Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 05, 2017 | |
Entity Registrant Name | MACK CALI REALTY CORP | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Entity Central Index Key | 924,901 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Entity Common Stock, Shares Outstanding | 89,875,142 | |
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 | Mar. 31, 2017 | Dec. 31, 2016 |
Rental property | ||
Land and leasehold interests | $ 752,842 | $ 661,335 |
Buildings and improvements | 4,107,508 | 3,758,210 |
Tenant improvements | 384,263 | 364,092 |
Furniture, fixtures and equipment | 23,499 | 21,230 |
Gross investment in rental property | 5,268,112 | 4,804,867 |
Less - accumulated depreciation and amortization | (1,327,967) | (1,332,073) |
Total investment in rental property | 3,940,145 | 3,472,794 |
Rental property held for sale, net | 2,131 | 39,743 |
Net investment in rental property | 3,942,276 | 3,512,537 |
Cash and cash equivalents | 168,316 | 31,611 |
Investments in unconsolidated joint ventures | 325,150 | 320,047 |
Unbilled rents receivable, net | 102,858 | 101,052 |
Deferred charges, goodwill and other assets, net | 308,428 | 267,950 |
Restricted cash | 57,596 | 53,952 |
Accounts receivable, net of allowance for doubtful accounts of $1,055 and $1,335 | 9,603 | 9,617 |
Total assets | 4,914,227 | 4,296,766 |
LIABILITIES AND EQUITY | ||
Senior unsecured notes, net | 817,824 | 817,355 |
Unsecured revolving credit facility and term loans | 760,937 | 634,069 |
Mortgages, loans payable and other obligations, net | 1,152,443 | 888,585 |
Dividends and distributions payable | 15,423 | 15,327 |
Accounts payable, accrued expenses and other liabilities | 169,988 | 159,874 |
Rents received in advance and security deposits | 53,496 | 46,442 |
Accrued interest payable | 16,540 | 8,427 |
Total liabilities | 2,986,651 | 2,570,079 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 202,714 | |
Mack-Cali Realty stockholders' equity: | ||
Common stock, $0.01 par value, 190,000,000 shares authorized, 89,844,752 and 89,696,713 shares outstanding | 898 | 897 |
Additional paid-in capital | 2,570,093 | 2,576,473 |
Dividends in excess of net earnings | (1,045,786) | (1,052,184) |
Accumulated other comprehensive income | 3,085 | 1,985 |
Total Mack-Cali Realty Corporation stockholders' equity | 1,528,290 | 1,527,171 |
Noncontrolling interests in subsidiaries: | ||
Operating Partnership | 175,877 | 178,570 |
Consolidated joint ventures | 20,695 | 20,946 |
Total noncontrolling interests in subsidiaries | 196,572 | 199,516 |
Total equity | 1,724,862 | 1,726,687 |
Total liabilities and equity | 4,914,227 | 4,296,766 |
Mack-Cali Realty LP [Member] | ||
Rental property | ||
Land and leasehold interests | 752,842 | 661,335 |
Buildings and improvements | 4,107,508 | 3,758,210 |
Tenant improvements | 384,263 | 364,092 |
Furniture, fixtures and equipment | 23,499 | 21,230 |
Gross investment in rental property | 5,268,112 | 4,804,867 |
Less - accumulated depreciation and amortization | (1,327,967) | (1,332,073) |
Total investment in rental property | 3,940,145 | 3,472,794 |
Rental property held for sale, net | 2,131 | 39,743 |
Net investment in rental property | 3,942,276 | 3,512,537 |
Cash and cash equivalents | 168,316 | 31,611 |
Investments in unconsolidated joint ventures | 325,150 | 320,047 |
Unbilled rents receivable, net | 102,858 | 101,052 |
Deferred charges, goodwill and other assets, net | 308,428 | 267,950 |
Restricted cash | 57,596 | 53,952 |
Accounts receivable, net of allowance for doubtful accounts of $1,055 and $1,335 | 9,603 | 9,617 |
Total assets | 4,914,227 | 4,296,766 |
LIABILITIES AND EQUITY | ||
Senior unsecured notes, net | 817,824 | 817,355 |
Unsecured revolving credit facility and term loans | 760,937 | 634,069 |
Mortgages, loans payable and other obligations, net | 1,152,443 | 888,585 |
Dividends and distributions payable | 15,423 | 15,327 |
Accounts payable, accrued expenses and other liabilities | 169,988 | 159,874 |
Rents received in advance and security deposits | 53,496 | 46,442 |
Accrued interest payable | 16,540 | 8,427 |
Total liabilities | 2,986,651 | 2,570,079 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 202,714 | |
Mack-Cali Realty stockholders' equity: | ||
General Partner, 89,844,752 and 89,696,713 common units outstanding | 1,467,145 | 1,467,569 |
Limited partners, 10,339,443 and 10,488,105 common units outstanding | 233,937 | 236,187 |
Accumulated other comprehensive income | 3,085 | 1,985 |
Total Mack-Cali Realty, L.P. partners' capital | 1,704,167 | 1,705,741 |
Noncontrolling interests in subsidiaries: | ||
Noncontrolling interests in consolidated joint ventures | 20,695 | 20,946 |
Total equity | 1,724,862 | 1,726,687 |
Total liabilities and equity | $ 4,914,227 | $ 4,296,766 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Allowance for doubtful accounts receivable | $ 1,055 | $ 1,335 |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 190,000,000 | 190,000,000 |
Common stock, shares outstanding | 89,844,752 | 89,696,713 |
Mack-Cali Realty LP [Member] | ||
Allowance for doubtful accounts receivable | $ 1,055 | $ 1,335 |
General partner common units outstanding | 89,844,752 | 89,696,713 |
Limited partner common units outstanding | 10,339,443 | 10,488,105 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
REVENUES | ||
Base rents | $ 121,255 | $ 126,387 |
Escalations and recoveries from tenants | 15,119 | 14,961 |
Real estate services | 6,465 | 6,812 |
Parking income | 4,229 | 3,156 |
Other income | 2,819 | 1,607 |
Total revenues | 149,887 | 152,923 |
EXPENSES | ||
Real estate taxes | 21,092 | 23,226 |
Utilities | 11,414 | 13,578 |
Operating services | 27,091 | 26,732 |
Real estate services expenses | 6,270 | 6,846 |
General and administrative | 11,592 | 12,249 |
Depreciation and amortization | 47,631 | 43,063 |
Total expenses | 125,090 | 125,694 |
Operating income | 24,797 | 27,229 |
OTHER (EXPENSE) INCOME | ||
Interest expense | (20,321) | (24,993) |
Interest and other investment income (loss) | 474 | (669) |
Equity in earnings (loss) of unconsolidated joint ventures | (51) | (1,554) |
Gain on change of control of interests | 10,156 | |
Realized gains (losses) and unrealized losses on disposition of rental property, net | 5,506 | 58,600 |
Gain on sale of investment in unconsolidated joint venture | 12,563 | |
Loss from extinguishment of debt, net | (239) | |
Total other income (expense) | (2,068) | 41,540 |
Net income | 22,729 | 68,769 |
Noncontrolling interest in consolidated joint ventures | 237 | 706 |
Noncontrolling interest in Operating Partnership | (2,295) | (7,284) |
Redeemable noncontrolling interest | (792) | |
Net income available to common shareholders | $ 19,879 | $ 62,191 |
Basic earnings per common share: | ||
Net income available to common shareholders | $ 0.11 | $ 0.69 |
Diluted earnings per common share: | ||
Net income available to common shareholders | $ 0.11 | $ 0.69 |
Basic weighted average shares outstanding | 89,955 | 89,721 |
Diluted weighted average shares outstanding | 100,637 | 100,315 |
Mack-Cali Realty LP [Member] | ||
REVENUES | ||
Base rents | $ 121,255 | $ 126,387 |
Escalations and recoveries from tenants | 15,119 | 14,961 |
Real estate services | 6,465 | 6,812 |
Parking income | 4,229 | 3,156 |
Other income | 2,819 | 1,607 |
Total revenues | 149,887 | 152,923 |
EXPENSES | ||
Real estate taxes | 21,092 | 23,226 |
Utilities | 11,414 | 13,578 |
Operating services | 27,091 | 26,732 |
Real estate services expenses | 6,270 | 6,846 |
General and administrative | 11,592 | 12,249 |
Depreciation and amortization | 47,631 | 43,063 |
Total expenses | 125,090 | 125,694 |
Operating income | 24,797 | 27,229 |
OTHER (EXPENSE) INCOME | ||
Interest expense | (20,321) | (24,993) |
Interest and other investment income (loss) | 474 | (669) |
Equity in earnings (loss) of unconsolidated joint ventures | (51) | (1,554) |
Gain on change of control of interests | 10,156 | |
Realized gains (losses) and unrealized losses on disposition of rental property, net | 5,506 | 58,600 |
Gain on sale of investment in unconsolidated joint venture | 12,563 | |
Loss from extinguishment of debt, net | (239) | |
Total other income (expense) | (2,068) | 41,540 |
Net income | 22,729 | 68,769 |
Noncontrolling interest in consolidated joint ventures | 237 | 706 |
Redeemable noncontrolling interest | (792) | |
Net income available to common shareholders | $ 22,174 | $ 69,475 |
Basic earnings per common share: | ||
Net income available to common shareholders | $ 0.11 | $ 0.69 |
Diluted earnings per common share: | ||
Net income available to common shareholders | $ 0.11 | $ 0.69 |
Basic weighted average units outstanding | 100,339 | 100,230 |
Diluted weighted average units outstanding | 100,637 | 100,315 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net income | $ 22,729 | $ 68,769 |
Other comprehensive income: | ||
Net unrealized gain (loss) on derivative instruments for interest rate swaps | 1,227 | (6,340) |
Comprehensive income | 23,956 | 62,429 |
Comprehensive (income) loss attributable to noncontrolling interest | 237 | 706 |
Comprehensive (income) loss attributable to redeemable noncontrolling interest | (792) | |
Comprehensive (income) loss attributable to noncontrolling interest in Operating Partnership | (2,422) | (6,619) |
Comprehensive income attributable to common shareholders | 20,979 | 56,516 |
Mack-Cali Realty LP [Member] | ||
Net income | 22,729 | 68,769 |
Other comprehensive income: | ||
Net unrealized gain (loss) on derivative instruments for interest rate swaps | 1,227 | (6,340) |
Comprehensive income | 23,956 | 62,429 |
Comprehensive (income) loss attributable to noncontrolling interest | 237 | 706 |
Comprehensive (income) loss attributable to redeemable noncontrolling interest | (792) | |
Comprehensive income attributable to common shareholders | $ 23,401 | $ 63,135 |
Consolidated Statement Of Chang
Consolidated Statement Of Changes In Equity - 3 months ended Mar. 31, 2017 - 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, 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 | $ 10,488 | $ 1,467,569 | $ 236,187 | $ 1,985 | $ 20,946 | $ 1,726,687 | |||||||
Balance, units at Dec. 31, 2016 | 89,697 | ||||||||||||
Net income | 19,879 | 2,295 | 555 | 22,729 | 19,879 | 2,850 | 22,729 | ||||||
Common stock dividends | (13,481) | (13,481) | |||||||||||
Common unit distributions | (13,481) | (1,647) | (15,128) | (1,647) | (1,647) | ||||||||
Redeemable noncontrolling interest | (9,860) | (1,138) | (792) | (11,790) | (9,860) | (1,930) | (11,790) | ||||||
Decrease in noncontrolling interest in consolidated joint ventures | (14) | (14) | (14) | (14) | |||||||||
Redemption of common units for common stock, value | (149) | 2,531 | (2,531) | $ 1 | 2,530 | (2,531) | |||||||
Redemption of common units for common stock, shares | 149 | 149 | |||||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, value | 37 | 37 | 37 | 37 | |||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, shares | 1 | 1 | |||||||||||
Directors' deferred compensation plan, value | 115 | 115 | 115 | 115 | |||||||||
Directors' deferred compensation plan, shares | |||||||||||||
Stock compensation, value | 409 | 644 | 1,053 | 409 | 644 | 1,053 | |||||||
Stock compensation, shares | |||||||||||||
Cancellation of restricted shares, value | (54) | (54) | (54) | (54) | |||||||||
Cancellation of restricted shares, shares | (2) | (2) | |||||||||||
Other comprehensive income | 127 | 1,100 | 1,227 | 1,100 | 127 | 1,227 | |||||||
Rebalancing of ownership percentage between parent and subsidiaries | 443 | (443) | |||||||||||
Balance, value at Mar. 31, 2017 | $ 898 | $ 2,570,093 | $ (1,045,786) | $ 3,085 | $ 196,572 | $ 1,724,862 | |||||||
Balance, shares at Mar. 31, 2017 | 89,845 | ||||||||||||
Balance, value at Mar. 31, 2017 | $ 10,339 | $ 1,467,145 | $ 233,937 | $ 3,085 | $ 20,695 | $ 1,724,862 | |||||||
Balance, units at Mar. 31, 2017 | 89,845 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 22,729 | $ 68,769 |
Adjustments to reconcile net income to net cash provided by Operating activities: | ||
Depreciation and amortization, including related intangible assets | 46,338 | 43,413 |
Amortization of directors deferred compensation stock units | 115 | 101 |
Amortization of stock compensation | 1,053 | 785 |
Amortization of deferred financing costs | 1,103 | 1,169 |
Amortization of debt discount and mark-to-market | 241 | 610 |
Equity in (earnings) loss of unconsolidated joint ventures | 51 | 1,554 |
Distributions of cumulative earnings from unconsolidated joint ventures | 2,684 | 574 |
Gain on change of control of interests | (10,156) | |
Realized (gains) losses and unrealized losses on disposition of rental property, net | (5,506) | (58,600) |
Gain on sale of investments in unconsolidated joint ventures | (12,563) | |
Loss from extinguishment of debt | 239 | |
Changes in operating assets and liabilities: | ||
Increase in unbilled rents receivable, net | (2,950) | (2,169) |
Increase in deferred charges, goodwill and other assets | (2,842) | (19,323) |
Decrease in accounts receivable, net | 13 | 1,243 |
Increase (decrease) in accounts payable, accrued expenses and other liabilities | (11,396) | (2,370) |
Increase in rents received in advance and security deposits | 3,891 | 370 |
Increase (decrease) in accrued interest payable | 8,113 | (489) |
Net cash provided by operating activities | 51,313 | 25,481 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Rental property acquisitions and related intangibles | (413,115) | (47,818) |
Rental property additions and improvements | (22,471) | (34,603) |
Development of rental property and other related costs | (55,511) | (16,131) |
Proceeds from the sales of rental property | 47,569 | 94,710 |
Proceeds from the sale of investments in unconsolidated joint ventures | 14,849 | |
Investments in notes receivable | (2,254) | |
Repayment of notes receivable | 9,062 | 125 |
Investment in unconsolidated joint ventures | (6,625) | (7,225) |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 1,689 | 1,771 |
Proceeds from investment receivable | 3,625 | |
Decrease in restricted cash | 1,871 | 7,777 |
Net cash used in investing activities | (421,311) | (1,394) |
CASH FLOW FROM FINANCING ACTIVITIES | ||
Borrowings from revolving credit facility | 275,000 | 150,000 |
Repayment of revolving credit facility | (471,000) | (215,000) |
Repayment of senior unsecured notes | (200,000) | |
Borrowings from unsecured term loan | 325,000 | 350,000 |
Proceeds from mortgages and loans payable | 263,779 | 77,666 |
Repayment of mortgages, loans payable and other obligations | (1,430) | (89,712) |
Issuance of redeemable noncontrolling interests, net | 139,002 | |
Payment of financing costs | (8,627) | (3,392) |
(Distribution to) contributions from noncontrolling interests | (15) | 703 |
Payment of dividends and distributions | (15,006) | (15,008) |
Net cash provided by financing activities | 506,703 | 55,257 |
Net increase in cash and cash equivalents | 136,705 | 79,344 |
Cash and cash equivalents, beginning of period | 31,611 | 37,077 |
Cash and cash equivalents, end of period | 168,316 | 116,421 |
Mack-Cali Realty LP [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | 22,729 | 68,769 |
Adjustments to reconcile net income to net cash provided by Operating activities: | ||
Depreciation and amortization, including related intangible assets | 46,338 | 43,413 |
Amortization of directors deferred compensation stock units | 115 | 101 |
Amortization of stock compensation | 1,053 | 785 |
Amortization of deferred financing costs | 1,103 | 1,169 |
Amortization of debt discount and mark-to-market | 241 | 610 |
Equity in (earnings) loss of unconsolidated joint ventures | 51 | 1,554 |
Distributions of cumulative earnings from unconsolidated joint ventures | 2,684 | 574 |
Gain on change of control of interests | (10,156) | |
Realized (gains) losses and unrealized losses on disposition of rental property, net | (5,506) | (58,600) |
Gain on sale of investments in unconsolidated joint ventures | (12,563) | |
Loss from extinguishment of debt | 239 | |
Changes in operating assets and liabilities: | ||
Increase in unbilled rents receivable, net | (2,950) | (2,169) |
Increase in deferred charges, goodwill and other assets | (2,842) | (19,323) |
Decrease in accounts receivable, net | 13 | 1,243 |
Increase (decrease) in accounts payable, accrued expenses and other liabilities | (11,396) | (2,370) |
Increase in rents received in advance and security deposits | 3,891 | 370 |
Increase (decrease) in accrued interest payable | 8,113 | (489) |
Net cash provided by operating activities | 51,313 | 25,481 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Rental property acquisitions and related intangibles | (413,115) | (47,818) |
Rental property additions and improvements | (22,471) | (34,603) |
Development of rental property and other related costs | (55,511) | (16,131) |
Proceeds from the sales of rental property | 47,569 | 94,710 |
Proceeds from the sale of investments in unconsolidated joint ventures | 14,849 | |
Investments in notes receivable | (2,254) | |
Repayment of notes receivable | 9,062 | 125 |
Investment in unconsolidated joint ventures | (6,625) | (7,225) |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 1,689 | 1,771 |
Proceeds from investment receivable | 3,625 | |
Decrease in restricted cash | 1,871 | 7,777 |
Net cash used in investing activities | (421,311) | (1,394) |
CASH FLOW FROM FINANCING ACTIVITIES | ||
Borrowings from revolving credit facility | 275,000 | 150,000 |
Repayment of revolving credit facility | (471,000) | (215,000) |
Repayment of senior unsecured notes | (200,000) | |
Borrowings from unsecured term loan | 325,000 | 350,000 |
Proceeds from mortgages and loans payable | 263,779 | 77,666 |
Repayment of mortgages, loans payable and other obligations | (1,430) | (89,712) |
Issuance of redeemable noncontrolling interests, net | 139,002 | |
Payment of financing costs | (8,627) | (3,392) |
(Distribution to) contributions from noncontrolling interests | (15) | 703 |
Payment of dividends and distributions | (15,006) | (15,008) |
Net cash provided by financing activities | 506,703 | 55,257 |
Net increase in cash and cash equivalents | 136,705 | 79,344 |
Cash and cash equivalents, beginning of period | 31,611 | 37,077 |
Cash and cash equivalents, end of period | $ 168,316 | $ 116,421 |
Organization And Basis Of Prese
Organization And Basis Of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
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 89.7 and 89.5 percent common unit interest in the Operating Partnership as of March 31, 2017 and December 31, 2016 , respectively. The General Partner’s business is the ownership of interests in and operation of the Operating Partnership and all of the General Partner’s expenses are incurred for the benefit of the Operating Partnership. The General Partner is reimbursed by the Operating Partnership for all expenses it incurs relating to the ownership and operation of the Operating Partnership. The Operating Partnership conducts the business of providing leasing, management, acquisition, development and tenant-related services for its General Partner. The Operating Partnership, through its operating divisions and subsidiaries, including the Mack-Cali property-owning partnerships and limited liability companies , is the entity through which all of the General Partner’s operations are conducted. Unless stated otherwise or the context requires, the “Company” refers to the General Partner and its subsidiaries, including the Operating Partnership and its subsidiaries. As of March 31, 2017 , the Company owned or had interests in 214 properties, consisting of 87 office and 110 flex properties, totaling approximately 22.9 million square feet, leased to approximately 1,200 commercial tenants, and 17 multi-family rental properties containing 5,032 residential units, plus developable land (collectively, the “Properties”). The Properties are comprised of 87 office buildings totaling approximately 17.6 million square feet (which include five buildings, aggregating approximately 1.4 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, 17 multi-family properties totaling 5,032 apartments (which include eight properties aggregating 3,005 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 March 31, 2017 and December 31, 2016 , 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 $211.3 million and $201.9 million, respectively, mortgages of $90 million and $78.4 million, respectively, and other liabilities of $16.3 million and $19.2 million, respectively. The financial statements have been prepared in conformity with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are based on management’s historical experience that are believed to be reasonable at the time. However, because future events and their effects cannot be determined with certainty, the determination of estimates requires the exercise of judgment. Actual results could differ from those estimates. Certain reclassifications have been made to prior period amounts in order to conform with current period presentation. |
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 89.7 and 89.5 percent common unit interest in the Operating Partnership as of March 31, 2017 and December 31, 2016 , respectively. The General Partner’s business is the ownership of interests in and operation of the Operating Partnership and all of the General Partner’s expenses are incurred for the benefit of the Operating Partnership. The General Partner is reimbursed by the Operating Partnership for all expenses it incurs relating to the ownership and operation of the Operating Partnership. The Operating Partnership conducts the business of providing leasing, management, acquisition, development and tenant-related services for its General Partner. The Operating Partnership, through its operating divisions and subsidiaries, including the Mack-Cali property-owning partnerships and limited liability companies , is the entity through which all of the General Partner’s operations are conducted. Unless stated otherwise or the context requires, the “Company” refers to the General Partner and its subsidiaries, including the Operating Partnership and its subsidiaries. As of March 31, 2017 , the Company owned or had interests in 214 properties, consisting of 87 office and 110 flex properties, totaling approximately 22.9 million square feet, leased to approximately 1,200 commercial tenants, and 17 multi-family rental properties containing 5,032 residential units, plus developable land (collectively, the “Properties”). The Properties are comprised of 87 office buildings totaling approximately 17.6 million square feet (which include five buildings, aggregating approximately 1.4 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, 17 multi-family properties totaling 5,032 apartments (which include eight properties aggregating 3,005 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 March 31, 2017 and December 31, 2016 , 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 $211.3 million and $201.9 million, respectively, mortgages of $90 million and $78.4 million, respectively, and other liabilities of $16.3 million and $19.2 million, respectively. The financial statements have been prepared in conformity with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are based on management’s historical experience that are believed to be reasonable at the time. However, because future events and their effects cannot be determined with certainty, the determination of estimates requires the exercise of judgment. Actual results could differ from those estimates. Certain reclassifications have been made to prior period amounts in order to conform with current period presentation. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
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 were expensed as incurred through December 31, 2016. The Company early adopted the recently issued FASB guidance Accounting Standards Update (“ASU”) 2017-01 on January 1, 2017 which revises the definition of a business and is expected to result in more transactions to be accounted for as asset acquisitions and significantly limit transactions that would be accounted for as business combinations. Where an acquisition has been determined to be an asset acquisition, acquisition-related costs are capitalized. Capitalized development and construction costs include pre-construction costs essential to the development of the property, development and construction costs, interest, property taxes, insurance, salaries and other project costs incurred during the period of development. Capitalized development and construction salaries and related costs approximated $ 0.6 million and $ 0.6 million for the three months ended March 31, 2017 and 2016 , respectively. Included in total rental property is construction, tenant improvement and development in-progress of $ 367.2 million and $ 361.1 million as of March 31, 2017 and December 31, 2016 , 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. 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 $ 1,103,000 and $ 1,169,000 for the three months ended March 31, 2017 and 2016 , 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 for the three months ended March 31, 2017 were unamortized deferred financing costs which were written off of $239,000 . 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 $ 1,042,000 and $ 780,000 for the three months ended March 31, 2017 and 2016 , 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. 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. 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 Company and generally may engage in any real estate or non-real estate related business (except for the operation or management of health care facilities or lodging facilities or the providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal income tax. The 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 March 31, 2017 , the Company had a deferred tax asset related to its TRS activity with a balance of approximately $ 16.9 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 March 31, 2017 , 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 March 31, 2017 represents dividends payable to common shareholders ( 89,874,940 shares) and distributions payable to noncontrolling interest unitholders of the Operating Partnership ( 10,339,443 common units and 652,554 LTIP units), for all such holders of record as of April 5, 2017 with respect to the first quarter 2017 . The first quarter 2017 common stock dividends and unit distributions of $ 0.15 per common share, common unit and LTIP unit were approved by the General Partner’s Board of Directors on March 14, 2017 and paid on April 13, 2017 . 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 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 unit distributions of $ 0.15 per common share, common unit and LTIP unit were approved by the General Partner’s Board of Directors on December 13, 2016 and paid on January 13, 2017 . 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 incentive 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 $ 1,053,000 and $ 785,000 for the three months ended March 31, 2017 and 2016 , respectively. Other Comprehensive Income (Loss) 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 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 statements. 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 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] | |
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 were expensed as incurred through December 31, 2016. The Company early adopted the recently issued FASB guidance Accounting Standards Update (“ASU”) 2017-01 on January 1, 2017 which revises the definition of a business and is expected to result in more transactions to be accounted for as asset acquisitions and significantly limit transactions that would be accounted for as business combinations. Where an acquisition has been determined to be an asset acquisition, acquisition-related costs are capitalized. Capitalized development and construction costs include pre-construction costs essential to the development of the property, development and construction costs, interest, property taxes, insurance, salaries and other project costs incurred during the period of development. Capitalized development and construction salaries and related costs approximated $ 0.6 million and $ 0.6 million for the three months ended March 31, 2017 and 2016 , respectively. Included in total rental property is construction, tenant improvement and development in-progress of $ 367.2 million and $ 361.1 million as of March 31, 2017 and December 31, 2016 , 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. 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 $ 1,103,000 and $ 1,169,000 for the three months ended March 31, 2017 and 2016 , 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 for the three months ended March 31, 2017 were unamortized deferred financing costs which were written off of $239,000 . 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 $ 1,042,000 and $ 780,000 for the three months ended March 31, 2017 and 2016 , 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. 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. 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 Company and generally may engage in any real estate or non-real estate related business (except for the operation or management of health care facilities or lodging facilities or the providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal income tax. The 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 March 31, 2017 , the Company had a deferred tax asset related to its TRS activity with a balance of approximately $ 16.9 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 March 31, 2017 , 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 March 31, 2017 represents dividends payable to common shareholders ( 89,874,940 shares) and distributions payable to noncontrolling interest unitholders of the Operating Partnership ( 10,339,443 common units and 652,554 LTIP units), for all such holders of record as of April 5, 2017 with respect to the first quarter 2017 . The first quarter 2017 common stock dividends and unit distributions of $ 0.15 per common share, common unit and LTIP unit were approved by the General Partner’s Board of Directors on March 14, 2017 and paid on April 13, 2017 . 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 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 unit distributions of $ 0.15 per common share, common unit and LTIP unit were approved by the General Partner’s Board of Directors on December 13, 2016 and paid on January 13, 2017 . 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 incentive 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 $ 1,053,000 and $ 785,000 for the three months ended March 31, 2017 and 2016 , respectively. Other Comprehensive Income (Loss) 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 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 statements. 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 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. |
Recent Transactions
Recent Transactions | 3 Months Ended |
Mar. 31, 2017 | |
Recent Transactions | 3. RECENT TRANSACTIONS Management Changes On April 5, 2017, the Company announced that president Michael J. DeMarco would be assuming the title of chief executive officer of the Company and Mitchell Rudin, formerly the chief executive officer, was being named the vice chairman at the Company effective April 4, 2017. Mr. DeMarco had joined the Company in 2015 as the president and chief operating officer. Acquisitions The Company acquired the following office properties (which were determined to be asset acquisitions in accordance with ASU 2017-01) during the three months ended March 31, 2017 (dollars in thousands) : Acquisition # of Rentable Acquisition Date Property Address Location Bldgs. Square Feet Cost 01/11/17 Red Bank portfolio (a) Red Bank, New Jersey 3 279,472 $ 27,228 03/06/17 Short Hills/Madison portfolio (b) Short Hills & Madison, New Jersey 6 1,113,028 367,361 Total Acquisitions 9 1,392,500 $ 394,589 (a) This acquisition was funded through borrowings under the Company's unsecured revolving credit facility. (b) This acquisition was funded through borrowings under the Company’s unsecured revolving credit facility and a new $124.5 million loan secured by three of the properties. The purchase prices were allocated to the net assets acquired, as follows (in thousands) : Red Bank Short Hills/Madison Portfolio Portfolio Land and leasehold interest $ 7,914 $ 30,336 Buildings and improvements and other assets 16,047 295,299 Above market leases (a) 118 6,367 In-place lease values (a) 3,171 45,604 27,250 377,606 Less: Below market lease values (a) (22) (10,245) Net assets recorded upon acquisition $ 27,228 $ 367,361 (a) Above market, in-place and below market leases are be ing amortized over a weighted-average term of 5.4 years. Consolidation On February 3, 2017, the Operating Partnership issued 42,800 shares of a new class of 3.5 percent Series A Preferred Limited Partnership Units of the Operating Partnership (the “Series A Units”) valued at $42.8 million. The Series A Units were issued to the Company’s partners in the Plaza VIII & IX Associates L.L.C. joint venture that owns a development site adjacent to the Company’s Harborside property in Jersey City, New Jersey as non-cash consideration for their approximate 37.5 percent interest in the joint venture. Concurrent with the issuance of the Series A 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. Upon these acquisitions, the Company consolidated Plaza VIII & IX Associates L.L.C., a voting interest entity, substantially all of which is comprised of land for development. As an acquisition of the additional 50 percent of the land the Company accounted for the transaction under a cost accumulation model, resulting in total consolidated assets of $60.6 million, substantially all of which is classified as land on the Balance Sheet. Dispositions /Rental Property Held for Sale The Company disposed of the following office properties during the three months ended March 31, 2017 (dollars in thousands) : Realized Gains Rentable Net Net (losses)/ Disposition # of Square Sales Book Unrealized Date Property/Address Location Bldgs. Feet Proceeds Value Losses, net 01/30/17 Cranford portfolio Cranford, New Jersey 6 435,976 $ 26,598 $ 22,736 $ 3,862 01/31/17 440 Route 22 East (a) Bridgewater, New Jersey 1 198,376 10,074 10,069 5 02/07/17 3 Independence Way Princeton, New Jersey 1 111,300 11,549 9,910 1,639 Totals 8 745,652 $ 48,221 $ 42,715 $ 5,506 (a) The Company recorded a valuation allowance of $7.7 million on this property during the year ended December 31, 2016. Rental Property Held for Sale, Net During the three months ended March 31, 2017 , the Company signed an agreement to sell an office propert y totaling approximately 40,000 square feet, subject to certain conditions, and identified it as held for sale as of March 31, 2017 . The property is located in East Brunswick, New Jersey . The total estimated sales proceeds from the sale is expected to be approximately $3.5 million. The following table summarizes the rental property held for sale, net, as of March 31, 2017 : (dollars in thousands) March 31, 2017 Land $ 648 Buildings and improvements 2,919 Less: Accumulated depreciation (1,436) Rental property held for sale, net $ 2,131 Other assets and liabilities related to the rental propert y held for sale, as of March 31, 2017 , include $19,000 in deferred charges, and other assets, $ 39,000 in u nbilled rents receivable and $ 35,000 in a ccounts payable, accrued expenses and other liabilities. Approximately $ 47,000 of these assets and $12,000 of these liabilities are expected to be written off with the completion of the sale. Rockpoint Transaction 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 equity 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 equity units of limited partnership interests of RRLP (the “Rockpoint Units”). The initial closing under the Investment Agreement occurred on March 10, 2017 for $150 million of Rockpoint Units. Additional closings of Rockpoint 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. See Note 14: Redeemable Noncontrolling Interests. Unconsolidated Joint Venture Activity 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 an aggregate sales price of $9.7 million and realized a gain on the sale of the unconsolidated joint venture of $7.4 million. 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 sales price of $5.1 million and realized a gain on the sale of the unconsolidated joint venture of $5.1 million. On February 28, 2017, the Operating Partnership authorized the issuance of 9,213 shares of a new class of 3.5 percent Series A-1 Preferred Limited Partnership Units of the Operating Partnership (the “Series A-1 Units”). 9,122 Series A-1 Units were issued on February 28, 2017, valued at $9.1 million, to the Company’s partner in a joint venture with the Operating Partnership, which owns Monaco Towers in Jersey City, New Jersey that includes 523 apartment homes in two fifty -story towers with 558 parking spaces and 12,300 square feet of ground floor retail space. The Series A-1 Units were issued as non-cash consideration for the partner’s approximate 13.8 percent ownership interest in the joint venture to increase the Company’s unconsolidated investment to 29 percent. In April 2017, an additional 91 Series A-1 Units were issued by the Operating Partnership to purchase from other partners in the same joint venture their approximate 71.2 percent ownership interest for approximately $130 million in cash and $165 million in assumed debt in transactions which closed in April 2017. The results of these transactions increased the Company’s interests in the joint venture to 100 percent. |
Mack-Cali Realty LP [Member] | |
Recent Transactions | 3. RECENT TRANSACTIONS Management Changes On April 5, 2017, the Company announced that president Michael J. DeMarco would be assuming the title of chief executive officer of the Company and Mitchell Rudin, formerly the chief executive officer, was being named the vice chairman at the Company effective April 4, 2017. Mr. DeMarco had joined the Company in 2015 as the president and chief operating officer. Acquisitions The Company acquired the following office properties (which were determined to be asset acquisitions in accordance with ASU 2017-01) during the three months ended March 31, 2017 (dollars in thousands) : Acquisition # of Rentable Acquisition Date Property Address Location Bldgs. Square Feet Cost 01/11/17 Red Bank portfolio (a) Red Bank, New Jersey 3 279,472 $ 27,228 03/06/17 Short Hills/Madison portfolio (b) Short Hills & Madison, New Jersey 6 1,113,028 367,361 Total Acquisitions 9 1,392,500 $ 394,589 (a) This acquisition was funded through borrowings under the Company's unsecured revolving credit facility. (b) This acquisition was funded through borrowings under the Company’s unsecured revolving credit facility and a new $124.5 million loan secured by three of the properties. The purchase prices were allocated to the net assets acquired, as follows (in thousands) : Red Bank Short Hills/Madison Portfolio Portfolio Land and leasehold interest $ 7,914 $ 30,336 Buildings and improvements and other assets 16,047 295,299 Above market leases (a) 118 6,367 In-place lease values (a) 3,171 45,604 27,250 377,606 Less: Below market lease values (a) (22) (10,245) Net assets recorded upon acquisition $ 27,228 $ 367,361 (a) Above market, in-place and below market leases are be ing amortized over a weighted-average term of 5.4 years. Consolidation On February 3, 2017, the Operating Partnership issued 42,800 shares of a new class of 3.5 percent Series A Preferred Limited Partnership Units of the Operating Partnership (the “Series A Units”) valued at $42.8 million. The Series A Units were issued to the Company’s partners in the Plaza VIII & IX Associates L.L.C. joint venture that owns a development site adjacent to the Company’s Harborside property in Jersey City, New Jersey as non-cash consideration for their approximate 37.5 percent interest in the joint venture. Concurrent with the issuance of the Series A 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. Upon these acquisitions, the Company consolidated Plaza VIII & IX Associates L.L.C., a voting interest entity, substantially all of which is comprised of land for development. As an acquisition of the additional 50 percent of the land the Company accounted for the transaction under a cost accumulation model, resulting in total consolidated assets of $60.6 million, substantially all of which is classified as land on the Balance Sheet. Dispositions /Rental Property Held for Sale The Company disposed of the following office properties during the three months ended March 31, 2017 (dollars in thousands) : Realized Gains Rentable Net Net (losses)/ Disposition # of Square Sales Book Unrealized Date Property/Address Location Bldgs. Feet Proceeds Value Losses, net 01/30/17 Cranford portfolio Cranford, New Jersey 6 435,976 $ 26,598 $ 22,736 $ 3,862 01/31/17 440 Route 22 East (a) Bridgewater, New Jersey 1 198,376 10,074 10,069 5 02/07/17 3 Independence Way Princeton, New Jersey 1 111,300 11,549 9,910 1,639 Totals 8 745,652 $ 48,221 $ 42,715 $ 5,506 (a) The Company recorded a valuation allowance of $7.7 million on this property during the year ended December 31, 2016. Rental Property Held for Sale, Net During the three months ended March 31, 2017 , the Company signed an agreement to sell an office propert y totaling approximately 40,000 square feet, subject to certain conditions, and identified it as held for sale as of March 31, 2017 . The property is located in East Brunswick, New Jersey . The total estimated sales proceeds from the sale is expected to be approximately $3.5 million. The following table summarizes the rental property held for sale, net, as of March 31, 2017 : (dollars in thousands) March 31, 2017 Land $ 648 Buildings and improvements 2,919 Less: Accumulated depreciation (1,436) Rental property held for sale, net $ 2,131 Other assets and liabilities related to the rental propert y held for sale, as of March 31, 2017 , include $19,000 in deferred charges, and other assets, $ 39,000 in u nbilled rents receivable and $ 35,000 in a ccounts payable, accrued expenses and other liabilities. Approximately $ 47,000 of these assets and $12,000 of these liabilities are expected to be written off with the completion of the sale. Rockpoint Transaction 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 equity 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 equity units of limited partnership interests of RRLP (the “Rockpoint Units”). The initial closing under the Investment Agreement occurred on March 10, 2017 for $150 million of Rockpoint Units. Additional closings of Rockpoint 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. See Note 14: Redeemable Noncontrolling Interests. Unconsolidated Joint Venture Activity 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 an aggregate sales price of $9.7 million and realized a gain on the sale of the unconsolidated joint venture of $7.4 million. 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 sales price of $5.1 million and realized a gain on the sale of the unconsolidated joint venture of $5.1 million. On February 28, 2017, the Operating Partnership authorized the issuance of 9,213 shares of a new class of 3.5 percent Series A-1 Preferred Limited Partnership Units of the Operating Partnership (the “Series A-1 Units”). 9,122 Series A-1 Units were issued on February 28, 2017, valued at $9.1 million, to the Company’s partner in a joint venture with the Operating Partnership, which owns Monaco Towers in Jersey City, New Jersey that includes 523 apartment homes in two fifty -story towers with 558 parking spaces and 12,300 square feet of ground floor retail space. The Series A-1 Units were issued as non-cash consideration for the partner’s approximate 13.8 percent ownership interest in the joint venture to increase the Company’s unconsolidated investment to 29 percent. In April 2017, an additional 91 Series A-1 Units were issued by the Operating Partnership to purchase from other partners in the same joint venture their approximate 71.2 percent ownership interest for approximately $130 million in cash and $165 million in assumed debt in transactions which closed in April 2017. The results of these transactions increased the Company’s interests in the joint venture to 100 percent. |
Investments In Unconsolidated J
Investments In Unconsolidated Joint Ventures | 3 Months Ended |
Mar. 31, 2017 | |
Investments In Unconsolidated Joint Ventures | 4. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES As of March 31, 2017 , the Company had an aggregate investment of approximately $325.1 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 March 31, 2017 , the unconsolidated joint ventures owned: five office properties aggregating approximately 1.4 million square feet, eight multi-family properties totaling 3,005 apartments, and two retail properties aggregating approximately 81,700 square feet, a 350 -room hotel, development projects for up to approximately 821 apartments; and interests and/or rights to developable land parcels able to accommodate up to 4,351 apartments. The Company’s unconsolidated interests range from 12.5 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 March 31, 2017 , such debt had a total facility amount of $206 million of which the Company agreed to guarantee up to $24.8 million. As of March 31, 2017 , the outstanding balance of such debt totaled $176 million of which $22.4 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 $0.7 million and $3.7 million for such services in the three months ended March 31, 2017 and 2016 , respectively . T he Company had $ 0.7 million and $0.7 million in accounts receivable due from its unconsolidated joint ventures as of March 31, 2017 and December 31, 2016 , respectively. Included in the Company’s investments in unconsolidated joint ventures as of March 31, 2017 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 $ 189.3 million as of March 31, 2017 . The Company’s maximum exposure to loss as a result of its involvement with these VIEs is estimated to be approximately $ 214.1 million, which includes the Company’s current investment and estimated future funding commitments/guarantees of approximately $ 24.8 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 part ies 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 March 31, 2017 and December 31, 2016 : (dollars in thousands) Property Debt Number of Company's Carrying Value As of March 31, 2017 Apartment Units Effective March 31, December 31, Maturity Interest Entity / Property Name or Rentable Square Feet (sf) Ownership % (a) 2017 2016 Balance Date Rate Multi-family Marbella RoseGarden, L.L.C./ Marbella (b) 412 units 24.27 % $ 14,990 $ 15,150 $ 95,000 05/01/18 4.99 % RoseGarden Monaco Holdings, L.L.C./ Monaco (b) 523 units 28.76 % (e) 8,857 - 165,000 02/01/21 4.19 % Rosewood Morristown, L.L.C. / Metropolitan at 40 Park (b) (c) 130 units 12.50 % 7,059 7,145 45,829 (d) (d) Riverwalk G Urban Renewal, L.L.C./ RiverTrace at Port Imperial 316 units 22.50 % 9,500 9,707 82,000 11/10/26 3.21 % Elmajo Urban Renewal Associates, LLC / Lincoln Harbor (Bldg A&C) (b) (o) 355 units 7.50 % - - - - - Crystal House Apartments Investors LLC / Crystal House (f) 794 units 25.00 % 30,821 30,565 165,000 04/01/20 3.17 % Roseland/Port Imperial Partners, L.P./ Riverwalk C (b) (g) 363 units 20.00 % 1,678 1,678 - - - RoseGarden Marbella South, L.L.C./ Marbella II 311 units 24.27 % 17,672 18,050 72,986 03/30/18 L+2.25 % (h) Estuary Urban Renewal Unit B, LLC / Lincoln Harbor (Bldg B) (b) (o) 227 units 7.50 % - - - - - Riverpark at Harrison I, L.L.C./ Riverpark at Harrison 141 units 45.00 % 2,006 2,085 30,000 08/01/25 3.70 % Capitol Place Mezz LLC / Station Townhouses 378 units 50.00 % 42,447 43,073 100,700 07/01/33 4.82 % Harborside Unit A Urban Renewal, L.L.C. / URL Harborside 762 units 85.00 % 100,646 100,188 173,919 08/01/29 5.197 % (i) RoseGarden Monaco, L.L.C./ San Remo Land 250 potential units 41.67 % 1,416 1,400 - - - 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) (n) 1,225,000 sf 50.00 % - 4,448 - - - Office Red Bank Corporate Plaza, L.L.C./ Red Bank 92,878 sf 50.00 % 4,454 4,339 14,326 05/17/17 L+3.00 % 12 Vreeland Associates, L.L.C./ 12 Vreeland Road 139,750 sf 50.00 % 6,315 6,237 10,658 07/01/23 2.87 % BNES Associates III / Offices at Crystal Lake 106,345 sf 31.25 % 3,130 3,124 5,311 11/01/23 4.76 % KPG-P 100 IMW JV, LLC / 100 Independence Mall West 339,615 sf (m) - - - - - Keystone-Penn 1,842,820 sf (m) - - - - - Keystone-TriState 1,266,384 sf (m) - 2,285 - - - KPG-MCG Curtis JV, L.L.C./ Curtis Center (j) 885,000 sf 50.00 % 69,286 65,400 (k) (k) (k) Other Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial 30,745 sf 20.00 % 1,695 1,706 - - - South Pier at Harborside / Hyatt Regency Jersey City on the Hudson 350 rooms 50.00 % - 163 99,065 10/01/26 3.668 % Other (l) 879 1,005 - - - Totals: $ 325,150 $ 320,047 $ 1,059,794 (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 $37,438 , 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 $6,283 , 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 balance of $2,107 , which bears interest at LIBOR plus 250 basis points and matures in February 2020 . (e) On February 28, 2017, 9,122 Series A-1 Units were issued to the joint venture partner as non-cash consideration for the partner’s approximate 13.8 percent ownership interest in the joint venture. See Note 3: Recent Transactions – Unconsolidated Joint Venture Activity. (f) 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. (g) 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. (h) The construction loan had a maximum borrowing amount of $77,400 and provided, subject to certain conditions, two one -year extension options with a fee of 25 basis points for each year. On March 31, 2107, the Company exercised its first one -year extension option and concurrently the maximum borrowing amount was reduced to $75,000 . (i) 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. (j) Includes undivided interests in the same manner as investments in noncontrolling partnership, pursuant to ASC 970-323-25-12. (k) See Note 9: Mortgages, Loans Payable and Other Obligations for debt secured by interests in these assets. (l) 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. (m) On January 31, 2017, the Company sold its equity interest in the joint venture. See Note 3: Recent Transactions - Unconsolidated Joint Venture Activity. (n) On February 3, 2017, the Company acquired the equity interest of its partner. See Note 3: Recent Transactions - Consolidation. (o) 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 Company’s equity in earnings (loss) of unconsolidated joint ventures for the three months ended March 31, 2017 a nd 2016 : (dollars in thousands) Three Months Ended March 31, Entity / Property Name 2017 2016 Multi-family Marbella RoseGarden, L.L.C./ Marbella $ 109 $ 84 RoseGarden Monaco Holdings, L.L.C./ Monaco (265) (291) Rosewood Morristown, L.L.C. / Metropolitan at 40 Park (85) (81) Riverwalk G Urban Renewal, L.L.C./ RiverTrace at Port Imperial 48 - Crystal House Apartments Investors LLC / Crystal House (293) (112) Roseland/Port Imperial Partners, L.P./ Riverwalk C (131) - RoseGarden Marbella South, L.L.C./ Marbella II 27 - Riverpark at Harrison I, L.L.C./ Riverpark at Harrison (11) (28) Capitol Place Mezz LLC / Station Townhouses (375) (767) Harborside Unit A Urban Renewal, L.L.C. / URL Harborside (145) (17) Grand Jersey Waterfront URA, L.L.C./ Liberty Landing (15) (60) Hillsborough 206 Holdings, L.L.C./ Hillsborough 206 (25) (19) Plaza VIII & IX Associates, L.L.C./ Vacant land (parking operations) 386 77 Office Red Bank Corporate Plaza, L.L.C./ Red Bank 106 101 12 Vreeland Associates, L.L.C./ 12 Vreeland Road 77 84 BNES Associates III / Offices at Crystal Lake 6 (194) Keystone-TriState - (477) KPG-MCG Curtis JV, L.L.C./ Curtis Center (41) 179 Other Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial (11) (16) South Pier at Harborside / Hyatt Regency Jersey City on the Hudson 587 (167) Other - 150 Company's equity in earnings (loss) of unconsolidated joint ventures $ (51) $ (1,554) |
Mack-Cali Realty LP [Member] | |
Investments In Unconsolidated Joint Ventures | 4. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES As of March 31, 2017 , the Company had an aggregate investment of approximately $325.1 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 March 31, 2017 , the unconsolidated joint ventures owned: five office properties aggregating approximately 1.4 million square feet, eight multi-family properties totaling 3,005 apartments, and two retail properties aggregating approximately 81,700 square feet, a 350 -room hotel, development projects for up to approximately 821 apartments; and interests and/or rights to developable land parcels able to accommodate up to 4,351 apartments. The Company’s unconsolidated interests range from 12.5 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 March 31, 2017 , such debt had a total facility amount of $206 million of which the Company agreed to guarantee up to $24.8 million. As of March 31, 2017 , the outstanding balance of such debt totaled $176 million of which $22.4 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 $0.7 million and $3.7 million for such services in the three months ended March 31, 2017 and 2016 , respectively . T he Company had $ 0.7 million and $0.7 million in accounts receivable due from its unconsolidated joint ventures as of March 31, 2017 and December 31, 2016 , respectively. Included in the Company’s investments in unconsolidated joint ventures as of March 31, 2017 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 $ 189.3 million as of March 31, 2017 . The Company’s maximum exposure to loss as a result of its involvement with these VIEs is estimated to be approximately $ 214.1 million, which includes the Company’s current investment and estimated future funding commitments/guarantees of approximately $ 24.8 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 part ies 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 March 31, 2017 and December 31, 2016 : (dollars in thousands) Property Debt Number of Company's Carrying Value As of March 31, 2017 Apartment Units Effective March 31, December 31, Maturity Interest Entity / Property Name or Rentable Square Feet (sf) Ownership % (a) 2017 2016 Balance Date Rate Multi-family Marbella RoseGarden, L.L.C./ Marbella (b) 412 units 24.27 % $ 14,990 $ 15,150 $ 95,000 05/01/18 4.99 % RoseGarden Monaco Holdings, L.L.C./ Monaco (b) 523 units 28.76 % (e) 8,857 - 165,000 02/01/21 4.19 % Rosewood Morristown, L.L.C. / Metropolitan at 40 Park (b) (c) 130 units 12.50 % 7,059 7,145 45,829 (d) (d) Riverwalk G Urban Renewal, L.L.C./ RiverTrace at Port Imperial 316 units 22.50 % 9,500 9,707 82,000 11/10/26 3.21 % Elmajo Urban Renewal Associates, LLC / Lincoln Harbor (Bldg A&C) (b) (o) 355 units 7.50 % - - - - - Crystal House Apartments Investors LLC / Crystal House (f) 794 units 25.00 % 30,821 30,565 165,000 04/01/20 3.17 % Roseland/Port Imperial Partners, L.P./ Riverwalk C (b) (g) 363 units 20.00 % 1,678 1,678 - - - RoseGarden Marbella South, L.L.C./ Marbella II 311 units 24.27 % 17,672 18,050 72,986 03/30/18 L+2.25 % (h) Estuary Urban Renewal Unit B, LLC / Lincoln Harbor (Bldg B) (b) (o) 227 units 7.50 % - - - - - Riverpark at Harrison I, L.L.C./ Riverpark at Harrison 141 units 45.00 % 2,006 2,085 30,000 08/01/25 3.70 % Capitol Place Mezz LLC / Station Townhouses 378 units 50.00 % 42,447 43,073 100,700 07/01/33 4.82 % Harborside Unit A Urban Renewal, L.L.C. / URL Harborside 762 units 85.00 % 100,646 100,188 173,919 08/01/29 5.197 % (i) RoseGarden Monaco, L.L.C./ San Remo Land 250 potential units 41.67 % 1,416 1,400 - - - 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) (n) 1,225,000 sf 50.00 % - 4,448 - - - Office Red Bank Corporate Plaza, L.L.C./ Red Bank 92,878 sf 50.00 % 4,454 4,339 14,326 05/17/17 L+3.00 % 12 Vreeland Associates, L.L.C./ 12 Vreeland Road 139,750 sf 50.00 % 6,315 6,237 10,658 07/01/23 2.87 % BNES Associates III / Offices at Crystal Lake 106,345 sf 31.25 % 3,130 3,124 5,311 11/01/23 4.76 % KPG-P 100 IMW JV, LLC / 100 Independence Mall West 339,615 sf (m) - - - - - Keystone-Penn 1,842,820 sf (m) - - - - - Keystone-TriState 1,266,384 sf (m) - 2,285 - - - KPG-MCG Curtis JV, L.L.C./ Curtis Center (j) 885,000 sf 50.00 % 69,286 65,400 (k) (k) (k) Other Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial 30,745 sf 20.00 % 1,695 1,706 - - - South Pier at Harborside / Hyatt Regency Jersey City on the Hudson 350 rooms 50.00 % - 163 99,065 10/01/26 3.668 % Other (l) 879 1,005 - - - Totals: $ 325,150 $ 320,047 $ 1,059,794 (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 $37,438 , 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 $6,283 , 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 balance of $2,107 , which bears interest at LIBOR plus 250 basis points and matures in February 2020 . (e) On February 28, 2017, 9,122 Series A-1 Units were issued to the joint venture partner as non-cash consideration for the partner’s approximate 13.8 percent ownership interest in the joint venture. See Note 3: Recent Transactions – Unconsolidated Joint Venture Activity. (f) 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. (g) 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. (h) The construction loan had a maximum borrowing amount of $77,400 and provided, subject to certain conditions, two one -year extension options with a fee of 25 basis points for each year. On March 31, 2107, the Company exercised its first one -year extension option and concurrently the maximum borrowing amount was reduced to $75,000 . (i) 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. (j) Includes undivided interests in the same manner as investments in noncontrolling partnership, pursuant to ASC 970-323-25-12. (k) See Note 9: Mortgages, Loans Payable and Other Obligations for debt secured by interests in these assets. (l) 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. (m) On January 31, 2017, the Company sold its equity interest in the joint venture. See Note 3: Recent Transactions - Unconsolidated Joint Venture Activity. (n) On February 3, 2017, the Company acquired the equity interest of its partner. See Note 3: Recent Transactions - Consolidation. (o) 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 Company’s equity in earnings (loss) of unconsolidated joint ventures for the three months ended March 31, 2017 a nd 2016 : (dollars in thousands) Three Months Ended March 31, Entity / Property Name 2017 2016 Multi-family Marbella RoseGarden, L.L.C./ Marbella $ 109 $ 84 RoseGarden Monaco Holdings, L.L.C./ Monaco (265) (291) Rosewood Morristown, L.L.C. / Metropolitan at 40 Park (85) (81) Riverwalk G Urban Renewal, L.L.C./ RiverTrace at Port Imperial 48 - Crystal House Apartments Investors LLC / Crystal House (293) (112) Roseland/Port Imperial Partners, L.P./ Riverwalk C (131) - RoseGarden Marbella South, L.L.C./ Marbella II 27 - Riverpark at Harrison I, L.L.C./ Riverpark at Harrison (11) (28) Capitol Place Mezz LLC / Station Townhouses (375) (767) Harborside Unit A Urban Renewal, L.L.C. / URL Harborside (145) (17) Grand Jersey Waterfront URA, L.L.C./ Liberty Landing (15) (60) Hillsborough 206 Holdings, L.L.C./ Hillsborough 206 (25) (19) Plaza VIII & IX Associates, L.L.C./ Vacant land (parking operations) 386 77 Office Red Bank Corporate Plaza, L.L.C./ Red Bank 106 101 12 Vreeland Associates, L.L.C./ 12 Vreeland Road 77 84 BNES Associates III / Offices at Crystal Lake 6 (194) Keystone-TriState - (477) KPG-MCG Curtis JV, L.L.C./ Curtis Center (41) 179 Other Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial (11) (16) South Pier at Harborside / Hyatt Regency Jersey City on the Hudson 587 (167) Other - 150 Company's equity in earnings (loss) of unconsolidated joint ventures $ (51) $ (1,554) |
Deferred Charges, Goodwill And
Deferred Charges, Goodwill And Other Assets, Net | 3 Months Ended |
Mar. 31, 2017 | |
Deferred Charges, Goodwill And Other Assets, Net | 5. DEFERRED CHARGES, GOODWILL AND OTHER ASSETS, NET March 31, December 31, (dollars in thousands) 2017 2016 Deferred leasing costs $ 208,353 $ 220,947 Deferred financing costs - unsecured revolving credit facility (a) 4,945 5,400 213,298 226,347 Accumulated amortization (94,616) (107,359) Deferred charges, net 118,682 118,988 Notes receivable (b) 5,019 13,251 In-place lease values, related intangibles and other assets, net 121,899 72,046 Goodwill (c) 2,945 2,945 Prepaid expenses and other assets, net 59,883 60,720 Total deferred charges, goodwill and other assets, net $ 308,428 $ 267,950 (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 March 31, 2017 , an interest-free note receivable with a net present value of $ 2.8 million which matures in April 2023 . The Company believes this balance is fully collectible. (c) All goodwill is attributable to the Company’s Multi-family Services segment. 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 March 31, 2017 , the Company had outstanding interest rate swaps with a combined notional value of $675 million that were designated as cash flow hedges of interest rate risk. During the three months ending March 31, 2017 , 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 three months ended March 31, 2017 and 2016 , respectively, the Company recorded ineffectiveness of $43,000 and $ 913,000 in loss, 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 $2.0 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 zero and $1,000 for the three months ended March 31, 2017 and 2016 , 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 March 31, 2017 and December 31, 2016 . (dollars in thousands) Fair Value Asset Derivatives designated March 31, December 31, as hedging instruments 2017 2016 Balance sheet location Interest rate swaps $ 4,066 $ 2,847 Deferred charges, goodwill and other assets Liability Derivatives designated as hedging instruments Interest rate swaps $ 34 $ - Accounts payable, accrued expenses and other liabilities The table below presents the effect of the Company’s derivative financial instruments on the Income Statement for the three months ending March 31, 2017 and 2016 . (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) 2017 2016 2017 2016 2017 2016 Three months ended March 31, Interest rate swaps $ 635 $ (7,187) Interest expense $ (592) $ (847) Interest and other investment income (loss) $ (43) $ (913) 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 March 31, 2017 , the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $40,000 . As of March 31, 2017 , the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions at March 31, 2017 , it could have been required to settle its obligations under the agreements at their termination value of $40,000 . |
Mack-Cali Realty LP [Member] | |
Deferred Charges, Goodwill And Other Assets, Net | 5. DEFERRED CHARGES, GOODWILL AND OTHER ASSETS, NET March 31, December 31, (dollars in thousands) 2017 2016 Deferred leasing costs $ 208,353 $ 220,947 Deferred financing costs - unsecured revolving credit facility (a) 4,945 5,400 213,298 226,347 Accumulated amortization (94,616) (107,359) Deferred charges, net 118,682 118,988 Notes receivable (b) 5,019 13,251 In-place lease values, related intangibles and other assets, net 121,899 72,046 Goodwill (c) 2,945 2,945 Prepaid expenses and other assets, net 59,883 60,720 Total deferred charges, goodwill and other assets, net $ 308,428 $ 267,950 (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 March 31, 2017 , an interest-free note receivable with a net present value of $ 2.8 million which matures in April 2023 . The Company believes this balance is fully collectible. (c) All goodwill is attributable to the Company’s Multi-family Services segment. 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 March 31, 2017 , the Company had outstanding interest rate swaps with a combined notional value of $675 million that were designated as cash flow hedges of interest rate risk. During the three months ending March 31, 2017 , 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 three months ended March 31, 2017 and 2016 , respectively, the Company recorded ineffectiveness of $43,000 and $ 913,000 in loss, 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 $2.0 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 zero and $1,000 for the three months ended March 31, 2017 and 2016 , 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 March 31, 2017 and December 31, 2016 . (dollars in thousands) Fair Value Asset Derivatives designated March 31, December 31, as hedging instruments 2017 2016 Balance sheet location Interest rate swaps $ 4,066 $ 2,847 Deferred charges, goodwill and other assets Liability Derivatives designated as hedging instruments Interest rate swaps $ 34 $ - Accounts payable, accrued expenses and other liabilities The table below presents the effect of the Company’s derivative financial instruments on the Income Statement for the three months ending March 31, 2017 and 2016 . (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) 2017 2016 2017 2016 2017 2016 Three months ended March 31, Interest rate swaps $ 635 $ (7,187) Interest expense $ (592) $ (847) Interest and other investment income (loss) $ (43) $ (913) 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 March 31, 2017 , the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $40,000 . As of March 31, 2017 , the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions at March 31, 2017 , it could have been required to settle its obligations under the agreements at their termination value of $40,000 . |
Restricted Cash
Restricted Cash | 3 Months Ended |
Mar. 31, 2017 | |
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) March 31, December 31, 2017 2016 Security deposits $ 8,537 $ 8,778 Escrow and other reserve funds 49,059 45,174 Total restricted cash $ 57,596 $ 53,952 |
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) March 31, December 31, 2017 2016 Security deposits $ 8,537 $ 8,778 Escrow and other reserve funds 49,059 45,174 Total restricted cash $ 57,596 $ 53,952 |
Senior Unsecured Notes
Senior Unsecured Notes | 3 Months Ended |
Mar. 31, 2017 | |
Senior Unsecured Notes | 7 . SENIOR UNSECURED NOTES A summary of the Company’s senior unsecured notes as of March 31, 2017 and December 31, 2016 is as follows: (dollars in thousands) March 31, December 31, Effective 2017 2016 Rate (1) 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 825,000 825,000 Adjustment for unamortized debt discount (4,190) (4,430) Unamortized deferred financing costs (2,986) (3,215) Total senior unsecured notes, net $ 817,824 $ 817,355 (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. 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 March 31, 2017 . |
Mack-Cali Realty LP [Member] | |
Senior Unsecured Notes | 7 . SENIOR UNSECURED NOTES A summary of the Company’s senior unsecured notes as of March 31, 2017 and December 31, 2016 is as follows: (dollars in thousands) March 31, December 31, Effective 2017 2016 Rate (1) 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 825,000 825,000 Adjustment for unamortized debt discount (4,190) (4,430) Unamortized deferred financing costs (2,986) (3,215) Total senior unsecured notes, net $ 817,824 $ 817,355 (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. 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 March 31, 2017 . |
Unsecured Revolving Credit Faci
Unsecured Revolving Credit Facility And Term Loans | 3 Months Ended |
Mar. 31, 2017 | |
Unsecured Revolving Credit Facility And Term Loans | 8. UNSECURED REVOLVING CREDIT FACILITY AND TERM LOANS On January 25, 2017, the Company entered into an amended revolving credit facility and new term loan agreement (“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 include: (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 interest rates on outstanding borrowings, alternate base rate loans and the facility fee on the current borrowing capacity payable quarterly in arrears on the 2017 Credit Facility are based upon the Operating Partnership’s unsecured debt ratings, as follows: Interest Rate - Applicable Basis Points Operating Partnership's Interest Rate - Above LIBOR for Unsecured Debt Ratings: Applicable Basis Points Alternate Base Rate Facility Fee Higher of S&P or Moody's Above LIBOR Loans Basis Points No ratings or less than BBB-/Baa3 155.0 55.0 30.0 BBB- or Baa3 (current interest rate based on Company's election) 120.0 20.0 25.0 BBB or Baa2 100.0 0.0 20.0 BBB+ or Baa1 90.0 0.0 15.0 A- or A3 or higher 87.5 0.0 12.5 If the Company elected to use the defined leverage ratio, the interest rate under the 2017 Credit Facility would be based on the following total leverage ratio grid: Interest Rate - Applicable Basis Points Interest Rate - Above LIBOR for Applicable Basis Alternate Base Rate Facility Fee Total Leverage Ratio Points above LIBOR Loans Basis Points < 45% 125.0 25.0 20.0 ≥ 45% and < 50% (current ratio) 130.0 30.0 25.0 ≥ 50% and < 55% 135.0 35.0 30.0 ≥ 55% 160.0 60.0 35.0 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 March 22, 2017, the Company drew the full $325 million available under the 2017 Term Loan. On March 29, 2017, the Company executed interest rate swap arrangements to fix LIBOR with an aggregate average rate of 1.6473% for the swaps and a current aggregate fixed rate of 3.0473% on borrowings under the 2017 Term Loan. 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. 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 In 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 . 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 unsecured revolving credit facility and term loans as of March 31, 2017 . As of March 31, 2017 and December 31, 2016 , the Company’s unsecured credit facility and term loans totaled $760.9 million and $634.1 million, respectively, comprised of: $90 million of outstanding borrowings under its unsecured revolving credit facility, $348.3 million from the 2016 Term Loan (net of unamortized deferred financing costs of $1.7 million) and $322.6 million from the 2017 Term Loan (net of unamortized deferred financing costs of $2.4 million) as of March 31, 2017 ; and $286 million of borrowings under its unsecured revolving credit facility and $348.1 million from the 2016 Term Loan (net of unamortized deferred costs of $1.9 million) as of December 31, 2016. |
Mack-Cali Realty LP [Member] | |
Unsecured Revolving Credit Facility And Term Loans | 8. UNSECURED REVOLVING CREDIT FACILITY AND TERM LOANS On January 25, 2017, the Company entered into an amended revolving credit facility and new term loan agreement (“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 include: (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 interest rates on outstanding borrowings, alternate base rate loans and the facility fee on the current borrowing capacity payable quarterly in arrears on the 2017 Credit Facility are based upon the Operating Partnership’s unsecured debt ratings, as follows: Interest Rate - Applicable Basis Points Operating Partnership's Interest Rate - Above LIBOR for Unsecured Debt Ratings: Applicable Basis Points Alternate Base Rate Facility Fee Higher of S&P or Moody's Above LIBOR Loans Basis Points No ratings or less than BBB-/Baa3 155.0 55.0 30.0 BBB- or Baa3 (current interest rate based on Company's election) 120.0 20.0 25.0 BBB or Baa2 100.0 0.0 20.0 BBB+ or Baa1 90.0 0.0 15.0 A- or A3 or higher 87.5 0.0 12.5 If the Company elected to use the defined leverage ratio, the interest rate under the 2017 Credit Facility would be based on the following total leverage ratio grid: Interest Rate - Applicable Basis Points Interest Rate - Above LIBOR for Applicable Basis Alternate Base Rate Facility Fee Total Leverage Ratio Points above LIBOR Loans Basis Points < 45% 125.0 25.0 20.0 ≥ 45% and < 50% (current ratio) 130.0 30.0 25.0 ≥ 50% and < 55% 135.0 35.0 30.0 ≥ 55% 160.0 60.0 35.0 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 March 22, 2017, the Company drew the full $325 million available under the 2017 Term Loan. On March 29, 2017, the Company executed interest rate swap arrangements to fix LIBOR with an aggregate average rate of 1.6473% for the swaps and a current aggregate fixed rate of 3.0473% on borrowings under the 2017 Term Loan. 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. 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 In 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 . 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 unsecured revolving credit facility and term loans as of March 31, 2017 . As of March 31, 2017 and December 31, 2016 , the Company’s unsecured credit facility and term loans totaled $760.9 million and $634.1 million, respectively, comprised of: $90 million of outstanding borrowings under its unsecured revolving credit facility, $348.3 million from the 2016 Term Loan (net of unamortized deferred financing costs of $1.7 million) and $322.6 million from the 2017 Term Loan (net of unamortized deferred financing costs of $2.4 million) as of March 31, 2017 ; and $286 million of borrowings under its unsecured revolving credit facility and $348.1 million from the 2016 Term Loan (net of unamortized deferred costs of $1.9 million) as of December 31, 2016. |
Mortgages, Loans Payable And Ot
Mortgages, Loans Payable And Other Obligations | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 , 14 of the Company’s properties, with a total carrying value of approximately $ 1.4 b illion, and six of the Company’s land and development projects, with a total carrying value of approximately $326 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. T he Company was in compliance with its debt covenants under its mortgages and loans payable as of March 31, 2017 . A summary of the Company’s mortgages, loans payable and other obligations as of March 31, 2017 and December 31, 2016 is as follows: (dollars in thousands) Effective March 31, December 31, Property/Project Name Lender Rate (a) 2017 2016 Maturity 150 Main St. Webster Bank LIBOR+2.35 % $ 28,540 $ 26,642 08/01/17 Curtis Center (b) CCRE & PREFG LIBOR+5.912 % 75,000 75,000 10/09/17 23 Main Street Berkadia CMBS 5.587 % 27,650 27,838 09/01/18 Port Imperial 4/5 Hotel (c) Fifth Third Bank & Santander LIBOR+4.50 % 24,530 14,919 10/06/18 Harborside Plaza 5 The Northwestern Mutual Life 6.842 % 212,572 213,640 11/01/18 Insurance Co. & New York Life Insurance Co. Chase II (d) Fifth Third Bank LIBOR+2.25 % 40,317 34,708 12/16/18 One River Center (e) Guardian Life Insurance Co. 7.311 % 41,024 41,197 02/01/19 Park Square Wells Fargo Bank N.A. LIBOR+1.872 % 27,500 27,500 04/10/19 250 Johnson (f) M&T Bank LIBOR+2.35 % 6,147 2,440 05/20/19 Portside 5/6 (g) Citizens Bank LIBOR+2.50 % 8,084 - 09/19/19 Port Imperial South 11 (h) JPMorgan Chase LIBOR+2.35 % 22,246 14,073 11/24/19 Worcester (i) Citizens Bank LIBOR+2.50 % 5,036 12/10/19 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 72,500 02/01/23 Portside 7 CBRE Capital Markets/ 3.569 % 58,998 58,998 08/01/23 FreddieMac Alterra I & II Capital One/FreddieMac 3.854 % 100,000 - 02/01/24 101 Hudson Wells Fargo CMBS 3.197 % 250,000 250,000 10/11/26 Short Hills office buildings (j) Wells Fargo CMBS 4.149 % 124,500 - 04/01/27 Port Imperial South 4/5 Garage American General Life & A/G PC 4.853 % 32,600 32,600 12/01/29 Principal balance outstanding 1,161,244 896,055 Unamortized deferred financing costs (8,801) (7,470) Total mortgages, loans payable and other obligations, net $ 1,152,443 $ 888,585 (a) Reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable. (b) The 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 4.207 percent at March 31, 2017 and its 50 percent interest in a $48 million mezzanine loan with a current rate of 10.413 percent at March 31, 2017. 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. (c) This construction loan has a maximum borrowing capacity of $94 million. (d) This construction loan has a maximum borrowing capacity of $48 million. (e) Mortgage is collateralized by the three properties comprising One River Center. (f) This construction loan has a maximum borrowing capacity of $42 million. (g) This construction loan has a maximum borrowing capacity of $73 million. (h) This construction loan has a maximum borrowing capacity of $78 million. (i) This construction loan has a maximum borrowing capacity of $58 million. (j) This mortgage loan was obtained by the Company in March 2017 to partially fund the acquisition of the Short Hills/Madison portfolio. CASH PAID FOR INTEREST AND INTEREST CAPITALIZED Cash paid for interest for the three months ended March 31, 2017 and 2016 was $ 15,180,000 and $ 28,090,000 , respectively. Interest capitalized by the Company for the three months ended March 31, 2017 and 2016 was $ 4,997,000 and $ 4,561,000 , respectively (which amounts included $ 1,009,000 and $ 1,458,000 for the three months ended March 31, 2017 and 2016 , respectively, o f interest capitalized on the Company’s investments in unconsolidated joint ventures which were substantially in development). SUMMARY OF INDEBTEDNESS As of March 31, 2017 , the Company’s total indebtedness of $ 2,751,244,000 (weighted average interest rate of 3.81 percent) was comprised of $ 652,400,000 of revolving credit facility borrowings and other variable rate mortgage debt (weighted average rate of 3.16 percent) and fixed rate debt and other obligations of $ 2,098,844,000 (weighted average rate of 4.01 percent). 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). |
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 March 31, 2017 , 14 of the Company’s properties, with a total carrying value of approximately $ 1.4 b illion, and six of the Company’s land and development projects, with a total carrying value of approximately $326 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. T he Company was in compliance with its debt covenants under its mortgages and loans payable as of March 31, 2017 . A summary of the Company’s mortgages, loans payable and other obligations as of March 31, 2017 and December 31, 2016 is as follows: (dollars in thousands) Effective March 31, December 31, Property/Project Name Lender Rate (a) 2017 2016 Maturity 150 Main St. Webster Bank LIBOR+2.35 % $ 28,540 $ 26,642 08/01/17 Curtis Center (b) CCRE & PREFG LIBOR+5.912 % 75,000 75,000 10/09/17 23 Main Street Berkadia CMBS 5.587 % 27,650 27,838 09/01/18 Port Imperial 4/5 Hotel (c) Fifth Third Bank & Santander LIBOR+4.50 % 24,530 14,919 10/06/18 Harborside Plaza 5 The Northwestern Mutual Life 6.842 % 212,572 213,640 11/01/18 Insurance Co. & New York Life Insurance Co. Chase II (d) Fifth Third Bank LIBOR+2.25 % 40,317 34,708 12/16/18 One River Center (e) Guardian Life Insurance Co. 7.311 % 41,024 41,197 02/01/19 Park Square Wells Fargo Bank N.A. LIBOR+1.872 % 27,500 27,500 04/10/19 250 Johnson (f) M&T Bank LIBOR+2.35 % 6,147 2,440 05/20/19 Portside 5/6 (g) Citizens Bank LIBOR+2.50 % 8,084 - 09/19/19 Port Imperial South 11 (h) JPMorgan Chase LIBOR+2.35 % 22,246 14,073 11/24/19 Worcester (i) Citizens Bank LIBOR+2.50 % 5,036 12/10/19 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 72,500 02/01/23 Portside 7 CBRE Capital Markets/ 3.569 % 58,998 58,998 08/01/23 FreddieMac Alterra I & II Capital One/FreddieMac 3.854 % 100,000 - 02/01/24 101 Hudson Wells Fargo CMBS 3.197 % 250,000 250,000 10/11/26 Short Hills office buildings (j) Wells Fargo CMBS 4.149 % 124,500 - 04/01/27 Port Imperial South 4/5 Garage American General Life & A/G PC 4.853 % 32,600 32,600 12/01/29 Principal balance outstanding 1,161,244 896,055 Unamortized deferred financing costs (8,801) (7,470) Total mortgages, loans payable and other obligations, net $ 1,152,443 $ 888,585 (a) Reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable. (b) The 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 4.207 percent at March 31, 2017 and its 50 percent interest in a $48 million mezzanine loan with a current rate of 10.413 percent at March 31, 2017. 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. (c) This construction loan has a maximum borrowing capacity of $94 million. (d) This construction loan has a maximum borrowing capacity of $48 million. (e) Mortgage is collateralized by the three properties comprising One River Center. (f) This construction loan has a maximum borrowing capacity of $42 million. (g) This construction loan has a maximum borrowing capacity of $73 million. (h) This construction loan has a maximum borrowing capacity of $78 million. (i) This construction loan has a maximum borrowing capacity of $58 million. (j) This mortgage loan was obtained by the Company in March 2017 to partially fund the acquisition of the Short Hills/Madison portfolio. CASH PAID FOR INTEREST AND INTEREST CAPITALIZED Cash paid for interest for the three months ended March 31, 2017 and 2016 was $ 15,180,000 and $ 28,090,000 , respectively. Interest capitalized by the Company for the three months ended March 31, 2017 and 2016 was $ 4,997,000 and $ 4,561,000 , respectively (which amounts included $ 1,009,000 and $ 1,458,000 for the three months ended March 31, 2017 and 2016 , respectively, o f interest capitalized on the Company’s investments in unconsolidated joint ventures which were substantially in development). SUMMARY OF INDEBTEDNESS As of March 31, 2017 , the Company’s total indebtedness of $ 2,751,244,000 (weighted average interest rate of 3.81 percent) was comprised of $ 652,400,000 of revolving credit facility borrowings and other variable rate mortgage debt (weighted average rate of 3.16 percent) and fixed rate debt and other obligations of $ 2,098,844,000 (weighted average rate of 4.01 percent). 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). |
Employee Benefit 401(k) Plans A
Employee Benefit 401(k) Plans And Deferred Retirement Compensation Agreements | 3 Months Ended |
Mar. 31, 2017 | |
Employee Benefit 401(k) Plans And Deferred Retirement Compensation Agreements | 1 0 . EMPLOYEE BENEFIT 401(k) PLANS Employees of the General Partner , who meet certain minimum age and service requirements, are eligible to participate in the Mack-Cali Realty Corporation 401(k) Savings/Retirement Plan (the “401(k) Plan”). Eligible employees may elect to defer from one percent up to 60 percent of their annual compensation on a pre-tax basis to the 401(k) Plan, subject to certain limitations imposed by federal law. The amounts contributed by employees are immediately vested and non-forfeitable. The Company may make discretionary matching or profit sharing contributions to the 401(k) Plan on behalf of eligible participants in any plan year. Participants are always 100 percent vested in their pre-tax contributions and will begin vesting in any matching or profit sharing contributions made on their behalf after two years of service with the Company at a rate of 20 percent per year, becoming 100 percent vested after a total of six years of service with the Company. All contributions are allocated as a percentage of compensation of the eligible participants for the Plan year. The assets of the 401(k) Plan are held in trust and a separate account is established for each participant. A participant may receive a distribution of his or her vested account balance in the 401(k) Plan in a single sum or in installment payments upon his or her termination of service with the Company. Total expense recognized by the Company for the 401(k) Plan for the three months ended March 31, 2017 and 2016 was $ 342,000 and 237,000 , respectively . |
Mack-Cali Realty LP [Member] | |
Employee Benefit 401(k) Plans And Deferred Retirement Compensation Agreements | 1 0 . EMPLOYEE BENEFIT 401(k) PLANS Employees of the General Partner , who meet certain minimum age and service requirements, are eligible to participate in the Mack-Cali Realty Corporation 401(k) Savings/Retirement Plan (the “401(k) Plan”). Eligible employees may elect to defer from one percent up to 60 percent of their annual compensation on a pre-tax basis to the 401(k) Plan, subject to certain limitations imposed by federal law. The amounts contributed by employees are immediately vested and non-forfeitable. The Company may make discretionary matching or profit sharing contributions to the 401(k) Plan on behalf of eligible participants in any plan year. Participants are always 100 percent vested in their pre-tax contributions and will begin vesting in any matching or profit sharing contributions made on their behalf after two years of service with the Company at a rate of 20 percent per year, becoming 100 percent vested after a total of six years of service with the Company. All contributions are allocated as a percentage of compensation of the eligible participants for the Plan year. The assets of the 401(k) Plan are held in trust and a separate account is established for each participant. A participant may receive a distribution of his or her vested account balance in the 401(k) Plan in a single sum or in installment payments upon his or her termination of service with the Company. Total expense recognized by the Company for the 401(k) Plan for the three months ended March 31, 2017 and 2016 was $ 342,000 and 237,000 , respectively . |
Disclosure Of Fair Value Of Ass
Disclosure Of Fair Value Of Assets And Liabilities | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure Of Fair Value Of Assets And Liabilities | 1 1 . 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 March 31, 2017 and December 31, 2016 . 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 March 31, 2017 and December 31, 2016 . The fair value of the Company’s long-term debt, consisting of senior unsecured notes, unsecured term loan s , an unsecured revolving credit facility and mortgages, loans payable and other obligations aggregated approximately $ 2,710,121,000 and $ 2,308,488,000 as compared to the book value of approximately $ 2,731,204,000 and $ 2,340,009,000 as of March 31, 2017 and December 31, 2016 , 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. 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 March 31, 2017 and December 31, 2016 . 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 March 31, 2017 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 | 1 1 . 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 March 31, 2017 and December 31, 2016 . 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 March 31, 2017 and December 31, 2016 . The fair value of the Company’s long-term debt, consisting of senior unsecured notes, unsecured term loan s , an unsecured revolving credit facility and mortgages, loans payable and other obligations aggregated approximately $ 2,710,121,000 and $ 2,308,488,000 as compared to the book value of approximately $ 2,731,204,000 and $ 2,340,009,000 as of March 31, 2017 and December 31, 2016 , 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. 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 March 31, 2017 and December 31, 2016 . 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 March 31, 2017 and current estimates of fair value may differ significantly from the amounts presented herein. |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments And Contingencies | 1 2 . 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 $349,000 and $247,000 for the three months ended March 31, 2017 and 2016 , respectively. The Harborside Plaza 5 agreement, also with the City of Jersey City, as amended, which commenced in 2002, is for a term of 20 years. The annual PILOT is equal to two percent of Total Project Costs, as defined. Total Project Costs are $ 170.9 million. The PILOT totaled $1.3 million and $ 854,000 for the three months ended March 31, 2017 and 2016 , respectively. The Port Imperial 4/5 G arage 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 second 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 $307,000 for the three months ended March 31, 2017 . 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 March 31, 2017 , are as follows: (dollars in thousands) Year Amount April 1 through December 31, 2017 $ 1,518 2018 1,989 2019 1,999 2020 2,015 2021 2,015 2022 through 2084 170,248 Total $ 179,784 Ground lease expense incurred by the Company amounted to $ 590,000 and $102,000 d uring the three months ended March 31, 2017 and 2016 , 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 762 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 second quarter 2017 , is estimated to cost $320 million (of which development costs of $308.6 million have been incurred by the venture through March 31, 2017 ). The venture has a construction/permanent loan with a maximum borrowing amount of $192 million (with $173.9 million outstanding as of March 31, 2017 ). 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 $44.7 million incurred through March 31, 2017 . The Company has a construction loan with a maximum borrowing amount of $58 million (with $5 million outstanding as of March 31, 2017 ). 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 $64.7 million incurred by the venture through March 31, 2017 . The venture has a $94 million construction loan (with $24.5 million outstanding as of March 31, 2017 ). 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 $26.9 million have been incurred through March 31, 2017 , is expected to be ready for occupancy by the fourth quarter of 2017 . The remaining project costs are expected to be funded primarily from a $42 million construction loan (with $6.1 million outstanding as of March 31, 2017). 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 of which development costs of $48.1 million have been incurred through March 31, 2017. The remaining project costs are expected to be funded primarily from a $73 million construction loan (with $8.1 million outstanding as of March 31, 2017). 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 $52.5 million have been incurred through March 31, 2017 ). The project costs are expected to be funded primarily from a $78 million construction loan (with $22.2 million outstanding as of March 31, 2017). The Company expects to fund $46 million for the development of the project, of which the Company has funded $30.3 million as of March 31, 2017 . 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 second quarter 2019 . The project is estimated to cost $89.4 million (of which development costs of $22.4 million have been incurred through March 31, 2017 ). 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 of the Operating Partnership , without the express written consent of such common unitholders, as applicable, except in a manner which did not result in recognition of any built-in-gain (which may result in an income tax liability) or which reimbursed the appropriate specific common unitholders for the tax consequences of the recognition of such built-in-gains (collectively, the “Property Lock-Ups”). 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 expired in February 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). As of March 31, 2017 , 102 of the Company’s properties, with an aggregate carrying value of approximately $ 1.2 billion, have lapsed restrictions and are subject to these conditions. |
Mack-Cali Realty LP [Member] | |
Commitments And Contingencies | 1 2 . 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 $349,000 and $247,000 for the three months ended March 31, 2017 and 2016 , respectively. The Harborside Plaza 5 agreement, also with the City of Jersey City, as amended, which commenced in 2002, is for a term of 20 years. The annual PILOT is equal to two percent of Total Project Costs, as defined. Total Project Costs are $ 170.9 million. The PILOT totaled $1.3 million and $ 854,000 for the three months ended March 31, 2017 and 2016 , respectively. The Port Imperial 4/5 G arage 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 second 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 $307,000 for the three months ended March 31, 2017 . 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 March 31, 2017 , are as follows: (dollars in thousands) Year Amount April 1 through December 31, 2017 $ 1,518 2018 1,989 2019 1,999 2020 2,015 2021 2,015 2022 through 2084 170,248 Total $ 179,784 Ground lease expense incurred by the Company amounted to $ 590,000 and $102,000 d uring the three months ended March 31, 2017 and 2016 , 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 762 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 second quarter 2017 , is estimated to cost $320 million (of which development costs of $308.6 million have been incurred by the venture through March 31, 2017 ). The venture has a construction/permanent loan with a maximum borrowing amount of $192 million (with $173.9 million outstanding as of March 31, 2017 ). 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 $44.7 million incurred through March 31, 2017 . The Company has a construction loan with a maximum borrowing amount of $58 million (with $5 million outstanding as of March 31, 2017 ). 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 $64.7 million incurred by the venture through March 31, 2017 . The venture has a $94 million construction loan (with $24.5 million outstanding as of March 31, 2017 ). 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 $26.9 million have been incurred through March 31, 2017 , is expected to be ready for occupancy by the fourth quarter of 2017 . The remaining project costs are expected to be funded primarily from a $42 million construction loan (with $6.1 million outstanding as of March 31, 2017). 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 of which development costs of $48.1 million have been incurred through March 31, 2017. The remaining project costs are expected to be funded primarily from a $73 million construction loan (with $8.1 million outstanding as of March 31, 2017). 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 $52.5 million have been incurred through March 31, 2017 ). The project costs are expected to be funded primarily from a $78 million construction loan (with $22.2 million outstanding as of March 31, 2017). The Company expects to fund $46 million for the development of the project, of which the Company has funded $30.3 million as of March 31, 2017 . 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 second quarter 2019 . The project is estimated to cost $89.4 million (of which development costs of $22.4 million have been incurred through March 31, 2017 ). 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 of the Operating Partnership , without the express written consent of such common unitholders, as applicable, except in a manner which did not result in recognition of any built-in-gain (which may result in an income tax liability) or which reimbursed the appropriate specific common unitholders for the tax consequences of the recognition of such built-in-gains (collectively, the “Property Lock-Ups”). 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 expired in February 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). As of March 31, 2017 , 102 of the Company’s properties, with an aggregate carrying value of approximately $ 1.2 billion, have lapsed restrictions and are subject to these conditions. |
Tenant Leases
Tenant Leases | 3 Months Ended |
Mar. 31, 2017 | |
Tenant Leases | 1 3 . 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 March 31, 2017 are as follows (dollars in thousands) : Year Amount April 1 through December 31, 2017 $ 337,200 2018 388,207 2019 336,123 2020 291,066 2021 256,013 2022 and thereafter 1,038,262 Total $ 2,646,871 Multi-family rental property residential leases are excluded from the above table as they generally expire within one year. |
Mack-Cali Realty LP [Member] | |
Tenant Leases | 1 3 . 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 March 31, 2017 are as follows (dollars in thousands) : Year Amount April 1 through December 31, 2017 $ 337,200 2018 388,207 2019 336,123 2020 291,066 2021 256,013 2022 and thereafter 1,038,262 Total $ 2,646,871 Multi-family rental property residential leases are excluded from the above table as they generally expire within one year. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests | 3 Months Ended |
Mar. 31, 2017 | |
Redeemable Noncontrolling Interests | 14 . REDEEMABLE NONCONTROLLING INTERESTS The Company evaluates the terms of the partnership units issued in accordance with the FASB’s Distinguishing Liabilities from Equity guidance. Units which embody an unconditional obligation requiring the Company to redeem the units for cash after a specified or determinable date (or dates) or upon the occurrence of an event that is not solely within the control of the issuer are determined to be contingently redeemable under this guidance and are included as Redeemable noncontrolling interests and classified within the mezzanine section between Total liabilities and Stockholders’ equity on the Company’s Consolidated Balance Sheets. Convertible units for which the Company has the option to settle redemption amounts in cash or Common Stock are included in the caption Noncontrolling interests in subsidiaries within the equity section on the Company’s Consolidated Balance Sheet. Rockpoint Transaction On February 27, 2017, the Company, Roseland Residential Trust (“RRT”), the Company’s 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 equity 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 equity units of limited partnership interests of RRLP (the “Rockpoint Units”). The initial closing under the Investment Agreement occurred on March 10, 2017 for $150 million of Rockpoint Units and the parties agreed that the Company's contributed equity value, (“RRT Contributed Equity Value”), was $1.23 billion at closing. Additional closings of Rockpoint 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. The Company has a participation right, where prior to March 1, 2022 and following either the full investment of $300 million by Rockpoint or in certain other limited circumstances, the Company may contribute up to $200 million to obtain equity units on substantially the same terms and conditions as the Rockpoint Units to be issued and sold to Rockpoint. Under the terms of the transaction, the cash flow from operations of RRLP will be distributable to RRT and Rockpoint as follows: first, to provide a 6% annual return to Rockpoint (and to the Company after it contributes to RRT to obtain equity units, as described above) on its invested capital (“Preferred Base Return”); second, to provide a 6% annual return on the equity value of the properties contributed by it to the partnership (“RRT Base Return”) with 95% of the RRT Base Return to RRT and 5% of the RRT Base Return to Rockpoint; and third, pro rata between Rockpoint (and the Company upon its contribution to obtain equity units) and RRT based on total respective invested capital by Rockpoint and RRT Initial Capital Contribution. Based on Rockpoint’s $ 150 million invested capital and RRT’s Initial Capital Contribution, at March 31, 2017 this pro rata distribution would be approximately 10.9% to Rockpoint and 89.1% to RRT. RRLP’s cash flow from capital events will generally be distributable to RRT and Rockpoint as follows: first, to Rockpoint (and the Company after it contributes to RRT to obtain equity units) to the extent there is any unpaid, accrued Preferred Base Return; second, as a return of capital to Rockpoint (and the Company after it contributes to RRT to obtain equity units); third, to RRT to the extent there is any unpaid, accrued RRT Base Return (with Rockpoint entitled to 5% of the amounts distributable to RRT); fourth, as a return of capital to RRT based on the equity value of the properties contributed by it to the partnership (with Rockpoint entitled to 5% of the amounts distributable to RRT); fifth, pro rata between Rockpoint (and the Company after it contributes to RRT to obtain equity units) and RRT based on total respective invested capital and contributed equity value until Rockpoint has achieved an 11% internal rate of return; and sixth, to Rockpoint (and to the Company after it contributes to RRT to obtain equity units) based on 50% of its pro rata share described in “fifth” above and the balance to RRT. In general, RRLP may not sell its properties in a taxable transaction, although it may engage in tax-deferred like-kind exchanges of properties or it may proceed in another manner designed to avoid the recognition of gains for tax purposes. Beginning March 1, 2022, except in certain limited circumstances as defined in the agreement, either RRT or Rockpoint may cause RRT to redeem (a “Put/Call Event”) all, but not less than all, of Rockpoint’s interest in the Rockpoint Units based on a net asset value of RRLP to be determined by a third party valuation and generally based on the capital event waterfall described above. On a Put/Call Event, other than the sale of RRLP, Rockpoint can either demand payment in cash or may elect to convert all, but not less than all, of its investment to common equity in RRLP. As such, the Rockpoint Units contain a substantive redemption feature that is outside of the Company’s control and accordingly, pursuant to ASC 480-1--S99-3A, the Rockpoint Units are classified in mezzanine equity measured at the estimated redemption value as of March 31, 2017. Preferred Units On February 3, 2017, the Operating Partnership issued 42,800 shares of a new class of 3.5 percent Series A Preferred Limited Partnership Units of the Operating Partnership (the “Series A Units”). The Series A Units were issued to the Company’s partners in the Plaza VIII & IX Associates L.L.C. joint venture that owns a development site adjacent to the Company’s Harborside property in Jersey City, New Jersey as non-cash consideration for their approximate 37.5 percent interest in the joint venture. Each Series A Unit has a stated value of $1,000 , pays dividends quarterly at an annual rate of 3.5 percent (subject to increase under certain circumstances), is convertible into 28.15 common units of limited partnership interests of the Operating Partnership beginning generally five years from the date of issuance, or an aggregate of up to 1,204,820 common units. The conversion rate was based on a value of $35.52 per common unit. The Series A Units have a liquidation and dividend preference senior to the common units and include customary anti-dilution protections for stock splits and similar events. The Series A Units are redeemable for cash at their stated value beginning five years from the date of issuance at the option of the holder. On February 28, 2017, the Operating Partnership authorized the issuance of 9,213 shares of a new class of 3.5 percent Series A-1 Preferred Limited Partnership Units of the Operating Partnership (the “Series A-1 Units”). 9,122 Series A-1 Units were issued on February 28, 2017 and an additional 91 Series A-1 Units were issued in April 2017 pursuant to post-closing adjustments to the Company’s partner in a joint venture with the Operating Partnership that owns Monaco Towers in Jersey City, New Jersey. The Series A-1 Units were issued as non-cash consideration for the partner’s approximate 13.8 percent ownership interest in the joint venture. Each Series A-1 Unit has a stated value of $1,000 (the “Stated Value”), pays dividends quarterly at an annual rate equal to the greater of (x) 3.5 percent, or (y) the then-effective annual dividend yield on the General Partner’s common stock, and is convertible into 27.936 common units of limited partnership interests of the Operating Partnership (“Common Units”) beginning generally five years from the date of issuance, or an aggregate of up to 257,375 Common Units. The conversion rate was based on a value of $35.80 per common unit. The Series A-1 Units have a liquidation and dividend preference senior to the Common Units and include customary anti-dilution protections for stock splits and similar events. The Series A-1 Units are redeemable for cash at their stated value beginning five years from the date of issuance at the option of the holder. The Series A-1 Units are pari passu with the 42,800 3.5% Series A Units issued on February 3, 2017. The following table sets forth the changes in value of the Redeemable noncontrolling interests for the three months ended March 31, 2017 (dollars in thousands) : Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRL.P in RRT Interests Balance January 1, 2017 $ - $ - $ - Redeemable NCI Issued 51,922 150,000 201,922 Issuance Costs (464) (10,534) (10,998) Net 51,458 139,466 190,924 Income Attributed to Noncontrolling Interests 265 527 792 Distributions (265) (527) (792) Redemption Value Adjustment 729 11,061 11,790 NCI at Redemption Value March 31, 2017 $ 52,187 $ 150,527 $ 202,714 |
Mack-Cali Realty LP [Member] | |
Redeemable Noncontrolling Interests | 14 . REDEEMABLE NONCONTROLLING INTERESTS The Company evaluates the terms of the partnership units issued in accordance with the FASB’s Distinguishing Liabilities from Equity guidance. Units which embody an unconditional obligation requiring the Company to redeem the units for cash after a specified or determinable date (or dates) or upon the occurrence of an event that is not solely within the control of the issuer are determined to be contingently redeemable under this guidance and are included as Redeemable noncontrolling interests and classified within the mezzanine section between Total liabilities and Stockholders’ equity on the Company’s Consolidated Balance Sheets. Convertible units for which the Company has the option to settle redemption amounts in cash or Common Stock are included in the caption Noncontrolling interests in subsidiaries within the equity section on the Company’s Consolidated Balance Sheet. Rockpoint Transaction On February 27, 2017, the Company, Roseland Residential Trust (“RRT”), the Company’s 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 equity 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 equity units of limited partnership interests of RRLP (the “Rockpoint Units”). The initial closing under the Investment Agreement occurred on March 10, 2017 for $150 million of Rockpoint Units and the parties agreed that the Company's contributed equity value, (“RRT Contributed Equity Value”), was $1.23 billion at closing. Additional closings of Rockpoint 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. The Company has a participation right, where prior to March 1, 2022 and following either the full investment of $300 million by Rockpoint or in certain other limited circumstances, the Company may contribute up to $200 million to obtain equity units on substantially the same terms and conditions as the Rockpoint Units to be issued and sold to Rockpoint. Under the terms of the transaction, the cash flow from operations of RRLP will be distributable to RRT and Rockpoint as follows: first, to provide a 6% annual return to Rockpoint (and to the Company after it contributes to RRT to obtain equity units, as described above) on its invested capital (“Preferred Base Return”); second, to provide a 6% annual return on the equity value of the properties contributed by it to the partnership (“RRT Base Return”) with 95% of the RRT Base Return to RRT and 5% of the RRT Base Return to Rockpoint; and third, pro rata between Rockpoint (and the Company upon its contribution to obtain equity units) and RRT based on total respective invested capital by Rockpoint and RRT Initial Capital Contribution. Based on Rockpoint’s $ 150 million invested capital and RRT’s Initial Capital Contribution, at March 31, 2017 this pro rata distribution would be approximately 10.9% to Rockpoint and 89.1% to RRT. RRLP’s cash flow from capital events will generally be distributable to RRT and Rockpoint as follows: first, to Rockpoint (and the Company after it contributes to RRT to obtain equity units) to the extent there is any unpaid, accrued Preferred Base Return; second, as a return of capital to Rockpoint (and the Company after it contributes to RRT to obtain equity units); third, to RRT to the extent there is any unpaid, accrued RRT Base Return (with Rockpoint entitled to 5% of the amounts distributable to RRT); fourth, as a return of capital to RRT based on the equity value of the properties contributed by it to the partnership (with Rockpoint entitled to 5% of the amounts distributable to RRT); fifth, pro rata between Rockpoint (and the Company after it contributes to RRT to obtain equity units) and RRT based on total respective invested capital and contributed equity value until Rockpoint has achieved an 11% internal rate of return; and sixth, to Rockpoint (and to the Company after it contributes to RRT to obtain equity units) based on 50% of its pro rata share described in “fifth” above and the balance to RRT. In general, RRLP may not sell its properties in a taxable transaction, although it may engage in tax-deferred like-kind exchanges of properties or it may proceed in another manner designed to avoid the recognition of gains for tax purposes. Beginning March 1, 2022, except in certain limited circumstances as defined in the agreement, either RRT or Rockpoint may cause RRT to redeem (a “Put/Call Event”) all, but not less than all, of Rockpoint’s interest in the Rockpoint Units based on a net asset value of RRLP to be determined by a third party valuation and generally based on the capital event waterfall described above. On a Put/Call Event, other than the sale of RRLP, Rockpoint can either demand payment in cash or may elect to convert all, but not less than all, of its investment to common equity in RRLP. As such, the Rockpoint Units contain a substantive redemption feature that is outside of the Company’s control and accordingly, pursuant to ASC 480-1--S99-3A, the Rockpoint Units are classified in mezzanine equity measured at the estimated redemption value as of March 31, 2017. Preferred Units On February 3, 2017, the Operating Partnership issued 42,800 shares of a new class of 3.5 percent Series A Preferred Limited Partnership Units of the Operating Partnership (the “Series A Units”). The Series A Units were issued to the Company’s partners in the Plaza VIII & IX Associates L.L.C. joint venture that owns a development site adjacent to the Company’s Harborside property in Jersey City, New Jersey as non-cash consideration for their approximate 37.5 percent interest in the joint venture. Each Series A Unit has a stated value of $1,000 , pays dividends quarterly at an annual rate of 3.5 percent (subject to increase under certain circumstances), is convertible into 28.15 common units of limited partnership interests of the Operating Partnership beginning generally five years from the date of issuance, or an aggregate of up to 1,204,820 common units. The conversion rate was based on a value of $35.52 per common unit. The Series A Units have a liquidation and dividend preference senior to the common units and include customary anti-dilution protections for stock splits and similar events. The Series A Units are redeemable for cash at their stated value beginning five years from the date of issuance at the option of the holder. On February 28, 2017, the Operating Partnership authorized the issuance of 9,213 shares of a new class of 3.5 percent Series A-1 Preferred Limited Partnership Units of the Operating Partnership (the “Series A-1 Units”). 9,122 Series A-1 Units were issued on February 28, 2017 and an additional 91 Series A-1 Units were issued in April 2017 pursuant to post-closing adjustments to the Company’s partner in a joint venture with the Operating Partnership that owns Monaco Towers in Jersey City, New Jersey. The Series A-1 Units were issued as non-cash consideration for the partner’s approximate 13.8 percent ownership interest in the joint venture. Each Series A-1 Unit has a stated value of $1,000 (the “Stated Value”), pays dividends quarterly at an annual rate equal to the greater of (x) 3.5 percent, or (y) the then-effective annual dividend yield on the General Partner’s common stock, and is convertible into 27.936 common units of limited partnership interests of the Operating Partnership (“Common Units”) beginning generally five years from the date of issuance, or an aggregate of up to 257,375 Common Units. The conversion rate was based on a value of $35.80 per common unit. The Series A-1 Units have a liquidation and dividend preference senior to the Common Units and include customary anti-dilution protections for stock splits and similar events. The Series A-1 Units are redeemable for cash at their stated value beginning five years from the date of issuance at the option of the holder. The Series A-1 Units are pari passu with the 42,800 3.5% Series A Units issued on February 3, 2017. The following table sets forth the changes in value of the Redeemable noncontrolling interests for the three months ended March 31, 2017 (dollars in thousands) : Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRL.P in RRT Interests Balance January 1, 2017 $ - $ - $ - Redeemable NCI Issued 51,922 150,000 201,922 Issuance Costs (464) (10,534) (10,998) Net 51,458 139,466 190,924 Income Attributed to Noncontrolling Interests 265 527 792 Distributions (265) (527) (792) Redemption Value Adjustment 729 11,061 11,790 NCI at Redemption Value March 31, 2017 $ 52,187 $ 150,527 $ 202,714 |
Mack-Cali Realty Corporation St
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital | 3 Months Ended |
Mar. 31, 2017 | |
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital | 1 5 . 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 16: 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, 2012), 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. 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, 2017 800,000 $ 17.31 $ 9,368 Granted, Lapsed or Cancelled - - Outstanding at March 31, 2017 ( $17.31 ) 800,000 $ 17.31 $ 7,704 Options exercisable at March 31, 2017 533,334 Available for grant at March 31, 2017 2,702,671 There were no stock options exercised under a ny stock option plans for the three months ended March 31, 2017 and 2016 , respectively. The Company has a policy of issuing new shares to satisfy stock option exercises. As of March 31, 2017 and December 31, 2016 , the stock options outstanding had a weighted average remaining contractual life of approximately 8.2 and 8.4 years, respectively. The Company recognized stock options expense of $ 116,000 and $ 183,000 for the three months ended March 31, 2017 and 2016 , 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 37,752 unvested shares were legally outstanding at March 31, 2017 . Vesting o f 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, 2017 145,278 $ 21.76 Vested (82,493) 21.25 Outstanding at March 31, 2017 62,785 $ 22.42 As of March 31, 2017 , the Company had $0.9 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 2.3 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 General Partner’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 March 31, 2017 , the Company had $ 0.6 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 1.2 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 General Partner’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 General Partner’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. 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. As of March 31, 2017, the Company granted a total of 496,781 2016 PBV LTIP Units and 155,773 2016 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 March 31, 2017 , the Company had $6.0 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 2.4 years. On April 4, 2017, the Company granted LTIP awards to the executive officers of the General Partner (the “2017 LTIP Awards”). All of the 2017 LTIP Awards were in the form of LTIP Units and constitute awards under the 2013 Plan. For Messrs. DeMarco, Tycher and Rudin, approximately twenty-five percent ( 25% ) of the 2017 LTIP Award was in the form of a time-based award that will vest after three years on April 4, 2020 (the “2017 TBV LTIP Units”), and the remaining approximately seventy-five percent ( 75% ) of the 2017 LTIP Award was in the form of a performance-based award under the Company’s Outperformance Plan (the “2017 OPP”) adopted by the General Partner’s Board of Directors, consisting of a multi-year, performance-based equity compensation plan and related forms of award agreement (the “2017 PBV LTIP Units”). For all other executive officers, approximately forty percent ( 40% ) of the 2017 LTIP Award was in the form of 2017 TBV LTIP Units and the remaining approximately sixty percent ( 60% ) of the 2017 LTIP Award was in the form of 2017 PBV LTIP Units. The 2017 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 April 4, 2017 through April 3, 2020. Participants in the 2017 OPP will only earn the full awards if, over the three -year performance period, the Company achieves a thirty-six percent ( 36% ) absolute TSR and if the Company is in the 75th percentile of performance as compared to the NAREIT office index. LTIP Units will remain subject to forfeiture depending on the extent that the 2016 LTIP Awards and 2017 LTIP Awards vest. The number of LTIP Units to be issued initially to recipients of the 2016 PBV LTIP Awards and 2017 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 and 2017 TBV LTIP Units or the end of the measurement period for the 2016 PBV LTIP Units and 2017 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. 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 three months ended March 31, 2017 and 2016 , 4,265 and 4,373 deferred stock units were earned, respectively. As of March 31, 2017 and December 31, 2016 , there were 196,736 and 193,711 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 three months ended March 31, 2017 and 2016 in accordance with ASC 260, Earning s Per Share: (dollars in thousands, except per share amounts) Mack-Cali Realty Corporation: Three Months Ended March 31, Computation of Basic EPS 2017 2016 Net income $ 22,729 $ 68,769 Add: Noncontrolling interest in consolidated joint ventures 237 706 Add (deduct): Noncontrolling interest in Operating Partnership (2,295) (7,284) Deduct: Redeemable noncontrolling interest (792) - Deduct: Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders (9,860) - Net income available to common shareholders for basic earnings per share $ 10,019 $ 62,191 Weighted average common shares 89,955 89,721 Basic EPS : Net income available to common shareholders $ 0.11 $ 0.69 Three Months Ended March 31, Computation of Diluted EPS 2017 2016 Net income available to common shareholders for basic earnings per share $ 10,019 $ 62,191 Add (deduct): Noncontrolling interest in Operating Partnership 2,295 7,284 Deduct: Redemption value adjustment of redeemable noncontrolling interests attributable to the Operating Partnership unitholders (1,138) - Net income for diluted earnings per share $ 11,176 $ 69,475 Weighted average common shares 100,637 100,315 Diluted EPS : Net income available to common shareholders $ 0.11 $ 0.69 The following schedule reconciles the weighted average shares used in the basic EPS calculation to the shares used in the diluted EPS calculation: (in thousands) Three Months Ended March 31, 2017 2016 Basic EPS shares 89,955 89,721 Add: Operating Partnership – common units 10,384 10,509 Restricted Stock Awards 1 56 Stock Options 297 29 Diluted EPS Shares 100,637 100,315 Contingently issuable shares under the PSU Awards were excluded from the denominator in 2017 and 2016 because the criteria had not been met for the periods. Contingently issuable shares under Price Vesting Options were excluded from the denominator in 2016 because the criteria had not been met for the period ended March 31, 2016. Not included in the computations of diluted EPS were 5,000 stock options as such securities were anti-dilutive during the period ended March 31, 2016. 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 March 31, 2017 and 2016 were 37,752 and 90,090 shares, respectively. Dividends declared per common share for each of the three-month periods ended March 31, 2017 and 2016 was $0.15 per share. Mack-Cali Realty, L.P.: Three Months Ended March 31, Computation of Basic EPU 2017 2016 Net income $ 22,729 $ 68,769 Add: Noncontrolling interest in consolidated joint ventures 237 706 Deduct: Redeemable noncontrolling interest (792) - Deduct: Redemption value adjustment of redeemable noncontrolling interests (10,998) - Net income available to common unitholders for basic earnings per unit $ 11,176 $ 69,475 Weighted average common units 100,339 100,230 Basic EPU : Net income available to common unitholders $ 0.11 $ 0.69 Three Months Ended March 31, Computation of Diluted EPU 2017 2016 Net income available to common unitholders for basic earnings per unit $ 11,176 $ 69,475 Weighted average common unit 100,637 100,315 Diluted EPU : Net income available to common unitholders $ 0.11 $ 0.69 The following schedule reconciles the weighted average units used in the basic EPU calculation to the units used in the diluted EPU calculation: (in thousands) Three Months Ended March 31, 2017 2016 Basic EPU units 100,339 100,230 Add: Restricted Stock Awards 1 56 Stock Options 297 29 Diluted EPU Units 100,637 100,315 Contingently issuable shares under the PSU Awards were excluded from the denominator in 2017 and 2016 because the criteria had not been met for the periods. Contingently issuable shares under Price Vesting Options were excluded from the denominator in 2016 because the criteria had not been met for the period ended March 31, 2016. Not included in the computations of diluted EPU were 5,000 stock options as such securities were anti-dilutive during the period ended March 31, 2016 . 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 March 31, 2017 and 2016 were 37,752 and 90,090 shares, respectively. Distributions declared per common unit for each of the three - month periods ended March 31, 2017 and 2016 was $0.15 per unit. |
Mack-Cali Realty LP [Member] | |
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital | 1 5 . 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 16: 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, 2012), 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. 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, 2017 800,000 $ 17.31 $ 9,368 Granted, Lapsed or Cancelled - - Outstanding at March 31, 2017 ( $17.31 ) 800,000 $ 17.31 $ 7,704 Options exercisable at March 31, 2017 533,334 Available for grant at March 31, 2017 2,702,671 There were no stock options exercised under a ny stock option plans for the three months ended March 31, 2017 and 2016 , respectively. The Company has a policy of issuing new shares to satisfy stock option exercises. As of March 31, 2017 and December 31, 2016 , the stock options outstanding had a weighted average remaining contractual life of approximately 8.2 and 8.4 years, respectively. The Company recognized stock options expense of $ 116,000 and $ 183,000 for the three months ended March 31, 2017 and 2016 , 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 37,752 unvested shares were legally outstanding at March 31, 2017 . Vesting o f 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, 2017 145,278 $ 21.76 Vested (82,493) 21.25 Outstanding at March 31, 2017 62,785 $ 22.42 As of March 31, 2017 , the Company had $0.9 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 2.3 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 General Partner’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 March 31, 2017 , the Company had $ 0.6 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 1.2 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 General Partner’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 General Partner’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. 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. As of March 31, 2017, the Company granted a total of 496,781 2016 PBV LTIP Units and 155,773 2016 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 March 31, 2017 , the Company had $6.0 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 2.4 years. On April 4, 2017, the Company granted LTIP awards to the executive officers of the General Partner (the “2017 LTIP Awards”). All of the 2017 LTIP Awards were in the form of LTIP Units and constitute awards under the 2013 Plan. For Messrs. DeMarco, Tycher and Rudin, approximately twenty-five percent ( 25% ) of the 2017 LTIP Award was in the form of a time-based award that will vest after three years on April 4, 2020 (the “2017 TBV LTIP Units”), and the remaining approximately seventy-five percent ( 75% ) of the 2017 LTIP Award was in the form of a performance-based award under the Company’s Outperformance Plan (the “2017 OPP”) adopted by the General Partner’s Board of Directors, consisting of a multi-year, performance-based equity compensation plan and related forms of award agreement (the “2017 PBV LTIP Units”). For all other executive officers, approximately forty percent ( 40% ) of the 2017 LTIP Award was in the form of 2017 TBV LTIP Units and the remaining approximately sixty percent ( 60% ) of the 2017 LTIP Award was in the form of 2017 PBV LTIP Units. The 2017 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 April 4, 2017 through April 3, 2020. Participants in the 2017 OPP will only earn the full awards if, over the three -year performance period, the Company achieves a thirty-six percent ( 36% ) absolute TSR and if the Company is in the 75th percentile of performance as compared to the NAREIT office index. LTIP Units will remain subject to forfeiture depending on the extent that the 2016 LTIP Awards and 2017 LTIP Awards vest. The number of LTIP Units to be issued initially to recipients of the 2016 PBV LTIP Awards and 2017 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 and 2017 TBV LTIP Units or the end of the measurement period for the 2016 PBV LTIP Units and 2017 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. 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 three months ended March 31, 2017 and 2016 , 4,265 and 4,373 deferred stock units were earned, respectively. As of March 31, 2017 and December 31, 2016 , there were 196,736 and 193,711 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 three months ended March 31, 2017 and 2016 in accordance with ASC 260, Earning s Per Share: (dollars in thousands, except per share amounts) Mack-Cali Realty Corporation: Three Months Ended March 31, Computation of Basic EPS 2017 2016 Net income $ 22,729 $ 68,769 Add: Noncontrolling interest in consolidated joint ventures 237 706 Add (deduct): Noncontrolling interest in Operating Partnership (2,295) (7,284) Deduct: Redeemable noncontrolling interest (792) - Deduct: Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders (9,860) - Net income available to common shareholders for basic earnings per share $ 10,019 $ 62,191 Weighted average common shares 89,955 89,721 Basic EPS : Net income available to common shareholders $ 0.11 $ 0.69 Three Months Ended March 31, Computation of Diluted EPS 2017 2016 Net income available to common shareholders for basic earnings per share $ 10,019 $ 62,191 Add (deduct): Noncontrolling interest in Operating Partnership 2,295 7,284 Deduct: Redemption value adjustment of redeemable noncontrolling interests attributable to the Operating Partnership unitholders (1,138) - Net income for diluted earnings per share $ 11,176 $ 69,475 Weighted average common shares 100,637 100,315 Diluted EPS : Net income available to common shareholders $ 0.11 $ 0.69 The following schedule reconciles the weighted average shares used in the basic EPS calculation to the shares used in the diluted EPS calculation: (in thousands) Three Months Ended March 31, 2017 2016 Basic EPS shares 89,955 89,721 Add: Operating Partnership – common units 10,384 10,509 Restricted Stock Awards 1 56 Stock Options 297 29 Diluted EPS Shares 100,637 100,315 Contingently issuable shares under the PSU Awards were excluded from the denominator in 2017 and 2016 because the criteria had not been met for the periods. Contingently issuable shares under Price Vesting Options were excluded from the denominator in 2016 because the criteria had not been met for the period ended March 31, 2016. Not included in the computations of diluted EPS were 5,000 stock options as such securities were anti-dilutive during the period ended March 31, 2016. 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 March 31, 2017 and 2016 were 37,752 and 90,090 shares, respectively. Dividends declared per common share for each of the three-month periods ended March 31, 2017 and 2016 was $0.15 per share. Mack-Cali Realty, L.P.: Three Months Ended March 31, Computation of Basic EPU 2017 2016 Net income $ 22,729 $ 68,769 Add: Noncontrolling interest in consolidated joint ventures 237 706 Deduct: Redeemable noncontrolling interest (792) - Deduct: Redemption value adjustment of redeemable noncontrolling interests (10,998) - Net income available to common unitholders for basic earnings per unit $ 11,176 $ 69,475 Weighted average common units 100,339 100,230 Basic EPU : Net income available to common unitholders $ 0.11 $ 0.69 Three Months Ended March 31, Computation of Diluted EPU 2017 2016 Net income available to common unitholders for basic earnings per unit $ 11,176 $ 69,475 Weighted average common unit 100,637 100,315 Diluted EPU : Net income available to common unitholders $ 0.11 $ 0.69 The following schedule reconciles the weighted average units used in the basic EPU calculation to the units used in the diluted EPU calculation: (in thousands) Three Months Ended March 31, 2017 2016 Basic EPU units 100,339 100,230 Add: Restricted Stock Awards 1 56 Stock Options 297 29 Diluted EPU Units 100,637 100,315 Contingently issuable shares under the PSU Awards were excluded from the denominator in 2017 and 2016 because the criteria had not been met for the periods. Contingently issuable shares under Price Vesting Options were excluded from the denominator in 2016 because the criteria had not been met for the period ended March 31, 2016. Not included in the computations of diluted EPU were 5,000 stock options as such securities were anti-dilutive during the period ended March 31, 2016 . 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 March 31, 2017 and 2016 were 37,752 and 90,090 shares, respectively. Distributions declared per common unit for each of the three - month periods ended March 31, 2017 and 2016 was $0.15 per unit. |
Noncontrolling Interests In Sub
Noncontrolling Interests In Subsidiaries | 3 Months Ended |
Mar. 31, 2017 | |
Noncontrolling Interests In Subsidiaries | 16. 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. The following table reflects the activity of noncontrolling interests for the three months ended March 31, 2017 and 2016 , respectively (dollars in thousands): Three Months Ended March 31, 2017 2016 Balance at January 1 $ 199,516 $ 228,032 Net income 2,850 6,578 Unit distributions (1,647) (1,601) Redeemable noncontrolling interest (1,930) - Decrease in noncontrolling interests in consolidated joint ventures (14) 997 Redemption of common units for common stock (2,531) (276) Stock compensation 644 173 Other comprehensive income (loss) 127 (665) Rebalancing of ownership percentage between parent and subsidiaries (443) (118) Balance at March 31 $ 196,572 $ 233,120 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 three months ended March 31, 2017 , the Company has decreased noncontrolling interests in the Operating Partnership and increased additional paid-in capital in Mack-Cali Realty Corporation stockholders’ equity by approximately $ 0.4 million as of March 31, 2017 . 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. On April 4, 2017, the Company granted 2017 LTIP awards to the General Partner’s executive officers. All of the 2016 LTIP Awards and 2017 LTIP Awards will be in the form of units in the Operating Partnership. See Note 15: 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 and LTIP units in the Operating Partnership for the three months ended March 31, 2017 : Common LTIP Units Units Balance at January 1, 2017 10,488,105 657,373 Redemption of common units for shares of common stock (148,661) Cancellation of units - (4,819) Balance at March 31, 2017 10,339,444 652,554 Noncontrolling Interest Ownership in Operating Partnership As of March 31, 2017 and December 31, 2016 , the noncontrolling interest common unitholders owned 10.3 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 | 16. 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. The following table reflects the activity of noncontrolling interests for the three months ended March 31, 2017 and 2016 , respectively (dollars in thousands): Three Months Ended March 31, 2017 2016 Balance at January 1 $ 199,516 $ 228,032 Net income 2,850 6,578 Unit distributions (1,647) (1,601) Redeemable noncontrolling interest (1,930) - Decrease in noncontrolling interests in consolidated joint ventures (14) 997 Redemption of common units for common stock (2,531) (276) Stock compensation 644 173 Other comprehensive income (loss) 127 (665) Rebalancing of ownership percentage between parent and subsidiaries (443) (118) Balance at March 31 $ 196,572 $ 233,120 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 three months ended March 31, 2017 , the Company has decreased noncontrolling interests in the Operating Partnership and increased additional paid-in capital in Mack-Cali Realty Corporation stockholders’ equity by approximately $ 0.4 million as of March 31, 2017 . 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. On April 4, 2017, the Company granted 2017 LTIP awards to the General Partner’s executive officers. All of the 2016 LTIP Awards and 2017 LTIP Awards will be in the form of units in the Operating Partnership. See Note 15: 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 and LTIP units in the Operating Partnership for the three months ended March 31, 2017 : Common LTIP Units Units Balance at January 1, 2017 10,488,105 657,373 Redemption of common units for shares of common stock (148,661) Cancellation of units - (4,819) Balance at March 31, 2017 10,339,444 652,554 Noncontrolling Interest Ownership in Operating Partnership As of March 31, 2017 and December 31, 2016 , the noncontrolling interest common unitholders owned 10.3 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 | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting | 17. SEGMENT REPORTING The Company operates in three business segments: (i) commercial and other real estate, (ii) multi-family real estate, and (iii) multi-family services. The Company provides leasing, property management, acquisition, development, construction and tenant-related services for its commercial and other real estate and multi-family real estate portfolio. The Company’s multi ‑family services business also provides similar services for third parties. The Company no longer considers construction services as a reportable segment as it phased out this line of business in 2014. The Company had no revenues from foreign countries recorded for the three months ended March 31, 2017 and 2016 . The Company had no long lived assets in foreign locations as of March 31, 2017 and December 31, 2016 . The accounting policies of the segments are the same as those described in Note 2: Significant Accounting Policies, excluding depreciation and amortization. The Company evaluates performance based upon net operating income from the combined properties in each of its real estate segments (commercial and other, and multi-family) and from its multi-family services segment. Selected results of operations for the three months ended March 31, 2017 and 2016 and selected asset information as of March 31, 2017 and December 31, 2016 regarding the Company’s operating segments are as follows. Amounts for prior periods have been restated to conform to the current period segment reporting presentation: (dollars in thousands) Real Estate Commercial Multi-family Corporate Total & Other Multi-family Services & Other (d) Company Total revenues: Three months ended: March 31, 2017 $ 134,763 $ 8,843 $ 9,252 (e) $ (2,971) $ 149,887 March 31, 2016 $ 136,952 $ 8,986 $ 8,727 (f) $ (1,742) $ 152,923 Total operating and interest expenses (a): Three months ended: March 31, 2017 $ 63,665 $ 5,058 $ 9,417 (g) $ 19,166 $ 97,306 March 31, 2016 $ 65,955 $ 5,415 $ 10,820 (h) $ 26,103 $ 108,293 Equity in earnings (loss) of unconsolidated joint ventures: Three months ended: March 31, 2017 $ 412 $ (786) $ 323 $ - $ (51) March 31, 2016 $ (1,926) $ (1,231) $ 1,603 $ - $ (1,554) Net operating income (loss) (b): Three months ended: March 31, 2017 $ 71,510 $ 2,999 $ 158 $ (22,137) $ 52,530 March 31, 2016 $ 69,071 $ 2,340 $ (490) $ (27,845) $ 43,076 Total assets: March 31, 2017 $ 3,760,432 $ 1,116,152 $ 13,047 $ 24,596 $ 4,914,227 December 31, 2016 $ 3,344,396 $ 887,394 $ 17,207 $ 47,769 $ 4,296,766 Total long-lived assets (c): March 31, 2017 $ 3,342,294 $ 704,593 $ 4,659 $ (6,521) $ 4,045,025 December 31, 2016 $ 2,999,820 $ 618,038 $ 4,609 $ (5,933) $ 3,616,534 Total investments in unconsolidated joint ventures: March 31, 2017 $ 83,186 $ 241,085 $ 879 $ - $ 325,150 December 31, 2016 $ 81,549 $ 237,493 $ 1,005 $ - $ 320,047 (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, acquisition related costs and interest expense (net of interest income). All interest expense, net of interest and other investment income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods. (b) Net operating income represents total revenues less total operating and interest expenses (as defined in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the period. (c) Long-lived assets are comprised of net investment in rental property, unbilled rents receivable and goodwill. (d) Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense, construction services revenue and direct construction costs) as well as intercompany eliminations necessary to reconcile to consolidated Company totals. (e) Includes $ 1.8 million of fees and salary reimbursements earned for the three months ended March 31, 2017 , from the multi-family real estate segment, which are eliminated in consolidation. (f) Includes $ 2.7 million of fees and salary reimbursements earned for the three months ended March 31, 2016, from the multi-family real estate segment, which are eliminated in consolidation. (g) Includes $3.6 million of management fees and salary reimbursement expenses for the three months ended March 31, 2017 , from the multi-family real estate segment, which are eliminated in consolidation. (h) Includes $1.4 million of management fees and salary reimbursement expenses for the three months ended March 31, 2016, 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) Three Months Ended March 31, 2017 2016 Net operating income $ 52,530 $ 43,076 Add (deduct): Depreciation and amortization (47,631) (43,063) Gain on change of control of interests - 10,156 Realized gains (losses) and unrealized losses on disposition of rental property, net 5,506 58,600 Gain on sale of investment in unconsolidated joint venture 12,563 - Loss from extinguishment of debt, net (239) - Net income 22,729 68,769 Noncontrolling interest in consolidated joint ventures 237 706 Noncontrolling interest in Operating Partnership (2,295) (7,284) Redeemable noncontrolling interest (792) - Net income available to common shareholders $ 19,879 $ 62,191 Mack-Cali Realty, L.P. The following schedule reconciles net operating income to net income available to common unitholders: (dollars in thousands) Three Months Ended March 31, 2017 2016 Net operating income $ 52,530 $ 43,076 Add (deduct): Depreciation and amortization (47,631) (43,063) Gain on change of control of interests - 10,156 Realized gains (losses) and unrealized losses on disposition of rental property, net 5,506 58,600 Gain on sale of investment in unconsolidated joint venture 12,563 - Loss from extinguishment of debt, net (239) - Net income 22,729 68,769 Noncontrolling interest in consolidated joint ventures 237 706 Redeemable noncontrolling interest (792) - Net income available to common unitholders $ 22,174 $ 69,475 |
Mack-Cali Realty LP [Member] | |
Segment Reporting | 17. SEGMENT REPORTING The Company operates in three business segments: (i) commercial and other real estate, (ii) multi-family real estate, and (iii) multi-family services. The Company provides leasing, property management, acquisition, development, construction and tenant-related services for its commercial and other real estate and multi-family real estate portfolio. The Company’s multi ‑family services business also provides similar services for third parties. The Company no longer considers construction services as a reportable segment as it phased out this line of business in 2014. The Company had no revenues from foreign countries recorded for the three months ended March 31, 2017 and 2016 . The Company had no long lived assets in foreign locations as of March 31, 2017 and December 31, 2016 . The accounting policies of the segments are the same as those described in Note 2: Significant Accounting Policies, excluding depreciation and amortization. The Company evaluates performance based upon net operating income from the combined properties in each of its real estate segments (commercial and other, and multi-family) and from its multi-family services segment. Selected results of operations for the three months ended March 31, 2017 and 2016 and selected asset information as of March 31, 2017 and December 31, 2016 regarding the Company’s operating segments are as follows. Amounts for prior periods have been restated to conform to the current period segment reporting presentation: (dollars in thousands) Real Estate Commercial Multi-family Corporate Total & Other Multi-family Services & Other (d) Company Total revenues: Three months ended: March 31, 2017 $ 134,763 $ 8,843 $ 9,252 (e) $ (2,971) $ 149,887 March 31, 2016 $ 136,952 $ 8,986 $ 8,727 (f) $ (1,742) $ 152,923 Total operating and interest expenses (a): Three months ended: March 31, 2017 $ 63,665 $ 5,058 $ 9,417 (g) $ 19,166 $ 97,306 March 31, 2016 $ 65,955 $ 5,415 $ 10,820 (h) $ 26,103 $ 108,293 Equity in earnings (loss) of unconsolidated joint ventures: Three months ended: March 31, 2017 $ 412 $ (786) $ 323 $ - $ (51) March 31, 2016 $ (1,926) $ (1,231) $ 1,603 $ - $ (1,554) Net operating income (loss) (b): Three months ended: March 31, 2017 $ 71,510 $ 2,999 $ 158 $ (22,137) $ 52,530 March 31, 2016 $ 69,071 $ 2,340 $ (490) $ (27,845) $ 43,076 Total assets: March 31, 2017 $ 3,760,432 $ 1,116,152 $ 13,047 $ 24,596 $ 4,914,227 December 31, 2016 $ 3,344,396 $ 887,394 $ 17,207 $ 47,769 $ 4,296,766 Total long-lived assets (c): March 31, 2017 $ 3,342,294 $ 704,593 $ 4,659 $ (6,521) $ 4,045,025 December 31, 2016 $ 2,999,820 $ 618,038 $ 4,609 $ (5,933) $ 3,616,534 Total investments in unconsolidated joint ventures: March 31, 2017 $ 83,186 $ 241,085 $ 879 $ - $ 325,150 December 31, 2016 $ 81,549 $ 237,493 $ 1,005 $ - $ 320,047 (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, acquisition related costs and interest expense (net of interest income). All interest expense, net of interest and other investment income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods. (b) Net operating income represents total revenues less total operating and interest expenses (as defined in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the period. (c) Long-lived assets are comprised of net investment in rental property, unbilled rents receivable and goodwill. (d) Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense, construction services revenue and direct construction costs) as well as intercompany eliminations necessary to reconcile to consolidated Company totals. (e) Includes $ 1.8 million of fees and salary reimbursements earned for the three months ended March 31, 2017 , from the multi-family real estate segment, which are eliminated in consolidation. (f) Includes $ 2.7 million of fees and salary reimbursements earned for the three months ended March 31, 2016, from the multi-family real estate segment, which are eliminated in consolidation. (g) Includes $3.6 million of management fees and salary reimbursement expenses for the three months ended March 31, 2017 , from the multi-family real estate segment, which are eliminated in consolidation. (h) Includes $1.4 million of management fees and salary reimbursement expenses for the three months ended March 31, 2016, 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) Three Months Ended March 31, 2017 2016 Net operating income $ 52,530 $ 43,076 Add (deduct): Depreciation and amortization (47,631) (43,063) Gain on change of control of interests - 10,156 Realized gains (losses) and unrealized losses on disposition of rental property, net 5,506 58,600 Gain on sale of investment in unconsolidated joint venture 12,563 - Loss from extinguishment of debt, net (239) - Net income 22,729 68,769 Noncontrolling interest in consolidated joint ventures 237 706 Noncontrolling interest in Operating Partnership (2,295) (7,284) Redeemable noncontrolling interest (792) - Net income available to common shareholders $ 19,879 $ 62,191 Mack-Cali Realty, L.P. The following schedule reconciles net operating income to net income available to common unitholders: (dollars in thousands) Three Months Ended March 31, 2017 2016 Net operating income $ 52,530 $ 43,076 Add (deduct): Depreciation and amortization (47,631) (43,063) Gain on change of control of interests - 10,156 Realized gains (losses) and unrealized losses on disposition of rental property, net 5,506 58,600 Gain on sale of investment in unconsolidated joint venture 12,563 - Loss from extinguishment of debt, net (239) - Net income 22,729 68,769 Noncontrolling interest in consolidated joint ventures 237 706 Redeemable noncontrolling interest (792) - Net income available to common unitholders $ 22,174 $ 69,475 |
Significant Accounting Polici25
Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2017 | |
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 were expensed as incurred through December 31, 2016. The Company early adopted the recently issued FASB guidance Accounting Standards Update (“ASU”) 2017-01 on January 1, 2017 which revises the definition of a business and is expected to result in more transactions to be accounted for as asset acquisitions and significantly limit transactions that would be accounted for as business combinations. Where an acquisition has been determined to be an asset acquisition, acquisition-related costs are capitalized. Capitalized development and construction costs include pre-construction costs essential to the development of the property, development and construction costs, interest, property taxes, insurance, salaries and other project costs incurred during the period of development. Capitalized development and construction salaries and related costs approximated $ 0.6 million and $ 0.6 million for the three months ended March 31, 2017 and 2016 , respectively. Included in total rental property is construction, tenant improvement and development in-progress of $ 367.2 million and $ 361.1 million as of March 31, 2017 and December 31, 2016 , 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. |
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 $ 1,103,000 and $ 1,169,000 for the three months ended March 31, 2017 and 2016 , 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 for the three months ended March 31, 2017 were unamortized deferred financing costs which were written off of $239,000 . |
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 $ 1,042,000 and $ 780,000 for the three months ended March 31, 2017 and 2016 , 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. |
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. 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 Company and generally may engage in any real estate or non-real estate related business (except for the operation or management of health care facilities or lodging facilities or the providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal income tax. The 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 March 31, 2017 , the Company had a deferred tax asset related to its TRS activity with a balance of approximately $ 16.9 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 March 31, 2017 , 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 March 31, 2017 represents dividends payable to common shareholders ( 89,874,940 shares) and distributions payable to noncontrolling interest unitholders of the Operating Partnership ( 10,339,443 common units and 652,554 LTIP units), for all such holders of record as of April 5, 2017 with respect to the first quarter 2017 . The first quarter 2017 common stock dividends and unit distributions of $ 0.15 per common share, common unit and LTIP unit were approved by the General Partner’s Board of Directors on March 14, 2017 and paid on April 13, 2017 . 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 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 unit distributions of $ 0.15 per common share, common unit and LTIP unit were approved by the General Partner’s Board of Directors on December 13, 2016 and paid on January 13, 2017 . |
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 incentive 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 $ 1,053,000 and $ 785,000 for the three months ended March 31, 2017 and 2016 , respectively. |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) 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 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 statements. 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 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 were expensed as incurred through December 31, 2016. The Company early adopted the recently issued FASB guidance Accounting Standards Update (“ASU”) 2017-01 on January 1, 2017 which revises the definition of a business and is expected to result in more transactions to be accounted for as asset acquisitions and significantly limit transactions that would be accounted for as business combinations. Where an acquisition has been determined to be an asset acquisition, acquisition-related costs are capitalized. Capitalized development and construction costs include pre-construction costs essential to the development of the property, development and construction costs, interest, property taxes, insurance, salaries and other project costs incurred during the period of development. Capitalized development and construction salaries and related costs approximated $ 0.6 million and $ 0.6 million for the three months ended March 31, 2017 and 2016 , respectively. Included in total rental property is construction, tenant improvement and development in-progress of $ 367.2 million and $ 361.1 million as of March 31, 2017 and December 31, 2016 , 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. |
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 $ 1,103,000 and $ 1,169,000 for the three months ended March 31, 2017 and 2016 , 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 for the three months ended March 31, 2017 were unamortized deferred financing costs which were written off of $239,000 . |
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 $ 1,042,000 and $ 780,000 for the three months ended March 31, 2017 and 2016 , 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. |
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. 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 Company and generally may engage in any real estate or non-real estate related business (except for the operation or management of health care facilities or lodging facilities or the providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal income tax. The 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 March 31, 2017 , the Company had a deferred tax asset related to its TRS activity with a balance of approximately $ 16.9 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 March 31, 2017 , 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 March 31, 2017 represents dividends payable to common shareholders ( 89,874,940 shares) and distributions payable to noncontrolling interest unitholders of the Operating Partnership ( 10,339,443 common units and 652,554 LTIP units), for all such holders of record as of April 5, 2017 with respect to the first quarter 2017 . The first quarter 2017 common stock dividends and unit distributions of $ 0.15 per common share, common unit and LTIP unit were approved by the General Partner’s Board of Directors on March 14, 2017 and paid on April 13, 2017 . 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 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 unit distributions of $ 0.15 per common share, common unit and LTIP unit were approved by the General Partner’s Board of Directors on December 13, 2016 and paid on January 13, 2017 . |
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 incentive 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 $ 1,053,000 and $ 785,000 for the three months ended March 31, 2017 and 2016 , respectively. |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) 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 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 statements. 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 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 Polici26
Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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) | 3 Months Ended |
Mar. 31, 2017 | |
Real Estate Properties [Line Items] | |
Schedule Of Properties Acquired | Acquisition # of Rentable Acquisition Date Property Address Location Bldgs. Square Feet Cost 01/11/17 Red Bank portfolio (a) Red Bank, New Jersey 3 279,472 $ 27,228 03/06/17 Short Hills/Madison portfolio (b) Short Hills & Madison, New Jersey 6 1,113,028 367,361 Total Acquisitions 9 1,392,500 $ 394,589 (a) This acquisition was funded through borrowings under the Company's unsecured revolving credit facility. (b) This acquisition was funded through borrowings under the Company’s unsecured revolving credit facility and a new $124.5 million loan secured by three of the properties. |
Schedule Of Purchase Price Allocation | Red Bank Short Hills/Madison Portfolio Portfolio Land and leasehold interest $ 7,914 $ 30,336 Buildings and improvements and other assets 16,047 295,299 Above market leases (a) 118 6,367 In-place lease values (a) 3,171 45,604 27,250 377,606 Less: Below market lease values (a) (22) (10,245) Net assets recorded upon acquisition $ 27,228 $ 367,361 (a) Above market, in-place and below market leases are be ing amortized over a weighted-average term of 5.4 years. |
Disposal Group, Not Discontinued Operations [Member] | |
Real Estate Properties [Line Items] | |
Schedule Of Dispositions/Rental Property Held For Sale | Realized Gains Rentable Net Net (losses)/ Disposition # of Square Sales Book Unrealized Date Property/Address Location Bldgs. Feet Proceeds Value Losses, net 01/30/17 Cranford portfolio Cranford, New Jersey 6 435,976 $ 26,598 $ 22,736 $ 3,862 01/31/17 440 Route 22 East (a) Bridgewater, New Jersey 1 198,376 10,074 10,069 5 02/07/17 3 Independence Way Princeton, New Jersey 1 111,300 11,549 9,910 1,639 Totals 8 745,652 $ 48,221 $ 42,715 $ 5,506 (a) The Company recorded a valuation allowance of $7.7 million on this property during the year ended December 31, 2016. |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |
Real Estate Properties [Line Items] | |
Summary Of Income From Property Held For Sale, Net | March 31, 2017 Land $ 648 Buildings and improvements 2,919 Less: Accumulated depreciation (1,436) Rental property held for sale, net $ 2,131 |
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 01/11/17 Red Bank portfolio (a) Red Bank, New Jersey 3 279,472 $ 27,228 03/06/17 Short Hills/Madison portfolio (b) Short Hills & Madison, New Jersey 6 1,113,028 367,361 Total Acquisitions 9 1,392,500 $ 394,589 (a) This acquisition was funded through borrowings under the Company's unsecured revolving credit facility. (b) This acquisition was funded through borrowings under the Company’s unsecured revolving credit facility and a new $124.5 million loan secured by three of the properties. |
Schedule Of Purchase Price Allocation | Red Bank Short Hills/Madison Portfolio Portfolio Land and leasehold interest $ 7,914 $ 30,336 Buildings and improvements and other assets 16,047 295,299 Above market leases (a) 118 6,367 In-place lease values (a) 3,171 45,604 27,250 377,606 Less: Below market lease values (a) (22) (10,245) Net assets recorded upon acquisition $ 27,228 $ 367,361 (a) Above market, in-place and below market leases are be ing amortized over a weighted-average term of 5.4 years. |
Mack-Cali Realty LP [Member] | Disposal Group, Not Discontinued Operations [Member] | |
Real Estate Properties [Line Items] | |
Schedule Of Dispositions/Rental Property Held For Sale | Realized Gains Rentable Net Net (losses)/ Disposition # of Square Sales Book Unrealized Date Property/Address Location Bldgs. Feet Proceeds Value Losses, net 01/30/17 Cranford portfolio Cranford, New Jersey 6 435,976 $ 26,598 $ 22,736 $ 3,862 01/31/17 440 Route 22 East (a) Bridgewater, New Jersey 1 198,376 10,074 10,069 5 02/07/17 3 Independence Way Princeton, New Jersey 1 111,300 11,549 9,910 1,639 Totals 8 745,652 $ 48,221 $ 42,715 $ 5,506 (a) The Company recorded a valuation allowance of $7.7 million on this property during the year ended December 31, 2016. |
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 | March 31, 2017 Land $ 648 Buildings and improvements 2,919 Less: Accumulated depreciation (1,436) Rental property held for sale, net $ 2,131 |
Investments In Unconsolidated28
Investments In Unconsolidated Joint Ventures (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Summary Of Unconsolidated Joint Ventures | Property Debt Number of Company's Carrying Value As of March 31, 2017 Apartment Units Effective March 31, December 31, Maturity Interest Entity / Property Name or Rentable Square Feet (sf) Ownership % (a) 2017 2016 Balance Date Rate Multi-family Marbella RoseGarden, L.L.C./ Marbella (b) 412 units 24.27 % $ 14,990 $ 15,150 $ 95,000 05/01/18 4.99 % RoseGarden Monaco Holdings, L.L.C./ Monaco (b) 523 units 28.76 % (e) 8,857 - 165,000 02/01/21 4.19 % Rosewood Morristown, L.L.C. / Metropolitan at 40 Park (b) (c) 130 units 12.50 % 7,059 7,145 45,829 (d) (d) Riverwalk G Urban Renewal, L.L.C./ RiverTrace at Port Imperial 316 units 22.50 % 9,500 9,707 82,000 11/10/26 3.21 % Elmajo Urban Renewal Associates, LLC / Lincoln Harbor (Bldg A&C) (b) (o) 355 units 7.50 % - - - - - Crystal House Apartments Investors LLC / Crystal House (f) 794 units 25.00 % 30,821 30,565 165,000 04/01/20 3.17 % Roseland/Port Imperial Partners, L.P./ Riverwalk C (b) (g) 363 units 20.00 % 1,678 1,678 - - - RoseGarden Marbella South, L.L.C./ Marbella II 311 units 24.27 % 17,672 18,050 72,986 03/30/18 L+2.25 % (h) Estuary Urban Renewal Unit B, LLC / Lincoln Harbor (Bldg B) (b) (o) 227 units 7.50 % - - - - - Riverpark at Harrison I, L.L.C./ Riverpark at Harrison 141 units 45.00 % 2,006 2,085 30,000 08/01/25 3.70 % Capitol Place Mezz LLC / Station Townhouses 378 units 50.00 % 42,447 43,073 100,700 07/01/33 4.82 % Harborside Unit A Urban Renewal, L.L.C. / URL Harborside 762 units 85.00 % 100,646 100,188 173,919 08/01/29 5.197 % (i) RoseGarden Monaco, L.L.C./ San Remo Land 250 potential units 41.67 % 1,416 1,400 - - - 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) (n) 1,225,000 sf 50.00 % - 4,448 - - - Office Red Bank Corporate Plaza, L.L.C./ Red Bank 92,878 sf 50.00 % 4,454 4,339 14,326 05/17/17 L+3.00 % 12 Vreeland Associates, L.L.C./ 12 Vreeland Road 139,750 sf 50.00 % 6,315 6,237 10,658 07/01/23 2.87 % BNES Associates III / Offices at Crystal Lake 106,345 sf 31.25 % 3,130 3,124 5,311 11/01/23 4.76 % KPG-P 100 IMW JV, LLC / 100 Independence Mall West 339,615 sf (m) - - - - - Keystone-Penn 1,842,820 sf (m) - - - - - Keystone-TriState 1,266,384 sf (m) - 2,285 - - - KPG-MCG Curtis JV, L.L.C./ Curtis Center (j) 885,000 sf 50.00 % 69,286 65,400 (k) (k) (k) Other Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial 30,745 sf 20.00 % 1,695 1,706 - - - South Pier at Harborside / Hyatt Regency Jersey City on the Hudson 350 rooms 50.00 % - 163 99,065 10/01/26 3.668 % Other (l) 879 1,005 - - - Totals: $ 325,150 $ 320,047 $ 1,059,794 (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 $37,438 , 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 $6,283 , 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 balance of $2,107 , which bears interest at LIBOR plus 250 basis points and matures in February 2020 . (e) On February 28, 2017, 9,122 Series A-1 Units were issued to the joint venture partner as non-cash consideration for the partner’s approximate 13.8 percent ownership interest in the joint venture. See Note 3: Recent Transactions – Unconsolidated Joint Venture Activity. (f) 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. (g) 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. (h) The construction loan had a maximum borrowing amount of $77,400 and provided, subject to certain conditions, two one -year extension options with a fee of 25 basis points for each year. On March 31, 2107, the Company exercised its first one -year extension option and concurrently the maximum borrowing amount was reduced to $75,000 . (i) 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. (j) Includes undivided interests in the same manner as investments in noncontrolling partnership, pursuant to ASC 970-323-25-12. (k) See Note 9: Mortgages, Loans Payable and Other Obligations for debt secured by interests in these assets. (l) 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. (m) On January 31, 2017, the Company sold its equity interest in the joint venture. See Note 3: Recent Transactions - Unconsolidated Joint Venture Activity. (n) On February 3, 2017, the Company acquired the equity interest of its partner. See Note 3: Recent Transactions - Consolidation. (o) 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 | Three Months Ended March 31, Entity / Property Name 2017 2016 Multi-family Marbella RoseGarden, L.L.C./ Marbella $ 109 $ 84 RoseGarden Monaco Holdings, L.L.C./ Monaco (265) (291) Rosewood Morristown, L.L.C. / Metropolitan at 40 Park (85) (81) Riverwalk G Urban Renewal, L.L.C./ RiverTrace at Port Imperial 48 - Crystal House Apartments Investors LLC / Crystal House (293) (112) Roseland/Port Imperial Partners, L.P./ Riverwalk C (131) - RoseGarden Marbella South, L.L.C./ Marbella II 27 - Riverpark at Harrison I, L.L.C./ Riverpark at Harrison (11) (28) Capitol Place Mezz LLC / Station Townhouses (375) (767) Harborside Unit A Urban Renewal, L.L.C. / URL Harborside (145) (17) Grand Jersey Waterfront URA, L.L.C./ Liberty Landing (15) (60) Hillsborough 206 Holdings, L.L.C./ Hillsborough 206 (25) (19) Plaza VIII & IX Associates, L.L.C./ Vacant land (parking operations) 386 77 Office Red Bank Corporate Plaza, L.L.C./ Red Bank 106 101 12 Vreeland Associates, L.L.C./ 12 Vreeland Road 77 84 BNES Associates III / Offices at Crystal Lake 6 (194) Keystone-TriState - (477) KPG-MCG Curtis JV, L.L.C./ Curtis Center (41) 179 Other Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial (11) (16) South Pier at Harborside / Hyatt Regency Jersey City on the Hudson 587 (167) Other - 150 Company's equity in earnings (loss) of unconsolidated joint ventures $ (51) $ (1,554) |
Mack-Cali Realty LP [Member] | |
Summary Of Unconsolidated Joint Ventures | Property Debt Number of Company's Carrying Value As of March 31, 2017 Apartment Units Effective March 31, December 31, Maturity Interest Entity / Property Name or Rentable Square Feet (sf) Ownership % (a) 2017 2016 Balance Date Rate Multi-family Marbella RoseGarden, L.L.C./ Marbella (b) 412 units 24.27 % $ 14,990 $ 15,150 $ 95,000 05/01/18 4.99 % RoseGarden Monaco Holdings, L.L.C./ Monaco (b) 523 units 28.76 % (e) 8,857 - 165,000 02/01/21 4.19 % Rosewood Morristown, L.L.C. / Metropolitan at 40 Park (b) (c) 130 units 12.50 % 7,059 7,145 45,829 (d) (d) Riverwalk G Urban Renewal, L.L.C./ RiverTrace at Port Imperial 316 units 22.50 % 9,500 9,707 82,000 11/10/26 3.21 % Elmajo Urban Renewal Associates, LLC / Lincoln Harbor (Bldg A&C) (b) (o) 355 units 7.50 % - - - - - Crystal House Apartments Investors LLC / Crystal House (f) 794 units 25.00 % 30,821 30,565 165,000 04/01/20 3.17 % Roseland/Port Imperial Partners, L.P./ Riverwalk C (b) (g) 363 units 20.00 % 1,678 1,678 - - - RoseGarden Marbella South, L.L.C./ Marbella II 311 units 24.27 % 17,672 18,050 72,986 03/30/18 L+2.25 % (h) Estuary Urban Renewal Unit B, LLC / Lincoln Harbor (Bldg B) (b) (o) 227 units 7.50 % - - - - - Riverpark at Harrison I, L.L.C./ Riverpark at Harrison 141 units 45.00 % 2,006 2,085 30,000 08/01/25 3.70 % Capitol Place Mezz LLC / Station Townhouses 378 units 50.00 % 42,447 43,073 100,700 07/01/33 4.82 % Harborside Unit A Urban Renewal, L.L.C. / URL Harborside 762 units 85.00 % 100,646 100,188 173,919 08/01/29 5.197 % (i) RoseGarden Monaco, L.L.C./ San Remo Land 250 potential units 41.67 % 1,416 1,400 - - - 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) (n) 1,225,000 sf 50.00 % - 4,448 - - - Office Red Bank Corporate Plaza, L.L.C./ Red Bank 92,878 sf 50.00 % 4,454 4,339 14,326 05/17/17 L+3.00 % 12 Vreeland Associates, L.L.C./ 12 Vreeland Road 139,750 sf 50.00 % 6,315 6,237 10,658 07/01/23 2.87 % BNES Associates III / Offices at Crystal Lake 106,345 sf 31.25 % 3,130 3,124 5,311 11/01/23 4.76 % KPG-P 100 IMW JV, LLC / 100 Independence Mall West 339,615 sf (m) - - - - - Keystone-Penn 1,842,820 sf (m) - - - - - Keystone-TriState 1,266,384 sf (m) - 2,285 - - - KPG-MCG Curtis JV, L.L.C./ Curtis Center (j) 885,000 sf 50.00 % 69,286 65,400 (k) (k) (k) Other Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial 30,745 sf 20.00 % 1,695 1,706 - - - South Pier at Harborside / Hyatt Regency Jersey City on the Hudson 350 rooms 50.00 % - 163 99,065 10/01/26 3.668 % Other (l) 879 1,005 - - - Totals: $ 325,150 $ 320,047 $ 1,059,794 (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 $37,438 , 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 $6,283 , 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 balance of $2,107 , which bears interest at LIBOR plus 250 basis points and matures in February 2020 . (e) On February 28, 2017, 9,122 Series A-1 Units were issued to the joint venture partner as non-cash consideration for the partner’s approximate 13.8 percent ownership interest in the joint venture. See Note 3: Recent Transactions – Unconsolidated Joint Venture Activity. (f) 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. (g) 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. (h) The construction loan had a maximum borrowing amount of $77,400 and provided, subject to certain conditions, two one -year extension options with a fee of 25 basis points for each year. On March 31, 2107, the Company exercised its first one -year extension option and concurrently the maximum borrowing amount was reduced to $75,000 . (i) 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. (j) Includes undivided interests in the same manner as investments in noncontrolling partnership, pursuant to ASC 970-323-25-12. (k) See Note 9: Mortgages, Loans Payable and Other Obligations for debt secured by interests in these assets. (l) 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. (m) On January 31, 2017, the Company sold its equity interest in the joint venture. See Note 3: Recent Transactions - Unconsolidated Joint Venture Activity. (n) On February 3, 2017, the Company acquired the equity interest of its partner. See Note 3: Recent Transactions - Consolidation. (o) 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 | Three Months Ended March 31, Entity / Property Name 2017 2016 Multi-family Marbella RoseGarden, L.L.C./ Marbella $ 109 $ 84 RoseGarden Monaco Holdings, L.L.C./ Monaco (265) (291) Rosewood Morristown, L.L.C. / Metropolitan at 40 Park (85) (81) Riverwalk G Urban Renewal, L.L.C./ RiverTrace at Port Imperial 48 - Crystal House Apartments Investors LLC / Crystal House (293) (112) Roseland/Port Imperial Partners, L.P./ Riverwalk C (131) - RoseGarden Marbella South, L.L.C./ Marbella II 27 - Riverpark at Harrison I, L.L.C./ Riverpark at Harrison (11) (28) Capitol Place Mezz LLC / Station Townhouses (375) (767) Harborside Unit A Urban Renewal, L.L.C. / URL Harborside (145) (17) Grand Jersey Waterfront URA, L.L.C./ Liberty Landing (15) (60) Hillsborough 206 Holdings, L.L.C./ Hillsborough 206 (25) (19) Plaza VIII & IX Associates, L.L.C./ Vacant land (parking operations) 386 77 Office Red Bank Corporate Plaza, L.L.C./ Red Bank 106 101 12 Vreeland Associates, L.L.C./ 12 Vreeland Road 77 84 BNES Associates III / Offices at Crystal Lake 6 (194) Keystone-TriState - (477) KPG-MCG Curtis JV, L.L.C./ Curtis Center (41) 179 Other Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial (11) (16) South Pier at Harborside / Hyatt Regency Jersey City on the Hudson 587 (167) Other - 150 Company's equity in earnings (loss) of unconsolidated joint ventures $ (51) $ (1,554) |
Deferred Charges, Goodwill An29
Deferred Charges, Goodwill And Other Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Schedule Of Deferred Charges, Goodwill And Other Assets | March 31, December 31, (dollars in thousands) 2017 2016 Deferred leasing costs $ 208,353 $ 220,947 Deferred financing costs - unsecured revolving credit facility (a) 4,945 5,400 213,298 226,347 Accumulated amortization (94,616) (107,359) Deferred charges, net 118,682 118,988 Notes receivable (b) 5,019 13,251 In-place lease values, related intangibles and other assets, net 121,899 72,046 Goodwill (c) 2,945 2,945 Prepaid expenses and other assets, net 59,883 60,720 Total deferred charges, goodwill and other assets, net $ 308,428 $ 267,950 (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 March 31, 2017 , an interest-free note receivable with a net present value of $ 2.8 million which matures in April 2023 . The Company believes this balance is fully collectible. (c) All goodwill is attributable to the Company’s Multi-family Services segment. |
Schedule Of Fair Value Of The Derivative Financial Instruments | Fair Value Asset Derivatives designated March 31, December 31, as hedging instruments 2017 2016 Balance sheet location Interest rate swaps $ 4,066 $ 2,847 Deferred charges, goodwill and other assets Liability Derivatives designated as hedging instruments Interest rate swaps $ 34 $ - Accounts payable, accrued expenses and other liabilities |
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) 2017 2016 2017 2016 2017 2016 Three months ended March 31, Interest rate swaps $ 635 $ (7,187) Interest expense $ (592) $ (847) Interest and other investment income (loss) $ (43) $ (913) |
Mack-Cali Realty LP [Member] | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Schedule Of Deferred Charges, Goodwill And Other Assets | March 31, December 31, (dollars in thousands) 2017 2016 Deferred leasing costs $ 208,353 $ 220,947 Deferred financing costs - unsecured revolving credit facility (a) 4,945 5,400 213,298 226,347 Accumulated amortization (94,616) (107,359) Deferred charges, net 118,682 118,988 Notes receivable (b) 5,019 13,251 In-place lease values, related intangibles and other assets, net 121,899 72,046 Goodwill (c) 2,945 2,945 Prepaid expenses and other assets, net 59,883 60,720 Total deferred charges, goodwill and other assets, net $ 308,428 $ 267,950 (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 March 31, 2017 , an interest-free note receivable with a net present value of $ 2.8 million which matures in April 2023 . The Company believes this balance is fully collectible. (c) All goodwill is attributable to the Company’s Multi-family Services segment. |
Schedule Of Fair Value Of The Derivative Financial Instruments | Fair Value Asset Derivatives designated March 31, December 31, as hedging instruments 2017 2016 Balance sheet location Interest rate swaps $ 4,066 $ 2,847 Deferred charges, goodwill and other assets Liability Derivatives designated as hedging instruments Interest rate swaps $ 34 $ - Accounts payable, accrued expenses and other liabilities |
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) 2017 2016 2017 2016 2017 2016 Three months ended March 31, Interest rate swaps $ 635 $ (7,187) Interest expense $ (592) $ (847) Interest and other investment income (loss) $ (43) $ (913) |
Restricted Cash (Tables)
Restricted Cash (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Schedule Of Restricted Cash | March 31, December 31, 2017 2016 Security deposits $ 8,537 $ 8,778 Escrow and other reserve funds 49,059 45,174 Total restricted cash $ 57,596 $ 53,952 |
Mack-Cali Realty LP [Member] | |
Schedule Of Restricted Cash | March 31, December 31, 2017 2016 Security deposits $ 8,537 $ 8,778 Escrow and other reserve funds 49,059 45,174 Total restricted cash $ 57,596 $ 53,952 |
Senior Unsecured Notes (Tables)
Senior Unsecured Notes (Tables) - Unsecured Note [Member] | 3 Months Ended |
Mar. 31, 2017 | |
Debt Instrument [Line Items] | |
Summary Of Senior Unsecured Notes | March 31, December 31, Effective 2017 2016 Rate (1) 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 825,000 825,000 Adjustment for unamortized debt discount (4,190) (4,430) Unamortized deferred financing costs (2,986) (3,215) Total senior unsecured notes, net $ 817,824 $ 817,355 (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. |
Mack-Cali Realty LP [Member] | |
Debt Instrument [Line Items] | |
Summary Of Senior Unsecured Notes | March 31, December 31, Effective 2017 2016 Rate (1) 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 825,000 825,000 Adjustment for unamortized debt discount (4,190) (4,430) Unamortized deferred financing costs (2,986) (3,215) Total senior unsecured notes, net $ 817,824 $ 817,355 (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. |
Unsecured Revolving Credit Fa32
Unsecured Revolving Credit Facility And Term Loans (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 |
2017 Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Schedule Of Interest Rates On Outstanding Borrowings, Alternate Base Rate Loans, And Facility Fee | Interest Rate - Applicable Basis Points Operating Partnership's Interest Rate - Above LIBOR for Unsecured Debt Ratings: Applicable Basis Points Alternate Base Rate Facility Fee Higher of S&P or Moody's Above LIBOR Loans Basis Points No ratings or less than BBB-/Baa3 155.0 55.0 30.0 BBB- or Baa3 (current interest rate based on Company's election) 120.0 20.0 25.0 BBB or Baa2 100.0 0.0 20.0 BBB+ or Baa1 90.0 0.0 15.0 A- or A3 or higher 87.5 0.0 12.5 |
Schedule Of Defined Leverage Ration, Including Interest Rate, Alternate Base Rate Loans, And Facility Fee | Interest Rate - Applicable Basis Points Interest Rate - Above LIBOR for Applicable Basis Alternate Base Rate Facility Fee Total Leverage Ratio Points above LIBOR Loans Basis Points < 45% 125.0 25.0 20.0 ≥ 45% and < 50% (current ratio) 130.0 30.0 25.0 ≥ 50% and < 55% 135.0 35.0 30.0 ≥ 55% 160.0 60.0 35.0 |
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 |
Mack-Cali Realty LP [Member] | 2017 Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Schedule Of Interest Rates On Outstanding Borrowings, Alternate Base Rate Loans, And Facility Fee | Interest Rate - Applicable Basis Points Operating Partnership's Interest Rate - Above LIBOR for Unsecured Debt Ratings: Applicable Basis Points Alternate Base Rate Facility Fee Higher of S&P or Moody's Above LIBOR Loans Basis Points No ratings or less than BBB-/Baa3 155.0 55.0 30.0 BBB- or Baa3 (current interest rate based on Company's election) 120.0 20.0 25.0 BBB or Baa2 100.0 0.0 20.0 BBB+ or Baa1 90.0 0.0 15.0 A- or A3 or higher 87.5 0.0 12.5 |
Schedule Of Defined Leverage Ration, Including Interest Rate, Alternate Base Rate Loans, And Facility Fee | Interest Rate - Applicable Basis Points Interest Rate - Above LIBOR for Applicable Basis Alternate Base Rate Facility Fee Total Leverage Ratio Points above LIBOR Loans Basis Points < 45% 125.0 25.0 20.0 ≥ 45% and < 50% (current ratio) 130.0 30.0 25.0 ≥ 50% and < 55% 135.0 35.0 30.0 ≥ 55% 160.0 60.0 35.0 |
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 33
Mortgages, Loans Payable And Other Obligations (Tables) - Secured Debt [Member] | 3 Months Ended |
Mar. 31, 2017 | |
Debt Instrument [Line Items] | |
Summary Of Mortgages, Loans Payable And Other Obligations | Effective March 31, December 31, Property/Project Name Lender Rate (a) 2017 2016 Maturity 150 Main St. Webster Bank LIBOR+2.35 % $ 28,540 $ 26,642 08/01/17 Curtis Center (b) CCRE & PREFG LIBOR+5.912 % 75,000 75,000 10/09/17 23 Main Street Berkadia CMBS 5.587 % 27,650 27,838 09/01/18 Port Imperial 4/5 Hotel (c) Fifth Third Bank & Santander LIBOR+4.50 % 24,530 14,919 10/06/18 Harborside Plaza 5 The Northwestern Mutual Life 6.842 % 212,572 213,640 11/01/18 Insurance Co. & New York Life Insurance Co. Chase II (d) Fifth Third Bank LIBOR+2.25 % 40,317 34,708 12/16/18 One River Center (e) Guardian Life Insurance Co. 7.311 % 41,024 41,197 02/01/19 Park Square Wells Fargo Bank N.A. LIBOR+1.872 % 27,500 27,500 04/10/19 250 Johnson (f) M&T Bank LIBOR+2.35 % 6,147 2,440 05/20/19 Portside 5/6 (g) Citizens Bank LIBOR+2.50 % 8,084 - 09/19/19 Port Imperial South 11 (h) JPMorgan Chase LIBOR+2.35 % 22,246 14,073 11/24/19 Worcester (i) Citizens Bank LIBOR+2.50 % 5,036 12/10/19 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 72,500 02/01/23 Portside 7 CBRE Capital Markets/ 3.569 % 58,998 58,998 08/01/23 FreddieMac Alterra I & II Capital One/FreddieMac 3.854 % 100,000 - 02/01/24 101 Hudson Wells Fargo CMBS 3.197 % 250,000 250,000 10/11/26 Short Hills office buildings (j) Wells Fargo CMBS 4.149 % 124,500 - 04/01/27 Port Imperial South 4/5 Garage American General Life & A/G PC 4.853 % 32,600 32,600 12/01/29 Principal balance outstanding 1,161,244 896,055 Unamortized deferred financing costs (8,801) (7,470) Total mortgages, loans payable and other obligations, net $ 1,152,443 $ 888,585 (a) Reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable. (b) The 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 4.207 percent at March 31, 2017 and its 50 percent interest in a $48 million mezzanine loan with a current rate of 10.413 percent at March 31, 2017. 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. (c) This construction loan has a maximum borrowing capacity of $94 million. (d) This construction loan has a maximum borrowing capacity of $48 million. (e) Mortgage is collateralized by the three properties comprising One River Center. (f) This construction loan has a maximum borrowing capacity of $42 million. (g) This construction loan has a maximum borrowing capacity of $73 million. (h) This construction loan has a maximum borrowing capacity of $78 million. (i) This construction loan has a maximum borrowing capacity of $58 million. (j) This mortgage loan was obtained by the Company in March 2017 to partially fund the acquisition of the Short Hills/Madison portfolio. |
Mack-Cali Realty LP [Member] | |
Debt Instrument [Line Items] | |
Summary Of Mortgages, Loans Payable And Other Obligations | Effective March 31, December 31, Property/Project Name Lender Rate (a) 2017 2016 Maturity 150 Main St. Webster Bank LIBOR+2.35 % $ 28,540 $ 26,642 08/01/17 Curtis Center (b) CCRE & PREFG LIBOR+5.912 % 75,000 75,000 10/09/17 23 Main Street Berkadia CMBS 5.587 % 27,650 27,838 09/01/18 Port Imperial 4/5 Hotel (c) Fifth Third Bank & Santander LIBOR+4.50 % 24,530 14,919 10/06/18 Harborside Plaza 5 The Northwestern Mutual Life 6.842 % 212,572 213,640 11/01/18 Insurance Co. & New York Life Insurance Co. Chase II (d) Fifth Third Bank LIBOR+2.25 % 40,317 34,708 12/16/18 One River Center (e) Guardian Life Insurance Co. 7.311 % 41,024 41,197 02/01/19 Park Square Wells Fargo Bank N.A. LIBOR+1.872 % 27,500 27,500 04/10/19 250 Johnson (f) M&T Bank LIBOR+2.35 % 6,147 2,440 05/20/19 Portside 5/6 (g) Citizens Bank LIBOR+2.50 % 8,084 - 09/19/19 Port Imperial South 11 (h) JPMorgan Chase LIBOR+2.35 % 22,246 14,073 11/24/19 Worcester (i) Citizens Bank LIBOR+2.50 % 5,036 12/10/19 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 72,500 02/01/23 Portside 7 CBRE Capital Markets/ 3.569 % 58,998 58,998 08/01/23 FreddieMac Alterra I & II Capital One/FreddieMac 3.854 % 100,000 - 02/01/24 101 Hudson Wells Fargo CMBS 3.197 % 250,000 250,000 10/11/26 Short Hills office buildings (j) Wells Fargo CMBS 4.149 % 124,500 - 04/01/27 Port Imperial South 4/5 Garage American General Life & A/G PC 4.853 % 32,600 32,600 12/01/29 Principal balance outstanding 1,161,244 896,055 Unamortized deferred financing costs (8,801) (7,470) Total mortgages, loans payable and other obligations, net $ 1,152,443 $ 888,585 (a) Reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable. (b) The 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 4.207 percent at March 31, 2017 and its 50 percent interest in a $48 million mezzanine loan with a current rate of 10.413 percent at March 31, 2017. 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. (c) This construction loan has a maximum borrowing capacity of $94 million. (d) This construction loan has a maximum borrowing capacity of $48 million. (e) Mortgage is collateralized by the three properties comprising One River Center. (f) This construction loan has a maximum borrowing capacity of $42 million. (g) This construction loan has a maximum borrowing capacity of $73 million. (h) This construction loan has a maximum borrowing capacity of $78 million. (i) This construction loan has a maximum borrowing capacity of $58 million. (j) This mortgage loan was obtained by the Company in March 2017 to partially fund the acquisition of the Short Hills/Madison portfolio. |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Future Minimum Rental Payments Of Ground Leases | Year Amount April 1 through December 31, 2017 $ 1,518 2018 1,989 2019 1,999 2020 2,015 2021 2,015 2022 through 2084 170,248 Total $ 179,784 |
Mack-Cali Realty LP [Member] | |
Future Minimum Rental Payments Of Ground Leases | Year Amount April 1 through December 31, 2017 $ 1,518 2018 1,989 2019 1,999 2020 2,015 2021 2,015 2022 through 2084 170,248 Total $ 179,784 |
Tenant Leases (Tables)
Tenant Leases (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Future Minimum Rentals To Be Received Under Non-Cancelable Operating Leases | Year Amount April 1 through December 31, 2017 $ 337,200 2018 388,207 2019 336,123 2020 291,066 2021 256,013 2022 and thereafter 1,038,262 Total $ 2,646,871 |
Mack-Cali Realty LP [Member] | |
Future Minimum Rentals To Be Received Under Non-Cancelable Operating Leases | Year Amount April 1 through December 31, 2017 $ 337,200 2018 388,207 2019 336,123 2020 291,066 2021 256,013 2022 and thereafter 1,038,262 Total $ 2,646,871 |
Redeemable Noncontrolling Int36
Redeemable Noncontrolling Interests (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Schedule Of Changes In The Value Of The Redeemable Noncontrolling Interests | Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRL.P in RRT Interests Balance January 1, 2017 $ - $ - $ - Redeemable NCI Issued 51,922 150,000 201,922 Issuance Costs (464) (10,534) (10,998) Net 51,458 139,466 190,924 Income Attributed to Noncontrolling Interests 265 527 792 Distributions (265) (527) (792) Redemption Value Adjustment 729 11,061 11,790 NCI at Redemption Value March 31, 2017 $ 52,187 $ 150,527 $ 202,714 |
Mack-Cali Realty LP [Member] | |
Schedule Of Changes In The Value Of The Redeemable Noncontrolling Interests | Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRL.P in RRT Interests Balance January 1, 2017 $ - $ - $ - Redeemable NCI Issued 51,922 150,000 201,922 Issuance Costs (464) (10,534) (10,998) Net 51,458 139,466 190,924 Income Attributed to Noncontrolling Interests 265 527 792 Distributions (265) (527) (792) Redemption Value Adjustment 729 11,061 11,790 NCI at Redemption Value March 31, 2017 $ 52,187 $ 150,527 $ 202,714 |
Mack-Cali Realty Corporation 37
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Schedule Of Stock Option Plans | Weighted Aggregate Average Intrinsic Shares Exercise Value Under Options Price $(000’s) Outstanding at January 1, 2017 800,000 $ 17.31 $ 9,368 Granted, Lapsed or Cancelled - - Outstanding at March 31, 2017 ( $17.31 ) 800,000 $ 17.31 $ 7,704 Options exercisable at March 31, 2017 533,334 Available for grant at March 31, 2017 2,702,671 |
Schedule Of Restricted Stock Awards | Weighted-Average Grant – Date Shares Fair Value Outstanding at January 1, 2017 145,278 $ 21.76 Vested (82,493) 21.25 Outstanding at March 31, 2017 62,785 $ 22.42 |
Schedule Of Basic And Diluted Earnings Per Share | Three Months Ended March 31, Computation of Basic EPS 2017 2016 Net income $ 22,729 $ 68,769 Add: Noncontrolling interest in consolidated joint ventures 237 706 Add (deduct): Noncontrolling interest in Operating Partnership (2,295) (7,284) Deduct: Redeemable noncontrolling interest (792) - Deduct: Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders (9,860) - Net income available to common shareholders for basic earnings per share $ 10,019 $ 62,191 Weighted average common shares 89,955 89,721 Basic EPS : Net income available to common shareholders $ 0.11 $ 0.69 Three Months Ended March 31, Computation of Diluted EPS 2017 2016 Net income available to common shareholders for basic earnings per share $ 10,019 $ 62,191 Add (deduct): Noncontrolling interest in Operating Partnership 2,295 7,284 Deduct: Redemption value adjustment of redeemable noncontrolling interests attributable to the Operating Partnership unitholders (1,138) - Net income for diluted earnings per share $ 11,176 $ 69,475 Weighted average common shares 100,637 100,315 Diluted EPS : Net income available to common shareholders $ 0.11 $ 0.69 The following schedule reconciles the weighted average shares used in the basic EPS calculation to the shares used in the diluted EPS calculation: (in thousands) Three Months Ended March 31, 2017 2016 Basic EPS shares 89,955 89,721 Add: Operating Partnership – common units 10,384 10,509 Restricted Stock Awards 1 56 Stock Options 297 29 Diluted EPS Shares 100,637 100,315 |
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, 2017 800,000 $ 17.31 $ 9,368 Granted, Lapsed or Cancelled - - Outstanding at March 31, 2017 ( $17.31 ) 800,000 $ 17.31 $ 7,704 Options exercisable at March 31, 2017 533,334 Available for grant at March 31, 2017 2,702,671 |
Schedule Of Restricted Stock Awards | Weighted-Average Grant – Date Shares Fair Value Outstanding at January 1, 2017 145,278 $ 21.76 Vested (82,493) 21.25 Outstanding at March 31, 2017 62,785 $ 22.42 |
Schedule Of Basic And Diluted Earnings Per Share | Three Months Ended March 31, Computation of Basic EPU 2017 2016 Net income $ 22,729 $ 68,769 Add: Noncontrolling interest in consolidated joint ventures 237 706 Deduct: Redeemable noncontrolling interest (792) - Deduct: Redemption value adjustment of redeemable noncontrolling interests (10,998) - Net income available to common unitholders for basic earnings per unit $ 11,176 $ 69,475 Weighted average common units 100,339 100,230 Basic EPU : Net income available to common unitholders $ 0.11 $ 0.69 Three Months Ended March 31, Computation of Diluted EPU 2017 2016 Net income available to common unitholders for basic earnings per unit $ 11,176 $ 69,475 Weighted average common unit 100,637 100,315 Diluted EPU : Net income available to common unitholders $ 0.11 $ 0.69 The following schedule reconciles the weighted average units used in the basic EPU calculation to the units used in the diluted EPU calculation: (in thousands) Three Months Ended March 31, 2017 2016 Basic EPU units 100,339 100,230 Add: Restricted Stock Awards 1 56 Stock Options 297 29 Diluted EPU Units 100,637 100,315 |
Noncontrolling Interests In S38
Noncontrolling Interests In Subsidiaries (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Noncontrolling Interests In Subsidiaries [Abstract] | |
Schedule Of Activity Of Noncontrolling Interests | Three Months Ended March 31, 2017 2016 Balance at January 1 $ 199,516 $ 228,032 Net income 2,850 6,578 Unit distributions (1,647) (1,601) Redeemable noncontrolling interest (1,930) - Decrease in noncontrolling interests in consolidated joint ventures (14) 997 Redemption of common units for common stock (2,531) (276) Stock compensation 644 173 Other comprehensive income (loss) 127 (665) Rebalancing of ownership percentage between parent and subsidiaries (443) (118) Balance at March 31 $ 196,572 $ 233,120 |
Changes In Noncontrolling Interests Of Subsidiaries | Common LTIP Units Units Balance at January 1, 2017 10,488,105 657,373 Redemption of common units for shares of common stock (148,661) Cancellation of units - (4,819) Balance at March 31, 2017 10,339,444 652,554 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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: Three months ended: March 31, 2017 $ 134,763 $ 8,843 $ 9,252 (e) $ (2,971) $ 149,887 March 31, 2016 $ 136,952 $ 8,986 $ 8,727 (f) $ (1,742) $ 152,923 Total operating and interest expenses (a): Three months ended: March 31, 2017 $ 63,665 $ 5,058 $ 9,417 (g) $ 19,166 $ 97,306 March 31, 2016 $ 65,955 $ 5,415 $ 10,820 (h) $ 26,103 $ 108,293 Equity in earnings (loss) of unconsolidated joint ventures: Three months ended: March 31, 2017 $ 412 $ (786) $ 323 $ - $ (51) March 31, 2016 $ (1,926) $ (1,231) $ 1,603 $ - $ (1,554) Net operating income (loss) (b): Three months ended: March 31, 2017 $ 71,510 $ 2,999 $ 158 $ (22,137) $ 52,530 March 31, 2016 $ 69,071 $ 2,340 $ (490) $ (27,845) $ 43,076 Total assets: March 31, 2017 $ 3,760,432 $ 1,116,152 $ 13,047 $ 24,596 $ 4,914,227 December 31, 2016 $ 3,344,396 $ 887,394 $ 17,207 $ 47,769 $ 4,296,766 Total long-lived assets (c): March 31, 2017 $ 3,342,294 $ 704,593 $ 4,659 $ (6,521) $ 4,045,025 December 31, 2016 $ 2,999,820 $ 618,038 $ 4,609 $ (5,933) $ 3,616,534 Total investments in unconsolidated joint ventures: March 31, 2017 $ 83,186 $ 241,085 $ 879 $ - $ 325,150 December 31, 2016 $ 81,549 $ 237,493 $ 1,005 $ - $ 320,047 (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, acquisition related costs and interest expense (net of interest income). All interest expense, net of interest and other investment income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods. (b) Net operating income represents total revenues less total operating and interest expenses (as defined in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the period. (c) Long-lived assets are comprised of net investment in rental property, unbilled rents receivable and goodwill. (d) Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense, construction services revenue and direct construction costs) as well as intercompany eliminations necessary to reconcile to consolidated Company totals. (e) Includes $ 1.8 million of fees and salary reimbursements earned for the three months ended March 31, 2017 , from the multi-family real estate segment, which are eliminated in consolidation. (f) Includes $ 2.7 million of fees and salary reimbursements earned for the three months ended March 31, 2016, from the multi-family real estate segment, which are eliminated in consolidation. (g) Includes $3.6 million of management fees and salary reimbursement expenses for the three months ended March 31, 2017 , from the multi-family real estate segment, which are eliminated in consolidation. (h) Includes $1.4 million of management fees and salary reimbursement expenses for the three months ended March 31, 2016, 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 | Three Months Ended March 31, 2017 2016 Net operating income $ 52,530 $ 43,076 Add (deduct): Depreciation and amortization (47,631) (43,063) Gain on change of control of interests - 10,156 Realized gains (losses) and unrealized losses on disposition of rental property, net 5,506 58,600 Gain on sale of investment in unconsolidated joint venture 12,563 - Loss from extinguishment of debt, net (239) - Net income 22,729 68,769 Noncontrolling interest in consolidated joint ventures 237 706 Noncontrolling interest in Operating Partnership (2,295) (7,284) Redeemable noncontrolling interest (792) - Net income available to common shareholders $ 19,879 $ 62,191 |
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: Three months ended: March 31, 2017 $ 134,763 $ 8,843 $ 9,252 (e) $ (2,971) $ 149,887 March 31, 2016 $ 136,952 $ 8,986 $ 8,727 (f) $ (1,742) $ 152,923 Total operating and interest expenses (a): Three months ended: March 31, 2017 $ 63,665 $ 5,058 $ 9,417 (g) $ 19,166 $ 97,306 March 31, 2016 $ 65,955 $ 5,415 $ 10,820 (h) $ 26,103 $ 108,293 Equity in earnings (loss) of unconsolidated joint ventures: Three months ended: March 31, 2017 $ 412 $ (786) $ 323 $ - $ (51) March 31, 2016 $ (1,926) $ (1,231) $ 1,603 $ - $ (1,554) Net operating income (loss) (b): Three months ended: March 31, 2017 $ 71,510 $ 2,999 $ 158 $ (22,137) $ 52,530 March 31, 2016 $ 69,071 $ 2,340 $ (490) $ (27,845) $ 43,076 Total assets: March 31, 2017 $ 3,760,432 $ 1,116,152 $ 13,047 $ 24,596 $ 4,914,227 December 31, 2016 $ 3,344,396 $ 887,394 $ 17,207 $ 47,769 $ 4,296,766 Total long-lived assets (c): March 31, 2017 $ 3,342,294 $ 704,593 $ 4,659 $ (6,521) $ 4,045,025 December 31, 2016 $ 2,999,820 $ 618,038 $ 4,609 $ (5,933) $ 3,616,534 Total investments in unconsolidated joint ventures: March 31, 2017 $ 83,186 $ 241,085 $ 879 $ - $ 325,150 December 31, 2016 $ 81,549 $ 237,493 $ 1,005 $ - $ 320,047 (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, acquisition related costs and interest expense (net of interest income). All interest expense, net of interest and other investment income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods. (b) Net operating income represents total revenues less total operating and interest expenses (as defined in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the period. (c) Long-lived assets are comprised of net investment in rental property, unbilled rents receivable and goodwill. (d) Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense, construction services revenue and direct construction costs) as well as intercompany eliminations necessary to reconcile to consolidated Company totals. (e) Includes $ 1.8 million of fees and salary reimbursements earned for the three months ended March 31, 2017 , from the multi-family real estate segment, which are eliminated in consolidation. (f) Includes $ 2.7 million of fees and salary reimbursements earned for the three months ended March 31, 2016, from the multi-family real estate segment, which are eliminated in consolidation. (g) Includes $3.6 million of management fees and salary reimbursement expenses for the three months ended March 31, 2017 , from the multi-family real estate segment, which are eliminated in consolidation. (h) Includes $1.4 million of management fees and salary reimbursement expenses for the three months ended March 31, 2016, 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 | Three Months Ended March 31, 2017 2016 Net operating income $ 52,530 $ 43,076 Add (deduct): Depreciation and amortization (47,631) (43,063) Gain on change of control of interests - 10,156 Realized gains (losses) and unrealized losses on disposition of rental property, net 5,506 58,600 Gain on sale of investment in unconsolidated joint venture 12,563 - Loss from extinguishment of debt, net (239) - Net income 22,729 68,769 Noncontrolling interest in consolidated joint ventures 237 706 Redeemable noncontrolling interest (792) - Net income available to common unitholders $ 22,174 $ 69,475 |
Organization And Basis Of Pre40
Organization And Basis Of Presentation (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2017USD ($)ft²statepropertyitem | Dec. 31, 2016USD ($) | |
Real Estate Properties [Line Items] | ||
Percentage of ownership interest | 89.70% | 89.50% |
Number of properties owned or investment interests | 214 | |
Aggregate square feet of the property owned or investment interest | ft² | 22,900,000 | |
Number of states where properties are located | state | 6 | |
Consolidated joint ventures, total real estate assets | $ | $ 211.3 | $ 201.9 |
Consolidated joint ventures, mortgages | $ | 90 | 78.4 |
Consolidated joint ventures, other liabilities | $ | $ 16.3 | $ 19.2 |
Commercial Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of tenants | item | 1,200 | |
Multi-Family Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties owned or investment interests | 17 | |
Number of units | item | 5,032 | |
Office And Office/Flex Buildings [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties owned or investment interests | 94 | |
Office [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties owned or investment interests | 87 | |
Aggregate square feet of the property owned or investment interest | ft² | 17,600,000 | |
Office Flex Buildings [Member] | ||
Real Estate Properties [Line Items] | ||
Aggregate square feet of the property owned or investment interest | ft² | 4,800,000 | |
Flex Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties owned or investment interests | 110 | |
Unconsolidated Joint Venture Office Buildings [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties owned or investment interests | 5 | |
Aggregate square feet of the property owned or investment interest | ft² | 1,400,000 | |
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 | 8 | |
Number of units | item | 3,005 | |
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 Polici41
Significant Accounting Policies (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2016 | Apr. 05, 2017 | Jan. 05, 2017 | |
Significant Accounting Policies [Line Items] | ||||||
Capitalized development and construction salaries and other related costs | $ 600,000 | $ 600,000 | ||||
Construction, tenant improvement, and development in-progress | $ 367,200,000 | $ 361,100,000 | $ 361,100,000 | |||
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 | |||||
Amortization of deferred financing costs | 1,103,000 | 1,169,000 | ||||
Loss from extinguishment of debt, net | (239,000) | |||||
Write off of unamortized deferred financing costs | 239,000 | |||||
Deferred leasing costs | 1,042,000 | 780,000 | ||||
Deferred tax asset | 16,900,000 | |||||
Income taxes, material adjustment amount | $ 0 | |||||
Common stock, shares outstanding | 89,844,752 | 89,696,713 | 89,696,713 | 89,696,824 | ||
Common units outstanding | 10,339,444 | 10,488,105 | 10,488,105 | 10,488,105 | ||
LTIP units outstanding | 652,554 | 657,373 | 657,373 | 657,373 | ||
Distributions payable, record date | Apr. 5, 2017 | Jan. 5, 2017 | ||||
Distributions payable, approved date | Mar. 14, 2017 | Dec. 13, 2016 | ||||
Common stock dividends and common unit distributions per share | $ 0.15 | $ 0.15 | ||||
Restricted stock expense | $ 1,053,000 | $ 785,000 | ||||
Distributions payable, pay date | Apr. 13, 2017 | Jan. 13, 2017 | ||||
Subsequent Event [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Common stock, shares outstanding | 89,874,940 | |||||
Common units outstanding | 10,339,443 | |||||
LTIP units outstanding | 652,554 | |||||
Mack-Cali Realty LP [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Loss from extinguishment of debt, net | $ (239,000) |
Significant Accounting Polici42
Significant Accounting Policies (Estimated Useful Lives Of Assets) (Details) | 3 Months Ended |
Mar. 31, 2017 | |
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 (Consolidat
Recent Transactions (Consolidation) (Narrative) (Details) - USD ($) $ in Thousands | Feb. 03, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Feb. 02, 2017 | Dec. 31, 2016 |
Real Estate Properties [Line Items] | |||||
Acquisition cost | $ 6,625 | $ 7,225 | |||
Consolidated joint ventures, total real estate assets | 211,300 | $ 201,900 | |||
Mack-Cali Realty LP [Member] | |||||
Real Estate Properties [Line Items] | |||||
Acquisition cost | $ 6,625 | $ 7,225 | |||
Mack-Cali Realty LP [Member] | Series A Units [Member] | |||||
Real Estate Properties [Line Items] | |||||
Preferred units shares issued | 42,800 | ||||
Percentage of interest in venture | 37.50% | ||||
Preferred unit annual rate | 3.50% | ||||
Preferred units aggregate amount | $ 42,800 | ||||
Plaza VIII & IX Associates, L.L.C. [Member] | |||||
Real Estate Properties [Line Items] | |||||
Percentage of interest in venture | 50.00% | ||||
Percentage of additional interest acquired | 12.50% | ||||
Acquisition cost | $ 14,300 | ||||
Consolidated joint ventures, total real estate assets | $ 60,600 |
Recent Transactions (Rental Pro
Recent Transactions (Rental Property Held for Sale, Net) (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2017USD ($)ft²itemproperty | |
Multi-Family Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of units | item | 5,032 |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |
Real Estate Properties [Line Items] | |
Assets held for sale, Deferred charges and other assets | $ 19,000 |
Assets held for sale, Unbilled rents receivable, net | 39,000 |
Assets held for sale, Accounts payable, accrued expenses and other liabilities | 35,000 |
Expected assets to be written off | 47,000 |
Expected liabilities to be written off | $ 12,000 |
East Brunswick, New Jersey [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Office [Member] | |
Real Estate Properties [Line Items] | |
Area of property (in square feet) | ft² | 40,000 |
Number of properties held for sale | property | 1 |
Estimated expected sales proceeds | $ 3,500,000 |
Recent Transactions (Rockpoint
Recent Transactions (Rockpoint Transaction) (Narrative) (Details) - Investment Agreement [Member] - Rockpoint [Member] - USD ($) $ in Millions | Mar. 10, 2017 | Feb. 27, 2017 | Mar. 31, 2017 |
Preferred Units [Line Items] | |||
Incremental closing payments, Limited Partnership interest | $ 150 | ||
Minimum [Member] | |||
Preferred Units [Line Items] | |||
Incremental closing payments, Limited Partnership interest | $ 10 | ||
Maximum [Member] | |||
Preferred Units [Line Items] | |||
Contributed amount to obtain equity units | $ 300 |
Recent Transactions (Unconsolid
Recent Transactions (Unconsolidated Joint Venture Activity) (Narrative) (Details) | Feb. 28, 2017USD ($)ft²itemshares | Feb. 15, 2017USD ($) | Jan. 31, 2017USD ($) | Apr. 30, 2017USD ($)shares | Mar. 31, 2017USD ($)item | Mar. 31, 2016USD ($) | May 01, 2017 | Dec. 31, 2016 |
Real Estate Properties [Line Items] | ||||||||
Gain on sale of investment in unconsolidated joint venture | $ 12,563,000 | |||||||
Proceeds from the sale of investments in unconsolidated joint ventures | $ 14,849,000 | |||||||
Expiration period | 10 years | |||||||
Investment in unconsolidated joint ventures | $ 6,625,000 | $ 7,225,000 | ||||||
Percentage of ownership interest | 89.70% | 89.50% | ||||||
Series A-1 Units [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Percentage of ownership interest | 29.00% | |||||||
Multi-Family Properties [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of units | item | 5,032 | |||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of units | item | 3,005 | |||||||
Mack-Cali Realty LP [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Gain on sale of investment in unconsolidated joint venture | $ 12,563,000 | |||||||
Proceeds from the sale of investments in unconsolidated joint ventures | 14,849,000 | |||||||
Investment in unconsolidated joint ventures | $ 6,625,000 | $ 7,225,000 | ||||||
Mack-Cali Realty LP [Member] | Series A-1 Units [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Preferred units shares issued | shares | 9,213 | |||||||
Preferred unit annual rate | 3.50% | |||||||
Percentage of interest in venture | 13.80% | |||||||
Preferred unit in operating partnership | $ 1,000 | |||||||
Expiration period | 5 years | |||||||
KPG-P 100 IMW JV, LLC, Keystone-Penn And Keystone-Tristate [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Gain on sale of investment in unconsolidated joint venture | $ 7,400,000 | |||||||
Proceeds from the sale of investments in unconsolidated joint ventures | $ 9,700,000 | |||||||
Elmajo Urban Renewal Associates, LLC And Estuary Urban Renewal Associates, LLC [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Percentage of interest in venture | 7.50% | |||||||
Proceeds from the sale of investments in unconsolidated joint ventures | $ 5,100,000 | |||||||
Elmajo Urban Renewal Associates, LLC And Estuary Urban Renewal Associates, LLC [Member] | Unconsolidated Joint Venture Multi-Family Properties [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Gain on sale of investment in unconsolidated joint venture | $ 5,100,000 | |||||||
Percentage of interest in venture | 7.50% | |||||||
Proceeds from the sale of investments in unconsolidated joint ventures | $ 5,100,000 | |||||||
Monaco Towers [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of units | item | 523 | |||||||
Number of parking spaces | item | 558 | |||||||
Number of towers | item | 2 | |||||||
Number of stories | item | 50 | |||||||
Area of property (in square feet) | ft² | 12,300 | |||||||
Monaco Towers [Member] | Series A-1 Units [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Percentage of interest in venture | 13.80% | |||||||
Monaco Towers [Member] | Mack-Cali Realty LP [Member] | Series A-1 Units [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Preferred units shares issued | shares | 9,122 | |||||||
Preferred units aggregate amount | $ 9,100,000 | |||||||
Subsequent Event [Member] | Mack-Cali Realty LP [Member] | Series A-1 Units [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Preferred units shares issued | shares | 91 | |||||||
Subsequent Event [Member] | Monaco Towers [Member] | Mack-Cali Realty LP [Member] | Series A-1 Units [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Percentage of interest in venture | 71.20% | 100.00% | ||||||
Investment in unconsolidated joint ventures | $ 130,000,000 | |||||||
Debt assumed | $ 165,000,000 |
Recent Transactions (Schedule O
Recent Transactions (Schedule Of Properties Acquired) (Details) | 3 Months Ended | ||
Mar. 31, 2017USD ($)ft²item | Dec. 31, 2016USD ($) | ||
Business Acquisition [Line Items] | |||
Number of Buildings, Acquired | item | 9 | ||
Rentable Square Feet, Acquired | ft² | 1,392,500 | ||
Acquisition Cost | $ 394,589,000 | ||
Loan balance | $ 2,731,204,000 | $ 2,340,009,000 | |
Red Bank Portfolio [Member] | |||
Business Acquisition [Line Items] | |||
Number of Buildings, Acquired | item | [1] | 3 | |
Rentable Square Feet, Acquired | ft² | [1] | 279,472 | |
Acquisition Cost | [1] | $ 27,228,000 | |
Short Hills / Madison Portfolio [Member] | |||
Business Acquisition [Line Items] | |||
Number of Buildings, Acquired | item | [2] | 6 | |
Rentable Square Feet, Acquired | ft² | [2] | 1,113,028 | |
Acquisition Cost | [2] | $ 367,361,000 | |
Unsecured Revolving Credit Facility [Member] | Short Hills / Madison Portfolio [Member] | |||
Business Acquisition [Line Items] | |||
Loan balance | $ 124,500,000 | ||
[1] | This acquisition was funded through borrowings under the Company's unsecured revolving credit facility. | ||
[2] | This acquisition was funded through borrowings under the Company's unsecured revolving credit facility and a new $124.5 million loan secured by three of the properties. |
Recent Transactions (Schedule48
Recent Transactions (Schedule Of Purchase Price Allocation) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017USD ($) | ||
Above Market, In-Place And Below Market Leases [Member] | ||
Business Acquisition [Line Items] | ||
Amortization period | 5 years 4 months 24 days | |
Red Bank Portfolio [Member] | ||
Business Acquisition [Line Items] | ||
Land and leasehold interest | $ 7,914 | |
Buildings and improvements and other assets | 16,047 | |
Above market leases | 118 | [1] |
In-place lease values | 3,171 | [1] |
Sub Total | 27,250 | |
Less: Below market lease values | (22) | [1] |
Net assets recorded upon acquisition | 27,228 | |
Short Hills / Madison Portfolio [Member] | ||
Business Acquisition [Line Items] | ||
Land and leasehold interest | 30,336 | |
Buildings and improvements and other assets | 295,299 | |
Above market leases | 6,367 | [1] |
In-place lease values | 45,604 | [1] |
Sub Total | 377,606 | |
Less: Below market lease values | (10,245) | [1] |
Net assets recorded upon acquisition | $ 367,361 | |
[1] | Above market, in-place and below market leases are being amortized over a weighted-average term of 5.4 years. |
Recent Transactions (Schedule49
Recent Transactions (Schedule Of Dispositions/Rental Property Held For Sale) (Details) - Disposal Group, Not Discontinued Operations [Member] $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017USD ($)ft²item | Dec. 31, 2016USD ($) | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of Buildings, Disposed | item | 8 | ||
Rentable Square Feet, Disposed | ft² | 745,652 | ||
Net Sales Proceeds | $ 48,221 | ||
Net Book Value | 42,715 | ||
Totals | $ 5,506 | ||
Cranford Portfolio [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of Buildings, Disposed | item | 6 | ||
Rentable Square Feet, Disposed | ft² | 435,976 | ||
Net Sales Proceeds | $ 26,598 | ||
Net Book Value | 22,736 | ||
Realized Gain (loss)/Unrealized Losses, net | $ 3,862 | ||
440 Route 22 East [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of Buildings, Disposed | item | [1] | 1 | |
Rentable Square Feet, Disposed | ft² | [1] | 198,376 | |
Net Sales Proceeds | [1] | $ 10,074 | |
Net Book Value | [1] | 10,069 | |
Realized Gain (loss)/Unrealized Losses, net | [1] | $ 5 | |
Impairments | $ 7,700 | ||
3 Independence 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 | 111,300 | ||
Net Sales Proceeds | $ 11,549 | ||
Net Book Value | 9,910 | ||
Realized Gain (loss)/Unrealized Losses, net | $ 1,639 | ||
[1] | The Company recorded a valuation allowance of $7.7 million on this property during the year ended December 31, 2016. |
Recent Transactions (Summary Of
Recent Transactions (Summary Of Income From Property Held For Sale, Net) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Less - accumulated depreciation | $ (1,327,967) | $ (1,332,073) |
Rental property held for sale, net | 2,131 | $ 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 | 648 | |
Buildings and improvements | 2,919 | |
Less - accumulated depreciation | (1,436) | |
Rental property held for sale, net | $ 2,131 |
Investments In Unconsolidated51
Investments In Unconsolidated Joint Ventures (Narrative) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017USD ($)ft²propertyitem | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Company's net investment in unconsolidated joint ventures | $ 325,150 | $ 320,047 | |
Area of mixed use project (in square feet) | ft² | 81,700 | ||
Amount outstanding | $ 760,937 | 634,069 | |
Management, leasing, development and other services fees | 700 | $ 3,700 | |
Accounts receivable due from unconsolidated joint ventures | 700 | $ 700 | |
Maximum exposure to loss | 214,100 | ||
Estimated future funding commitments | $ 24,800 | ||
Unconsolidated Joint Venture Office Buildings [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of properties | property | 5 | ||
Unconsolidated Joint Venture Office And Retail Buildings [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Area of property (in square feet) | ft² | 1,400,000 | ||
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 | 8 | ||
Number of units | item | 3,005 | ||
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 | 821 | ||
Unconsolidated Joint Venture Land Parcels [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of units | item | 4,351 | ||
Unconsolidated Joint Ventures [Member] | Guarantee of Indebtedness of Others [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Maximum borrowing capacity | $ 206,000 | ||
Amount outstanding | 176,000 | ||
Unconsolidated Joint Ventures [Member] | Parent Company [Member] | Guarantee of Indebtedness of Others [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Maximum guaranteed amount | 24,800 | ||
Guaranteed amount | $ 22,400 | ||
Minimum [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of interest in venture | 12.50% | ||
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 | $ 189,300 | ||
Number of VIEs | property | 4 |
Investments In Unconsolidated52
Investments In Unconsolidated Joint Ventures (Summary Of Unconsolidated Joint Ventures) (Details) $ in Thousands | Mar. 31, 2017USD ($)ft²item | Feb. 15, 2017USD ($) | Feb. 03, 2017USD ($) | Mar. 31, 2017USD ($)ft²item | Mar. 31, 2016USD ($) | Mar. 30, 2017USD ($) | Feb. 28, 2017shares | Feb. 02, 2017 | Dec. 31, 2016USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||||||||
Carrying Amount | $ 325,150 | $ 325,150 | $ 320,047 | |||||||
Accounts payable, accrued expenses and other liabilities | $ 169,988 | 169,988 | 159,874 | |||||||
Purchase price of property | 22,471 | $ 34,603 | ||||||||
Proceeds from the sale of investments in unconsolidated joint ventures | $ 14,849 | |||||||||
Minimum [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Company's Effective Ownership % | 12.50% | 12.50% | ||||||||
Maximum [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Company's Effective Ownership % | 85.00% | 85.00% | ||||||||
RoseGarden Monaco Holdings, L.L.C. [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Company's Effective Ownership % | 13.80% | |||||||||
Preferred units shares issued | shares | 9,122 | |||||||||
Crystal House Apartments Investors LLC [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percentage of interest in developable land | 50.00% | 50.00% | ||||||||
Number of units available for development | item | 295 | 295 | ||||||||
Number of approved units available for development | item | 252 | 252 | ||||||||
RoseGarden Marbella South, L.L.C. [Member] | Construction Loan [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number of extension options | item | 2 | |||||||||
Number of extension options exercised | item | 1 | |||||||||
Loan extension period | 1 year | |||||||||
Extension fee | 0.25% | |||||||||
Maximum borrowing capacity | $ 75,000 | $ 75,000 | $ 77,400 | |||||||
Harborside Unit A Urban Renewal, LLC [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Company's Effective Ownership % | 85.00% | 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 | $ 192,000 | ||||||||
Plaza VIII & IX Associates, L.L.C. [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Company's Effective Ownership % | 50.00% | |||||||||
Elmajo Urban Renewal Associates, LLC And Estuary Urban Renewal Associates, LLC [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percentage of interest in venture | 7.50% | |||||||||
Proceeds from the sale of investments in unconsolidated joint ventures | $ 5,100 | |||||||||
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 | 50,973 | ||||||||
Property Debt, Balance | $ 6,283 | $ 6,283 | ||||||||
Property Debt, Maturity Date | Aug. 1, 2018 | |||||||||
Property Debt, Interest Rate | 3.63% | 3.63% | ||||||||
Residual ownership interest | 12.50% | 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 | 59 | ||||||||
Indirect ownership interest | 25.00% | 25.00% | ||||||||
Number of stories | item | 5 | 5 | ||||||||
Lofts At 40 Park Property [Member] | Rosewood Morristown, L.L.C. [Member] | Construction Loan [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Property Debt, Balance | $ 2,107 | |||||||||
Property Debt, Maturity Date | Feb. 1, 2020 | |||||||||
Property Debt, Interest Rate, Spread Over LIBOR | 2.50% | |||||||||
Metropolitan Property [Member] | Rosewood Morristown, L.L.C. [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Property Debt, Balance | $ 37,438 | $ 37,438 | ||||||||
Property Debt, Maturity Date | Sep. 1, 2020 | |||||||||
Property Debt, Interest Rate | 3.25% | 3.25% | ||||||||
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 | 836 | ||||||||
Residual ownership interest | 20.00% | 20.00% | ||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number of Apartment Units | item | 3,005 | 3,005 | ||||||||
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 | [1] | 412 | 412 | |||||||
Company's Effective Ownership % | [1],[2] | 24.27% | 24.27% | |||||||
Carrying Amount | [1] | $ 14,990 | $ 14,990 | 15,150 | ||||||
Property Debt, Balance | [1] | $ 95,000 | $ 95,000 | |||||||
Property Debt, Maturity Date | [1] | May 1, 2018 | ||||||||
Property Debt, Interest Rate | [1] | 4.99% | 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 | [1] | 523 | 523 | |||||||
Company's Effective Ownership % | [1],[2],[3] | 28.76% | 28.76% | |||||||
Carrying Amount | [1] | $ 8,857 | $ 8,857 | |||||||
Property Debt, Balance | [1] | $ 165,000 | $ 165,000 | |||||||
Property Debt, Maturity Date | [1] | Feb. 1, 2021 | ||||||||
Property Debt, Interest Rate | [1] | 4.19% | 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 | [1],[4] | 130 | 130 | |||||||
Company's Effective Ownership % | [1],[2],[4] | 12.50% | 12.50% | |||||||
Carrying Amount | [1],[4] | $ 7,059 | $ 7,059 | 7,145 | ||||||
Property Debt, Balance | [1],[4],[5] | $ 45,829 | $ 45,829 | |||||||
Property Debt, Interest Rate | [1],[4] | |||||||||
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 | 316 | 316 | ||||||||
Company's Effective Ownership % | [2] | 22.50% | 22.50% | |||||||
Carrying Amount | $ 9,500 | $ 9,500 | 9,707 | |||||||
Property Debt, Balance | $ 82,000 | $ 82,000 | ||||||||
Property Debt, Maturity Date | Nov. 10, 2026 | |||||||||
Property Debt, Interest Rate | 3.21% | 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 | [1],[6] | 355 | 355 | |||||||
Company's Effective Ownership % | [1],[2],[6] | 7.50% | 7.50% | |||||||
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 | [7] | 794 | 794 | |||||||
Company's Effective Ownership % | [2],[7] | 25.00% | 25.00% | |||||||
Carrying Amount | [7] | $ 30,821 | $ 30,821 | 30,565 | ||||||
Property Debt, Balance | [7] | $ 165,000 | $ 165,000 | |||||||
Property Debt, Maturity Date | [7] | Apr. 1, 2020 | ||||||||
Property Debt, Interest Rate | [7] | 3.17% | 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 | [1],[8] | 363 | 363 | |||||||
Company's Effective Ownership % | [1],[2],[8] | 20.00% | 20.00% | |||||||
Carrying Amount | [1],[8] | $ 1,678 | $ 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 | 311 | ||||||||
Company's Effective Ownership % | [2] | 24.27% | 24.27% | |||||||
Carrying Amount | $ 17,672 | $ 17,672 | 18,050 | |||||||
Property Debt, Balance | $ 72,986 | $ 72,986 | ||||||||
Property Debt, Maturity Date | Mar. 30, 2018 | |||||||||
Property Debt, Interest Rate, LIBOR | [9] | L+2.25 | ||||||||
Property Debt, Interest Rate, Spread Over LIBOR | [9] | 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 | [1],[6] | 227 | 227 | |||||||
Company's Effective Ownership % | [1],[2],[6] | 7.50% | 7.50% | |||||||
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 | 141 | ||||||||
Company's Effective Ownership % | [2] | 45.00% | 45.00% | |||||||
Carrying Amount | $ 2,006 | $ 2,006 | 2,085 | |||||||
Property Debt, Balance | $ 30,000 | $ 30,000 | ||||||||
Property Debt, Maturity Date | Aug. 1, 2025 | |||||||||
Property Debt, Interest Rate | 3.70% | 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 | 378 | ||||||||
Company's Effective Ownership % | [2] | 50.00% | 50.00% | |||||||
Carrying Amount | $ 42,447 | $ 42,447 | 43,073 | |||||||
Property Debt, Balance | $ 100,700 | $ 100,700 | ||||||||
Property Debt, Maturity Date | Jul. 1, 2033 | |||||||||
Property Debt, Interest Rate | 4.82% | 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 | 762 | 762 | ||||||||
Company's Effective Ownership % | [2] | 85.00% | 85.00% | |||||||
Carrying Amount | $ 100,646 | $ 100,646 | 100,188 | |||||||
Property Debt, Balance | $ 173,919 | $ 173,919 | ||||||||
Property Debt, Maturity Date | Aug. 1, 2029 | |||||||||
Property Debt, Interest Rate | [10] | 5.197% | 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 | 250 | ||||||||
Company's Effective Ownership % | [2] | 41.67% | 41.67% | |||||||
Carrying Amount | $ 1,416 | $ 1,416 | 1,400 | |||||||
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 | 850 | ||||||||
Company's Effective Ownership % | [2] | 50.00% | 50.00% | |||||||
Carrying Amount | $ 337 | $ 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 | 160,000 | ||||||||
Company's Effective Ownership % | [2] | 50.00% | 50.00% | |||||||
Carrying Amount | $ 1,962 | $ 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 | [11] | 1,225,000 | 1,225,000 | |||||||
Company's Effective Ownership % | [2],[11] | 50.00% | 50.00% | |||||||
Carrying Amount | [11] | 4,448 | ||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Elmajo Urban Renewal Associates, LLC And Estuary Urban Renewal Associates, LLC [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percentage of interest in venture | 7.50% | |||||||||
Proceeds from the sale of investments in unconsolidated joint ventures | $ 5,100 | |||||||||
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 | 92,878 | ||||||||
Company's Effective Ownership % | [2] | 50.00% | 50.00% | |||||||
Carrying Amount | $ 4,454 | $ 4,454 | 4,339 | |||||||
Property Debt, Balance | $ 14,326 | $ 14,326 | ||||||||
Property Debt, Maturity Date | May 17, 2017 | |||||||||
Property Debt, Interest Rate, LIBOR | L+3.00 | |||||||||
Property Debt, Interest Rate, Spread Over LIBOR | 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 | 139,750 | ||||||||
Company's Effective Ownership % | [2] | 50.00% | 50.00% | |||||||
Carrying Amount | $ 6,315 | $ 6,315 | 6,237 | |||||||
Property Debt, Balance | $ 10,658 | $ 10,658 | ||||||||
Property Debt, Maturity Date | Jul. 1, 2023 | |||||||||
Property Debt, Interest Rate | 2.87% | 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 | 106,345 | ||||||||
Company's Effective Ownership % | [2] | 31.25% | 31.25% | |||||||
Carrying Amount | $ 3,130 | $ 3,130 | 3,124 | |||||||
Property Debt, Balance | $ 5,311 | $ 5,311 | ||||||||
Property Debt, Maturity Date | Nov. 1, 2023 | |||||||||
Property Debt, Interest Rate | 4.76% | 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 | [12] | 339,615 | 339,615 | |||||||
Unconsolidated Joint Venture Office Buildings [Member] | Keystone-Penn [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Rentable Square Feet (sf) | ft² | [12] | 1,842,820 | 1,842,820 | |||||||
Company's Effective Ownership % | [2],[12] | |||||||||
Property Debt, Interest Rate, LIBOR | [12] | - | ||||||||
Unconsolidated Joint Venture Office Buildings [Member] | Keystone-TriState [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Rentable Square Feet (sf) | ft² | [12] | 1,266,384 | 1,266,384 | |||||||
Company's Effective Ownership % | [2],[12] | |||||||||
Carrying Amount | [12] | 2,285 | ||||||||
Property Debt, Interest Rate | [12] | |||||||||
Unconsolidated Joint Venture Office Buildings [Member] | KPG-MCG Curtis JV, LLC [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Rentable Square Feet (sf) | ft² | [13],[14] | 885,000 | 885,000 | |||||||
Company's Effective Ownership % | [2],[13],[14] | 50.00% | 50.00% | |||||||
Carrying Amount | [13],[14] | $ 69,286 | $ 69,286 | 65,400 | ||||||
Property Debt, Balance | [13],[14] | |||||||||
Property Debt, Interest Rate | [13],[14] | |||||||||
Unconsolidated Joint Venture Other Property [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Carrying Amount | $ 325,150 | $ 325,150 | 320,047 | |||||||
Property Debt, Balance | $ 1,059,794 | $ 1,059,794 | ||||||||
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 | 30,745 | 30,745 | ||||||||
Company's Effective Ownership % | [2] | 20.00% | 20.00% | |||||||
Carrying Amount | $ 1,695 | $ 1,695 | 1,706 | |||||||
Unconsolidated Joint Venture Other Property [Member] | South Pier At Harborside [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number of Apartment Units | item | 350 | 350 | ||||||||
Company's Effective Ownership % | [2] | 50.00% | 50.00% | |||||||
Carrying Amount | 163 | |||||||||
Property Debt, Balance | $ 99,065 | $ 99,065 | ||||||||
Property Debt, Maturity Date | Oct. 1, 2026 | |||||||||
Property Debt, Interest Rate | 3.668% | 3.668% | ||||||||
Unconsolidated Joint Venture Other Property [Member] | Other [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Carrying Amount | [15] | $ 879 | $ 879 | $ 1,005 | ||||||
[1] | The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the Company is not expected to meaningfully participate in the venture's cash flows in the near term. | |||||||||
[2] | Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable. | |||||||||
[3] | On February 28, 2017, 9,122 Series A-1 Units were issued to the joint venture partner as non-cash consideration for the partner's approximate 13.8 percent ownership interest in the joint venture. See Note 3: Recent Transactions - Unconsolidated Joint Venture Activity. | |||||||||
[4] | 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"). | |||||||||
[5] | Property debt balance consists of: (i) an amortizable loan, collateralized by the Metropolitan at 40 Park, with a balance of $37,438, 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 $6,283, 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 balance of $2,107, which bears interest at LIBOR plus 250 basis points and matures in February 2020. | |||||||||
[6] | 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. | |||||||||
[7] | 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. | |||||||||
[8] | 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. | |||||||||
[9] | The construction loan had a maximum borrowing amount of $77,400 and provided, subject to certain conditions, two one-year extension options with a fee of 25 basis points for each year. On March 31, 2107, the Company exercised its first one-year extension option and concurrently the maximum borrowing amount was reduced to $75,000. | |||||||||
[10] | The construction/permanent loan has a maximum borrowing amount of $192,000. The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines. | |||||||||
[11] | On February 3, 2017, the Company acquired the equity interest of its partner. See Note 3: Recent Transactions - Consolidation. | |||||||||
[12] | On January 31, 2017, the Company sold its equity interest in the joint venture. See Note 3: Recent Transactions - Unconsolidated Joint Venture Activity. | |||||||||
[13] | Includes undivided interests in the same manner as investments in noncontrolling partnership, pursuant to ASC 970-323-25-12. | |||||||||
[14] | See Note 9: Mortgages, Loans Payable and Other Obligations for debt secured by interests in these assets. | |||||||||
[15] | The Company owns other interests in various unconsolidated joint ventures, including interests in assets previously owned and interest in ventures whose businesses are related to its core operations. These ventures are not expected to significantly impact the Company's operations in the near term. |
Investments In Unconsolidated53
Investments In Unconsolidated Joint Ventures (Summary Of Company's Equity In Earnings (Loss) Of Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | ||
Company's equity in earnings of unconsolidated joint ventures | $ (51) | $ (1,554) |
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 | 109 | 84 |
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 | (265) | (291) |
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 | (85) | (81) |
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 | 48 | |
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 | (293) | (112) |
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 | (131) | |
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 | 27 | |
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 | (11) | (28) |
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 | (375) | (767) |
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 | (145) | (17) |
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 | (15) | (60) |
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 | (25) | (19) |
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 | 386 | 77 |
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 | 106 | 101 |
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 | 77 | 84 |
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 | 6 | (194) |
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 | (477) | |
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 | (41) | 179 |
Unconsolidated Joint Venture Other Property [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's equity in earnings of unconsolidated joint ventures | (51) | (1,554) |
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 | (11) | (16) |
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 | $ 587 | (167) |
Unconsolidated Joint Venture Other Property [Member] | Other [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's equity in earnings of unconsolidated joint ventures | $ 150 |
Deferred Charges, Goodwill An54
Deferred Charges, Goodwill And Other Assets, Net (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Credit Risk Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net liability | $ 40,000 | |
Settlement obligation | 40,000 | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative notional amount | 675,000,000 | |
Ineffective increase to interest expense | 43,000 | $ 913,000 |
Estimated additional amount to be reclassified to interest expense | 2,000,000 | |
Not Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of increase in the fair value of derivatives | $ 0 | $ 1,000 |
Deferred Charges, Goodwill An55
Deferred Charges, Goodwill And Other Assets, Net (Schedule Of Deferred Charges, Goodwill And Other Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | ||
Deferred Charges, Goodwill And Other Assets [Line Items] | ||||
Deferred leasing costs | $ 208,353 | $ 220,947 | ||
Deferred financing costs - unsecured revolving credit facility | [1] | 4,945 | 5,400 | |
Deferred charges, gross | 213,298 | 226,347 | ||
Accumulated amortization | (94,616) | (107,359) | ||
Deferred charges, net | 118,682 | 118,988 | ||
Notes receivable | [2] | 5,019 | 13,251 | |
In-place lease values, related intangibles and other assets, net | 121,899 | 72,046 | ||
Goodwill | [3] | 2,945 | 2,945 | |
Prepaid expenses and other assets, net | 59,883 | 60,720 | ||
Total deferred charges, goodwill and other assets, net | 308,428 | $ 267,950 | ||
Lease revenue | 121,255 | $ 126,387 | ||
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 March 31, 2017, an interest-free note receivable with a net present value of $2.8 million which matures in April 2023. The Company believes this balance is fully collectible. | |||
[3] | All goodwill is attributable to the Company's Multi-family Services segment. |
Deferred Charges, Goodwill An56
Deferred Charges, Goodwill And Other Assets, Net (Schedule Of Fair Value Of The Derivative Financial Instruments) (Details) - Designated as Hedging Instrument [Member] - Interest Rate Swap [Member] - Cash Flow Hedging [Member] - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Deferred Charges, Goodwill And Other Assets [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Asset Derivatives | $ 4,066 | $ 2,847 |
Accounts Payable, Accrued Expenses And Other Liabilities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Liability Derivatives | $ 34 |
Deferred Charges, Goodwill An57
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] - Interest Rate Swap [Member] - Cash Flow Hedging [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | $ 635 | $ (7,187) |
Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (592) | (847) |
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) | $ (43) | $ (913) |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Restricted Cash [Abstract] | ||
Security deposits | $ 8,537 | $ 8,778 |
Escrow and other reserve funds | 49,059 | 45,174 |
Total restricted cash | $ 57,596 | $ 53,952 |
Senior Unsecured Notes (Summary
Senior Unsecured Notes (Summary Of Senior Unsecured Notes) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2016 | ||
Debt Instrument [Line Items] | |||
Principal balance outstanding | $ 2,731,204,000 | $ 2,340,009,000 | |
Total senior unsecured notes, net | $ 2,751,244,000 | 2,357,055,000 | |
5.800% Senior Unsecured Notes, Due January 15, 2016 [Member] | |||
Debt Instrument [Line Items] | |||
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 | ||
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 | 825,000,000 | |
Adjustment for unamortized debt discount | (4,190,000) | (4,430,000) | |
Unamortized deferred financing costs | (2,986,000) | (3,215,000) | |
Total senior unsecured notes, net | 817,824,000 | 817,355,000 | |
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 | [1] | 2.803% | |
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 | [1] | 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 | [1] | 3.517% | |
[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. |
Unsecured Revolving Credit Fa60
Unsecured Revolving Credit Facility And Term Loans (Narrative) (Details) | Jan. 25, 2017USD ($)entity | Mar. 31, 2017USD ($)entityitem | Mar. 29, 2017 | Mar. 22, 2017USD ($) | Jan. 26, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 31, 2016USD ($) |
Line of Credit Facility [Line Items] | |||||||
Loan balance | $ 2,731,204,000 | $ 2,340,009,000 | |||||
Outstanding borrowings under the facility | 760,937,000 | 634,069,000 | |||||
Unsecured Revolving Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Borrowing capacity under the credit facility | $ 600,000,000 | ||||||
Credit facility maturity date | Jul. 1, 2017 | ||||||
Number of extension options | entity | 17 | ||||||
Outstanding borrowings under the facility | $ 90,000,000 | 286,000,000 | |||||
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 | ||||||
Number of lending institutions | entity | 13 | ||||||
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 include: (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% | ||||||
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 | ||||||
Unsecured Term Loan [Member] | Unsecured Revolving Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Outstanding borrowings under the facility | $ 760,900,000 | 634,100,000 | |||||
5.800% Senior Unsecured Notes, Due January 15, 2016 [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Loan maturity date | Jan. 15, 2016 | ||||||
2017 Term Loan [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Loan balance | $ 325,000,000 | ||||||
Loan maturity date | Jan. 1, 2020 | ||||||
Unamortized deferred financing costs | $ 2,400,000 | ||||||
Loan extension period | 1 year | ||||||
Interest rate swap | 1.6473% | ||||||
Interest rate | 3.0473% | ||||||
Borrowing capacity under the credit facility | $ 325,000,000 | ||||||
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. | ||||||
Outstanding borrowings under the facility | $ 322,600,000 | ||||||
Spread over LIBOR | 1.40% | ||||||
Loan period | 3 years | ||||||
Minimum percentage of initial borrowing | 50.00% | ||||||
Term commitment fee percent | 0.25% | ||||||
Incremental Commitments [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum loan increase that may be requested | $ 350,000,000 | ||||||
2016 Term Loan [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Unsecured term loan, net | $ 350,000,000 | ||||||
Loan balance | $ 200,000,000 | ||||||
Loan maturity date | Jan. 1, 2019 | ||||||
Unamortized deferred financing costs | $ 1,700,000 | 1,900,000 | |||||
Interest rate | 3.13% | ||||||
Number of extension options | item | 2 | ||||||
Credit facility, extension period | 1 year | ||||||
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 unsecured revolving credit facility and term loans as of March 31, 2017. | ||||||
Outstanding borrowings under the facility | $ 348,300,000 | $ 348,100,000 | |||||
Spread over LIBOR | 1.40% |
Unsecured Revolving Credit Fa61
Unsecured Revolving Credit Facility And Term Loans (Schedule Of Interest Rates On Outstanding Borrowings, Alternate Base Rate Loans, And Facility Fee) (Details) | 3 Months Ended |
Mar. 31, 2017 | |
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 |
Baa3 [Member] | BBB- [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB- or Baa3 (current interest rate based on Company's election) |
Baa2 [Member] | BBB [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB or Baa2 |
Baa1 [Member] | BBB+ [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB+ or Baa1 |
A3 Or Higher [Member] | A- Or Higher [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | A- or A3 or higher |
2017 Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.20% |
Facility Fee Basis Points | 0.25% |
2017 Credit Facility [Member] | No Ratings Or Less Than Baa3 [Member] | No Ratings Or Less Than BBB- [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | No ratings or less than BBB-/Baa3 |
Interest Rate - Applicable Basis Points Above LIBOR | 1.55% |
Facility Fee Basis Points | 0.30% |
2017 Credit Facility [Member] | 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 | 1.20% |
Facility Fee Basis Points | 0.25% |
2017 Credit Facility [Member] | Baa2 [Member] | BBB [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB or Baa2 |
Interest Rate - Applicable Basis Points Above LIBOR | 1.00% |
Facility Fee Basis Points | 0.20% |
2017 Credit Facility [Member] | Baa1 [Member] | BBB+ [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB+ or Baa1 |
Interest Rate - Applicable Basis Points Above LIBOR | 0.90% |
Facility Fee Basis Points | 0.15% |
2017 Credit Facility [Member] | A3 Or Higher [Member] | A- Or Higher [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | A- or A3 or higher |
Interest Rate - Applicable Basis Points Above LIBOR | 0.875% |
Facility Fee Basis Points | 0.125% |
2017 Credit Facility [Member] | Base Rate [Member] | No Ratings Or Less Than Baa3 [Member] | No Ratings Or Less Than BBB- [Member] | |
Line of Credit Facility [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.55% |
2017 Credit Facility [Member] | Base Rate [Member] | Baa3 [Member] | BBB- [Member] | |
Line of Credit Facility [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.20% |
2017 Credit Facility [Member] | Base Rate [Member] | Baa2 [Member] | BBB [Member] | |
Line of Credit Facility [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.00% |
2017 Credit Facility [Member] | Base Rate [Member] | Baa1 [Member] | BBB+ [Member] | |
Line of Credit Facility [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.00% |
2017 Credit Facility [Member] | Base Rate [Member] | A3 Or Higher [Member] | A- Or Higher [Member] | |
Line of Credit Facility [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.00% |
Unsecured Revolving Credit Fa62
Unsecured Revolving Credit Facility And Term Loans (Schedule Of Defined Leverage Ration, Including Interest Rate, Alternate Base Rate Loans, And Facility Fee) (Details) | 3 Months Ended |
Mar. 31, 2017 | |
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% |
2017 Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Spread over LIBOR | 1.20% |
Facility Fee Basis Points | 0.25% |
2017 Credit Facility [Member] | 45% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Spread over LIBOR | 1.25% |
Facility Fee Basis Points | 0.20% |
2017 Credit Facility [Member] | 45% Unsecured Term Loan Leverage Ratio [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 45.00% |
2017 Credit Facility [Member] | 45% And 50% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Spread over LIBOR | 1.30% |
Facility Fee Basis Points | 0.25% |
2017 Credit Facility [Member] | 45% And 50% Unsecured Term Loan Leverage Ratio [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 45.00% |
2017 Credit Facility [Member] | 45% And 50% Unsecured Term Loan Leverage Ratio [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 50.00% |
2017 Credit Facility [Member] | 50% And 55% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Spread over LIBOR | 1.35% |
Facility Fee Basis Points | 0.30% |
2017 Credit Facility [Member] | 50% And 55% Unsecured Term Loan Leverage Ratio [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 50.00% |
2017 Credit Facility [Member] | 50% And 55% Unsecured Term Loan Leverage Ratio [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 55.00% |
2017 Credit Facility [Member] | 55% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Spread over LIBOR | 1.60% |
Facility Fee Basis Points | 0.35% |
2017 Credit Facility [Member] | 55% Unsecured Term Loan Leverage Ratio [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 55.00% |
2017 Credit Facility [Member] | Base Rate [Member] | 45% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Spread over LIBOR | 0.25% |
2017 Credit Facility [Member] | Base Rate [Member] | 45% And 50% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Spread over LIBOR | 0.30% |
2017 Credit Facility [Member] | Base Rate [Member] | 50% And 55% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Spread over LIBOR | 0.35% |
2017 Credit Facility [Member] | Base Rate [Member] | 55% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Spread over LIBOR | 0.60% |
Unsecured Revolving Credit Fa63
Unsecured Revolving Credit Facility And Term Loans (Schedule Of Unsecured Credit Rating And Facility Fee) (Details) | 3 Months Ended |
Mar. 31, 2017 | |
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 |
Baa3 [Member] | BBB- [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB- or Baa3 (current interest rate based on Company's election) |
Baa2 [Member] | BBB [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB or Baa2 |
Baa1 [Member] | BBB+ [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB+ or Baa1 |
A3 Or Higher [Member] | A- Or Higher [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | A- or A3 or higher |
Unsecured Revolving Credit Facility [Member] | 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% |
Unsecured Revolving Credit Facility [Member] | 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% |
Unsecured Revolving Credit Facility [Member] | 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% |
Unsecured Revolving Credit Facility [Member] | 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% |
Unsecured Revolving Credit Facility [Member] | 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 Fa64
Unsecured Revolving Credit Facility And Term Loans (Schedule Of Interest Rate On Outstanding Borrowings Payable) (Details) | 3 Months Ended |
Mar. 31, 2017 | |
2016 Term Loan [Member] | |
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 |
No Ratings Or Less Than Baa3 [Member] | 2016 Term Loan [Member] | No Ratings Or Less Than BBB- [Member] | |
Line of Credit Facility [Line Items] | |
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) |
Baa3 [Member] | 2016 Term Loan [Member] | BBB- [Member] | |
Line of Credit Facility [Line Items] | |
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 |
Baa2 [Member] | 2016 Term Loan [Member] | BBB [Member] | |
Line of Credit Facility [Line Items] | |
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 |
Baa1 [Member] | 2016 Term Loan [Member] | BBB+ [Member] | |
Line of Credit Facility [Line Items] | |
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 |
A3 Or Higher [Member] | 2016 Term Loan [Member] | A- Or Higher [Member] | |
Line of Credit Facility [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.90% |
Unsecured Revolving Credit Fa65
Unsecured Revolving Credit Facility And Term Loans (Schedule Of Defined Leverage Ratio) (Details) | 3 Months Ended |
Mar. 31, 2017 | |
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 66
Mortgages, Loans Payable And Other Obligations (Narrative) (Details) | 3 Months Ended | ||
Mar. 31, 2017USD ($)property | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | |||
Number of properties with encumbered company mortgages | property | 14 | ||
Carrying value of encumbered properties | $ 1,400,000,000 | ||
Cash paid for interest | 15,180,000 | $ 28,090,000 | |
Interest capitalized | 4,997,000 | 4,561,000 | |
Total indebtedness | $ 2,751,244,000 | $ 2,357,055,000 | |
Total indebtedness, weighted average interest rate | 3.81% | 3.79% | |
Projects Under Development And Developable Land [Member] | |||
Debt Instrument [Line Items] | |||
Number of properties with encumbered company mortgages | property | 6 | ||
Other Property [Member] | |||
Debt Instrument [Line Items] | |||
Carrying value of encumbered properties | $ 326,000,000 | ||
Revolving Credit Facility Borrowing And Other Variable Rate Mortgage Debt [Member] | |||
Debt Instrument [Line Items] | |||
Total indebtedness | $ 652,400,000 | $ 481,282,000 | |
Total indebtedness, weighted average interest rate | 3.16% | 2.93% | |
Fixed Rate Debt And Other Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Total indebtedness | $ 2,098,844,000 | $ 1,875,773,000 | |
Total indebtedness, weighted average interest rate | 4.01% | 4.01% | |
Unconsolidated Joint Venture [Member] | |||
Debt Instrument [Line Items] | |||
Interest capitalized | $ 1,009,000 | $ 1,458,000 |
Mortgages, Loans Payable And 67
Mortgages, Loans Payable And Other Obligations (Summary Of Mortgages, Loans Payable And Other Obligations) (Details) | 3 Months Ended | ||
Mar. 31, 2017USD ($)propertyitem | Dec. 31, 2016USD ($) | ||
Debt Instrument [Line Items] | |||
Principal balance outstanding | $ 2,731,204,000 | $ 2,340,009,000 | |
Secured Debt | $ 1,152,443,000 | 888,585,000 | |
Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of interest in venture | 12.50% | ||
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of interest in venture | 85.00% | ||
Port Imperial 4/5 Hotel [Member] | Construction Loan [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 94,000,000 | ||
Chase II Project [Member] | Construction Loan [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 48,000,000 | ||
One River Center [Member] | |||
Debt Instrument [Line Items] | |||
Number of properties used to collateralized mortgage | property | 3 | ||
250 Johnson Road [Member] | |||
Debt Instrument [Line Items] | |||
Loan maturity date | [1] | May 20, 2019 | |
250 Johnson Road [Member] | Construction Loan [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 42,000,000 | ||
Portside 5/6 Project [Member] | |||
Debt Instrument [Line Items] | |||
Loan maturity date | [2] | Sep. 19, 2019 | |
Portside 5/6 Project [Member] | Construction Loan [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 73,000,000 | ||
Port Imperial South 11 [Member] | Construction Loan [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 78,000,000 | ||
Worcester [Member] | |||
Debt Instrument [Line Items] | |||
Loan maturity date | [3] | Dec. 10, 2019 | |
Worcester [Member] | Construction Loan [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 58,000,000 | ||
Alterra I & II [Member] | |||
Debt Instrument [Line Items] | |||
Loan maturity date | Feb. 1, 2024 | ||
Short Hills Office Buildings [Member] | |||
Debt Instrument [Line Items] | |||
Loan maturity date | [4] | Apr. 1, 2027 | |
Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Principal balance outstanding | $ 1,161,244,000 | 896,055,000 | |
Unamortized deferred financing costs | (8,801,000) | (7,470,000) | |
Total mortgages, loans payable and other obligations, net | $ 1,152,443,000 | 888,585,000 | |
Secured Debt [Member] | 150 Main St [Member] | |||
Debt Instrument [Line Items] | |||
Property Name | 150 Main St. | ||
Lender | Webster Bank | ||
LIBOR | [5] | LIBOR+2.35 | |
Spread over LIBOR | 2.35% | ||
Principal balance outstanding | $ 28,540,000 | 26,642,000 | |
Loan maturity date | Aug. 1, 2017 | ||
Secured Debt [Member] | Curtis Center [Member] | |||
Debt Instrument [Line Items] | |||
Property Name | [6] | Curtis Center | |
Lender | [6] | CCRE & PREFG | |
LIBOR | [5],[6] | LIBOR+5.912 | |
Spread over LIBOR | [6] | 5.912% | |
Principal balance outstanding | [6] | $ 75,000,000 | 75,000,000 |
Loan maturity date | [6] | Oct. 9, 2017 | |
Percentage of interest in venture | 50.00% | ||
Number of extension options | item | 3 | ||
Loan extension period | 1 year | ||
Secured Debt [Member] | Curtis Center [Member] | Senior Loan [Member] | |||
Debt Instrument [Line Items] | |||
Effective rate | 4.207% | ||
Spread over LIBOR | 3.29% | ||
Principal balance outstanding | $ 102,000,000 | ||
Percentage of interest in venture | 50.00% | ||
LIBOR measurement period | 1 month | ||
Secured Debt [Member] | Curtis Center [Member] | Mezzanine Loan [Member] | |||
Debt Instrument [Line Items] | |||
Effective rate | 10.413% | ||
Spread over LIBOR | 9.50% | ||
Principal balance outstanding | $ 48,000,000 | ||
Percentage of interest in venture | 50.00% | ||
LIBOR measurement period | 1 month | ||
Secured Debt [Member] | 23 Main Street [Member] | |||
Debt Instrument [Line Items] | |||
Property Name | 23 Main Street | ||
Lender | Berkadia CMBS | ||
Effective rate | [5] | 5.587% | |
Principal balance outstanding | $ 27,650,000 | 27,838,000 | |
Loan maturity date | Sep. 1, 2018 | ||
Secured Debt [Member] | Port Imperial 4/5 Hotel [Member] | |||
Debt Instrument [Line Items] | |||
Property Name | [7] | Port Imperial 4/5 Hotel | |
Lender | [7] | Fifth Third Bank & Santander | |
LIBOR | [5],[7] | LIBOR+4.50 | |
Spread over LIBOR | [7] | 4.50% | |
Principal balance outstanding | [7] | $ 24,530,000 | 14,919,000 |
Loan maturity date | [7] | 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 | [5] | 6.842% | |
Principal balance outstanding | $ 212,572,000 | 213,640,000 | |
Loan maturity date | Nov. 1, 2018 | ||
Secured Debt [Member] | Chase II Project [Member] | |||
Debt Instrument [Line Items] | |||
Property Name | [8] | Chase II | |
Lender | [8] | Fifth Third Bank | |
LIBOR | [5],[8] | LIBOR+2.25 | |
Spread over LIBOR | [8] | 2.25% | |
Principal balance outstanding | [8] | $ 40,317,000 | 34,708,000 |
Loan maturity date | [8] | Dec. 16, 2018 | |
Secured Debt [Member] | One River Center [Member] | |||
Debt Instrument [Line Items] | |||
Property Name | [9] | One River Center | |
Lender | [9] | Guardian Life Insurance Co. | |
Effective rate | [5],[9] | 7.311% | |
Principal balance outstanding | [9] | $ 41,024,000 | 41,197,000 |
Loan maturity date | [9] | Feb. 1, 2019 | |
Secured Debt [Member] | Park Square [Member] | |||
Debt Instrument [Line Items] | |||
Property Name | Park Square | ||
Lender | Wells Fargo Bank N.A. | ||
LIBOR | [5] | LIBOR+1.872 | |
Spread over LIBOR | 1.872% | ||
Principal balance outstanding | $ 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 | [1] | 250 Johnson | |
Lender | [1] | M&T Bank | |
LIBOR | [1],[5] | LIBOR+2.35 | |
Spread over LIBOR | [1] | 2.35% | |
Principal balance outstanding | [1] | $ 6,147,000 | 2,440,000 |
Secured Debt [Member] | Portside 5/6 Project [Member] | |||
Debt Instrument [Line Items] | |||
Property Name | [2] | Portside 5/6 | |
Lender | [2] | Citizens Bank | |
LIBOR | [2],[5] | LIBOR+2.50 | |
Spread over LIBOR | [2] | 2.50% | |
Principal balance outstanding | [2] | $ 8,084,000 | |
Secured Debt [Member] | Port Imperial South 11 [Member] | |||
Debt Instrument [Line Items] | |||
Property Name | [10] | Port Imperial South 11 | |
Lender | [10] | JPMorgan Chase | |
LIBOR | [5],[10] | LIBOR+2.35 | |
Spread over LIBOR | [10] | 2.35% | |
Principal balance outstanding | [10] | $ 22,246,000 | 14,073,000 |
Loan maturity date | [10] | Nov. 24, 2019 | |
Secured Debt [Member] | Worcester [Member] | |||
Debt Instrument [Line Items] | |||
Property Name | [3] | Worcester | |
Lender | [3] | Citizens Bank | |
LIBOR | [3],[5] | LIBOR+2.50 | |
Spread over LIBOR | [3] | 2.50% | |
Principal balance outstanding | [3] | $ 5,036,000 | |
Secured Debt [Member] | Port Imperial South 4/5 Retail [Member] | |||
Debt Instrument [Line Items] | |||
Property Name | Port Imperial South 4/5 Retail | ||
Lender | American General Life & A/G PC | ||
Effective rate | [5] | 4.559% | |
Principal balance outstanding | $ 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 | [5] | 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 | Portside 7 | ||
Lender | CBRE Capital Markets/FreddieMac | ||
Effective rate | [5] | 3.569% | |
Principal balance outstanding | $ 58,998,000 | 58,998,000 | |
Loan maturity date | Aug. 1, 2023 | ||
Secured Debt [Member] | Alterra I & II [Member] | |||
Debt Instrument [Line Items] | |||
Property Name | Alterra I & II | ||
Lender | Capital One/FreddieMac | ||
Effective rate | [5] | 3.854% | |
Principal balance outstanding | $ 100,000,000 | ||
Secured Debt [Member] | 101 Hudson Street [Member] | |||
Debt Instrument [Line Items] | |||
Property Name | 101 Hudson | ||
Lender | Wells Fargo CMBS | ||
Effective rate | [5] | 3.197% | |
Principal balance outstanding | $ 250,000,000 | 250,000,000 | |
Loan maturity date | Oct. 11, 2026 | ||
Secured Debt [Member] | Short Hills Office Buildings [Member] | |||
Debt Instrument [Line Items] | |||
Property Name | [4] | Short Hills Office Buildings | |
Lender | [4] | Wells Fargo CMBS | |
Effective rate | [4],[5] | 4.149% | |
Principal balance outstanding | [4] | $ 124,500,000 | |
Secured Debt [Member] | Port Imperial 4/5 Garage Development [Member] | |||
Debt Instrument [Line Items] | |||
Property Name | Port Imperial South 4/5 Garage | ||
Lender | American General Life & A/G PC | ||
Effective rate | [5] | 4.853% | |
Principal balance outstanding | $ 32,600,000 | $ 32,600,000 | |
Loan maturity date | Dec. 1, 2029 | ||
[1] | This construction loan has a maximum borrowing capacity of $42 million. | ||
[2] | This construction loan has a maximum borrowing capacity of $73 million. | ||
[3] | This construction loan has a maximum borrowing capacity of $58 million. | ||
[4] | This mortgage loan was obtained by the Company in March 2017 to partially fund the acquisition of the Short Hills/Madison portfolio. | ||
[5] | 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. | ||
[6] | 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 4.207 percent at March 31, 2017 and its 50 percent interest in a $48 million mezzanine loan with a current rate of 10.413 percent at March 31, 2017. 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. | ||
[7] | This construction loan has a maximum borrowing capacity of $94 million. | ||
[8] | This construction loan has a maximum borrowing capacity of $48 million. | ||
[9] | Mortgage is collateralized by the three properties comprising One River Center. | ||
[10] | This construction loan has a maximum borrowing capacity of $78 million. |
Employee Benefit 401(k) Plans68
Employee Benefit 401(k) Plans And Deferred Retirement Compensation Agreements (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
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 | $ 342,000 | $ 237,000 |
Minimum [Member] | ||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||
Employer contribution vesting period | 2 years | |
Maximum [Member] | ||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||
Employer contribution vesting period | 6 years |
Disclosure Of Fair Value Of A69
Disclosure Of Fair Value Of Assets And Liabilities (Narrative) (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Fair Value Of Assets And Liabilities [Abstract] | ||
Fair value of Company's long-term debt | $ 2,710,121,000 | $ 2,308,488,000 |
Principal balance outstanding | $ 2,731,204,000 | $ 2,340,009,000 |
Commitments And Contingencies70
Commitments And Contingencies (Tax Abatement Agreements) (Narrative) (Details) - USD ($) | 3 Months Ended | 16 Months Ended | 60 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | 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) | $ 349,000 | $ 247,000 | ||
Harborside Plaza 5 [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Project period | 20 years | |||
Percentage of PILOT on project costs | 2.00% | |||
Total project costs | $ 170,900,000 | |||
Payments in lieu of property taxes (PILOT) | $ 1,300,000 | $ 854,000 | ||
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) | $ 307,000 | |||
111 River Realty [Member] | Subsequent Event [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Annual Payments in lieu of property taxes (PILOT) | $ 1,227,708 | |||
111 River Realty [Member] | Scenario, Forecast [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Annual Payments in lieu of property taxes (PILOT) | $ 1,406,064 |
Commitments And Contingencies71
Commitments And Contingencies (Ground Lease Agreements) (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Commitments And Contingencies [Abstract] | ||
Ground lease expense incurred | $ 590,000 | $ 102,000 |
Commitments And Contingencies72
Commitments And Contingencies (Construction Projects) (Narrative) (Details) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2017USD ($)item | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($)item | Dec. 31, 2015item | Dec. 31, 2014item | |
Commitments And Contingencies [Line Items] | |||||
Amount outstanding | $ 760,937 | $ 634,069 | |||
Investment in unconsolidated joint ventures | 6,625 | $ 7,225 | |||
Amount to fund | 35,400 | ||||
XS Hotel Urban Renewal Associates LLC [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Percentage of interest in venture | 90.00% | ||||
Costs of the project incurred | 64,700 | ||||
Number of units | item | 372 | ||||
Total project costs | 129,600 | ||||
City Square Project [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Costs of the project incurred | 44,700 | ||||
Total project costs | $ 92,000 | ||||
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 | $ 26,900 | ||||
Delivery date to tenant | fourth quarter of 2017 | ||||
Number of units | item | 197 | ||||
Total project costs | $ 58,700 | ||||
Portside 5/6 Project [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Costs of the project incurred | $ 48,100 | ||||
Delivery date to tenant | second quarter 2018 | ||||
Number of units | item | 296 | ||||
Total project costs | $ 111,400 | ||||
Riverhouse 11 Project [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Costs of the project incurred | $ 52,500 | ||||
Delivery date to tenant | first quarter 2018 | ||||
Number of units | item | 295 | ||||
Total project costs | $ 124,000 | ||||
51 Washington Street Project [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Costs of the project incurred | $ 22,400 | ||||
Delivery date to tenant | second quarter 2019 | ||||
Number of units | item | 310 | ||||
Total project costs | $ 89,400 | ||||
Construction Loan [Member] | XS Hotel Urban Renewal Associates LLC [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Maximum borrowing capacity | 94,000 | ||||
Amount outstanding | 24,500 | ||||
Construction Loan [Member] | City Square Project [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Maximum borrowing capacity | 58,000 | ||||
Amount outstanding | 5,000 | ||||
Construction Loan [Member] | Signature Place Project [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Amount outstanding | 6,100 | ||||
Amount to fund | 42,000 | ||||
Construction Loan [Member] | Portside 5/6 Project [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Amount outstanding | 8,100 | ||||
Amount to fund | 73,000 | ||||
Construction Loan [Member] | Riverhouse 11 Project [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Amount outstanding | 22,200 | ||||
Amount to fund | 78,000 | ||||
Construction Loan [Member] | 51 Washington Street Project [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Amount to fund | 54,000 | ||||
Development Property [Member] | Riverhouse 11 Project [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Costs of the project incurred | 30,300 | ||||
Amount to fund | $ 46,000 | ||||
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 | $ 308,600 | ||||
Delivery date to tenant | second quarter 2017 | ||||
Number of units | item | 762 | ||||
Amount outstanding | $ 173,900 | ||||
Total project costs | 320,000 | ||||
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 |
Commitments And Contingencies73
Commitments And Contingencies (Other) (Narrative) (Details) $ in Billions | 3 Months Ended |
Mar. 31, 2017USD ($)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 | 102 |
Properties aggregate net book value | $ | $ 1.2 |
Commitments And Contingencies74
Commitments And Contingencies (Future Minimum Rental Payments Of Ground Leases) (Details) $ in Thousands | Mar. 31, 2017USD ($) |
Commitments And Contingencies [Abstract] | |
April 1 through December 31, 2017 | $ 1,518 |
2,018 | 1,989 |
2,019 | 1,999 |
2,020 | 2,015 |
2,021 | 2,015 |
2022 through 2084 | 170,248 |
Total | $ 179,784 |
Tenant Leases (Details)
Tenant Leases (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Property Subject to or Available for Operating Lease [Line Items] | |
April 1 through December 31, 2017 | $ 337,200 |
2,018 | 388,207 |
2,019 | 336,123 |
2,020 | 291,066 |
2,021 | 256,013 |
2022 and thereafter | 1,038,262 |
Total | $ 2,646,871 |
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 |
Redeemable Noncontrolling Int76
Redeemable Noncontrolling Interests (Narrative) (Details) - USD ($) | Mar. 10, 2017 | Feb. 28, 2017 | Feb. 27, 2017 | Feb. 03, 2017 | Mar. 31, 2017 | Apr. 30, 2017 |
Redeemable Noncontrolling Interest [Line Items] | ||||||
Expiration period | 10 years | |||||
Minimum [Member] | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Percentage of interest in venture | 12.50% | |||||
Maximum [Member] | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Percentage of interest in venture | 85.00% | |||||
Rockpoint [Member] | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Pro rata distribution | 10.90% | |||||
RRT [Member] | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Pro rata distribution | 89.10% | |||||
Series A Units [Member] | Mack-Cali Realty LP [Member] | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Preferred units aggregate amount | $ 42,800,000 | |||||
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 | |||||
Expiration period | 5 years | |||||
Shares converted to common units | 1,204,820 | |||||
Common unit distribution per unit declared | $ 35.52 | |||||
Series A-1 Units [Member] | Mack-Cali Realty LP [Member] | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Preferred units shares issued | 9,213 | |||||
Preferred unit annual rate | 3.50% | |||||
Percentage of interest in venture | 13.80% | |||||
Preferred unit in operating partnership | $ 1,000 | |||||
Convertible preferred units | 27.936 | |||||
Expiration period | 5 years | |||||
Shares converted to common units | 257,375 | |||||
Common unit distribution per unit declared | $ 35.80 | |||||
Monaco Towers [Member] | Series A-1 Units [Member] | Mack-Cali Realty LP [Member] | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Preferred units aggregate amount | $ 9,100,000 | |||||
Preferred units shares issued | 9,122 | |||||
Investment Agreement [Member] | Rockpoint [Member] | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Contributed equity value | $ 1,230,000,000 | |||||
Incremental closing payments, Limited Partnership interest | $ 150,000,000 | |||||
Investment Agreement [Member] | Rockpoint [Member] | Minimum [Member] | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Incremental closing payments, Limited Partnership interest | $ 10,000,000 | |||||
Investment Agreement [Member] | Rockpoint [Member] | Maximum [Member] | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Contributed amount to obtain equity units | $ 300,000,000 | |||||
RRLP [Member] | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Annual return on the equity value | 6.00% | |||||
RRLP [Member] | Rockpoint [Member] | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Annual return | 6.00% | |||||
Base return | 5.00% | |||||
Internal rate of return | 11.00% | |||||
Pro rata share | 50.00% | |||||
RRLP [Member] | RRT [Member] | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Base return | 95.00% | |||||
Subsequent Event [Member] | Series A-1 Units [Member] | Mack-Cali Realty LP [Member] | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Preferred units shares issued | 91 | |||||
Participation Rights [Member] | Maximum [Member] | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Contributed amount to obtain equity units | $ 200,000,000 |
Redeemable Noncontrolling Int77
Redeemable Noncontrolling Interests (Schedule Of Changes In The Value Of The Redeemable Noncontrolling InterestsCORRECT) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Redeemable Noncontrolling Interest [Line Items] | |
Income Attributed to Noncontrolling Interests | $ (792) |
Redemption Value Adjustment | (11,790) |
NCI at Redemption Value March 31, 2017 | 202,714 |
Mack-Cali Realty LP [Member] | |
Redeemable Noncontrolling Interest [Line Items] | |
Income Attributed to Noncontrolling Interests | (792) |
Redemption Value Adjustment | (11,790) |
NCI at Redemption Value March 31, 2017 | 202,714 |
Redeemable Noncontrolling Interests [Member] | |
Redeemable Noncontrolling Interest [Line Items] | |
Balance | |
Redeemable NCI Issued | 201,922 |
Issuance Costs | 10,998 |
Net | 190,924 |
Income Attributed to Noncontrolling Interests | 792 |
Distributions | (792) |
Redemption Value Adjustment | 11,790 |
NCI at Redemption Value March 31, 2017 | 202,714 |
Redeemable Noncontrolling Interests [Member] | Series A And Series A-1 Preferred Units [Member] | |
Redeemable Noncontrolling Interest [Line Items] | |
Balance | |
Redeemable NCI Issued | 51,922 |
Issuance Costs | 464 |
Net | 51,458 |
Income Attributed to Noncontrolling Interests | 265 |
Distributions | (265) |
Redemption Value Adjustment | 729 |
NCI at Redemption Value March 31, 2017 | 52,187 |
Redeemable Noncontrolling Interests [Member] | Rockpoint [Member] | |
Redeemable Noncontrolling Interest [Line Items] | |
Balance | |
Redeemable NCI Issued | 150,000 |
Issuance Costs | 10,534 |
Net | 139,466 |
Income Attributed to Noncontrolling Interests | 527 |
Distributions | (527) |
Redemption Value Adjustment | 11,061 |
NCI at Redemption Value March 31, 2017 | $ 150,527 |
Mack-Cali Realty Corporation 78
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 ($) | 3 Months Ended | 12 Months Ended | 43 Months Ended |
Mar. 31, 2017 | Dec. 31, 2012 | Mar. 31, 2016 | |
Stockolders Equity [Line Items] | |||
Date share repurchase program was initiated | September 2,012 | ||
Capacity of share repurchase program | $ 150,000,000 | ||
Shares purchased and retired | 394,625 | ||
Aggregate cost of stock repurchased | $ 11,000,000 | ||
Capacity available for additional repurchase of outstanding common stock | $ 139,000,000 | ||
Proceeds from sale of common units | $ 11,000,000 | ||
Dividend Reinvestment And Stock Purchase Plan [Member] | |||
Stockolders Equity [Line Items] | |||
Common stock reserved for future issuance | 5,500,000 | ||
Monthly cash investment without restriction, maximum | $ 5,000 |
Mack-Cali Realty Corporation 79
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Stock Options Plans) (Narrative) (Details) | Jun. 05, 2015item$ / sharesshares | Mar. 31, 2017USD ($)shares | Mar. 31, 2016USD ($)shares | Dec. 31, 2016 | May 31, 2013shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted average remaining contractual life | 8 years 2 months 12 days | 8 years 4 months 24 days | |||
Share price | $ / shares | $ 17.31 | ||||
Options exercised | 0 | 0 | |||
Stock options expense | $ | $ 116,000 | $ 183,000 | |||
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 |
Mack-Cali Realty Corporation 80
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 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unvested restricted stock outstanding | 62,785 | 145,278 | ||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unvested restricted stock outstanding | 37,752 | |||
Restricted Stock [Member] | 2013 Incentive Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 37,550.54 | |||
Performance period | 3 years | |||
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 | 37,752 | 90,090 | ||
Total Stockholder Return Based Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total unrecognized compensation cost | $ 0.9 | |||
Total unrecognized compensation cost, period of recognition | 2 years 3 months 18 days | |||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total unrecognized compensation cost | $ 0.6 | |||
Total unrecognized compensation cost, period of recognition | 1 year 2 months 12 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% |
Mack-Cali Realty Corporation 81
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Long-Term Incentive Plan Awards) (Narrative) (Details) - USD ($) $ in Millions | Apr. 04, 2017 | Mar. 08, 2016 | Jun. 05, 2015 | Mar. 31, 2017 |
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 | $ 0.6 | |||
Total unrecognized compensation cost, period of recognition | 1 year 2 months 12 days | |||
2016 LTIP Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance period | 3 years | |||
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 | |||
Total unrecognized compensation cost, period of recognition | 2 years 4 months 24 days | |||
2016 TBV LTIP Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 155,773 | |||
2016 OPP [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
TSR percent | 50.00% | |||
2016 PBV LTIP Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 496,781 | |||
2017 OPP [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance period | 3 years | |||
TSR percent | 36.00% | |||
Messieur Rudin, Messieur DeMarco, And Messieur Tycher [Member] | 2016 LTIP Awards [Member] | Time-Based Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percent of the award | 25.00% | |||
Performance period | 3 years | |||
Messieur Rudin, Messieur DeMarco, And Messieur Tycher [Member] | 2016 LTIP Awards [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Remaining percent of the award | 75.00% | |||
Messieur Rudin, Messieur DeMarco, And Messieur Tycher [Member] | 2017 LTIP Awards [Member] | Time-Based Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance period | 3 years | |||
Other Executive Officers [Member] | 2016 LTIP 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% | |||
Subsequent Event [Member] | Messieur Rudin, Messieur DeMarco, And Messieur Tycher [Member] | 2017 LTIP Awards [Member] | Time-Based Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percent of the award | 25.00% | |||
Subsequent Event [Member] | Messieur Rudin, Messieur DeMarco, And Messieur Tycher [Member] | 2017 LTIP Awards [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Remaining percent of the award | 75.00% | |||
Subsequent Event [Member] | Other Executive Officers [Member] | 2017 LTIP 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% |
Mack-Cali Realty Corporation 82
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Deferred Stock Compensation Plan For Directors) (Narrative) (Details) - shares | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
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 | 4,265 | 4,373 | |
Deferred stock units outstanding | 196,736 | 193,711 |
Mack-Cali Realty Corporation 83
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 | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Anti-dilutive securities excluded from the computation of earnings per share | 5,000 | ||
Unvested restricted stock outstanding | 62,785 | 145,278 | |
Dividends declared per common share | $ 0.15 | $ 0.15 | |
Unvested Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested restricted stock outstanding | 37,752 | 90,090 |
Mack-Cali Realty Corporation 84
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 | Mar. 31, 2017 |
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital [Abstract] | ||
Shares Under Options - Outstanding, beginning balance | 800,000 | |
Shares Under Options - Granted | 800,000 | |
Shares Under Options - Lapsed or Cancelled | ||
Shares Under Options - Outstanding, ending balance | 800,000 | |
Shares Under Options - Options exercisable | 533,334 | |
Shares Under Options - Available for grant | 2,702,671 | |
Weighted Average Exercise Price - Outstanding, beginning balance | $ 17.31 | |
Weighted Average Exercise Price - Lapsed or Cancelled | ||
Weighted Average Exercise Price - Outstanding, ending balance | $ 17.31 | |
Aggregate Intrinsic Value, Outstanding, beginning balance | $ 9,368 | |
Aggregate Intrinsic Value, Outstanding, ending balance | $ 7,704 | |
Outstanding stock option price | $ 17.31 |
Mack-Cali Realty Corporation 85
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Schedule Of Restricted Stock Awards) (Details) | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital [Abstract] | |
Shares, Outstanding, Beginning balance | shares | 145,278 |
Shares, Vested | shares | (82,493) |
Shares, Outstanding, Ending balance | shares | 62,785 |
Weighted-Average Grant-Date Fair Value, Outstanding beginning balance | $ / shares | $ 21.76 |
Weighted-Average Grant-Date Fair Value, Vested | $ / shares | 21.25 |
Weighted-Average Grant-Date Fair Value, Outstanding ending balance | $ / shares | $ 22.42 |
Mack-Cali Realty Corporation 86
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 | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net income | $ 22,729 | $ 68,769 |
Add: Noncontrolling interest in consolidated joint ventures | 237 | 706 |
Add (deduct): Noncontrolling interest in Operating Partnership | (2,295) | (7,284) |
Deduct: Redeemable noncontrolling interest | (792) | |
Deduct: Redemption value adjustment of redeemable noncontrolling interests | (9,860) | |
Net income available to common shareholders | 19,879 | 62,191 |
Net income available to common shareholders for basic earnings per share | $ 10,019 | $ 62,191 |
Weighted average common shares | 89,955 | 89,721 |
Net income available to common shareholders | $ 0.11 | $ 0.69 |
Mack-Cali Realty LP [Member] | ||
Net income | $ 22,729 | $ 68,769 |
Add: Noncontrolling interest in consolidated joint ventures | 237 | 706 |
Deduct: Redeemable noncontrolling interest | (792) | |
Deduct: Redemption value adjustment of redeemable noncontrolling interests | (10,998) | |
Net income available to common shareholders | 22,174 | 69,475 |
Net income available to common shareholders for basic earnings per share | $ 11,176 | $ 69,475 |
Weighted average common units | 100,339 | 100,230 |
Net income available to common shareholders | $ 0.11 | $ 0.69 |
Mack-Cali Realty Corporation 87
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 | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net income available to common shareholders for basic earnings per share | $ 10,019 | $ 62,191 |
Add (deduct): Noncontrolling interest in Operating Partnership | 2,295 | 7,284 |
Deduct: Redeemable noncontrolling interest | (792) | |
Deduct: Redemption value adjustment of redeemable noncontrolling interest in Operating Partnership | (1,138) | |
Net income for diluted earnings per share | $ 11,176 | $ 69,475 |
Weighted average common shares | 100,637 | 100,315 |
Net income available to common shareholders | $ 0.11 | $ 0.69 |
Mack-Cali Realty LP [Member] | ||
Net income available to common shareholders for basic earnings per share | $ 11,176 | $ 69,475 |
Deduct: Redeemable noncontrolling interest | (792) | |
Net income for diluted earnings per share | $ 11,176 | $ 69,475 |
Weighted average common unit | 100,637 | 100,315 |
Net income available to common shareholders | $ 0.11 | $ 0.69 |
Mack-Cali Realty Corporation 88
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Schedule Of Reconciliation Of Shares Used In Basic EPS Calculation To Shares Used In Diluted EPS Calculation) (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Basic EPS shares | 89,955 | 89,721 |
Add: Operating Partnership - common units | 10,384 | 10,509 |
Restricted Stock Awards | 1 | 56 |
Stock Options | 297 | 29 |
Diluted EPS Shares | 100,637 | 100,315 |
Mack-Cali Realty LP [Member] | ||
Basic weighted average units outstanding | 100,339 | 100,230 |
Restricted Stock Awards | 1 | 56 |
Stock Options | 297 | 29 |
Diluted weighted average units outstanding | 100,637 | 100,315 |
Noncontrolling Interests In S89
Noncontrolling Interests In Subsidiaries (Narrative) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2017USD ($)propertyshares | Dec. 31, 2016 | |
Noncontrolling Interest [Line Items] | ||
Number of common shares received upon redemption of common units | shares | 1 | |
Rebalance of ownership percentage | $ | $ 0.4 | |
Percentage of noncontrolling interest | 10.30% | 10.50% |
Participation Rights [Member] | ||
Noncontrolling Interest [Line Items] | ||
Number of properties | 3 | |
Excess net cash flow remaining after the distribution to the Company | 50.00% | |
Internal rate of return | 10.00% | |
Future Developments [Member] | Participation Rights [Member] | ||
Noncontrolling Interest [Line Items] | ||
Number of properties | 1 |
Noncontrolling Interests In S90
Noncontrolling Interests In Subsidiaries (Schedule Of Activity Of Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Noncontrolling Interest [Line Items] | ||
Balance, value | $ 199,516 | |
Common unit distributions | (1,647) | |
Redeemable noncontrolling interest | (792) | |
Decrease in noncontrolling interest in consolidated joint ventures | (14) | |
Redemption of common units for common stock, value | ||
Other comprehensive income (loss) | 1,227 | |
Rebalancing of ownership percentage between parent and subsidiaries | ||
Balance, value | 196,572 | |
Noncontrolling Interests In Subsidiaries [Member] | ||
Noncontrolling Interest [Line Items] | ||
Balance, value | 199,516 | $ 228,032 |
Net income | 2,850 | 6,578 |
Common unit distributions | (1,647) | (1,601) |
Redeemable noncontrolling interest | (1,930) | |
Decrease in noncontrolling interest in consolidated joint ventures | (14) | 997 |
Redemption of common units for common stock, value | (2,531) | (276) |
Stock compensation | 644 | 173 |
Other comprehensive income (loss) | 127 | (665) |
Rebalancing of ownership percentage between parent and subsidiaries | (443) | (118) |
Balance, value | $ 196,572 | $ 233,120 |
Noncontrolling Interests In S91
Noncontrolling Interests In Subsidiaries (Changes In Noncontrolling Interests Of Subsidiaries) (Details) | 3 Months Ended |
Mar. 31, 2017shares | |
Noncontrolling Interests In Subsidiaries [Abstract] | |
Balance, Beginning, Common Units | 10,488,105 |
Redemption of common units for shares of common stock | (148,661) |
Balance, Ending, Common Units | 10,339,444 |
Balance, Beginning, LTIP Units | 657,373 |
Cancellation of units | (4,819) |
Balance, Ending, LTIP Units | 652,554 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 3 Months Ended | ||
Mar. 31, 2017USD ($)segment | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of business segments | segment | 3 | ||
Foreign Locations [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 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 | |||||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | ||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | $ 149,887 | $ 152,923 | ||||
Total operating and interest expenses | [1] | 97,306 | 108,293 | |||
Equity in earnings (loss) of unconsolidated joint ventures | (51) | (1,554) | ||||
Net operating income (loss) | [2] | 52,530 | 43,076 | |||
Total assets | 4,914,227 | $ 4,296,766 | ||||
Total long-lived assets | [3] | 4,045,025 | 3,616,534 | |||
Total investments in unconsolidated joint ventures | 325,150 | 320,047 | ||||
Corporate & Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | [4] | (2,971) | (1,742) | |||
Total operating and interest expenses | [1],[4] | 19,166 | 26,103 | |||
Net operating income (loss) | [2],[4] | (22,137) | (27,845) | |||
Total assets | [4] | 24,596 | 47,769 | |||
Total long-lived assets | [3],[4] | (6,521) | (5,933) | |||
Real Estate - Commercial And Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 134,763 | 136,952 | ||||
Total operating and interest expenses | [1] | 63,665 | 65,955 | |||
Equity in earnings (loss) of unconsolidated joint ventures | 412 | (1,926) | ||||
Net operating income (loss) | [2] | 71,510 | 69,071 | |||
Total assets | 3,760,432 | 3,344,396 | ||||
Total long-lived assets | [3] | 3,342,294 | 2,999,820 | |||
Total investments in unconsolidated joint ventures | 83,186 | 81,549 | ||||
Real Estate - Multi Family [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 8,843 | 8,986 | ||||
Total operating and interest expenses | [1] | 5,058 | 5,415 | |||
Equity in earnings (loss) of unconsolidated joint ventures | (786) | (1,231) | ||||
Net operating income (loss) | [2] | 2,999 | 2,340 | |||
Total assets | 1,116,152 | 887,394 | ||||
Total long-lived assets | [3] | 704,593 | 618,038 | |||
Total investments in unconsolidated joint ventures | 241,085 | 237,493 | ||||
Multi Family Services [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 9,252 | [5] | 8,727 | [6] | ||
Total operating and interest expenses | [1] | 9,417 | [7] | 10,820 | [8] | |
Equity in earnings (loss) of unconsolidated joint ventures | 323 | 1,603 | ||||
Net operating income (loss) | [2] | 158 | (490) | |||
Total assets | 13,047 | 17,207 | ||||
Total long-lived assets | [3] | 4,659 | 4,609 | |||
Total investments in unconsolidated joint ventures | 879 | $ 1,005 | ||||
Fee revenue | 1,800 | 2,700 | ||||
Management fee and salary reimbursement expenses | $ 3,600 | $ 1,400 | ||||
[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, acquisition related costs and interest expense (net of interest income). All interest expense, net of interest and other investment income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods. | |||||
[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. | |||||
[4] | 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. | |||||
[5] | Includes $1.8 million of fees and salary reimbursements earned for the three months ended March 31, 2017, from the multi-family real estate segment, which are eliminated in consolidation. | |||||
[6] | Includes $2.7 million of fees and salary reimbursements earned for the three months ended March 31, 2016, from the multi-family real estate segment, which are eliminated in consolidation. | |||||
[7] | Includes $3.6 million of management fees and salary reimbursement expenses for the three months ended March 31, 2017, from the multi-family real estate segment, which are eliminated in consolidation. | |||||
[8] | Includes $1.4 million of management fees and salary reimbursement expenses for the three months ended March 31, 2016, from the multi-family real estate segment, which are eliminated in consolidation. |
Segment Reporting (Schedule O94
Segment Reporting (Schedule Of Reconciliation Of Net Operating Income To Net Income Available To Common Shareholders) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Segment Reporting Information [Line Items] | |||
Net operating income | [1] | $ 52,530 | $ 43,076 |
Depreciation and amortization | (47,631) | (43,063) | |
Gain on change of control of interests | 10,156 | ||
Realized gains (losses) and unrealized losses on disposition of rental property, net | 5,506 | 58,600 | |
Gain on sale of investment in unconsolidated joint venture | 12,563 | ||
Loss from extinguishment of debt, net | (239) | ||
Net income | 22,729 | 68,769 | |
Noncontrolling interest in consolidated joint ventures | 237 | 706 | |
Noncontrolling interest in Operating Partnership | (2,295) | (7,284) | |
Redeemable noncontrolling interest | (792) | ||
Net income available to common shareholders | 19,879 | 62,191 | |
Mack-Cali Realty LP [Member] | |||
Segment Reporting Information [Line Items] | |||
Net operating income | 52,530 | 43,076 | |
Depreciation and amortization | (47,631) | (43,063) | |
Gain on change of control of interests | 10,156 | ||
Realized gains (losses) and unrealized losses on disposition of rental property, net | 5,506 | 58,600 | |
Gain on sale of investment in unconsolidated joint venture | 12,563 | ||
Loss from extinguishment of debt, net | (239) | ||
Net income | 22,729 | 68,769 | |
Noncontrolling interest in consolidated joint ventures | 237 | 706 | |
Redeemable noncontrolling interest | (792) | ||
Net income available to common shareholders | $ 22,174 | $ 69,475 | |
[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. |