10/26 3.21 % (f) Elmajo Urban Renewal Associates, LLC / Lincoln Harbor (Bldg A&C) (b) (v) 355 units 7.50 % - - 128,100 03/01/30 4.00 % Crystal House Apartments Investors LLC / Crystal House (g) 794 units 25.00 % 30,565 28,114 165,000 04/01/20 3.17 % Roseland/Port Imperial Partners, L.P./ Riverwalk C (b) (h) 363 units 20.00 % 1,678 1,678 - - - RoseGarden Marbella South, L.L.C./ Marbella II 311 units 24.27 % 18,050 16,728 72,544 03/30/17 L+2.25 % (i) Estuary Urban Renewal Unit B, LLC / Lincoln Harbor (Bldg B) (b) (v) 227 units 7.50 % - - 81,900 03/01/30 4.00 % Riverpark at Harrison I, L.L.C./ Riverpark at Harrison 141 units 45.00 % 2,085 2,544 30,000 08/01/25 3.70 % Capitol Place Mezz LLC / Station Townhouses 378 units 50.00 % 43,073 46,267 100,700 07/01/33 4.82 % Harborside Unit A Urban Renewal, L.L.C. / URL Harborside 763 units 85.00 % 100,188 96,799 155,186 08/01/29 5.197 % (j) RoseGarden Monaco, L.L.C./ San Remo Land 250 potential units 41.67 % 1,400 1,339 - - - Grand Jersey Waterfront URA, L.L.C./ Liberty Landing 850 potential units 50.00 % 337 337 - - - Hillsborough 206 Holdings, L.L.C./ Hillsborough 206 160,000 sf 50.00 % 1,962 1,962 - - - Plaza VIII & IX Associates, L.L.C./ Vacant land (parking operations) (u) 1,225,000 sf 50.00 % 4,448 4,055 - - - Office Red Bank Corporate Plaza, L.L.C./ Red Bank 92,878 sf 50.00 % 4,339 4,140 14,476 05/17/17 L+3.00 % 12 Vreeland Associates, L.L.C./ 12 Vreeland Road 139,750 sf 50.00 % 6,237 5,890 11,041 07/01/23 2.87 % BNES Associates III / Offices at Crystal Lake 106,345 sf 31.25 % 3,124 2,295 5,480 11/01/23 4.76 % KPG-P 100 IMW JV, LLC / 100 Independence Mall West 339,615 sf 33.33 % (t) - - 72,000 09/08/18 L+5.95 % (k) Keystone-Penn 1,842,820 sf (l) (t) - - 235,059 (m) (m) Keystone-TriState 1,266,384 sf (n) (t) 2,285 3,958 218,639 (o) (o) KPG-MCG Curtis JV, L.L.C./ Curtis Center (p) 885,000 sf 50.00 % 65,400 59,858 (q) (q) (q) Other Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial (b) 30,745 sf 20.00 % 1,706 1,758 - - - South Pier at Harborside / Hyatt Regency Jersey City on the Hudson 350 rooms 50.00 % 163 (r) 100,000 10/01/26 3.668 % Other (s) 1,005 3,506 - - - Totals: $ 320,047 $ 303,457 $ 1,776,083 (a) Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable. (b) The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the Company is not expected to meaningfully participate in the venture's cash flows in the near term. (c) Through the joint venture, the Company also owns a 12.5 percent interest in a 50,973 square feet retail building ("Shops at 40 Park") and a 25 percent interest in a to-be-built 59 -unit, five story multi-family rental development property ("Lofts at 40 Park"). (d) Property debt balance consists of: (i) an amortizable loan, collateralized by the Metropolitan at 40 Park, with a balance of $37,640 , 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 $6,318 , bears interest at 3.63 percent, matures in August 2018 . On February 3, 2017, the venture obtained a construction loan for the Lofts at 40 Park with a maximum borrowing amount of $13,950 , which bears interest at LIBOR plus 250 basis points and matures in February 2020 . (e) During the second quarter 2016, the Company acquired the equity interests of its joint venture partner in Portside Apartment Holdings, L.L.C and PruRose Riverwalk G, L.L.C. for $39.6 million and $11.3 million, respectively, which increased its ownership to 100 percent in Portside Apartment Holdings, LLC and 50 percent in Riverwalk G Urban Renewal, L.L.C. (See Note 3: Recent Transactions – Acquisitions). (f) The loan was refinanced in October 2016. The new $82 million loan matures in November 2026 and has an interest rate of 3.21 percent. Concurrent with the refinancing in October 2016, the Company executed an agreement with the remaining partner which converted its 50 percent subordinated interest to 22.5 percent pari passu interest. (g) 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. (h) The Company also owns a 20 percent residual interest in undeveloped land parcels: parcels 6, I, and J that can accommodate the development of 836 apartment units. (i) 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. (j) The construction/permanent loan has a maximum borrowing amount of $192,000 . The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines. (k) The mortgage loan has three one -year extension options, subject to certain conditions. (l) 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. (m) Principal balance of $127,103 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 $18,281 bears interest at LIBOR+5.5 percent and matures on December 21, 2020 ; principal balance of $22,500 bears interest at LIBOR+5.2 percent and matures on August 31, 2019 ; 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 27, 2017 . (n) Includes the Company’s pari passu interests of $2.3 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. (o) Principal balance of $47,500 bears interest at 5.57 percent and matures on July 1, 2017 ; principal balance of $78,439 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, 2024 . (p) Includes undivided interests in the same manner as investments in noncontrolling partnership, pursuant to ASC 970-323-25-12. (q) See Note 9: Mortgages, Loans Payable and Other Obligations for debt secured by interests in these assets. (r) The negative carrying value for this venture of $3,317 as of December 31, 2015 , was included in accounts payable, accrued expenses and other liabilities. (s) 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. (t) On January 31, 2017, the Company sold its equity interest in the joint venture. See Note 3: Recent Transactions - Unconsolidated Joint Venture Activity. (u) On February 3, 2017, the Company acquired the equity interest of its partner. See Note 3: Recent Transactions - Unconsolidated Joint Venture Activity. (v) On February 15, 2017, the Company sold its 7.5 percent interest in Elmajo Urban Renewal Associates, LLC and Estuary Urban Renewal Unit B, LLC joint ventures that own operating multi-family properties, located in Weehawken, New Jersey for a combined sales price of $5.1 million. |
Summary Of Company's Equity In Earnings (Loss) Of Unconsolidated Joint Ventures | Year Ended December 31, Entity / Property Name 2016 2015 2014 Multi-family Marbella RoseGarden, L.L.C./ Marbella $ 231 $ 231 $ (19) RoseGarden Monaco Holdings, L.L.C./ Monaco (937) (1,224) (1,040) Rosewood Morristown, L.L.C. / Metropolitan at 40 Park (317) (364) (345) Riverwalk G Urban Renewal, L.L.C./ RiverTrace at Port Imperial (1,146) (955) (2,139) Elmajo Urban Renewal Associates, LLC / Lincoln Harbor (Bldg A&C) - - (203) Crystal House Apartments Investors LLC / Crystal House (870) (123) (139) Roseland/Port Imperial Partners, L.P./ Riverwalk C (120) (474) (646) RoseGarden Marbella South, L.L.C./ Marbella II (202) - - Estuary Urban Renewal Unit B, LLC / Lincoln Harbor (Bldg B) - 1 (15) Riverpark at Harrison I, L.L.C./ Riverpark at Harrison (190) (363) (150) Capitol Place Mezz LLC / Station Townhouses (2,440) (3,687) (75) Harborside Unit A Urban Renewal, L.L.C. / URL Harborside (219) - (218) RoseGarden Monaco, L.L.C./ San Remo Land - - - Grand Jersey Waterfront URA, L.L.C./ Liberty Landing (80) (32) (54) Hillsborough 206 Holdings, L.L.C./ Hillsborough 206 (53) (5) (10) Plaza VIII & IX Associates, L.L.C./ Vacant land (parking operations) 393 344 320 Office Red Bank Corporate Plaza, L.L.C./ Red Bank 448 392 380 12 Vreeland Associates, L.L.C./ 12 Vreeland Road 347 270 106 BNES Associates III / Offices at Crystal Lake (15) 115 240 KPG-P 100 IMW JV, LLC / 100 Independence Mall West - (800) (1,887) Keystone-Penn 600 3,812 - Keystone-TriState (1,672) (2,182) (318) KPG-MCG Curtis JV, L.L.C./ Curtis Center (92) 475 624 Other Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial (52) (70) (102) South Pier at Harborside / Hyatt Regency Jersey City on the Hudson (a) 24,180 3,036 2,602 Other 994 (1,569) 665 Company's equity in earnings (loss) of unconsolidated joint ventures $ 18,788 $ (3,172) $ (2,423) (a) Equity in earnings in 2016 includes the effect of distributions received from the joint venture’s refinancing. See Recent Joint Venture Transactions following in this footnote. |
Summary Of Financial Position Of Unconsolidated Joint Ventures | December 31, December 31, 2016 2015 Assets: Rental property, net $ 1,746,233 $ 1,781,621 Other assets 278,289 307,000 Total assets $ 2,024,522 $ 2,088,621 Liabilities and partners'/ members' capital: Mortgages and loans payable $ 1,350,973 $ 1,298,293 Other liabilities 247,212 215,951 Partners'/members' capital 426,337 574,377 Total liabilities and partners'/members' capital $ 2,024,522 $ 2,088,621 |
Summary Of Results Of Operations Of Unconsolidated Joint Ventures | Year Ended December 31, 2016 2015 2014 Total revenues $ 377,711 $ 318,980 $ 305,034 Operating and other expenses (262,703) (220,982) (233,320) Depreciation and amortization (75,512) (71,711) (42,985) Interest expense (58,390) (52,972) (32,862) Net loss $ (18,894) $ (26,685) $ (4,133) |
Deferred Charges, Goodwill An31
Deferred Charges, Goodwill And Other Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Schedule Of Deferred Charges, Goodwill And Other Assets | December 31, (dollars in thousands) 2016 2015 Deferred leasing costs $ 220,947 $ 239,690 Deferred financing costs - unsecured revolving credit facility (a) 5,400 5,394 226,347 245,084 Accumulated amortization (107,359) (118,014) Deferred charges, net 118,988 127,070 Notes receivable (b) 13,251 13,496 In-place lease values, related intangibles and other assets, net (c) (d) 72,046 10,931 Goodwill (e) 2,945 2,945 Prepaid expenses and other assets, net (f) 60,720 49,408 Total deferred charges, goodwill and other assets, net $ 267,950 $ 203,850 (a) Pursuant to recently issued accounting standards, deferred financing costs related to all other debt liabilities (other than for the unsecured revolving credit facility) are netted against those debt liabilities for all periods presented. See Note 2: Significant Accounting Policies – Deferred Financing Costs. (b) Includes as of December 31, 2016 : a mortgage receivable for $ 10.4 million which bore interest at LIBOR plus six percent and was repaid in full in January 2017, and an interest-free note receivable with a net present value of $2.8 million which matures in April 2023 and the Company believes is fully collectible. (c) In accordance with ASC 805, Business Combinations, the Company recognizes rental revenue of acquired above and below market lease intangibles over the terms of the respective leases. The impact of amortizating the acquired above and below-market lease intangibles increased revenue by approximately $ 1.9 million, $0.2 million and $0.7 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. The following table summarizes, as of December 31, 2016 , 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 2017 $ (1,068) $ 3,827 $ 2,759 2018 (691) 3,575 2,884 2019 (574) 3,423 2,849 2020 (386) 3,204 2,818 2021 (298) 3,178 2,880 ( d ) 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 $14.3 million, $1.4 million and $6.9 million for the years ended December 31, 2016 , 2015 and 2014 , 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 2017 $ 7,869 2018 4,391 2019 4,069 2020 2,868 2021 2,785 ( e ) All goodwill is attributable to the Company’s Multi-family Services segment. ( f ) Includes as of December 31, 2016 , $10.5 million of proceeds from property sales held by a qualified intermediary. |
Schedule Of Fair Value Of The Derivative Financial Instruments | Fair Value Asset Derivatives designated December 31, as hedging instruments 2016 2015 Balance sheet location Interest rate swaps $ 2,847 $ - Deferred charges, goodwill and other assets Asset Derivatives not designated as hedging instruments Interest rate caps $ - $ 2 Deferred charges, goodwill and other assets |
Schedule Of Cash Flow Hedging, Derivative Financial Instruments On The Income Statement | Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion, Reclassification for Forecasted Transactions No Longer Probable of Occurring and Amount Excluded from Effectiveness Testing) 2016 2015 2014 2016 2015 2014 2016 2015 2014 Year ended December 31, Interest rate swaps $ 1,183 $ - $ - Interest expense $ 3,398 $ - $ - Interest and other investment income (loss) $ 631 $ - $ - |
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 2017 $ (1,068) $ 3,827 $ 2,759 2018 (691) 3,575 2,884 2019 (574) 3,423 2,849 2020 (386) 3,204 2,818 2021 (298) 3,178 2,880 |
In-Place Leases [Member] | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Summary Of Scheduled Amortization | Year 2017 $ 7,869 2018 4,391 2019 4,069 2020 2,868 2021 2,785 |
Mack-Cali Realty LP [Member] | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Schedule Of Deferred Charges, Goodwill And Other Assets | December 31, (dollars in thousands) 2016 2015 Deferred leasing costs $ 220,947 $ 239,690 Deferred financing costs - unsecured revolving credit facility (a) 5,400 5,394 226,347 245,084 Accumulated amortization (107,359) (118,014) Deferred charges, net 118,988 127,070 Notes receivable (b) 13,251 13,496 In-place lease values, related intangibles and other assets, net (c) (d) 72,046 10,931 Goodwill (e) 2,945 2,945 Prepaid expenses and other assets, net (f) 60,720 49,408 Total deferred charges, goodwill and other assets, net $ 267,950 $ 203,850 (a) Pursuant to recently issued accounting standards, deferred financing costs related to all other debt liabilities (other than for the unsecured revolving credit facility) are netted against those debt liabilities for all periods presented. See Note 2: Significant Accounting Policies – Deferred Financing Costs. (b) Includes as of December 31, 2016 : a mortgage receivable for $ 10.4 million which bore interest at LIBOR plus six percent and was repaid in full in January 2017, and an interest-free note receivable with a net present value of $2.8 million which matures in April 2023 and the Company believes is fully collectible. (c) In accordance with ASC 805, Business Combinations, the Company recognizes rental revenue of acquired above and below market lease intangibles over the terms of the respective leases. The impact of amortizating the acquired above and below-market lease intangibles increased revenue by approximately $ 1.9 million, $0.2 million and $0.7 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. The following table summarizes, as of December 31, 2016 , 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 2017 $ (1,068) $ 3,827 $ 2,759 2018 (691) 3,575 2,884 2019 (574) 3,423 2,849 2020 (386) 3,204 2,818 2021 (298) 3,178 2,880 ( d ) 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 $14.3 million, $1.4 million and $6.9 million for the years ended December 31, 2016 , 2015 and 2014 , 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 2017 $ 7,869 2018 4,391 2019 4,069 2020 2,868 2021 2,785 ( e ) All goodwill is attributable to the Company’s Multi-family Services segment. ( f ) Includes as of December 31, 2016 , $10.5 million of proceeds from property sales held by a qualified intermediary. |
Schedule Of Fair Value Of The Derivative Financial Instruments | Fair Value Asset Derivatives designated December 31, as hedging instruments 2016 2015 Balance sheet location Interest rate swaps $ 2,847 $ - Deferred charges, goodwill and other assets Asset Derivatives not designated as hedging instruments Interest rate caps $ - $ 2 Deferred charges, goodwill and other assets |
Schedule Of Cash Flow Hedging, Derivative Financial Instruments On The Income Statement | Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion, Reclassification for Forecasted Transactions No Longer Probable of Occurring and Amount Excluded from Effectiveness Testing) 2016 2015 2014 2016 2015 2014 2016 2015 2014 Year ended December 31, Interest rate swaps $ 1,183 $ - $ - Interest expense $ 3,398 $ - $ - Interest and other investment income (loss) $ 631 $ - $ - |
Mack-Cali Realty LP [Member] | Acquired Above And Below Market Lease Intangibles [Member] | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Summary Of Scheduled Amortization | Acquired Above- Acquired Below- Market Lease Market Lease Total Year Intangibles Intangibles Amortization 2017 $ (1,068) $ 3,827 $ 2,759 2018 (691) 3,575 2,884 2019 (574) 3,423 2,849 2020 (386) 3,204 2,818 2021 (298) 3,178 2,880 |
Mack-Cali Realty LP [Member] | In-Place Leases [Member] | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Summary Of Scheduled Amortization | Year 2017 $ 7,869 2018 4,391 2019 4,069 2020 2,868 2021 2,785 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule Of Restricted Cash | December 31, 2016 2015 Security deposits $ 8,778 $ 7,785 Escrow and other reserve funds 45,174 27,558 Total restricted cash $ 53,952 $ 35,343 |
Mack-Cali Realty LP [Member] | |
Schedule Of Restricted Cash | December 31, 2016 2015 Security deposits $ 8,778 $ 7,785 Escrow and other reserve funds 45,174 27,558 Total restricted cash $ 53,952 $ 35,343 |
Senior Unsecured Notes (Tables)
Senior Unsecured Notes (Tables) - Unsecured Note [Member] | 12 Months Ended |
Dec. 31, 2016 | |
Debt Instrument [Line Items] | |
Summary Of Senior Unsecured Notes | December 31, December 31, Effective 2016 2015 Rate (1) 5.800% Senior Unsecured Notes, due January 15, 2016 (2) - $ 200,000 5.806 % 7.750% Senior Unsecured Notes, due August 15, 2019 (3) - 250,000 8.017 % 2.500% Senior Unsecured Notes, due December 15, 2017 $ 250,000 250,000 2.803 % 4.500% Senior Unsecured Notes, due April 18, 2022 300,000 300,000 4.612 % 3.150% Senior Unsecured Notes, due May 15, 2023 275,000 275,000 3.517 % Principal balance outstanding 825,000 1,275,000 Adjustment for unamortized debt discount (4,430) (6,156) Unamortized deferred financing costs (3,215) (5,062) Total senior unsecured notes, net $ 817,355 $ 1,263,782 (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 maturity using proceeds from a new unsecured term loan and borrowings under the Company’s unsecured revolving credit facility. (3) During the year ended December 31, 2016, the Company purchased and redeemed these notes. See summaries above. |
Mack-Cali Realty LP [Member] | |
Debt Instrument [Line Items] | |
Summary Of Senior Unsecured Notes | December 31, December 31, Effective 2016 2015 Rate (1) 5.800% Senior Unsecured Notes, due January 15, 2016 (2) - $ 200,000 5.806 % 7.750% Senior Unsecured Notes, due August 15, 2019 (3) - 250,000 8.017 % 2.500% Senior Unsecured Notes, due December 15, 2017 $ 250,000 250,000 2.803 % 4.500% Senior Unsecured Notes, due April 18, 2022 300,000 300,000 4.612 % 3.150% Senior Unsecured Notes, due May 15, 2023 275,000 275,000 3.517 % Principal balance outstanding 825,000 1,275,000 Adjustment for unamortized debt discount (4,430) (6,156) Unamortized deferred financing costs (3,215) (5,062) Total senior unsecured notes, net $ 817,355 $ 1,263,782 (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 maturity using proceeds from a new unsecured term loan and borrowings under the Company’s unsecured revolving credit facility. (3) During the year ended December 31, 2016, the Company purchased and redeemed these notes. See summaries above. |
Unsecured Revolving Credit Fa34
Unsecured Revolving Credit Facility And Term Loans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Unsecured Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Schedule Of Unsecured Credit Rating And Facility Fee | Operating Partnership's Interest Rate - Unsecured Debt Ratings: Applicable Basis Points Facility Fee Higher of S&P or Moody's Above LIBOR Basis Points No ratings or less than BBB-/Baa3 170.0 35.0 BBB- or Baa3 (current through January 2017 amendment) 130.0 30.0 BBB or Baa2 110.0 20.0 BBB+ or Baa1 100.0 15.0 A- or A3 or higher 92.5 12.5 |
Mack-Cali Realty LP [Member] | Unsecured Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Schedule Of Unsecured Credit Rating And Facility Fee | Operating Partnership's Interest Rate - Unsecured Debt Ratings: Applicable Basis Points Facility Fee Higher of S&P or Moody's Above LIBOR Basis Points No ratings or less than BBB-/Baa3 170.0 35.0 BBB- or Baa3 (current through January 2017 amendment) 130.0 30.0 BBB or Baa2 110.0 20.0 BBB+ or Baa1 100.0 15.0 A- or A3 or higher 92.5 12.5 |
Unsecured Term Loan [Member] | |
Debt Instrument [Line Items] | |
Schedule Of Interest Rate On Outstanding Borrowings Payable | Operating Partnership's Interest Rate - Unsecured Debt Ratings: Applicable Basis Points Higher of S&P or Moody's Above LIBOR No ratings or less than BBB-/Baa3 185.0 BBB- or Baa3 (current interest rate based on Company's election) 140.0 BBB or Baa2 115.0 BBB+ or Baa1 100.0 A- or A3 or higher 90.0 |
Schedule Of Defined Leverage Ratio | Interest Rate - Applicable Basis Total Leverage Ratio Points above LIBOR < 45% 145.0 ≥ 45% and < 50% (current ratio) 155.0 ≥ 50% and < 55% 165.0 ≥ 55% 195.0 |
Unsecured Term Loan [Member] | Mack-Cali Realty LP [Member] | |
Debt Instrument [Line Items] | |
Schedule Of Interest Rate On Outstanding Borrowings Payable | Operating Partnership's Interest Rate - Unsecured Debt Ratings: Applicable Basis Points Higher of S&P or Moody's Above LIBOR No ratings or less than BBB-/Baa3 185.0 BBB- or Baa3 (current interest rate based on Company's election) 140.0 BBB or Baa2 115.0 BBB+ or Baa1 100.0 A- or A3 or higher 90.0 |
Schedule Of Defined Leverage Ratio | Interest Rate - Applicable Basis Total Leverage Ratio Points above LIBOR < 45% 145.0 ≥ 45% and < 50% (current ratio) 155.0 ≥ 50% and < 55% 165.0 ≥ 55% 195.0 |
Mortgages, Loans Payable And 35
Mortgages, Loans Payable And Other Obligations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Instrument [Line Items] | |
Summary Of Mortgages, Loans Payable And Other Obligations | Effective December 31, December 31, Property/Project Name Lender Rate (a) 2016 2015 Maturity Port Imperial South (b) Wells Fargo Bank N.A. LIBOR+1.75 % - $ 34,962 - 6 Becker, 85 Livingston, 75 Livingston & 20 Waterview (c) Wells Fargo CMBS 10.260 % - 63,279 - 9200 Edmonston Road (d) Principal Commercial Funding L.L.C. 9.780 % - 3,793 - Various (e) Prudential Insurance 6.332 % - 143,513 - 4 Becker (f) Wells Fargo CMBS 11.260 % - 40,631 - 100 Walnut Avenue (g) Guardian Life Insurance Co. 7.311 % - 18,273 - 150 Main St. (h) Webster Bank LIBOR+2.35 % $ 26,642 10,937 03/30/17 Curtis Center (i) CCRE & PREFG LIBOR+5.912 % 75,000 64,000 10/09/17 23 Main Street JPMorgan CMBS 5.587 % 27,838 28,541 09/01/18 Port Imperial 4/5 Hotel (j) Fifth Third Bank & Santander LIBOR+4.50 % 14,919 - 10/06/18 Harborside Plaza 5 The Northwestern Mutual Life 6.842 % 213,640 217,736 11/01/18 Insurance Co. & New York Life Insurance Co. Chase II (k) Fifth Third Bank LIBOR+2.25 % 34,708 - 12/16/18 One River Center (l) Guardian Life Insurance Co. 7.311 % 41,197 41,859 02/01/19 Park Square Wells Fargo Bank N.A. LIBOR+1.872 % (m) 27,500 27,500 04/10/19 250 Johnson M&T Bank LIBOR+2.35 % 2,440 - 05/20/19 Port Imperial South 11 (n) JPMorgan Chase LIBOR+2.35 % 14,073 - 11/24/19 Port Imperial South 4/5 Retail American General Life & A/G PC 4.559 % 4,000 4,000 12/01/21 The Chase at Overlook Ridge New York Community Bank 3.740 % 72,500 - 02/01/23 Portside 7 (o) CBRE Capital Markets/ 3.569 % 58,998 - 08/01/23 FreddieMac 101 Hudson (p) Wells Fargo CMBS 3.197 % (q) 250,000 - 10/11/26 Port Imperial South 4/5 Garage American General Life & A/G PC 4.853 % 32,600 32,600 12/01/29 Principal balance outstanding 896,055 731,624 Adjustment for unamortized debt discount - (548) Unamortized deferred financing costs (7,470) (4,465) Total mortgages, loans payable and other obligations, net $ 888,585 $ 726,611 (a) Reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable. (b) On January 19, 2016, the loan was repaid in full at maturity, using borrowings from the Company's unsecured revolving credit facility. (c) On April 22, 2016, the loan was repaid at a discount for $51.5 million, using borrowings from the Company's unsecured revolving credit facility. Accordingly, the Company recognized a gain on extinguishment of debt of $12.4 million, which is included in loss on extinguishment of debt, net. (d) On May 5, 2016, the Company transferred the deed for 9200 Edmonston Road to the lender in satisfaction of its obligations and recorded a gain of $0.2 million. (e) On November 16, 2016, the loan was repaid in full, using borrowings from the Company's unsecured revolving credit facility. (f) On December 5, 2016, the Company transferred the deed for 4 Becker Farm Road to the lender in satisfaction of its obligations and recorded a gain of $10.4 million. (g) On December 22, 2016, the loan was repaid at a premium, using proceeds from the disposition of 100 Walnut Avenue. Accordingly, the Company recognized a loss on extinguishment of debt of $2.3 million, which is included in loss on extinguishment of debt, net. (h) This construction loan has a maximum borrowing capacity of $28.8 million. (i) The Company owns a 50 percent tenants-in-common interest in the Curtis Center property. The Company’s $75 million loan consists of its 50 percent interest in a $102 million senior loan with a current rate of 3.998 percent at December 31, 2016 and its 50 percent interest in a $48 million mezzanine loan with a current rate of 10.204 percent at December 31, 2016. 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. In October 2016, the first of three one -year extension options was exercised by the venture. (j) This construction loan has a maximum borrowing capacity of $94 million. (k) This construction loan has a maximum borrowing capacity of $48 million. (l) Mortgage is collateralized by the three properties comprising One River Center. (m) The effective interest rate includes amortization of deferred financing costs of 0.122 percent. (n) This constuction loan has a maximum borrowing capacity of $78 million. (o) This mortgage loan was obtained by the Company in July 2016 to replace a $42.5 million mortgage loan that was in place at the property acquisition date of April 1, 2016. (p) This mortgage loan was obtained by the Company on September 30, 2016. (q) The effective interest rate includes amortization of deferred financing costs of 0.0798 percent. |
Schedule Of Principal Payments | Scheduled Principal Period Amortization Maturities Total 2017 $ 6,776 $ 637,643 $ 644,419 2018 6,977 281,163 288,140 2019 1,912 430,799 432,711 2020 1,977 - 1,977 2021 2,050 3,800 5,850 Thereafter 6,813 977,145 983,958 Sub-total 26,505 2,330,550 2,357,055 Adjustment for unamortized debt discount/premium, net December 31, 2016 (4,430) - (4,430) Unamortized deferred financing costs (12,616) (12,616) Totals/Weighted Average $ 9,459 $ 2,330,550 $ 2,340,009 |
Mack-Cali Realty LP [Member] | |
Debt Instrument [Line Items] | |
Summary Of Mortgages, Loans Payable And Other Obligations | Effective December 31, December 31, Property/Project Name Lender Rate (a) 2016 2015 Maturity Port Imperial South (b) Wells Fargo Bank N.A. LIBOR+1.75 % - $ 34,962 - 6 Becker, 85 Livingston, 75 Livingston & 20 Waterview (c) Wells Fargo CMBS 10.260 % - 63,279 - 9200 Edmonston Road (d) Principal Commercial Funding L.L.C. 9.780 % - 3,793 - Various (e) Prudential Insurance 6.332 % - 143,513 - 4 Becker (f) Wells Fargo CMBS 11.260 % - 40,631 - 100 Walnut Avenue (g) Guardian Life Insurance Co. 7.311 % - 18,273 - 150 Main St. (h) Webster Bank LIBOR+2.35 % $ 26,642 10,937 03/30/17 Curtis Center (i) CCRE & PREFG LIBOR+5.912 % 75,000 64,000 10/09/17 23 Main Street JPMorgan CMBS 5.587 % 27,838 28,541 09/01/18 Port Imperial 4/5 Hotel (j) Fifth Third Bank & Santander LIBOR+4.50 % 14,919 - 10/06/18 Harborside Plaza 5 The Northwestern Mutual Life 6.842 % 213,640 217,736 11/01/18 Insurance Co. & New York Life Insurance Co. Chase II (k) Fifth Third Bank LIBOR+2.25 % 34,708 - 12/16/18 One River Center (l) Guardian Life Insurance Co. 7.311 % 41,197 41,859 02/01/19 Park Square Wells Fargo Bank N.A. LIBOR+1.872 % (m) 27,500 27,500 04/10/19 250 Johnson M&T Bank LIBOR+2.35 % 2,440 - 05/20/19 Port Imperial South 11 (n) JPMorgan Chase LIBOR+2.35 % 14,073 - 11/24/19 Port Imperial South 4/5 Retail American General Life & A/G PC 4.559 % 4,000 4,000 12/01/21 The Chase at Overlook Ridge New York Community Bank 3.740 % 72,500 - 02/01/23 Portside 7 (o) CBRE Capital Markets/ 3.569 % 58,998 - 08/01/23 FreddieMac 101 Hudson (p) Wells Fargo CMBS 3.197 % (q) 250,000 - 10/11/26 Port Imperial South 4/5 Garage American General Life & A/G PC 4.853 % 32,600 32,600 12/01/29 Principal balance outstanding 896,055 731,624 Adjustment for unamortized debt discount - (548) Unamortized deferred financing costs (7,470) (4,465) Total mortgages, loans payable and other obligations, net $ 888,585 $ 726,611 (a) Reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable. (b) On January 19, 2016, the loan was repaid in full at maturity, using borrowings from the Company's unsecured revolving credit facility. (c) On April 22, 2016, the loan was repaid at a discount for $51.5 million, using borrowings from the Company's unsecured revolving credit facility. Accordingly, the Company recognized a gain on extinguishment of debt of $12.4 million, which is included in loss on extinguishment of debt, net. (d) On May 5, 2016, the Company transferred the deed for 9200 Edmonston Road to the lender in satisfaction of its obligations and recorded a gain of $0.2 million. (e) On November 16, 2016, the loan was repaid in full, using borrowings from the Company's unsecured revolving credit facility. (f) On December 5, 2016, the Company transferred the deed for 4 Becker Farm Road to the lender in satisfaction of its obligations and recorded a gain of $10.4 million. (g) On December 22, 2016, the loan was repaid at a premium, using proceeds from the disposition of 100 Walnut Avenue. Accordingly, the Company recognized a loss on extinguishment of debt of $2.3 million, which is included in loss on extinguishment of debt, net. (h) This construction loan has a maximum borrowing capacity of $28.8 million. (i) The Company owns a 50 percent tenants-in-common interest in the Curtis Center property. The Company’s $75 million loan consists of its 50 percent interest in a $102 million senior loan with a current rate of 3.998 percent at December 31, 2016 and its 50 percent interest in a $48 million mezzanine loan with a current rate of 10.204 percent at December 31, 2016. 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. In October 2016, the first of three one -year extension options was exercised by the venture. (j) This construction loan has a maximum borrowing capacity of $94 million. (k) This construction loan has a maximum borrowing capacity of $48 million. (l) Mortgage is collateralized by the three properties comprising One River Center. (m) The effective interest rate includes amortization of deferred financing costs of 0.122 percent. (n) This constuction loan has a maximum borrowing capacity of $78 million. (o) This mortgage loan was obtained by the Company in July 2016 to replace a $42.5 million mortgage loan that was in place at the property acquisition date of April 1, 2016. (p) This mortgage loan was obtained by the Company on September 30, 2016. (q) The effective interest rate includes amortization of deferred financing costs of 0.0798 percent. |
Schedule Of Principal Payments | Scheduled Principal Period Amortization Maturities Total 2017 $ 6,776 $ 637,643 $ 644,419 2018 6,977 281,163 288,140 2019 1,912 430,799 432,711 2020 1,977 - 1,977 2021 2,050 3,800 5,850 Thereafter 6,813 977,145 983,958 Sub-total 26,505 2,330,550 2,357,055 Adjustment for unamortized debt discount/premium, net December 31, 2016 (4,430) - (4,430) Unamortized deferred financing costs (12,616) (12,616) Totals/Weighted Average $ 9,459 $ 2,330,550 $ 2,340,009 |
Disclosure Of Fair Value Of A36
Disclosure Of Fair Value Of Assets And Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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% - 8% Exit Capitalization rate Suburban 7.5% - 9% Central Business District 4.6% - 5.75% |
Mack-Cali Realty LP [Member] | |
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% - 8% Exit Capitalization rate Suburban 7.5% - 9% Central Business District 4.6% - 5.75% |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Future Minimum Rental Payments Of Ground Leases | Year Amount 2017 $ 2,024 2018 1,989 2019 1,999 2020 2,015 2021 2,015 2022 through 2084 170,249 Total $ 180,291 |
Mack-Cali Realty LP [Member] | |
Future Minimum Rental Payments Of Ground Leases | Year Amount 2017 $ 2,024 2018 1,989 2019 1,999 2020 2,015 2021 2,015 2022 through 2084 170,249 Total $ 180,291 |
Tenant Leases (Tables)
Tenant Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Future Minimum Rentals To Be Received Under Non-Cancelable Operating Leases | Year Amount 2017 $ 405,978 2018 355,347 2019 301,414 2020 257,365 2021 225,052 2022 and thereafter 959,213 Total $ 2,504,369 |
Mack-Cali Realty LP [Member] | |
Future Minimum Rentals To Be Received Under Non-Cancelable Operating Leases | Year Amount 2017 $ 405,978 2018 355,347 2019 301,414 2020 257,365 2021 225,052 2022 and thereafter 959,213 Total $ 2,504,369 |
Mack-Cali Realty Corporation 39
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule Of Stock Option Plans | Weighted Aggregate Average Intrinsic Shares Exercise Value Under Options Price $(000’s) Outstanding at January 1, 2014 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 Lapsed or Cancelled (5,000) 21.25 Outstanding at December 31, 2016 ($17.31) 800,000 $ 17.31 $ 9,368 Options exercisable at December 31, 2016 533,334 Available for grant at December 31, 2016 2,695,978 |
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, 2014 153,560 $ 25.20 Granted (a) (b) (c) 376,719 20.04 Vested (183,214) 22.37 Forfeited (119) 26.36 Outstanding at December 31, 2014 346,946 $ 21.09 Granted (d) 41,337 17.51 Vested (250,132) 21.44 Forfeited (1,931) 20.31 Outstanding at December 31, 2015 136,220 $ 19.36 Granted 74,622 23.79 Vested (61,654) 18.94 Forfeited (3,910) 21.58 Outstanding at December 31, 2016 145,278 $ 21.76 (a) 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. (b) Includes 42,000 Performance Shares which were legally granted in 2013 for which the 2014 performance goals were set by the Committee on March 31, 2014. Also includes 87,734 shares which were additionally considered granted for accounting purposes to two executive officers in connection with their departure effective March 31, 2014, which vested on April 1, 2014. (c) 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. (d) 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 2016 2015 2014 Net income (loss) $ 130,294 $ (142,052) $ 31,391 Add: Noncontrolling interest in consolidated joint ventures 651 1,044 778 Add (deduct): Noncontrolling interest in Operating Partnership (13,721) 15,256 (3,602) Net income (loss) available to common shareholders $ 117,224 $ (125,752) $ 28,567 Weighted average common shares 89,746 89,291 88,727 Basic EPS : Net income (loss) available to common shareholders $ 1.31 $ (1.41) $ 0.32 Year Ended December 31, Computation of Diluted EPS 2016 2015 2014 Net income (loss) available to common shareholders $ 117,224 $ (125,752) $ 28,567 Add (deduct): Noncontrolling interest in Operating Partnership 13,721 (15,256) 3,602 Net income (loss) for diluted earnings per share $ 130,945 $ (141,008) $ 32,169 Weighted average common shares 100,498 100,222 100,041 Diluted EPS : Net income (loss) available to common shareholders $ 1.30 $ (1.41) $ 0.32 The following schedule reconciles the weighted average shares used in the basic EPS calculation to the shares used in the diluted EPS calculation: (in thousands) Year Ended December 31, 2016 2015 2014 Basic EPS shares 89,746 89,291 88,727 Add: Operating Partnership – common units 10,499 10,931 11,272 Restricted Stock Awards 43 - 42 Stock Options 210 - - Diluted EPS Shares 100,498 100,222 100,041 |
Mack-Cali Realty LP [Member] | |
Schedule Of Stock Option Plans | Weighted Aggregate Average Intrinsic Shares Exercise Value Under Options Price $(000’s) Outstanding at January 1, 2014 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 Lapsed or Cancelled (5,000) 21.25 Outstanding at December 31, 2016 ($17.31) 800,000 $ 17.31 $ 9,368 Options exercisable at December 31, 2016 533,334 Available for grant at December 31, 2016 2,695,978 |
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, 2014 153,560 $ 25.20 Granted (a) (b) (c) 376,719 20.04 Vested (183,214) 22.37 Forfeited (119) 26.36 Outstanding at December 31, 2014 346,946 $ 21.09 Granted (d) 41,337 17.51 Vested (250,132) 21.44 Forfeited (1,931) 20.31 Outstanding at December 31, 2015 136,220 $ 19.36 Granted 74,622 23.79 Vested (61,654) 18.94 Forfeited (3,910) 21.58 Outstanding at December 31, 2016 145,278 $ 21.76 (a) 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. (b) Includes 42,000 Performance Shares which were legally granted in 2013 for which the 2014 performance goals were set by the Committee on March 31, 2014. Also includes 87,734 shares which were additionally considered granted for accounting purposes to two executive officers in connection with their departure effective March 31, 2014, which vested on April 1, 2014. (c) 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. (d) 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 EPU 2016 2015 2014 Net income (loss) $ 130,294 $ (142,052) $ 31,391 Add: Noncontrolling interest in consolidated joint ventures 651 1,044 778 Net income (loss) available to common unitholders $ 130,945 $ (141,008) $ 32,169 Weighted average common units 100,245 100,222 99,999 Basic EPU : Net income (loss) available to common unitholders $ 1.31 $ (1.41) $ 0.32 Year Ended December 31, Computation of Diluted EPU 2016 2015 2014 Net income (loss) available to common unitholders $ 130,945 $ (141,008) $ 32,169 Weighted average common unit 100,498 100,222 100,041 Diluted EPU : Net income (loss) available to common unitholders $ 1.30 $ (1.41) $ 0.32 The following schedule reconciles the weighted average units used in the basic EPU calculation to the units used in the diluted EPU calculation: (in thousands) Year Ended December 31, 2016 2015 2014 Basic EPU units 100,245 100,222 99,999 Add: Restricted Stock Awards 43 - 42 Stock Options 210 - - Diluted EPU Units 100,498 100,222 100,041 |
Noncontrolling Interests In S40
Noncontrolling Interests In Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Noncontrolling Interests In Subsidiaries [Abstract] | |
Changes In Noncontrolling Interests Of Subsidiaries | Common LTIP Units Units Balance at January 1, 2014 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 - Granted - 657,373 Redemption of common units for shares of common stock (28,739) - Balance at December 31, 2016 10,488,105 657,373 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule Of Selected Results Of Operations And Asset Information | Real Estate Commercial Multi-family Corporate Total & Other Multi-family Services & Other (d) Company Total revenues: 2016 $ 551,958 $ 35,450 $ 37,820 (e) $ (11,830) $ 613,398 2015 538,323 27,787 33,112 (f) (4,339) 594,883 2014 585,491 24,971 30,533 (g) (4,196) 636,799 Total operating and interest expenses (a): 2016 $ 268,137 $ 21,318 $ 41,445 (h) $ 84,451 $ 415,351 2015 264,967 17,642 37,090 (i) 105,452 425,151 2014 295,416 12,235 38,377 (j) 138,733 484,761 Equity in earnings (loss) of unconsolidated joint ventures: 2016 $ 23,796 $ (6,002) $ 994 $ - $ 18,788 2015 5,104 (9,879) 1,603 - (3,172) 2014 4,236 (8,790) 2,131 - (2,423) Net operating income (loss) (b): 2016 $ 307,617 $ 8,130 $ (2,631) $ (96,281) $ 216,835 2015 278,460 266 (2,375) (109,791) 166,560 2014 294,311 3,946 (5,713) (142,929) 149,615 Total assets: 2016 $ 3,344,396 $ 887,394 $ 17,207 $ 47,769 $ 4,296,766 2015 3,166,577 836,020 9,831 41,535 4,053,963 Total long-lived assets (c): 2016 $ 2,999,820 $ 618,038 $ 4,609 $ (5,933) $ 3,616,534 2015 2,886,583 577,705 3,670 (1,531) 3,466,427 Total investments in unconsolidated joint ventures: 2016 $ 81,549 $ 237,493 $ 1,005 $ - $ 320,047 2015 76,140 225,850 1,467 - 303,457 (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 $3.8 million and $13.8 million of fees and salary reimbursements earned for the year ended December 31, 2016, respectively, from the multi-family real estate segment, which are eliminated in consolidation. (f) Includes $ 2.1 million and $6.3 million of fees and salary reimbursements earned for the year ended December 31, 2015 , from the multi-family real estate segment, which are eliminated in consolidation. (g) Includes $ 1.1 million and $4.0 million of fees and salary reimbursements earned for the year ended December 31, 2014, respectively, from the multi-family real estate segment, which are eliminated in consolidation. (h) Includes $1.8 million and $6.5 million of management fees and salary reimbursement expenses for the year ended December 31, 2016, respectively, from the multi-family real estate segment, which are eliminated in consolidation . (i) Includes $ 1.0 million and $3.9 million of management fees and salary reimbursement expenses for the year ended December 31, 2015, respectively, from the multi-family real estate segment, which are eliminated in consolidation. (j) Includes $0.8 million and $2.9 million of management fees and salary reimbursement expenses for the year ended December 31, 2014, respectively, from 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 | Year Ended December 31, 2016 2015 2014 Net operating income $ 216,835 $ 166,560 $ 149,615 Add (deduct): Depreciation and amortization (186,684) (170,402) (172,490) Gain on change of control of interests 15,347 - - Realized gains (losses) and unrealized losses on disposition of rental property, net 109,666 53,261 54,848 Gain on sale of investment in unconsolidated joint venture 5,670 6,448 - Loss from extinguishment of debt, net (30,540) - (582) Impairments - (197,919) - Net income (loss) 130,294 (142,052) 31,391 Noncontrolling interest in consolidated joint ventures 651 1,044 778 Noncontrolling interest in Operating Partnership (13,721) 15,256 (3,602) Net income (loss) available to common shareholders $ 117,224 $ (125,752) $ 28,567 |
Mack-Cali Realty LP [Member] | |
Schedule Of Selected Results Of Operations And Asset Information | Real Estate Commercial Multi-family Corporate Total & Other Multi-family Services & Other (d) Company Total revenues: 2016 $ 551,958 $ 35,450 $ 37,820 (e) $ (11,830) $ 613,398 2015 538,323 27,787 33,112 (f) (4,339) 594,883 2014 585,491 24,971 30,533 (g) (4,196) 636,799 Total operating and interest expenses (a): 2016 $ 268,137 $ 21,318 $ 41,445 (h) $ 84,451 $ 415,351 2015 264,967 17,642 37,090 (i) 105,452 425,151 2014 295,416 12,235 38,377 (j) 138,733 484,761 Equity in earnings (loss) of unconsolidated joint ventures: 2016 $ 23,796 $ (6,002) $ 994 $ - $ 18,788 2015 5,104 (9,879) 1,603 - (3,172) 2014 4,236 (8,790) 2,131 - (2,423) Net operating income (loss) (b): 2016 $ 307,617 $ 8,130 $ (2,631) $ (96,281) $ 216,835 2015 278,460 266 (2,375) (109,791) 166,560 2014 294,311 3,946 (5,713) (142,929) 149,615 Total assets: 2016 $ 3,344,396 $ 887,394 $ 17,207 $ 47,769 $ 4,296,766 2015 3,166,577 836,020 9,831 41,535 4,053,963 Total long-lived assets (c): 2016 $ 2,999,820 $ 618,038 $ 4,609 $ (5,933) $ 3,616,534 2015 2,886,583 577,705 3,670 (1,531) 3,466,427 Total investments in unconsolidated joint ventures: 2016 $ 81,549 $ 237,493 $ 1,005 $ - $ 320,047 2015 76,140 225,850 1,467 - 303,457 (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 $3.8 million and $13.8 million of fees and salary reimbursements earned for the year ended December 31, 2016, respectively, from the multi-family real estate segment, which are eliminated in consolidation. (f) Includes $ 2.1 million and $6.3 million of fees and salary reimbursements earned for the year ended December 31, 2015 , from the multi-family real estate segment, which are eliminated in consolidation. (g) Includes $ 1.1 million and $4.0 million of fees and salary reimbursements earned for the year ended December 31, 2014, respectively, from the multi-family real estate segment, which are eliminated in consolidation. (h) Includes $1.8 million and $6.5 million of management fees and salary reimbursement expenses for the year ended December 31, 2016, respectively, from the multi-family real estate segment, which are eliminated in consolidation . (i) Includes $ 1.0 million and $3.9 million of management fees and salary reimbursement expenses for the year ended December 31, 2015, respectively, from the multi-family real estate segment, which are eliminated in consolidation. (j) Includes $0.8 million and $2.9 million of management fees and salary reimbursement expenses for the year ended December 31, 2014, respectively, from 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 | Year Ended December 31, 2016 2015 2014 Net operating income $ 216,835 $ 166,560 $ 149,615 Add (deduct): Depreciation and amortization (186,684) (170,402) (172,490) Gain on change of control of interests 15,347 - - Realized gains (losses) and unrealized losses on disposition of rental property, net 109,666 53,261 54,848 Gain on sale of investment in unconsolidated joint venture 5,670 6,448 - Loss from extinguishment of debt, net (30,540) - (582) Impairments - (197,919) - Net income (loss) 130,294 (142,052) 31,391 Noncontrolling interest in consolidated joint ventures 651 1,044 778 Net income (loss) available to common unitholders $ 130,945 $ (141,008) $ 32,169 |
Condensed Quarterly Financial42
Condensed Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Summary Of Condensed Quarterly Financial Information | Quarter Ended 2016 December 31 September 30 June 30 March 31 Total revenues $ 153,731 $ 157,517 $ 149,227 $ 152,923 Operating and other expenses 59,740 60,286 57,395 63,536 Real estate service salaries 6,842 6,361 6,211 6,846 General and administrative 12,968 14,007 12,755 12,249 Acquisition-related costs 26 815 2,039 - Depreciation and amortization 52,045 48,117 43,459 43,063 Impairments - - - - Total expenses 131,621 129,586 121,859 125,694 Operating Income (loss) 22,110 27,931 27,368 27,229 Interest expense (22,731) (24,233) (22,932) (24,993) Interest and other investment income 875 1,262 146 (669) Equity in earnings (loss) of unconsolidated joint ventures (834) 21,790 (614) (1,554) Gain on change of control of interests - - 5,191 10,156 Realized gains (losses) and unrealized losses on disposition of rental properties, net 41,002 (17,053) 27,117 58,600 Gain on sale of investment in unconsolidated joint venture - - 5,670 - Loss from extinguishment of debt, net (23,658) (19,302) 12,420 - Total other (expense) income (5,346) (37,536) 26,998 41,540 Net income (loss) 16,764 (9,605) 54,366 68,769 Noncontrolling interest in consolidated joint ventures 191 65 (311) 706 Noncontrolling interest in Operating Partnership (1,774) 999 (5,662) (7,284) Net income (loss) available to common shareholders $ 15,181 $ (8,541) $ 48,393 $ 62,191 Basic earnings per common share: Net income (loss) available to common shareholders $ 0.17 $ (0.10) $ 0.54 $ 0.69 Diluted earnings per common share: Net income (loss) available to common shareholders $ 0.17 $ (0.10) $ 0.54 $ 0.69 Dividends declared per common share $ 0.15 $ 0.15 $ 0.15 $ 0.15 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 (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) and unrealized losses on disposition of rental properties, net - 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. |
Mack-Cali Realty LP [Member] | |
Summary Of Condensed Quarterly Financial Information | Quarter Ended 2016 December 31 September 30 June 30 March 31 Total revenues $ 153,731 $ 157,517 $ 149,227 $ 152,923 Operating and other expenses 59,740 60,286 57,395 63,536 Real estate service salaries 6,842 6,361 6,211 6,846 General and administrative 12,968 14,007 12,755 12,249 Acquisition-related costs 26 815 2,039 - Depreciation and amortization 52,045 48,117 43,459 43,063 Impairments - - - - Total expenses 131,621 129,586 121,859 125,694 Operating Income (loss) 22,110 27,931 27,368 27,229 Interest expense (22,731) (24,233) (22,932) (24,993) Interest and other investment income 875 1,262 146 (669) Equity in earnings (loss) of unconsolidated joint ventures (834) 21,790 (614) (1,554) Gain on change of control of interests - - 5,191 10,156 Realized gains (losses) and unrealized losses on disposition of rental properties, net 41,002 (17,053) 27,117 58,600 Gain on sale of investment in unconsolidated joint venture - - 5,670 - Loss from extinguishment of debt, net (23,658) (19,302) 12,420 - Total other (expense) income (5,346) (37,536) 26,998 41,540 Net income (loss) 16,764 (9,605) 54,366 68,769 Noncontrolling interest in consolidated joint ventures 191 65 (311) 706 Net income (loss) available to common unitholders $ 16,955 $ (9,540) $ 54,055 $ 69,475 Basic earnings per common unit: Net income (loss) available to common unitholders $ 0.17 $ (0.10) $ 0.54 $ 0.69 Diluted earnings per common units: Net income (loss) available to common unitolders $ 0.17 $ (0.10) $ 0.54 $ 0.69 Distributions declared per common unit $ 0.15 $ 0.15 $ 0.15 $ 0.15 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 (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) and unrealized losses on disposition of rental properties, net - 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 Net income (loss) available to common unitholders $ (35,513) $ (142,422) $ 39,762 $ (2,835) Basic earnings per common unit: Net income (loss) available to common unitholders $ (0.35) $ (1.42) $ 0.40 $ (0.03) Diluted earnings per common unit: Net income (loss) available to common unitholders $ (0.35) $ (1.42) $ 0.40 $ (0.03) Distributions declared per common unit $ 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. |
Organization And Basis Of Pre43
Organization And Basis Of Presentation (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2016USD ($)ft²statepropertyitem | Dec. 31, 2015USD ($) | |
Real Estate Properties [Line Items] | ||
Percentage of ownership interest | 89.50% | 89.50% |
Number of properties owned or investment interests | 248 | |
Aggregate square feet of the property owned or investment interest | ft² | 26,600,000 | |
Number of states where properties are located | state | 6 | |
Consolidated joint ventures, total real estate assets | $ | $ 201.9 | $ 273.4 |
Consolidated joint ventures, mortgages | $ | 78.4 | 89.5 |
Consolidated joint ventures, other liabilities | $ | $ 19.2 | $ 17.5 |
Commercial Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of tenants | item | 1,600 | |
Multi-Family Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties owned or investment interests | 19 | |
Number of units | item | 5,614 | |
Office And 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 | |
Office [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties owned or investment interests | 119 | |
Aggregate square feet of the property owned or investment interest | ft² | 21,300,000 | |
Flex Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties owned or investment interests | 110 | |
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 | |
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 | |
Unconsolidated Joint Venture Multi-Family Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties owned or investment interests | 10 | |
Number of units | item | 3,587 | |
Unconsolidated Joint Venture Office/Flex Buildings And Hotel [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties owned or investment interests | 1 | |
Parking/Retail [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 | 137,100 | |
Unconsolidated Joint Venture Parking/Retail Buildings [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties owned or investment interests | 2 | |
Aggregate square feet of the property owned or investment interest | ft² | 81,700 | |
Land [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties owned or investment interests | 3 |
Significant Accounting Polici44
Significant Accounting Policies (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 05, 2017 | Jan. 06, 2016 | Dec. 31, 2013 | |
Significant Accounting Policies [Line Items] | ||||||||||
Capitalized development and construction salaries and other related costs | $ 2,600,000 | $ 4,200,000 | $ 3,100,000 | |||||||
Construction, tenant improvement, and development in-progress | $ 361,100,000 | $ 88,700,000 | $ 361,100,000 | 88,700,000 | ||||||
Maximum period after cessation of major construction activity that projects are considered complete | 1 year | |||||||||
Threshold of investment value for discontinuation of equity method accounting | 0 | $ 0 | ||||||||
Amortization of deferred financing costs | 4,582,000 | 3,790,000 | 3,274,000 | |||||||
Loss from extinguishment of debt, net | (23,658,000) | $ (19,302,000) | $ 12,420,000 | 12,420,000 | ||||||
Write off of unamortized deferred financing costs | 745,000 | 0 | 12,000 | |||||||
Deferred leasing costs | 3,270,000 | 3,521,000 | 3,840,000 | |||||||
Difference between the estimated net basis and net assets of the rental property for federal income tax purposes | 383,501,000 | 383,501,000 | ||||||||
Taxable income | 30,208,000 | $ 63,285,000 | $ 73,546,008 | |||||||
Deferred tax asset | $ 16,000,000 | 16,000,000 | ||||||||
Income taxes, material adjustment amount | $ 0 | |||||||||
Common stock, shares outstanding | 89,696,713 | 89,583,950 | 89,696,713 | 89,583,950 | 89,584,008 | |||||
Common units outstanding | 10,488,105 | 10,516,844 | 10,488,105 | 10,516,844 | 11,083,876 | 10,516,844 | 11,864,775 | |||
LTIP units outstanding | 657,373 | 657,373 | ||||||||
Distributions payable, record date | Jan. 5, 2017 | Jan. 6, 2016 | ||||||||
Distributions payable, approved date | Dec. 13, 2016 | Dec. 8, 2015 | ||||||||
Common stock dividends and common unit distributions per share | $ 0.15 | $ 0.15 | ||||||||
Dividends paid per common share | $ 0.60 | $ 0.60 | $ 0.90 | |||||||
Dividends paid, percent representing ordinary income | 90.00% | 77.00% | ||||||||
Dividends paid, percent representing return of capital to shareholders | 10.00% | 23.00% | ||||||||
Dividends paid, percent representing capital gain | 100.00% | |||||||||
Restricted stock expense | $ 5,646,000 | $ 2,219,000 | $ 8,139,000 | |||||||
Distributions payable, pay date | Jan. 13, 2017 | Jan. 15, 2016 | ||||||||
Executive Officers [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Restricted stock expense | $ 5,824,000 | |||||||||
Subsequent Event [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Common stock, shares outstanding | 89,696,824 | |||||||||
Common units outstanding | 10,488,105 | |||||||||
LTIP units outstanding | 657,373 |
Significant Accounting Polici45
Significant Accounting Policies (Estimated Useful Lives Of Assets) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
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 (Narrative)
Recent Transactions (Narrative) (Details) - Investment Agreement [Member] - Subsequent Event [Member] $ / item in Millions, $ in Millions | Feb. 27, 2017USD ($)$ / item |
Preferred Units [Line Items] | |
Preferred units initial closing costs | $ 150 |
Preferred units, incremental closing payment | $ / item | 10 |
Maximum [Member] | |
Preferred Units [Line Items] | |
Preferred units aggregate amount | $ 300 |
Rockpoint [Member] | |
Preferred Units [Line Items] | |
Preferred units deposit | $ 30 |
Recent Transactions (Acquisitio
Recent Transactions (Acquisitions) (Narrative) (Details) $ in Thousands | Feb. 27, 2017USD ($)item | Feb. 02, 2017USD ($)ft²property | Jan. 11, 2017USD ($)ft²property | Dec. 23, 2015USD ($)ft² | Nov. 12, 2015USD ($)ft² | Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Real Estate Properties [Line Items] | ||||||||
Purchase price of property | $ 121,582 | $ 94,073 | $ 91,813 | |||||
Multi-Family Properties [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number Of Units | item | 5,614 | |||||||
Red Bank, New Jersey [Member] | Subsequent Event [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of real estate properties | property | 3 | |||||||
Area of property (in square feet) | ft² | 280,000 | |||||||
Purchase price of property | $ 26,800 | |||||||
Short Hills And Madison, New Jersey [Member] | Subsequent Event [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of real estate properties | property | 6 | |||||||
Area of property (in square feet) | ft² | 1,100,000 | |||||||
Purchase price of property | $ 368,000 | |||||||
Jersey City, New Jersey [Member] | Subsequent Event [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Purchase price of property | $ 315,000 | |||||||
Number Of Units | item | 523 | |||||||
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 | |||||||
Percentage of leased office property | 95.60% |
Recent Transactions (Consolidat
Recent Transactions (Consolidations) (Narrative) (Details) $ in Thousands | Jul. 08, 2016USD ($) | Jan. 19, 2016USD ($) | Jan. 05, 2016USD ($)item | Jun. 30, 2016USD ($)item | Mar. 31, 2016USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Real Estate Properties [Line Items] | |||||||||
Purchase price of property | $ 121,582 | $ 94,073 | $ 91,813 | ||||||
Gain on change of control of interests | $ 5,191 | $ 10,156 | 15,347 | ||||||
Mortgage loan carrying amount | 59,700 | ||||||||
Gain on sale of investment in unconsolidated joint venture | $ 5,670 | $ 6,448 | $ 5,670 | $ 6,448 | |||||
Overlook Ridge Apartments Investors, L.L.C. [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Percentage of interest in venture | 50.00% | ||||||||
Number of units | item | 371 | ||||||||
Purchase price of property | $ 39,800 | ||||||||
Loans assumed | $ 72,500 | $ 52,700 | |||||||
Spread over LIBOR | 3.625% | ||||||||
Mortgage loan, maturity date | Feb. 1, 2023 | ||||||||
Gain on sale of investment in unconsolidated joint venture | $ 10,200 | ||||||||
Portside Apartment Holdings, L.L.C. [Member] | |||||||||
Real Estate Properties [Line Items] | |||||||||
Percentage of interest in venture | 38.25% | ||||||||
Number of units | item | 175 | ||||||||
Purchase price of property | $ 39,600 | ||||||||
Gain on change of control of interests | $ 5,200 | ||||||||
Spread over LIBOR | 3.44% | ||||||||
Mortgage loan, maturity date | Aug. 1, 2023 | ||||||||
Mortgage loan carrying amount | $ 59,000 | $ 42,500 |
Recent Transactions (Other Inve
Recent Transactions (Other Investments) (Narrative) (Details) $ in Thousands | Apr. 26, 2016USD ($) | Dec. 31, 2016USD ($)ft²item | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Real Estate Properties [Line Items] | ||||
Purchase price of property | $ | $ 121,582 | $ 94,073 | $ 91,813 | |
Weehawken, New Jersey [Member] | ||||
Real Estate Properties [Line Items] | ||||
Purchase price of property | $ | $ 36,400 | |||
Port Imperial 4/5 Garage And Retail [Member] | Projects Under Development And Developable Land [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of units | item | 1,100 | |||
Area of property (in square feet) | ft² | 290,000 | |||
Percentage of interest in venture | 52.50% | |||
Port Imperial South 11 [Member] | Weehawken, New Jersey [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of units | item | 295 |
Recent Transactions (Dispositio
Recent Transactions (Dispositions/Rental Property Held for Sale, Net) (Narrative) (Details) $ in Thousands | 1 Months Ended | 2 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Feb. 28, 2017USD ($) | Dec. 31, 2016USD ($)ft²itemproperty | Dec. 31, 2015USD ($) | |
Real Estate Properties [Line Items] | ||||
Unrealized losses on properties held for sale | $ (7,665) | |||
Sales proceeds | $ 664,481 | $ 148,256 | ||
Multi-Family Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of units | item | 5,614 | |||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||
Real Estate Properties [Line Items] | ||||
Assets held for sale, Deferred charges and other assets | $ 1,700 | |||
Assets held for sale, Unbilled rents receivable, net | 1,200 | |||
Assets held for sale, Accounts payable, accrued expenses and other liabilities | 1,100 | |||
Assets held for sale, Rents received in advance and security deposits | 1,900 | |||
Expected assets to be written off | 2,900 | |||
Expected liabilities to be written off | $ 500 | |||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Three Office Properties Disposed [Member] | Subsequent Event [Member] | ||||
Real Estate Properties [Line Items] | ||||
Sales proceeds | $ 45,800 | |||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Office [Member] | ||||
Real Estate Properties [Line Items] | ||||
Area of property (in square feet) | ft² | 750,000 | |||
Number of properties held for sale | property | 8 | |||
New Jersey Hudson River [Member] | ||||
Real Estate Properties [Line Items] | ||||
Strategic initiative period | 3 years |
Recent Transactions (Impairment
Recent Transactions (Impairments On Properties Held And Used) (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Sep. 30, 2015USD ($)property | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2016USD ($) | |||
Real Estate Properties [Line Items] | ||||||||
Mortgage loan | $ 726,611 | $ 726,611 | $ 888,585 | |||||
Impairments | 33,743 | [1] | $ 164,176 | [1] | 197,919 | $ 25,200 | ||
Investment in property | 3,343,236 | 3,343,236 | $ 3,472,794 | |||||
Mortgage loans, carrying amount | $ 59,700 | $ 59,700 | ||||||
Non-core Properties [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of impaired properties reduced to carrying value | property | 25 | |||||||
Estimated fair value | $ 438,600 | 438,600 | ||||||
Aggregate carrying value | $ 602,800 | $ 602,800 | ||||||
Number of impaired properties | property | 3 | |||||||
Impairments | $ 164,200 | |||||||
[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 (Unconsolid
Recent Transactions (Unconsolidated Joint Venture Activity) (Narrative) (Details) | Feb. 03, 2017USD ($)shares | Jan. 31, 2017USD ($) | May 26, 2016USD ($)item | Apr. 01, 2016USD ($) | Oct. 31, 2016 | Jun. 30, 2016USD ($) | Mar. 31, 2016 | Jun. 30, 2015USD ($) | Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Real Estate Properties [Line Items] | |||||||||||
Purchase price of property | $ 121,582,000 | $ 94,073,000 | $ 91,813,000 | ||||||||
Gain on sale of investment in unconsolidated joint venture | $ 5,670,000 | $ 6,448,000 | 5,670,000 | 6,448,000 | |||||||
Proceeds from the sale of investments in unconsolidated joint ventures | $ 6,420,000 | 6,448,000 | |||||||||
Expiration period | 10 years | ||||||||||
Acquisition cost | $ 35,930,000 | 78,027,000 | 67,325,000 | ||||||||
Multi-Family Properties [Member] | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Number of units | item | 5,614 | ||||||||||
Mack-Cali Realty LP [Member] | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Purchase price of property | $ 121,582,000 | 94,073,000 | 91,813,000 | ||||||||
Gain on sale of investment in unconsolidated joint venture | $ 5,670,000 | $ 6,448,000 | 5,670,000 | 6,448,000 | |||||||
Proceeds from the sale of investments in unconsolidated joint ventures | 6,420,000 | 6,448,000 | |||||||||
Acquisition cost | $ 35,930,000 | $ 78,027,000 | $ 67,325,000 | ||||||||
PruRose Riverwalk G, L.L.C. [Member] | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Purchase price of property | $ 11,300,000 | ||||||||||
Percentage of additional interest acquired | 50.00% | 25.00% | |||||||||
Number of units | item | 316 | ||||||||||
Percent of pari passu interest | 22.50% | ||||||||||
PruRose Port Imperial South 15, L.L.C. [Member] | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Number of units | item | 236 | ||||||||||
Percentage of interest in venture | 50.00% | ||||||||||
PruRose Port Imperial South 13, L.L.C. [Member] | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Percentage of interest in venture | 20.00% | ||||||||||
PruRose Port Imperial South 13, L.L.C. [Member] | Multi-Family Properties [Member] | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Number of units | item | 280 | ||||||||||
Pru Rose Port Imperial South 15 L.L.C. And Pru Rose Port Imperial South 13 L.L.C. [Member] | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Gain on sale of investment in unconsolidated joint venture | $ 5,700,000 | ||||||||||
Proceeds from the sale of investments in unconsolidated joint ventures | $ 6,400,000 | ||||||||||
Subsequent Event [Member] | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Percentage of additional interest acquired | 12.50% | ||||||||||
Percentage of interest in venture | 100.00% | ||||||||||
Acquisition cost | $ 14,300,000 | ||||||||||
Subsequent Event [Member] | Mack-Cali Realty LP [Member] | Preferred Units [Member] | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Preferred units shares issued | shares | 42,800 | ||||||||||
Preferred unit annual rate | 3.50% | ||||||||||
Percentage of interest in venture | 37.50% | ||||||||||
Preferred unit in operating partnership | $ 1,000 | ||||||||||
Convertible preferred units | shares | 28.15 | ||||||||||
Shares converted to common units | shares | 1,204,820 | ||||||||||
Expiration period | 5 years | ||||||||||
Subsequent Event [Member] | KPG-P 100 IMW JV, LLC, Keystone-Penn And Keystone-Tristate [Member] | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Proceeds from the sale of investments in unconsolidated joint ventures | $ 9,700,000 |
Recent Transactions (Schedule O
Recent Transactions (Schedule Of Properties Acquired) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)ft²item | ||
Business Acquisition [Line Items] | ||
Number of Buildings, Acquired | item | 5 | |
Rentable Square Feet, Acquired | ft² | 1,058,462 | |
Acquisition Cost | $ | $ 326,811 | |
11 Martine Avenue [Member] | ||
Business Acquisition [Line Items] | ||
Number of Buildings, Acquired | item | 1 | [1] |
Rentable Square Feet, Acquired | ft² | 82,000 | [1] |
Acquisition Cost | $ | $ 10,750 | [1] |
Number of apartment units | item | 4 | |
Area of property (in square feet) | ft² | 262,000 | |
320, 321 University Avenue [Member] | ||
Business Acquisition [Line Items] | ||
Number of Buildings, Acquired | item | 2 | [2] |
Rentable Square Feet, Acquired | ft² | 147,406 | [2] |
Acquisition Cost | $ | $ 23,000 | [2] |
101 Wood Avenue South [Member] | ||
Business Acquisition [Line Items] | ||
Number of Buildings, Acquired | item | 1 | [3] |
Rentable Square Feet, Acquired | ft² | 262,841 | [3] |
Acquisition Cost | $ | $ 82,300 | [3] |
111 River Street [Member] | ||
Business Acquisition [Line Items] | ||
Number of Buildings, Acquired | item | 1 | [3] |
Rentable Square Feet, Acquired | ft² | 566,215 | [3] |
Acquisition Cost | $ | $ 210,761 | [3] |
[1] | Acquisition represented four units of condominium interests which collectively comprise floors 2 through 5. Upon completion of the acquisition, the Company owns the entire 14-story 262,000 square-foot building. The acquisition was funded using available cash. | |
[2] | This acquisition was funded through borrowings under the Company's unsecured revolving credit facility. | |
[3] | This acquisition was funded using available cash and through borrowings under the Company's unsecured revolving credit facility.(a) Above market, in-place and below market leases are being amortized over a weighted-average term of 8.1 years. |
Recent Transactions (Schedule54
Recent Transactions (Schedule Of Purchase Price Allocation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
In-Place Leases [Member] | |||
Business Acquisition [Line Items] | |||
Amortization period | 10 years | ||
Above Market, In-Place And Below Market Leases [Member] | |||
Business Acquisition [Line Items] | |||
Amortization period | 8 years 1 month 6 days | ||
11 Martine Avenue [Member] | |||
Business Acquisition [Line Items] | |||
Land | $ 2,460 | ||
Buildings and improvements | 8,290 | ||
Net assets recorded upon acquisition/consolidation | 10,750 | ||
320, 321 University Avenue [Member] | |||
Business Acquisition [Line Items] | |||
Land | 7,305 | ||
Buildings and improvements | 15,695 | ||
Net assets recorded upon acquisition/consolidation | 23,000 | ||
101 Wood Avenue South [Member] | |||
Business Acquisition [Line Items] | |||
Land | 8,509 | ||
Buildings and improvements | 72,738 | ||
Above market leases | [1] | 58 | |
In-place lease values | [1] | 6,743 | |
Sub Total | 88,048 | ||
Less: Below market lease values | [1] | (5,748) | |
Net assets recorded upon acquisition/consolidation | 82,300 | ||
111 River Street [Member] | |||
Business Acquisition [Line Items] | |||
Land | 204 | ||
Buildings and improvements | 198,609 | ||
Above market leases | [1] | 617 | |
In-place lease values | [1] | 43,801 | |
Other assets | 11,279 | ||
Sub Total | 254,510 | ||
Less: Below market lease values | [1] | (43,749) | |
Net assets recorded upon acquisition/consolidation | $ 210,761 | ||
Parsippany [Member] | |||
Business Acquisition [Line Items] | |||
Land | $ 5,590 | ||
Buildings and improvements | 4,710 | ||
Net assets recorded upon acquisition/consolidation | 10,300 | ||
Edison [Member] | |||
Business Acquisition [Line Items] | |||
Land | 5,542 | ||
Buildings and improvements | 40,762 | ||
Above market leases | [2] | 2,097 | |
In-place lease values | [2] | 4,699 | |
Net assets recorded upon acquisition/consolidation | $ 53,100 | ||
[1] | Above market, in-place and below market leases are being amortized over a weighted-average term of 8.1 years. | ||
[2] | In-place lease values will be amortized over four years or less, and above market leases will be amortized over 10 years or less. |
Recent Transactions (Schedule55
Recent Transactions (Schedule Of Properties Which Commenced Initial Operations) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)item | ||
Unconsolidated Joint Venture Multi-Family Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Apartment Units | item | 3,587 | |
Quarry Place At Tuckahoe [Member] | Unconsolidated Joint Venture Multi-Family Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Apartment Units | item | 108 | |
Development Costs Incurred by Company | $ 56,961 | [1] |
The Chase At Overlook Ridge [Member] | Unconsolidated Joint Venture Multi-Family Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Apartment Units | item | 292 | |
Development Costs Incurred by Company | $ 65,218 | [2] |
Quarry Place At Tuckahoe And The Chase At Overlook Ridge [Member] | Unconsolidated Joint Venture Multi-Family Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Apartment Units | item | 400 | |
Development Costs Incurred by Company | $ 122,179 | |
Land [Member] | Quarry Place At Tuckahoe [Member] | ||
Real Estate Properties [Line Items] | ||
Development Costs Incurred by Company | 5,600 | |
Land [Member] | The Chase At Overlook Ridge [Member] | ||
Real Estate Properties [Line Items] | ||
Development Costs Incurred by Company | 10,800 | |
Construction Loan [Member] | The Chase At Overlook Ridge [Member] | ||
Real Estate Properties [Line Items] | ||
Expected costs | $ 9,700 | |
[1] | Development costs as of December 31, 2016 included approximately $5.6 million in land costs. | |
[2] | Development costs as of December 31, 2016 included approximately $10.8 million in land costs. As of December 31, 2016, the Company anticipates additional costs of approximately $9.7 million, which will be funded from a construction loan. |
Recent Transactions (Schedule56
Recent Transactions (Schedule Of Net Assets Recorded Upon Consolidation) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($) | ||
In-Place And Below Market Leases [Member] | ||
Business Acquisition [Line Items] | ||
Amortization period | 7 years 4 months 24 days | |
Overlook Ridge Apartments Investors, L.L.C. [Member] | ||
Business Acquisition [Line Items] | ||
Land and Leasehold Interests | $ 11,072 | |
Buildings and improvements | 87,793 | |
Furniture, fixtures and equipment | 1,695 | |
Other assets | 237 | |
In-place lease values | 4,389 | [1] |
Less: Below market lease values | (489) | [1] |
Sub Total | 104,697 | |
Less: Debt assumed | (52,662) | |
Net assets recorded upon acquisition/consolidation | 52,035 | |
Portside Apartment Holdings, L.L.C. [Member] | ||
Business Acquisition [Line Items] | ||
Buildings and improvements | 73,713 | |
Furniture, fixtures and equipment | 1,038 | |
Other assets | 10,181 | |
In-place lease values | 2,637 | [1] |
Less: Below market lease values | (242) | [1] |
Sub Total | 87,327 | |
Less: Debt assumed | (42,500) | |
Net assets recorded upon acquisition/consolidation | $ 44,827 | |
[1] | In-place lease values and below-market lease values will be amortized over a weighted average term of 7.4 months. |
Recent Transactions (Schedule57
Recent Transactions (Schedule Of Dispositions/Rental Property Held For Sale) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2015USD ($)ft² | Sep. 30, 2015USD ($) | [1] | Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($)ft²item | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Number of Buildings, Disposed | item | 30 | 6 | |||||||
Rentable Square Feet, Disposed | ft² | 690,315 | 690,315 | |||||||
Net Sales Proceeds | $ 664,481 | $ 148,256 | |||||||
Net Book Value | 547,150 | 94,995 | |||||||
Realized Gain (loss)/Unrealized Losses, net | 117,331 | 53,261 | |||||||
Mortgage loans, carrying amount | $ 59,700 | 59,700 | |||||||
Unrealized losses on properties held for sale | (7,665) | ||||||||
Totals | $ 109,666 | ||||||||
Impairments | $ 33,743 | [1] | $ 164,176 | 197,919 | $ 25,200 | ||||
2 Independence Way [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Number of Buildings, Disposed | item | [2] | 1 | |||||||
Net Sales Proceeds | [2] | $ 4,119 | |||||||
Net Book Value | [2] | 4,283 | |||||||
Realized Gain (loss)/Unrealized Losses, net | [2] | $ (164) | |||||||
Impairments | 3,200 | ||||||||
1201 Connecticut Avenue NW [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Number of Buildings, Disposed | item | 1 | ||||||||
Net Sales Proceeds | $ 90,591 | ||||||||
Net Book Value | 31,827 | ||||||||
Realized Gain (loss)/Unrealized Losses, net | $ 58,764 | ||||||||
125 Broad Street [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Number of Buildings, Disposed | item | [3] | 1 | |||||||
Net Sales Proceeds | [3] | $ 192,323 | |||||||
Net Book Value | [3] | 200,183 | |||||||
Realized Gain (loss)/Unrealized Losses, net | [3] | $ (7,860) | |||||||
Impairments | 83,200 | ||||||||
9200 Edmonston Road [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Number of Buildings, Disposed | item | 1 | ||||||||
Net Sales Proceeds | [4] | $ 4,083 | |||||||
Net Book Value | 3,837 | ||||||||
Realized Gain (loss)/Unrealized Losses, net | $ 246 | ||||||||
Impairments | $ 3,000 | ||||||||
1400 L Street [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Number of Buildings, Disposed | item | 1 | ||||||||
Net Sales Proceeds | $ 68,399 | ||||||||
Net Book Value | 30,053 | ||||||||
Realized Gain (loss)/Unrealized Losses, net | $ 38,346 | ||||||||
600 Parsippany Road [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Number of Buildings, Disposed | item | 1 | ||||||||
Net Sales Proceeds | [5] | $ 10,465 | |||||||
Net Book Value | 5,875 | ||||||||
Realized Gain (loss)/Unrealized Losses, net | $ 4,590 | ||||||||
4, 5, 6 Century Drive [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Number of Buildings, Disposed | item | [6] | 3 | |||||||
Net Sales Proceeds | [6] | $ 14,533 | |||||||
Net Book Value | [6] | 17,308 | |||||||
Realized Gain (loss)/Unrealized Losses, net | [6] | $ (2,775) | |||||||
Impairments | 9,800 | ||||||||
Andover Place [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Number of Buildings, Disposed | item | 1 | ||||||||
Net Sales Proceeds | $ 39,863 | ||||||||
Net Book Value | 37,150 | ||||||||
Realized Gain (loss)/Unrealized Losses, net | $ 2,713 | ||||||||
222, 233 Mount Airy Road [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Number of Buildings, Disposed | item | [7] | 2 | |||||||
Net Sales Proceeds | [7] | $ 8,817 | |||||||
Net Book Value | [7] | 9,039 | |||||||
Realized Gain (loss)/Unrealized Losses, net | [7] | $ (222) | |||||||
Impairments | 1,000 | ||||||||
10 Mountainview Road [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Number of Buildings, Disposed | item | 1 | ||||||||
Net Sales Proceeds | $ 18,990 | ||||||||
Net Book Value | 19,571 | ||||||||
Realized Gain (loss)/Unrealized Losses, net | $ (581) | ||||||||
100 Willowbrook, 2, 3, 4 Paragon [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Number of Buildings, Disposed | item | [8] | 4 | |||||||
Net Sales Proceeds | [8] | $ 14,634 | |||||||
Net Book Value | [8] | 19,377 | |||||||
Realized Gain (loss)/Unrealized Losses, net | [8] | $ (4,743) | |||||||
Impairments | 7,400 | ||||||||
4 Becker Farm Road [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Number of Buildings, Disposed | item | 1 | ||||||||
Net Sales Proceeds | [9] | $ 41,400 | |||||||
Net Book Value | 31,001 | ||||||||
Realized Gain (loss)/Unrealized Losses, net | $ 10,399 | ||||||||
101, 103, 105 Eisenhower Parkway [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Number of Buildings, Disposed | item | 3 | ||||||||
Net Sales Proceeds | $ 46,423 | ||||||||
Net Book Value | 45,999 | ||||||||
Realized Gain (loss)/Unrealized Losses, net | $ 424 | ||||||||
Capital Office Park, Ivy Lane [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Number of Buildings, Disposed | item | [10] | 6 | |||||||
Net Sales Proceeds | [10] | $ 46,570 | |||||||
Net Book Value | [10] | 65,064 | |||||||
Realized Gain (loss)/Unrealized Losses, net | [10] | $ (18,494) | |||||||
Impairments | 66,500 | ||||||||
100 Walnut Avenue [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Number of Buildings, Disposed | item | 1 | ||||||||
Net Sales Proceeds | $ 28,428 | ||||||||
Net Book Value | 7,529 | ||||||||
Realized Gain (loss)/Unrealized Losses, net | $ 20,899 | ||||||||
20 Commerce Drive [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Number of Buildings, Disposed | item | 1 | ||||||||
Net Sales Proceeds | $ 28,878 | ||||||||
Net Book Value | 13,071 | ||||||||
Realized Gain (loss)/Unrealized Losses, net | $ 15,807 | ||||||||
4200 Parliament Place [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Number of Buildings, Disposed | item | [11] | 1 | |||||||
Net Sales Proceeds | [11] | $ 5,965 | |||||||
Net Book Value | [11] | 5,983 | |||||||
Realized Gain (loss)/Unrealized Losses, net | [11] | $ (18) | |||||||
Impairments | $ 4,200 | ||||||||
1451 Metropolitan Drive [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Number of Buildings, Disposed | item | 1 | ||||||||
Rentable Square Feet, Disposed | ft² | 21,600 | 21,600 | |||||||
Net Sales Proceeds | $ 1,072 | ||||||||
Net Book Value | 929 | ||||||||
Realized Gain (loss)/Unrealized Losses, net | $ 143 | ||||||||
10 Independence [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Number of Buildings, Disposed | item | 1 | ||||||||
Rentable Square Feet, Disposed | ft² | 120,528 | 120,528 | |||||||
Net Sales Proceeds | $ 18,351 | ||||||||
Net Book Value | 15,114 | ||||||||
Realized Gain (loss)/Unrealized Losses, net | $ 3,237 | ||||||||
4 Sylvan Way [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Number of Buildings, Disposed | item | 1 | ||||||||
Rentable Square Feet, Disposed | ft² | 105,135 | 105,135 | |||||||
Net Sales Proceeds | $ 15,961 | ||||||||
Net Book Value | 9,522 | ||||||||
Realized Gain (loss)/Unrealized Losses, net | $ 6,439 | ||||||||
14 Sylvan Way [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Number of Buildings, Disposed | item | 1 | ||||||||
Rentable Square Feet, Disposed | ft² | 203,506 | 203,506 | |||||||
Net Sales Proceeds | $ 79,977 | ||||||||
Net Book Value | 55,253 | ||||||||
Realized Gain (loss)/Unrealized Losses, net | $ 24,724 | ||||||||
210 Clay Ave [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Number of Buildings, Disposed | item | 1 | ||||||||
Rentable Square Feet, Disposed | ft² | 121,203 | 121,203 | |||||||
Net Sales Proceeds | $ 14,766 | ||||||||
Net Book Value | 5,202 | ||||||||
Realized Gain (loss)/Unrealized Losses, net | $ 9,564 | ||||||||
5 Becker [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Number of Buildings, Disposed | item | 1 | ||||||||
Rentable Square Feet, Disposed | ft² | 118,343 | 118,343 | |||||||
Net Sales Proceeds | $ 18,129 | ||||||||
Net Book Value | 8,975 | ||||||||
Realized Gain (loss)/Unrealized Losses, net | $ 9,154 | ||||||||
[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 recorded an impairment charge of $3.2 million on this property during the year ended December 31, 2015. | ||||||||
[3] | The Company recorded impairment charges of $83.2 million on this property during the year ended December 31, 2015. | ||||||||
[4] | The Company transferred the deed for this property to the lender in satisfaction of its obligations. The Company recorded an impairment charge of $3.0 million on this property during the year ended December 31, 2012. | ||||||||
[5] | $10.5 million of the net sales proceeds from this sale were held by a qualified intermediary. The Company received these proceeds on January 11, 2017. | ||||||||
[6] | The Company recorded impairment charges of $9.8 million on these properties during the year ended December 31, 2015. | ||||||||
[7] | The Company recorded impairment charges of $1.0 million on these properties during the year ended December 31, 2015. | ||||||||
[8] | The Company recorded impairment charges of $7.4 million on these properties during the year ended December 31, 2015. | ||||||||
[9] | The Company transferred the deed for this property to the lender in satisfaction of its obligations. | ||||||||
[10] | The Company recorded impairment charges of $66.5 million on these properties during the year ended December 31, 2015. | ||||||||
[11] | The Company recorded an impairment charge of $4.2 million on this property during the year ended December 31, 2015. |
Recent Transactions (Summary Of
Recent Transactions (Summary Of Income From Property Held For Sale, Net) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Less - accumulated depreciation | $ (1,332,073) | $ (1,464,482) |
Rental property held for sale, net | 39,743 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Land | 10,934 | |
Buildings and improvements | 68,266 | |
Less - accumulated depreciation | (31,792) | |
Less: Unrealized losses on properties held for sale | (7,665) | |
Rental property held for sale, net | $ 39,743 |
Recent Transactions (Summary 59
Recent Transactions (Summary Of Income (Loss) From Properties Disposed) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Real Estate Properties [Line Items] | ||||||||||||||
Total revenues | $ 153,731 | $ 157,517 | $ 149,227 | $ 152,923 | $ 146,443 | $ 146,158 | $ 148,567 | $ 153,715 | $ 613,398 | $ 594,883 | $ 636,799 | |||
Depreciation and amortization | (52,045) | (48,117) | (43,459) | (43,063) | (43,136) | (44,099) | (42,365) | (40,802) | (186,684) | (170,402) | (172,490) | |||
Operating income (loss) | 22,110 | 27,931 | 27,368 | 27,229 | (11,383) | (139,310) | 27,353 | 27,008 | 104,638 | (96,332) | 88,811 | |||
Impairments | (33,743) | [1] | (164,176) | [1] | (197,919) | $ (25,200) | ||||||||
Realized gains/unrealized Losses on disposition | 41,002 | (17,053) | 27,117 | 58,600 | 18,718 | 34,399 | 144 | 109,666 | 53,261 | 54,848 | ||||
Net income (loss) available to common shareholders | $ 15,181 | $ (8,541) | $ 48,393 | $ 62,191 | $ (31,718) | $ (126,892) | $ 35,379 | $ (2,521) | 117,224 | (125,752) | 28,567 | |||
Disposal Group, Not Discontinued Operations [Member] | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Total revenues | 60,590 | 9,137 | 53,975 | |||||||||||
Operating and other expenses | (36,428) | (5,532) | (24,311) | |||||||||||
Depreciation and amortization | (22,712) | (11,700) | (9,955) | |||||||||||
Interest expense | (10,845) | (7,008) | (10,369) | |||||||||||
Operating income (loss) | (9,395) | (15,103) | 9,340 | |||||||||||
Realized gains/unrealized Losses on disposition | 117,331 | 53,261 | 54,848 | |||||||||||
Net income (loss) available to common shareholders | $ 107,936 | $ 38,158 | $ 64,188 | |||||||||||
[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 Unconsolidated60
Investments In Unconsolidated Joint Ventures (Narrative) (Details) $ in Thousands | Sep. 13, 2016USD ($) | Dec. 31, 2016USD ($)ft²propertyitem | Dec. 31, 2015USD ($) |
Schedule of Equity Method Investments [Line Items] | |||
Company's net investment in unconsolidated joint ventures | $ 320,047 | $ 303,457 | |
Area of mixed use project (in square feet) | ft² | 81,700 | ||
Amount outstanding | $ 634,069 | 155,000 | |
Management, leasing, development and other services fees | 3,700 | 5,500 | |
Accounts receivable due from unconsolidated joint ventures | 700 | 800 | |
Maximum exposure to loss | 207,400 | ||
Estimated future funding commitments | 22,000 | ||
Property Debt, Balance | 59,700 | ||
Issuance of loan | 17,800 | ||
Accounts payable, accrued expenses and other liabilities | $ 159,874 | $ 135,057 | |
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 | 10 | ||
Number of units | item | 3,587 | ||
Unconsolidated Joint Venture Hotel [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of units | item | 350 | ||
Unconsolidated Joint Venture Development Projects [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of units | item | 822 | ||
Unconsolidated Joint Venture Land Parcels [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of units | item | 4,151 | ||
Unconsolidated Joint Ventures [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Maximum borrowing capacity | $ 192,000 | ||
Amount outstanding | 155,200 | ||
Unconsolidated Joint Ventures [Member] | Parent Company [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Maximum borrowing capacity | 22,000 | ||
Amount outstanding | $ 22,000 | ||
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 net investment in unconsolidated joint ventures | $ 185,400 | ||
Number of VIEs | property | 4 | ||
South Pier At Harborside [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Letter of credit | $ 3,000 | ||
Property Debt, Balance | $ 59,100 | $ 100,000 | |
Property Debt, Interest Rate | 6.15% | 3.668% | |
Mortgage loan, maturity date | Nov. 1, 2016 | Oct. 1, 2026 | |
Issuance of loan | $ 35,700 | ||
Accounts payable, accrued expenses and other liabilities | $ 3,317 |
Investments In Unconsolidated61
Investments In Unconsolidated Joint Ventures (Summary Of Unconsolidated Joint Ventures) (Details) $ in Thousands | Feb. 03, 2017USD ($) | Sep. 13, 2016USD ($) | Jul. 08, 2016USD ($) | Apr. 01, 2016USD ($) | Oct. 31, 2016 | Jun. 30, 2016USD ($)item | Dec. 31, 2016USD ($)ft²$ / itempropertyitem | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | May 26, 2016item | ||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Carrying Amount | $ 320,047 | $ 303,457 | ||||||||||
Property Debt, Balance | 59,700 | |||||||||||
Accounts payable, accrued expenses and other liabilities | 159,874 | 135,057 | ||||||||||
Purchase price of property | $ 121,582 | 94,073 | $ 91,813 | |||||||||
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% | |||||||||||
Subsequent Event [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Company's Effective Ownership % | 100.00% | |||||||||||
Riverwalk G Urban Renewal, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Investment Ownership Percentage | 50.00% | |||||||||||
Property Debt, Maturity Date | Nov. 1, 2026 | |||||||||||
Property Debt, Interest Rate | 3.21% | |||||||||||
Mortgage loan face amount | $ 82,000 | |||||||||||
Pari Passu Interest, Percent | 22.50% | |||||||||||
PruRose Riverwalk G, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of Apartment Units | item | 316 | |||||||||||
Purchase price of property | $ 11,300 | |||||||||||
Pari Passu Interest, Percent | 22.50% | |||||||||||
Crystal House Apartments Investors LLC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
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 Apartment Holdings, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of Apartment Units | item | 175 | |||||||||||
Company's Effective Ownership % | 38.25% | |||||||||||
Property Debt, Balance | $ 59,000 | $ 42,500 | ||||||||||
Property Debt, Maturity Date | Aug. 1, 2023 | |||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | 3.44% | |||||||||||
Purchase price of property | 39,600 | |||||||||||
RoseGarden Marbella South, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | [1] | 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 | |||||||||||
Harborside Unit A Urban Renewal, LLC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Company's Effective Ownership % | 85.00% | |||||||||||
Harborside Unit A Urban Renewal, LLC [Member] | Construction/Permanent Loan [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 192,000 | |||||||||||
PruRose Port Imperial South 15, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of Apartment Units | item | 236 | |||||||||||
Red Bank Corporate Plaza, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | 3.00% | |||||||||||
KPG-P 100 IMW JV, LLC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | [2] | 5.95% | ||||||||||
Number of extension options | item | 3 | |||||||||||
Loan extension period | 1 year | |||||||||||
Keystone-Penn [Member] | Principal Balance Due August 27, 2023 [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Balance | $ 127,103 | |||||||||||
Property Debt, Maturity Date | Aug. 27, 2023 | |||||||||||
Property Debt, Interest Rate | 5.114% | |||||||||||
Keystone-Penn [Member] | Principal Balance Due September 6, 2025 [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Balance | $ 45,500 | |||||||||||
Property Debt, Maturity Date | Sep. 6, 2025 | |||||||||||
Property Debt, Interest Rate | 5.01% | |||||||||||
Keystone-Penn [Member] | Principal Balance Due December 21, 2020 [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Balance | $ 18,281 | |||||||||||
Property Debt, Maturity Date | Dec. 21, 2020 | |||||||||||
Property Debt, Interest Rate | 5.50% | |||||||||||
Property Debt, Interest Rate, LIBOR | LIBOR+5.5 | |||||||||||
Keystone-Penn [Member] | Principal Balance Due August 31, 2019 [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Balance | $ 22,500 | |||||||||||
Property Debt, Maturity Date | Aug. 31, 2019 | |||||||||||
Property Debt, Interest Rate | 5.20% | |||||||||||
Property Debt, Interest Rate, LIBOR | LIBOR+5.2 | |||||||||||
Keystone-Penn [Member] | Principal Balance Due January 9, 2019 [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Balance | $ 11,250 | |||||||||||
Property Debt, Maturity Date | Jan. 9, 2019 | |||||||||||
Property Debt, Interest Rate | 5.50% | |||||||||||
Property Debt, Interest Rate, LIBOR | LIBOR+5.5 | |||||||||||
Keystone-Penn [Member] | Principal Balance Due August 27, 2017 [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Balance | $ 10,425 | |||||||||||
Property Debt, Maturity Date | Aug. 27, 2017 | |||||||||||
Property Debt, Interest Rate | 6.00% | |||||||||||
Property Debt, Interest Rate, LIBOR | LIBOR+6.0 | |||||||||||
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] | ||||||||||||
Capital balance in properties in which senior pari passu interest is held | $ 2,300 | |||||||||||
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 | $ 47,500 | |||||||||||
Property Debt, Maturity Date | Jul. 1, 2017 | |||||||||||
Property Debt, Interest Rate | 5.57% | |||||||||||
Keystone-TriState [Member] | Principal Balance Due September 9, 2017 [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Balance | $ 78,439 | |||||||||||
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 | |||||||||||
Property Debt, Maturity Date | Jul. 6, 2024 | |||||||||||
Property Debt, Interest Rate | 4.88% | |||||||||||
Keystone-TriState [Member] | Principal Balance Due July 6, 2044 [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Balance | $ 63,400 | |||||||||||
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 | |||||||||||
Property Debt, Maturity Date | Aug. 6, 2024 | |||||||||||
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% | |||||||||||
South Pier At Harborside [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Balance | $ 59,100 | $ 100,000 | ||||||||||
Property Debt, Maturity Date | Nov. 1, 2016 | Oct. 1, 2026 | ||||||||||
Property Debt, Interest Rate | 6.15% | 3.668% | ||||||||||
Accounts payable, accrued expenses and other liabilities | $ 3,317 | |||||||||||
The Shops At 40 Park Property [Member] | Rosewood Morristown, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Rentable Square Feet (sf) | ft² | 50,973 | |||||||||||
Property Debt, Balance | $ 6,318 | |||||||||||
Property Debt, Maturity Date | Aug. 1, 2018 | |||||||||||
Property Debt, Interest Rate | 3.63% | |||||||||||
Residual ownership interest | 12.50% | |||||||||||
Lofts At 40 Park Property [Member] | Rosewood Morristown, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of Apartment Units | item | 59 | |||||||||||
Indirect ownership interest | 25.00% | |||||||||||
Number of stories | item | 5 | |||||||||||
Lofts At 40 Park Property [Member] | Rosewood Morristown, L.L.C. [Member] | Subsequent Event [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Maturity Date | Feb. 1, 2020 | |||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | 2.50% | |||||||||||
Maximum borrowing capacity | $ 13,950 | |||||||||||
Metropolitan Property [Member] | Rosewood Morristown, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Property Debt, Balance | $ 37,640 | |||||||||||
Property Debt, Maturity Date | Sep. 1, 2020 | |||||||||||
Property Debt, Interest Rate | 3.25% | |||||||||||
Metropolitan Property [Member] | PruRose Riverwalk G, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Purchase price of property | 11,300 | |||||||||||
Metropolitan Property [Member] | Portside Apartment Holdings, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Investment Ownership Percentage | 100.00% | |||||||||||
Purchase price of property | $ 39,600 | |||||||||||
Port Imperial North Land [Member] | Roseland/Port Imperial Partners, L.P. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of Apartment Units | item | 836 | |||||||||||
Residual ownership interest | 20.00% | |||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of Apartment Units | item | 3,587 | |||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Marbella RoseGarden, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of Apartment Units | item | [3] | 412 | ||||||||||
Company's Effective Ownership % | [3],[4] | 24.27% | ||||||||||
Carrying Amount | [3] | $ 15,150 | 15,569 | |||||||||
Property Debt, Balance | [3] | $ 95,000 | ||||||||||
Property Debt, Maturity Date | [3] | May 1, 2018 | ||||||||||
Property Debt, Interest Rate | [3] | 4.99% | ||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | RoseGarden Monaco Holdings, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of Apartment Units | item | [3] | 523 | ||||||||||
Company's Effective Ownership % | [3],[4] | 15.00% | ||||||||||
Carrying Amount | [3] | 937 | ||||||||||
Property Debt, Balance | [3] | $ 165,000 | ||||||||||
Property Debt, Maturity Date | [3] | Feb. 1, 2021 | ||||||||||
Property Debt, Interest Rate | [3] | 4.19% | ||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Rosewood Morristown, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of Apartment Units | item | [3],[5] | 130 | ||||||||||
Company's Effective Ownership % | [3],[4],[5] | 12.50% | ||||||||||
Carrying Amount | [3],[5] | $ 7,145 | 5,723 | |||||||||
Property Debt, Balance | [3],[5],[6] | $ 43,958 | ||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Riverwalk G Urban Renewal, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of Apartment Units | item | [7] | 316 | ||||||||||
Company's Effective Ownership % | [4],[7] | 22.50% | ||||||||||
Carrying Amount | [7] | $ 9,707 | ||||||||||
Property Debt, Balance | [7] | $ 82,000 | ||||||||||
Property Debt, Maturity Date | [7] | Nov. 10, 2026 | ||||||||||
Property Debt, Interest Rate | [7],[8] | 3.21% | ||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Elmajo Urban Renewal Associates, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of Apartment Units | item | [3],[9] | 355 | ||||||||||
Company's Effective Ownership % | [3],[4],[9] | 7.50% | ||||||||||
Property Debt, Balance | [3],[9] | $ 128,100 | ||||||||||
Property Debt, Maturity Date | [3],[9] | Mar. 1, 1930 | ||||||||||
Property Debt, Interest Rate | [3],[9] | 4.00% | ||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Crystal House Apartments Investors LLC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of Apartment Units | item | [10] | 794 | ||||||||||
Company's Effective Ownership % | [4],[10] | 25.00% | ||||||||||
Carrying Amount | [10] | $ 30,565 | 28,114 | |||||||||
Property Debt, Balance | [10] | $ 165,000 | ||||||||||
Property Debt, Maturity Date | [10] | Apr. 1, 2020 | ||||||||||
Property Debt, Interest Rate | [10] | 3.17% | ||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Roseland/Port Imperial Partners, L.P. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of Apartment Units | item | [3],[11] | 363 | ||||||||||
Company's Effective Ownership % | [3],[4],[11] | 20.00% | ||||||||||
Carrying Amount | [3],[11] | $ 1,678 | 1,678 | |||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | RoseGarden Marbella South, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of Apartment Units | item | 311 | |||||||||||
Company's Effective Ownership % | [4] | 24.27% | ||||||||||
Carrying Amount | $ 18,050 | 16,728 | ||||||||||
Property Debt, Balance | $ 72,544 | |||||||||||
Property Debt, Maturity Date | Mar. 30, 2017 | |||||||||||
Property Debt, Interest Rate, LIBOR | [1] | L+2.25 | ||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Estuary Urban Renewal Unit B, LLC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of Apartment Units | item | [3],[12] | 227 | ||||||||||
Company's Effective Ownership % | [3],[4],[12] | 7.50% | ||||||||||
Property Debt, Balance | [3],[12] | $ 81,900 | ||||||||||
Property Debt, Maturity Date | [3],[12] | Mar. 1, 1930 | ||||||||||
Property Debt, Interest Rate | [3],[12] | 4.00% | ||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Riverpark At Harrison I, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of Apartment Units | item | 141 | |||||||||||
Company's Effective Ownership % | [4] | 45.00% | ||||||||||
Carrying Amount | $ 2,085 | 2,544 | ||||||||||
Property Debt, Balance | $ 30,000 | |||||||||||
Property Debt, Maturity Date | Aug. 1, 2025 | |||||||||||
Property Debt, Interest Rate | 3.70% | |||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Capitol Place Mezz LLC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of Apartment Units | item | 378 | |||||||||||
Company's Effective Ownership % | [4] | 50.00% | ||||||||||
Carrying Amount | $ 43,073 | 46,267 | ||||||||||
Property Debt, Balance | $ 100,700 | |||||||||||
Property Debt, Maturity Date | Jul. 1, 2033 | |||||||||||
Property Debt, Interest Rate | 4.82% | |||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Harborside Unit A Urban Renewal, LLC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of Apartment Units | item | 763 | |||||||||||
Company's Effective Ownership % | [4] | 85.00% | ||||||||||
Carrying Amount | $ 100,188 | 96,799 | ||||||||||
Property Debt, Balance | $ 155,186 | |||||||||||
Property Debt, Maturity Date | Aug. 1, 2029 | |||||||||||
Property Debt, Interest Rate | [13] | 5.197% | ||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | RoseGarden Monaco, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of Apartment Units | item | 250 | |||||||||||
Company's Effective Ownership % | [4] | 41.67% | ||||||||||
Carrying Amount | $ 1,400 | 1,339 | ||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Grand Jersey Waterfront URA, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of Apartment Units | item | 850 | |||||||||||
Company's Effective Ownership % | [4] | 50.00% | ||||||||||
Carrying Amount | $ 337 | 337 | ||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Hillsborough 206 Holdings, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Rentable Square Feet (sf) | ft² | 160,000 | |||||||||||
Company's Effective Ownership % | [4] | 50.00% | ||||||||||
Carrying Amount | $ 1,962 | 1,962 | ||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Plaza VIII & IX Associates, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Rentable Square Feet (sf) | ft² | [9] | 1,225,000 | ||||||||||
Company's Effective Ownership % | [4],[9] | 50.00% | ||||||||||
Carrying Amount | [9] | $ 4,448 | 4,055 | |||||||||
Unconsolidated Joint Venture Office Buildings [Member] | Red Bank Corporate Plaza, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Rentable Square Feet (sf) | ft² | 92,878 | |||||||||||
Company's Effective Ownership % | [4] | 50.00% | ||||||||||
Carrying Amount | $ 4,339 | 4,140 | ||||||||||
Property Debt, Balance | $ 14,476 | |||||||||||
Property Debt, Maturity Date | May 17, 2017 | |||||||||||
Property Debt, Interest Rate, LIBOR | L+3.00 | |||||||||||
Unconsolidated Joint Venture Office Buildings [Member] | 12 Vreeland Associates, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Rentable Square Feet (sf) | ft² | 139,750 | |||||||||||
Company's Effective Ownership % | [4] | 50.00% | ||||||||||
Carrying Amount | $ 6,237 | 5,890 | ||||||||||
Property Debt, Balance | $ 11,041 | |||||||||||
Property Debt, Maturity Date | Jul. 1, 2023 | |||||||||||
Property Debt, Interest Rate | 2.87% | |||||||||||
Unconsolidated Joint Venture Office Buildings [Member] | BNES Associates III [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Rentable Square Feet (sf) | ft² | 106,345 | |||||||||||
Company's Effective Ownership % | [4] | 31.25% | ||||||||||
Carrying Amount | $ 3,124 | 2,295 | ||||||||||
Property Debt, Balance | $ 5,480 | |||||||||||
Property Debt, Maturity Date | Nov. 1, 2023 | |||||||||||
Property Debt, Interest Rate | 4.76% | |||||||||||
Unconsolidated Joint Venture Office Buildings [Member] | KPG-P 100 IMW JV, LLC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Rentable Square Feet (sf) | ft² | 339,615 | |||||||||||
Company's Effective Ownership % | [4],[14] | 33.33% | ||||||||||
Property Debt, Balance | $ 72,000 | |||||||||||
Property Debt, Maturity Date | Sep. 8, 2018 | |||||||||||
Property Debt, Interest Rate, LIBOR | [2] | L+5.95 | ||||||||||
Unconsolidated Joint Venture Office Buildings [Member] | Keystone-Penn [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Rentable Square Feet (sf) | ft² | [15] | 1,842,820 | ||||||||||
Company's Effective Ownership % | [4] | |||||||||||
Property Debt, Balance | [16] | $ 235,059 | ||||||||||
Unconsolidated Joint Venture Office Buildings [Member] | Keystone-TriState [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Rentable Square Feet (sf) | ft² | [17] | 1,266,384 | ||||||||||
Company's Effective Ownership % | [4] | |||||||||||
Carrying Amount | $ 2,285 | 3,958 | ||||||||||
Property Debt, Balance | [18] | $ 218,639 | ||||||||||
Unconsolidated Joint Venture Office Buildings [Member] | KPG-MCG Curtis JV, LLC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Rentable Square Feet (sf) | ft² | [19] | 885,000 | ||||||||||
Company's Effective Ownership % | [4],[19] | 50.00% | ||||||||||
Carrying Amount | [19] | $ 65,400 | 59,858 | [20] | ||||||||
Unconsolidated Joint Venture Other Property [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Carrying Amount | 320,047 | 303,457 | ||||||||||
Property Debt, Balance | $ 1,776,083 | |||||||||||
Unconsolidated Joint Venture Other Property [Member] | Roseland/North Retail, L.L.C. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Rentable Square Feet (sf) | ft² | [3] | 30,745 | ||||||||||
Company's Effective Ownership % | [3],[4] | 20.00% | ||||||||||
Carrying Amount | [3] | $ 1,706 | 1,758 | |||||||||
Unconsolidated Joint Venture Other Property [Member] | South Pier At Harborside [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of Apartment Units | item | 350 | |||||||||||
Company's Effective Ownership % | [4] | 50.00% | ||||||||||
Carrying Amount | [21] | $ 163 | ||||||||||
Property Debt, Balance | $ 100,000 | |||||||||||
Property Debt, Maturity Date | Oct. 1, 2026 | |||||||||||
Property Debt, Interest Rate | 3.668% | |||||||||||
Unconsolidated Joint Venture Other Property [Member] | Other [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Carrying Amount | [22] | $ 1,005 | $ 3,506 | |||||||||
[1] | 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. | |||||||||||
[2] | The mortgage loan has three one-year extension options, subject to certain conditions. | |||||||||||
[3] | 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. | |||||||||||
[4] | Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable. | |||||||||||
[5] | 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"). | |||||||||||
[6] | Property debt balance consists of: (i) an amortizable loan, collateralized by the Metropolitan at 40 Park, with a balance of $37,640, 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 $6,318, bears interest at 3.63 percent, matures in August 2018. On February 3, 2017, the venture obtained a construction loan for the Lofts at 40 Park with a maximum borrowing amount of $13,950, which bears interest at LIBOR plus 250 basis points and matures in February 2020. | |||||||||||
[7] | During the second quarter 2016, the Company acquired the equity interests of its joint venture partner in Portside Apartment Holdings, L.L.C and PruRose Riverwalk G, L.L.C. for $39.6 million and $11.3 million, respectively, which increased its ownership to 100 percent in Portside Apartment Holdings, LLC and 50 percent in Riverwalk G Urban Renewal, L.L.C. (See Note 3: Recent Transactions - Acquisitions). | |||||||||||
[8] | The loan was refinanced in October 2016. The new $82 million loan matures in November 2026 and has an interest rate of 3.21 percent. Concurrent with the refinancing in October 2016, the Company executed an agreement with the remaining partner which converted its 50 percent subordinated interest to 22.5 percent pari passu interest. | |||||||||||
[9] | On February 3, 2017, the Company acquired the equity interest of its partner. See Note 3: Recent Transactions - Unconsolidated Joint Venture Activity. | |||||||||||
[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 Company also owns a 20 percent residual interest in undeveloped land parcels: parcels 6, I, and J that can accommodate the development of 836 apartment units. | |||||||||||
[12] | On February 15, 2017, the Company sold its 7.5 percent interest in Elmajo Urban Renewal Associates, LLC and Estuary Urban Renewal Unit B, LLC joint ventures that own operating multi-family properties, located in Weehawken, New Jersey for a combined sales price of $5.1 million. | |||||||||||
[13] | The construction/permanent loan has a maximum borrowing amount of $192,000. The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines. | |||||||||||
[14] | On January 31, 2017, the Company sold its equity interest in the joint venture. See Note 3: Recent Transactions - Unconsolidated Joint Venture Activity. | |||||||||||
[15] | 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. | |||||||||||
[16] | Principal balance of $127,103 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 $18,281 bears interest at LIBOR+5.5 percent and matures on December 21, 2020; principal balance of $22,500 bears interest at LIBOR+5.2 percent and matures on August 31, 2019; 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 27, 2017. | |||||||||||
[17] | Includes the Company's pari passu interests of $2.3 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. | |||||||||||
[18] | Principal balance of $47,500 bears interest at 5.57 percent and matures on July 1, 2017; principal balance of $78,439 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, 2024. | |||||||||||
[19] | Includes undivided interests in the same manner as investments in noncontrolling partnership, pursuant to ASC 970-323-25-12. | |||||||||||
[20] | See Note 9: Mortgages, Loans Payable and Other Obligations for debt secured by interests in these assets. | |||||||||||
[21] | The negative carrying value for this venture of $3,317 as of December 31, 2015, was included in accounts payable, accrued expenses and other liabilities. | |||||||||||
[22] | The Company owns other interests in various unconsolidated joint ventures, including interests in assets previously owned and interest in ventures whose businesses are related to its core operations. These ventures are not expected to significantly impact the Company's operations in the near term. |
Investments In Unconsolidated62
Investments In Unconsolidated Joint Ventures (Summary Of Company's Equity In Earnings (Loss) Of Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Company's equity in earnings of unconsolidated joint ventures | $ (834) | $ 21,790 | $ (614) | $ (1,554) | $ (449) | $ 3,135 | $ (2,329) | $ (3,529) | $ 18,788 | $ (3,172) | $ (2,423) |
Unconsolidated Joint Venture Multi-Family Properties [Member] | Marbella RoseGarden, L.L.C. [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Company's equity in earnings of unconsolidated joint ventures | 231 | 231 | (19) | ||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | RoseGarden Monaco Holdings, L.L.C. [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Company's equity in earnings of unconsolidated joint ventures | (937) | (1,224) | (1,040) | ||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Rosewood Morristown, L.L.C. [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Company's equity in earnings of unconsolidated joint ventures | (317) | (364) | (345) | ||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Riverwalk G Urban Renewal, L.L.C. [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Company's equity in earnings of unconsolidated joint ventures | (1,146) | (955) | (2,139) | ||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Elmajo Urban Renewal Associates, L.L.C. [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Company's equity in earnings of unconsolidated joint ventures | (203) | ||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Crystal House Apartments Investors LLC [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Company's equity in earnings of unconsolidated joint ventures | (870) | (123) | (139) | ||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Roseland/Port Imperial Partners, L.P. [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Company's equity in earnings of unconsolidated joint ventures | (120) | (474) | (646) | ||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | RoseGarden Marbella South, L.L.C. [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Company's equity in earnings of unconsolidated joint ventures | (202) | ||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Estuary Urban Renewal Unit B, LLC [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Company's equity in earnings of unconsolidated joint ventures | 1 | (15) | |||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Riverpark At Harrison I, L.L.C. [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Company's equity in earnings of unconsolidated joint ventures | (190) | (363) | (150) | ||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Capitol Place Mezz LLC [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Company's equity in earnings of unconsolidated joint ventures | (2,440) | (3,687) | (75) | ||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Harborside Unit A Urban Renewal, LLC [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Company's equity in earnings of unconsolidated joint ventures | (219) | (218) | |||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Grand Jersey Waterfront URA, L.L.C. [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Company's equity in earnings of unconsolidated joint ventures | (80) | (32) | (54) | ||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Hillsborough 206 Holdings, L.L.C. [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Company's equity in earnings of unconsolidated joint ventures | (53) | (5) | (10) | ||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Plaza VIII & IX Associates, L.L.C. [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Company's equity in earnings of unconsolidated joint ventures | 393 | 344 | 320 | ||||||||
Unconsolidated Joint Venture Office Buildings [Member] | Red Bank Corporate Plaza, L.L.C. [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Company's equity in earnings of unconsolidated joint ventures | 448 | 392 | 380 | ||||||||
Unconsolidated Joint Venture Office Buildings [Member] | 12 Vreeland Associates, L.L.C. [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Company's equity in earnings of unconsolidated joint ventures | 347 | 270 | 106 | ||||||||
Unconsolidated Joint Venture Office Buildings [Member] | BNES Associates III [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Company's equity in earnings of unconsolidated joint ventures | (15) | 115 | 240 | ||||||||
Unconsolidated Joint Venture Office Buildings [Member] | KPG-P 100 IMW JV, LLC [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Company's equity in earnings of unconsolidated joint ventures | (800) | (1,887) | |||||||||
Unconsolidated Joint Venture Office Buildings [Member] | Keystone-Penn [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Company's equity in earnings of unconsolidated joint ventures | 600 | 3,812 | |||||||||
Unconsolidated Joint Venture Office Buildings [Member] | Keystone-TriState [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Company's equity in earnings of unconsolidated joint ventures | (1,672) | (2,182) | (318) | ||||||||
Unconsolidated Joint Venture Office Buildings [Member] | KPG-MCG Curtis JV, LLC [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Company's equity in earnings of unconsolidated joint ventures | (92) | 475 | 624 | ||||||||
Unconsolidated Joint Venture Other Property [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Company's equity in earnings of unconsolidated joint ventures | 18,788 | (3,172) | (2,423) | ||||||||
Unconsolidated Joint Venture Other Property [Member] | Roseland/North Retail, L.L.C. [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Company's equity in earnings of unconsolidated joint ventures | (52) | (70) | (102) | ||||||||
Unconsolidated Joint Venture Other Property [Member] | South Pier At Harborside [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Company's equity in earnings of unconsolidated joint ventures | 24,180 | 3,036 | 2,602 | ||||||||
Unconsolidated Joint Venture Other Property [Member] | Other [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Company's equity in earnings of unconsolidated joint ventures | $ 994 | $ (1,569) | $ 665 |
Investments In Unconsolidated63
Investments In Unconsolidated Joint Ventures (Summary Of Financial Position Of Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Equity Method Investments [Line Items] | ||
Rental property, net | $ 1,746,233 | $ 1,781,621 |
Other assets | 278,289 | 307,000 |
Total assets | 2,024,522 | 2,088,621 |
Mortgages and loans payable | 1,350,973 | 1,298,293 |
Other liabilities | 247,212 | 215,951 |
Partners'/members' capital | 426,337 | 574,377 |
Total liabilities and partners'/members' capital | 2,024,522 | 2,088,621 |
Company's net investment in unconsolidated joint ventures | $ 320,047 | $ 303,457 |
Investments In Unconsolidated64
Investments In Unconsolidated Joint Ventures (Summary Of Results Of Operations Of Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Total revenues | $ 377,711 | $ 318,980 | $ 305,034 | ||||||||
Operating and other expenses | (262,703) | (220,982) | (233,320) | ||||||||
Depreciation and amortization | (75,512) | (71,711) | (42,985) | ||||||||
Interest expense | (58,390) | (52,972) | (32,862) | ||||||||
Net income | (18,894) | (26,685) | (4,133) | ||||||||
Company's equity in earnings of unconsolidated joint ventures | $ (834) | $ 21,790 | $ (614) | $ (1,554) | $ (449) | $ 3,135 | $ (2,329) | $ (3,529) | $ 18,788 | $ (3,172) | $ (2,423) |
Deferred Charges, Goodwill An65
Deferred Charges, Goodwill And Other Assets, Net (Narrative) (Details) - Cash Flow Hedging [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative notional amount | $ 350,000,000 | ||
Ineffective increase to interest expense | 600,000 | $ 0 | $ 0 |
Estimated additional amount to be reclassified to interest expense | 1,700,000 | ||
Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of increase in the fair value of derivatives | $ 2,000 | $ 93,000 | $ 79,000 |
Deferred Charges, Goodwill An66
Deferred Charges, Goodwill And Other Assets, Net (Schedule Of Deferred Charges, Goodwill And Other Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Deferred Charges, Goodwill And Other Assets [Line Items] | ||||
Deferred leasing costs | $ 220,947 | $ 239,690 | ||
Deferred financing costs - unsecured revolving credit facility | [1] | 5,400 | 5,394 | |
Deferred charges, gross | 226,347 | 245,084 | ||
Accumulated amortization | (107,359) | (118,014) | ||
Deferred charges, net | 118,988 | 127,070 | ||
Notes receivable | [2] | 13,251 | 13,496 | |
In-place lease values, related intangibles and other assets, net | [3],[4] | 72,046 | 10,931 | |
Goodwill | [5] | 2,945 | 2,945 | |
Prepaid expenses and other assets, net | [6] | 60,720 | 49,408 | |
Total deferred charges, goodwill and other assets, net | 267,950 | 203,850 | ||
Lease revenue | 506,877 | 487,041 | $ 516,727 | |
Acquired Above And Below Market Lease Intangibles [Member] | ||||
Deferred Charges, Goodwill And Other Assets [Line Items] | ||||
Lease revenue | 1,900 | $ 200 | $ 700 | |
Acquisition-related Costs [Member] | ||||
Deferred Charges, Goodwill And Other Assets [Line Items] | ||||
Net sales proceeds held by qualified intermediary | 10,500 | |||
Mortgage Receivable [Member] | ||||
Deferred Charges, Goodwill And Other Assets [Line Items] | ||||
Notes receivable | $ 10,400 | |||
Spread over LIBOR | 6.00% | |||
LIBOR | Libor+6 | |||
Interest-Free Notes Receivable [Member] | ||||
Deferred Charges, Goodwill And Other Assets [Line Items] | ||||
Notes receivable | $ 2,800 | |||
Mortgage loan, maturity date | Apr. 1, 2023 | |||
[1] | Pursuant to recently issued accounting standards, deferred financing costs related to all other debt liabilities (other than for the unsecured revolving credit facility) are netted against those debt liabilities for all periods presented. See Note 2: Significant Accounting Policies - Deferred Financing Costs. | |||
[2] | Includes as of December 31, 2016: a mortgage receivable for $10.4 million which bore interest at LIBOR plus six percent and was repaid in full in January 2017, and an interest-free note receivable with a net present value of $2.8 million which matures in April 2023 and the Company believes is fully collectible. | |||
[3] | 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 $1.9 million, $0.2 million and $0.7 million for the years ended December 31, 2016, 2015 and 2014, respectively. The following table summarizes, as of December 31, 2016, the scheduled amortization of the Company's acquired above and below-market lease intangibles for each of the five succeeding years (dollars in thousands). | |||
[4] | 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 $14.3 million, $1.4 million and $6.9 million for the years ended December 31, 2016, 2015 and 2014, 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). | |||
[5] | All goodwill is attributable to the Company's Multi-family Services segment. | |||
[6] | Includes as of December 31, 2016, $10.5 million of proceeds from property sales held by a qualified intermediary. |
Deferred Charges, Goodwill An67
Deferred Charges, Goodwill And Other Assets (Summary Of Scheduled Amortization) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
2,017 | $ 2,759 | ||
2,018 | 2,884 | ||
2,019 | 2,849 | ||
2,020 | 2,818 | ||
2,021 | 2,880 | ||
Above Market Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
2,017 | (1,068) | ||
2,018 | (691) | ||
2,019 | (574) | ||
2,020 | (386) | ||
2,021 | (298) | ||
Acquired Below-Market Lease Intangibles [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
2,017 | 3,827 | ||
2,018 | 3,575 | ||
2,019 | 3,423 | ||
2,020 | 3,204 | ||
2,021 | 3,178 | ||
In-Place Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
2,017 | $ 7,869 | ||
2,018 | 4,391 | ||
2,019 | 4,069 | ||
2,020 | 2,868 | ||
2,021 | 2,785 | ||
Amortization expense | $ 14,300 | $ 1,400 | $ 6,900 |
Deferred Charges, Goodwill An68
Deferred Charges, Goodwill And Other Assets, Net (Schedule Of Fair Value Of The Derivative Financial Instruments) (Details) - Deferred Charges, Goodwill And Other Assets [Member] - Cash Flow Hedging [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Asset Derivatives | $ 2,847 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Asset Derivatives | $ 2 |
Deferred Charges, Goodwill An69
Deferred Charges, Goodwill And Other Assets, Net (Schedule Of Cash Flow Hedging, Derivative Financial Instruments On The Income Statement) (Details) - Not Designated as Hedging Instrument [Member] - Cash Flow Hedging [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Interest Expense [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | $ 3,398 |
Interest And Other Investment Income (Loss) [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion, Reclassification for Forecasted Transactions No Longer Probable of Occurring and Amount Excluded from Effectiveness Testing) | 631 |
Interest Rate Swap [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | $ 1,183 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Restricted Cash [Abstract] | ||
Security deposits | $ 8,778 | $ 7,785 |
Escrow and other reserve funds | 45,174 | 27,558 |
Total restricted cash | $ 53,952 | $ 35,343 |
Senior Unsecured Notes (Narrati
Senior Unsecured Notes (Narrative) (Details) - USD ($) | Dec. 28, 2016 | Sep. 19, 2016 | Dec. 31, 2016 | Dec. 31, 2014 | Nov. 29, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||||||
Principal balance outstanding | $ 2,340,009,000 | $ 2,145,393,000 | |||||
Repayments of senior unsecured notes | 448,339,000 | $ 350,000,000 | |||||
Loss from extinguishment of debt, net | $ 30,540,000 | $ 582,000 | |||||
7.750% Senior Unsecured Notes, Due August 15, 2019 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Face amount of senior unsecured notes | $ 114,900,000 | ||||||
Redemption percentage of notes | 115.314% | 115.977% | |||||
Interest rate of senior unsecured notes | 7.75% | ||||||
Maturity date of the senior unsecured notes | Aug. 15, 2019 | ||||||
Repayments of senior unsecured notes | $ 159,700,000 | $ 134,100,000 | |||||
Redeemed cash for outstanding principal amount | $ 135,100,000 | ||||||
Loss from extinguishment of debt, net | $ 40,700,000 | ||||||
Unsecured Note [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Principal balance outstanding | $ 825,000,000 | 1,275,000,000 | |||||
Unsecured Note [Member] | 7.750% Senior Unsecured Notes, Due August 15, 2019 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Principal balance outstanding | [1] | $ 250,000,000 | |||||
[1] | During the year ended December 31, 2016, the Company purchased and redeemed these notes. See summaries above. |
Senior Unsecured Notes (Summary
Senior Unsecured Notes (Summary Of Senior Unsecured Notes) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Debt Instrument [Line Items] | |||
Principal balance outstanding | $ 2,340,009,000 | $ 2,145,393,000 | |
Adjustment for unamortized debt discount | (4,430,000) | ||
Total senior unsecured notes, net | 2,340,009,000 | 2,154,920,000 | |
5.800% Senior Unsecured Notes, Due January 15, 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Principal balance outstanding | $ 200,000,000 | ||
Interest rate of senior unsecured notes | 5.80% | ||
Maturity date of the senior unsecured notes | Jan. 15, 2016 | ||
2.500% Senior Unsecured Notes Due December 15, 2017 [Member] | |||
Debt Instrument [Line Items] | |||
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] | |||
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] | |||
Interest rate of senior unsecured notes | 4.50% | ||
Maturity date of the senior unsecured notes | Apr. 18, 2022 | ||
3.150% Senior Unsecured Notes, Due May 15, 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate of senior unsecured notes | 3.15% | ||
Maturity date of the senior unsecured notes | May 15, 2023 | ||
Unsecured Note [Member] | |||
Debt Instrument [Line Items] | |||
Principal balance outstanding | $ 825,000,000 | 1,275,000,000 | |
Adjustment for unamortized debt discount | (4,430,000) | (6,156,000) | |
Unamortized deferred financing costs | (3,215,000) | (5,062,000) | |
Total senior unsecured notes, net | $ 817,355,000 | 1,263,782,000 | |
Unsecured Note [Member] | 5.800% Senior Unsecured Notes, Due January 15, 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Principal balance outstanding | [1] | 200,000,000 | |
Effective rate | [1],[2] | 5.806% | |
Unsecured Note [Member] | 2.500% Senior Unsecured Notes Due December 15, 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Principal balance outstanding | $ 250,000,000 | 250,000,000 | |
Effective rate | [2] | 2.803% | |
Unsecured Note [Member] | 7.750% Senior Unsecured Notes, Due August 15, 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Principal balance outstanding | [3] | 250,000,000 | |
Effective rate | [2],[3] | 8.017% | |
Unsecured Note [Member] | 4.500% Senior Unsecured Notes Due April 18, 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Principal balance outstanding | $ 300,000,000 | 300,000,000 | |
Effective rate | [2] | 4.612% | |
Unsecured Note [Member] | 3.150% Senior Unsecured Notes, Due May 15, 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Principal balance outstanding | $ 275,000,000 | $ 275,000,000 | |
Effective rate | [2] | 3.517% | |
[1] | On January 15, 2016, the Company repaid these notes at 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. | ||
[3] | During the year ended December 31, 2016, the Company purchased and redeemed these notes. See summaries above. |
Unsecured Revolving Credit Fa73
Unsecured Revolving Credit Facility And Term Loans (Narrative) (Details) | Jan. 25, 2017USD ($)entity | Dec. 31, 2016USD ($)entityitem | Feb. 24, 2017USD ($) | Feb. 17, 2017USD ($) | Jan. 26, 2017USD ($) | Jan. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Line of Credit Facility [Line Items] | |||||||
Loan balance | $ 2,340,009,000 | $ 2,145,393,000 | |||||
Outstanding borrowings under the facility | $ 634,069,000 | 155,000,000 | |||||
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 | ||||||
Credit facility maturity date | Jul. 1, 2017 | ||||||
Terms of the unsecured facility | The terms of the unsecured facility through January 2017 included certain restrictions and covenants which limited, 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). | ||||||
Outstanding borrowings under the facility | $ 286,000,000 | 155,000,000 | |||||
2017 Credit Agreement [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Terms of the unsecured facility | The 2017 Credit Agreement, which applies to both the 2017 Credit Facility and 2017 Term Loan, includes certain restrictions and covenants which limit, among other things the incurrence of additional indebtedness, the incurrence of liens and the disposition of real estate properties (to the extent that: (i) such property dispositions cause the Company to default on any of the financial ratios of the 2017 Credit Agreement (described below), or (ii) the property dispositions are completed while the Company is under an event of default under the 2017 Credit Agreement, unless, under certain circumstances, such disposition is being carried out to cure such default), and which require compliance with financial ratios relating to the maximum leverage ratio (60 percent), the maximum amount of secured indebtedness (40 percent), the minimum amount of fixed charge coverage (1.5 times), the maximum amount of unsecured indebtedness (60 percent), the minimum amount of unencumbered property interest coverage (2.0 times) and certain investment limitations (generally 15 percent of total capitalization). | ||||||
Terms of dividend restriction | If an event of default has occurred and is continuing, the entire outstanding balance under the 2017 Credit Agreement may (or, in the case of any bankruptcy event of default, shall) become immediately due and payable, and the Company will not make any excess distributions except to enable the General Partner to continue to qualify as a REIT under the Internal Revenue Code of 1986, as amended. | ||||||
2017 Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Loan maturity date | Jan. 1, 2021 | ||||||
Borrowing capacity under the credit facility | $ 600,000,000 | ||||||
Number of extension options | item | 2 | ||||||
Credit facility, extension period | 6 months | ||||||
Terms of the unsecured facility | The terms of the 2017 Credit Facility included: (1) a four-year term ending in January 2021, with two six-month extension options; (2) revolving credit loans may be made to the Company in an aggregate principal amount of up to $600 million (subject to increase as discussed below), with a sublimit under the 2017 Credit Facility for the issuance of letters of credit in an amount not to exceed $60 million (subject to increase as discussed below); (3) an interest rate based on the Operating Partnership's unsecured debt ratings from Moody's or S&P, currently the London Inter-Bank Offered Rate ("LIBOR") plus 120 basis points, or, at the Operating Partnership's option, if it no longer maintains a debt rating from Moody's or S&P or such debt ratings fall below Baa3 and BBB-, based on a defined leverage ratio; and (4) a facility fee payable quarterly based on the Operating Partnership's unsecured debt ratings from Moody's or S&P, currently 25 basis points, or, at the Operating Partnership's option, if it no longer maintains a debt rating from Moody's or S&P or such debt ratings fall below Baa3 and BBB-, based on a defined leverage ratio. | ||||||
Spread over LIBOR | 1.20% | ||||||
Loan period | 4 years | ||||||
Facility fee basis points | 0.25% | ||||||
Unsecured Term Loan [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest rate | 3.13% | ||||||
Unsecured Term Loan [Member] | Unsecured Revolving Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Terms of dividend restriction | If an event of default had occurred and was continuing, the Company would not make any excess distributions except to enable the General Partner to continue to qualify as a REIT under the Code. The Company was in compliance with its debt covenants under its unsecured revolving credit facility as of December 31, 2016 | ||||||
Outstanding borrowings under the facility | $ 634,100,000 | 155,000,000 | |||||
5.800% Senior Unsecured Notes, Due January 15, 2016 [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Loan balance | $ 200,000,000 | ||||||
Loan maturity date | Jan. 15, 2016 | ||||||
Interest rate | 5.80% | ||||||
2017 Term Loan [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Loan maturity date | Jan. 1, 2020 | ||||||
Loan extension period | 1 year | ||||||
Number of extension options | item | 2 | ||||||
Terms of the unsecured facility | The terms of the 2017 Term Loan include: (1) a three-year term ending in January 2020, with two one-year extension options; (2) multiple draws of the term loan commitments may be made within 12 months of the effective date of the 2017 Credit Agreement up to an aggregate principal amount of $325 million (subject to increase as discussed below), with no requirement to be drawn in full; provided, that, if the Company does not borrow at least 50 percent of the initial term commitment from the term lenders (i.e. 50 percent of $325 million) on or before July 25, 2017, the amount of unused term loan commitments shall be reduced on such date so that, after giving effect to such reduction, the amount of unused term loan commitments is not greater than the outstanding term loans on such date; (3) an interest rate based on the Operating Partnership's unsecured debt ratings from Moody's or S&P, currently the LIBOR plus 140 basis points, or, at the Operating Partnership's option if it no longer maintains a debt rating from Moody's or S&P or such debt ratings fall below Baa3 and BBB-, based on a defined leverage ratio; and (4) a term commitment fee on any unused term loan commitment during the first 12 months after the effective date of the 2017 Credit Agreement at a rate of 0.25 percent per annum on the sum of the average daily unused portion of the aggregate term loan commitments. | ||||||
Spread over LIBOR | 1.40% | ||||||
Loan period | 3 years | ||||||
Minimum percentage of initial borrowing | 50.00% | ||||||
Term commitment fee percent | 0.25% | ||||||
2016 Term Loan [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Unsecured term loan, net | $ 350,000,000 | ||||||
Loan balance | $ 1,900,000 | ||||||
Loan maturity date | Jan. 1, 2019 | ||||||
Unamortized deferred financing costs | $ 1,900,000 | $ 0 | |||||
Loan extension period | 1 year | ||||||
Number of extension options | item | 2 | ||||||
Terms of the unsecured facility | The terms of the 2016 Term Loan include certain restrictions and covenants which limit, among other things the incurrence of additional indebtedness, the incurrence of liens and the disposition of real estate properties (to the extent that: (i) such property dispositions cause the Company to default on any of the financial ratios of the term loan described below, or (ii) the property dispositions are completed while the Company is under an event of default under the term loan, unless, under certain circumstances, such disposition is being carried out to cure such default), and which require compliance with financial ratios relating to the maximum leverage ratio (60 percent), the maximum amount of secured indebtedness (40 percent), the minimum amount of fixed charge coverage (1.5 times), the maximum amount of unsecured indebtedness (60 percent), the minimum amount of unencumbered property interest coverage (2.0 times) and certain investment limitations (generally 15 percent of total capitalization). | ||||||
Terms of dividend restriction | If an event of default has occurred and is continuing, the Company will not make any excess distributions except to enable the General Partner to continue to qualify as a REIT under the Code. The Company was in compliance with its debt covenants under its 2016 Term Loan as of December 31, 2016. | ||||||
Outstanding borrowings under the facility | $ 348,100,000 | ||||||
Spread over LIBOR | 1.40% | ||||||
Subsequent Event [Member] | 2017 Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Number of lending institutions | entity | 13 | ||||||
Outstanding borrowings under the facility | $ 264,000,000 | ||||||
Subsequent Event [Member] | 2017 Credit Agreement, Letter Of Credit [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Borrowing capacity under the credit facility | $ 60,000,000 | ||||||
Maximum loan increase that may be requested | $ 100,000,000 | ||||||
Subsequent Event [Member] | 2017 Term Loan [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Borrowing capacity under the credit facility | $ 325,000,000 | ||||||
Outstanding borrowings under the facility | $ 0 | ||||||
Subsequent Event [Member] | Incremental Commitments [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum loan increase that may be requested | $ 350,000,000 |
Unsecured Revolving Credit Fa74
Unsecured Revolving Credit Facility And Term Loans (Schedule Of Unsecured Credit Rating And Facility Fee) (Details) - Unsecured Revolving Credit Facility [Member] | 12 Months Ended |
Dec. 31, 2016 | |
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 through January 2017 amendment) |
Interest Rate - Applicable Basis Points Above LIBOR | 1.30% |
Facility Fee Basis Points | 0.30% |
Baa2 [Member] | BBB [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB or Baa2 |
Interest Rate - Applicable Basis Points Above LIBOR | 1.10% |
Facility Fee Basis Points | 0.20% |
Baa1 [Member] | BBB+ [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB+ or Baa1 |
Interest Rate - Applicable Basis Points Above LIBOR | 1.00% |
Facility Fee Basis Points | 0.15% |
A3 Or Higher [Member] | A- Or Higher [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | A- or A3 or higher |
Interest Rate - Applicable Basis Points Above LIBOR | 0.925% |
Facility Fee Basis Points | 0.125% |
Unsecured Revolving Credit Fa75
Unsecured Revolving Credit Facility And Term Loans (Schedule Of Interest Rate On Outstanding Borrowings Payable) (Details) - 2016 Term Loan [Member] | 12 Months Ended |
Dec. 31, 2016 | |
Line of Credit Facility [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.40% |
No Ratings Or Less Than Baa3 [Member] | No Ratings Or Less Than BBB- [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | No ratings or less than BBB-/Baa3 |
Interest Rate - Applicable Basis Points Above LIBOR | 1.85% |
Baa3 [Member] | BBB- [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB- or Baa3 (current interest rate based on Company's election) |
Interest Rate - Applicable Basis Points Above LIBOR | 1.40% |
Baa2 [Member] | BBB [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB or Baa2 |
Interest Rate - Applicable Basis Points Above LIBOR | 1.15% |
Baa1 [Member] | BBB+ [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB+ or Baa1 |
Interest Rate - Applicable Basis Points Above LIBOR | 1.00% |
A3 Or Higher [Member] | A- Or Higher [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | A- or A3 or higher |
Interest Rate - Applicable Basis Points Above LIBOR | 0.90% |
Unsecured Revolving Credit Fa76
Unsecured Revolving Credit Facility And Term Loans (Schedule Of Defined Leverage Ratio) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
45% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Spread over LIBOR | 1.45% |
45% Unsecured Term Loan Leverage Ratio [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 45.00% |
45% And 50% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Spread over LIBOR | 1.55% |
45% And 50% Unsecured Term Loan Leverage Ratio [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 45.00% |
45% And 50% Unsecured Term Loan Leverage Ratio [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 50.00% |
50% And 55% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Spread over LIBOR | 1.65% |
50% And 55% Unsecured Term Loan Leverage Ratio [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 50.00% |
50% And 55% Unsecured Term Loan Leverage Ratio [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 55.00% |
55% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Spread over LIBOR | 1.95% |
55% Unsecured Term Loan Leverage Ratio [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 55.00% |
Mortgages, Loans Payable And 77
Mortgages, Loans Payable And Other Obligations (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($)propertyitem | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Debt Instrument [Line Items] | |||
Cash paid for interest | $ 122,414,000 | $ 115,123,000 | $ 119,664,000 |
Interest capitalized | 19,316,000 | 16,217,000 | 15,470,000 |
Total indebtedness | 2,340,009,000 | $ 2,154,920,000 | |
Adjusted total indebtedness | $ 2,357,055,000 | ||
Total indebtedness, weighted average interest rate | 3.79% | 5.22% | |
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 | $ 194,800,000 | ||
Other Property [Member] | |||
Debt Instrument [Line Items] | |||
Number of properties with encumbered company mortgages | property | 13 | ||
Carrying value of encumbered properties | $ 970,000,000 | ||
Revolving Credit Facility Borrowing And Other Variable Rate Mortgage Debt [Member] | |||
Debt Instrument [Line Items] | |||
Total indebtedness | $ 481,282,000 | $ 292,399,000 | |
Total indebtedness, weighted average interest rate | 2.93% | 2.81% | |
Fixed Rate Debt And Other Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Total indebtedness | $ 1,875,773,000 | $ 1,862,521,000 | |
Total indebtedness, weighted average interest rate | 4.01% | 5.60% | |
Unconsolidated Joint Venture [Member] | |||
Debt Instrument [Line Items] | |||
Interest capitalized | $ 5,055,000 | $ 5,325,000 | $ 4,646,000 |
Mortgages, Loans Payable And 78
Mortgages, Loans Payable And Other Obligations (Summary Of Mortgages, Loans Payable And Other Obligations) (Details) | Dec. 22, 2016USD ($) | Dec. 05, 2016USD ($) | May 05, 2016USD ($) | Apr. 22, 2016USD ($) | Oct. 31, 2016item | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($)property | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Feb. 03, 2017 | Jul. 31, 2016USD ($) | |
Debt Instrument [Line Items] | ||||||||||||||
Principal balance outstanding | $ 2,340,009,000 | $ 2,340,009,000 | $ 2,145,393,000 | |||||||||||
Repayment of mortgages, loans payable and other obligations | 349,426,000 | 43,133,000 | $ 83,808,000 | |||||||||||
Adjustment for unamortized debt discount | (4,430,000) | (4,430,000) | ||||||||||||
Loss from extinguishment of debt, net | (23,658,000) | $ (19,302,000) | $ 12,420,000 | 12,420,000 | ||||||||||
Secured Debt | $ 888,585,000 | $ 888,585,000 | 726,611,000 | |||||||||||
Minimum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Percentage of interest in venture | 7.50% | 7.50% | ||||||||||||
Maximum [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Percentage of interest in venture | 85.00% | 85.00% | ||||||||||||
6 Becker, 85 Livingston, 75 Livingston & 20 Waterview [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Repayment of mortgages, loans payable and other obligations | $ 51,500,000 | |||||||||||||
Loss from extinguishment of debt, net | $ 12,400,000 | |||||||||||||
9200 Edmonston Road [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Gain on sale | $ 200,000 | |||||||||||||
4 Becker [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Gain on sale | $ 10,400,000 | |||||||||||||
100 Walnut Avenue [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Loss from extinguishment of debt, net | $ 2,300,000 | |||||||||||||
150 Main St [Member] | Construction Loan [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maximum borrowing capacity | $ 28,800,000 | $ 28,800,000 | ||||||||||||
Curtis Center [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Principal balance outstanding | $ 75,000,000 | $ 75,000,000 | ||||||||||||
Percentage of interest in venture | 50.00% | 50.00% | ||||||||||||
Number of extension options | item | 3 | |||||||||||||
Loan extension period | 1 year | |||||||||||||
Curtis Center [Member] | Senior Loan [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Effective rate | 3.998% | 3.998% | ||||||||||||
Spread over LIBOR | 3.29% | |||||||||||||
Percentage of interest in venture | 50.00% | 50.00% | ||||||||||||
LIBOR measurement period | 1 month | |||||||||||||
Secured Debt | $ 102,000,000 | $ 102,000,000 | ||||||||||||
Curtis Center [Member] | Mezzanine Loan [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Effective rate | 10.204% | 10.204% | ||||||||||||
Spread over LIBOR | 9.50% | |||||||||||||
Principal balance outstanding | $ 48,000,000 | $ 48,000,000 | ||||||||||||
Percentage of interest in venture | 50.00% | 50.00% | ||||||||||||
LIBOR measurement period | 1 month | |||||||||||||
Port Imperial 4/5 Hotel [Member] | Construction Loan [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maximum borrowing capacity | $ 94,000,000 | $ 94,000,000 | ||||||||||||
Chase II Project [Member] | Construction Loan [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maximum borrowing capacity | 48,000,000 | $ 48,000,000 | ||||||||||||
One River Center [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Number of properties used to collateralized mortgage | property | 3 | |||||||||||||
Park Square [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Deferred financing costs amortization interest rate | 0.122% | |||||||||||||
Port Imperial South 11 [Member] | Construction Loan [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maximum borrowing capacity | 78,000,000 | $ 78,000,000 | ||||||||||||
Portside 7 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Principal balance outstanding | $ 42,500,000 | |||||||||||||
101 Hudson Street [Member] | Construction Loan [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Deferred financing costs amortization interest rate | 0.0798% | |||||||||||||
Subsequent Event [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Percentage of interest in venture | 100.00% | |||||||||||||
Secured Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Principal balance outstanding | 896,055,000 | $ 896,055,000 | 731,624,000 | |||||||||||
Adjustment for unamortized debt discount | (548,000) | |||||||||||||
Unamortized deferred financing costs | (7,470,000) | (7,470,000) | (4,465,000) | |||||||||||
Total mortgages, loans payable and other obligations, net | 888,585,000 | $ 888,585,000 | 726,611,000 | |||||||||||
Secured Debt [Member] | Port Imperial South [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Property Name | [1] | Port Imperial South | ||||||||||||
Lender | [1] | Wells Fargo Bank N.A. | ||||||||||||
LIBOR | [1],[2] | LIBOR+1.75 | ||||||||||||
Spread over LIBOR | 1.75% | |||||||||||||
Principal balance outstanding | [1] | 34,962,000 | ||||||||||||
Secured Debt [Member] | 6 Becker, 85 Livingston, 75 Livingston & 20 Waterview [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Property Name | [3] | 6 Becker, 85 Livingston, 75 Livingston & 20 Waterview | ||||||||||||
Lender | [3] | Wells Fargo CMBS | ||||||||||||
Effective rate | [2],[3] | 10.26% | 10.26% | |||||||||||
Principal balance outstanding | [3] | 63,279,000 | ||||||||||||
Secured Debt [Member] | 9200 Edmonston Road [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Property Name | [4] | 9200 Edmonston Road | ||||||||||||
Lender | [4] | Principal Commercial Funding L.L.C. | ||||||||||||
Effective rate | [2],[4] | 9.78% | 9.78% | |||||||||||
Principal balance outstanding | [4] | 3,793,000 | ||||||||||||
Secured Debt [Member] | Various [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Property Name | [5] | Various | ||||||||||||
Lender | [5] | Prudential Insurance | ||||||||||||
Effective rate | [2],[5] | 6.332% | 6.332% | |||||||||||
Principal balance outstanding | [5] | 143,513,000 | ||||||||||||
Secured Debt [Member] | 4 Becker [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Property Name | [6] | 4 Becker | ||||||||||||
Lender | [6] | Wells Fargo CMBS | ||||||||||||
Effective rate | [2],[6] | 11.26% | 11.26% | |||||||||||
Principal balance outstanding | [6] | 40,631,000 | ||||||||||||
Secured Debt [Member] | 100 Walnut Avenue [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Property Name | [7] | 100 Walnut Avenue | ||||||||||||
Lender | [7] | Guardian Life Insurance Co. | ||||||||||||
Effective rate | [2],[7] | 7.311% | 7.311% | |||||||||||
Principal balance outstanding | [7] | 18,273,000 | ||||||||||||
Secured Debt [Member] | 150 Main St [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Property Name | [8] | 150 Main St. | ||||||||||||
Lender | [8] | Webster Bank | ||||||||||||
LIBOR | [2],[8] | LIBOR+2.35 | ||||||||||||
Spread over LIBOR | 2.35% | |||||||||||||
Principal balance outstanding | [8] | 26,642,000 | $ 26,642,000 | 10,937,000 | ||||||||||
Loan maturity date | [8] | Mar. 30, 2017 | ||||||||||||
Secured Debt [Member] | Curtis Center [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Property Name | [9] | Curtis Center | ||||||||||||
Lender | [9] | CCRE & PREFG | ||||||||||||
LIBOR | [2],[9] | LIBOR+5.912 | ||||||||||||
Spread over LIBOR | 5.912% | |||||||||||||
Principal balance outstanding | [9] | $ 75,000,000 | $ 75,000,000 | 64,000,000 | ||||||||||
Loan maturity date | [9] | Oct. 9, 2017 | ||||||||||||
Secured Debt [Member] | 23 Main Street [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Property Name | 23 Main Street | |||||||||||||
Lender | JPMorgan CMBS | |||||||||||||
Effective rate | [2] | 5.587% | 5.587% | |||||||||||
Principal balance outstanding | $ 27,838,000 | $ 27,838,000 | 28,541,000 | |||||||||||
Loan maturity date | Sep. 1, 2018 | |||||||||||||
Secured Debt [Member] | Port Imperial 4/5 Hotel [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Property Name | [10] | Port Imperial 4/5 Hotel | ||||||||||||
Lender | [10] | Fifth Third Bank & Santander | ||||||||||||
LIBOR | [2],[10] | LIBOR+4.50 | ||||||||||||
Spread over LIBOR | 4.50% | |||||||||||||
Principal balance outstanding | [10] | $ 14,919,000 | $ 14,919,000 | |||||||||||
Loan maturity date | [10] | Oct. 6, 2018 | ||||||||||||
Secured Debt [Member] | 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 | [2] | 6.842% | 6.842% | |||||||||||
Principal balance outstanding | $ 213,640,000 | $ 213,640,000 | 217,736,000 | |||||||||||
Loan maturity date | Nov. 1, 2018 | |||||||||||||
Secured Debt [Member] | Chase II Project [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Property Name | [11] | Chase II | ||||||||||||
Lender | [11] | Fifth Third Bank | ||||||||||||
LIBOR | [2],[11] | LIBOR+2.25 | ||||||||||||
Spread over LIBOR | 2.25% | |||||||||||||
Principal balance outstanding | [11] | $ 34,708,000 | $ 34,708,000 | |||||||||||
Loan maturity date | [11] | Dec. 16, 2018 | ||||||||||||
Secured Debt [Member] | One River Center [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Property Name | [12] | One River Center | ||||||||||||
Lender | [12] | Guardian Life Insurance Co. | ||||||||||||
Effective rate | [2],[12] | 7.311% | 7.311% | |||||||||||
Principal balance outstanding | [12] | $ 41,197,000 | $ 41,197,000 | 41,859,000 | ||||||||||
Loan maturity date | [12] | Feb. 1, 2019 | ||||||||||||
Secured Debt [Member] | Park Square [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Property Name | Park Square | |||||||||||||
Lender | Wells Fargo Bank N.A. | |||||||||||||
LIBOR | [2],[13] | LIBOR+1.872 | ||||||||||||
Spread over LIBOR | [13] | 1.872% | ||||||||||||
Principal balance outstanding | 27,500,000 | $ 27,500,000 | 27,500,000 | |||||||||||
Loan maturity date | Apr. 10, 2019 | |||||||||||||
Secured Debt [Member] | 250 Johnson Road [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Property Name | 250 Johnson | |||||||||||||
Lender | M&T Bank | |||||||||||||
LIBOR | [2] | LIBOR+2.35 | ||||||||||||
Spread over LIBOR | 2.35% | |||||||||||||
Principal balance outstanding | 2,440,000 | $ 2,440,000 | ||||||||||||
Loan maturity date | May 20, 2019 | |||||||||||||
Secured Debt [Member] | Port Imperial South 11 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Property Name | [14] | Port Imperial South 11 | ||||||||||||
Lender | [14] | JPMorgan Chase | ||||||||||||
LIBOR | [2],[14] | LIBOR+2.35 | ||||||||||||
Spread over LIBOR | 2.35% | |||||||||||||
Principal balance outstanding | [14] | $ 14,073,000 | $ 14,073,000 | |||||||||||
Loan maturity date | [14] | Nov. 24, 2019 | ||||||||||||
Secured Debt [Member] | Port Imperial South 4/5 Retail [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Property Name | Port Imperial South 4/5 Retail | |||||||||||||
Lender | American General Life & A/G PC | |||||||||||||
Effective rate | [2] | 4.559% | 4.559% | |||||||||||
Principal balance outstanding | $ 4,000,000 | $ 4,000,000 | 4,000,000 | |||||||||||
Loan maturity date | Dec. 1, 2021 | |||||||||||||
Secured Debt [Member] | The Chase At Overlook Ridge [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Property Name | The Chase at Overlook Ridge | |||||||||||||
Lender | New York Community Bank | |||||||||||||
Effective rate | [2] | 3.74% | 3.74% | |||||||||||
Principal balance outstanding | $ 72,500,000 | $ 72,500,000 | ||||||||||||
Loan maturity date | Feb. 1, 2023 | |||||||||||||
Secured Debt [Member] | Portside 7 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Property Name | [15] | Portside 7 | ||||||||||||
Lender | [15] | CBRE Capital Markets/FreddieMac | ||||||||||||
Effective rate | [2],[15] | 3.569% | 3.569% | |||||||||||
Principal balance outstanding | [15] | $ 58,998,000 | $ 58,998,000 | |||||||||||
Loan maturity date | [15] | Aug. 1, 2023 | ||||||||||||
Secured Debt [Member] | 101 Hudson Street [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Property Name | [16] | 101 Hudson | ||||||||||||
Lender | [16] | Wells Fargo CMBS | ||||||||||||
Effective rate | [2],[16],[17] | 3.197% | 3.197% | |||||||||||
Principal balance outstanding | [16] | $ 250,000,000 | $ 250,000,000 | |||||||||||
Loan maturity date | [16] | Oct. 11, 2026 | ||||||||||||
Secured Debt [Member] | Port Imperial South 4/5 Garage [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Property Name | Port Imperial South 4/5 Garage | |||||||||||||
Lender | American General Life & A/G PC | |||||||||||||
Effective rate | [2] | 4.853% | 4.853% | |||||||||||
Principal balance outstanding | $ 32,600,000 | $ 32,600,000 | $ 32,600,000 | |||||||||||
Loan maturity date | Dec. 1, 2029 | |||||||||||||
[1] | On January 19, 2016, the loan was repaid in full at maturity, using borrowings from the Company's unsecured revolving credit facility. | |||||||||||||
[2] | Reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable. | |||||||||||||
[3] | On April 22, 2016, the loan was repaid at a discount for $51.5 million, using borrowings from the Company's unsecured revolving credit facility. Accordingly, the Company recognized a gain on extinguishment of debt of $12.4 million, which is included in loss on extinguishment of debt, net. | |||||||||||||
[4] | On May 5, 2016, the Company transferred the deed for 9200 Edmonston Road to the lender in satisfaction of its obligations and recorded a gain of $0.2 million. | |||||||||||||
[5] | On November 16, 2016, the loan was repaid in full, using borrowings from the Company's unsecured revolving credit facility. | |||||||||||||
[6] | On December 5, 2016, the Company transferred the deed for 4 Becker Farm Road to the lender in satisfaction of its obligations and recorded a gain of $10.4 million. | |||||||||||||
[7] | On December 22, 2016, the loan was repaid at a premium, using proceeds from the disposition of 100 Walnut Avenue. Accordingly, the Company recognized a loss on extinguishment of debt of $2.3 million, which is included in loss on extinguishment of debt, net. | |||||||||||||
[8] | This construction loan has a maximum borrowing capacity of $28.8 million. | |||||||||||||
[9] | The Company owns a 50 percent tenants-in-common interest in the Curtis Center property. The Company's $75 million loan consists of its 50 percent interest in a $102 million senior loan with a current rate of 3.998 percent at December 31, 2016 and its 50 percent interest in a $48 million mezzanine loan with a current rate of 10.204 percent at December 31, 2016. 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. In October 2016, the first of three one-year extension options was exercised by the venture. | |||||||||||||
[10] | This construction loan has a maximum borrowing capacity of $94 million. | |||||||||||||
[11] | This construction loan has a maximum borrowing capacity of $48 million. | |||||||||||||
[12] | Mortgage is collateralized by the three properties comprising One River Center. | |||||||||||||
[13] | The effective interest rate includes amortization of deferred financing costs of 0.122 percent. | |||||||||||||
[14] | This constuction loan has a maximum borrowing capacity of $78 million. | |||||||||||||
[15] | This mortgage loan was obtained by the Company in July 2016 to replace a $42.5 million mortgage loan that was in place at the property acquisition date of April 1, 2016. | |||||||||||||
[16] | This mortgage loan was obtained by the Company on September 30, 2016. | |||||||||||||
[17] | The effective interest rate includes amortization of deferred financing costs of 0.0798 percent. |
Mortgages, Loans Payable And 79
Mortgages, Loans Payable And Other Obligatons (Schedule Of Principal Payments) (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
Scheduled Amortization, 2017 | $ 6,776,000 | |
Scheduled Amortization, 2018 | 6,977,000 | |
Scheduled Amortization, 2019 | 1,912,000 | |
Scheduled Amortization, 2020 | 1,977,000 | |
Scheduled Amortization, 2021 | 2,050,000 | |
Scheduled Amortization, Thereafter | 6,813,000 | |
Scheduled Amortization, Sub-total | 26,505,000 | |
Adjustment for unamortized debt discount, net, as of December 31, 2016 | (4,430,000) | |
Unamortized deferred financing costs | (12,616,000) | |
Scheduled Amortization, Total | 9,459,000 | |
Principal Maturities, 2017 | 637,643,000 | |
Principal Maturities, 2018 | 281,163,000 | |
Principal Maturities, 2019 | 430,799,000 | |
Principal Maturities, 2021 | 3,800,000 | |
Principal Maturities, Thereafter | 977,145,000 | |
Principal Maturities, Sub-total | 2,330,550,000 | |
Principal Maturities, Total | 2,330,550,000 | |
Total, 2017 | 644,419,000 | |
Total, 2018 | 288,140,000 | |
Total, 2019 | 432,711,000 | |
Total, 2020 | 1,977,000 | |
Total, 2021 | 5,850,000 | |
Total, Thereafter | 983,958,000 | |
Total, Sub-total | 2,357,055,000 | |
Adjustment for unamortized debt discount/premium, net, as of December 31, 2016 | (4,430,000) | |
Total, Unamortized deferred financing costs | (12,616,000) | |
Total senior unsecured notes, net | $ 2,340,009,000 | $ 2,154,920,000 |
Employee Benefit 401(k) Plans80
Employee Benefit 401(k) Plans And Deferred Retirement Compensation Agreements (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
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 | $ 1,029,000 | $ 970,000 | $ 0 | |
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 | $ 0 | $ 2,957,000 |
Disclosure Of Fair Value Of A81
Disclosure Of Fair Value Of Assets And Liabilities (Narrative) (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure Of Fair Value Of Assets And Liabilities [Abstract] | ||
Fair value of Company's long-term debt | $ 2,308,488,000 | $ 2,150,507,000 |
Principal balance outstanding | $ 2,340,009,000 | $ 2,145,393,000 |
Disclosure Of Fair Value Of A82
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 | 8.00% |
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 | 4.60% |
Exit Capitalization Rate [Member] | Central Business District [Member] | Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Discount rate | 5.75% |
Commitments And Contingencies83
Commitments And Contingencies (Tax Abatement Agreements) (Narrative) (Details) - USD ($) | 12 Months Ended | 16 Months Ended | 60 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 30, 2017 | Apr. 30, 2022 | |
Harborside Plaza 4-A [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Project period | 20 years | ||||
Percentage of PILOT on project costs | 2.00% | ||||
Total project costs | $ 49,500,000 | ||||
Payments in lieu of property taxes (PILOT) | $ 1,100,000 | $ 990,000 | $ 990,000 | ||
Harborside Plaza 5 [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Project period | 20 years | ||||
Percentage of PILOT on project costs | 2.00% | ||||
Total project costs | $ 170,900,000 | ||||
Payments in lieu of property taxes (PILOT) | $ 3,900,000 | $ 3,400,000 | $ 3,400,000 | ||
Port Imperial South 4/5 Garage [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Project period | 5 years | ||||
Port Imperial South 4/5 Garage [Member] | Tax Year 1 [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Annual percentage of cost for phase in | 0.00% | ||||
Port Imperial South 4/5 Garage [Member] | Tax Year 2 [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Annual percentage of cost for phase in | 80.00% | ||||
Port Imperial South 4/5 Garage [Member] | Tax Year 3 [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Annual percentage of cost for phase in | 80.00% | ||||
Port Imperial South 4/5 Garage [Member] | Tax Year 4 [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Annual percentage of cost for phase in | 80.00% | ||||
Port Imperial South 4/5 Garage [Member] | Tax Year 5 [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Annual percentage of cost for phase in | 80.00% | ||||
Port Imperial South 1/3 Garage [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Project period | 5 years | ||||
Percentage of taxes paid based on the land value | 100.00% | ||||
Port Imperial South 1/3 Garage [Member] | Tax Year 1 [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Annual percentage of cost for phase in | 0.00% | ||||
Port Imperial South 1/3 Garage [Member] | Tax Year 2 [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Annual percentage of cost for phase in | 95.00% | ||||
Port Imperial South 1/3 Garage [Member] | Tax Year 3 [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Annual percentage of cost for phase in | 95.00% | ||||
Port Imperial South 1/3 Garage [Member] | Tax Year 4 [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Annual percentage of cost for phase in | 95.00% | ||||
Port Imperial South 1/3 Garage [Member] | Tax Year 5 [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Annual percentage of cost for phase in | 95.00% | ||||
Port Imperial Hotel Development [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Project period | 15 years | ||||
Percentage of PILOT on project costs | 2.00% | ||||
Port Imperial South 11 Development [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Project period | 15 years | ||||
Percentage of PILOT on gross revenues | 10.00% | ||||
111 River Realty [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Payments in lieu of property taxes (PILOT) | $ 613,900 | ||||
111 River Realty [Member] | Scenario, Forecast [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Annual Payments in lieu of property taxes (PILOT) | $ 1,227,708 | $ 1,406,064 |
Commitments And Contingencies84
Commitments And Contingencies (Ground Lease Agreements) (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments And Contingencies [Abstract] | |||
Ground lease expense incurred | $ 1,500,000 | $ 406,000 | $ 406,000 |
Commitments And Contingencies85
Commitments And Contingencies (Construction Projects) (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($)item | Dec. 31, 2014USD ($)item | Sep. 30, 2016item | |
Commitments And Contingencies [Line Items] | ||||
Amount outstanding | $ 634,069,000 | $ 155,000,000 | ||
Investment in unconsolidated joint ventures | 35,930,000 | $ 78,027,000 | $ 67,325,000 | |
XS Hotel Urban Renewal Associates LLC [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Percentage of interest in venture | 90.00% | |||
Costs of the project incurred | 55,800,000 | |||
Number of units | item | 372 | |||
Total project costs | 129,600,000 | |||
City Square Project [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Costs of the project incurred | 34,500,000 | |||
Total project costs | $ 92,000,000 | |||
City Square Project Phase One [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Delivery date to tenant | fourth quarter 2017 | |||
Number of units | item | 237 | |||
City Square Project Phase Two [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Delivery date to tenant | third quarter 2018 | |||
Number of units | item | 128 | |||
Signature Place Project [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Costs of the project incurred | $ 18,600,000 | |||
Delivery date to tenant | fourth quarter of 2017 | |||
Number of units | item | 197 | |||
Total project costs | $ 58,700,000 | |||
Portside 5/6 Project [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Delivery date to tenant | second quarter 2018 | |||
Number of units | item | 296 | |||
Total project costs | $ 111,400,000 | |||
Riverhouse 11 Project [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Costs of the project incurred | $ 42,000,000 | |||
Delivery date to tenant | first quarter 2018 | |||
Number of units | item | 295 | |||
Total project costs | $ 124,000,000 | |||
51 Washington Street Project [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Costs of the project incurred | $ 21,700,000 | |||
Delivery date to tenant | fourth quarter 2018 | |||
Number of units | item | 310 | |||
Total project costs | $ 89,400,000 | |||
Amount to fund | 35,400,000 | |||
Construction Loan [Member] | XS Hotel Urban Renewal Associates LLC [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Maximum borrowing capacity | 94,000,000 | |||
Amount outstanding | 14,900,000 | |||
Construction Loan [Member] | City Square Project [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Maximum borrowing capacity | 58,000,000 | |||
Amount outstanding | 0 | |||
Construction Loan [Member] | Signature Place Project [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Amount to fund | 42,000,000 | |||
Construction Loan [Member] | Portside 5/6 Project [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Amount to fund | 73,000,000 | |||
Construction Loan [Member] | Riverhouse 11 Project [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Amount to fund | 78,000,000 | |||
Construction Loan [Member] | 51 Washington Street Project [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Amount to fund | 54,000,000 | |||
Development Property [Member] | Portside 5/6 Project [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Costs of the project incurred | 35,300,000 | |||
Amount to fund | 38,400,000 | |||
Development Property [Member] | Riverhouse 11 Project [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Costs of the project incurred | 27,900,000 | |||
Amount to fund | $ 46,000,000 | |||
Unconsolidated Joint Venture Hotel [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Number of units | item | 350 | |||
Unconsolidated Joint Venture Hotel [Member] | Harborside Unit A Urban Renewal, LLC [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Percentage of interest in venture | 85.00% | |||
Costs of the project incurred | $ 301,100,000 | |||
Delivery date to tenant | first quarter 2017 | |||
Number of units | item | 763 | |||
Amount outstanding | $ 155,200,000 | |||
Total project costs | 320,000,000 | |||
Unconsolidated Joint Venture Hotel [Member] | Construction/Permanent Loan [Member] | Harborside Unit A Urban Renewal, LLC [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Maximum borrowing capacity | $ 192,000,000 |
Commitments And Contingencies86
Commitments And Contingencies (Other) (Narrative) (Details) $ in Billions | 12 Months Ended |
Dec. 31, 2016USD ($)property | |
Property Lock-Ups [Member] | |
Commitments And Contingencies [Line Items] | |
Expiration year | 2,016 |
Property Lock-Ups Expired [Member] | |
Commitments And Contingencies [Line Items] | |
Number of properties | property | 107 |
Properties aggregate net book value | $ | $ 1.2 |
Commitments And Contingencies87
Commitments And Contingencies (Future Minimum Rental Payments Of Ground Leases) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments And Contingencies [Abstract] | |
2,017 | $ 2,024 |
2,018 | 1,989 |
2,019 | 1,999 |
2,020 | 2,015 |
2,021 | 2,015 |
2022 through 2084 | 170,249 |
Total | $ 180,291 |
Tenant Leases (Details)
Tenant Leases (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Property Subject to or Available for Operating Lease [Line Items] | |
2,017 | $ 405,978 |
2,018 | 355,347 |
2,019 | 301,414 |
2,020 | 257,365 |
2,021 | 225,052 |
2022 and thereafter | 959,213 |
Total | $ 2,504,369 |
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 89
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Share/Unit Repurchase Program And Dividend Reinvestment And Stock Purchase Plan) (Narrative) (Details) - USD ($) | 12 Months Ended | 52 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2012 | Dec. 31, 2016 | |
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 | 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 | |
Proceeds from sale of common units | $ 11,000,000 | ||
Dividend Reinvestment And Stock Purchase Plan [Member] | |||
Stockolders Equity [Line Items] | |||
Common stock reserved for future issuance | 5,500,000 | 5,500,000 | |
Monthly cash investment without restriction, maximum | $ 5,000 |
Mack-Cali Realty Corporation 90
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Stock Options Plans) (Narrative) (Details) | Jun. 05, 2015item$ / sharesshares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | May 31, 2013shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted average remaining contractual life | 8 years 4 months 24 days | 9 years 4 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 | $ | $ 1,407,000 | $ 432,000 | $ 4,000 | ||
Shares Under Options - Granted | 800,000 | ||||
Common stock trade share price | $ / shares | $ 25 | ||||
Annual installments | item | 3 | ||||
Exercisable period | 10 years | ||||
Common stock trading days | 30 days | ||||
Three Equal Annual Installment [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares Under Options - Granted | 400,000 | ||||
Common Stock Trades [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares Under Options - Granted | 400,000 | ||||
2013 Incentive Stock Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Reserved stocks for issuance | 4,600,000 | ||||
Shares Under Options - Granted | 800,000 | 5,000 |
Mack-Cali Realty Corporation 91
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Restricted Stock Awards And Performance Share Units) (Narrative) (Details) - USD ($) $ in Millions | Jun. 05, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unvested performance shares | 42,000 | ||||||
Unvested restricted stock outstanding | 145,278 | 136,220 | 346,946 | 153,560 | |||
Shares granted | 74,622 | 41,337 | [1] | 376,719 | [2],[3],[4] | ||
Messr Hersh [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unvested performance shares | 126,000 | ||||||
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 | 120,245 | 98,669 | 136,946 | ||||
Total Stockholder Return Based Awards [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Total unrecognized compensation cost | $ 1.1 | ||||||
Total unrecognized compensation cost, period of recognition | 2 years 4 months 24 days | ||||||
Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Total unrecognized compensation cost | $ 0.7 | ||||||
Total unrecognized compensation cost, period of recognition | 1 year 4 months 24 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. |
Mack-Cali Realty Corporation 92
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Long-Term Incentive Plan Awards) (Narrative) (Details) $ in Millions | Mar. 08, 2016 | Jun. 05, 2015shares | Dec. 31, 2016USD ($)itemshares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 800,000 | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized compensation cost | $ | $ 0.7 | ||
Total unrecognized compensation cost, period of recognition | 1 year 4 months 24 days | ||
2016 LTIP Plan Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividends paid, percent representing common unit of limited partnership interest | 10.00% | ||
Dividends paid, percent payable upon vesting of LTIP Unit | 90.00% | ||
Total unrecognized compensation cost | $ | $ 6.7 | ||
Total unrecognized compensation cost, period of recognition | 2 years 8 months 12 days | ||
2016 TBV LTIP Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 157,617 | ||
2016 OPP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance period | 3 years | ||
TSR percent | 50.00% | ||
2016 PBV LTIP Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 499,756 | ||
Messieur Rudin, Messieur DeMarco, And Messieur Tycher [Member] | 2016 LTIP Plan Awards [Member] | Time-Based Award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percent of the award | 25.00% | ||
Performance period | 3 years | ||
Messieur Rudin, Messieur DeMarco, And Messieur Tycher [Member] | 2016 LTIP Plan Awards [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Remaining percent of the award | 75.00% | ||
Other Executive Officers [Member] | 2016 LTIP Plan Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percent of the award | 40.00% | ||
Remaining percent of the award | 60.00% | ||
Executive Officers [Member] | 2016 LTIP Plan Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of senior management who received 2016 LTIP awards | item | 8 |
Mack-Cali Realty Corporation 93
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Deferred Stock Compensation Plan For Directors) (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital [Abstract] | |||
Maximum percentage of retainer fee that directors may defer | 100.00% | ||
Deferred stock units earned | 14,274 | 19,702 | 20,261 |
Deferred stock units outstanding | 193,711 | 178,039 |
Mack-Cali Realty Corporation 94
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Earnings Per Share/Unit) (Narrative) (Details) - $ / shares | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Anti-dilutive securities excluded from the computation of earnings per share | 0 | 405,000 | 10,000 | |||||||||
Unvested restricted stock outstanding | 145,278 | 136,220 | 145,278 | 136,220 | 346,946 | 153,560 | ||||||
Dividends declared per common share | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.60 | $ 0.60 | $ 0.75 | |
Common unit distribution per unit declared | $ 0.60 | $ 0.60 | $ 0.75 | |||||||||
Unvested Restricted Stock [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Unvested restricted stock outstanding | 120,245 | 98,669 | 120,245 | 98,669 | 136,946 |
Mack-Cali Realty Corporation 95
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Schedule Of Stock Option Plans) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 05, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Shares Under Options - Granted | 800,000 | |||
Outstanding stock option price range, lower range | $ 17.23 | $ 21.25 | ||
Outstanding stock option price range, upper range | $ 21.25 | $ 45.47 | ||
Outstanding stock option price | $ 17.31 | |||
2013 Incentive Stock Plan [Member] | ||||
Shares Under Options - Outstanding, beginning balance | 805,000 | 10,000 | 15,000 | |
Shares Under Options - Granted | 800,000 | 5,000 | ||
Shares Under Options - Lapsed or Cancelled | (5,000) | (5,000) | (10,000) | |
Shares Under Options - Outstanding, ending balance | 800,000 | 805,000 | 10,000 | |
Shares Under Options - Options exercisable | 533,334 | |||
Shares Under Options - Available for grant | 2,695,978 | |||
Weighted Average Exercise Price - Outstanding, beginning balance | $ 17.33 | $ 33.36 | $ 40.54 | |
Weighted Average Exercise Price - Granted | 17.31 | 21.25 | ||
Weighted Average Exercise Price - Lapsed or Cancelled | 21.25 | 45.47 | 38.07 | |
Weighted Average Exercise Price - Outstanding, ending balance | $ 17.31 | $ 17.33 | $ 33.36 | |
Aggregate Intrinsic Value, Outstanding, beginning balance | $ 4,843 | |||
Aggregate Intrinsic Value, Outstanding, ending balance | $ 9,368 | $ 4,843 |
Mack-Cali Realty Corporation 96
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (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 97
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Schedule Of Restricted Stock Awards) (Details) | 12 Months Ended | |||||
Dec. 31, 2016$ / sharesshares | Dec. 31, 2015$ / sharesitemshares | Dec. 31, 2014item$ / sharesshares | Dec. 31, 2013$ / sharesshares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares, Outstanding, Beginning balance | 136,220 | 346,946 | 153,560 | |||
Shares, Granted | 74,622 | 41,337 | [1] | 376,719 | [2],[3],[4] | |
Shares, Vested | (61,654) | (250,132) | (183,214) | |||
Shares, Forfeited | (3,910) | (1,931) | (119) | |||
Shares, Outstanding, Ending balance | 145,278 | 136,220 | 346,946 | 153,560 | ||
Weighted-Average Grant-Date Fair Value, Outstanding beginning balance | $ / shares | $ 19.36 | $ 21.09 | $ 25.20 | |||
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 23.79 | 17.51 | [1] | 20.04 | [2],[3],[4] | |
Weighted-Average Grant-Date Fair Value, Vested | $ / shares | 18.94 | 21.44 | 22.37 | |||
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares | 21.58 | 20.31 | 26.36 | |||
Weighted-Average Grant-Date Fair Value, Outstanding ending balance | $ / shares | $ 21.76 | $ 19.36 | $ 21.09 | $ 25.20 | ||
Unvested performance shares | 42,000 | |||||
Messr Krug And Messr Wagner [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares, Granted | 8,211 | |||||
Number of executive officers that were granted restricted stock awards | item | 2 | |||||
Executive Officers [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares, Granted | 87,734 | |||||
Number of executive officers that were granted restricted stock awards | item | 2 | |||||
Messr Lefkowitz And Messr Thomas [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of executive officers who departed | item | 2 | |||||
Messr Rudin And Messr DeMarco [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares, Granted | 37,551 | |||||
[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. |
Mack-Cali Realty Corporation 98
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Earnings Per Share Tables - Basic Computation Of EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income (loss) | $ 130,294 | $ (142,052) | $ 31,391 | ||||||||
Add: Noncontrolling interest in consolidated joint ventures | $ 191 | $ 65 | $ (311) | $ 706 | $ 462 | $ (281) | $ 373 | $ 490 | 651 | 1,044 | 778 |
Add (deduct): Noncontrolling interest in Operating Partnership | (1,774) | 999 | (5,662) | (7,284) | 3,795 | 15,530 | (4,383) | 314 | (13,721) | 15,256 | (3,602) |
Net income (loss) available to common shareholders | $ 15,181 | $ (8,541) | $ 48,393 | $ 62,191 | $ (31,718) | $ (126,892) | $ 35,379 | $ (2,521) | $ 117,224 | $ (125,752) | $ 28,567 |
Weighted average common shares | 89,746 | 89,291 | 88,727 | ||||||||
Net income (loss) available to common shareholders | $ 0.17 | $ (0.10) | $ 0.54 | $ 0.69 | $ (0.35) | $ (1.42) | $ 0.40 | $ (0.03) | $ 1.31 | $ (1.41) | $ 0.32 |
Mack-Cali Realty LP [Member] | |||||||||||
Net income (loss) | $ 130,294 | $ (142,052) | $ 31,391 | ||||||||
Add: Noncontrolling interest in consolidated joint ventures | $ 191 | $ 65 | $ (311) | $ 706 | $ 462 | $ (281) | $ 373 | $ 490 | 651 | 1,044 | 778 |
Net income (loss) available to common shareholders | $ 16,955 | $ (9,540) | $ 54,055 | $ 69,475 | $ (35,513) | $ (142,422) | $ 39,762 | $ (2,835) | $ 130,945 | $ (141,008) | $ 32,169 |
Weighted average common units | 100,245 | 100,222 | 99,999 | ||||||||
Net income (loss) available to common shareholders | $ 0.17 | $ (0.10) | $ 0.54 | $ 0.69 | $ (0.35) | $ (1.42) | $ 0.40 | $ (0.03) | $ 1.31 | $ (1.41) | $ 0.32 |
Mack-Cali Realty Corporation 99
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Earnings Per Share Tables - Diluted Computation Of EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income (loss) available to common shareholders | $ 117,224 | $ (125,752) | $ 28,567 | ||||||||
Add (deduct): Noncontrolling interest in Operating Partnership | $ 1,774 | $ (999) | $ 5,662 | $ 7,284 | $ (3,795) | $ (15,530) | $ 4,383 | $ (314) | 13,721 | (15,256) | 3,602 |
Net income (loss) for diluted earnings per share | $ 130,945 | $ (141,008) | $ 32,169 | ||||||||
Weighted average common shares | 100,498 | 100,222 | 100,041 | ||||||||
Net income (loss) available to common shareholders | $ 0.17 | $ (0.10) | $ 0.54 | $ 0.69 | $ (0.35) | $ (1.42) | $ 0.40 | $ (0.03) | $ 1.30 | $ (1.41) | $ 0.32 |
Mack-Cali Realty LP [Member] | |||||||||||
Net income (loss) available to common shareholders | $ 130,945 | $ (141,008) | $ 32,169 | ||||||||
Weighted average common unit | 100,498 | 100,222 | 100,041 | ||||||||
Net income (loss) available to common shareholders | $ 0.17 | $ (0.10) | $ 0.54 | $ 0.69 | $ (0.35) | $ (1.42) | $ 0.40 | $ (0.03) | $ 1.30 | $ (1.41) | $ 0.32 |
Mack-Cali Realty Corporation100
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Schedule Of Reconciliation Of Shares Used In Basic EPS Calculation To Shares Used In Diluted EPS Calculation) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Basic EPS shares | 89,746 | 89,291 | 88,727 |
Add: Operating Partnership - common units | 10,499 | 10,931 | 11,272 |
Restricted Stock Awards | 43 | 42 | |
Stock Options | 210 | ||
Diluted EPS Shares | 100,498 | 100,222 | 100,041 |
Mack-Cali Realty LP [Member] | |||
Basic weighted average units outstanding | 100,245 | 100,222 | 99,999 |
Restricted Stock Awards | 43 | 42 | |
Stock Options | 210 | ||
Diluted weighted average units outstanding | 100,498 | 100,222 | 100,041 |
Noncontrolling Interests In 101
Noncontrolling Interests In Subsidiaries (Narrative) (Details) | Feb. 03, 2017USD ($)shares | Dec. 31, 2016USD ($)propertyshares | Dec. 31, 2015 |
Noncontrolling Interest [Line Items] | |||
Expiration period | 10 years | ||
Number of common shares received upon redemption of common units | 1 | ||
Rebalance of ownership percentage | $ | $ 1,400,000 | ||
Percentage of noncontrolling interest | 10.50% | 10.50% | |
Participation Rights [Member] | |||
Noncontrolling Interest [Line Items] | |||
Number of properties | property | 3 | ||
Excess net cash flow remaining after the distribution to the Company | 50.00% | ||
Internal rate of return | 10.00% | ||
Subsequent Event [Member] | |||
Noncontrolling Interest [Line Items] | |||
Percentage of interest in venture | 100.00% | ||
Mack-Cali Realty LP [Member] | Subsequent Event [Member] | Preferred Units [Member] | |||
Noncontrolling Interest [Line Items] | |||
Preferred units shares issued | 42,800 | ||
Preferred unit annual rate | 3.50% | ||
Percentage of interest in venture | 37.50% | ||
Preferred unit in operating partnership | $ | $ 1,000 | ||
Convertible preferred units | 28.15 | ||
Shares converted to common units | 1,204,820 | ||
Expiration period | 5 years | ||
Future Developments [Member] | Participation Rights [Member] | |||
Noncontrolling Interest [Line Items] | |||
Number of properties | property | 1 |
Noncontrolling Interests In 102
Noncontrolling Interests In Subsidiaries (Changes In Noncontrolling Interests Of Subsidiaries) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Noncontrolling Interests In Subsidiaries [Abstract] | |||
Balance, Beginning, Common Units | 10,516,844 | 11,083,876 | 11,864,775 |
Redemption of common units for shares of common stock | (28,739) | (567,032) | (780,899) |
Balance, Ending, Common Units | 10,488,105 | 10,516,844 | 11,083,876 |
Balance, Beginning, LTIP Units | |||
Granted, LTIP Units | 657,373 | ||
Balance, Ending, LTIP Units | 657,373 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($)segment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
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 (Schedule Of
Segment Reporting (Schedule Of Selected Results Of Operations And Asset Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Total revenues | $ 153,731 | $ 157,517 | $ 149,227 | $ 152,923 | $ 146,443 | $ 146,158 | $ 148,567 | $ 153,715 | $ 613,398 | $ 594,883 | $ 636,799 | |||||||
Total operating and interest expenses | [1] | 415,351 | 425,151 | 484,761 | ||||||||||||||
Equity in earnings (loss) of unconsolidated joint ventures | (834) | $ 21,790 | $ (614) | $ (1,554) | (449) | 3,135 | $ (2,329) | $ (3,529) | 18,788 | (3,172) | (2,423) | |||||||
Net operating income (loss) | [2] | 216,835 | 166,560 | 149,615 | ||||||||||||||
Total assets | 4,296,766 | 4,053,963 | 4,296,766 | 4,053,963 | ||||||||||||||
Total long-lived assets | [3] | 3,616,534 | 3,466,427 | 3,616,534 | 3,466,427 | |||||||||||||
Total investments in unconsolidated joint ventures | 320,047 | 303,457 | 320,047 | 303,457 | ||||||||||||||
Impairment charge | 33,743 | [4] | $ 164,176 | [4] | 197,919 | $ 25,200 | ||||||||||||
Corporate & Other [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Total revenues | [5] | (11,830) | (4,339) | (4,196) | ||||||||||||||
Total operating and interest expenses | [1],[5] | 84,451 | 105,452 | 138,733 | ||||||||||||||
Net operating income (loss) | [2],[5] | (96,281) | (109,791) | (142,929) | ||||||||||||||
Total assets | [5] | 47,769 | 41,535 | 47,769 | 41,535 | |||||||||||||
Total long-lived assets | [3],[5] | (5,933) | (1,531) | (5,933) | (1,531) | |||||||||||||
Real Estate - Commercial And Other [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Total revenues | 551,958 | 538,323 | 585,491 | |||||||||||||||
Total operating and interest expenses | [1] | 268,137 | 264,967 | 295,416 | ||||||||||||||
Equity in earnings (loss) of unconsolidated joint ventures | 23,796 | 5,104 | 4,236 | |||||||||||||||
Net operating income (loss) | [2] | 307,617 | 278,460 | 294,311 | ||||||||||||||
Total assets | 3,344,396 | 3,166,577 | 3,344,396 | 3,166,577 | ||||||||||||||
Total long-lived assets | [3] | 2,999,820 | 2,886,583 | 2,999,820 | 2,886,583 | |||||||||||||
Total investments in unconsolidated joint ventures | 81,549 | 76,140 | 81,549 | 76,140 | ||||||||||||||
Impairment charge | 197,900 | |||||||||||||||||
Real Estate - Multi Family [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Total revenues | 35,450 | 27,787 | 24,971 | |||||||||||||||
Total operating and interest expenses | [1] | 21,318 | 17,642 | 12,235 | ||||||||||||||
Equity in earnings (loss) of unconsolidated joint ventures | (6,002) | (9,879) | (8,790) | |||||||||||||||
Net operating income (loss) | [2] | 8,130 | 266 | 3,946 | ||||||||||||||
Total assets | 887,394 | 836,020 | 887,394 | 836,020 | ||||||||||||||
Total long-lived assets | [3] | 618,038 | 577,705 | 618,038 | 577,705 | |||||||||||||
Total investments in unconsolidated joint ventures | 237,493 | 225,850 | 237,493 | 225,850 | ||||||||||||||
Multi Family Services [Member] | ||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||
Total revenues | 37,820 | [6] | 33,112 | [7] | 30,533 | [8] | ||||||||||||
Total operating and interest expenses | [1] | 41,445 | [9] | 37,090 | [10] | 38,377 | [11] | |||||||||||
Equity in earnings (loss) of unconsolidated joint ventures | 994 | 1,603 | 2,131 | |||||||||||||||
Net operating income (loss) | [2] | (2,631) | (2,375) | (5,713) | ||||||||||||||
Total assets | 17,207 | 9,831 | 17,207 | 9,831 | ||||||||||||||
Total long-lived assets | [3] | 4,609 | 3,670 | 4,609 | 3,670 | |||||||||||||
Total investments in unconsolidated joint ventures | $ 1,005 | $ 1,467 | 1,005 | 1,467 | ||||||||||||||
Fee revenue | 3,800 | 2,100 | 1,100 | |||||||||||||||
Salary reimbursements earned | 13,800 | 6,300 | 4,000 | |||||||||||||||
Management fee | 1,800 | 1,000 | 800 | |||||||||||||||
Salary reimbursement expenses | $ 6,500 | $ 3,900 | 2,900 | |||||||||||||||
Management fee and salary reimbursement expenses | $ 1,000 | |||||||||||||||||
[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 $3.8 million and $13.8 million of fees and salary reimbursements earned for the year ended December 31, 2016, respectively, from the multi-family real estate segment, which are eliminated in consolidation. | |||||||||||||||||
[7] | Includes $2.1 million and $6.3 million of fees and salary reimbursements earned for the year ended December 31, 2015, from the multi-family real estate segment, which are eliminated in consolidation. | |||||||||||||||||
[8] | Includes $1.1 million and $4.0 million of fees and salary reimbursements earned for the year ended December 31, 2014, respectively, from the multi-family real estate segment, which are eliminated in consolidation. | |||||||||||||||||
[9] | Includes $1.8 million and $6.5 million of management fees and salary reimbursement expenses for the year ended December 31, 2016, respectively, from the multi-family real estate segment, which are eliminated in consolidation. | |||||||||||||||||
[10] | Includes $1.0 million and $3.9 million of management fees and salary reimbursement expenses for the year ended December 31, 2015, respectively, from the multi-family real estate segment, which are eliminated in consolidation. | |||||||||||||||||
[11] | Includes $0.8 million and $2.9 million of management fees and salary reimbursement expenses for the year ended December 31, 2014, respectively, from the multi-family real estate segment, which are eliminated in consolidation. |
Segment Reporting (Schedule 105
Segment Reporting (Schedule Of Reconciliation Of Net Operating Income To Net Income Available To Common Shareholders) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net operating income | [1] | $ 216,835 | $ 166,560 | $ 149,615 | |||||||||||
Depreciation and amortization | $ (52,045) | $ (48,117) | $ (43,459) | $ (43,063) | $ (43,136) | $ (44,099) | $ (42,365) | $ (40,802) | (186,684) | (170,402) | (172,490) | ||||
Gain on change of control of interests | 5,191 | 10,156 | 15,347 | ||||||||||||
Realized gains (losses) and unrealized losses on disposition of rental property, net | 41,002 | (17,053) | 27,117 | 58,600 | 18,718 | 34,399 | 144 | 109,666 | 53,261 | 54,848 | |||||
Gain on sale of investment in unconsolidated joint venture | 5,670 | 6,448 | 5,670 | 6,448 | |||||||||||
Loss from extinguishment of debt, net | (30,540) | (582) | |||||||||||||
Impairments | (33,743) | [2] | (164,176) | [2] | (197,919) | $ (25,200) | |||||||||
Net income (loss) | 16,764 | (9,605) | 54,366 | 68,769 | (35,975) | (142,141) | 39,389 | (3,325) | 130,294 | (142,052) | 31,391 | ||||
Noncontrolling interest in consolidated joint ventures | 191 | 65 | (311) | 706 | 462 | (281) | 373 | 490 | 651 | 1,044 | 778 | ||||
Noncontrolling interest in Operating Partnership | (1,774) | 999 | (5,662) | (7,284) | 3,795 | 15,530 | (4,383) | 314 | (13,721) | 15,256 | (3,602) | ||||
Net income (loss) available to common shareholders | 15,181 | (8,541) | 48,393 | 62,191 | (31,718) | (126,892) | 35,379 | (2,521) | 117,224 | (125,752) | 28,567 | ||||
Mack-Cali Realty LP [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net operating income | 216,835 | 166,560 | 149,615 | ||||||||||||
Depreciation and amortization | (52,045) | (48,117) | (43,459) | (43,063) | (43,136) | (44,099) | (42,365) | (40,802) | (186,684) | (170,402) | (172,490) | ||||
Gain on change of control of interests | 5,191 | 10,156 | 15,347 | ||||||||||||
Realized gains (losses) and unrealized losses on disposition of rental property, net | 41,002 | (17,053) | 27,117 | 58,600 | 18,718 | 34,399 | 144 | 109,666 | 53,261 | 54,848 | |||||
Gain on sale of investment in unconsolidated joint venture | 5,670 | 6,448 | 5,670 | 6,448 | |||||||||||
Loss from extinguishment of debt, net | (30,540) | (582) | |||||||||||||
Impairments | (33,743) | [2] | (164,176) | [2] | (197,919) | ||||||||||
Net income (loss) | 16,764 | (9,605) | 54,366 | 68,769 | (35,975) | (142,141) | 39,389 | (3,325) | 130,294 | (142,052) | 31,391 | ||||
Noncontrolling interest in consolidated joint ventures | 191 | 65 | (311) | 706 | 462 | (281) | 373 | 490 | 651 | 1,044 | 778 | ||||
Net income (loss) available to common shareholders | $ 16,955 | $ (9,540) | $ 54,055 | $ 69,475 | $ (35,513) | $ (142,422) | $ 39,762 | $ (2,835) | $ 130,945 | $ (141,008) | $ 32,169 | ||||
[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, 2016USD ($)ft²propertyitem | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Related Party Transaction [Line Items] | |||
Lease revenue | $ 506,877,000 | $ 487,041,000 | $ 516,727,000 |
Mack [Member] | |||
Related Party Transaction [Line Items] | |||
Due from related parties | 0 | 0 | |
RG [Member] | |||
Related Party Transaction [Line Items] | |||
Related party revenue | $ 2,464,000 | 2,542,000 | 2,401,000 |
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 | $ 193,000 | $ 204,000 | $ 231,000 |
Condensed Quarterly Financia107
Condensed Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Total revenues | $ 153,731 | $ 157,517 | $ 149,227 | $ 152,923 | $ 146,443 | $ 146,158 | $ 148,567 | $ 153,715 | $ 613,398 | $ 594,883 | $ 636,799 | |||
Operating and other expenses | 59,740 | 60,286 | 57,395 | 63,536 | 60,846 | 56,850 | 60,653 | 68,255 | ||||||
Real estate service salaries | 6,842 | 6,361 | 6,211 | 6,846 | 6,063 | 6,673 | 6,208 | 6,639 | ||||||
General and administrative | 12,968 | 14,007 | 12,755 | 12,249 | 12,589 | 13,670 | 11,877 | 11,011 | 51,979 | 49,147 | 71,051 | |||
Acquisition-related costs | 26 | 815 | 2,039 | 1,449 | 111 | 2,880 | 1,560 | 2,118 | ||||||
Depreciation and amortization | 52,045 | 48,117 | 43,459 | 43,063 | 43,136 | 44,099 | 42,365 | 40,802 | 186,684 | 170,402 | 172,490 | |||
Impairments | 33,743 | [1] | 164,176 | [1] | 197,919 | $ 25,200 | ||||||||
Total expenses | 131,621 | 129,586 | 121,859 | 125,694 | 157,826 | 285,468 | 121,214 | 126,707 | 508,760 | 691,215 | 547,988 | |||
Operating income (loss) | 22,110 | 27,931 | 27,368 | 27,229 | (11,383) | (139,310) | 27,353 | 27,008 | 104,638 | (96,332) | 88,811 | |||
Interest expense | (22,731) | (24,233) | (22,932) | (24,993) | (24,374) | (24,689) | (26,773) | (27,215) | (94,889) | (103,051) | (112,878) | |||
Interest and other investment income | 875 | 1,262 | 146 | (669) | 231 | 5 | 291 | 267 | ||||||
Equity in earnings (loss) of unconsolidated joint ventures | (834) | 21,790 | (614) | (1,554) | (449) | 3,135 | (2,329) | (3,529) | 18,788 | (3,172) | (2,423) | |||
Gain on change of control of interests | 5,191 | 10,156 | 15,347 | |||||||||||
Realized gains (losses) and unrealized losses on disposition of rental property, net | 41,002 | (17,053) | 27,117 | 58,600 | 18,718 | 34,399 | 144 | 109,666 | 53,261 | 54,848 | ||||
Gain on sale of investment in unconsolidated joint venture | 5,670 | 6,448 | 5,670 | 6,448 | ||||||||||
Loss from extinguishment of debt, net | (23,658) | (19,302) | 12,420 | 12,420 | ||||||||||
Total other (expense) income | (5,346) | (37,536) | 26,998 | 41,540 | (24,592) | (2,831) | 12,036 | (30,333) | 25,656 | (45,720) | (57,420) | |||
Net income (loss) | 16,764 | (9,605) | 54,366 | 68,769 | (35,975) | (142,141) | 39,389 | (3,325) | 130,294 | (142,052) | 31,391 | |||
Noncontrolling interest in consolidated joint ventures | 191 | 65 | (311) | 706 | 462 | (281) | 373 | 490 | 651 | 1,044 | 778 | |||
Noncontrolling interest in Operating Partnership | (1,774) | 999 | (5,662) | (7,284) | 3,795 | 15,530 | (4,383) | 314 | (13,721) | 15,256 | (3,602) | |||
Net income (loss) available to common shareholders | $ 15,181 | $ (8,541) | $ 48,393 | $ 62,191 | $ (31,718) | $ (126,892) | $ 35,379 | $ (2,521) | $ 117,224 | $ (125,752) | $ 28,567 | |||
Basic earnings per common share: | ||||||||||||||
Net income (loss) available to common shareholders | $ 0.17 | $ (0.10) | $ 0.54 | $ 0.69 | $ (0.35) | $ (1.42) | $ 0.40 | $ (0.03) | $ 1.31 | $ (1.41) | $ 0.32 | |||
Diluted earnings per common share: | ||||||||||||||
Net income (loss) available to common shareholders | 0.17 | (0.10) | 0.54 | 0.69 | (0.35) | (1.42) | 0.40 | (0.03) | 1.30 | (1.41) | 0.32 | |||
Dividends declared per common share | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.60 | $ 0.60 | $ 0.75 | |||
Mack-Cali Realty LP [Member] | ||||||||||||||
Total revenues | $ 153,731 | $ 157,517 | $ 149,227 | $ 152,923 | $ 146,443 | $ 146,158 | $ 148,567 | $ 153,715 | $ 613,398 | $ 594,883 | $ 636,799 | |||
Operating and other expenses | 59,740 | 60,286 | 57,395 | 63,536 | 60,846 | 56,850 | 60,653 | 68,255 | ||||||
Real estate service salaries | 6,842 | 6,361 | 6,211 | 6,846 | 6,063 | 6,673 | 6,208 | 6,639 | ||||||
General and administrative | 12,968 | 14,007 | 12,755 | 12,249 | 12,589 | 13,670 | 11,877 | 11,011 | 51,979 | 49,147 | 71,051 | |||
Acquisition-related costs | 26 | 815 | 2,039 | 1,449 | 111 | 2,880 | 1,560 | 2,118 | ||||||
Depreciation and amortization | 52,045 | 48,117 | 43,459 | 43,063 | 43,136 | 44,099 | 42,365 | 40,802 | 186,684 | 170,402 | 172,490 | |||
Impairments | 33,743 | [1] | 164,176 | [1] | 197,919 | |||||||||
Total expenses | 131,621 | 129,586 | 121,859 | 125,694 | 157,826 | 285,468 | 121,214 | 126,707 | 508,760 | 691,215 | 547,988 | |||
Operating income (loss) | 22,110 | 27,931 | 27,368 | 27,229 | (11,383) | (139,310) | 27,353 | 27,008 | 104,638 | (96,332) | 88,811 | |||
Interest expense | (22,731) | (24,233) | (22,932) | (24,993) | (24,374) | (24,689) | (26,773) | (27,215) | (94,889) | (103,051) | (112,878) | |||
Interest and other investment income | 875 | 1,262 | 146 | (669) | 231 | 5 | 291 | 267 | ||||||
Equity in earnings (loss) of unconsolidated joint ventures | (834) | 21,790 | (614) | (1,554) | (449) | 3,135 | (2,329) | (3,529) | 18,788 | (3,172) | (2,423) | |||
Gain on change of control of interests | 5,191 | 10,156 | 15,347 | |||||||||||
Realized gains (losses) and unrealized losses on disposition of rental property, net | 41,002 | (17,053) | 27,117 | 58,600 | 18,718 | 34,399 | 144 | 109,666 | 53,261 | 54,848 | ||||
Gain on sale of investment in unconsolidated joint venture | 5,670 | 6,448 | 5,670 | 6,448 | ||||||||||
Loss from extinguishment of debt, net | (23,658) | (19,302) | 12,420 | 12,420 | ||||||||||
Total other (expense) income | (5,346) | (37,536) | 26,998 | 41,540 | (24,592) | (2,831) | 12,036 | (30,333) | 25,656 | (45,720) | (57,420) | |||
Net income (loss) | 16,764 | (9,605) | 54,366 | 68,769 | (35,975) | (142,141) | 39,389 | (3,325) | 130,294 | (142,052) | 31,391 | |||
Noncontrolling interest in consolidated joint ventures | 191 | 65 | (311) | 706 | 462 | (281) | 373 | 490 | 651 | 1,044 | 778 | |||
Net income (loss) available to common shareholders | $ 16,955 | $ (9,540) | $ 54,055 | $ 69,475 | $ (35,513) | $ (142,422) | $ 39,762 | $ (2,835) | $ 130,945 | $ (141,008) | $ 32,169 | |||
Basic earnings per common share: | ||||||||||||||
Net income (loss) available to common shareholders | $ 0.17 | $ (0.10) | $ 0.54 | $ 0.69 | $ (0.35) | $ (1.42) | $ 0.40 | $ (0.03) | $ 1.31 | $ (1.41) | $ 0.32 | |||
Diluted earnings per common share: | ||||||||||||||
Net income (loss) available to common shareholders | 0.17 | (0.10) | 0.54 | 0.69 | (0.35) | (1.42) | 0.40 | (0.03) | $ 1.30 | $ (1.41) | $ 0.32 | |||
Dividends declared per common share | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 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. |
Real Estate Investments And 108
Real Estate Investments And Accumulated Depreciation (Schedule Of Real Estate Investments And Accumulated Depreciation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Related Encumbrances | $ 813,585 | |||||
Initial Costs, Land | 697,773 | |||||
Initial Costs, Building and Improvements | 3,457,953 | |||||
Costs Capitalized Subsequent to Acquisition | 649,141 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 661,335 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 4,143,532 | ||||
Total | 4,804,867 | [2] | $ 4,807,718 | $ 4,958,179 | $ 5,129,933 | |
Accumulated depreciation | 1,332,073 | [3] | $ 1,464,482 | $ 1,414,305 | $ 1,400,988 | |
Real Estate Aggregate Cost, Tax Purpose | $ 3,100,000 | |||||
100 Avenue At Port Imperial [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 2,016 | |||||
Acquired | 2,016 | |||||
Initial Costs, Land | $ 350 | |||||
Costs Capitalized Subsequent to Acquisition | 4,185 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 471 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 4,064 | ||||
Total | [2] | 4,535 | ||||
Accumulated depreciation | [3] | $ 60 | ||||
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 | 7,283 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 2,439 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 31,745 | ||||
Total | [2] | 34,184 | ||||
Accumulated depreciation | [3] | $ 15,881 | ||||
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 | 7,503 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 474 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 11,922 | ||||
Total | [2] | 12,396 | ||||
Accumulated depreciation | [3] | $ 4,518 | ||||
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 | [1] | 1,437 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 6,841 | ||||
Total | [2] | 8,278 | ||||
Accumulated depreciation | [3] | $ 4,536 | ||||
Office [Member] | 15 East Midland Avenue [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,988 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 10,375 | |||||
Initial Costs, Building and Improvements | 41,497 | |||||
Costs Capitalized Subsequent to Acquisition | 2,508 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 10,374 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 44,006 | ||||
Total | [2] | 54,380 | ||||
Accumulated depreciation | [3] | $ 21,052 | ||||
Office [Member] | 140 East Ridgewood Avenue [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,981 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 7,932 | |||||
Initial Costs, Building and Improvements | 31,463 | |||||
Costs Capitalized Subsequent to Acquisition | 8,171 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 7,932 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 39,634 | ||||
Total | [2] | 47,566 | ||||
Accumulated depreciation | [3] | $ 19,260 | ||||
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 | 11,533 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 13,194 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 64,311 | ||||
Total | [2] | 77,505 | ||||
Accumulated depreciation | [3] | $ 26,938 | ||||
Office [Member] | 650 From Road [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,978 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 10,487 | |||||
Initial Costs, Building and Improvements | 41,949 | |||||
Costs Capitalized Subsequent to Acquisition | 8,209 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 10,487 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 50,158 | ||||
Total | [2] | 60,645 | ||||
Accumulated depreciation | [3] | $ 24,199 | ||||
Office [Member] | 61 South Paramus Road [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | [4] | 1,985 | ||||
Acquired | [4] | 1,997 | ||||
Initial Costs, Land | [4] | $ 9,005 | ||||
Initial Costs, Building and Improvements | [4] | 36,018 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 10,595 | ||||
Gross Amount at Which Carried at Close of Period, Land | [1],[4] | 9,005 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1],[4] | 46,613 | ||||
Total | [2],[4] | 55,618 | ||||
Accumulated depreciation | [3],[4] | $ 21,611 | ||||
Office [Member] | 365 West Passaic Street [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,976 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 4,148 | |||||
Initial Costs, Building and Improvements | 16,592 | |||||
Costs Capitalized Subsequent to Acquisition | 5,043 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 4,148 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 21,635 | ||||
Total | [2] | 25,783 | ||||
Accumulated depreciation | [3] | $ 10,029 | ||||
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 | 1,315 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 2,550 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 18,446 | ||||
Total | [2] | 20,996 | ||||
Accumulated depreciation | [3] | $ 4,967 | ||||
Office [Member] | 1 Lake Street [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,994 | |||||
Acquired | 1,997 | |||||
Initial Costs, Land | $ 13,952 | |||||
Initial Costs, Building and Improvements | 55,812 | |||||
Costs Capitalized Subsequent to Acquisition | (36,310) | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 6,268 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 27,186 | ||||
Total | [2] | 33,454 | ||||
Accumulated depreciation | [3] | $ 21,472 | ||||
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 | (9,243) | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 2,312 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 9,448 | ||||
Total | [2] | 11,760 | ||||
Accumulated depreciation | [3] | $ 4,210 | ||||
Office [Member] | 50 Tice Boulevard [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,984 | |||||
Acquired | 1,994 | |||||
Initial Costs, Land | $ 4,500 | |||||
Costs Capitalized Subsequent to Acquisition | 27,735 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 4,500 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 27,735 | ||||
Total | [2] | 32,235 | ||||
Accumulated depreciation | [3] | $ 20,159 | ||||
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 | 6,641 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 5,424 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 36,329 | ||||
Total | [2] | 41,753 | ||||
Accumulated depreciation | [3] | $ 17,560 | ||||
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 | 13,879 | |||||
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] | 64,304 | ||||
Total | [2] | 76,910 | ||||
Accumulated depreciation | [3] | $ 28,231 | ||||
Office [Member] | 6 Becker Farm Road [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,983 | |||||
Acquired | 2,009 | |||||
Initial Costs, Land | $ 2,600 | |||||
Initial Costs, Building and Improvements | 15,548 | |||||
Costs Capitalized Subsequent to Acquisition | (7,057) | |||||
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] | 9,535 | ||||
Total | [2] | 11,091 | ||||
Accumulated depreciation | [3] | $ 4,877 | ||||
Office [Member] | 75 Livingston Avenue [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,985 | |||||
Acquired | 2,009 | |||||
Initial Costs, Land | $ 1,900 | |||||
Initial Costs, Building and Improvements | 6,312 | |||||
Costs Capitalized Subsequent to Acquisition | (1,890) | |||||
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] | 5,041 | ||||
Total | [2] | 6,322 | ||||
Accumulated depreciation | [3] | $ 1,098 | ||||
Office [Member] | 85 Livingston Avenue [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,985 | |||||
Acquired | 2,009 | |||||
Initial Costs, Land | $ 2,500 | |||||
Initial Costs, Building and Improvements | 14,238 | |||||
Costs Capitalized Subsequent to Acquisition | (8,799) | |||||
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] | 6,705 | ||||
Total | [2] | 7,939 | ||||
Accumulated depreciation | [3] | $ 3,189 | ||||
Office [Member] | 111 River Street [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 2,002 | |||||
Acquired | 2,016 | |||||
Initial Costs, Land | $ 204 | |||||
Initial Costs, Building and Improvements | 198,609 | |||||
Costs Capitalized Subsequent to Acquisition | 10,671 | |||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 209,484 | ||||
Total | [2] | 209,484 | ||||
Accumulated depreciation | [3] | $ 2,766 | ||||
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 | 28,059 | |||||
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] | 79,072 | ||||
Total | [2] | 82,995 | ||||
Accumulated depreciation | [3] | $ 42,198 | ||||
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 | 27,549 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 8,364 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 138,386 | ||||
Total | [2] | 146,750 | ||||
Accumulated depreciation | [3] | $ 60,054 | ||||
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 | 27,216 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 8,363 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 138,386 | ||||
Total | [2] | 146,749 | ||||
Accumulated depreciation | [3] | $ 60,054 | ||||
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 | 8,297 | |||||
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] | 64,441 | ||||
Total | [2] | 65,685 | ||||
Accumulated depreciation | [3] | $ 26,763 | ||||
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 | $ 213,470 | |||||
Initial Costs, Land | 6,218 | |||||
Initial Costs, Building and Improvements | 170,682 | |||||
Costs Capitalized Subsequent to Acquisition | 61,152 | |||||
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] | 232,347 | ||||
Total | [2] | 238,052 | ||||
Accumulated depreciation | [3] | $ 91,896 | ||||
Office [Member] | 101 Hudson Street [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,992 | |||||
Acquired | 2,005 | |||||
Related Encumbrances | $ 248,062 | |||||
Initial Costs, Land | 45,530 | |||||
Initial Costs, Building and Improvements | 271,376 | |||||
Costs Capitalized Subsequent to Acquisition | 17,279 | |||||
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] | 288,655 | ||||
Total | [2] | 334,185 | ||||
Accumulated depreciation | [3] | $ 84,447 | ||||
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 | 1,106 | |||||
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] | 4,324 | ||||
Total | [2] | 4,566 | ||||
Accumulated depreciation | [3] | $ 1,223 | ||||
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 | [2] | 17,196 | ||||
Accumulated depreciation | [3] | $ 4,537 | ||||
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 | 853 | |||||
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] | 4,340 | ||||
Total | [2] | 4,816 | ||||
Accumulated depreciation | [3] | $ 1,121 | ||||
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 | 3,250 | |||||
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] | 11,118 | ||||
Total | [2] | 13,684 | ||||
Accumulated depreciation | [3] | $ 5,798 | ||||
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 | 3,665 | |||||
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] | 25,419 | ||||
Total | [2] | 27,797 | ||||
Accumulated depreciation | [3] | $ 12,017 | ||||
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 | 1,906 | |||||
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] | 11,706 | ||||
Total | [2] | 12,363 | ||||
Accumulated depreciation | [3] | $ 6,113 | ||||
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 | [2] | 3,567 | ||||
Accumulated depreciation | [3] | $ 1,431 | ||||
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 | |||||
Costs Capitalized Subsequent to Acquisition | 1,411 | |||||
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] | 42,173 | ||||
Total | [2] | 47,715 | ||||
Accumulated depreciation | [3] | $ 1,776 | ||||
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 | 6,658 | |||||
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] | 45,759 | ||||
Total | [2] | 51,786 | ||||
Accumulated depreciation | [3] | $ 13,332 | ||||
Office [Member] | 101 Wood Avenue South [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,990 | |||||
Acquired | 2,016 | |||||
Initial Costs, Land | $ 8,509 | |||||
Initial Costs, Building and Improvements | 72,738 | |||||
Costs Capitalized Subsequent to Acquisition | 442 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 7,384 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 74,305 | ||||
Total | [2] | 81,689 | ||||
Accumulated depreciation | [3] | $ 1,605 | ||||
Office [Member] | 320 University Avenue [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 2,001 | |||||
Acquired | 2,016 | |||||
Initial Costs, Land | $ 1,468 | |||||
Initial Costs, Building and Improvements | 6,253 | |||||
Costs Capitalized Subsequent to Acquisition | 24 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 1,468 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 6,277 | ||||
Total | [2] | 7,745 | ||||
Accumulated depreciation | [3] | $ 117 | ||||
Office [Member] | 321 University Avenue [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 2,003 | |||||
Acquired | 2,016 | |||||
Initial Costs, Land | $ 5,837 | |||||
Initial Costs, Building and Improvements | 9,442 | |||||
Costs Capitalized Subsequent to Acquisition | 32 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 2,217 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 13,094 | ||||
Total | [2] | 15,311 | ||||
Accumulated depreciation | [3] | $ 448 | ||||
Office [Member] | 500 College Road East [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | [4] | 1,984 | ||||
Acquired | [4] | 1,998 | ||||
Initial Costs, Land | [4] | $ 614 | ||||
Initial Costs, Building and Improvements | [4] | 20,626 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 4,982 | ||||
Gross Amount at Which Carried at Close of Period, Land | [1],[4] | 614 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1],[4] | 25,608 | ||||
Total | [2],[4] | 26,222 | ||||
Accumulated depreciation | [3],[4] | $ 12,194 | ||||
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 | 26,538 | |||||
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] | 34,609 | ||||
Total | [2] | 42,724 | ||||
Accumulated depreciation | [3] | $ 18,120 | ||||
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 | $ 27,809 | |||||
Initial Costs, Land | 4,336 | |||||
Initial Costs, Building and Improvements | 19,544 | |||||
Costs Capitalized Subsequent to Acquisition | 11,894 | |||||
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] | 31,438 | ||||
Total | [2] | 35,774 | ||||
Accumulated depreciation | [3] | $ 14,037 | ||||
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 | $ 10,538 | |||||
Initial Costs, Land | 3,070 | |||||
Initial Costs, Building and Improvements | 17,414 | |||||
Costs Capitalized Subsequent to Acquisition | 4,279 | |||||
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] | 22,312 | ||||
Total | [2] | 24,763 | ||||
Accumulated depreciation | [3] | $ 8,292 | ||||
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 | $ 11,822 | |||||
Initial Costs, Land | 2,468 | |||||
Initial Costs, Building and Improvements | 15,043 | |||||
Costs Capitalized Subsequent to Acquisition | 3,989 | |||||
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] | 19,048 | ||||
Total | [2] | 21,500 | ||||
Accumulated depreciation | [3] | $ 6,252 | ||||
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 | $ 18,786 | |||||
Initial Costs, Land | 4,051 | |||||
Initial Costs, Building and Improvements | 24,790 | |||||
Costs Capitalized Subsequent to Acquisition | 5,671 | |||||
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] | 29,885 | ||||
Total | [2] | 34,512 | ||||
Accumulated depreciation | [3] | $ 9,652 | ||||
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 | 11,471 | |||||
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] | 29,617 | ||||
Total | [2] | 30,715 | ||||
Accumulated depreciation | [3] | $ 12,818 | ||||
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 | 591 | |||||
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] | 3,195 | ||||
Total | [2] | 3,486 | ||||
Accumulated depreciation | [3] | $ 1,602 | ||||
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 | 1,211 | |||||
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] | 8,345 | ||||
Total | [2] | 8,799 | ||||
Accumulated depreciation | [3] | $ 4,251 | ||||
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 | 18,070 | |||||
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] | 18,070 | ||||
Total | [2] | 19,634 | ||||
Accumulated depreciation | [3] | $ 11,783 | ||||
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 | 3,332 | |||||
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] | 12,959 | ||||
Total | [2] | 15,366 | ||||
Accumulated depreciation | [3] | $ 6,134 | ||||
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 | 4,072 | |||||
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] | 25,056 | ||||
Total | [2] | 30,269 | ||||
Accumulated depreciation | [3] | $ 9,767 | ||||
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 | 3,458 | |||||
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] | 21,254 | ||||
Total | [2] | 25,665 | ||||
Accumulated depreciation | [3] | $ 8,532 | ||||
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 | 7,464 | |||||
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] | 35,252 | ||||
Total | [2] | 37,184 | ||||
Accumulated depreciation | [3] | $ 16,937 | ||||
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 | 6,182 | |||||
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] | 41,638 | ||||
Total | [2] | 43,503 | ||||
Accumulated depreciation | [3] | $ 18,624 | ||||
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 | 22,610 | |||||
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] | 31,841 | ||||
Total | [2] | 37,683 | ||||
Accumulated depreciation | [3] | $ 11,223 | ||||
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 | [2] | 1,308 | ||||
Accumulated depreciation | [3] | $ 283 | ||||
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 | 4,315 | |||||
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] | 38,244 | ||||
Total | [2] | 46,696 | ||||
Accumulated depreciation | [3] | $ 16,518 | ||||
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 | 4,474 | |||||
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] | 36,481 | ||||
Total | [2] | 38,452 | ||||
Accumulated depreciation | [3] | $ 17,756 | ||||
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 | [2] | 12,340 | ||||
Accumulated depreciation | [3] | $ 9,641 | ||||
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 | 2,593 | |||||
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] | 27,960 | ||||
Total | [2] | 28,981 | ||||
Accumulated depreciation | [3] | $ 14,312 | ||||
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 | |||||
Costs Capitalized Subsequent to Acquisition | 238 | |||||
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] | 4,948 | ||||
Total | [2] | 10,538 | ||||
Accumulated depreciation | [3] | $ 118 | ||||
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 | 3,244 | |||||
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] | 28,457 | ||||
Total | [2] | 29,618 | ||||
Accumulated depreciation | [3] | $ 13,007 | ||||
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 | 6,800 | |||||
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] | 32,883 | ||||
Total | [2] | 34,967 | ||||
Accumulated depreciation | [3] | $ 12,607 | ||||
Office [Member] | 20 Waterview Boulevard [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 1,988 | |||||
Acquired | 2,009 | |||||
Initial Costs, Land | $ 4,500 | |||||
Initial Costs, Building and Improvements | 27,246 | |||||
Costs Capitalized Subsequent to Acquisition | (4,354) | |||||
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] | 23,576 | ||||
Total | [2] | 27,392 | ||||
Accumulated depreciation | [3] | $ 5,472 | ||||
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 | 1,145 | |||||
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] | 29,204 | ||||
Total | [2] | 34,337 | ||||
Accumulated depreciation | [3] | $ 9,026 | ||||
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 | 20,070 | |||||
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] | 46,558 | ||||
Total | [2] | 51,860 | ||||
Accumulated depreciation | [3] | $ 17,314 | ||||
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 | 2,139 | |||||
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] | 7,537 | ||||
Total | [2] | 8,639 | ||||
Accumulated depreciation | [3] | $ 3,952 | ||||
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 | $ (17,644) | |||||
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 | (4,831) | |||||
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] | 23,751 | ||||
Total | [2] | 28,818 | ||||
Accumulated depreciation | [3] | $ 11,944 | ||||
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 | (4,842) | |||||
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] | 7,420 | ||||
Total | [2] | 9,139 | ||||
Accumulated depreciation | [3] | $ 3,196 | ||||
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 | 1,793 | |||||
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] | 7,159 | ||||
Total | [2] | 7,379 | ||||
Accumulated depreciation | [3] | $ 3,551 | ||||
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 | (5,542) | |||||
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] | 462 | ||||
Total | [2] | 563 | ||||
Accumulated depreciation | [3] | $ 3 | ||||
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 | [2] | 1,987 | ||||
Accumulated depreciation | [3] | $ 996 | ||||
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 | [2] | 4,711 | ||||
Accumulated depreciation | [3] | $ 2,483 | ||||
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 | 2,850 | |||||
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] | 15,863 | ||||
Total | [2] | 16,193 | ||||
Accumulated depreciation | [3] | $ 7,258 | ||||
Office [Member] | 17 Skyline Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | [4] | 1,989 | ||||
Acquired | [4] | 1,997 | ||||
Initial Costs, Building and Improvements | [4] | $ 7,269 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,484 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1],[4] | 8,753 | ||||
Total | [2],[4] | 8,753 | ||||
Accumulated depreciation | [3],[4] | $ 4,269 | ||||
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 | 3,001 | |||||
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] | 12,631 | ||||
Total | [2] | 12,838 | ||||
Accumulated depreciation | [3] | $ 5,919 | ||||
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 | 1,930 | |||||
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] | 9,794 | ||||
Total | [2] | 9,916 | ||||
Accumulated depreciation | [3] | $ 4,769 | ||||
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 | 15,530 | |||||
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] | 63,635 | ||||
Total | [2] | 64,199 | ||||
Accumulated depreciation | [3] | $ 30,051 | ||||
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 | $ 2,587 | |||||
Initial Costs, Building and Improvements | 35,123 | |||||
Costs Capitalized Subsequent to Acquisition | 9,594 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 2,587 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 44,717 | ||||
Total | [2] | 47,304 | ||||
Accumulated depreciation | [3] | $ 17,133 | ||||
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 | 1,273 | |||||
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] | 6,655 | ||||
Total | [2] | 6,866 | ||||
Accumulated depreciation | [3] | $ 4,352 | ||||
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 | 3,719 | |||||
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] | 15,622 | ||||
Total | [2] | 16,727 | ||||
Accumulated depreciation | [3] | $ 7,269 | ||||
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 | 1,799 | |||||
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] | 8,055 | ||||
Total | [2] | 8,440 | ||||
Accumulated depreciation | [3] | $ 3,913 | ||||
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 | [2] | 8,431 | ||||
Accumulated depreciation | [3] | $ 3,498 | ||||
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 | 1,517 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 658 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 4,944 | ||||
Total | [2] | 5,602 | ||||
Accumulated depreciation | [3] | $ 2,281 | ||||
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 | 2,417 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 569 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 6,204 | ||||
Total | [2] | 6,773 | ||||
Accumulated depreciation | [3] | $ 3,104 | ||||
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 | 615 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 723 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 3,508 | ||||
Total | [2] | 4,231 | ||||
Accumulated depreciation | [3] | $ 1,571 | ||||
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 | [1] | 426 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 3,960 | ||||
Total | [2] | 4,386 | ||||
Accumulated depreciation | [3] | $ 2,003 | ||||
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 | 543 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 389 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 2,097 | ||||
Total | [2] | 2,486 | ||||
Accumulated depreciation | [3] | $ 820 | ||||
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 | 421 | |||||
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] | 2,111 | ||||
Total | [2] | 2,369 | ||||
Accumulated depreciation | [3] | $ 996 | ||||
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 | 462 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 490 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 2,425 | ||||
Total | [2] | 2,915 | ||||
Accumulated depreciation | [3] | $ 989 | ||||
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 | [1] | 228 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 2,223 | ||||
Total | [2] | 2,451 | ||||
Accumulated depreciation | [3] | $ 1,090 | ||||
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 | 1,157 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 801 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 4,363 | ||||
Total | [2] | 5,164 | ||||
Accumulated depreciation | [3] | $ 1,742 | ||||
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 | 622 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 244 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 2,881 | ||||
Total | [2] | 3,125 | ||||
Accumulated depreciation | [3] | $ 1,340 | ||||
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 | [1] | 357 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 4,023 | ||||
Total | [2] | 4,380 | ||||
Accumulated depreciation | [3] | $ 1,923 | ||||
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 | 557 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 326 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 3,031 | ||||
Total | [2] | 3,357 | ||||
Accumulated depreciation | [3] | $ 1,378 | ||||
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 | 266 | |||||
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] | 1,645 | ||||
Total | [2] | 1,856 | ||||
Accumulated depreciation | [3] | $ 815 | ||||
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 | [1] | 120 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 1,314 | ||||
Total | [2] | 1,434 | ||||
Accumulated depreciation | [3] | $ 664 | ||||
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 | [1] | 691 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 2,920 | ||||
Total | [2] | 3,611 | ||||
Accumulated depreciation | [3] | $ 1,160 | ||||
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 | 361 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 805 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 3,630 | ||||
Total | [2] | 4,435 | ||||
Accumulated depreciation | [3] | $ 1,439 | ||||
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 | [2] | 4,110 | ||||
Accumulated depreciation | [3] | $ 1,815 | ||||
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 | 422 | |||||
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] | 2,784 | ||||
Total | [2] | 3,117 | ||||
Accumulated depreciation | [3] | $ 1,228 | ||||
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 | 231 | |||||
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] | 1,943 | ||||
Total | [2] | 2,184 | ||||
Accumulated depreciation | [3] | $ 959 | ||||
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 | 29 | |||||
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] | 2,063 | ||||
Total | [2] | 2,571 | ||||
Accumulated depreciation | [3] | $ 851 | ||||
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 | 276 | |||||
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] | 3,083 | ||||
Total | [2] | 3,784 | ||||
Accumulated depreciation | [3] | $ 1,229 | ||||
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] | 2,698 | ||||
Accumulated depreciation | [3] | $ 1,349 | ||||
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 | [2] | 4,349 | ||||
Accumulated depreciation | [3] | $ 1,433 | ||||
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] | 2,850 | ||||
Accumulated depreciation | [3] | $ 1,260 | ||||
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 | [2] | 3,278 | ||||
Accumulated depreciation | [3] | $ 1,114 | ||||
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 | 441 | |||||
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] | 2,768 | ||||
Total | [2] | 3,072 | ||||
Accumulated depreciation | [3] | $ 1,180 | ||||
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 | 732 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 327 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 2,286 | ||||
Total | [2] | 2,613 | ||||
Accumulated depreciation | [3] | $ 1,124 | ||||
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 | 704 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 359 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 3,577 | ||||
Total | [2] | 3,936 | ||||
Accumulated depreciation | [3] | $ 1,921 | ||||
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 | 1,991 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 533 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 6,192 | ||||
Total | [2] | 6,725 | ||||
Accumulated depreciation | [3] | $ 2,891 | ||||
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 | 1,062 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 498 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 4,338 | ||||
Total | [2] | 4,836 | ||||
Accumulated depreciation | [3] | $ 2,303 | ||||
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 | 1,014 | |||||
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] | 7,878 | ||||
Total | [2] | 8,563 | ||||
Accumulated depreciation | [3] | $ 2,845 | ||||
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 | 774 | |||||
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] | 3,702 | ||||
Total | [2] | 3,972 | ||||
Accumulated depreciation | [3] | $ 2,078 | ||||
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 | 2,528 | |||||
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] | 7,149 | ||||
Total | [2] | 7,638 | ||||
Accumulated depreciation | [3] | $ 3,688 | ||||
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 | 1,208 | |||||
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] | 6,910 | ||||
Total | [2] | 7,934 | ||||
Accumulated depreciation | [3] | $ 3,440 | ||||
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 | 1,813 | |||||
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] | 6,134 | ||||
Total | [2] | 7,023 | ||||
Accumulated depreciation | [3] | $ 3,250 | ||||
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 | 315 | |||||
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] | 1,639 | ||||
Total | [2] | 1,855 | ||||
Accumulated depreciation | [3] | $ 955 | ||||
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 | 345 | |||||
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] | 1,824 | ||||
Total | [2] | 2,014 | ||||
Accumulated depreciation | [3] | $ 931 | ||||
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 | 594 | |||||
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] | 2,418 | ||||
Total | [2] | 2,688 | ||||
Accumulated depreciation | [3] | $ 1,082 | ||||
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 | 2,670 | |||||
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] | 2,670 | ||||
Total | [2] | 2,861 | ||||
Accumulated depreciation | [3] | $ 1,363 | ||||
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 | [2] | 4,572 | ||||
Accumulated depreciation | [3] | $ 2,250 | ||||
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 | 155 | |||||
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] | 3,263 | ||||
Total | [2] | 3,779 | ||||
Accumulated depreciation | [3] | $ 1,686 | ||||
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 | [2] | 4,639 | ||||
Accumulated depreciation | [3] | $ 1,978 | ||||
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 | 1,427 | |||||
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] | 4,687 | ||||
Total | [2] | 5,203 | ||||
Accumulated depreciation | [3] | $ 2,420 | ||||
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 | 584 | |||||
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] | 3,963 | ||||
Total | [2] | 4,499 | ||||
Accumulated depreciation | [3] | $ 1,981 | ||||
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 | 381 | |||||
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] | 3,638 | ||||
Total | [2] | 4,164 | ||||
Accumulated depreciation | [3] | $ 1,785 | ||||
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 | 1,370 | |||||
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] | 1,370 | ||||
Total | [2] | 1,597 | ||||
Accumulated depreciation | [3] | $ 700 | ||||
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 | 1,369 | |||||
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] | 1,369 | ||||
Total | [2] | 1,595 | ||||
Accumulated depreciation | [3] | $ 700 | ||||
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 | 1,286 | |||||
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] | 1,285 | ||||
Total | [2] | 1,514 | ||||
Accumulated depreciation | [3] | $ 703 | ||||
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 | 1,284 | |||||
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] | 1,285 | ||||
Total | [2] | 1,513 | ||||
Accumulated depreciation | [3] | $ 703 | ||||
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 | 578 | |||||
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] | 2,737 | ||||
Total | [2] | 2,886 | ||||
Accumulated depreciation | [3] | $ 1,344 | ||||
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 | [2] | 7,087 | ||||
Accumulated depreciation | [3] | $ 2,380 | ||||
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 | (339) | |||||
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] | 3,337 | ||||
Total | [2] | 4,392 | ||||
Accumulated depreciation | [3] | $ 1,301 | ||||
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 | 2,129 | |||||
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] | 9,159 | ||||
Total | [2] | 9,656 | ||||
Accumulated depreciation | [3] | $ 4,296 | ||||
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 | 961 | |||||
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] | 8,434 | ||||
Total | [2] | 9,089 | ||||
Accumulated depreciation | [3] | $ 4,155 | ||||
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 | 1,729 | |||||
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] | 8,349 | ||||
Total | [2] | 8,928 | ||||
Accumulated depreciation | [3] | $ 3,862 | ||||
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 | 2,466 | |||||
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] | 11,113 | ||||
Total | [2] | 11,980 | ||||
Accumulated depreciation | [3] | $ 5,130 | ||||
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 | 540 | |||||
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] | 3,157 | ||||
Total | [2] | 3,394 | ||||
Accumulated depreciation | [3] | $ 1,510 | ||||
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 | 177 | |||||
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] | 1,281 | ||||
Total | [2] | 1,315 | ||||
Accumulated depreciation | [3] | $ 651 | ||||
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 | 538 | |||||
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] | 3,045 | ||||
Total | [2] | 3,200 | ||||
Accumulated depreciation | [3] | $ 1,406 | ||||
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 | [2] | 4,375 | ||||
Accumulated depreciation | [3] | $ 1,922 | ||||
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] | 2,068 | ||||
Accumulated depreciation | [3] | $ 1,013 | ||||
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 | [2] | 7,885 | ||||
Accumulated depreciation | [3] | $ 3,693 | ||||
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 | 1,073 | |||||
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] | 2,919 | ||||
Total | [2] | 5,121 | ||||
Accumulated depreciation | [3] | $ 1,555 | ||||
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 | [2] | 4,875 | ||||
Accumulated depreciation | [3] | $ 2,418 | ||||
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 | 844 | |||||
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] | 6,343 | ||||
Total | [2] | 6,688 | ||||
Accumulated depreciation | [3] | $ 3,272 | ||||
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 | 472 | |||||
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] | 2,495 | ||||
Total | [2] | 2,694 | ||||
Accumulated depreciation | [3] | $ 1,416 | ||||
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 | 905 | |||||
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] | 3,631 | ||||
Total | [2] | 3,865 | ||||
Accumulated depreciation | [3] | $ 1,653 | ||||
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 | 1,764 | |||||
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] | 9,700 | ||||
Total | [2] | 10,355 | ||||
Accumulated depreciation | [3] | $ 4,719 | ||||
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 | 1,191 | |||||
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] | 4,920 | ||||
Total | [2] | 5,240 | ||||
Accumulated depreciation | [3] | $ 2,606 | ||||
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 | 304 | |||||
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] | 2,253 | ||||
Total | [2] | 2,371 | ||||
Accumulated depreciation | [3] | $ 1,161 | ||||
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 | 148 | |||||
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] | 2,146 | ||||
Total | [2] | 2,310 | ||||
Accumulated depreciation | [3] | $ 1,052 | ||||
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 | 1,116 | |||||
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] | 5,437 | ||||
Total | [2] | 5,723 | ||||
Accumulated depreciation | [3] | $ 2,369 | ||||
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 | 2,122 | |||||
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] | 7,384 | ||||
Total | [2] | 7,831 | ||||
Accumulated depreciation | [3] | $ 3,420 | ||||
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 | [2] | 4,239 | ||||
Accumulated depreciation | [3] | $ 1,945 | ||||
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 | 2,980 | |||||
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] | 10,493 | ||||
Total | [2] | 10,856 | ||||
Accumulated depreciation | [3] | $ 5,767 | ||||
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 | 1,754 | |||||
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] | 10,670 | ||||
Total | [2] | 12,889 | ||||
Accumulated depreciation | [3] | $ 5,095 | ||||
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 | 1,502 | |||||
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] | 4,473 | ||||
Total | [2] | 5,213 | ||||
Accumulated depreciation | [3] | $ 2,600 | ||||
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 | 777 | |||||
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] | 5,187 | ||||
Total | [2] | 5,399 | ||||
Accumulated depreciation | [3] | $ 2,720 | ||||
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 | 750 | |||||
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] | 3,549 | ||||
Total | [2] | 3,683 | ||||
Accumulated depreciation | [3] | $ 2,042 | ||||
Office And Office/Flex Buildings [Member] | 11 Skyline Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | [4] | 1,989 | ||||
Acquired | [4] | 1,997 | ||||
Initial Costs, Building and Improvements | [4] | $ 4,788 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 763 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1],[4] | 5,551 | ||||
Total | [2],[4] | 5,551 | ||||
Accumulated depreciation | [3],[4] | $ 2,575 | ||||
Office And Office/Flex Buildings [Member] | 12 Skyline Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | [4] | 1,999 | ||||
Acquired | [4] | 1,999 | ||||
Initial Costs, Land | [4] | $ 1,562 | ||||
Initial Costs, Building and Improvements | [4] | 3,254 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 218 | ||||
Gross Amount at Which Carried at Close of Period, Land | [1],[4] | 1,320 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1],[4] | 3,714 | ||||
Total | [2],[4] | 5,034 | ||||
Accumulated depreciation | [3],[4] | $ 1,644 | ||||
Office And Office/Flex Buildings [Member] | 15 Skyline Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | [4] | 1,989 | ||||
Acquired | [4] | 1,997 | ||||
Initial Costs, Building and Improvements | [4] | $ 7,449 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 1,749 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1],[4] | 9,198 | ||||
Total | [2],[4] | 9,198 | ||||
Accumulated depreciation | [3],[4] | $ 3,906 | ||||
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 | [2] | 11,909 | ||||
Accumulated depreciation | [3] | $ 5,696 | ||||
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 | 2,296 | |||||
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] | 9,871 | ||||
Total | [2] | 10,373 | ||||
Accumulated depreciation | [3] | $ 4,799 | ||||
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 | [2] | 7,860 | ||||
Accumulated depreciation | [3] | $ 3,565 | ||||
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 | 2,331 | |||||
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] | 9,577 | ||||
Total | [2] | 10,123 | ||||
Accumulated depreciation | [3] | $ 4,561 | ||||
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 | 2,284 | |||||
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] | 9,099 | ||||
Total | [2] | 10,305 | ||||
Accumulated depreciation | [3] | $ 4,403 | ||||
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 | [2] | 3,854 | ||||
Accumulated depreciation | [3] | $ 1,878 | ||||
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 | 1,319 | |||||
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] | 5,737 | ||||
Total | [2] | 6,156 | ||||
Accumulated depreciation | [3] | $ 2,664 | ||||
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 | 1,452 | |||||
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] | 10,698 | ||||
Total | [2] | 15,236 | ||||
Accumulated depreciation | [3] | $ 5,773 | ||||
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 | 646 | |||||
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] | 2,325 | ||||
Total | [2] | 2,740 | ||||
Accumulated depreciation | [3] | $ 975 | ||||
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 | 133 | |||||
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] | 3,989 | ||||
Total | [2] | 5,964 | ||||
Accumulated depreciation | [3] | $ 1,960 | ||||
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 | [2] | 5,922 | ||||
Accumulated depreciation | [3] | $ 1,519 | ||||
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 | 3,547 | |||||
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] | 3,547 | ||||
Total | [2] | 4,875 | ||||
Accumulated depreciation | [3] | $ 1,764 | ||||
Industrial/Warehouse Facilities [Member] | 1 Warehouse Lane [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | [4] | 1,957 | ||||
Acquired | [4] | 1,997 | ||||
Initial Costs, Land | [4] | $ 3 | ||||
Initial Costs, Building and Improvements | [4] | 268 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 233 | ||||
Gross Amount at Which Carried at Close of Period, Land | [1],[4] | 3 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1],[4] | 501 | ||||
Total | [2],[4] | 504 | ||||
Accumulated depreciation | [3],[4] | $ 253 | ||||
Industrial/Warehouse Facilities [Member] | 2 Warehouse Lane [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | [4] | 1,957 | ||||
Acquired | [4] | 1,997 | ||||
Initial Costs, Land | [4] | $ 4 | ||||
Initial Costs, Building and Improvements | [4] | 672 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 245 | ||||
Gross Amount at Which Carried at Close of Period, Land | [1],[4] | 4 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1],[4] | 917 | ||||
Total | [2],[4] | 921 | ||||
Accumulated depreciation | [3],[4] | $ 410 | ||||
Industrial/Warehouse Facilities [Member] | 3 Warehouse Lane [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | [4] | 1,957 | ||||
Acquired | [4] | 1,997 | ||||
Initial Costs, Land | [4] | $ 21 | ||||
Initial Costs, Building and Improvements | [4] | 1,948 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 363 | ||||
Gross Amount at Which Carried at Close of Period, Land | [1],[4] | 21 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1],[4] | 2,311 | ||||
Total | [2],[4] | 2,332 | ||||
Accumulated depreciation | [3],[4] | $ 1,247 | ||||
Industrial/Warehouse Facilities [Member] | 4 Warehouse Lane [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | [4] | 1,957 | ||||
Acquired | [4] | 1,997 | ||||
Initial Costs, Land | [4] | $ 84 | ||||
Initial Costs, Building and Improvements | [4] | 13,393 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 3,665 | ||||
Gross Amount at Which Carried at Close of Period, Land | [1],[4] | 85 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1],[4] | 17,057 | ||||
Total | [2],[4] | 17,142 | ||||
Accumulated depreciation | [3],[4] | $ 7,832 | ||||
Industrial/Warehouse Facilities [Member] | 5 Warehouse Lane [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | [4] | 1,957 | ||||
Acquired | [4] | 1,997 | ||||
Initial Costs, Land | [4] | $ 19 | ||||
Initial Costs, Building and Improvements | [4] | 4,804 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 943 | ||||
Gross Amount at Which Carried at Close of Period, Land | [1],[4] | 19 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1],[4] | 5,747 | ||||
Total | [2],[4] | 5,766 | ||||
Accumulated depreciation | [3],[4] | $ 2,930 | ||||
Industrial/Warehouse Facilities [Member] | 6 Warehouse Lane [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | [4] | 1,982 | ||||
Acquired | [4] | 1,997 | ||||
Initial Costs, Land | [4] | $ 10 | ||||
Initial Costs, Building and Improvements | [4] | 4,419 | ||||
Costs Capitalized Subsequent to Acquisition | [4] | 2,381 | ||||
Gross Amount at Which Carried at Close of Period, Land | [1],[4] | 10 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1],[4] | 6,800 | ||||
Total | [2],[4] | 6,810 | ||||
Accumulated depreciation | [3],[4] | $ 3,006 | ||||
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 | 288 | |||||
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] | 2,133 | ||||
Total | [2] | 2,257 | ||||
Accumulated depreciation | [3] | $ 982 | ||||
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] | 2,635 | ||||
Accumulated depreciation | [3] | $ 1,253 | ||||
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 | 2,103 | |||||
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] | 15,637 | ||||
Total | [2] | 18,629 | ||||
Accumulated depreciation | [3] | $ 1,038 | ||||
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 | 2,354 | |||||
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] | 21,328 | ||||
Total | [2] | 25,497 | ||||
Accumulated depreciation | [3] | $ 1,440 | ||||
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 | $ 27,426 | |||||
Initial Costs, Land | 4,000 | |||||
Initial Costs, Building and Improvements | 40,670 | |||||
Costs Capitalized Subsequent to Acquisition | 309 | |||||
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] | 40,979 | ||||
Total | [2] | 44,979 | ||||
Accumulated depreciation | [3] | $ 3,165 | ||||
Multi-Family Properties [Member] | Quarry Place At Tuckahoe [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 2,016 | |||||
Acquired | 2,016 | |||||
Related Encumbrances | $ 26,642 | |||||
Initial Costs, Land | 5,585 | |||||
Initial Costs, Building and Improvements | 3,400 | |||||
Costs Capitalized Subsequent to Acquisition | 47,710 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 5,585 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 51,110 | ||||
Total | [2] | 56,695 | ||||
Accumulated depreciation | [3] | $ 30 | ||||
Multi-Family Properties [Member] | The Chase At Overlook Ridge [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 2,016 | |||||
Acquired | 2,016 | |||||
Related Encumbrances | $ 71,992 | |||||
Initial Costs, Land | 11,072 | |||||
Initial Costs, Building and Improvements | 87,793 | |||||
Costs Capitalized Subsequent to Acquisition | 9 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 11,072 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 87,802 | ||||
Total | [2] | 98,874 | ||||
Accumulated depreciation | [3] | $ 2,188 | ||||
Multi-Family Properties [Member] | Chase II At Overlook Ridge [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 2,016 | |||||
Acquired | 2,016 | |||||
Related Encumbrances | $ 34,366 | |||||
Initial Costs, Land | 10,755 | |||||
Initial Costs, Building and Improvements | 10,846 | |||||
Costs Capitalized Subsequent to Acquisition | 43,181 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 10,755 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 54,027 | ||||
Total | [2] | 64,782 | ||||
Accumulated depreciation | [3] | $ 39 | ||||
Multi-Family Properties [Member] | Portside At Pier One [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year Built | 2,016 | |||||
Acquired | 2,016 | |||||
Related Encumbrances | $ 58,505 | |||||
Initial Costs, Building and Improvements | 73,713 | |||||
Costs Capitalized Subsequent to Acquisition | 9 | |||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 73,722 | ||||
Total | [2] | 73,722 | ||||
Accumulated depreciation | [3] | $ 1,675 | ||||
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 | 1,322 | |||||
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] | 51,993 | ||||
Total | [2] | 61,035 | ||||
Accumulated depreciation | [3] | $ 5,188 | ||||
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 | 485 | |||||
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] | 71,894 | ||||
Total | [2] | 83,949 | ||||
Accumulated depreciation | [3] | $ 7,144 | ||||
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 | $ 36,228 | |||||
Initial Costs, Land | 13,099 | |||||
Initial Costs, Building and Improvements | 56,669 | |||||
Costs Capitalized Subsequent to Acquisition | (20,587) | |||||
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] | 36,082 | ||||
Total | [2] | 49,181 | ||||
Accumulated depreciation | [3] | 3,066 | ||||
Projects Under Development And Developable Land [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Related Encumbrances | 27,939 | |||||
Initial Costs, Land | 229,250 | |||||
Initial Costs, Building and Improvements | 308,623 | |||||
Gross Amount at Which Carried at Close of Period, Land | [1] | 229,250 | ||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 308,623 | ||||
Total | [2] | 537,873 | ||||
Accumulated depreciation | [3] | 4,966 | ||||
Furniture, Fixtures And Equipment [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Costs Capitalized Subsequent to Acquisition | 21,230 | |||||
Gross Amount at Which Carried at Close of Period, Building and Improvements | [1] | 21,230 | ||||
Total | [2] | 21,230 | ||||
Accumulated depreciation | [3] | $ 7,186 | ||||
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 | [2] | $ 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 | [2] | $ 1,380 | ||||
[1] | The aggregate cost for federal income tax purposes at December 31, 2016 was approximately $3.1 billion. | |||||
[2] | Properties identified as held for sale at December 31, 2016 are excluded. | |||||
[3] | Depreciation of buildings and improvements are calculated over lives ranging from the life of the lease to 40 years. | |||||
[4] | This property is located on land leased by the Company. |
Real Estate Investments And 109
Real Estate Investments And Accumulated Depreciation (Schedule Of Changes In Rental Properties And Accumulated Depreciation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Real Estate Investments And Accumulated Depreciation [Abstract] | ||||
Rental Properties, Balance at beginning of year | $ 4,807,718 | $ 4,958,179 | $ 5,129,933 | |
Rental Properties, Additions | 819,535 | 219,227 | 193,005 | |
Rental Properties, Rental property held for sale | (79,200) | |||
Rental Properties, Properties sold | (695,837) | (82,015) | (331,181) | |
Rental Properties, Impairment charge | (255,849) | |||
Rental Properties, Retirements/disposals | (47,349) | (31,824) | (33,578) | |
Rental Properties, Balance at end of year | 4,804,867 | [1] | 4,807,718 | 4,958,179 |
Accumulated Depreciation, Balance at beginning of year | 1,464,482 | 1,414,305 | 1,400,988 | |
Accumulated Depreciation, Depreciation expense | 151,569 | 147,447 | 143,278 | |
Accumulated Depreciation, Rental property held for sale | (31,792) | |||
Accumulated Depreciation, Properties sold | (204,837) | (7,517) | (96,383) | |
Accumulated Depreciation, Impairment charge | (57,929) | |||
Accumulated Depreciation, Retirements/disposals | (47,349) | (31,824) | (33,578) | |
Accumulated Depreciation, Balance at end of year | $ 1,332,073 | [2] | $ 1,464,482 | $ 1,414,305 |
[1] | Properties identified as held for sale at December 31, 2016 are excluded. | |||
[2] | Depreciation of buildings and improvements are calculated over lives ranging from the life of the lease to 40 years. |