Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 15, 2019 | Jun. 30, 2018 | |
Entity Registrant Name | MACK CALI REALTY CORP | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Entity Central Index Key | 924,901 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 1,817,581,899 | ||
Entity Common Stock, Shares Outstanding | 90,320,744 | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Mack-Cali Realty LP [Member] | |||
Entity Registrant Name | MACK CALI REALTY LP | ||
Entity Central Index Key | 1,067,063 | ||
Entity Filer Category | Large Accelerated Filer |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Rental property | ||
Land and leasehold interests | $ 807,236 | $ 786,789 |
Buildings and improvements | 4,109,797 | 3,955,122 |
Tenant improvements | 335,266 | 330,686 |
Furniture, fixtures and equipment | 53,718 | 30,247 |
Gross investment in rental property | 5,306,017 | 5,102,844 |
Less - accumulated depreciation and amortization | (1,097,868) | (1,087,083) |
Total investment in rental property | 4,208,149 | 4,015,761 |
Rental property held for sale, net | 108,848 | 171,578 |
Net investment in rental property | 4,316,997 | 4,187,339 |
Cash and cash equivalents | 29,633 | 28,180 |
Restricted cash | 19,921 | 39,792 |
Investments in unconsolidated joint ventures | 232,750 | 252,626 |
Unbilled rents receivable, net | 100,737 | 100,842 |
Deferred charges, goodwill and other assets, net | 355,234 | 342,320 |
Accounts receivable, net of allowance for doubtful accounts of $1,108 and $1,138 | 5,372 | 6,786 |
Total assets | 5,060,644 | 4,957,885 |
LIABILITIES AND EQUITY | ||
Senior unsecured notes, net | 570,314 | 569,145 |
Unsecured revolving credit facility and term loans | 790,939 | 822,288 |
Mortgages, loans payable and other obligations, net | 1,431,398 | 1,418,135 |
Dividends and distributions payable | 21,877 | 21,158 |
Accounts payable, accrued expenses and other liabilities | 168,115 | 192,716 |
Rents received in advance and security deposits | 41,244 | 43,993 |
Accrued interest payable | 9,117 | 9,519 |
Total liabilities | 3,033,004 | 3,076,954 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 330,459 | 212,208 |
Mack-Cali Realty Corporation stockholders' equity: | ||
Common stock, $0.01 par value, 190,000,000 shares authorized, 90,320,306 and 89,914,113 shares outstanding | 903 | 899 |
Additional paid-in capital | 2,561,503 | 2,565,136 |
Dividends in excess of net earnings | (1,084,518) | (1,096,429) |
Accumulated other comprehensive income | 8,770 | 6,689 |
Total Mack-Cali Realty Corporation stockholders' equity | 1,486,658 | 1,476,295 |
Noncontrolling interests in subsidiaries: | ||
Operating Partnership | 168,373 | 171,395 |
Consolidated joint ventures | 42,150 | 21,033 |
Total noncontrolling interests in subsidiaries | 210,523 | 192,428 |
Total equity | 1,697,181 | 1,668,723 |
Total liabilities and equity | 5,060,644 | 4,957,885 |
Mack-Cali Realty LP [Member] | ||
Rental property | ||
Land and leasehold interests | 807,236 | 786,789 |
Buildings and improvements | 4,109,797 | 3,955,122 |
Tenant improvements | 335,266 | 330,686 |
Furniture, fixtures and equipment | 53,718 | 30,247 |
Gross investment in rental property | 5,306,017 | 5,102,844 |
Less - accumulated depreciation and amortization | (1,097,868) | (1,087,083) |
Total investment in rental property | 4,208,149 | 4,015,761 |
Rental property held for sale, net | 108,848 | 171,578 |
Net investment in rental property | 4,316,997 | 4,187,339 |
Cash and cash equivalents | 29,633 | 28,180 |
Restricted cash | 19,921 | 39,792 |
Investments in unconsolidated joint ventures | 232,750 | 252,626 |
Unbilled rents receivable, net | 100,737 | 100,842 |
Deferred charges, goodwill and other assets, net | 355,234 | 342,320 |
Accounts receivable, net of allowance for doubtful accounts of $1,108 and $1,138 | 5,372 | 6,786 |
Total assets | 5,060,644 | 4,957,885 |
LIABILITIES AND EQUITY | ||
Senior unsecured notes, net | 570,314 | 569,145 |
Unsecured revolving credit facility and term loans | 790,939 | 822,288 |
Mortgages, loans payable and other obligations, net | 1,431,398 | 1,418,135 |
Dividends and distributions payable | 21,877 | 21,158 |
Accounts payable, accrued expenses and other liabilities | 168,115 | 192,716 |
Rents received in advance and security deposits | 41,244 | 43,993 |
Accrued interest payable | 9,117 | 9,519 |
Total liabilities | 3,033,004 | 3,076,954 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 330,459 | 212,208 |
Mack-Cali Realty Corporation stockholders' equity: | ||
General Partner, 90,320,306 and 89,914,113 common units outstanding | 1,413,497 | 1,407,366 |
Limited partners, 10,174,285 and 10,438,855 common units outstanding | 232,764 | 233,635 |
Accumulated other comprehensive income | 8,770 | 6,689 |
Total Mack-Cali Realty, L.P. partners' capital | 1,655,031 | 1,647,690 |
Noncontrolling interests in subsidiaries: | ||
Noncontrolling interests in consolidated joint ventures | 42,150 | 21,033 |
Total equity | 1,697,181 | 1,668,723 |
Total liabilities and equity | $ 5,060,644 | $ 4,957,885 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Allowance for doubtful accounts receivable | $ 1,108 | $ 1,138 |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 190,000,000 | 190,000,000 |
Common stock, shares outstanding | 90,320,306 | 89,914,113 |
Mack-Cali Realty LP [Member] | ||
Allowance for doubtful accounts receivable | $ 1,108 | $ 1,138 |
General partner common units outstanding | 90,320,306 | 89,914,113 |
Limited partners common units outstanding | 10,174,285 | 10,438,855 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
REVENUES | |||||||||||
Total revenues | $ 132,936 | $ 132,114 | $ 126,589 | $ 138,967 | $ 143,529 | $ 160,018 | $ 162,766 | $ 149,887 | $ 530,606 | $ 616,200 | $ 613,398 |
EXPENSES | |||||||||||
Real estate taxes | 64,555 | 81,364 | 87,379 | ||||||||
Utilities | 39,054 | 42,598 | 49,624 | ||||||||
Operating services | 102,626 | 107,379 | 103,954 | ||||||||
Real estate services expenses | 17,919 | 23,394 | 26,260 | ||||||||
General and administrative | 53,988 | 50,949 | 51,979 | ||||||||
Acquisition-related costs | 2,880 | ||||||||||
Depreciation and amortization | 174,847 | 205,169 | 186,684 | ||||||||
Land impairments | 24,566 | ||||||||||
Total expenses | 477,555 | 510,853 | 508,760 | ||||||||
OTHER (EXPENSE) INCOME | |||||||||||
Interest expense | (83,754) | (93,388) | (94,889) | ||||||||
Interest and other investment income (loss) | 3,389 | 2,766 | 1,614 | ||||||||
Equity in earnings (loss) of unconsolidated joint ventures | (127) | (6,081) | 18,788 | ||||||||
Gain on change of control of interests | 14,217 | 15,347 | |||||||||
Realized gains (losses) and unrealized losses on disposition of rental property, net | 99,436 | 2,364 | 109,666 | ||||||||
Gain on disposition of developable land | 30,939 | ||||||||||
Gain on sale of investment in unconsolidated joint venture | 23,131 | 5,670 | |||||||||
Loss from extinguishment of debt, net | (10,750) | (421) | (30,540) | ||||||||
Total other income (expense) | 53,350 | (71,629) | 25,656 | ||||||||
Net income | 52,523 | 1,689 | 1,501 | 50,688 | 5,411 | 44,703 | (39,125) | 22,729 | 106,401 | 33,718 | 130,294 |
Noncontrolling interest in consolidated joint ventures | 1,216 | 1,018 | 651 | ||||||||
Noncontrolling interest in Operating Partnership | (9,527) | (2,711) | (13,721) | ||||||||
Redeemable noncontrolling interest | (13,979) | (8,840) | |||||||||
Net income available to common shareholders | $ 43,804 | $ (1,478) | $ (1,251) | $ 43,036 | $ 2,582 | $ 38,054 | $ (37,330) | $ 19,879 | $ 84,111 | $ 23,185 | $ 117,224 |
Basic earnings per common share: | |||||||||||
Net income available to common shareholders | $ 0.45 | $ (0.05) | $ (0.05) | $ 0.45 | $ (0.01) | $ 0.39 | $ (0.44) | $ 0.11 | $ 0.80 | $ 0.06 | $ 1.31 |
Diluted earnings per common share: | |||||||||||
Net income available to common shareholders | $ 0.45 | $ (0.05) | $ (0.05) | $ 0.45 | $ (0.01) | $ 0.39 | $ (0.44) | $ 0.11 | $ 0.80 | $ 0.06 | $ 1.30 |
Basic weighted average shares outstanding | 90,388 | 90,005 | 89,746 | ||||||||
Diluted weighted average shares outstanding | 100,724 | 100,703 | 100,498 | ||||||||
Base Rents [Member] | |||||||||||
REVENUES | |||||||||||
Total revenues | $ 436,222 | $ 501,334 | $ 506,877 | ||||||||
Escalations And Recoveries From Tenants [Member] | |||||||||||
REVENUES | |||||||||||
Total revenues | 44,121 | 58,767 | 60,505 | ||||||||
Real Estate Services [Member] | |||||||||||
REVENUES | |||||||||||
Total revenues | 17,094 | 23,129 | 26,589 | ||||||||
Parking Income [Member] | |||||||||||
REVENUES | |||||||||||
Total revenues | 22,117 | 20,270 | 13,630 | ||||||||
Other Income [Member] | |||||||||||
REVENUES | |||||||||||
Total revenues | 11,052 | 12,700 | 5,797 | ||||||||
Mack-Cali Realty LP [Member] | |||||||||||
REVENUES | |||||||||||
Total revenues | $ 132,936 | $ 132,114 | $ 126,589 | $ 138,967 | $ 143,529 | $ 160,018 | $ 162,766 | $ 149,887 | 530,606 | 616,200 | 613,398 |
EXPENSES | |||||||||||
Real estate taxes | 64,555 | 81,364 | 87,379 | ||||||||
Utilities | 39,054 | 42,598 | 49,624 | ||||||||
Operating services | 102,626 | 107,379 | 103,954 | ||||||||
Real estate services expenses | 17,919 | 23,394 | 26,260 | ||||||||
General and administrative | 53,988 | 50,949 | 51,979 | ||||||||
Acquisition-related costs | 2,880 | ||||||||||
Depreciation and amortization | 174,847 | 205,169 | 186,684 | ||||||||
Land impairments | 24,566 | ||||||||||
Total expenses | 477,555 | 510,853 | 508,760 | ||||||||
OTHER (EXPENSE) INCOME | |||||||||||
Interest expense | (83,754) | (93,388) | (94,889) | ||||||||
Interest and other investment income (loss) | 3,389 | 2,766 | 1,614 | ||||||||
Equity in earnings (loss) of unconsolidated joint ventures | (127) | (6,081) | 18,788 | ||||||||
Gain on change of control of interests | 14,217 | 15,347 | |||||||||
Realized gains (losses) and unrealized losses on disposition of rental property, net | 99,436 | 2,364 | 109,666 | ||||||||
Gain on disposition of developable land | 30,939 | ||||||||||
Gain on sale of investment in unconsolidated joint venture | 23,131 | 5,670 | |||||||||
Loss from extinguishment of debt, net | (10,750) | (421) | (30,540) | ||||||||
Total other income (expense) | 53,350 | (71,629) | 25,656 | ||||||||
Net income | 52,523 | 1,689 | 1,501 | 50,688 | 5,411 | 44,703 | (39,125) | 22,729 | 106,401 | 33,718 | 130,294 |
Noncontrolling interest in consolidated joint ventures | 1,216 | 1,018 | 651 | ||||||||
Redeemable noncontrolling interest | (13,979) | (8,840) | |||||||||
Net income available to common shareholders | $ 48,757 | $ (1,645) | $ (1,393) | $ 47,919 | $ 2,881 | $ 42,467 | $ (41,626) | $ 22,174 | $ 93,638 | $ 25,896 | $ 130,945 |
Basic earnings per common share: | |||||||||||
Net income available to common shareholders | $ 0.45 | $ (0.05) | $ (0.05) | $ 0.45 | $ (0.01) | $ 0.39 | $ (0.44) | $ 0.11 | $ 0.80 | $ 0.06 | $ 1.31 |
Diluted earnings per common share: | |||||||||||
Net income available to common shareholders | $ 0.45 | $ (0.05) | $ (0.05) | $ 0.45 | $ (0.01) | $ 0.39 | $ (0.44) | $ 0.11 | $ 0.80 | $ 0.06 | $ 1.30 |
Basic weighted average units outstanding | 100,634 | 100,410 | 100,245 | ||||||||
Diluted weighted average units outstanding | 100,724 | 100,703 | 100,498 | ||||||||
Mack-Cali Realty LP [Member] | Base Rents [Member] | |||||||||||
REVENUES | |||||||||||
Total revenues | $ 436,222 | $ 501,334 | $ 506,877 | ||||||||
Mack-Cali Realty LP [Member] | Escalations And Recoveries From Tenants [Member] | |||||||||||
REVENUES | |||||||||||
Total revenues | 44,121 | 58,767 | 60,505 | ||||||||
Mack-Cali Realty LP [Member] | Real Estate Services [Member] | |||||||||||
REVENUES | |||||||||||
Total revenues | 17,094 | 23,129 | 26,589 | ||||||||
Mack-Cali Realty LP [Member] | Parking Income [Member] | |||||||||||
REVENUES | |||||||||||
Total revenues | 22,117 | 20,270 | 13,630 | ||||||||
Mack-Cali Realty LP [Member] | Other Income [Member] | |||||||||||
REVENUES | |||||||||||
Total revenues | $ 11,052 | $ 12,700 | $ 5,797 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net income | $ 106,401 | $ 33,718 | $ 130,294 |
Other comprehensive income: | |||
Net unrealized gain on derivative instruments for interest rate swaps | 2,318 | 5,250 | 2,216 |
Comprehensive income | 108,719 | 38,968 | 132,510 |
Comprehensive (income) loss attributable to noncontrolling interest in consolidated joint ventures | 1,216 | 1,018 | 651 |
Comprehensive (income) loss attributable to redeemable noncontrolling interest | (13,979) | (8,840) | |
Comprehensive (income) loss attributable to noncontrolling interest in Operating Partnership | (9,764) | (3,257) | (13,952) |
Comprehensive income attributable to common shareholders | 86,192 | 27,889 | 119,209 |
Mack-Cali Realty LP [Member] | |||
Net income | 106,401 | 33,718 | 130,294 |
Other comprehensive income: | |||
Net unrealized gain on derivative instruments for interest rate swaps | 2,318 | 5,250 | 2,216 |
Comprehensive income | 108,719 | 38,968 | 132,510 |
Comprehensive (income) loss attributable to noncontrolling interest in consolidated joint ventures | 1,216 | 1,018 | 651 |
Comprehensive (income) loss attributable to redeemable noncontrolling interest | (13,979) | (8,840) | |
Comprehensive income attributable to common shareholders | $ 95,956 | $ 31,146 | $ 133,161 |
Consolidated Statement Of Chang
Consolidated Statement Of Changes In Equity - USD ($) shares in Thousands, $ in Thousands | Mack-Cali Realty LP [Member]General Partner Common Units [Member] | Mack-Cali Realty LP [Member]Limited Partner Common Units [Member] | Mack-Cali Realty LP [Member]General Partner Common Unitholders [Member] | Mack-Cali Realty LP [Member]Limited Partner Common Unitholders [Member] | Mack-Cali Realty LP [Member]Noncontrolling Interest In Consolidated Joint Ventures [Member] | Mack-Cali Realty LP [Member]Accumulated Other Comprehensive Income (Loss) [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, 2015 | $ 896 | $ 2,570,392 | $ (1,115,612) | $ 228,032 | $ 1,683,708 | ||||||||
Balance, shares at Dec. 31, 2015 | 89,584 | ||||||||||||
Balance, value at Dec. 31, 2015 | $ 1,399,419 | $ 227,148 | $ 57,141 | $ 1,683,708 | |||||||||
Balance, units at Dec. 31, 2015 | 89,584 | 10,517 | |||||||||||
Net income | 117,224 | 13,721 | (651) | 130,294 | 117,224 | 13,070 | 130,294 | ||||||
Common stock dividends | (53,796) | (53,796) | |||||||||||
Common unit distributions | (53,796) | (6,619) | (60,415) | (6,619) | (6,619) | ||||||||
Decrease in noncontrolling interest in consolidated joint ventures | 414 | (35,544) | (35,130) | 414 | (35,544) | (35,130) | |||||||
Redemption of common units for common stock, value | (474) | 474 | (474) | 474 | |||||||||
Redemption of common units for common stock, shares | 29 | (29) | 29 | ||||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, value | 71 | 71 | 71 | 71 | |||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, shares | 3 | 3 | |||||||||||
Directors' deferred compensation plan, value | 372 | 372 | 372 | 372 | |||||||||
Stock compensation, value | 3,466 | 2,180 | 5,646 | $ 1 | 3,465 | 2,180 | 5,646 | ||||||
Stock compensation, shares | 85 | 85 | |||||||||||
Cancellation of restricted shares, value | (75) | (75) | (75) | (75) | |||||||||
Cancellation of restricted shares, shares | (4) | (4) | |||||||||||
Other comprehensive income | 231 | $ 1,985 | 2,216 | $ 1,985 | 231 | 2,216 | |||||||
Rebalancing of ownership percentage between parent and subsidiaries | 1,360 | (1,360) | |||||||||||
Balance, value at Dec. 31, 2016 | $ 897 | 2,576,473 | (1,052,184) | 1,985 | 199,516 | 1,726,687 | |||||||
Balance, shares at Dec. 31, 2016 | 89,697 | ||||||||||||
Balance, value at Dec. 31, 2016 | 1,467,569 | 236,187 | 20,946 | 1,985 | 1,726,687 | ||||||||
Balance, units at Dec. 31, 2016 | 89,697 | 10,488 | |||||||||||
Net income | 23,185 | 2,711 | 7,822 | 33,718 | 23,185 | 10,533 | 33,718 | ||||||
Common stock dividends | (67,430) | (67,430) | |||||||||||
Common unit distributions | (67,430) | (8,629) | (76,059) | (8,629) | (8,629) | ||||||||
Issuance of limited partner common units, value | $ 99 | 2,793 | 2,793 | 2,793 | 2,793 | ||||||||
Redeemable noncontrolling interest | (17,951) | (2,074) | (8,840) | (28,865) | (17,951) | (10,914) | (28,865) | ||||||
Decrease in noncontrolling interest in consolidated joint ventures | (3,756) | 1,105 | (2,651) | (3,756) | 1,105 | (2,651) | |||||||
Redemption of common units for common stock, value | (2,531) | 2,531 | $ (1) | (2,530) | 2,531 | ||||||||
Redemption of common units for common stock, shares | 149 | (149) | 149 | ||||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, value | 67 | 67 | 67 | 67 | |||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, shares | 2 | 2 | |||||||||||
Directors' deferred compensation plan, value | 482 | 482 | 482 | 482 | |||||||||
Stock compensation, value | 2,815 | 4,632 | 7,447 | $ 1 | 2,814 | 4,632 | 7,447 | ||||||
Stock compensation, shares | 70 | 70 | |||||||||||
Cancellation of restricted shares, value | (146) | (146) | (146) | (146) | |||||||||
Cancellation of restricted shares, shares | (4) | (4) | |||||||||||
Other comprehensive income | 546 | 4,704 | 5,250 | 4,704 | 546 | 5,250 | |||||||
Rebalancing of ownership percentage between parent and subsidiaries | 4,623 | (4,623) | |||||||||||
Balance, value at Dec. 31, 2017 | $ 899 | 2,565,136 | (1,096,429) | 6,689 | 192,428 | 1,668,723 | |||||||
Balance, shares at Dec. 31, 2017 | 89,914 | ||||||||||||
Balance, value at Dec. 31, 2017 | 1,407,366 | 233,635 | 21,033 | 6,689 | 1,668,723 | ||||||||
Balance, units at Dec. 31, 2017 | 89,914 | 10,438 | |||||||||||
Net income | 84,111 | 9,527 | 12,763 | 106,401 | 84,111 | 22,290 | 106,401 | ||||||
Common stock dividends | (72,200) | (72,200) | |||||||||||
Common unit distributions | (72,200) | (9,022) | (81,222) | (9,022) | (9,022) | ||||||||
Redeemable noncontrolling interest | (11,425) | (1,296) | (13,979) | (26,700) | (11,425) | (15,275) | (26,700) | ||||||
Decrease in noncontrolling interest in consolidated joint ventures | 22,333 | 22,333 | 22,333 | 22,333 | |||||||||
Redemption of common units for common stock, value | (4,344) | 4,344 | $ (3) | (4,341) | 4,344 | ||||||||
Redemption of common units for common stock, shares | 264 | (264) | 264 | ||||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, value | (37) | (37) | (37) | (37) | |||||||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, shares | 4 | 4 | |||||||||||
Directors' deferred compensation plan, value | 507 | 507 | 507 | 507 | |||||||||
Stock compensation, value | 1,414 | 5,480 | 6,894 | $ 1 | 1,413 | 5,480 | 6,894 | ||||||
Stock compensation, shares | 147 | 147 | |||||||||||
Cancellation of restricted shares, value | (583) | (1,453) | (2,036) | (583) | (1,453) | (2,036) | |||||||
Cancellation of restricted shares, shares | (9) | (9) | |||||||||||
Other comprehensive income | 237 | 2,081 | 2,318 | 2,081 | 237 | 2,318 | |||||||
Rebalancing of ownership percentage between parent and subsidiaries | 2,151 | (2,151) | |||||||||||
Balance, value at Dec. 31, 2018 | $ 903 | $ 2,561,503 | $ (1,084,518) | $ 8,770 | $ 210,523 | $ 1,697,181 | |||||||
Balance, shares at Dec. 31, 2018 | 90,320 | ||||||||||||
Balance, value at Dec. 31, 2018 | $ 1,413,497 | $ 232,764 | $ 42,150 | $ 8,770 | $ 1,697,181 | ||||||||
Balance, units at Dec. 31, 2018 | 90,320 | 10,174 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net income | $ 106,401 | $ 33,718 | $ 130,294 | ||||
Adjustments to reconcile net income to net cash provided by Operating activities: | |||||||
Depreciation and amortization, including related intangible assets and liabilities | 170,284 | 198,674 | 186,549 | ||||
Amortization of directors deferred compensation stock units | 507 | 482 | 372 | ||||
Amortization of stock compensation | 6,894 | 7,447 | 5,646 | ||||
Amortization of deferred financing costs | 5,028 | 4,612 | 4,582 | ||||
Amortization of debt discount and mark-to-market | (948) | (287) | 1,686 | ||||
Equity in (earnings) loss of unconsolidated joint ventures | 127 | 6,081 | (18,788) | ||||
Distributions of cumulative earnings from unconsolidated joint ventures | 9,182 | 8,186 | 6,120 | ||||
Gain on change of control of interests | (14,217) | (15,347) | |||||
Realized (gains) losses and unrealized losses on disposition of rental property, net | (99,436) | (2,364) | (109,666) | ||||
Gain on disposition of developable land | (30,939) | ||||||
Gain on sale of investments in unconsolidated joint ventures | (23,131) | (5,670) | |||||
Loss (gain) from extinguishment of debt | 10,750 | 421 | (12,420) | ||||
Land impairments | 24,566 | ||||||
Changes in operating assets and liabilities: | |||||||
Increase in unbilled rents receivable, net | (7,519) | (11,286) | (12,775) | ||||
Increase in deferred charges, goodwill and other assets | (29,377) | (19,710) | (33,878) | ||||
Decrease in accounts receivable, net | 1,382 | 2,831 | 596 | ||||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | 13,915 | (9,012) | (14,535) | ||||
Increase (decrease) in rents received in advance and security deposits | 875 | (1,817) | (3,297) | ||||
(Decrease) increase in accrued interest payable | (402) | 1,296 | (9,362) | ||||
Net cash provided by operating activities | 167,073 | 196,141 | 100,107 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Rental property acquisitions and related intangibles | (164,838) | (619,350) | (407,869) | ||||
Rental property additions and improvements | (168,398) | (90,068) | (121,582) | ||||
Development of rental property and other related costs | (184,799) | (267,845) | (206,955) | ||||
Proceeds from the sales of rental property | 338,015 | 312,596 | 604,978 | ||||
Proceeds from the sale of investments in unconsolidated joint ventures | 98,599 | 6,420 | |||||
Investments in notes receivable | (47,049) | ||||||
Repayment of notes receivable | 12,102 | 74,945 | 500 | ||||
Investment in unconsolidated joint ventures | (11,789) | (36,060) | (35,930) | ||||
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 11,553 | 5,877 | 22,231 | ||||
Proceeds from investment receivable | 3,625 | ||||||
Net cash used in investing activities | (168,154) | (564,730) | (138,207) | ||||
CASH FLOW FROM FINANCING ACTIVITIES | |||||||
Borrowings from revolving credit facility | 461,000 | 730,000 | 1,165,000 | ||||
Repayment of revolving credit facility | (494,000) | (866,000) | (1,034,000) | ||||
Repayment of senior unsecured notes | (250,000) | (448,339) | |||||
Borrowings from unsecured term loan | 325,000 | 350,000 | |||||
Proceeds from mortgages and loans payable | 434,293 | 518,852 | 474,344 | ||||
Repayment of mortgages, loans payable and other obligations | (418,495) | (156,760) | (349,426) | ||||
Acquisition of noncontrolling interests | (2,021) | (37,946) | |||||
Issuance of redeemable noncontrolling interests, net | 105,000 | 139,002 | |||||
Payment of financing costs | (3,576) | (9,230) | (9,414) | ||||
Contributions from (to) noncontrolling interests, net | (7,542) | (19) | 1,065 | ||||
Payment of dividends and distributions | (94,017) | (77,826) | (60,041) | ||||
Net cash (used in) provided by financing activities | (17,337) | 350,998 | 51,243 | ||||
Net (decrease) increase in cash and cash equivalents | (18,418) | (17,591) | 13,143 | ||||
Cash, cash equivalents and restricted cash, beginning of period | [2] | 67,972 | [1] | 85,563 | [1] | 72,420 | |
Cash, cash equivalents and restricted cash, end of period | [1] | 49,554 | 67,972 | [2] | 85,563 | [2] | |
Mack-Cali Realty LP [Member] | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net income | 106,401 | 33,718 | 130,294 | ||||
Adjustments to reconcile net income to net cash provided by Operating activities: | |||||||
Depreciation and amortization, including related intangible assets and liabilities | 170,284 | 198,674 | 186,549 | ||||
Amortization of directors deferred compensation stock units | 507 | 482 | 372 | ||||
Amortization of stock compensation | 6,894 | 7,447 | 5,646 | ||||
Amortization of deferred financing costs | 5,028 | 4,612 | 4,582 | ||||
Amortization of debt discount and mark-to-market | (948) | (287) | 1,686 | ||||
Equity in (earnings) loss of unconsolidated joint ventures | 127 | 6,081 | (18,788) | ||||
Distributions of cumulative earnings from unconsolidated joint ventures | 9,182 | 8,186 | 6,120 | ||||
Gain on change of control of interests | (14,217) | (15,347) | |||||
Realized (gains) losses and unrealized losses on disposition of rental property, net | (99,436) | (2,364) | (109,666) | ||||
Gain on disposition of developable land | (30,939) | ||||||
Gain on sale of investments in unconsolidated joint ventures | (23,131) | (5,670) | |||||
Loss (gain) from extinguishment of debt | 10,750 | 421 | (12,420) | ||||
Land impairments | 24,566 | ||||||
Changes in operating assets and liabilities: | |||||||
Increase in unbilled rents receivable, net | (7,519) | (11,286) | (12,775) | ||||
Increase in deferred charges, goodwill and other assets | (29,377) | (19,710) | (33,878) | ||||
Decrease in accounts receivable, net | 1,382 | 2,831 | 596 | ||||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | 13,915 | (9,012) | (14,535) | ||||
Increase (decrease) in rents received in advance and security deposits | 875 | (1,817) | (3,297) | ||||
(Decrease) increase in accrued interest payable | (402) | 1,296 | (9,362) | ||||
Net cash provided by operating activities | 167,073 | 196,141 | 100,107 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Rental property acquisitions and related intangibles | (164,838) | (619,350) | (407,869) | ||||
Rental property additions and improvements | (168,398) | (90,068) | (121,582) | ||||
Development of rental property and other related costs | (184,799) | (267,845) | (206,955) | ||||
Proceeds from the sales of rental property | 338,015 | 312,596 | 604,978 | ||||
Proceeds from the sale of investments in unconsolidated joint ventures | 98,599 | 6,420 | |||||
Investments in notes receivable | (47,049) | ||||||
Repayment of notes receivable | 12,102 | 74,945 | 500 | ||||
Investment in unconsolidated joint ventures | (11,789) | (36,060) | (35,930) | ||||
Distributions in excess of cumulative earnings from unconsolidated joint ventures | 11,553 | 5,877 | 22,231 | ||||
Proceeds from investment receivable | 3,625 | ||||||
Net cash used in investing activities | (168,154) | (564,730) | (138,207) | ||||
CASH FLOW FROM FINANCING ACTIVITIES | |||||||
Borrowings from revolving credit facility | 461,000 | 730,000 | 1,165,000 | ||||
Repayment of revolving credit facility | (494,000) | (866,000) | (1,034,000) | ||||
Repayment of senior unsecured notes | (250,000) | (448,339) | |||||
Borrowings from unsecured term loan | 325,000 | 350,000 | |||||
Proceeds from mortgages and loans payable | 434,293 | 518,852 | 474,344 | ||||
Repayment of mortgages, loans payable and other obligations | (418,495) | (156,760) | (349,426) | ||||
Acquisition of noncontrolling interests | (2,021) | (37,946) | |||||
Issuance of redeemable noncontrolling interests, net | 105,000 | 139,002 | |||||
Payment of financing costs | (3,576) | (9,230) | (9,414) | ||||
Contributions from (to) noncontrolling interests, net | (7,542) | (19) | 1,065 | ||||
Payment of dividends and distributions | (94,017) | (77,826) | (60,041) | ||||
Net cash (used in) provided by financing activities | (17,337) | 350,998 | 51,243 | ||||
Net (decrease) increase in cash and cash equivalents | (18,418) | (17,591) | 13,143 | ||||
Cash, cash equivalents and restricted cash, beginning of period | [2] | 67,972 | [1] | 85,563 | [1] | 72,420 | |
Cash, cash equivalents and restricted cash, end of period | [1] | $ 49,554 | $ 67,972 | [2] | $ 85,563 | [2] | |
[1] | Includes Restricted Cash of $19,921, $39,792 and $53,952 as of December 31, 2018, 2017 and 2016, respectively, pursuant to the adoption of ASU 2016-15. | ||||||
[2] | Includes Restricted Cash of $39,792, $53,952 and $35,343 as of December 31, 2017, 2016 and 2015, respectively, pursuant to the adoption of ASU 2016-15. |
Consolidated Statements Of Ca_2
Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Restricted cash | $ 19,921 | $ 39,792 | $ 53,952 | $ 35,343 |
Mack-Cali Realty LP [Member] | ||||
Restricted cash | $ 19,921 | $ 39,792 | $ 53,952 | $ 35,343 |
Organization And Basis Of Prese
Organization And Basis Of Presentation | 12 Months Ended |
Dec. 31, 2018 | |
Organization And Basis Of Presentation [Line Items] | |
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 89.8 percent and 89.6 percent common unit interest in the Operating Partnership as of December 31, 2018 and December 31, 2017 , 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 December 31, 2018 , the Company owned or had interests in 135 properties, consisting of 56 office and 55 flex properties, totaling approximately 15.4 million square feet, leased to approximately 700 commercial tenants, and 24 multi-family rental properties containing 6,910 apartment units, plus developable land (collectively, the “Properties”). The Properties are comprised of 56 office buildings totaling approximately 12.6 million square feet (which include four buildings aggregating approximately 0.5 million square feet owned by unconsolidated joint ventures in which the Company has investment interests), 47 office/flex buildings totaling approximately 2.7 million square feet, 24 multi-family properties totaling 6,910 apartment units (which include eight properties aggregating 2,922 apartment units 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), a hotel (which is owned by an unconsolidated joint venture in which the Company has an investment interest) and a parcel of land leased to others. The Properties are located in six states, primarily in the Northeast, plus the District of Columbia. BASIS OF PRESENTATION The accompanying consolidated financial statements include all accounts of the Company, its majority-owned and/or controlled subsidiaries, which consist principally of the Operating Partnership and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any. See Note 2: Significant Accounting Policies – Investments in Unconsolidated Joint Ventures, for the Company’s treatment of unconsolidated joint venture interests. Intercompany accounts and transactions have been eliminated. Accounting Standards Codification (“ASC”) 810, Consolidation, provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack (i) the ability to make decisions about the entity's activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and substantially all of the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the variable interest entity’s performance: and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. On January 1, 2016, the Company adopted accounting guidance under ASC 810, Consolidation, modifying the analysis it must perform to determine whether it should consolidate certain types of legal entities. The guidance does not amend the existing disclosure requirements for variable interest entities or voting interest model entities. The guidance, however, modified the requirements to qualify under the voting interest model. Under the revised guidance, the Operating Partnership will be a variable interest entity of the parent company, Mack-Cali Realty Corporation. As the Operating Partnership is already consolidated in the balance sheets of Mack-Cali Realty Corporation, the identification of this entity as a variable interest entity has no impact on the consolidated financial statements of Mack-Cali Realty Corporation. There were no other legal entities qualifying under the scope of the revised guidance that were consolidated as a result of the adoption. As of December 31, 2018 and 2017 , 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, other than Roseland Residential, L.P. (See Note 3: Rockpoint Transaction), have total real estate assets of $480.4 million and $215.5 million, respectively, mortgages of $241.5 million and $81.2 million, respectively, and other liabilities of $23 million and $19.3 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 [Line Items] | |
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 89.8 percent and 89.6 percent common unit interest in the Operating Partnership as of December 31, 2018 and December 31, 2017 , 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 December 31, 2018 , the Company owned or had interests in 135 properties, consisting of 56 office and 55 flex properties, totaling approximately 15.4 million square feet, leased to approximately 700 commercial tenants, and 24 multi-family rental properties containing 6,910 apartment units, plus developable land (collectively, the “Properties”). The Properties are comprised of 56 office buildings totaling approximately 12.6 million square feet (which include four buildings aggregating approximately 0.5 million square feet owned by unconsolidated joint ventures in which the Company has investment interests), 47 office/flex buildings totaling approximately 2.7 million square feet, 24 multi-family properties totaling 6,910 apartment units (which include eight properties aggregating 2,922 apartment units 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), a hotel (which is owned by an unconsolidated joint venture in which the Company has an investment interest) and a parcel of land leased to others. The Properties are located in six states, primarily in the Northeast, plus the District of Columbia. BASIS OF PRESENTATION The accompanying consolidated financial statements include all accounts of the Company, its majority-owned and/or controlled subsidiaries, which consist principally of the Operating Partnership and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any. See Note 2: Significant Accounting Policies – Investments in Unconsolidated Joint Ventures, for the Company’s treatment of unconsolidated joint venture interests. Intercompany accounts and transactions have been eliminated. Accounting Standards Codification (“ASC”) 810, Consolidation, provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack (i) the ability to make decisions about the entity's activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and substantially all of the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the variable interest entity’s performance: and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. On January 1, 2016, the Company adopted accounting guidance under ASC 810, Consolidation, modifying the analysis it must perform to determine whether it should consolidate certain types of legal entities. The guidance does not amend the existing disclosure requirements for variable interest entities or voting interest model entities. The guidance, however, modified the requirements to qualify under the voting interest model. Under the revised guidance, the Operating Partnership will be a variable interest entity of the parent company, Mack-Cali Realty Corporation. As the Operating Partnership is already consolidated in the balance sheets of Mack-Cali Realty Corporation, the identification of this entity as a variable interest entity has no impact on the consolidated financial statements of Mack-Cali Realty Corporation. There were no other legal entities qualifying under the scope of the revised guidance that were consolidated as a result of the adoption. As of December 31, 2018 and 2017 , 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, other than Roseland Residential, L.P. (See Note 3: Rockpoint Transaction), have total real estate assets of $480.4 million and $215.5 million, respectively, mortgages of $241.5 million and $81.2 million, respectively, and other liabilities of $23 million and $19.3 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 | 12 Months Ended |
Dec. 31, 2018 | |
Significant Accounting Policies [Line Items] | |
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 for all real estate acquisitions classified as business combinations, which were substantially all of our operating property acquisitions, through December 31, 2016. The Company early adopted 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 $ 2.3 million, $ 2.2 million and $2.6 million for the years ended December 31, 2018 , 2017 and 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. Included in net investment in rental property as of December 31, 2018 and December 31, 2017 is real estate and building and tenant improvements not in service; as follows (dollars in thousands) : December 31, December 31, 2018 2017 Land held for development (including pre-development costs) (a) $ 465,930 $ 483,432 Development and construction in progress, including land (b) 327,039 535,971 Total $ 792,969 $ 1,019,403 (a) Includes predevelopment and infrastructure costs included in buildings and improvements of $204.9 million and $188.1 million as of December 31, 2018 and December 31, 2017, respectively. (b) Includes land of $49.6 million and $77.0 million as of December 31, 2018 and December 31, 2017, respectively. The Company considers a construction project as substantially completed and held available for occupancy upon the substantial completion of 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 residents, 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 commercial square footage or multi-family units 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 relative 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 business 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 or leases. 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 impairment 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 (which is recorded as unrealized losses on disposition of rental property) 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 $ 5,028,000 , $ 4,612,000 and $ 4,582,000 for the years ended December 31, 2018 , 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, of $10.8 million, $0.4 million and $ 30.5 million for the years ended December 31, 2018 , 2017 and 2016 were unamortized deferred financing costs which were written off (as non-cash transactions) amounting to $0.6 million, $ 0.4 million and $ 0.7 million, respectively. Deferred Leasing Costs Costs incurred in connection with successfully executed commercial and residential leases are capitalized and amortized on a straight-line basis over the terms of the related leases and included in depreciation and amortization. Unamortized deferred leasing costs are charged to amortization expense upon early termination of the lease. Certain employees of the Company are compensated for providing leasing services to the Properties. The portion of such compensation related to commercial leases, which is capitalized and amortized, and included in deferred charges, goodwill and other assets, net was approximately $ 3,463,000 , $ 3,146,000 and $ 3,270,000 for the years ended December 31, 2018 , 2017 and 2016 , respectively. Upon the adoption of ASC842 on January1, 2019, the Company will no longer capitalize such costs. Goodwill Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Goodwill is allocated to various reporting units, as applicable. Each of the Company’s segments consists of a reporting unit. Goodwill is not amortized. Management performs an annual impairment test for goodwill during the fourth quarter and between annual tests, management evaluates the recoverability of goodwill whenever events or changes in circumstances indicate that the carrying value of goodwill may not be fully recoverable. In its impairment tests of goodwill, management first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If, based on this assessment, management determines that the fair value of the reporting unit is not less than its carrying value, then performing the additional two-step impairment test is unnecessary. If the carrying value of goodwill exceeds its fair value, an impairment charge is recognized. The Company determined that its goodwill, with a balance of $2.9 million, was not impaired at December 31, 2018 after management performed its impairment tests. Derivative Instruments The Company measures derivative instruments, including certain derivative instruments embedded in other contracts, at fair value and records them as an asset or liability, depending on the Company’s rights or obligations under the applicable derivative contract. For derivatives designated and qualifying as fair value hedges, the changes in the fair value of both the derivative instrument and the hedged item are recorded in earnings. For derivatives designated as cash flow hedges, the effective portions of the derivative are reported in other comprehensive income (“OCI”) and are subsequently reclassified into earnings when the hedged item affects earnings. Changes in fair value of derivative instruments not designated as hedging and ineffective portions of hedges are recognized in earnings in the affected period. Revenue Recognition Base rental revenue is recognized on a straight-line basis over the terms of the respective leases. Unbilled rents receivable represents the cumulative amount by which straight-line rental revenue exceeds rents currently billed in accordance with the lease agreements. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed-rate renewal options for below-market leases. The capitalized above-market lease values for acquired properties are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed-rate renewal options of the respective leases. Escalations and recoveries from tenants are received from tenants for certain costs as provided in the lease agreements. These costs generally include real estate taxes, utilities, insurance, common area maintenance and other recoverable costs. See Note 13: Tenant Leases. Real estate services revenue includes property management, development, construction and leasing commission fees and other services, and payroll and related costs reimbursed from clients. Fee income derived from the Company’s unconsolidated joint ventures (which are capitalized by such ventures) are recognized to the extent attributable to the unaffiliated ownership interests. Parking income includes income from parking spaces leased to tenants and others. Other income includes income from tenants for additional services arranged for by the Company and income from tenants for early lease terminations. Allowance for Doubtful Accounts Management performs a detailed review of amounts due from tenants to determine if an allowance for doubtful accounts is required based on factors affecting the collectability of the accounts receivable balances. The factors considered by management in determining which individual tenant receivable balances, or aggregate receivable balances, require a collectability allowance include the age of the receivable, the tenant’s payment history, the nature of the charges, any communications regarding the charges and other related information. Management’s estimate of the allowance for doubtful accounts requires management to exercise significant judgment about the timing, frequency and severity of collection losses, which affects the allowance and net income. Income and Other Taxes The General Partner has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “IRS Code”). As a REIT, the General Partner generally will not be subject to corporate federal income tax on net income that it currently distributes to its shareholders, provided that the General Partner satisfies certain organizational and operational requirements including the requirement to distribute at least 90 percent of its REIT taxable income (determined by excluding any net capital gains) to its shareholders. If and to the extent the General Partner retains and does not distribute any net capital gains, the General Partner will be required to pay federal, state and local taxes, as applicable, on such net capital gains at the rate applicable to capital gains of a corporation. The Operating Partnership is a partnership, and, as a result, all income and losses of the partnership are allocated to the partners for inclusion in their respective tax returns. Accordingly, no provision or benefit for income taxes has been made in the accompanying financial statements. As of December 31, 2018 , the estimated net basis of the rental property for federal income tax purposes was lower than the net assets as reported in the Operating Partnership’s financial statements by approximately $410,573,000 . The Operating Partnership’s taxable income for the year ended December 31, 2018 was estimated to be approximately $82,106,000 and for the years ended December 31, 2017 and 2016 was approximately $97,037,000 and $30,208,000 , respectively. The differences between book income and taxable income primarily result from differences in depreciation expenses, the recording of rental income, differences in the deductibility of interest expense and certain other expenses for tax purposes, differences in revenue recognition and the rules for tax purposes of a property exchange. The General Partner has elected to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (each a “TRS”). In general, a TRS of the General Partner may perform additional services for tenants of the 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. The deferred tax asset balance at December 31, 2018 amounted to $ 10.1 million which has been fully reserved through a valuation allowance. New tax reform legislation enacted in late 2017 reduced the corporate tax rate to 21 percent, effective January 1, 2018. Consequently, the Company’s deferred tax assets were re-measured to reflect the reduction in the future U.S. corporate income tax rate as of the enactment date. As a result, the Company recorded a decrease related to its deferred tax assets of $5.3 million and a decrease to the associated valuation allowance of $5.3 million at December 31, 2017. If the General Partner fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate tax rates. The Company is subject to certain state and local taxes. Pursuant to the amended provisions related to uncertain tax provisions of ASC 740, Income Taxes, the Company recognized no material adjustments regarding its tax accounting treatment. The Company expects to recognize interest and penalties related to uncertain tax positions, if any, as income tax expense, which is included in general and administrative expense. In the normal course of business, the Company or one of its subsidiaries is subject to examination by federal, state and local jurisdictions in which it operates, where applicable. As of December 31, 2018 , the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are generally from the year 2014 forward. Earnings Per Share or Unit The Company presents both basic and diluted earnings per share or unit (“EPS or EPU”). Basic EPS or EPU excludes dilution and is computed by dividing net income available to common shareholders or unitholders by the weighted average number of shares or units outstanding for the period. Diluted EPS or EPU reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS or EPU from continuing operations amount. Shares or Units whose issuance is contingent upon the satisfaction of certain conditions shall be considered outstanding and included in the computation of diluted EPS or EPU as follows (i) if all necessary conditions have been satisfied by the end of the period (the events have occurred), those shares or units shall be included as of the beginning of the period in which the conditions were satisfied (or as of the date of the grant, if later) or (ii) if all necessary conditions have not been satisfied by the end of the period, the number of contingently issuable shares or units included in diluted EPS or EPU shall be based on the number of shares or units, if any, that would be issuable if the end of the reporting period were the end of the contingency period (for example, the number of shares or units that would be issuable based on current period earnings or period-end market price) and if the result would be dilutive. Those contingently issuable shares or units shall be included in the denominator of diluted EPS or EPU as of the beginning of the period (or as of the date of the grant, if later). Dividends and Distributions Payable The dividends and distributions payable at December 31, 2018 represents dividends payable to common shareholders ( 90,320,408 shares) and distributions payable to noncontrolling interest unitholders of the Operating Partnership ( 10,174,285 common units and 1,762,170 LTIP units) for all such holders of record as of January 3, 2019 with respect to the fourth quarter 2018 . The fourth quarter 2018 common stock dividends and unit distributions of $ 0.20 per common share, common unit and LTIP unit were approved by the General Partner’s Board of Directors on December 11, 2018 and paid on January 11, 2019 . The dividends and distributions payable at December 31, 2017 represents dividends payable to common shareholders ( 89,914,658 shares) and distributions payable to noncontrolling interest unitholders of the Operating Partnership ( 10,438,855 common units and 1,230,877 LTIP units) for all such holders of record as of January 3, 2018 with respect to the fourth quarter 2017 . The fourth quarter 2017 common stock dividends and unit distributions of $ 0.20 per common share, common unit and LTIP unit were approved by the General Partner’s Board of Directors on December 12, 2017 and paid on January 12, 2018 . The Company has determined that the $ 0.80 dividend per common share paid during the year ended December 31, 2018 represented approximately 47 percent ordinary income and approximately 53 percent capital gain; the $ 0.70 dividend per common share paid during the year ended December 31, 2017 represented 100 percent ordinary income and the $ 0.60 dividend per common share paid during the year ended December 31, 2016 represented 100 percent return of capital. Costs Incurred For Stock Issuances Costs incurred in connection with the Company’s stock issuances are reflected as a reduction of additional paid ‑in capital. Stock Compensation The Company accounts for stock compensation in accordance with the provisions of ASC 718, Compensation-Stock Compensation. These provisions require that the estimated fair value of restricted stock (“Restricted Stock Awards”), performance share units, 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 $ 6,894,000 , $ 7,447,000 and $ 5,646,000 for the years ended December 31, 2018 , 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. 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. The carrying amount of the redeemable noncontrolling interests will be changed by periodic accretions, so that the carrying amount will equal the estimated future redemption value at the redemption date. 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 February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), modifying the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). ASU 2016-02 provides new guidelines that change the accounting for leasing arrangements for lessees, whereby their rights and obligations under substantially all leases, existing and new, would be capitalized and recorded on the balance sheet. For lessors, however, the accounting remains largely equivalent to the current model, with the distinction between operating, sales-type, and direct financing leases retained, but updated to align with certain changes to the lessee model and the new revenue recognition standard. ASU 2016-02 provides two transition methods. The first transition method allows for application of the new model at the beginning of the earliest comparative period presented. Under the second transition method, comparative periods would not be restated, with any cumulative effect adjustments recognized in the opening balance of retained earnings in the period of adoption. In addition, a practical expedient was recently issued by the FASB that allows lessors to combine non-lease components with related lease components if certain conditions are met. The Company will adopt this guidance for its interim and annual pe |
Mack-Cali Realty LP [Member] | |
Significant Accounting Policies [Line Items] | |
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 for all real estate acquisitions classified as business combinations, which were substantially all of our operating property acquisitions, through December 31, 2016. The Company early adopted 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 $ 2.3 million, $ 2.2 million and $2.6 million for the years ended December 31, 2018 , 2017 and 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. Included in net investment in rental property as of December 31, 2018 and December 31, 2017 is real estate and building and tenant improvements not in service; as follows (dollars in thousands) : December 31, December 31, 2018 2017 Land held for development (including pre-development costs) (a) $ 465,930 $ 483,432 Development and construction in progress, including land (b) 327,039 535,971 Total $ 792,969 $ 1,019,403 (a) Includes predevelopment and infrastructure costs included in buildings and improvements of $204.9 million and $188.1 million as of December 31, 2018 and December 31, 2017, respectively. (b) Includes land of $49.6 million and $77.0 million as of December 31, 2018 and December 31, 2017, respectively. The Company considers a construction project as substantially completed and held available for occupancy upon the substantial completion of 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 residents, 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 commercial square footage or multi-family units 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 relative 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 business 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 or leases. 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 impairment 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 (which is recorded as unrealized losses on disposition of rental property) 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 $ 5,028,000 , $ 4,612,000 and $ 4,582,000 for the years ended December 31, 2018 , 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, of $10.8 million, $0.4 million and $ 30.5 million for the years ended December 31, 2018 , 2017 and 2016 were unamortized deferred financing costs which were written off (as non-cash transactions) amounting to $0.6 million, $ 0.4 million and $ 0.7 million, respectively. Deferred Leasing Costs Costs incurred in connection with successfully executed commercial and residential leases are capitalized and amortized on a straight-line basis over the terms of the related leases and included in depreciation and amortization. Unamortized deferred leasing costs are charged to amortization expense upon early termination of the lease. Certain employees of the Company are compensated for providing leasing services to the Properties. The portion of such compensation related to commercial leases, which is capitalized and amortized, and included in deferred charges, goodwill and other assets, net was approximately $ 3,463,000 , $ 3,146,000 and $ 3,270,000 for the years ended December 31, 2018 , 2017 and 2016 , respectively. Upon the adoption of ASC842 on January1, 2019, the Company will no longer capitalize such costs. Goodwill Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Goodwill is allocated to various reporting units, as applicable. Each of the Company’s segments consists of a reporting unit. Goodwill is not amortized. Management performs an annual impairment test for goodwill during the fourth quarter and between annual tests, management evaluates the recoverability of goodwill whenever events or changes in circumstances indicate that the carrying value of goodwill may not be fully recoverable. In its impairment tests of goodwill, management first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If, based on this assessment, management determines that the fair value of the reporting unit is not less than its carrying value, then performing the additional two-step impairment test is unnecessary. If the carrying value of goodwill exceeds its fair value, an impairment charge is recognized. The Company determined that its goodwill, with a balance of $2.9 million, was not impaired at December 31, 2018 after management performed its impairment tests. Derivative Instruments The Company measures derivative instruments, including certain derivative instruments embedded in other contracts, at fair value and records them as an asset or liability, depending on the Company’s rights or obligations under the applicable derivative contract. For derivatives designated and qualifying as fair value hedges, the changes in the fair value of both the derivative instrument and the hedged item are recorded in earnings. For derivatives designated as cash flow hedges, the effective portions of the derivative are reported in other comprehensive income (“OCI”) and are subsequently reclassified into earnings when the hedged item affects earnings. Changes in fair value of derivative instruments not designated as hedging and ineffective portions of hedges are recognized in earnings in the affected period. Revenue Recognition Base rental revenue is recognized on a straight-line basis over the terms of the respective leases. Unbilled rents receivable represents the cumulative amount by which straight-line rental revenue exceeds rents currently billed in accordance with the lease agreements. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed-rate renewal options for below-market leases. The capitalized above-market lease values for acquired properties are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed-rate renewal options of the respective leases. Escalations and recoveries from tenants are received from tenants for certain costs as provided in the lease agreements. These costs generally include real estate taxes, utilities, insurance, common area maintenance and other recoverable costs. See Note 13: Tenant Leases. Real estate services revenue includes property management, development, construction and leasing commission fees and other services, and payroll and related costs reimbursed from clients. Fee income derived from the Company’s unconsolidated joint ventures (which are capitalized by such ventures) are recognized to the extent attributable to the unaffiliated ownership interests. Parking income includes income from parking spaces leased to tenants and others. Other income includes income from tenants for additional services arranged for by the Company and income from tenants for early lease terminations. Allowance for Doubtful Accounts Management performs a detailed review of amounts due from tenants to determine if an allowance for doubtful accounts is required based on factors affecting the collectability of the accounts receivable balances. The factors considered by management in determining which individual tenant receivable balances, or aggregate receivable balances, require a collectability allowance include the age of the receivable, the tenant’s payment history, the nature of the charges, any communications regarding the charges and other related information. Management’s estimate of the allowance for doubtful accounts requires management to exercise significant judgment about the timing, frequency and severity of collection losses, which affects the allowance and net income. Income and Other Taxes The General Partner has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “IRS Code”). As a REIT, the General Partner generally will not be subject to corporate federal income tax on net income that it currently distributes to its shareholders, provided that the General Partner satisfies certain organizational and operational requirements including the requirement to distribute at least 90 percent of its REIT taxable income (determined by excluding any net capital gains) to its shareholders. If and to the extent the General Partner retains and does not distribute any net capital gains, the General Partner will be required to pay federal, state and local taxes, as applicable, on such net capital gains at the rate applicable to capital gains of a corporation. The Operating Partnership is a partnership, and, as a result, all income and losses of the partnership are allocated to the partners for inclusion in their respective tax returns. Accordingly, no provision or benefit for income taxes has been made in the accompanying financial statements. As of December 31, 2018 , the estimated net basis of the rental property for federal income tax purposes was lower than the net assets as reported in the Operating Partnership’s financial statements by approximately $410,573,000 . The Operating Partnership’s taxable income for the year ended December 31, 2018 was estimated to be approximately $82,106,000 and for the years ended December 31, 2017 and 2016 was approximately $97,037,000 and $30,208,000 , respectively. The differences between book income and taxable income primarily result from differences in depreciation expenses, the recording of rental income, differences in the deductibility of interest expense and certain other expenses for tax purposes, differences in revenue recognition and the rules for tax purposes of a property exchange. The General Partner has elected to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (each a “TRS”). In general, a TRS of the General Partner may perform additional services for tenants of the 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. The deferred tax asset balance at December 31, 2018 amounted to $ 10.1 million which has been fully reserved through a valuation allowance. New tax reform legislation enacted in late 2017 reduced the corporate tax rate to 21 percent, effective January 1, 2018. Consequently, the Company’s deferred tax assets were re-measured to reflect the reduction in the future U.S. corporate income tax rate as of the enactment date. As a result, the Company recorded a decrease related to its deferred tax assets of $5.3 million and a decrease to the associated valuation allowance of $5.3 million at December 31, 2017. If the General Partner fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate tax rates. The Company is subject to certain state and local taxes. Pursuant to the amended provisions related to uncertain tax provisions of ASC 740, Income Taxes, the Company recognized no material adjustments regarding its tax accounting treatment. The Company expects to recognize interest and penalties related to uncertain tax positions, if any, as income tax expense, which is included in general and administrative expense. In the normal course of business, the Company or one of its subsidiaries is subject to examination by federal, state and local jurisdictions in which it operates, where applicable. As of December 31, 2018 , the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are generally from the year 2014 forward. Earnings Per Share or Unit The Company presents both basic and diluted earnings per share or unit (“EPS or EPU”). Basic EPS or EPU excludes dilution and is computed by dividing net income available to common shareholders or unitholders by the weighted average number of shares or units outstanding for the period. Diluted EPS or EPU reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS or EPU from continuing operations amount. Shares or Units whose issuance is contingent upon the satisfaction of certain conditions shall be considered outstanding and included in the computation of diluted EPS or EPU as follows (i) if all necessary conditions have been satisfied by the end of the period (the events have occurred), those shares or units shall be included as of the beginning of the period in which the conditions were satisfied (or as of the date of the grant, if later) or (ii) if all necessary conditions have not been satisfied by the end of the period, the number of contingently issuable shares or units included in diluted EPS or EPU shall be based on the number of shares or units, if any, that would be issuable if the end of the reporting period were the end of the contingency period (for example, the number of shares or units that would be issuable based on current period earnings or period-end market price) and if the result would be dilutive. Those contingently issuable shares or units shall be included in the denominator of diluted EPS or EPU as of the beginning of the period (or as of the date of the grant, if later). Dividends and Distributions Payable The dividends and distributions payable at December 31, 2018 represents dividends payable to common shareholders ( 90,320,408 shares) and distributions payable to noncontrolling interest unitholders of the Operating Partnership ( 10,174,285 common units and 1,762,170 LTIP units) for all such holders of record as of January 3, 2019 with respect to the fourth quarter 2018 . The fourth quarter 2018 common stock dividends and unit distributions of $ 0.20 per common share, common unit and LTIP unit were approved by the General Partner’s Board of Directors on December 11, 2018 and paid on January 11, 2019 . The dividends and distributions payable at December 31, 2017 represents dividends payable to common shareholders ( 89,914,658 shares) and distributions payable to noncontrolling interest unitholders of the Operating Partnership ( 10,438,855 common units and 1,230,877 LTIP units) for all such holders of record as of January 3, 2018 with respect to the fourth quarter 2017 . The fourth quarter 2017 common stock dividends and unit distributions of $ 0.20 per common share, common unit and LTIP unit were approved by the General Partner’s Board of Directors on December 12, 2017 and paid on January 12, 2018 . The Company has determined that the $ 0.80 dividend per common share paid during the year ended December 31, 2018 represented approximately 47 percent ordinary income and approximately 53 percent capital gain; the $ 0.70 dividend per common share paid during the year ended December 31, 2017 represented 100 percent ordinary income and the $ 0.60 dividend per common share paid during the year ended December 31, 2016 represented 100 percent return of capital. Costs Incurred For Stock Issuances Costs incurred in connection with the Company’s stock issuances are reflected as a reduction of additional paid ‑in capital. Stock Compensation The Company accounts for stock compensation in accordance with the provisions of ASC 718, Compensation-Stock Compensation. These provisions require that the estimated fair value of restricted stock (“Restricted Stock Awards”), performance share units, 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 $ 6,894,000 , $ 7,447,000 and $ 5,646,000 for the years ended December 31, 2018 , 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. 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. The carrying amount of the redeemable noncontrolling interests will be changed by periodic accretions, so that the carrying amount will equal the estimated future redemption value at the redemption date. 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 February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), modifying the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). ASU 2016-02 provides new guidelines that change the accounting for leasing arrangements for lessees, whereby their rights and obligations under substantially all leases, existing and new, would be capitalized and recorded on the balance sheet. For lessors, however, the accounting remains largely equivalent to the current model, with the distinction between operating, sales-type, and direct financing leases retained, but updated to align with certain changes to the lessee model and the new revenue recognition standard. ASU 2016-02 provides two transition methods. The first transition method allows for application of the new model at the beginning of the earliest comparative period presented. Under the second transition method, comparative periods would not be restated, with any cumulative effect adjustments recognized in the opening balance of retained earnings in the period of adoption. In addition, a practical expedient was recently issued by the FASB that allows lessors to combine non-lease components with related lease components if certain conditions are met. The Company will adopt this guidance for its interim and annual pe |
Recent Transactions
Recent Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Recent Transactions [Line Items] | |
Recent Transactions | 3. RECENT TRANSACTIONS Management Changes In March 2018, the Company announced the appointment of Michael J. DeMarco, Chief Executive Officer of the General Partner, to its Board of Directors effective March 14, 2018. Mr. DeMarco’s addition to the Board expanded the total number of members from nine to ten . In February 2019, the Company announced that the Board of Directors increased its size from ten to eleven members, effective immediately, and nominated a slate of eleven candidates consisting of Lisa Myers, Laura Pomerantz and all of the current directors of the Company (other than Kenneth M. Duberstein, who decided not to stand for re-election and will retire from the Board of Directors at the Company’s 2019 annual meeting of shareholders) for election to the Board of Directors at the Company’s 2019 annual meeting of shareholders, which is expected to be held on June 12, 2019. In January 2018, the Company announced the appointment of David J. Smetana as chief financial officer and Nicholas Hilton as executive vice president of leasing of the General Partner. Mr. Smetana began to perform his duties as chief financial officer and Anthony Krug ceased to serve as chief financial officer immediately following the filing of the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. Mr. Krug remained an employee of the Company and provided transition services through March 31, 2018. Mr. Hilton’s employment commenced on February 12, 2018 following the departure of Christopher DeLorenzo. In June 2018, the Company announced that the employment of Mitchell E. Rudin as Vice Chairman of the General Partner was terminated effective as of June 5, 2018. In November 2018, the Company announced that the employment of Robert Andrew Marshall as President and Executive Vice President of Development of RRT was terminated effective as of October 31, 2018. In addition, the Company also restructured certain other corporate and property management personnel during the year ended December 31, 2018. As a result of the executive management changes as well as other personnel changes during the period, the Company incurred total net severance and related expenses in the year ended December 31, 2018 of $7.9 million, $6.5 million of which was included in general and administrative expense (including $1.0 million of stock compensation expense due to accelerated vesting and a net reversal of $2.0 million of amortization of stock compensation expense due to the forfeiture of unvested securities) and $1.4 million of which was included in operating services expense for the period. Acquisitions On February 6, 2019, the Company completed the acquisition of a 271,988 square foot office property located in Iselin, New Jersey, for a purchase price of $61.5 million, which was funded using funds available with the Company’s qualified intermediary and borrowings under the Company’s unsecured revolving credit facility. On January 25, 2019, the Company signed an agreement to acquire a 377 -unit multi-family rental property located in Jersey City, New Jersey for approximately $264 million, subject to certain conditions. The acquisition is expected to be completed in the second quarter 2019. 2017 The Company acquired the following office properties (which were determined to be asset acquisitions in accordance with ASU 2017-01) during the year ended December 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 Total Land and leasehold interest $ 7,914 $ 30,336 $ 38,250 Buildings and improvements and other assets 16,047 295,299 311,346 Above market leases (a) 118 6,367 6,485 In-place lease values (a) 3,171 45,604 48,775 27,250 377,606 404,856 Less: Below market lease values (a) (22) (10,245) (10,267) Net assets recorded upon acquisition $ 27,228 $ 367,361 $ 394,589 (a) Above market, in-place and below market leases are being amortized over a weighted-average term of 5.4 years. The Company acquired three separate developable land parcels located in Jersey City, Morris Township and Red Bank, New Jersey, for approximately $80 million during the year ended December 31, 2017. The acquisitions were funded using available cash and borrowings under the Company’s unsecured revolving credit facility. Properties Commencing Initial Operations The following properties commenced initial operations during the year ended December 31, 2018 ( dollars in thousands ): # of Total In-Service Apartment Units/ Development Date Property Location Type Rooms Costs Incurred 03/01/18 145 Front at City Square Worcester, MA Multi-Family 365 $ 97,483 (a) 04/01/18 Signature Place at Morris Plains Morris Plains, NJ Multi-Family 197 56,715 (b) 05/01/18 Portside 5/6 East Boston, MA Multi-Family 296 114,694 (c) 08/01/18 RiverHouse 11 at Port Imperial Weehawken, NJ Multi-Family 295 130,369 (d) 12/13/18 Residence Inn By Marriott (Phase I) Weehawken, NJ Hotel 164 58,723 (e) Totals 1,317 $ 457,984 (a) Development costs as of December 31, 2018 included approximately $4.4 in land costs. As of December 31, 2018, the Company anticipates additional costs of approximately $1.1 million, which will be primarily funded from a construction loan. (b) Development costs as of December 31, 2018 included approximately $0.9 in land costs. (c) As of December 31, 2018 , the Company anticipates additional costs of approximately $0.7 million, which will be funded by the Company. (d) As of December 31, 2018 , the Company anticipates additional costs of $1.2 million which will be funded by the Company. (e) As of December 31, 2018, the Company anticipates additional costs of $20.1 million which will be funded from a construction loan. Consolidations 2018 On August 2, 2018, the Company, which held a 24.27 percent subordinated interest in the unconsolidated joint venture Marbella Tower Urban Renewal Associates LLC, a 412 -unit multi-family operating property located in Jersey City, New Jersey, acquired its equity partner’s 50 percent interest for $65.6 million in cash. The property was subject to a mortgage loan that had a principal balance of $95 million. The cash portion of the acquisition was funded primarily through borrowings under the Company's unsecured revolving credit facility. Concurrently with the closing, the joint venture repaid the $95 million mortgage loan in full and obtained a new loan from a different lender, collateralized by the property in the amount of $131 million, which bears interest at 4.07 percent and matures in August 2026 . The venture distributed $37.4 million of the loan proceeds, of which the Company’s share was $30.4 million. As a result of the acquisition, the Company increased its ownership of the property from a 24.27 percent subordinated interest to a 74.27 percent controlling interest. In accordance with ASC 810, Consolidation, the Company evaluated the acquisition and determined that the entity meets the criteria of a VIE. As such, the Company consolidated the asset upon acquisition and accordingly, remeasured its equity interests, as required by the FASB's consolidation guidance, at fair value (based upon the income approach using current rates and market cap rates and discount rates). As a result, the Company recorded a gain on change of control of interests of $14.2 million (a non-cash item) in the year ended December 31, 2018 , when the Company accounted for the transaction as a VIE that is not a business in accordance with ASC 810-10-30-4. Additional non-cash items included in the acquisition were the Company’s carrying value of its interest in the joint venture of $14 million and the noncontrolling interest’s fair value of $29.8 million (non-cash allocation). See Note 9: Mortgages, Loans Payable and Other Obligations. Net assets recorded upon consolidation were as follows (in thousands) : Land and leasehold interest $ 48,820 Buildings and improvements and other assets, net 162,958 In-place lease values (a) 6,947 Less: Below market lease values (a) (108) 218,617 Less: Debt (131,000) Net Assets 87,617 Less: Noncontrolling interest (b) (22,812) Net assets recorded upon consolidation $ 64,805 (a) In-place and below market leases are being amortized over a weighted-average term of 9.3 months. (b) Noncontrolling interest balance reflects distribution of $7.0 million of loan proceeds at closing. 2017 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 as an asset acquisition 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. 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 $130.9 million in cash and $171.2 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. Upon these acquisitions, the Company consolidated RoseGarden Monaco Holdings, L.L.C., a voting interest entity. As an acquisition of the remaining interests in the venture which owns the Monaco Towers, the Company accounted for the transaction as an asset acquisition under a cost accumulation model, resulting in total consolidated net assets of $139.9 million which is allocated, as follows (in thousands): Monaco Monaco North South Total Land and leasehold interest $ 27,300 $ 31,461 $ 58,761 Buildings and improvements and other assets 112,841 129,895 242,736 Above market leases (a) 350 - 350 In-place lease values (a) 4,585 4,913 9,498 Less: Below market lease values (a) (141) (118) (259) 144,935 166,151 311,086 Less: Debt assumed at fair value (79,544) (91,656) (171,200) Net assets recorded upon consolidation $ 65,391 $ 74,495 $ 139,886 (a) Above market, in-place and below market leases are being amortized over a weighted-average term of 8 months . Dispositions/Rental Property Held for Sale 2018 The Company disposed of the following office properties during the year ended December 31, 2018 (dollars in thousands) : Realized Gains Rentable Net Net (losses)/ Disposition # of Square Sales Carrying Unrealized Date Property/Address Location Bldgs. Feet Proceeds Value Losses, net 02/15/18 35 Waterview Boulevard (a) Parsippany, New Jersey 1 172,498 $ 25,994 $ 25,739 $ 255 03/05/18 Hamilton portfolio (b) Hamilton, New Jersey 6 239,262 17,546 17,501 45 03/07/18 Wall portfolio first closing Wall, New Jersey 5 179,601 14,053 10,526 3,527 03/22/18 700 Horizon Drive Hamilton, New Jersey 1 120,000 33,020 16,053 16,967 03/23/18 Wall portfolio second closing Wall, New Jersey 3 217,822 30,209 12,961 17,248 03/28/18 75 Livingston Avenue Roseland, New Jersey 1 94,221 7,983 5,609 2,374 03/28/18 20 Waterview Boulevard (c) Parsippany, New Jersey 1 225,550 12,475 11,795 680 03/30/18 Westchester Financial Center (d) White Plains, New York 2 489,000 81,769 64,679 17,090 06/27/18 65 Jackson Drive Cranford, New Jersey 0 - 1,510 (e) - 1,510 08/02/18 600 Horizon Drive Hamilton, New Jersey 1 95,000 15,127 6,191 8,936 09/05/18 1 & 3 Barker Avenue White Plains, New York 2 133,300 15,140 13,543 1,597 11/15/18 120 Passaic Street (f) Rochelle Park, New Jersey 1 52,000 2,667 2,568 99 12/31/18 Elmsford Distribution Center Elmsford, New York 6 387,400 66,557 17,314 49,243 Sub-total 30 2,405,654 324,050 204,479 119,571 Unrealized losses on rental property held for sale (20,135) Totals 30 2,405,654 $ 324,050 $ 204,479 $ 99,436 (a) The Company recorded a valuation allowance of $0.7 million on this property during the year ended December 31, 2017. (b) The Company recorded a valuation allowance of $0.6 million on these properties during the year ended December 31, 2017. The disposition additionally included two land properties. (c) The Company recorded a valuation allowance of $11 million on this property during the year ended December 31, 2017. Prior to closing, the Company provided short term financing through a note receivable to an affiliate of the buyers of $2.8 million. The note was paid off in the second quarter of 2018. (d) Prior to closing, the Company provided financing through a note receivable to an affiliate of the buyers of $4.0 million. The note was paid off in October 2018. (e) Represents the receipt by the Company in the second quarter 2018 of variable contingent sales consideration, net of costs, of $1.5 million subsequent to disposition of the property sold in January 2017. (f) The net sale proceeds were held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other assets as of December 31, 2018. See Note 5: Deferred Charges, Goodwill and Other Assets, Net). The Company disposed of the following developable land holding during the year ended December 31, 2018 (dollars in thousands) : Net Net Gain on Disposition Sales Carrying Disposition of Date Property Address Location Proceeds Value Developable Land 12/31/18 One Lake Street Upper Saddle River, New Jersey (a) $ 46,036 $ 15,097 $ 30,939 Totals $ 46,036 $ 15,097 $ 30,939 (a) The net sale proceeds were held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other assets as of December 31, 2018. See Note 5: Deferred Charges, Goodwill and Other Assets, Net. The net carrying value includes $3 million of development costs funded at the closing. The Company identified as held for sale six office properties, totaling approximately 845,000 square feet, and a 159 unit multi-family rental property as of December 31, 2018 . The properties are located in Fort Lee, Newark, Paramus, Bridgewater, Morris Plains and Rahway, New Jersey. The total estimated sales proceeds, net of expected selling costs, from the sales are expected to be approximately $124 million. The Company determined that the carrying value of four of the properties was not expected to be recovered from estimated net sales proceeds and accordingly recognized an unrealized loss allowance of $20.1 million for the year ended December 31, 2018 . In January 2019, the Company completed the disposition of three of these properties for sales proceeds of approximately $54.5 million. The following table summarizes the rental property held for sale, net, as of December 31, 2018 (dollars in thousands): December 31, 2018 Land $ 24,376 Buildings and improvements 159,857 Less: Accumulated depreciation (55,250) Less: Unrealized losses on properties held for sale (20,135) Rental property held for sale, net $ 108,848 Other assets and liabilities related to the rental properties held for sale, as of December 31, 2018, include $2.9 million in Deferred charges and other assets, $1.7 million in Unbilled rents receivable and $ 2.3 million in Accounts payable, accrued expenses and other liabilities. Approximately $3.9 million of these assets and $ 1.7 million of these liabilities are expected to be removed with the completion of the sales. 2017 The Company disposed of the following office properties during the year ended December 31, 2017 (dollars in thousands) : Realized Gains Rentable Net Net (losses)/ Disposition # of Square Sales Carrying 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 05/15/17 103 Carnegie Center Princeton, New Jersey 1 96,000 15,063 8,271 6,792 08/29/17 400 Chestnut Ridge Road Woodcliff Lake, New Jersey 1 89,200 6,891 7,498 (607) 08/30/17 140 E. Ridgewood Avenue Paramus, New Jersey 1 239,680 30,201 30,737 (536) 08/30/17 Bergen portfolio Woodcliff Lake, Paramus and 5 1,061,544 86,973 (c) 135,121 (48,148) Rochelle Park, New Jersey 09/11/17 377 Summerhill Road East Brunswick, New Jersey 1 40,000 3,221 2,172 1,049 09/13/17 700 Executive Boulevard Elmsford, New York - - (b) 5,717 970 4,747 09/20/17 Totowa Portfolio Totowa, New Jersey 13 499,243 63,624 27,630 35,994 09/27/17 890 Mountain Avenue (d) New Providence, New Jersey 1 80,000 4,852 6,139 (1,287) 09/28/17 135 Chestnut Ridge Road Montvale, New Jersey 1 66,150 5,844 (e) 2,929 2,915 09/29/17 Moorestown portfolio Moorestown and Burlington, New Jersey 26 1,260,398 73,393 (f) 56,186 17,207 10/19/17 1 Enterprise Boulevard Yonkers, New York - - (b) 3,230 1,380 1,850 11/15/17 61 South Paramus Road Paramus, New Jersey 1 269,191 23,255 37,184 (13,929) 12/06/17 300 Tice Boulevard Woodcliff Lake, New Jersey 1 230,000 28,847 25,705 3,142 Sub-total 60 4,677,058 399,332 384,637 14,695 Unrealized losses on rental property held for sale (12,331) Totals 60 4,677,058 $ 399,332 $ 384,637 $ 2,364 (a) The Company recorded a valuation allowance of $7.7 million on this property during the year ended December 31, 2016. (b) This disposition is of a ground leased land property. (c) At closing, the Company provided short term seller financing aggregating $65 million through mortgage notes receivable to the buyers. These notes were paid off in November and December 2017. (d) The Company recorded an impairment charge of $7.0 million on this property during the year ended December 31, 2015. (e) The Company recorded an impairment charge of $4.2 million on this property during the year ended December 31, 2015. $5.9 million of the sales proceeds from this sale were held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other assets as of December 31, 2017. The Company received these proceeds in March 2018. See Note 5: Deferred Charges, Goodwill and Other Assets, Net. (f) $15.3 million of the sales proceeds from this sale were held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other assets as of December 31, 2017. The Company received these proceeds in March 2018. See Note 5: Deferred Charges, Goodwill and Other Assets, Net. The Company identified as held for sale 21 office properties totaling approximately 2 million square feet as of December 31, 2017. The properties are located in Parsippany, Paramus, Rochelle Park, Hamilton and Wall, New Jersey and White Plains, New York. The total estimated sales proceeds from the sales were expected to be approximately $223 million. The Company determined that the carrying value of seven of the office properties was not expected to be recovered from estimated net sales proceeds and accordingly recognized an unrealized loss allowance of $12.3 million during the year ended December 31, 2017. The following table summarizes the rental property held for sale, net, as of December 31, 2017 (dollars in thousands): December 31, 2017 Land $ 37,024 Buildings and improvements 273,388 Less: Accumulated depreciation (126,503) Less: Unrealized losses on properties held for sale (12,331) Rental property held for sale,net $ 171,578 Other assets and liabilities related to the rental properties held for sale, as of December 31, 2017, included $9.8 million in deferred charges, and other assets, $4.7 million in Unbilled rents receivable and $ 4.6 million in Accounts payable, accrued expenses and other liabilities. Approximately $13.4 million of these assets and $ 0.3 million of these liabilities were expected to be written off with the completion of the sales. Land Impairments The Company owns two separate developable land parcels in Conshohocken and Bala Cynwyd, Pennsylvania, that were being considered for development into multi-family rental properties. During the fourth quarter 2018, the Company made the decision to pursue selling the land parcels as opposed to development. Due to the shortening of the expected periods of ownership, the Company determined that it was necessary to reduce the carrying values of the land parcels to their estimated fair values (ascertained by broker opinions of value obtained during the marketing process) and recorded total land impairments charges of $24.6 million at December 31, 2018. Rockpoint Transaction On February 27, 2017, the Company, 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 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. RRLP has been identified as a variable interest entity in which the Company is deemed to be the primary beneficiary. As of December 31, 2018 and December 31, 2017, the Company’s consolidated RRLP entity had total assets of $2.3 billion and $1.9 billion, respectively, total mortgages and loan payable of $1.1 billion and $769.7 million, respectively, and other liabilities of $57 million and $95.9 million, respectively. Unconsolidated Joint Venture Activity On January 31, 2019, the Company, which held a 24.27 percent subordinated interest in the unconsolidated joint venture Marbella Tower Urban Renewal Associates South LLC, a 311-unit multi-family operating property located in Jersey City, New Jersey, acquired its equity partner’s 50 percent interest for $77.5 million in cash. The acquisition was funded primarily using available cash. Concurrently with the closing, the joint venture repaid in full the property’s $74.7 million mortgage loan and obtained a new loan in the amount of $117 million. On December 11, 2018, the Company acquired one of its partner’s interest in the Metropolitan and Shops at 40 Park and the Lofts at 40 Park for $1.3 million and as a result, increased its ownership from 12.5 percent interest to 25 percent interest in the Metropolitan and Shops at 40 Park and from 25 percent interest to 50 percent interest in the Lofts at 40 Park. On September 29, 2017, the Company sold its interests in the KPG-MCG Curtis joint venture that owns an operating property located in Philadelphia, Pennsylvania for a sales price of $102.5 million, which included the retirement of the Company’s share in a mortgage payable of $75 million, and realized a gain on the sale of the unconsolidated joint venture of $12 million. $5.6 million of the net sales proceeds from this sale were held by a qualified intermediary, which is considered non cash and recorded in deferred charges, goodwill and other assets. See Note 5: Deferred Charges, Goodwill and Other Assets, Net. On September 21, 2017, the RoseGarden Monaco, L.L.C. joint venture agreement was terminated. Accordingly, the Company wrote off the carrying value of its investment in the joint venture and recorded a loss of $1.4 million on the disposition of its joint venture interest. On February 15, 2017, the Company sold its 7.5 percent interest in the 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 January 31, 2017, the Company sold its interest in the 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. |
Mack-Cali Realty LP [Member] | |
Recent Transactions [Line Items] | |
Recent Transactions | 3. RECENT TRANSACTIONS Management Changes In March 2018, the Company announced the appointment of Michael J. DeMarco, Chief Executive Officer of the General Partner, to its Board of Directors effective March 14, 2018. Mr. DeMarco’s addition to the Board expanded the total number of members from nine to ten . In February 2019, the Company announced that the Board of Directors increased its size from ten to eleven members, effective immediately, and nominated a slate of eleven candidates consisting of Lisa Myers, Laura Pomerantz and all of the current directors of the Company (other than Kenneth M. Duberstein, who decided not to stand for re-election and will retire from the Board of Directors at the Company’s 2019 annual meeting of shareholders) for election to the Board of Directors at the Company’s 2019 annual meeting of shareholders, which is expected to be held on June 12, 2019. In January 2018, the Company announced the appointment of David J. Smetana as chief financial officer and Nicholas Hilton as executive vice president of leasing of the General Partner. Mr. Smetana began to perform his duties as chief financial officer and Anthony Krug ceased to serve as chief financial officer immediately following the filing of the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. Mr. Krug remained an employee of the Company and provided transition services through March 31, 2018. Mr. Hilton’s employment commenced on February 12, 2018 following the departure of Christopher DeLorenzo. In June 2018, the Company announced that the employment of Mitchell E. Rudin as Vice Chairman of the General Partner was terminated effective as of June 5, 2018. In November 2018, the Company announced that the employment of Robert Andrew Marshall as President and Executive Vice President of Development of RRT was terminated effective as of October 31, 2018. In addition, the Company also restructured certain other corporate and property management personnel during the year ended December 31, 2018. As a result of the executive management changes as well as other personnel changes during the period, the Company incurred total net severance and related expenses in the year ended December 31, 2018 of $7.9 million, $6.5 million of which was included in general and administrative expense (including $1.0 million of stock compensation expense due to accelerated vesting and a net reversal of $2.0 million of amortization of stock compensation expense due to the forfeiture of unvested securities) and $1.4 million of which was included in operating services expense for the period. Acquisitions On February 6, 2019, the Company completed the acquisition of a 271,988 square foot office property located in Iselin, New Jersey, for a purchase price of $61.5 million, which was funded using funds available with the Company’s qualified intermediary and borrowings under the Company’s unsecured revolving credit facility. On January 25, 2019, the Company signed an agreement to acquire a 377 -unit multi-family rental property located in Jersey City, New Jersey for approximately $264 million, subject to certain conditions. The acquisition is expected to be completed in the second quarter 2019. 2017 The Company acquired the following office properties (which were determined to be asset acquisitions in accordance with ASU 2017-01) during the year ended December 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 Total Land and leasehold interest $ 7,914 $ 30,336 $ 38,250 Buildings and improvements and other assets 16,047 295,299 311,346 Above market leases (a) 118 6,367 6,485 In-place lease values (a) 3,171 45,604 48,775 27,250 377,606 404,856 Less: Below market lease values (a) (22) (10,245) (10,267) Net assets recorded upon acquisition $ 27,228 $ 367,361 $ 394,589 (a) Above market, in-place and below market leases are being amortized over a weighted-average term of 5.4 years. The Company acquired three separate developable land parcels located in Jersey City, Morris Township and Red Bank, New Jersey, for approximately $80 million during the year ended December 31, 2017. The acquisitions were funded using available cash and borrowings under the Company’s unsecured revolving credit facility. Properties Commencing Initial Operations The following properties commenced initial operations during the year ended December 31, 2018 ( dollars in thousands ): # of Total In-Service Apartment Units/ Development Date Property Location Type Rooms Costs Incurred 03/01/18 145 Front at City Square Worcester, MA Multi-Family 365 $ 97,483 (a) 04/01/18 Signature Place at Morris Plains Morris Plains, NJ Multi-Family 197 56,715 (b) 05/01/18 Portside 5/6 East Boston, MA Multi-Family 296 114,694 (c) 08/01/18 RiverHouse 11 at Port Imperial Weehawken, NJ Multi-Family 295 130,369 (d) 12/13/18 Residence Inn By Marriott (Phase I) Weehawken, NJ Hotel 164 58,723 (e) Totals 1,317 $ 457,984 (a) Development costs as of December 31, 2018 included approximately $4.4 in land costs. As of December 31, 2018, the Company anticipates additional costs of approximately $1.1 million, which will be primarily funded from a construction loan. (b) Development costs as of December 31, 2018 included approximately $0.9 in land costs. (c) As of December 31, 2018 , the Company anticipates additional costs of approximately $0.7 million, which will be funded by the Company. (d) As of December 31, 2018 , the Company anticipates additional costs of $1.2 million which will be funded by the Company. (e) As of December 31, 2018, the Company anticipates additional costs of $20.1 million which will be funded from a construction loan. Consolidations 2018 On August 2, 2018, the Company, which held a 24.27 percent subordinated interest in the unconsolidated joint venture Marbella Tower Urban Renewal Associates LLC, a 412 -unit multi-family operating property located in Jersey City, New Jersey, acquired its equity partner’s 50 percent interest for $65.6 million in cash. The property was subject to a mortgage loan that had a principal balance of $95 million. The cash portion of the acquisition was funded primarily through borrowings under the Company's unsecured revolving credit facility. Concurrently with the closing, the joint venture repaid the $95 million mortgage loan in full and obtained a new loan from a different lender, collateralized by the property in the amount of $131 million, which bears interest at 4.07 percent and matures in August 2026 . The venture distributed $37.4 million of the loan proceeds, of which the Company’s share was $30.4 million. As a result of the acquisition, the Company increased its ownership of the property from a 24.27 percent subordinated interest to a 74.27 percent controlling interest. In accordance with ASC 810, Consolidation, the Company evaluated the acquisition and determined that the entity meets the criteria of a VIE. As such, the Company consolidated the asset upon acquisition and accordingly, remeasured its equity interests, as required by the FASB's consolidation guidance, at fair value (based upon the income approach using current rates and market cap rates and discount rates). As a result, the Company recorded a gain on change of control of interests of $14.2 million (a non-cash item) in the year ended December 31, 2018 , when the Company accounted for the transaction as a VIE that is not a business in accordance with ASC 810-10-30-4. Additional non-cash items included in the acquisition were the Company’s carrying value of its interest in the joint venture of $14 million and the noncontrolling interest’s fair value of $29.8 million (non-cash allocation). See Note 9: Mortgages, Loans Payable and Other Obligations. Net assets recorded upon consolidation were as follows (in thousands) : Land and leasehold interest $ 48,820 Buildings and improvements and other assets, net 162,958 In-place lease values (a) 6,947 Less: Below market lease values (a) (108) 218,617 Less: Debt (131,000) Net Assets 87,617 Less: Noncontrolling interest (b) (22,812) Net assets recorded upon consolidation $ 64,805 (a) In-place and below market leases are being amortized over a weighted-average term of 9.3 months. (b) Noncontrolling interest balance reflects distribution of $7.0 million of loan proceeds at closing. 2017 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 as an asset acquisition 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. 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 $130.9 million in cash and $171.2 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. Upon these acquisitions, the Company consolidated RoseGarden Monaco Holdings, L.L.C., a voting interest entity. As an acquisition of the remaining interests in the venture which owns the Monaco Towers, the Company accounted for the transaction as an asset acquisition under a cost accumulation model, resulting in total consolidated net assets of $139.9 million which is allocated, as follows (in thousands): Monaco Monaco North South Total Land and leasehold interest $ 27,300 $ 31,461 $ 58,761 Buildings and improvements and other assets 112,841 129,895 242,736 Above market leases (a) 350 - 350 In-place lease values (a) 4,585 4,913 9,498 Less: Below market lease values (a) (141) (118) (259) 144,935 166,151 311,086 Less: Debt assumed at fair value (79,544) (91,656) (171,200) Net assets recorded upon consolidation $ 65,391 $ 74,495 $ 139,886 (a) Above market, in-place and below market leases are being amortized over a weighted-average term of 8 months . Dispositions/Rental Property Held for Sale 2018 The Company disposed of the following office properties during the year ended December 31, 2018 (dollars in thousands) : Realized Gains Rentable Net Net (losses)/ Disposition # of Square Sales Carrying Unrealized Date Property/Address Location Bldgs. Feet Proceeds Value Losses, net 02/15/18 35 Waterview Boulevard (a) Parsippany, New Jersey 1 172,498 $ 25,994 $ 25,739 $ 255 03/05/18 Hamilton portfolio (b) Hamilton, New Jersey 6 239,262 17,546 17,501 45 03/07/18 Wall portfolio first closing Wall, New Jersey 5 179,601 14,053 10,526 3,527 03/22/18 700 Horizon Drive Hamilton, New Jersey 1 120,000 33,020 16,053 16,967 03/23/18 Wall portfolio second closing Wall, New Jersey 3 217,822 30,209 12,961 17,248 03/28/18 75 Livingston Avenue Roseland, New Jersey 1 94,221 7,983 5,609 2,374 03/28/18 20 Waterview Boulevard (c) Parsippany, New Jersey 1 225,550 12,475 11,795 680 03/30/18 Westchester Financial Center (d) White Plains, New York 2 489,000 81,769 64,679 17,090 06/27/18 65 Jackson Drive Cranford, New Jersey 0 - 1,510 (e) - 1,510 08/02/18 600 Horizon Drive Hamilton, New Jersey 1 95,000 15,127 6,191 8,936 09/05/18 1 & 3 Barker Avenue White Plains, New York 2 133,300 15,140 13,543 1,597 11/15/18 120 Passaic Street (f) Rochelle Park, New Jersey 1 52,000 2,667 2,568 99 12/31/18 Elmsford Distribution Center Elmsford, New York 6 387,400 66,557 17,314 49,243 Sub-total 30 2,405,654 324,050 204,479 119,571 Unrealized losses on rental property held for sale (20,135) Totals 30 2,405,654 $ 324,050 $ 204,479 $ 99,436 (a) The Company recorded a valuation allowance of $0.7 million on this property during the year ended December 31, 2017. (b) The Company recorded a valuation allowance of $0.6 million on these properties during the year ended December 31, 2017. The disposition additionally included two land properties. (c) The Company recorded a valuation allowance of $11 million on this property during the year ended December 31, 2017. Prior to closing, the Company provided short term financing through a note receivable to an affiliate of the buyers of $2.8 million. The note was paid off in the second quarter of 2018. (d) Prior to closing, the Company provided financing through a note receivable to an affiliate of the buyers of $4.0 million. The note was paid off in October 2018. (e) Represents the receipt by the Company in the second quarter 2018 of variable contingent sales consideration, net of costs, of $1.5 million subsequent to disposition of the property sold in January 2017. (f) The net sale proceeds were held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other assets as of December 31, 2018. See Note 5: Deferred Charges, Goodwill and Other Assets, Net). The Company disposed of the following developable land holding during the year ended December 31, 2018 (dollars in thousands) : Net Net Gain on Disposition Sales Carrying Disposition of Date Property Address Location Proceeds Value Developable Land 12/31/18 One Lake Street Upper Saddle River, New Jersey (a) $ 46,036 $ 15,097 $ 30,939 Totals $ 46,036 $ 15,097 $ 30,939 (a) The net sale proceeds were held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other assets as of December 31, 2018. See Note 5: Deferred Charges, Goodwill and Other Assets, Net. The net carrying value includes $3 million of development costs funded at the closing. The Company identified as held for sale six office properties, totaling approximately 845,000 square feet, and a 159 unit multi-family rental property as of December 31, 2018 . The properties are located in Fort Lee, Newark, Paramus, Bridgewater, Morris Plains and Rahway, New Jersey. The total estimated sales proceeds, net of expected selling costs, from the sales are expected to be approximately $124 million. The Company determined that the carrying value of four of the properties was not expected to be recovered from estimated net sales proceeds and accordingly recognized an unrealized loss allowance of $20.1 million for the year ended December 31, 2018 . In January 2019, the Company completed the disposition of three of these properties for sales proceeds of approximately $54.5 million. The following table summarizes the rental property held for sale, net, as of December 31, 2018 (dollars in thousands): December 31, 2018 Land $ 24,376 Buildings and improvements 159,857 Less: Accumulated depreciation (55,250) Less: Unrealized losses on properties held for sale (20,135) Rental property held for sale, net $ 108,848 Other assets and liabilities related to the rental properties held for sale, as of December 31, 2018, include $2.9 million in Deferred charges and other assets, $1.7 million in Unbilled rents receivable and $ 2.3 million in Accounts payable, accrued expenses and other liabilities. Approximately $3.9 million of these assets and $ 1.7 million of these liabilities are expected to be removed with the completion of the sales. 2017 The Company disposed of the following office properties during the year ended December 31, 2017 (dollars in thousands) : Realized Gains Rentable Net Net (losses)/ Disposition # of Square Sales Carrying 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 05/15/17 103 Carnegie Center Princeton, New Jersey 1 96,000 15,063 8,271 6,792 08/29/17 400 Chestnut Ridge Road Woodcliff Lake, New Jersey 1 89,200 6,891 7,498 (607) 08/30/17 140 E. Ridgewood Avenue Paramus, New Jersey 1 239,680 30,201 30,737 (536) 08/30/17 Bergen portfolio Woodcliff Lake, Paramus and 5 1,061,544 86,973 (c) 135,121 (48,148) Rochelle Park, New Jersey 09/11/17 377 Summerhill Road East Brunswick, New Jersey 1 40,000 3,221 2,172 1,049 09/13/17 700 Executive Boulevard Elmsford, New York - - (b) 5,717 970 4,747 09/20/17 Totowa Portfolio Totowa, New Jersey 13 499,243 63,624 27,630 35,994 09/27/17 890 Mountain Avenue (d) New Providence, New Jersey 1 80,000 4,852 6,139 (1,287) 09/28/17 135 Chestnut Ridge Road Montvale, New Jersey 1 66,150 5,844 (e) 2,929 2,915 09/29/17 Moorestown portfolio Moorestown and Burlington, New Jersey 26 1,260,398 73,393 (f) 56,186 17,207 10/19/17 1 Enterprise Boulevard Yonkers, New York - - (b) 3,230 1,380 1,850 11/15/17 61 South Paramus Road Paramus, New Jersey 1 269,191 23,255 37,184 (13,929) 12/06/17 300 Tice Boulevard Woodcliff Lake, New Jersey 1 230,000 28,847 25,705 3,142 Sub-total 60 4,677,058 399,332 384,637 14,695 Unrealized losses on rental property held for sale (12,331) Totals 60 4,677,058 $ 399,332 $ 384,637 $ 2,364 (a) The Company recorded a valuation allowance of $7.7 million on this property during the year ended December 31, 2016. (b) This disposition is of a ground leased land property. (c) At closing, the Company provided short term seller financing aggregating $65 million through mortgage notes receivable to the buyers. These notes were paid off in November and December 2017. (d) The Company recorded an impairment charge of $7.0 million on this property during the year ended December 31, 2015. (e) The Company recorded an impairment charge of $4.2 million on this property during the year ended December 31, 2015. $5.9 million of the sales proceeds from this sale were held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other assets as of December 31, 2017. The Company received these proceeds in March 2018. See Note 5: Deferred Charges, Goodwill and Other Assets, Net. (f) $15.3 million of the sales proceeds from this sale were held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other assets as of December 31, 2017. The Company received these proceeds in March 2018. See Note 5: Deferred Charges, Goodwill and Other Assets, Net. The Company identified as held for sale 21 office properties totaling approximately 2 million square feet as of December 31, 2017. The properties are located in Parsippany, Paramus, Rochelle Park, Hamilton and Wall, New Jersey and White Plains, New York. The total estimated sales proceeds from the sales were expected to be approximately $223 million. The Company determined that the carrying value of seven of the office properties was not expected to be recovered from estimated net sales proceeds and accordingly recognized an unrealized loss allowance of $12.3 million during the year ended December 31, 2017. The following table summarizes the rental property held for sale, net, as of December 31, 2017 (dollars in thousands): December 31, 2017 Land $ 37,024 Buildings and improvements 273,388 Less: Accumulated depreciation (126,503) Less: Unrealized losses on properties held for sale (12,331) Rental property held for sale,net $ 171,578 Other assets and liabilities related to the rental properties held for sale, as of December 31, 2017, included $9.8 million in deferred charges, and other assets, $4.7 million in Unbilled rents receivable and $ 4.6 million in Accounts payable, accrued expenses and other liabilities. Approximately $13.4 million of these assets and $ 0.3 million of these liabilities were expected to be written off with the completion of the sales. Land Impairments The Company owns two separate developable land parcels in Conshohocken and Bala Cynwyd, Pennsylvania, that were being considered for development into multi-family rental properties. During the fourth quarter 2018, the Company made the decision to pursue selling the land parcels as opposed to development. Due to the shortening of the expected periods of ownership, the Company determined that it was necessary to reduce the carrying values of the land parcels to their estimated fair values (ascertained by broker opinions of value obtained during the marketing process) and recorded total land impairments charges of $24.6 million at December 31, 2018. Rockpoint Transaction On February 27, 2017, the Company, 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 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. RRLP has been identified as a variable interest entity in which the Company is deemed to be the primary beneficiary. As of December 31, 2018 and December 31, 2017, the Company’s consolidated RRLP entity had total assets of $2.3 billion and $1.9 billion, respectively, total mortgages and loan payable of $1.1 billion and $769.7 million, respectively, and other liabilities of $57 million and $95.9 million, respectively. Unconsolidated Joint Venture Activity On January 31, 2019, the Company, which held a 24.27 percent subordinated interest in the unconsolidated joint venture Marbella Tower Urban Renewal Associates South LLC, a 311-unit multi-family operating property located in Jersey City, New Jersey, acquired its equity partner’s 50 percent interest for $77.5 million in cash. The acquisition was funded primarily using available cash. Concurrently with the closing, the joint venture repaid in full the property’s $74.7 million mortgage loan and obtained a new loan in the amount of $117 million. On December 11, 2018, the Company acquired one of its partner’s interest in the Metropolitan and Shops at 40 Park and the Lofts at 40 Park for $1.3 million and as a result, increased its ownership from 12.5 percent interest to 25 percent interest in the Metropolitan and Shops at 40 Park and from 25 percent interest to 50 percent interest in the Lofts at 40 Park. On September 29, 2017, the Company sold its interests in the KPG-MCG Curtis joint venture that owns an operating property located in Philadelphia, Pennsylvania for a sales price of $102.5 million, which included the retirement of the Company’s share in a mortgage payable of $75 million, and realized a gain on the sale of the unconsolidated joint venture of $12 million. $5.6 million of the net sales proceeds from this sale were held by a qualified intermediary, which is considered non cash and recorded in deferred charges, goodwill and other assets. See Note 5: Deferred Charges, Goodwill and Other Assets, Net. On September 21, 2017, the RoseGarden Monaco, L.L.C. joint venture agreement was terminated. Accordingly, the Company wrote off the carrying value of its investment in the joint venture and recorded a loss of $1.4 million on the disposition of its joint venture interest. On February 15, 2017, the Company sold its 7.5 percent interest in the 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 January 31, 2017, the Company sold its interest in the 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. |
Investments In Unconsolidated J
Investments In Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2018 | |
Investments In Unconsolidated Joint Ventures [Line Items] | |
Investments In Unconsolidated Joint Ventures | 4. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES As of December 31, 2018 , the Company had an aggregate investment of approximately $232.8 million in its equity method joint ventures. The Company formed these ventures with unaffiliated third parties, or acquired interests in them, to develop or manage primarily office and multi-family rental properties, or to acquire land in anticipation of possible development of office and multi-family rental properties. As of December 31, 2018 , the unconsolidated joint ventures owned: four office properties aggregating approximately 0.5 million square feet, eight multi-family properties totaling 2,922 apartment units, two retail properties aggregating approximately 81,700 square feet, a 350 -room hotel, a development project for up to approximately 360 apartment units; and interests and/or rights to developable land parcels able to accommodate up to 3,738 apartment units. The Company’s unconsolidated interests range from 20 percent to 85 percent subject to specified priority allocations in certain of the joint ventures. The amounts reflected in the following tables (except for the Company’s share of equity in earnings) are based on the historical financial information of the individual joint ventures. The Company does not record losses of the joint ventures in excess of its investment balances unless the Company is liable for the obligations of the joint venture or is otherwise committed to provide financial support to the joint venture. The outside basis portion of the Company’s investments in joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Unless otherwise noted below, the debt of the Company’s unconsolidated joint ventures generally is non-recourse to the Company, except for customary exceptions pertaining to such matters as intentional misuse of funds, environmental conditions, and material misrepresentations. The Company has agreed to guarantee repayment of a portion of the debt of its unconsolidated joint ventures. As of December 31, 2018 , such debt had a total facility amount of $316.9 million of which the Company agreed to guarantee up to $35.8 million. As of December 31, 2018 , the outstanding balance of such debt totaled $204.9 million of which $24.6 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 $2.4 million and $2.8 million for such services in the years ended December 31, 2018 and 2017 , respectively. The Company had $ 0.2 million and $0.8 million in accounts receivable due from its unconsolidated joint ventures as of December 31, 2018 and 2017 . Included in the Company’s investments in unconsolidated joint ventures as of December 31, 2018 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 $ 129.5 million as of December 31, 2018 . The Company’s maximum exposure to loss as a result of its involvement with these VIEs is estimated to be approximately $ 165.4 million, which includes the Company’s current investment and estimated future funding commitments/guarantees of approximately $ 35.8 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 parties will be funded with capital contributions from the Company and its outside partners in accordance with their respective ownership percentages. The following is a summary of the Company's unconsolidated joint ventures as of December 31, 2018 and 2017 (dollars in thousands): Property Debt Number of Company's Carrying Value As of December 31, 2018 Apartment Units Effective December 31, December 31, Maturity Interest Entity / Property Name or Rentable Square Feet (sf) Ownership % (a) 2018 2017 Balance Date Rate Multi-family Marbella (b) 412 units 24.27 % $ - $ 14,544 $ - - - % Metropolitan at 40 Park (c) (d) 130 units 25.00 % 7,679 6,834 55,227 (e) (e) RiverTrace at Port Imperial 316 units 22.50 % 8,112 8,864 82,000 11/10/26 3.21 % Crystal House (f) 825 units 25.00 % 29,570 30,570 162,838 04/01/20 3.17 % PI North - Riverwalk C 360 units 40.00 % 27,175 16,844 - 12/06/21 L+2.75 % (g) Marbella II (i) 311 units 24.27 % 15,414 16,471 74,690 03/30/19 L+2.25 % (h) Riverpark at Harrison 141 units 45.00 % 1,272 1,604 29,819 08/01/25 3.70 % Station House 378 units 50.00 % 37,675 40,124 98,504 07/01/33 4.82 % Urby at Harborside 762 units 85.00 % 85,317 94,429 191,732 08/01/29 5.197 % (j) PI North -Land (k) 836 potential units 20.00 % 1,678 1,678 - - - Liberty Landing 850 potential units 50.00 % 337 337 - - - Hillsborough 206 160,000 sf 50.00 % 1,962 1,962 - - - Office Red Bank 92,878 sf 50.00 % 3,127 4,602 14,000 08/01/23 L+2.25 % (l) 12 Vreeland Road 139,750 sf 50.00 % 7,019 6,734 7,904 07/01/23 2.87 % Offices at Crystal Lake 106,345 sf 31.25 % 3,442 3,369 4,076 11/01/23 4.76 % Other Riverwalk Retail 30,745 sf 20.00 % 1,539 1,625 - - - Hyatt Regency Jersey City 351 rooms 50.00 % 112 440 100,000 10/01/26 3.668 % Other (m) 1,320 1,595 - - - Totals: $ 232,750 $ 252,626 $ 820,790 (a) Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable. (b) On August 2, 2018, the Company acquired its equity partner's 50 percent controlling interest in the venture and, as a result, increased its ownership from a 24.27 percent subordinated interest to 74.27 percent controlling interest. See Note 3: Recent Transactions - Consolidation. (c) 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. (d) Through the joint venture, the Company also owns a 12.5 percent interest in a 50,973 square feet retail building ("Shops at 40 Park") and a 25 percent interest in a 59 -unit, five story multi-family rental development property ("Lofts at 40 Park"). On December 11, 2018, the Company acquired one of its partner’s interest and as a result, increased its ownership from 12.5 percent interest to 25 percent interest in the Metropolitan and Shops at 40 Park and from 25 percent interest to 50 percent interest in the Lofts at 40 Park. (e) Property debt balance consists of: (i) an amortizable loan, collateralized by the Metropolitan at 40 Park, with a balance of $36.0 million bears interest at 3.25 percent, matures in September 2020 ; (ii) an interest only loan, collateralized by the Shops at 40 Park, with a balance of $6.1 million, bears interest at LIBOR +2.25 percent, matures in September 2019 ; (iii) a loan with a maximum borrowing amount of $13,950 for the Lofts at 40 Park with a balance of $13.1 million, which bears interest at LIBOR plus 250 basis points and matures in February 2020 . (f) Included in this is the Company's unconsolidated 50 percent interest in a vacant land to accommodate the development of approximately 295 additional units of which 252 are currently approved. (g) The venture has a construction loan with a maximum borrowing amount of $112,000 . (h) The construction loan which had a maximum borrowing amount of $75,000 was amended on 3/30/18 and, subject to certain conditions, provided for four 3 -month extension options with a fee of 6.25 basis points for each extension. (i) On January 31, 2019, the Company, which held a 24.27 percent subordinated interest in the unconsolidated joint venture, Marbella Tower Urban Renewal Associates South LLC, a 311-unit multi-family operating property located in Jersey City, New Jersey, acquired the majority equity partner’s 50 percent interest in the venture for $77.5 million in cash. The cash portion of the acquisition was funded primarily through borrowings under the Company’s unsecured revolving credit facility. Concurrently with the closing, the joint venture repaid in full the property’s $74.7 million mortgage loan and obtained a new loan in the amount of $117 million. (j) The construction/permanent loan has a maximum borrowing amount of $192 million. The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines. (k) The 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. (l) On August 1, 2018, the venture refinanced its mortgage loan with a maximum borrowing amount of $16,500 , bears interest at LIBOR +2.25% , matures on August 1, 2023 and subject to certain conditions, provided for two extension options. (m) The Company owns other interests in various unconsolidated joint ventures, including interests in assets previously owned and interest in ventures whose businesses are related to its core operations. These ventures are not expected to significantly impact the Company's operations in the near term. The following is a summary of the Company’s equity in earnings (loss) of unconsolidated joint ventures for the years ended December 31, 2018 , 2017 and 2016 (dollars in thousands) : Year Ended December 31, Entity / Property Name 2018 2017 2016 Multi-family Marbella (b) $ 205 $ 334 $ 231 Metropolitan at 40 Park (455) (311) (317) RiverTrace at Port Imperial 154 196 (1,146) Crystal House (874) (923) (870) PI North - Pier Land (126) (219) (62) PI North - Riverwalk C - (653) (58) Marbella II 35 93 (202) Riverpark at Harrison (232) (252) (190) Station House (2,096) (1,793) (2,440) Urby at Harborside (975) (c) (6,356) (219) Liberty Landing (5) (15) (80) Hillsborough 206 16 (25) (53) Office Red Bank (215) 238 448 12 Vreeland Road 285 496 347 Offices at Crystal Lake 73 89 (15) Other Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial (86) (81) (52) South Pier at Harborside / Hyatt Regency Jersey City on the Hudson 3,672 3,277 24,180 Other 497 (176) (714) Company's equity in earnings (loss) of unconsolidated joint ventures (a) $ (127) $ (6,081) $ 18,788 (a) Amounts are net of amortization of basis differences of $903 , $792 and $436 for the years ended December 31, 2018 , 2017 and 2016 , respectively. (b) On August 2, 2018, the Company acquired one of its equity partner's 50 percent interest and as a result, increased its ownership from 24.27 percent subordinated interest to 74.27 percent controlling interest , and ceased applying the equity method of accounting at such time. (c) Includes $2.6 million of the Company's share of the venture's income from its first annual sale of an economic tax credit certificate from the State of New Jersey to a third party. The venture has an agreement with a third party to sell it the tax credits over the next nine years for $3 million per year for a total of $27 million. The sales are subject to the venture obtaining the tax credits from the State of New Jersey and transferring the credit certificates each year. The following is a summary of the combined financial position of the unconsolidated joint ventures in which the Company had investment interests as of December 31, 2018 and 2017 (dollars in thousands and unaudited) : December 31, December 31, 2018 2017 Assets: Rental property, net $ 903,253 $ 931,419 Other assets 212,205 207,903 Total assets $ 1,115,458 $ 1,139,322 Liabilities and partners'/ members' capital: Mortgages and loans payable $ 686,797 $ 689,412 Other liabilities 67,072 80,746 Partners'/members' capital 361,589 369,164 Total liabilities and partners'/members' capital $ 1,115,458 $ 1,139,322 The following is a summary of the combined results from operations of the unconsolidated joint ventures for the period in which the Company had investment interests during the year s ended December 31, 2018 , 2017 and 2016 (dollars in thousands and unaudited) : Year Ended December 31, 2018 2017 2016 Total revenues $ 310,919 $ 358,751 $ 377,711 Operating and other expenses (230,863) (297,492) (262,703) Depreciation and amortization (40,193) (31,020) (75,512) Interest expense (34,874) (25,822) (58,390) Net income (loss) $ 4,989 $ 4,417 $ (18,894) |
Mack-Cali Realty LP [Member] | |
Investments In Unconsolidated Joint Ventures [Line Items] | |
Investments In Unconsolidated Joint Ventures | 4. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES As of December 31, 2018 , the Company had an aggregate investment of approximately $232.8 million in its equity method joint ventures. The Company formed these ventures with unaffiliated third parties, or acquired interests in them, to develop or manage primarily office and multi-family rental properties, or to acquire land in anticipation of possible development of office and multi-family rental properties. As of December 31, 2018 , the unconsolidated joint ventures owned: four office properties aggregating approximately 0.5 million square feet, eight multi-family properties totaling 2,922 apartment units, two retail properties aggregating approximately 81,700 square feet, a 350 -room hotel, a development project for up to approximately 360 apartment units; and interests and/or rights to developable land parcels able to accommodate up to 3,738 apartment units. The Company’s unconsolidated interests range from 20 percent to 85 percent subject to specified priority allocations in certain of the joint ventures. The amounts reflected in the following tables (except for the Company’s share of equity in earnings) are based on the historical financial information of the individual joint ventures. The Company does not record losses of the joint ventures in excess of its investment balances unless the Company is liable for the obligations of the joint venture or is otherwise committed to provide financial support to the joint venture. The outside basis portion of the Company’s investments in joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Unless otherwise noted below, the debt of the Company’s unconsolidated joint ventures generally is non-recourse to the Company, except for customary exceptions pertaining to such matters as intentional misuse of funds, environmental conditions, and material misrepresentations. The Company has agreed to guarantee repayment of a portion of the debt of its unconsolidated joint ventures. As of December 31, 2018 , such debt had a total facility amount of $316.9 million of which the Company agreed to guarantee up to $35.8 million. As of December 31, 2018 , the outstanding balance of such debt totaled $204.9 million of which $24.6 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 $2.4 million and $2.8 million for such services in the years ended December 31, 2018 and 2017 , respectively. The Company had $ 0.2 million and $0.8 million in accounts receivable due from its unconsolidated joint ventures as of December 31, 2018 and 2017 . Included in the Company’s investments in unconsolidated joint ventures as of December 31, 2018 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 $ 129.5 million as of December 31, 2018 . The Company’s maximum exposure to loss as a result of its involvement with these VIEs is estimated to be approximately $ 165.4 million, which includes the Company’s current investment and estimated future funding commitments/guarantees of approximately $ 35.8 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 parties will be funded with capital contributions from the Company and its outside partners in accordance with their respective ownership percentages. The following is a summary of the Company's unconsolidated joint ventures as of December 31, 2018 and 2017 (dollars in thousands): Property Debt Number of Company's Carrying Value As of December 31, 2018 Apartment Units Effective December 31, December 31, Maturity Interest Entity / Property Name or Rentable Square Feet (sf) Ownership % (a) 2018 2017 Balance Date Rate Multi-family Marbella (b) 412 units 24.27 % $ - $ 14,544 $ - - - % Metropolitan at 40 Park (c) (d) 130 units 25.00 % 7,679 6,834 55,227 (e) (e) RiverTrace at Port Imperial 316 units 22.50 % 8,112 8,864 82,000 11/10/26 3.21 % Crystal House (f) 825 units 25.00 % 29,570 30,570 162,838 04/01/20 3.17 % PI North - Riverwalk C 360 units 40.00 % 27,175 16,844 - 12/06/21 L+2.75 % (g) Marbella II (i) 311 units 24.27 % 15,414 16,471 74,690 03/30/19 L+2.25 % (h) Riverpark at Harrison 141 units 45.00 % 1,272 1,604 29,819 08/01/25 3.70 % Station House 378 units 50.00 % 37,675 40,124 98,504 07/01/33 4.82 % Urby at Harborside 762 units 85.00 % 85,317 94,429 191,732 08/01/29 5.197 % (j) PI North -Land (k) 836 potential units 20.00 % 1,678 1,678 - - - Liberty Landing 850 potential units 50.00 % 337 337 - - - Hillsborough 206 160,000 sf 50.00 % 1,962 1,962 - - - Office Red Bank 92,878 sf 50.00 % 3,127 4,602 14,000 08/01/23 L+2.25 % (l) 12 Vreeland Road 139,750 sf 50.00 % 7,019 6,734 7,904 07/01/23 2.87 % Offices at Crystal Lake 106,345 sf 31.25 % 3,442 3,369 4,076 11/01/23 4.76 % Other Riverwalk Retail 30,745 sf 20.00 % 1,539 1,625 - - - Hyatt Regency Jersey City 351 rooms 50.00 % 112 440 100,000 10/01/26 3.668 % Other (m) 1,320 1,595 - - - Totals: $ 232,750 $ 252,626 $ 820,790 (a) Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable. (b) On August 2, 2018, the Company acquired its equity partner's 50 percent controlling interest in the venture and, as a result, increased its ownership from a 24.27 percent subordinated interest to 74.27 percent controlling interest. See Note 3: Recent Transactions - Consolidation. (c) 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. (d) Through the joint venture, the Company also owns a 12.5 percent interest in a 50,973 square feet retail building ("Shops at 40 Park") and a 25 percent interest in a 59 -unit, five story multi-family rental development property ("Lofts at 40 Park"). On December 11, 2018, the Company acquired one of its partner’s interest and as a result, increased its ownership from 12.5 percent interest to 25 percent interest in the Metropolitan and Shops at 40 Park and from 25 percent interest to 50 percent interest in the Lofts at 40 Park. (e) Property debt balance consists of: (i) an amortizable loan, collateralized by the Metropolitan at 40 Park, with a balance of $36.0 million bears interest at 3.25 percent, matures in September 2020 ; (ii) an interest only loan, collateralized by the Shops at 40 Park, with a balance of $6.1 million, bears interest at LIBOR +2.25 percent, matures in September 2019 ; (iii) a loan with a maximum borrowing amount of $13,950 for the Lofts at 40 Park with a balance of $13.1 million, which bears interest at LIBOR plus 250 basis points and matures in February 2020 . (f) Included in this is the Company's unconsolidated 50 percent interest in a vacant land to accommodate the development of approximately 295 additional units of which 252 are currently approved. (g) The venture has a construction loan with a maximum borrowing amount of $112,000 . (h) The construction loan which had a maximum borrowing amount of $75,000 was amended on 3/30/18 and, subject to certain conditions, provided for four 3 -month extension options with a fee of 6.25 basis points for each extension. (i) On January 31, 2019, the Company, which held a 24.27 percent subordinated interest in the unconsolidated joint venture, Marbella Tower Urban Renewal Associates South LLC, a 311-unit multi-family operating property located in Jersey City, New Jersey, acquired the majority equity partner’s 50 percent interest in the venture for $77.5 million in cash. The cash portion of the acquisition was funded primarily through borrowings under the Company’s unsecured revolving credit facility. Concurrently with the closing, the joint venture repaid in full the property’s $74.7 million mortgage loan and obtained a new loan in the amount of $117 million. (j) The construction/permanent loan has a maximum borrowing amount of $192 million. The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines. (k) The 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. (l) On August 1, 2018, the venture refinanced its mortgage loan with a maximum borrowing amount of $16,500 , bears interest at LIBOR +2.25% , matures on August 1, 2023 and subject to certain conditions, provided for two extension options. (m) The Company owns other interests in various unconsolidated joint ventures, including interests in assets previously owned and interest in ventures whose businesses are related to its core operations. These ventures are not expected to significantly impact the Company's operations in the near term. The following is a summary of the Company’s equity in earnings (loss) of unconsolidated joint ventures for the years ended December 31, 2018 , 2017 and 2016 (dollars in thousands) : Year Ended December 31, Entity / Property Name 2018 2017 2016 Multi-family Marbella (b) $ 205 $ 334 $ 231 Metropolitan at 40 Park (455) (311) (317) RiverTrace at Port Imperial 154 196 (1,146) Crystal House (874) (923) (870) PI North - Pier Land (126) (219) (62) PI North - Riverwalk C - (653) (58) Marbella II 35 93 (202) Riverpark at Harrison (232) (252) (190) Station House (2,096) (1,793) (2,440) Urby at Harborside (975) (c) (6,356) (219) Liberty Landing (5) (15) (80) Hillsborough 206 16 (25) (53) Office Red Bank (215) 238 448 12 Vreeland Road 285 496 347 Offices at Crystal Lake 73 89 (15) Other Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial (86) (81) (52) South Pier at Harborside / Hyatt Regency Jersey City on the Hudson 3,672 3,277 24,180 Other 497 (176) (714) Company's equity in earnings (loss) of unconsolidated joint ventures (a) $ (127) $ (6,081) $ 18,788 (a) Amounts are net of amortization of basis differences of $903 , $792 and $436 for the years ended December 31, 2018 , 2017 and 2016 , respectively. (b) On August 2, 2018, the Company acquired one of its equity partner's 50 percent interest and as a result, increased its ownership from 24.27 percent subordinated interest to 74.27 percent controlling interest , and ceased applying the equity method of accounting at such time. (c) Includes $2.6 million of the Company's share of the venture's income from its first annual sale of an economic tax credit certificate from the State of New Jersey to a third party. The venture has an agreement with a third party to sell it the tax credits over the next nine years for $3 million per year for a total of $27 million. The sales are subject to the venture obtaining the tax credits from the State of New Jersey and transferring the credit certificates each year. The following is a summary of the combined financial position of the unconsolidated joint ventures in which the Company had investment interests as of December 31, 2018 and 2017 (dollars in thousands and unaudited) : December 31, December 31, 2018 2017 Assets: Rental property, net $ 903,253 $ 931,419 Other assets 212,205 207,903 Total assets $ 1,115,458 $ 1,139,322 Liabilities and partners'/ members' capital: Mortgages and loans payable $ 686,797 $ 689,412 Other liabilities 67,072 80,746 Partners'/members' capital 361,589 369,164 Total liabilities and partners'/members' capital $ 1,115,458 $ 1,139,322 The following is a summary of the combined results from operations of the unconsolidated joint ventures for the period in which the Company had investment interests during the year s ended December 31, 2018 , 2017 and 2016 (dollars in thousands and unaudited) : Year Ended December 31, 2018 2017 2016 Total revenues $ 310,919 $ 358,751 $ 377,711 Operating and other expenses (230,863) (297,492) (262,703) Depreciation and amortization (40,193) (31,020) (75,512) Interest expense (34,874) (25,822) (58,390) Net income (loss) $ 4,989 $ 4,417 $ (18,894) |
Deferred Charges, Goodwill And
Deferred Charges, Goodwill And Other Assets, Net | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Deferred Charges, Goodwill And Other Assets, Net | 5. DEFERRED CHARGES, GOODWILL AND OTHER ASSETS, NET December 31, (dollars in thousands) 2018 2017 Deferred leasing costs $ 173,822 $ 199,515 Deferred financing costs - unsecured revolving credit facility (a) 5,356 4,945 179,178 204,460 Accumulated amortization (71,326) (98,956) Deferred charges, net 107,852 105,504 Notes receivable (b) 47,409 50,167 In-place lease values, related intangibles and other assets, net (c) (d) 89,860 102,757 Goodwill (e) 2,945 2,945 Prepaid expenses and other assets, net (f) 107,168 80,947 Total deferred charges, goodwill and other assets, net $ 355,234 $ 342,320 (a) Deferred financing costs related to all other debt liabilities (other than for the unsecured revolving credit facility) are netted against those debt liabilities for all periods presented. See Note 2: Significant Accounting Policies – Deferred Financing Costs. (b) Includes as of December 31, 2018 and 2017, respectively, a mortgage receivable with a balance of $ 45.2 million and $45.7 million (acquired in August 2017) which bears interest at 5.85 percent and matures in July 2019 , with a three -month extension option and an interest-free note receivable with a net present value of $2.2 million and $2.5 million, which matures in April 2023 . The Company believes these balances are fully collectible. (c) In accordance with ASC 805, Business Combinations, the Company recognizes rental revenue of acquired above and below market lease intangibles over the terms of the respective leases. The impact of amortizing the acquired above and below-market lease intangibles increased revenue by approximately $ 5.3 million, $7.9 million and $1.9 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. The following table summarizes, as of December 31, 2018 , the scheduled amortization of the Company’s acquired above and below-market lease intangibles for each of the five succeeding years (dollars in thousands) : Acquired Above- Acquired Below- Market Lease Market Lease Total Year Intangibles Intangibles Amortization 2019 $ (2,559) $ 5,050 $ 2,491 2020 (2,377) 4,305 1,928 2021 (2,245) 4,186 1,941 2022 (2,132) 4,064 1,932 2023 (1,207) 3,279 2,072 (d) The value of acquired in-place lease intangibles are amortized to expense over the remaining initial terms of the respective leases. The impact of the amortization of acquired in-place lease values is included in depreciation and amortization expense and amounted to approximately $17.9 million, $32.2 million and $14.3 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. The following table summarizes, as of December 31, 2018 , the scheduled amortization of the Company’s acquired in-place lease values for each of the five succeeding years (dollars in thousands) : Year 2019 $ 10,494 2020 8,050 2021 6,884 2022 6,059 2023 4,943 (e) All goodwill is attributable to the Company’s Multi-family Real Estate and Services segment. (f) Includes as of December 31, 2018 and 2017, $49.2 million and $26.9 million, respectively, of proceeds from property sales held by a qualified intermediary. DERIVATIVE FINANCIAL INSTRUMENTS Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. As of December 31, 2018 , 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 year ending December 31, 2018 , such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the years ended December 31, 2018 , 2017 and 2016 the Company recorded ineffectiveness gain (loss) of $ (0.2) million, $(37,000) and 0.6 million, 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 $ 6.7 million will be reclassified as a decrease to interest expense. Undesignated Cash Flow Hedges of Interest Rate Risk Interest rate caps not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements but do not meet the strict hedge accounting requirements. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. The Company recognized expenses of $2,000 for the year ended December 31, 2016 , which is included in interest and other investment income (loss) in the consolidated statements of operations. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Balance Sheet as of December 31, 2018 and 2017 (dollars in thousands) : Fair Value Asset Derivatives designated December 31, as hedging instruments 2018 2017 Balance sheet location Interest rate swaps $ 10,175 $ 8,060 Deferred charges, goodwill and other assets The table below presents the effect of the Company’s derivative financial instruments on the Income Statement for the year s ending December 31, 2018 , 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) Year ended December 31, 2018 2017 2016 2018 2017 2016 2018 2017 2016 Interest rate swaps $ 5,262 $ 2,869 $ (1,183) Interest expense $ 2,944 $ (2,381) $ (3,398) Interest and other investment income (loss) $ (204) $ (37) $ 631 Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on the indebtedness. As of December 31, 2018 , the Company did not have derivatives in a net liability position including accrued interest but excluding any adjustment for nonperformance risk related to these agreements. As of December 31, 2018 , the Company has not posted any collateral related to these agreements. |
Mack-Cali Realty LP [Member] | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Deferred Charges, Goodwill And Other Assets, Net | 5. DEFERRED CHARGES, GOODWILL AND OTHER ASSETS, NET December 31, (dollars in thousands) 2018 2017 Deferred leasing costs $ 173,822 $ 199,515 Deferred financing costs - unsecured revolving credit facility (a) 5,356 4,945 179,178 204,460 Accumulated amortization (71,326) (98,956) Deferred charges, net 107,852 105,504 Notes receivable (b) 47,409 50,167 In-place lease values, related intangibles and other assets, net (c) (d) 89,860 102,757 Goodwill (e) 2,945 2,945 Prepaid expenses and other assets, net (f) 107,168 80,947 Total deferred charges, goodwill and other assets, net $ 355,234 $ 342,320 (a) Deferred financing costs related to all other debt liabilities (other than for the unsecured revolving credit facility) are netted against those debt liabilities for all periods presented. See Note 2: Significant Accounting Policies – Deferred Financing Costs. (b) Includes as of December 31, 2018 and 2017, respectively, a mortgage receivable with a balance of $ 45.2 million and $45.7 million (acquired in August 2017) which bears interest at 5.85 percent and matures in July 2019 , with a three -month extension option and an interest-free note receivable with a net present value of $2.2 million and $2.5 million, which matures in April 2023 . The Company believes these balances are fully collectible. (c) In accordance with ASC 805, Business Combinations, the Company recognizes rental revenue of acquired above and below market lease intangibles over the terms of the respective leases. The impact of amortizing the acquired above and below-market lease intangibles increased revenue by approximately $ 5.3 million, $7.9 million and $1.9 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. The following table summarizes, as of December 31, 2018 , the scheduled amortization of the Company’s acquired above and below-market lease intangibles for each of the five succeeding years (dollars in thousands) : Acquired Above- Acquired Below- Market Lease Market Lease Total Year Intangibles Intangibles Amortization 2019 $ (2,559) $ 5,050 $ 2,491 2020 (2,377) 4,305 1,928 2021 (2,245) 4,186 1,941 2022 (2,132) 4,064 1,932 2023 (1,207) 3,279 2,072 (d) The value of acquired in-place lease intangibles are amortized to expense over the remaining initial terms of the respective leases. The impact of the amortization of acquired in-place lease values is included in depreciation and amortization expense and amounted to approximately $17.9 million, $32.2 million and $14.3 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. The following table summarizes, as of December 31, 2018 , the scheduled amortization of the Company’s acquired in-place lease values for each of the five succeeding years (dollars in thousands) : Year 2019 $ 10,494 2020 8,050 2021 6,884 2022 6,059 2023 4,943 (e) All goodwill is attributable to the Company’s Multi-family Real Estate and Services segment. (f) Includes as of December 31, 2018 and 2017, $49.2 million and $26.9 million, respectively, of proceeds from property sales held by a qualified intermediary. DERIVATIVE FINANCIAL INSTRUMENTS Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. As of December 31, 2018 , 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 year ending December 31, 2018 , such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the years ended December 31, 2018 , 2017 and 2016 the Company recorded ineffectiveness gain (loss) of $ (0.2) million, $(37,000) and 0.6 million, 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 $ 6.7 million will be reclassified as a decrease to interest expense. Undesignated Cash Flow Hedges of Interest Rate Risk Interest rate caps not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements but do not meet the strict hedge accounting requirements. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. The Company recognized expenses of $2,000 for the year ended December 31, 2016 , which is included in interest and other investment income (loss) in the consolidated statements of operations. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Balance Sheet as of December 31, 2018 and 2017 (dollars in thousands) : Fair Value Asset Derivatives designated December 31, as hedging instruments 2018 2017 Balance sheet location Interest rate swaps $ 10,175 $ 8,060 Deferred charges, goodwill and other assets The table below presents the effect of the Company’s derivative financial instruments on the Income Statement for the year s ending December 31, 2018 , 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) Year ended December 31, 2018 2017 2016 2018 2017 2016 2018 2017 2016 Interest rate swaps $ 5,262 $ 2,869 $ (1,183) Interest expense $ 2,944 $ (2,381) $ (3,398) Interest and other investment income (loss) $ (204) $ (37) $ 631 Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on the indebtedness. As of December 31, 2018 , the Company did not have derivatives in a net liability position including accrued interest but excluding any adjustment for nonperformance risk related to these agreements. As of December 31, 2018 , the Company has not posted any collateral related to these agreements. |
Restricted Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2018 | |
Restricted Cash [Line Items] | |
Restricted Cash | 6. RESTRICTED CASH Restricted cash generally includes tenant and resident security deposits for certain of the Company’s properties, and escrow and reserve funds for debt service, real estate taxes, property insurance, capital improvements, tenant improvements, and leasing costs established pursuant to certain mortgage financing arrangements, and is comprised of the following (dollars in thousands) : December 31, 2018 2017 Security deposits $ 10,257 $ 9,446 Escrow and other reserve funds 9,664 30,346 Total restricted cash $ 19,921 $ 39,792 |
Mack-Cali Realty LP [Member] | |
Restricted Cash [Line Items] | |
Restricted Cash | 6. RESTRICTED CASH Restricted cash generally includes tenant and resident security deposits for certain of the Company’s properties, and escrow and reserve funds for debt service, real estate taxes, property insurance, capital improvements, tenant improvements, and leasing costs established pursuant to certain mortgage financing arrangements, and is comprised of the following (dollars in thousands) : December 31, 2018 2017 Security deposits $ 10,257 $ 9,446 Escrow and other reserve funds 9,664 30,346 Total restricted cash $ 19,921 $ 39,792 |
Senior Unsecured Notes
Senior Unsecured Notes | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Line Items] | |
Senior Unsecured Notes | 7. SENIOR UNSECURED NOTES A summary of the Company’s senior unsecured notes as of December 31, 2018 and 2017 is as follows (dollars in thousands) : December 31, December 31, Effective 2018 2017 Rate (1) 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 575,000 575,000 Adjustment for unamortized debt discount (2,838) (3,505) Unamortized deferred financing costs (1,848) (2,350) Total senior unsecured notes, net $ 570,314 $ 569,145 (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 December 31, 2018 . |
Mack-Cali Realty LP [Member] | |
Debt Disclosure [Line Items] | |
Senior Unsecured Notes | 7. SENIOR UNSECURED NOTES A summary of the Company’s senior unsecured notes as of December 31, 2018 and 2017 is as follows (dollars in thousands) : December 31, December 31, Effective 2018 2017 Rate (1) 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 575,000 575,000 Adjustment for unamortized debt discount (2,838) (3,505) Unamortized deferred financing costs (1,848) (2,350) Total senior unsecured notes, net $ 570,314 $ 569,145 (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 December 31, 2018 . |
Unsecured Revolving Credit Faci
Unsecured Revolving Credit Facility And Term Loans | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Line Items] | |
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”). Effective March 6, 2018, the Company elected to determine its interest rate under the 2017 Credit Agreement and under the 2017 Term Loan using the defined leverage ratio option, resulting in an interest rate of LIBOR plus 130 basis points and LIBOR plus 155 basis points, respectively. 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, 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, currently 25 basis points, payable quarterly based on the Operating Partnership’s unsecured debt ratings from Moody’s or S&P, 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. After electing to use the defined leverage ratio to determine the interest rate, 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 currently 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 Prior to the election to use the defined leverage ratio option, 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 were 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 (interest rate based on Company's election through March 5, 2018) 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 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, 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 3.1973% on borrowings under the 2017 Term Loan. After electing to use the defined leverage ratio to determine the interest rate, the interest rate under the 2017 Term Loan is currently based on the following total leverage ratio grid: Interest Rate - Applicable Basis Points Interest Rate - Above LIBOR for Applicable Basis Alternate Base Rate Total Leverage Ratio Points above LIBOR Loans < 45% 145.0 45.0 ≥ 45% and < 50% (current ratio) 155.0 55.0 ≥ 50% and < 55% 165.0 65.0 ≥ 55% 195.0 95.0 Prior to the election to use the defined leverage ratio option, the interest rate on the 2017 Term Loan was 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 Higher of S&P or Moody's Above LIBOR Loans No ratings or less than BBB-/Baa3 185.0 85.0 BBB- or Baa3 (interest rate based on Company's election through March 5, 2018) 140.0 40.0 BBB or Baa2 115.0 15.0 BBB+ or Baa1 100.0 0.0 A- or A3 or higher 90.0 0.0 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 IRS Code. 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 (since 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. On January 7, 2019, the Company exercised the first one -year extension option with the payment of an extension fee of $0.5 million, which extended the maturity of the 2016 Term Loan to January 2020 . The interest rate for the term loan is based on the Operating Partnership’s unsecured debt ratings, or, at the Company's option, a defined leverage ratio. Effective March 6, 2018, the Company elected to determine its interest rate under the 2016 Term Loan using the defined leverage ratio option, resulting in an interest rate of LIBOR plus 155 basis points. 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 3.28 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 . After electing to use the defined leverage ratio to determine the interest rate, the interest rate under the 2016 Term Loan is currently 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 Prior to the election to use the defined interest leverage ratio option, the interest rate on the 2016 Term Loan was 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 (interest rate based on Company's election through March 5, 2018) 140.0 BBB or Baa2 115.0 BBB+ or Baa1 100.0 A- or A3 or higher 90.0 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 IRS Code. On August 30, 2018, the Company entered into an amendment to the 2017 Credit Agreement (the “2017 Credit Agreement Amendment”) and an amendment to the 2016 Term Loan (the “2016 Term Loan Amendment”). Each of the 2017 Credit Agreement Amendment and the 2016 Term Loan Amendment is effective as of June 30, 2018 and provides for the following material amendments to the terms of both the 2017 Credit Agreement and 2016 Term Loan): 1. The unsecured debt ratio covenant has been modified with respect to the measurement of the unencumbered collateral pool of assets in the calculation of such ratio for the period commencing July 1, 2018 and continuing until December 31, 2019 to allow the Operating Partnership to utilize the “as-is” appraised value of the properties known as ‘Harborside Plaza I’ and ‘Harborside Plaza V’ properties located in Jersey City, NJ in such calculation; and 2. A new covenant has been added that prohibits the Company from making any optional or voluntary payment, repayment, repurchase or redemption of any unsecured indebtedness of the Company (or any subsidiaries) that matures after January 25, 2022, at any time when any of the Total Leverage Ratio or the unsecured debt ratio covenants exceeds 60 percent (all as defined in the 2017 Credit Agreement and the 2016 Term Loan) or an appraisal is being used to determine the value of Harborside Plaza I and Harborside Plaza V for the unsecured debt ratio covenant. All other terms and conditions of the 2017 Credit Agreement and the 2016 Term Loan remain unchanged. The Company was in compliance with its debt covenants under its unsecured revolving credit facility and term loans as of December 31, 2018 . As of December 31, 2018 and 2017 , the Company’s unsecured credit facility and term loans totaled $790.9 million and $822.3 million, respectively, comprised of: $117 million of outstanding borrowings under its unsecured revolving credit facility, $350.0 million from the 2016 Term Loan and $323.9 million from the 2017 Term Loan (net of unamortized deferred financing costs of $1.1 million) as of December 31, 2018 , and $150 million of outstanding borrowings under its unsecured revolving credit facility and $349.0 million from the 2016 Term Loan (net of unamortized deferred financing costs of $1.0 million) $323.3 million from the 2017 Term Loan (net of unamortized deferred financing costs of $1.7 million) as of December 31, 2017. |
Mack-Cali Realty LP [Member] | |
Debt Disclosure [Line Items] | |
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”). Effective March 6, 2018, the Company elected to determine its interest rate under the 2017 Credit Agreement and under the 2017 Term Loan using the defined leverage ratio option, resulting in an interest rate of LIBOR plus 130 basis points and LIBOR plus 155 basis points, respectively. 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, 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, currently 25 basis points, payable quarterly based on the Operating Partnership’s unsecured debt ratings from Moody’s or S&P, 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. After electing to use the defined leverage ratio to determine the interest rate, 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 currently 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 Prior to the election to use the defined leverage ratio option, 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 were 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 (interest rate based on Company's election through March 5, 2018) 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 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, 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 3.1973% on borrowings under the 2017 Term Loan. After electing to use the defined leverage ratio to determine the interest rate, the interest rate under the 2017 Term Loan is currently based on the following total leverage ratio grid: Interest Rate - Applicable Basis Points Interest Rate - Above LIBOR for Applicable Basis Alternate Base Rate Total Leverage Ratio Points above LIBOR Loans < 45% 145.0 45.0 ≥ 45% and < 50% (current ratio) 155.0 55.0 ≥ 50% and < 55% 165.0 65.0 ≥ 55% 195.0 95.0 Prior to the election to use the defined leverage ratio option, the interest rate on the 2017 Term Loan was 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 Higher of S&P or Moody's Above LIBOR Loans No ratings or less than BBB-/Baa3 185.0 85.0 BBB- or Baa3 (interest rate based on Company's election through March 5, 2018) 140.0 40.0 BBB or Baa2 115.0 15.0 BBB+ or Baa1 100.0 0.0 A- or A3 or higher 90.0 0.0 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 IRS Code. 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 (since 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. On January 7, 2019, the Company exercised the first one -year extension option with the payment of an extension fee of $0.5 million, which extended the maturity of the 2016 Term Loan to January 2020 . The interest rate for the term loan is based on the Operating Partnership’s unsecured debt ratings, or, at the Company's option, a defined leverage ratio. Effective March 6, 2018, the Company elected to determine its interest rate under the 2016 Term Loan using the defined leverage ratio option, resulting in an interest rate of LIBOR plus 155 basis points. 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 3.28 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 . After electing to use the defined leverage ratio to determine the interest rate, the interest rate under the 2016 Term Loan is currently 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 Prior to the election to use the defined interest leverage ratio option, the interest rate on the 2016 Term Loan was 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 (interest rate based on Company's election through March 5, 2018) 140.0 BBB or Baa2 115.0 BBB+ or Baa1 100.0 A- or A3 or higher 90.0 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 IRS Code. On August 30, 2018, the Company entered into an amendment to the 2017 Credit Agreement (the “2017 Credit Agreement Amendment”) and an amendment to the 2016 Term Loan (the “2016 Term Loan Amendment”). Each of the 2017 Credit Agreement Amendment and the 2016 Term Loan Amendment is effective as of June 30, 2018 and provides for the following material amendments to the terms of both the 2017 Credit Agreement and 2016 Term Loan): 1. The unsecured debt ratio covenant has been modified with respect to the measurement of the unencumbered collateral pool of assets in the calculation of such ratio for the period commencing July 1, 2018 and continuing until December 31, 2019 to allow the Operating Partnership to utilize the “as-is” appraised value of the properties known as ‘Harborside Plaza I’ and ‘Harborside Plaza V’ properties located in Jersey City, NJ in such calculation; and 2. A new covenant has been added that prohibits the Company from making any optional or voluntary payment, repayment, repurchase or redemption of any unsecured indebtedness of the Company (or any subsidiaries) that matures after January 25, 2022, at any time when any of the Total Leverage Ratio or the unsecured debt ratio covenants exceeds 60 percent (all as defined in the 2017 Credit Agreement and the 2016 Term Loan) or an appraisal is being used to determine the value of Harborside Plaza I and Harborside Plaza V for the unsecured debt ratio covenant. All other terms and conditions of the 2017 Credit Agreement and the 2016 Term Loan remain unchanged. The Company was in compliance with its debt covenants under its unsecured revolving credit facility and term loans as of December 31, 2018 . As of December 31, 2018 and 2017 , the Company’s unsecured credit facility and term loans totaled $790.9 million and $822.3 million, respectively, comprised of: $117 million of outstanding borrowings under its unsecured revolving credit facility, $350.0 million from the 2016 Term Loan and $323.9 million from the 2017 Term Loan (net of unamortized deferred financing costs of $1.1 million) as of December 31, 2018 , and $150 million of outstanding borrowings under its unsecured revolving credit facility and $349.0 million from the 2016 Term Loan (net of unamortized deferred financing costs of $1.0 million) $323.3 million from the 2017 Term Loan (net of unamortized deferred financing costs of $1.7 million) as of December 31, 2017. |
Mortgages, Loans Payable And Ot
Mortgages, Loans Payable And Other Obligations | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Line Items] | |
Mortgages, Loans Payable And Other Obligations | 9. MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS The Company has mortgages, loans payable and other obligations which primarily consist of various loans collateralized by certain of the Company’s rental properties, land and development projects. As of December 31, 2018 , 16 of the Company’s properties, with a total carrying value of approximately $ 2.1 billion, and one of the Company’s land and development projects, with a total carrying value of approximately $142 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. The Company was in compliance with its debt covenants under its mortgages and loans payable as of December 31, 2018 . A summary of the Company’s mortgages, loans payable and other obligations as of December 31, 2018 and 2017 is as follows (dollars in thousands) : Effective December 31, December 31, Property/Project Name Lender Rate (a) 2018 2017 Maturity Harborside Plaza 5 (b) The Northwestern Mutual Life Insurance Co. 6.84 % $ - $ 209,257 & New York Life Insurance Co. 23 Main Street (c) Berkadia CMBS 5.59 % - 27,090 One River Center (d) Guardian Life Insurance Co. 7.31 % - 40,485 Park Square (e) Wells Fargo Bank N.A. LIBOR+1.87 % 25,167 26,567 04/10/19 250 Johnson (f) M&T Bank LIBOR+2.35 % 41,769 32,491 05/20/19 Port Imperial 4/5 Hotel (g) Fifth Third Bank & Santander LIBOR+4.50 % 73,350 43,674 10/06/19 Worcester (h) Citizens Bank LIBOR+2.50 % 56,892 37,821 12/10/19 Monaco (i) The Northwestern Mutual Life Insurance Co. 3.15 % 168,370 169,987 02/01/21 Port Imperial South 4/5 Retail American General Life & A/G PC 4.56 % 4,000 4,000 12/01/21 Portside 7 CBRE Capital Markets/FreddieMac 3.57 % 58,998 58,998 08/01/23 Alterra I & II Capital One/FreddieMac 3.85 % 100,000 100,000 02/01/24 The Chase at Overlook Ridge New York Community Bank 3.74 % 135,750 135,750 01/01/25 Portside 5/6 (j) New York Life Insurance Company 4.56 % 97,000 45,778 03/10/26 Marbella New York Life Insurance Company 4.17 % 131,000 - 08/10/26 101 Hudson Wells Fargo CMBS 3.20 % 250,000 250,000 10/11/26 Short Hills Portfolio (k) Wells Fargo CMBS 4.15 % 124,500 124,500 04/01/27 150 Main St. Natixis Real Estate Capital LLC 4.48 % 41,000 41,000 08/05/27 Port Imperial South 11 (l) The Northwestern Mutual Life Insurance Co. 4.52 % 100,000 46,113 01/10/29 Port Imperial South 4/5 Garage American General Life & A/G PC 4.85 % 32,600 32,600 12/01/29 Principal balance outstanding 1,440,396 1,426,111 Unamortized deferred financing costs (8,998) (7,976) Total mortgages, loans payable and other obligations, net $ 1,431,398 $ 1,418,135 (a) Reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable. (b) On January 8, 2018 , the Company prepaid this loan in full upon payment of a fee of approximately $8.4 million using borrowings from the Company's unsecured revolving credit facility. (c) On March 1, 2018, the Company prepaid this loan in full upon payment of a fee of approximately $0.1 million using borrowings from the Company's unsecured revolving credit facility. (d) Mortgage was collateralized by the three properties comprising One River Center. On March 29, 2018 , the Company prepaid this loan in full upon payment of a fee of approximately $1.8 million using borrowings from the Company's unsecured revolving credit facility. (e) On January 16, 2019, the loan was repaid using proceeds from the disposition of Park Square. (f) This construction loan has a maximum borrowing capacity of $42 million and provides, subject to certain conditions, a one -year extension option with a fee of 25 basis points. (g) This construction loan has a maximum borrowing capacity of $94 million and provides, subject to certain conditions, two one -year extension options with a fee of 20 basis points for each year. See Note 12: Commitments and Contingencies - Construction Projects. (h) This construction loan has a maximum borrowing capacity of $58 million and provides, subject to certain conditions, two one -year extension options with a fee of 15 basis points each year. (i) This mortgage loan, which includes unamortized fair value adjustment of $3.4 million as of December 31, 2018, was assumed by the Company in April 2017 with the acquisition and consolidation of all the interests in the Monaco Towers property. (j) On December 7, 2018 , the Company refinanced this loan, due to which unamortized deferred financing costs of $0.2 million pertaining to the initial loan were written off. Concurrent with the refinancing, the Company repaid in full the property's $70 million construction loan and obtained a new loan in the amount of $97 million. (k) This mortgage loan was obtained by the Company in March 2017 to partially fund the acquisition of the Short Hills/Madison portfolio. (l) On December 17, 2018, the Company refinanced this loan, due to which unamortized deferred financing costs of $0.3 million pertaining to the initial loan were written off. Concurrent with the refinancing, the Company repaid in full the property's $70.1 million construction loan and obtained a new loan in the amount of $100 million. SCHEDULED PRINCIPAL PAYMENTS Scheduled principal payments for the Company’s senior unsecured notes (see Note 7), unsecured revolving credit facility and term loan (see Note 8) and mortgages, loans payable and other obligations as of December 31, 2018 are as follows (dollars in thousands) : Scheduled Principal Period Amortization Maturities Total 2019 (a) $ 532 $ 546,711 $ 547,243 2020 2,903 325,000 327,903 2021 3,227 285,800 289,027 2022 3,284 300,000 303,284 2023 3,412 333,998 337,410 Thereafter 7,230 991,929 999,159 Sub-total 20,588 2,783,438 2,804,026 Adjustment for unamortized debt discount/premium, net December 31, 2018 (2,838) - (2,838) Unamortized mark to market 3,370 - 3,370 Unamortized deferred financing costs (11,907) (11,907) Totals/Weighted Average $ 9,213 $ 2,783,438 $ 2,792,651 (a) On January 7, 2019, the Company exercised the first one -year extension option on the $350 million term loan scheduled to mature in January 2019 , which extended the maturity of the 2016 Term Loan to January 2020 . CASH PAID FOR INTEREST AND INTEREST CAPITALIZED Cash paid for interest for the year s ended December 31, 2018 , 2017 and 2016 was $ 97,744,000 , $ 103,559,000 and $ 122,414,000 , respectively. Interest capitalized by the Company for the year s ended December 31, 2018 , 2017 and 2016 was $ 27,047,000 , $ 20,240,000 , and $ 19,316,000 , respectively (which amounts included $816,000 , $1,056,000 and $5,055,000 for the year s ended December 31, 2018 , 2017 and 2016 , respectively, of interest capitalized on the Company’s investments in unconsolidated joint ventures which were substantially in development). SUMMARY OF INDEBTEDNESS As of December 31, 2018 , the Company’s total indebtedness of $ 2,807,396,000 (weighted average interest rate of 3.89 percent) was comprised of $ 314,177,000 of unsecured revolving credit facility borrowings and other variable rate mortgage debt (weighted average rate of 4.90 percent) and fixed rate debt and other obligations of $ 2,493,219,000 (weighted average rate of 3.76 percent). As of December 31, 2017 , the Company’s total indebtedness of $ 2,826,110,000 (weighted average interest rate of 3.93 percent) was comprised of $ 382,443,000 of unsecured revolving credit facility borrowings and other variable rate mortgage debt (weighted average rate of 3.63 percent) and fixed rate debt and other obligations of $ 2,443,667,000 (weighted average rate of 3.98 percent). |
Mack-Cali Realty LP [Member] | |
Debt Disclosure [Line Items] | |
Mortgages, Loans Payable And Other Obligations | 9. MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS The Company has mortgages, loans payable and other obligations which primarily consist of various loans collateralized by certain of the Company’s rental properties, land and development projects. As of December 31, 2018 , 16 of the Company’s properties, with a total carrying value of approximately $ 2.1 billion, and one of the Company’s land and development projects, with a total carrying value of approximately $142 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. The Company was in compliance with its debt covenants under its mortgages and loans payable as of December 31, 2018 . A summary of the Company’s mortgages, loans payable and other obligations as of December 31, 2018 and 2017 is as follows (dollars in thousands) : Effective December 31, December 31, Property/Project Name Lender Rate (a) 2018 2017 Maturity Harborside Plaza 5 (b) The Northwestern Mutual Life Insurance Co. 6.84 % $ - $ 209,257 & New York Life Insurance Co. 23 Main Street (c) Berkadia CMBS 5.59 % - 27,090 One River Center (d) Guardian Life Insurance Co. 7.31 % - 40,485 Park Square (e) Wells Fargo Bank N.A. LIBOR+1.87 % 25,167 26,567 04/10/19 250 Johnson (f) M&T Bank LIBOR+2.35 % 41,769 32,491 05/20/19 Port Imperial 4/5 Hotel (g) Fifth Third Bank & Santander LIBOR+4.50 % 73,350 43,674 10/06/19 Worcester (h) Citizens Bank LIBOR+2.50 % 56,892 37,821 12/10/19 Monaco (i) The Northwestern Mutual Life Insurance Co. 3.15 % 168,370 169,987 02/01/21 Port Imperial South 4/5 Retail American General Life & A/G PC 4.56 % 4,000 4,000 12/01/21 Portside 7 CBRE Capital Markets/FreddieMac 3.57 % 58,998 58,998 08/01/23 Alterra I & II Capital One/FreddieMac 3.85 % 100,000 100,000 02/01/24 The Chase at Overlook Ridge New York Community Bank 3.74 % 135,750 135,750 01/01/25 Portside 5/6 (j) New York Life Insurance Company 4.56 % 97,000 45,778 03/10/26 Marbella New York Life Insurance Company 4.17 % 131,000 - 08/10/26 101 Hudson Wells Fargo CMBS 3.20 % 250,000 250,000 10/11/26 Short Hills Portfolio (k) Wells Fargo CMBS 4.15 % 124,500 124,500 04/01/27 150 Main St. Natixis Real Estate Capital LLC 4.48 % 41,000 41,000 08/05/27 Port Imperial South 11 (l) The Northwestern Mutual Life Insurance Co. 4.52 % 100,000 46,113 01/10/29 Port Imperial South 4/5 Garage American General Life & A/G PC 4.85 % 32,600 32,600 12/01/29 Principal balance outstanding 1,440,396 1,426,111 Unamortized deferred financing costs (8,998) (7,976) Total mortgages, loans payable and other obligations, net $ 1,431,398 $ 1,418,135 (a) Reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable. (b) On January 8, 2018 , the Company prepaid this loan in full upon payment of a fee of approximately $8.4 million using borrowings from the Company's unsecured revolving credit facility. (c) On March 1, 2018, the Company prepaid this loan in full upon payment of a fee of approximately $0.1 million using borrowings from the Company's unsecured revolving credit facility. (d) Mortgage was collateralized by the three properties comprising One River Center. On March 29, 2018 , the Company prepaid this loan in full upon payment of a fee of approximately $1.8 million using borrowings from the Company's unsecured revolving credit facility. (e) On January 16, 2019, the loan was repaid using proceeds from the disposition of Park Square. (f) This construction loan has a maximum borrowing capacity of $42 million and provides, subject to certain conditions, a one -year extension option with a fee of 25 basis points. (g) This construction loan has a maximum borrowing capacity of $94 million and provides, subject to certain conditions, two one -year extension options with a fee of 20 basis points for each year. See Note 12: Commitments and Contingencies - Construction Projects. (h) This construction loan has a maximum borrowing capacity of $58 million and provides, subject to certain conditions, two one -year extension options with a fee of 15 basis points each year. (i) This mortgage loan, which includes unamortized fair value adjustment of $3.4 million as of December 31, 2018, was assumed by the Company in April 2017 with the acquisition and consolidation of all the interests in the Monaco Towers property. (j) On December 7, 2018 , the Company refinanced this loan, due to which unamortized deferred financing costs of $0.2 million pertaining to the initial loan were written off. Concurrent with the refinancing, the Company repaid in full the property's $70 million construction loan and obtained a new loan in the amount of $97 million. (k) This mortgage loan was obtained by the Company in March 2017 to partially fund the acquisition of the Short Hills/Madison portfolio. (l) On December 17, 2018, the Company refinanced this loan, due to which unamortized deferred financing costs of $0.3 million pertaining to the initial loan were written off. Concurrent with the refinancing, the Company repaid in full the property's $70.1 million construction loan and obtained a new loan in the amount of $100 million. SCHEDULED PRINCIPAL PAYMENTS Scheduled principal payments for the Company’s senior unsecured notes (see Note 7), unsecured revolving credit facility and term loan (see Note 8) and mortgages, loans payable and other obligations as of December 31, 2018 are as follows (dollars in thousands) : Scheduled Principal Period Amortization Maturities Total 2019 (a) $ 532 $ 546,711 $ 547,243 2020 2,903 325,000 327,903 2021 3,227 285,800 289,027 2022 3,284 300,000 303,284 2023 3,412 333,998 337,410 Thereafter 7,230 991,929 999,159 Sub-total 20,588 2,783,438 2,804,026 Adjustment for unamortized debt discount/premium, net December 31, 2018 (2,838) - (2,838) Unamortized mark to market 3,370 - 3,370 Unamortized deferred financing costs (11,907) (11,907) Totals/Weighted Average $ 9,213 $ 2,783,438 $ 2,792,651 (a) On January 7, 2019, the Company exercised the first one -year extension option on the $350 million term loan scheduled to mature in January 2019 , which extended the maturity of the 2016 Term Loan to January 2020 . CASH PAID FOR INTEREST AND INTEREST CAPITALIZED Cash paid for interest for the year s ended December 31, 2018 , 2017 and 2016 was $ 97,744,000 , $ 103,559,000 and $ 122,414,000 , respectively. Interest capitalized by the Company for the year s ended December 31, 2018 , 2017 and 2016 was $ 27,047,000 , $ 20,240,000 , and $ 19,316,000 , respectively (which amounts included $816,000 , $1,056,000 and $5,055,000 for the year s ended December 31, 2018 , 2017 and 2016 , respectively, of interest capitalized on the Company’s investments in unconsolidated joint ventures which were substantially in development). SUMMARY OF INDEBTEDNESS As of December 31, 2018 , the Company’s total indebtedness of $ 2,807,396,000 (weighted average interest rate of 3.89 percent) was comprised of $ 314,177,000 of unsecured revolving credit facility borrowings and other variable rate mortgage debt (weighted average rate of 4.90 percent) and fixed rate debt and other obligations of $ 2,493,219,000 (weighted average rate of 3.76 percent). As of December 31, 2017 , the Company’s total indebtedness of $ 2,826,110,000 (weighted average interest rate of 3.93 percent) was comprised of $ 382,443,000 of unsecured revolving credit facility borrowings and other variable rate mortgage debt (weighted average rate of 3.63 percent) and fixed rate debt and other obligations of $ 2,443,667,000 (weighted average rate of 3.98 percent). |
Employee Benefit 401(k) Plans
Employee Benefit 401(k) Plans | 12 Months Ended |
Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Line Items] | |
Employee Benefit 401(k) Plans | 10. 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 years ended December 31, 2018 , 2017 and 2016 was $ 886,000 , $ 1,055,000 and $ 1,029,000 , respectively. |
Mack-Cali Realty LP [Member] | |
Compensation And Retirement Disclosure [Line Items] | |
Employee Benefit 401(k) Plans | 10. 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 years ended December 31, 2018 , 2017 and 2016 was $ 886,000 , $ 1,055,000 and $ 1,029,000 , respectively. |
Disclosure Of Fair Value Of Ass
Disclosure Of Fair Value Of Assets And Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Line Items] | |
Disclosure Of Fair Value Of Assets And Liabilities | 11. DISCLOSURE OF FAIR VALUE OF ASSETS AND LIABILITIES The following disclosure of estimated fair value was determined by management using available market information and appropriate valuation methodologies. However, considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on disposition of the assets and liabilities at December 31, 2018 and 2017 . The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Cash equivalents, receivables, notes receivables, accounts payable, and accrued expenses and other liabilities are carried at amounts which reasonably approximate their fair values as of December 31, 2018 and 2017 . The fair value of the Company’s long-term debt, consisting of senior unsecured notes, unsecured term loans, an unsecured revolving credit facility and mortgages, loans payable and other obligations aggregated approximately $ 2,711,712,000 and $ 2,764,033,000 as compared to the book value of approximately $ 2,792,651,000 and $ 2,809,568,000 as of December 31, 2018 and 2017 , 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 estimated sale prices, net of estimated selling costs, of such property. The Company identified as held for sale six office properties and a 159 unit multi-family rental property as of December 31, 2018 with an aggregate carrying value for the rental property of $108.8 million. The total estimated sales proceeds, net of expected selling costs, from the sales are expected to be approximately $124 million. The Company determined that the carrying value of four of the properties was not expected to be recovered from estimated net sales proceeds and accordingly recognized an unrealized loss allowance of $20.1 million for the year ended December 31, 2018 . The Company identified as held for sale 21 office properties as of December 31, 2017 with an aggregate carrying value of $171.6 million. The total estimated sales proceeds from the sales were expected to be approximately $223 million. The Company determined that the carrying value of seven of these properties was not expected to be recovered from estimated net sales proceeds and accordingly recognized an unrealized loss allowance of $12.3 million during the year ended December 31, 2017. The Company owns two separate developable land parcels in Conshohocken and Bala Cynwyd, Pennsylvania, that were being considered for development into multi-family rental properties. During the fourth quarter 2018, the Company made the decision to pursue selling the land parcels as opposed to development. Due to the shortening of the expected periods of ownership, the Company determined that it was necessary to reduce the carrying values of the land parcels to their estimated fair values (ascertained by broker opinions of value obtained during the marketing process) and recorded a land impairments charge of $24.6 million at December 31, 2018. Disclosure about fair value of assets and liabilities is based on pertinent information available to management as of December 31, 2018 and 2017 . Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since December 31, 2018 and current estimates of fair value may differ significantly from the amounts presented herein. |
Mack-Cali Realty LP [Member] | |
Fair Value Disclosures [Line Items] | |
Disclosure Of Fair Value Of Assets And Liabilities | 11. DISCLOSURE OF FAIR VALUE OF ASSETS AND LIABILITIES The following disclosure of estimated fair value was determined by management using available market information and appropriate valuation methodologies. However, considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on disposition of the assets and liabilities at December 31, 2018 and 2017 . The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Cash equivalents, receivables, notes receivables, accounts payable, and accrued expenses and other liabilities are carried at amounts which reasonably approximate their fair values as of December 31, 2018 and 2017 . The fair value of the Company’s long-term debt, consisting of senior unsecured notes, unsecured term loans, an unsecured revolving credit facility and mortgages, loans payable and other obligations aggregated approximately $ 2,711,712,000 and $ 2,764,033,000 as compared to the book value of approximately $ 2,792,651,000 and $ 2,809,568,000 as of December 31, 2018 and 2017 , 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 estimated sale prices, net of estimated selling costs, of such property. The Company identified as held for sale six office properties and a 159 unit multi-family rental property as of December 31, 2018 with an aggregate carrying value for the rental property of $108.8 million. The total estimated sales proceeds, net of expected selling costs, from the sales are expected to be approximately $124 million. The Company determined that the carrying value of four of the properties was not expected to be recovered from estimated net sales proceeds and accordingly recognized an unrealized loss allowance of $20.1 million for the year ended December 31, 2018 . The Company identified as held for sale 21 office properties as of December 31, 2017 with an aggregate carrying value of $171.6 million. The total estimated sales proceeds from the sales were expected to be approximately $223 million. The Company determined that the carrying value of seven of these properties was not expected to be recovered from estimated net sales proceeds and accordingly recognized an unrealized loss allowance of $12.3 million during the year ended December 31, 2017. The Company owns two separate developable land parcels in Conshohocken and Bala Cynwyd, Pennsylvania, that were being considered for development into multi-family rental properties. During the fourth quarter 2018, the Company made the decision to pursue selling the land parcels as opposed to development. Due to the shortening of the expected periods of ownership, the Company determined that it was necessary to reduce the carrying values of the land parcels to their estimated fair values (ascertained by broker opinions of value obtained during the marketing process) and recorded a land impairments charge of $24.6 million at December 31, 2018. Disclosure about fair value of assets and liabilities is based on pertinent information available to management as of December 31, 2018 and 2017 . Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since December 31, 2018 and current estimates of fair value may differ significantly from the amounts presented herein. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies [Line Items] | |
Commitments And Contingencies | 12. COMMITMENTS AND CONTINGENCIES TAX ABATEMENT AGREEMENTS Pursuant to agreements with certain municipalities, the Company is required to make payments in lieu of property taxes (“PILOT”) on certain of its properties and has tax abatement agreements on other properties, as follows: The Harborside Plaza 4-A agreement with the City of Jersey City, as amended, which commenced in 2002, is for a term of 20 years. The annual PILOT is equal to two percent of Total Project Costs, as defined. Total Project Costs are $ 49.5 million. The PILOT totaled $ 1.1 million, $1.1 million and $ 1.1 million for the years ended December 31, 2018 , 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 $ 4.4 million, $ 3.9 million and $ 3.9 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. The Port Imperial 4/5 Garage development project agreement with the City of Weehawken had a term of five years beginning when the project was substantially complete, which occurred in 2013. The agreement, which expired in December 2018, provided that real estate taxes be paid initially on the land value of the project only and allowed 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 commenced initial operation in December 2018. The annual PILOT is equal to two percent of Total Project Costs, as defined therein. The Port Imperial South 11 development project agreement with the City of Weehawken is for a term of 15 years following substantial completion, which occurred in August 2018. The annual PILOT is equal to 10 percent of Gross Revenues, as defined therein. The 111 River Realty agreement with the City of Hoboken, which commenced on October 1, 2001 expires in April 2022. The PILOT payment equaled $1.2 million annually through April 2017 and then increased to $1.4 million annually until expiration. The PILOT totaled $1.4 million, $1.3 million and $0.6 million for the years ended December 31, 2018 , 2017 and 2016, respectively. The Monaco Towers agreement with the City of Jersey City, which commenced in 2011, is for a term of 10 years. The annual PILOT is equal to 10 percent of gross revenues, as defined. The PILOT totaled $2.4 million for the year ended December 31, 2018 and $1.6 million for the period from acquisition (April 2017) through December 31, 2017. The Marbella Tower agreement with the City of Jersey City, which commenced in 2003, expired in December 2018. The annual PILOT was equal to 15 percent of gross revenues, as defined therein. The PILOT totaled $0.9 million for the period from acquisition (August 2018), through December 31, 2018 . The Marbella II agreement with the City of Jersey City, which commenced in 2016, is for a term of 10 years. The annual PILOT is equal to 10 percent of gross revenues for Years 1-4, 12 percent of gross revenues for Years 5-8 and 14 percent of gross revenue for years 9-10, as defined therein. The Port Imperial South Parcel 8/9 development project agreement with the City of Weehawken is for a term of 25 years following substantial completion, which is anticipated to occur in the fourth quarter 2020. The annual PILOT is equal to 11 percent of gross revenue for Years 1-10, 12.5 percent for Years 11-18 and 14 percent for Years 19-25, as defined therein. At the conclusion of the above-referenced agreements, it is expected that the properties will be assessed by the municipality and be subject to real estate taxes at the then prevailing rates. LITIGATION The Company is a defendant in litigation arising in the normal course of its business activities. Management does not believe that the ultimate resolution of these matters will have a materially adverse effect upon the Company’s financial condition taken as whole. GROUND LEASE AGREEMENTS Future minimum rental payments under the terms of all non-cancelable ground leases under which the Company is the lessee, as of December 31, 2018 , are as follows (dollars in thousands) : Year Amount 2019 $ 2,470 2020 2,491 2021 2,491 2022 2,491 2023 2,491 2024 through 2084 210,117 Total $ 222,551 Ground lease expense incurred by the Company during the years ended December 31, 2018 , 2017 and 2016 amounted to $ 2.3 million, $ 2.6 million and $1.5 million, respectively. CONSTRUCTION PROJECTS 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 ( 164 keys Residence Inn and 208 keys Marriott Envue) in Weehawken, New Jersey. The Residence Inn opened in 4Q 2018 and the Marriott Envue is expected to open in 2Q 2019. The construction of the project is estimated to cost $159.9 million, with construction costs of $147.1 million incurred by the venture through December 31, 2018. The project costs are expected to be funded from a $94 million construction loan (with $73.4 million outstanding as of December 31, 2018). The Company is developing a 313 -unit multi-family project known as Building 8/9 at Port Imperial in Weehawken, New Jersey, which began construction in third quarter 2018. The construction project, which is estimated to cost $142.6 million, of which construction costs of $35.4 million have been incurred through December 31, 2018, is expected to be ready for occupancy in fourth quarter 2020 . The Company is expected to fund $50.6 million of construction costs, of which the Company has funded $35.4 million as of December 31, 2018, and the remaining construction costs are expected to be funded primarily from a $92 million construction loan. The Company is developing a 326 -unit multi-family project known as Chase III at Overlook Ridge in Malden, Massachusetts, which began construction in third quarter 2018. The construction project, which is estimated to cost $99.9 million, of which $20.2 million have been incurred through December 31, 2018, is expected to be ready for occupancy in fourth quarter 2020 . The Company is expected to fund $37.9 million of construction costs, of which the Company has funded $20.2 million as of December 31, 2018, and the remaining construction costs are expected to be funded primarily from a $62 million construction loan. CHANGES IN EXECUTIVE OFFICERS On October 31, 2018, RRT entered into a separation and consulting agreement with Robert Andrew Marshall, the President and Executive Vice President of Development of RRT (the “Separation and Consulting Agreement”). Pursuant to the Separation and Consulting Agreement, Mr. Marshall’s employment with RRT was terminated, effective as of October 31, 2018 (the “Termination Date”), and Mr. Marshall has agreed to provide consulting services to RRT and the Company during the period beginning on November 1, 2018 and ending on March 31, 2019 (the “Consulting Period”). Under the terms of the Separation and Consulting Agreement, Mr. Marshall will receive the following separation payments: · accrued but unpaid base salary through October 31, 2018; · unreimbursed expenses incurred by Mr. Marshall prior to the Termination Date; and · COBRA payments through January 31, 2019, in an aggregate amount equal to approximately $7,533 . · In addition, during the Consulting Period, Mr. Marshall will receive a monthly consulting fee of $22,500 . · The Separation and Consulting Agreement provides that Mr. Marshall will continue to vest during the Consulting Period in all of the 22,120 Time-Based Long-Term Incentive Plan Awards originally issued in March 2016 (the “Vested 2016 Time-Based LTIP Awards”) and 28,880 of the 35,697 Performance-Based Long-Term Incentive Plan Awards originally issued in March 2016 (the “Vested 2016 Performance-Based LTIP Awards” and, together with the Vested 2016 Time-Based LTIP Awards, the “Vested 2016 LTIP Awards”). The Vested 2016 LTIP awards will vest on the earliest to occur of (i) Mr. Marshall’s death, (ii) the termination of Mr. Marshall’s consulting services by the Company for any reason other than for Cause (as defined in the Separation and Consulting Agreement) prior to March 31, 2019 or (iii) March 8, 2019 (such earliest date, the “Vesting Date”), subject to Mr. Marshall’s continuous performance of the consulting services through the applicable Vesting Date. All other equity awards previously issued to Mr. Marshall, including the remaining 6,817 Performance-Based LTIP Awards originally issued in March 2016, 4,449 Time-Based Long-Term Incentive Plan Awards originally issued in April 2017, 13,473 Performance-Based Long-Term Incentive Plan Awards originally issued in April 2017, 11,799 Time-Based Long-Term Incentive Plan Awards originally issued in April 2018, and 22,676 Performance-Based Long-Term Incentive Plan Awards originally issued in April 2018, expired and were forfeited and cancelled, effective as of the Termination Date. · The Separation and Consulting Agreement further provides that on the earliest to occur of (i) March 11, 2019, (ii) five (5) business days after RRT receives written notice of Mr. Marshall’s death, or (iii) the date on which Mr. Marshall’s consulting services are terminated by the Company for any reason other than for Cause, the Company will purchase from Mr. Marshall all of the Vested 2016 LTIP Awards for an aggregate purchase price in cash equal to the product of (x) the total number of Vested 2016 LTIP Awards (which will amount to a total of 51,000 ) and (y) the average closing price per share of the Company’s common stock, as reported on the New York Stock Exchange for the period of five trading days ending on the applicable Vesting Date. The Company’s total estimated costs in connection with the departure of Mr. Marshall of approximately $0.1 million (net of a reversal of $0.3 million of amortization of stock compensation expense due to the forfeiture of the unvested securities) during the year ended December 31, 2018 was included in general and administrative expense (approximately $1.0 million was included in accounts payable, accrued expenses and other liabilities as of December 31, 2018). In June 2018, the General Partner entered into a separation and general release agreement with Mitchell E. Rudin, pursuant to which Mr. Rudin’s employment with the Company as its Vice Chairman was terminated effective as of June 5, 2018. Under the terms of the Rudin separation agreement, Mr. Rudin is entitled to receive the following separation payments: · Accrued but unpaid base salary through June 5, 2018; · A lump sum cash payment of $2,558,082 ; · Payment of unreimbursed expenses incurred by Mr. Rudin prior to termination, in the amount of $50,000 in the aggregate; and · COBRA payments for up to 18 months after termination, in an amount equal to approximately $34,047 . · The Rudin separation agreement reflects that certain equity awards previously issued to Mr. Rudin, including time-vesting options, restricted stock units and performance share units, vested in full as of June 5, 2018 in accordance with their terms. Pursuant to the Rudin separation agreement, other than the equity awards that were fully vested as of June 5, 2018, as set forth in the Rudin separation agreement, all other equity awards granted to Mr. Rudin, including 32,311 LTIP Units subject to time-based vesting and 175,127 LTIP Units subject to performance-based vesting, expired and were immediately forfeited and canceled, effective as of June 5, 2018. The Company’s total estimated costs in connection with the departure of Mr. Rudin of approximately $1.2 million (net of a reversal of $1.6 million of amortization of stock compensation expense due to the forfeiture of the unvested securities) during the year ended December 31, 2018 was included in general and administrative expense (approximately $23,000 was included in accounts payable, accrued expenses and other liabilities as of December 31, 2018). In January 2018, the Company announced the appointment of David J. Smetana as chief financial officer and Nicholas Hilton as executive vice president of leasing of the General Partner. Mr. Smetana began to perform his duties as chief financial officer and Anthony Krug ceased to serve as chief financial officer immediately following the filing of the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. Mr. Krug remained an employee of the General Partner and provided transition services through March 31, 2018. Mr. Hilton’s employment commenced on February 12, 2018 following the departure of Christopher DeLorenzo. In connection with these management changes, the General Partner entered into a separation agreement and release with each of Messrs. Krug and DeLorenzo. Under the terms of the Krug separation agreement, Mr. Krug is entitled to receive the following severance benefits: · Earned but unpaid compensation through the date of termination, including base salary, 2017 bonus (when determined), a pro rata portion of his annual car allowance, and any unused vacation time; · A lump sum cash severance payment of $1,312,500 ; · A prorated portion of his 2018 target bonus equal to $93,750 ; · COBRA payments for up to two years after termination, in an amount equal to approximately $42,000 ; and · Accelerated vesting of all unvested LTIP units in the Operating Partnership, consisting of 13,306 LTIP units subject to time-based vesting and 18,665 LTIP units subject to performance-based vesting, with LTIP units subject to performance-based vesting criteria vesting at target performance. Under the terms of the DeLorenzo separation agreement, Mr. DeLorenzo is entitled to receive the following severance benefits: · Earned but unpaid compensation through the date of termination, including base salary, 2017 bonus (when determined), a pro rata portion of his annual car allowance, and any unused vacation time; · A lump sum cash severance payment of $500,000 ; · COBRA payments for up to 18 months after termination, in an amount equal to approximately $42,000 ; and · Partial accelerated vesting of unvested LTIP units in the Operating Partnership, consisting of 9,111 LTIP units subject to time based vesting and 13,982 LTIP units subject to performance-based vesting, with LTIP units subject to performance based vesting criteria vesting at target performance. The Company’s total estimated costs in connection with the departure of Messrs. Krug and DeLorenzo of approximately $2.7 million during the year ended December 31, 2018 was included in general and administrative expense (approximately $43,000 was included in accounts payable, accrued expenses and other liabilities as of December 31, 2018). OTHER On August 11, 2017, the Company acquired an existing mortgage note receivable encumbering a vacant developable land parcel located in Jersey City, New Jersey (the “Land Property”) with a balance of $44.7 million (the “Land Note Receivable”). The Land Note Receivable matures in July 2019 and earns interest at an annual rate of 5.85 percent which accrues monthly and is payable at maturity. In March 2018, the Company received a partial prepayment of $3 million. The Land Property is currently an unimproved land parcel which operates as a surface parking facility. Additionally, the Company entered into an agreement to acquire the Land Property, subject to the Company's ability to obtain all necessary development rights and entitlements to develop an apartment building on the land, and other related conditions to ensure that the Company can develop the project. The purchase price is $73 million, subject to adjustment based on the level of development rights obtained for the construction of a multifamily apartment building. 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”). Upon the expiration in February 2016 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 December 31, 2018 , after the effects of tax-free exchanges on certain of the originally contributed properties, either wholly or partially, over time, 79 of the Company’s properties, primarily a portfolio of flex properties in Westchester County, New York with an aggregate carrying value of approximately $ 1.4 billion, are subject to these conditions. |
Mack-Cali Realty LP [Member] | |
Commitments And Contingencies [Line Items] | |
Commitments And Contingencies | 12. COMMITMENTS AND CONTINGENCIES TAX ABATEMENT AGREEMENTS Pursuant to agreements with certain municipalities, the Company is required to make payments in lieu of property taxes (“PILOT”) on certain of its properties and has tax abatement agreements on other properties, as follows: The Harborside Plaza 4-A agreement with the City of Jersey City, as amended, which commenced in 2002, is for a term of 20 years. The annual PILOT is equal to two percent of Total Project Costs, as defined. Total Project Costs are $ 49.5 million. The PILOT totaled $ 1.1 million, $1.1 million and $ 1.1 million for the years ended December 31, 2018 , 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 $ 4.4 million, $ 3.9 million and $ 3.9 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. The Port Imperial 4/5 Garage development project agreement with the City of Weehawken had a term of five years beginning when the project was substantially complete, which occurred in 2013. The agreement, which expired in December 2018, provided that real estate taxes be paid initially on the land value of the project only and allowed 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 commenced initial operation in December 2018. The annual PILOT is equal to two percent of Total Project Costs, as defined therein. The Port Imperial South 11 development project agreement with the City of Weehawken is for a term of 15 years following substantial completion, which occurred in August 2018. The annual PILOT is equal to 10 percent of Gross Revenues, as defined therein. The 111 River Realty agreement with the City of Hoboken, which commenced on October 1, 2001 expires in April 2022. The PILOT payment equaled $1.2 million annually through April 2017 and then increased to $1.4 million annually until expiration. The PILOT totaled $1.4 million, $1.3 million and $0.6 million for the years ended December 31, 2018 , 2017 and 2016, respectively. The Monaco Towers agreement with the City of Jersey City, which commenced in 2011, is for a term of 10 years. The annual PILOT is equal to 10 percent of gross revenues, as defined. The PILOT totaled $2.4 million for the year ended December 31, 2018 and $1.6 million for the period from acquisition (April 2017) through December 31, 2017. The Marbella Tower agreement with the City of Jersey City, which commenced in 2003, expired in December 2018. The annual PILOT was equal to 15 percent of gross revenues, as defined therein. The PILOT totaled $0.9 million for the period from acquisition (August 2018), through December 31, 2018 . The Marbella II agreement with the City of Jersey City, which commenced in 2016, is for a term of 10 years. The annual PILOT is equal to 10 percent of gross revenues for Years 1-4, 12 percent of gross revenues for Years 5-8 and 14 percent of gross revenue for years 9-10, as defined therein. The Port Imperial South Parcel 8/9 development project agreement with the City of Weehawken is for a term of 25 years following substantial completion, which is anticipated to occur in the fourth quarter 2020. The annual PILOT is equal to 11 percent of gross revenue for Years 1-10, 12.5 percent for Years 11-18 and 14 percent for Years 19-25, as defined therein. At the conclusion of the above-referenced agreements, it is expected that the properties will be assessed by the municipality and be subject to real estate taxes at the then prevailing rates. LITIGATION The Company is a defendant in litigation arising in the normal course of its business activities. Management does not believe that the ultimate resolution of these matters will have a materially adverse effect upon the Company’s financial condition taken as whole. GROUND LEASE AGREEMENTS Future minimum rental payments under the terms of all non-cancelable ground leases under which the Company is the lessee, as of December 31, 2018 , are as follows (dollars in thousands) : Year Amount 2019 $ 2,470 2020 2,491 2021 2,491 2022 2,491 2023 2,491 2024 through 2084 210,117 Total $ 222,551 Ground lease expense incurred by the Company during the years ended December 31, 2018 , 2017 and 2016 amounted to $ 2.3 million, $ 2.6 million and $1.5 million, respectively. CONSTRUCTION PROJECTS 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 ( 164 keys Residence Inn and 208 keys Marriott Envue) in Weehawken, New Jersey. The Residence Inn opened in 4Q 2018 and the Marriott Envue is expected to open in 2Q 2019. The construction of the project is estimated to cost $159.9 million, with construction costs of $147.1 million incurred by the venture through December 31, 2018. The project costs are expected to be funded from a $94 million construction loan (with $73.4 million outstanding as of December 31, 2018). The Company is developing a 313 -unit multi-family project known as Building 8/9 at Port Imperial in Weehawken, New Jersey, which began construction in third quarter 2018. The construction project, which is estimated to cost $142.6 million, of which construction costs of $35.4 million have been incurred through December 31, 2018, is expected to be ready for occupancy in fourth quarter 2020 . The Company is expected to fund $50.6 million of construction costs, of which the Company has funded $35.4 million as of December 31, 2018, and the remaining construction costs are expected to be funded primarily from a $92 million construction loan. The Company is developing a 326 -unit multi-family project known as Chase III at Overlook Ridge in Malden, Massachusetts, which began construction in third quarter 2018. The construction project, which is estimated to cost $99.9 million, of which $20.2 million have been incurred through December 31, 2018, is expected to be ready for occupancy in fourth quarter 2020 . The Company is expected to fund $37.9 million of construction costs, of which the Company has funded $20.2 million as of December 31, 2018, and the remaining construction costs are expected to be funded primarily from a $62 million construction loan. CHANGES IN EXECUTIVE OFFICERS On October 31, 2018, RRT entered into a separation and consulting agreement with Robert Andrew Marshall, the President and Executive Vice President of Development of RRT (the “Separation and Consulting Agreement”). Pursuant to the Separation and Consulting Agreement, Mr. Marshall’s employment with RRT was terminated, effective as of October 31, 2018 (the “Termination Date”), and Mr. Marshall has agreed to provide consulting services to RRT and the Company during the period beginning on November 1, 2018 and ending on March 31, 2019 (the “Consulting Period”). Under the terms of the Separation and Consulting Agreement, Mr. Marshall will receive the following separation payments: · accrued but unpaid base salary through October 31, 2018; · unreimbursed expenses incurred by Mr. Marshall prior to the Termination Date; and · COBRA payments through January 31, 2019, in an aggregate amount equal to approximately $7,533 . · In addition, during the Consulting Period, Mr. Marshall will receive a monthly consulting fee of $22,500 . · The Separation and Consulting Agreement provides that Mr. Marshall will continue to vest during the Consulting Period in all of the 22,120 Time-Based Long-Term Incentive Plan Awards originally issued in March 2016 (the “Vested 2016 Time-Based LTIP Awards”) and 28,880 of the 35,697 Performance-Based Long-Term Incentive Plan Awards originally issued in March 2016 (the “Vested 2016 Performance-Based LTIP Awards” and, together with the Vested 2016 Time-Based LTIP Awards, the “Vested 2016 LTIP Awards”). The Vested 2016 LTIP awards will vest on the earliest to occur of (i) Mr. Marshall’s death, (ii) the termination of Mr. Marshall’s consulting services by the Company for any reason other than for Cause (as defined in the Separation and Consulting Agreement) prior to March 31, 2019 or (iii) March 8, 2019 (such earliest date, the “Vesting Date”), subject to Mr. Marshall’s continuous performance of the consulting services through the applicable Vesting Date. All other equity awards previously issued to Mr. Marshall, including the remaining 6,817 Performance-Based LTIP Awards originally issued in March 2016, 4,449 Time-Based Long-Term Incentive Plan Awards originally issued in April 2017, 13,473 Performance-Based Long-Term Incentive Plan Awards originally issued in April 2017, 11,799 Time-Based Long-Term Incentive Plan Awards originally issued in April 2018, and 22,676 Performance-Based Long-Term Incentive Plan Awards originally issued in April 2018, expired and were forfeited and cancelled, effective as of the Termination Date. · The Separation and Consulting Agreement further provides that on the earliest to occur of (i) March 11, 2019, (ii) five (5) business days after RRT receives written notice of Mr. Marshall’s death, or (iii) the date on which Mr. Marshall’s consulting services are terminated by the Company for any reason other than for Cause, the Company will purchase from Mr. Marshall all of the Vested 2016 LTIP Awards for an aggregate purchase price in cash equal to the product of (x) the total number of Vested 2016 LTIP Awards (which will amount to a total of 51,000 ) and (y) the average closing price per share of the Company’s common stock, as reported on the New York Stock Exchange for the period of five trading days ending on the applicable Vesting Date. The Company’s total estimated costs in connection with the departure of Mr. Marshall of approximately $0.1 million (net of a reversal of $0.3 million of amortization of stock compensation expense due to the forfeiture of the unvested securities) during the year ended December 31, 2018 was included in general and administrative expense (approximately $1.0 million was included in accounts payable, accrued expenses and other liabilities as of December 31, 2018). In June 2018, the General Partner entered into a separation and general release agreement with Mitchell E. Rudin, pursuant to which Mr. Rudin’s employment with the Company as its Vice Chairman was terminated effective as of June 5, 2018. Under the terms of the Rudin separation agreement, Mr. Rudin is entitled to receive the following separation payments: · Accrued but unpaid base salary through June 5, 2018; · A lump sum cash payment of $2,558,082 ; · Payment of unreimbursed expenses incurred by Mr. Rudin prior to termination, in the amount of $50,000 in the aggregate; and · COBRA payments for up to 18 months after termination, in an amount equal to approximately $34,047 . · The Rudin separation agreement reflects that certain equity awards previously issued to Mr. Rudin, including time-vesting options, restricted stock units and performance share units, vested in full as of June 5, 2018 in accordance with their terms. Pursuant to the Rudin separation agreement, other than the equity awards that were fully vested as of June 5, 2018, as set forth in the Rudin separation agreement, all other equity awards granted to Mr. Rudin, including 32,311 LTIP Units subject to time-based vesting and 175,127 LTIP Units subject to performance-based vesting, expired and were immediately forfeited and canceled, effective as of June 5, 2018. The Company’s total estimated costs in connection with the departure of Mr. Rudin of approximately $1.2 million (net of a reversal of $1.6 million of amortization of stock compensation expense due to the forfeiture of the unvested securities) during the year ended December 31, 2018 was included in general and administrative expense (approximately $23,000 was included in accounts payable, accrued expenses and other liabilities as of December 31, 2018). In January 2018, the Company announced the appointment of David J. Smetana as chief financial officer and Nicholas Hilton as executive vice president of leasing of the General Partner. Mr. Smetana began to perform his duties as chief financial officer and Anthony Krug ceased to serve as chief financial officer immediately following the filing of the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. Mr. Krug remained an employee of the General Partner and provided transition services through March 31, 2018. Mr. Hilton’s employment commenced on February 12, 2018 following the departure of Christopher DeLorenzo. In connection with these management changes, the General Partner entered into a separation agreement and release with each of Messrs. Krug and DeLorenzo. Under the terms of the Krug separation agreement, Mr. Krug is entitled to receive the following severance benefits: · Earned but unpaid compensation through the date of termination, including base salary, 2017 bonus (when determined), a pro rata portion of his annual car allowance, and any unused vacation time; · A lump sum cash severance payment of $1,312,500 ; · A prorated portion of his 2018 target bonus equal to $93,750 ; · COBRA payments for up to two years after termination, in an amount equal to approximately $42,000 ; and · Accelerated vesting of all unvested LTIP units in the Operating Partnership, consisting of 13,306 LTIP units subject to time-based vesting and 18,665 LTIP units subject to performance-based vesting, with LTIP units subject to performance-based vesting criteria vesting at target performance. Under the terms of the DeLorenzo separation agreement, Mr. DeLorenzo is entitled to receive the following severance benefits: · Earned but unpaid compensation through the date of termination, including base salary, 2017 bonus (when determined), a pro rata portion of his annual car allowance, and any unused vacation time; · A lump sum cash severance payment of $500,000 ; · COBRA payments for up to 18 months after termination, in an amount equal to approximately $42,000 ; and · Partial accelerated vesting of unvested LTIP units in the Operating Partnership, consisting of 9,111 LTIP units subject to time based vesting and 13,982 LTIP units subject to performance-based vesting, with LTIP units subject to performance based vesting criteria vesting at target performance. The Company’s total estimated costs in connection with the departure of Messrs. Krug and DeLorenzo of approximately $2.7 million during the year ended December 31, 2018 was included in general and administrative expense (approximately $43,000 was included in accounts payable, accrued expenses and other liabilities as of December 31, 2018). OTHER On August 11, 2017, the Company acquired an existing mortgage note receivable encumbering a vacant developable land parcel located in Jersey City, New Jersey (the “Land Property”) with a balance of $44.7 million (the “Land Note Receivable”). The Land Note Receivable matures in July 2019 and earns interest at an annual rate of 5.85 percent which accrues monthly and is payable at maturity. In March 2018, the Company received a partial prepayment of $3 million. The Land Property is currently an unimproved land parcel which operates as a surface parking facility. Additionally, the Company entered into an agreement to acquire the Land Property, subject to the Company's ability to obtain all necessary development rights and entitlements to develop an apartment building on the land, and other related conditions to ensure that the Company can develop the project. The purchase price is $73 million, subject to adjustment based on the level of development rights obtained for the construction of a multifamily apartment building. 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”). Upon the expiration in February 2016 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 December 31, 2018 , after the effects of tax-free exchanges on certain of the originally contributed properties, either wholly or partially, over time, 79 of the Company’s properties, primarily a portfolio of flex properties in Westchester County, New York with an aggregate carrying value of approximately $ 1.4 billion, are subject to these conditions. |
Tenant Leases
Tenant Leases | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Line Items] | |
Tenant Leases | 13. TENANT LEASES The Properties are leased to tenants under operating leases with various expiration dates through 2036 . Substantially all of the commercial leases provide for annual base rents plus recoveries and escalation charges based upon the tenant’s proportionate share of and/or increases in real estate taxes and certain operating costs, as defined, and the pass ‑through of charges for electrical usage. Future minimum rentals to be received under non-cancelable commercial operating leases at December 31, 2018 are as follows (dollars in thousands) : Year Amount 2019 $ 314,708 2020 306,559 2021 284,120 2022 258,076 2023 220,533 2024 and thereafter 923,061 Total $ 2,307,057 Multi-family rental property residential leases are excluded from the above table as they generally expire within one year. |
Mack-Cali Realty LP [Member] | |
Leases [Line Items] | |
Tenant Leases | 13. TENANT LEASES The Properties are leased to tenants under operating leases with various expiration dates through 2036 . Substantially all of the commercial leases provide for annual base rents plus recoveries and escalation charges based upon the tenant’s proportionate share of and/or increases in real estate taxes and certain operating costs, as defined, and the pass ‑through of charges for electrical usage. Future minimum rentals to be received under non-cancelable commercial operating leases at December 31, 2018 are as follows (dollars in thousands) : Year Amount 2019 $ 314,708 2020 306,559 2021 284,120 2022 258,076 2023 220,533 2024 and thereafter 923,061 Total $ 2,307,057 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 | 12 Months Ended |
Dec. 31, 2018 | |
Redeemable Noncontrolling Interest [Line Items] | |
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, 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 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. During the year ended December 31, 2018 , a total additional amount of $105 million of Rockpoint Units were issued and sold to Rockpoint pursuant to the Investment Agreement. 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 $255 million invested capital and RRT’s Initial Capital Contribution, at December 31, 2018 this pro rata distribution would be approximately 17.1% to Rockpoint and 82.9% 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 liquidation value of RRLP to be determined by a third party valuation of the real estate assets 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 based on the estimated future redemption value as of December 31, 2018 . The Company determines the redemption value of these interests by hypothetically liquidating the estimated Net Asset Value (“NAV”) of the RRT real estate portfolio including debt principal through the applicable waterfall provisions of the RRLP partnership agreement. The estimation of NAV includes unobservable inputs that consider assumptions of market participants in pricing the underlying assets of RRLP. For properties under development, the Company applies a discount rate to the estimated future cash flows allocable to the Company during the period under construction and then applies a direct capitalization method to the estimated stabilized cash flows. For operating properties the direct capitalization method is used by applying a capitalization rate to the projected net operating income. Estimated future cash flows used in such analyses are based on the Company’s business plan for each respective property including capital expenditures, management's views of market and economic conditions, and considers items such as current and future rental rates, occupancies and market transactions for comparable properties. The estimated future redemption value of Rockpoint Units is approximately $330 million as of December 31, 2018 . 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 acquiring additional interests in a joint venture 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 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 Redeemable noncontrolling interests for the year ended December 31, 2018 (dollars in thousands) : Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance January 1, 2018 $ 52,324 $ 159,884 $ 212,208 Redeemable Noncontrolling Interests Issued - 105,000 105,000 Net 52,324 264,884 317,208 Income Attributed to Noncontrolling Interests 1,820 12,159 13,979 Distributions (1,820) (12,159) (13,979) Redemption Value Adjustment - 13,251 13,251 Redeemable noncontrolling interests as of December 31, 2018 $ 52,324 $ 278,135 $ 330,459 |
Mack-Cali Realty LP [Member] | |
Redeemable Noncontrolling Interest [Line Items] | |
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, 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 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. During the year ended December 31, 2018 , a total additional amount of $105 million of Rockpoint Units were issued and sold to Rockpoint pursuant to the Investment Agreement. 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 $255 million invested capital and RRT’s Initial Capital Contribution, at December 31, 2018 this pro rata distribution would be approximately 17.1% to Rockpoint and 82.9% 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 liquidation value of RRLP to be determined by a third party valuation of the real estate assets 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 based on the estimated future redemption value as of December 31, 2018 . The Company determines the redemption value of these interests by hypothetically liquidating the estimated Net Asset Value (“NAV”) of the RRT real estate portfolio including debt principal through the applicable waterfall provisions of the RRLP partnership agreement. The estimation of NAV includes unobservable inputs that consider assumptions of market participants in pricing the underlying assets of RRLP. For properties under development, the Company applies a discount rate to the estimated future cash flows allocable to the Company during the period under construction and then applies a direct capitalization method to the estimated stabilized cash flows. For operating properties the direct capitalization method is used by applying a capitalization rate to the projected net operating income. Estimated future cash flows used in such analyses are based on the Company’s business plan for each respective property including capital expenditures, management's views of market and economic conditions, and considers items such as current and future rental rates, occupancies and market transactions for comparable properties. The estimated future redemption value of Rockpoint Units is approximately $330 million as of December 31, 2018 . 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 acquiring additional interests in a joint venture 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 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 Redeemable noncontrolling interests for the year ended December 31, 2018 (dollars in thousands) : Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance January 1, 2018 $ 52,324 $ 159,884 $ 212,208 Redeemable Noncontrolling Interests Issued - 105,000 105,000 Net 52,324 264,884 317,208 Income Attributed to Noncontrolling Interests 1,820 12,159 13,979 Distributions (1,820) (12,159) (13,979) Redemption Value Adjustment - 13,251 13,251 Redeemable noncontrolling interests as of December 31, 2018 $ 52,324 $ 278,135 $ 330,459 |
Mack-Cali Realty Corporation St
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital | 12 Months Ended |
Dec. 31, 2018 | |
Stockolders Equity [Line Items] | |
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital | 15. 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. As of December 31, 2018 , the General Partner has repurchased 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 repurchases, 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 fully vesting on June 5, 2018, 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, 2016 805,000 $ 17.33 $ 4,843 Lapsed or Cancelled (5,000) 21.25 - Outstanding at December 31, 2016 ( $17.31 ) 800,000 $ 17.31 9,368 Granted, Lapsed or Cancelled - - Outstanding at December 31, 2017 ($17.31) 800,000 $ 17.31 3,400 Granted, Lapsed or Cancelled - - Outstanding at December 31, 2018 ($17.31) 800,000 $ 17.31 $ 1,824 Options exercisable at December 31, 2018 800,000 Available for grant at December 31, 2018 1,580,869 There were no stock options exercised under any stock option plans for the year s ended December 31, 2018 , 2017 and 2016 . The Company has a policy of issuing new shares to satisfy stock option exercises. As of December 31, 2018 and 2017 , the stock options outstanding had a weighted average remaining contractual life of approximately 6.4 years and 7.4 years, respectively. The Company recognized stock options expense of $ 193,000 , $ 464,000 and $ 1,407,000 for the years ended December 31, 2018 , 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 67,289 unvested shares were legally outstanding at December 31, 2018 . Vesting of the Restricted Stock Awards issued to executive officers and certain other employees is based on time and service. On June 5, 2015, in connection with the Executive Employment Agreements, the Company granted a total of 37,550.54 Restricted Stock Awards, which were valued in accordance with ASC 718 – Stock Compensation, at their fair value. These awards vested 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, 2016 136,220 $ 19.36 Granted 74,622 23.79 Vested (61,654) 18.94 Forfeited (3,910) 21.58 Outstanding at December 31, 2016 145,278 $ 21.76 Granted 59,985 27.00 Vested (95,009) 20.73 Forfeited (1,936) 25.83 Outstanding at December 31, 2017 108,318 $ 25.49 Granted 40,185 20.16 Vested (72,502) 25.33 Forfeited (8,712) 25.83 Outstanding at December 31, 2018 67,289 $ 22.43 As of December 31, 2018 , the Company had $0.5 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 0.5 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 was to 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 were 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 PSUs vested at 100 percent on June 5, 2018 based on the calculation of the achievement of the Company’s total shareholder return, for which shares of the General Partner’s common stock were issued under the 2013 Plan. As of December 31, 2018 , the Company had no unrecognized compensation cost as there are no unvested PSUs outstanding under the Company’s stock compensation plans. 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 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 vests 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 was 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. On April 4, 2017, the Company granted LTIP awards to senior management of the Company, including the General Partner’s executive officers (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 vests 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 was 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. On April 20, 2018, the Company granted LTIP awards to senior management of the Company, including the General Partner’s executive officers (the “2018 LTIP Awards”). All of the 2018 LTIP Awards were in the form of LTIP Units and constitute awards under the 2013 Plan. For Messrs. DeMarco and Tycher, approximately twenty-five percent ( 25% ) of the grant date fair value of the 2018 LTIP Award was in the form of a time-based award that vests after three years on April 20, 2021 (the “2018 TBV LTIP Units”), and the remaining approximately seventy-five percent ( 75% ) of the grant date fair value of the 2018 LTIP Award was in the form of a performance-based award under the Company’s Outperformance Plan (the “2018 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 “2018 PBV LTIP Units”). For all other executive officers, approximately fifty percent ( 50% ) of the grant date fair value of the 2018 LTIP Award was in the form of 2018 TBV LTIP Units and the remaining approximately fifty percent ( 50% ) of the grant date fair value of the 2018 LTIP Award was in the form of 2018 PBV LTIP Units. The 2018 OPP was designed to align the interests of senior management to relative and absolute performance of the Company over a three-year performance period from April 20, 2018 through April 19, 2021. Participants in the 2018 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’s TSR is in the 75th percentile of performance as compared to the office REITs in the NAREIT index. LTIP Units will remain subject to forfeiture depending on the extent that the 2016 LTIP Awards, 2017 LTIP Awards and 2018 LTIP Awards vest. The number of LTIP Units to be issued initially to recipients of the 2016 PBV LTIP Awards, 2017 PBV LTIP Awards and 2018 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, 2017 TBV LTIP Units and 2018 LTIP TBV Units or the end of the measurement period for the 2016 PBV LTIP Units, 2017 PBV LTIP Units and 2018 LTIP PBV 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. As a result of certain executive management and other personnel changes during the year ended December 31, 2018 , the former employees forfeited and cancelled 189,273 2016 LTIP Awards, 105,443 2017 LTIP Awards and 38,015 2018 LTIP Awards, and the Company accelerated the vesting of 22,215 2016 LTIP Awards and 32,849 2017 LTIP Awards. As of December 31, 2018 , a total of 332,302 2016 PBV LTIP Units, 108,764 2016 TBV LTIP Units, 370,509 2017 PBV LTIP Units, 69,522 2017 TBV LTIP Units, 629,252 2018 PBV LTIP Units and 196,757 2018 TBV LTIP Units, net of LTIP Units forfeited and cancelled resulting from executive management and other personnel changes, were outstanding. The LTIP Units were valued in accordance with ASC 718 – Stock Compensation, at their fair value. The Company has reserved shares of common stock under the 2013 Plan for issuance upon vesting and conversion of the LTIP Units in accordance with their terms and conditions. As of December 31, 2018 , the Company had $11.2 million of total unrecognized compensation cost related to unvested 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. DEFERRED STOCK COMPENSATION PLAN FOR DIRECTORS The Amended and Restated Deferred Compensation Plan for Directors, which commenced January 1, 1999, allows non ‑employee directors of the Company to elect to defer up to 100 percent of their annual retainer fee into deferred stock units. The deferred stock units are convertible into an equal number of shares of common stock upon the directors’ termination of service from the Board of Directors or a change in control of the Company, as defined in the plan. Deferred stock units are credited to each director quarterly using the closing price of the Company’s common stock on the applicable dividend record date for the respective quarter. Each participating director’s account is also credited for an equivalent amount of deferred stock units based on the dividend rate for each quarter. During the year s ended December 31, 2018 , 2017 and 2016 , 26,620 , 19,728 and 14,274 deferred stock units were earned, respectively. As of December 31, 2018 and 2017 , there were 236,383 and 210,738 deferred stock units outstanding, respectively. EARNINGS PER SHARE/UNIT Basic EPS or EPU excludes dilution and is computed by dividing net income available to common shareholders or unitholders by the weighted average number of shares or units outstanding for the period. Diluted EPS or EPU reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The following information presents the Company’s results for the years ended December 31, 2018 , 2017 and 2016 in accordance with ASC 260, Earnings Per Share (dollars in thousands, except per share amounts) : Mack-Cali Realty Corporation: Year Ended December 31, Computation of Basic EPS 2018 2017 2016 Net income $ 106,401 $ 33,718 $ 130,294 Add: Noncontrolling interest in consolidated joint ventures 1,216 1,018 651 Add (deduct): Noncontrolling interest in Operating Partnership (9,527) (2,711) (13,721) Deduct: Redeemable noncontrolling interest (13,979) (8,840) - Deduct: Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders (11,425) (17,951) - Net income available to common shareholders for basic earnings per share $ 72,686 $ 5,234 $ 117,224 Weighted average common shares 90,388 90,005 89,746 Basic EPS : Net income available to common shareholders $ 0.80 $ 0.06 $ 1.31 Year Ended December 31, Computation of Diluted EPS 2018 2017 2016 Net income available to common shareholders for basic earnings per share $ 72,686 $ 5,234 $ 117,224 Add (deduct): Noncontrolling interest in Operating Partnership 9,527 2,711 13,721 Deduct: Redemption value adjustment of redeemable noncontrolling interests attributable to the Operating Partnership unitholders (1,296) (2,074) - Net income available for diluted earnings per share $ 80,917 $ 5,871 $ 130,945 Weighted average common shares 100,724 100,703 100,498 Diluted EPS : Net income available to common shareholders $ 0.80 $ 0.06 $ 1.30 The following schedule reconciles the weighted average shares used in the basic EPS calculation to the shares used in the diluted EPS calculation (in thousands): Year Ended December 31, 2018 2017 2016 Basic EPS shares 90,388 90,005 89,746 Add: Operating Partnership – common and vested LTIP units 10,246 10,405 10,499 Restricted Stock Awards - 40 43 Stock Options 90 253 210 Diluted EPS Shares 100,724 100,703 100,498 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 Restricted Stock Awards were excluded from the denominator in 2018 as such securities were anti-dilutive during the period. Also not included in the computations of diluted EPS were the unvested LTIP Units as such securities were anti-dilutive during all periods presented. Unvested restricted stock outstanding as of December 31, 2018 , 2017 and 2016 were 67,289 , 95,801 and 120,245 shares, respectively. Dividends declared per common share for the years ended December 31, 2018 , 2017 and 2016 was $0.80 , $0.75 and $0.60 per share, respectively. Mack-Cali Realty, L.P.: Year Ended December 31, Computation of Basic EPU 2018 2017 2016 Net income $ 106,401 $ 33,718 $ 130,294 Add: Noncontrolling interest in consolidated joint ventures 1,216 1,018 651 Deduct: Redeemable noncontrolling interest (13,979) (8,840) - Deduct: Redemption value adjustment of redeemable noncontrolling interests (12,721) (20,025) - Net income available to common unitholders for basic earnings per unit $ 80,917 $ 5,871 $ 130,945 Weighted average common units 100,634 100,410 100,245 Basic EPU : Net income available to common unitholders for basic earnings per unit $ 0.80 $ 0.06 $ 1.31 Year Ended December 31, Computation of Diluted EPU 2018 2017 2016 Net income available to common unitholders for diluted earnings per unit $ 80,917 $ 5,871 $ 130,945 Weighted average common unit 100,724 100,703 100,498 Diluted EPU : Net income available to common unitholders $ 0.80 $ 0.06 $ 1.30 The following schedule reconciles the weighted average units used in the basic EPU calculation to the units used in the diluted EPU calculation (in thousands) : Year Ended December 31, 2018 2017 2016 Basic EPU units 100,634 100,410 100,245 Add: Restricted Stock Awards - 40 43 Stock Options 90 253 210 Diluted EPU Units 100,724 100,703 100,498 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 Restricted Stock Awards were excluded from the denominator in 2018 as such securities were anti-dilutive during the period. Also not included in the computations of diluted EPU were the unvested LTIP Units as such securities were anti-dilutive during all periods presented. Unvested restricted stock outstanding as of December 31, 2018 , 2017 and 2016 were 67,289 , 95,801 and 120,245 shares, respectively. Distributions declared per common unit for the years ended December 31, 2018 , 2017 and 2016 was $ 0.80 , $0.75 and $0.60 per unit, respectively. |
Mack-Cali Realty LP [Member] | |
Stockolders Equity [Line Items] | |
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital | 15. 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. As of December 31, 2018 , the General Partner has repurchased 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 repurchases, 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 fully vesting on June 5, 2018, 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, 2016 805,000 $ 17.33 $ 4,843 Lapsed or Cancelled (5,000) 21.25 - Outstanding at December 31, 2016 ( $17.31 ) 800,000 $ 17.31 9,368 Granted, Lapsed or Cancelled - - Outstanding at December 31, 2017 ($17.31) 800,000 $ 17.31 3,400 Granted, Lapsed or Cancelled - - Outstanding at December 31, 2018 ($17.31) 800,000 $ 17.31 $ 1,824 Options exercisable at December 31, 2018 800,000 Available for grant at December 31, 2018 1,580,869 There were no stock options exercised under any stock option plans for the year s ended December 31, 2018 , 2017 and 2016 . The Company has a policy of issuing new shares to satisfy stock option exercises. As of December 31, 2018 and 2017 , the stock options outstanding had a weighted average remaining contractual life of approximately 6.4 years and 7.4 years, respectively. The Company recognized stock options expense of $ 193,000 , $ 464,000 and $ 1,407,000 for the years ended December 31, 2018 , 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 67,289 unvested shares were legally outstanding at December 31, 2018 . Vesting of the Restricted Stock Awards issued to executive officers and certain other employees is based on time and service. On June 5, 2015, in connection with the Executive Employment Agreements, the Company granted a total of 37,550.54 Restricted Stock Awards, which were valued in accordance with ASC 718 – Stock Compensation, at their fair value. These awards vested 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, 2016 136,220 $ 19.36 Granted 74,622 23.79 Vested (61,654) 18.94 Forfeited (3,910) 21.58 Outstanding at December 31, 2016 145,278 $ 21.76 Granted 59,985 27.00 Vested (95,009) 20.73 Forfeited (1,936) 25.83 Outstanding at December 31, 2017 108,318 $ 25.49 Granted 40,185 20.16 Vested (72,502) 25.33 Forfeited (8,712) 25.83 Outstanding at December 31, 2018 67,289 $ 22.43 As of December 31, 2018 , the Company had $0.5 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 0.5 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 was to 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 were 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 PSUs vested at 100 percent on June 5, 2018 based on the calculation of the achievement of the Company’s total shareholder return, for which shares of the General Partner’s common stock were issued under the 2013 Plan. As of December 31, 2018 , the Company had no unrecognized compensation cost as there are no unvested PSUs outstanding under the Company’s stock compensation plans. 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 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 vests 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 was 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. On April 4, 2017, the Company granted LTIP awards to senior management of the Company, including the General Partner’s executive officers (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 vests 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 was 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. On April 20, 2018, the Company granted LTIP awards to senior management of the Company, including the General Partner’s executive officers (the “2018 LTIP Awards”). All of the 2018 LTIP Awards were in the form of LTIP Units and constitute awards under the 2013 Plan. For Messrs. DeMarco and Tycher, approximately twenty-five percent ( 25% ) of the grant date fair value of the 2018 LTIP Award was in the form of a time-based award that vests after three years on April 20, 2021 (the “2018 TBV LTIP Units”), and the remaining approximately seventy-five percent ( 75% ) of the grant date fair value of the 2018 LTIP Award was in the form of a performance-based award under the Company’s Outperformance Plan (the “2018 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 “2018 PBV LTIP Units”). For all other executive officers, approximately fifty percent ( 50% ) of the grant date fair value of the 2018 LTIP Award was in the form of 2018 TBV LTIP Units and the remaining approximately fifty percent ( 50% ) of the grant date fair value of the 2018 LTIP Award was in the form of 2018 PBV LTIP Units. The 2018 OPP was designed to align the interests of senior management to relative and absolute performance of the Company over a three-year performance period from April 20, 2018 through April 19, 2021. Participants in the 2018 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’s TSR is in the 75th percentile of performance as compared to the office REITs in the NAREIT index. LTIP Units will remain subject to forfeiture depending on the extent that the 2016 LTIP Awards, 2017 LTIP Awards and 2018 LTIP Awards vest. The number of LTIP Units to be issued initially to recipients of the 2016 PBV LTIP Awards, 2017 PBV LTIP Awards and 2018 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, 2017 TBV LTIP Units and 2018 LTIP TBV Units or the end of the measurement period for the 2016 PBV LTIP Units, 2017 PBV LTIP Units and 2018 LTIP PBV 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. As a result of certain executive management and other personnel changes during the year ended December 31, 2018 , the former employees forfeited and cancelled 189,273 2016 LTIP Awards, 105,443 2017 LTIP Awards and 38,015 2018 LTIP Awards, and the Company accelerated the vesting of 22,215 2016 LTIP Awards and 32,849 2017 LTIP Awards. As of December 31, 2018 , a total of 332,302 2016 PBV LTIP Units, 108,764 2016 TBV LTIP Units, 370,509 2017 PBV LTIP Units, 69,522 2017 TBV LTIP Units, 629,252 2018 PBV LTIP Units and 196,757 2018 TBV LTIP Units, net of LTIP Units forfeited and cancelled resulting from executive management and other personnel changes, were outstanding. The LTIP Units were valued in accordance with ASC 718 – Stock Compensation, at their fair value. The Company has reserved shares of common stock under the 2013 Plan for issuance upon vesting and conversion of the LTIP Units in accordance with their terms and conditions. As of December 31, 2018 , the Company had $11.2 million of total unrecognized compensation cost related to unvested 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. DEFERRED STOCK COMPENSATION PLAN FOR DIRECTORS The Amended and Restated Deferred Compensation Plan for Directors, which commenced January 1, 1999, allows non ‑employee directors of the Company to elect to defer up to 100 percent of their annual retainer fee into deferred stock units. The deferred stock units are convertible into an equal number of shares of common stock upon the directors’ termination of service from the Board of Directors or a change in control of the Company, as defined in the plan. Deferred stock units are credited to each director quarterly using the closing price of the Company’s common stock on the applicable dividend record date for the respective quarter. Each participating director’s account is also credited for an equivalent amount of deferred stock units based on the dividend rate for each quarter. During the year s ended December 31, 2018 , 2017 and 2016 , 26,620 , 19,728 and 14,274 deferred stock units were earned, respectively. As of December 31, 2018 and 2017 , there were 236,383 and 210,738 deferred stock units outstanding, respectively. EARNINGS PER SHARE/UNIT Basic EPS or EPU excludes dilution and is computed by dividing net income available to common shareholders or unitholders by the weighted average number of shares or units outstanding for the period. Diluted EPS or EPU reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The following information presents the Company’s results for the years ended December 31, 2018 , 2017 and 2016 in accordance with ASC 260, Earnings Per Share (dollars in thousands, except per share amounts) : Mack-Cali Realty Corporation: Year Ended December 31, Computation of Basic EPS 2018 2017 2016 Net income $ 106,401 $ 33,718 $ 130,294 Add: Noncontrolling interest in consolidated joint ventures 1,216 1,018 651 Add (deduct): Noncontrolling interest in Operating Partnership (9,527) (2,711) (13,721) Deduct: Redeemable noncontrolling interest (13,979) (8,840) - Deduct: Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders (11,425) (17,951) - Net income available to common shareholders for basic earnings per share $ 72,686 $ 5,234 $ 117,224 Weighted average common shares 90,388 90,005 89,746 Basic EPS : Net income available to common shareholders $ 0.80 $ 0.06 $ 1.31 Year Ended December 31, Computation of Diluted EPS 2018 2017 2016 Net income available to common shareholders for basic earnings per share $ 72,686 $ 5,234 $ 117,224 Add (deduct): Noncontrolling interest in Operating Partnership 9,527 2,711 13,721 Deduct: Redemption value adjustment of redeemable noncontrolling interests attributable to the Operating Partnership unitholders (1,296) (2,074) - Net income available for diluted earnings per share $ 80,917 $ 5,871 $ 130,945 Weighted average common shares 100,724 100,703 100,498 Diluted EPS : Net income available to common shareholders $ 0.80 $ 0.06 $ 1.30 The following schedule reconciles the weighted average shares used in the basic EPS calculation to the shares used in the diluted EPS calculation (in thousands): Year Ended December 31, 2018 2017 2016 Basic EPS shares 90,388 90,005 89,746 Add: Operating Partnership – common and vested LTIP units 10,246 10,405 10,499 Restricted Stock Awards - 40 43 Stock Options 90 253 210 Diluted EPS Shares 100,724 100,703 100,498 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 Restricted Stock Awards were excluded from the denominator in 2018 as such securities were anti-dilutive during the period. Also not included in the computations of diluted EPS were the unvested LTIP Units as such securities were anti-dilutive during all periods presented. Unvested restricted stock outstanding as of December 31, 2018 , 2017 and 2016 were 67,289 , 95,801 and 120,245 shares, respectively. Dividends declared per common share for the years ended December 31, 2018 , 2017 and 2016 was $0.80 , $0.75 and $0.60 per share, respectively. Mack-Cali Realty, L.P.: Year Ended December 31, Computation of Basic EPU 2018 2017 2016 Net income $ 106,401 $ 33,718 $ 130,294 Add: Noncontrolling interest in consolidated joint ventures 1,216 1,018 651 Deduct: Redeemable noncontrolling interest (13,979) (8,840) - Deduct: Redemption value adjustment of redeemable noncontrolling interests (12,721) (20,025) - Net income available to common unitholders for basic earnings per unit $ 80,917 $ 5,871 $ 130,945 Weighted average common units 100,634 100,410 100,245 Basic EPU : Net income available to common unitholders for basic earnings per unit $ 0.80 $ 0.06 $ 1.31 Year Ended December 31, Computation of Diluted EPU 2018 2017 2016 Net income available to common unitholders for diluted earnings per unit $ 80,917 $ 5,871 $ 130,945 Weighted average common unit 100,724 100,703 100,498 Diluted EPU : Net income available to common unitholders $ 0.80 $ 0.06 $ 1.30 The following schedule reconciles the weighted average units used in the basic EPU calculation to the units used in the diluted EPU calculation (in thousands) : Year Ended December 31, 2018 2017 2016 Basic EPU units 100,634 100,410 100,245 Add: Restricted Stock Awards - 40 43 Stock Options 90 253 210 Diluted EPU Units 100,724 100,703 100,498 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 Restricted Stock Awards were excluded from the denominator in 2018 as such securities were anti-dilutive during the period. Also not included in the computations of diluted EPU were the unvested LTIP Units as such securities were anti-dilutive during all periods presented. Unvested restricted stock outstanding as of December 31, 2018 , 2017 and 2016 were 67,289 , 95,801 and 120,245 shares, respectively. Distributions declared per common unit for the years ended December 31, 2018 , 2017 and 2016 was $ 0.80 , $0.75 and $0.60 per unit, respectively. |
Noncontrolling Interests In Sub
Noncontrolling Interests In Subsidiaries | 12 Months Ended |
Dec. 31, 2018 | |
Noncontrolling Interest [Line Items] | |
Noncontrolling Interests In Subsidiaries | 16. NONCONTROLLING INTERESTS IN SUBSIDIARIES Noncontrolling interests in subsidiaries in the accompanying consolidated financial statements relate to (i) common units and LTIP units in the Operating Partnership, held by parties other than the General Partner (“Limited Partners”), and (ii) interests in consolidated joint ventures for the portion of such ventures not owned by the Company. Pursuant to ASC 810, Consolidation, on the accounting and reporting for noncontrolling interests and changes in ownership interests of a subsidiary , changes in a parent’s ownership interest (and transactions with noncontrolling interest unitholders in the subsidiary) while the parent retains its controlling interest in its subsidiary should be accounted for as equity transactions. The carrying value of the noncontrolling interest shall be adjusted to reflect the change in its ownership interest in the subsidiary, with the offset to equity attributable to the parent. Accordingly, as a result of equity transactions which caused changes in ownership percentages between Mack-Cali Realty Corporation stockholders’ equity and noncontrolling interests in the Operating Partnership that occurred during the year ended December 31, 2018 , 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 $2.2 million as of December 31, 2018 . NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP (applicable only to General Partner) 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 the General Partner’s executive officers. On April 4, 2017, the Company granted 2017 LTIP Awards to senior management of the Company, including the General Partner’s executive officers. On April 20, 2018, the Company granted 2018 LTIP Awards to senior management of the Company, including the General Partner’s executive officers. All of the 2016 LTIP Awards, 2017 LTIP Awards and 2018 LTIP Awards are 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 year s ended December 31, 2018 , 2017 and 2016 : Common LTIP Units Units Balance at January 1, 2016 10,516,844 - Redemption of common units for shares of common stock (28,739) - Issuance of units - 657,373 Balance at December 31, 2016 10,488,105 657,373 Redemption of common units for shares of common stock (148,662) - Issuance of units 99,412 578,323 Cancellation of units - (4,819) Balance at December 31, 2017 10,438,855 1,230,877 Redemption of common units for shares of common stock (264,570) - Issuance of units - 864,024 Cancellation of units - (332,731) Balance at December 31, 2018 10,174,285 1,762,170 Noncontrolling Interest Ownership in Operating Partnership As of December 31, 2018 and 2017 , the noncontrolling interest common unitholders owned 10.2 percent and 10.4 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 ( two 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 Interest [Line Items] | |
Noncontrolling Interests In Subsidiaries | 16. NONCONTROLLING INTERESTS IN SUBSIDIARIES Noncontrolling interests in subsidiaries in the accompanying consolidated financial statements relate to (i) common units and LTIP units in the Operating Partnership, held by parties other than the General Partner (“Limited Partners”), and (ii) interests in consolidated joint ventures for the portion of such ventures not owned by the Company. Pursuant to ASC 810, Consolidation, on the accounting and reporting for noncontrolling interests and changes in ownership interests of a subsidiary , changes in a parent’s ownership interest (and transactions with noncontrolling interest unitholders in the subsidiary) while the parent retains its controlling interest in its subsidiary should be accounted for as equity transactions. The carrying value of the noncontrolling interest shall be adjusted to reflect the change in its ownership interest in the subsidiary, with the offset to equity attributable to the parent. Accordingly, as a result of equity transactions which caused changes in ownership percentages between Mack-Cali Realty Corporation stockholders’ equity and noncontrolling interests in the Operating Partnership that occurred during the year ended December 31, 2018 , 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 $2.2 million as of December 31, 2018 . NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP (applicable only to General Partner) 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 the General Partner’s executive officers. On April 4, 2017, the Company granted 2017 LTIP Awards to senior management of the Company, including the General Partner’s executive officers. On April 20, 2018, the Company granted 2018 LTIP Awards to senior management of the Company, including the General Partner’s executive officers. All of the 2016 LTIP Awards, 2017 LTIP Awards and 2018 LTIP Awards are 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 year s ended December 31, 2018 , 2017 and 2016 : Common LTIP Units Units Balance at January 1, 2016 10,516,844 - Redemption of common units for shares of common stock (28,739) - Issuance of units - 657,373 Balance at December 31, 2016 10,488,105 657,373 Redemption of common units for shares of common stock (148,662) - Issuance of units 99,412 578,323 Cancellation of units - (4,819) Balance at December 31, 2017 10,438,855 1,230,877 Redemption of common units for shares of common stock (264,570) - Issuance of units - 864,024 Cancellation of units - (332,731) Balance at December 31, 2018 10,174,285 1,762,170 Noncontrolling Interest Ownership in Operating Partnership As of December 31, 2018 and 2017 , the noncontrolling interest common unitholders owned 10.2 percent and 10.4 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 ( two properties and a future development) each provide for the initial distributions of net cash flow solely to the Company, and thereafter, other parties have participation rights in 50 percent of the excess net cash flow remaining after the distribution to the Company of the aggregate amount equal to the sum of: (a) the Company’s capital contributions, plus (b) an IRR of 10 percent per annum. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |
Segment Reporting | 17. SEGMENT REPORTING The Company operates in two business segments: (i) commercial and other real estate and (ii) multi-family real estate and 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 had no revenues from foreign countries recorded for the year s ended December 31, 2018 , 2017 and 2016 . The Company had no long lived assets in foreign locations as of December 31, 2018 and 2017 . 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 and operations in each of its real estate segments (commercial and other real estate, and multi-family real estate and services). Selected results of operations for the years ended December 31, 2018 , 2017 and 2016 , and selected asset information as of December 31, 2018 and 2017 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) : Commercial Multi-family Corporate Total & Other Real Estate Real Estate & Services (d) & Other (e) Company Total revenues: 2018 $ 416,369 $ 113,805 $ 432 $ 530,606 2017 522,223 90,654 3,323 616,200 2016 541,271 69,873 2,254 613,398 Total operating and interest expenses (a): 2018 $ 183,439 $ 70,280 $ 104,788 $ 358,507 2017 238,055 63,589 94,662 396,306 2016 263,663 60,646 91,042 415,351 Equity in earnings (loss) of unconsolidated joint ventures: 2018 $ 2,319 $ (2,446) $ - $ (127) 2017 1,644 (7,725) - (6,081) 2016 23,796 (5,008) - 18,788 - Net operating income (loss) (b): 2018 $ 235,249 $ 41,079 $ (104,356) $ 171,972 2017 285,812 19,340 (91,339) 213,813 2016 301,404 4,219 (88,788) 216,835 Total assets: 2018 $ 2,687,178 $ 2,260,497 $ 112,969 $ 5,060,644 2017 2,915,646 1,937,708 104,531 4,957,885 Total long-lived assets (c): 2018 $ 2,413,696 $ 1,973,826 $ 33,157 $ 4,420,679 2017 2,613,815 1,645,410 31,901 4,291,126 Total investments in unconsolidated joint ventures: 2018 $ 13,699 $ 218,771 $ 280 $ 232,750 2017 15,143 237,321 162 252,626 (a) Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; 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 and classified 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) Segment assets and operations were owned through a consolidated variable interest entity commencing in February 2018 . (e) Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense) as well as intercompany eliminations necessary to reconcile to consolidated Company totals. Mack-Cali Realty Corporation The following schedule reconciles net operating income to net income available to common shareholders (dollars in thousands) : Year Ended December 31, 2018 2017 2016 Net operating income $ 171,972 $ 213,813 $ 216,835 Add (deduct): Depreciation and amortization (174,847) (205,169) (186,684) Land Impairments (24,566) - - Gain on change of control of interests 14,217 - 15,347 Realized gains (losses) and unrealized losses on disposition of rental property, net 99,436 2,364 109,666 Gain on disposition of developable land 30,939 - - Gain on sale of investment in unconsolidated joint venture - 23,131 5,670 Loss from extinguishment of debt, net (10,750) (421) (30,540) Net income 106,401 33,718 130,294 Noncontrolling interest in consolidated joint ventures 1,216 1,018 651 Noncontrolling interest in Operating Partnership (9,527) (2,711) (13,721) Redeemable noncontrolling interest (13,979) (8,840) - Net income available to common shareholders $ 84,111 $ 23,185 $ 117,224 Mack-Cali Realty, L.P. The following schedule reconciles net operating income to net income available to common unitholders (dollars in thousands) : Year Ended December 31, 2018 2017 2016 Net operating income $ 171,972 $ 213,813 $ 216,835 Add (deduct): Depreciation and amortization (174,847) (205,169) (186,684) Land Impairments (24,566) - - Gain on change of control of interests 14,217 - 15,347 Realized gains (losses) and unrealized losses on disposition of rental property, net 99,436 2,364 109,666 Gain on disposition of developable land 30,939 - - Gain on sale of investment in unconsolidated joint venture - 23,131 5,670 Loss from extinguishment of debt, net (10,750) (421) (30,540) Net income 106,401 33,718 130,294 Noncontrolling interest in consolidated joint ventures 1,216 1,018 651 Redeemable noncontrolling interest (13,979) (8,840) Net income available to common unitholders $ 93,638 $ 25,896 $ 130,945 |
Mack-Cali Realty LP [Member] | |
Segment Reporting Information [Line Items] | |
Segment Reporting | 17. SEGMENT REPORTING The Company operates in two business segments: (i) commercial and other real estate and (ii) multi-family real estate and 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 had no revenues from foreign countries recorded for the year s ended December 31, 2018 , 2017 and 2016 . The Company had no long lived assets in foreign locations as of December 31, 2018 and 2017 . 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 and operations in each of its real estate segments (commercial and other real estate, and multi-family real estate and services). Selected results of operations for the years ended December 31, 2018 , 2017 and 2016 , and selected asset information as of December 31, 2018 and 2017 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) : Commercial Multi-family Corporate Total & Other Real Estate Real Estate & Services (d) & Other (e) Company Total revenues: 2018 $ 416,369 $ 113,805 $ 432 $ 530,606 2017 522,223 90,654 3,323 616,200 2016 541,271 69,873 2,254 613,398 Total operating and interest expenses (a): 2018 $ 183,439 $ 70,280 $ 104,788 $ 358,507 2017 238,055 63,589 94,662 396,306 2016 263,663 60,646 91,042 415,351 Equity in earnings (loss) of unconsolidated joint ventures: 2018 $ 2,319 $ (2,446) $ - $ (127) 2017 1,644 (7,725) - (6,081) 2016 23,796 (5,008) - 18,788 - Net operating income (loss) (b): 2018 $ 235,249 $ 41,079 $ (104,356) $ 171,972 2017 285,812 19,340 (91,339) 213,813 2016 301,404 4,219 (88,788) 216,835 Total assets: 2018 $ 2,687,178 $ 2,260,497 $ 112,969 $ 5,060,644 2017 2,915,646 1,937,708 104,531 4,957,885 Total long-lived assets (c): 2018 $ 2,413,696 $ 1,973,826 $ 33,157 $ 4,420,679 2017 2,613,815 1,645,410 31,901 4,291,126 Total investments in unconsolidated joint ventures: 2018 $ 13,699 $ 218,771 $ 280 $ 232,750 2017 15,143 237,321 162 252,626 (a) Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; 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 and classified 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) Segment assets and operations were owned through a consolidated variable interest entity commencing in February 2018 . (e) Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense) as well as intercompany eliminations necessary to reconcile to consolidated Company totals. Mack-Cali Realty Corporation The following schedule reconciles net operating income to net income available to common shareholders (dollars in thousands) : Year Ended December 31, 2018 2017 2016 Net operating income $ 171,972 $ 213,813 $ 216,835 Add (deduct): Depreciation and amortization (174,847) (205,169) (186,684) Land Impairments (24,566) - - Gain on change of control of interests 14,217 - 15,347 Realized gains (losses) and unrealized losses on disposition of rental property, net 99,436 2,364 109,666 Gain on disposition of developable land 30,939 - - Gain on sale of investment in unconsolidated joint venture - 23,131 5,670 Loss from extinguishment of debt, net (10,750) (421) (30,540) Net income 106,401 33,718 130,294 Noncontrolling interest in consolidated joint ventures 1,216 1,018 651 Noncontrolling interest in Operating Partnership (9,527) (2,711) (13,721) Redeemable noncontrolling interest (13,979) (8,840) - Net income available to common shareholders $ 84,111 $ 23,185 $ 117,224 Mack-Cali Realty, L.P. The following schedule reconciles net operating income to net income available to common unitholders (dollars in thousands) : Year Ended December 31, 2018 2017 2016 Net operating income $ 171,972 $ 213,813 $ 216,835 Add (deduct): Depreciation and amortization (174,847) (205,169) (186,684) Land Impairments (24,566) - - Gain on change of control of interests 14,217 - 15,347 Realized gains (losses) and unrealized losses on disposition of rental property, net 99,436 2,364 109,666 Gain on disposition of developable land 30,939 - - Gain on sale of investment in unconsolidated joint venture - 23,131 5,670 Loss from extinguishment of debt, net (10,750) (421) (30,540) Net income 106,401 33,718 130,294 Noncontrolling interest in consolidated joint ventures 1,216 1,018 651 Redeemable noncontrolling interest (13,979) (8,840) Net income available to common unitholders $ 93,638 $ 25,896 $ 130,945 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions | 18. RELATED PARTY TRANSACTIONS William L. Mack, Chairman of the Board of Directors of the General Partner, David S. Mack, a director of the General Partner, and Earle I. Mack, a former director of the General Partner, are the executive officers, directors and stockholders of a corporation that leases approximately 7,034 square feet at one of the Company’s office properties (the Company disposed of this property in January 2019), which is scheduled to expire in September 2019 . The Company has recognized $193,000 , $187,000 and $193,000 in revenue under this lease for the years ended December 31, 2018 , 2017 and 2016 , respectively, and had no accounts receivable from the corporation as of December 31, 2018 and 2017 . The adult children of Marshall Tycher, Chairman of RRT, own minority equity interests in a vendor to the Company. Additionally, Mr. Tycher’s son-in-law is an employee of the vendor. The Company recognized $148,000 in expense for this vendor during the year ended December 31, 2018 and had no accounts payable to this vendor as of December 31, 2018. Certain executive officers of RRT and/or their family members (“RG”) directly or indirectly hold small noncontrolling interests in a certain consolidated joint venture. Additionally, the Company earned $1,114,000 , $1,873,000 , and $2,464,000 from entities in which RG has ownership interests for the years ended December 31, 2018 , 2017 and 2016 , respectively. |
Mack-Cali Realty LP [Member] | |
Related Party Transactions | 18. RELATED PARTY TRANSACTIONS William L. Mack, Chairman of the Board of Directors of the General Partner, David S. Mack, a director of the General Partner, and Earle I. Mack, a former director of the General Partner, are the executive officers, directors and stockholders of a corporation that leases approximately 7,034 square feet at one of the Company’s office properties (the Company disposed of this property in January 2019), which is scheduled to expire in September 2019 . The Company has recognized $193,000 , $187,000 and $193,000 in revenue under this lease for the years ended December 31, 2018 , 2017 and 2016 , respectively, and had no accounts receivable from the corporation as of December 31, 2018 and 2017 . The adult children of Marshall Tycher, Chairman of RRT, own minority equity interests in a vendor to the Company. Additionally, Mr. Tycher’s son-in-law is an employee of the vendor. The Company recognized $148,000 in expense for this vendor during the year ended December 31, 2018 and had no accounts payable to this vendor as of December 31, 2018. Certain executive officers of RRT and/or their family members (“RG”) directly or indirectly hold small noncontrolling interests in a certain consolidated joint venture. Additionally, the Company earned $1,114,000 , $1,873,000 , and $2,464,000 from entities in which RG has ownership interests for the years ended December 31, 2018 , 2017 and 2016 , respectively. |
Condensed Quarterly Financial I
Condensed Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Quarterly Financial Information | 19. CONDENSED QUARTERLY FINANCIAL INFORMATION (unaudited) Mack-Cali Realty Corporation The following summarizes the condensed quarterly financial information for the Company (dollars in thousands) : Quarter Ended 2018 December 31 September 30 June 30 March 31 Total revenues $ 132,936 $ 132,114 $ 126,589 $ 138,967 Net income $ 52,523 $ 1,689 $ 1,501 $ 50,688 Net income (loss) available to common shareholders $ 43,804 $ (1,478) $ (1,251) $ 43,036 ` Basic earnings per common share: Net income (loss) available to common shareholders $ 0.45 $ (0.05) $ (0.05) $ 0.45 Diluted earnings per common share: Net income (loss) available to common shareholders $ 0.45 $ (0.05) $ (0.05) $ 0.45 Quarter Ended 2017 December 31 September 30 June 30 March 31 Total revenues $ 143,529 $ 160,018 $ 162,766 $ 149,887 Net income (loss) $ 5,411 $ 44,703 $ (39,125) $ 22,729 Net income (loss) available to common shareholders $ 2,582 $ 38,054 $ (37,330) $ 19,879 Basic earnings per common share: Net income (loss) available to common shareholders $ (0.01) $ 0.39 $ (0.44) $ 0.11 Diluted earnings per common share: Net income (loss) available to common shareholders $ (0.01) $ 0.39 $ (0.44) $ 0.11 Mack-Cali Realty, L.P. The following summarizes the condensed quarterly financial information for the Company (dollars in thousands) : Quarter Ended 2018 December 31 September 30 June 30 March 31 Total revenues $ 132,936 $ 132,114 $ 126,589 $ 138,967 Net income $ 52,523 $ 1,689 $ 1,501 $ 50,688 Net income (loss) available to common unitholders $ 48,757 $ (1,645) $ (1,393) $ 47,919 Basic earnings per common unit: Net income (loss) available to common unitholders $ 0.45 $ (0.05) $ (0.05) $ 0.45 Diluted earnings per common units: Net income (loss) available to common unitholders $ 0.45 $ (0.05) $ (0.05) $ 0.45 Quarter Ended 2017 December 31 September 30 June 30 March 31 Total revenues $ 143,529 $ 160,018 $ 162,766 $ 149,887 Net income (loss) $ 5,411 $ 44,703 $ (39,125) $ 22,729 Net income (loss) available to common unitholders $ 2,881 $ 42,467 $ (41,626) $ 22,174 Basic earnings per common unit: Net income (loss) available to common unitholders $ (0.01) $ 0.39 $ (0.44) $ 0.11 Diluted earnings per common unit: Net income (loss) available to common unitholders $ (0.01) $ 0.39 $ (0.44) $ 0.11 |
Mack-Cali Realty LP [Member] | |
Condensed Quarterly Financial Information | 19. CONDENSED QUARTERLY FINANCIAL INFORMATION (unaudited) Mack-Cali Realty Corporation The following summarizes the condensed quarterly financial information for the Company (dollars in thousands) : Quarter Ended 2018 December 31 September 30 June 30 March 31 Total revenues $ 132,936 $ 132,114 $ 126,589 $ 138,967 Net income $ 52,523 $ 1,689 $ 1,501 $ 50,688 Net income (loss) available to common shareholders $ 43,804 $ (1,478) $ (1,251) $ 43,036 ` Basic earnings per common share: Net income (loss) available to common shareholders $ 0.45 $ (0.05) $ (0.05) $ 0.45 Diluted earnings per common share: Net income (loss) available to common shareholders $ 0.45 $ (0.05) $ (0.05) $ 0.45 Quarter Ended 2017 December 31 September 30 June 30 March 31 Total revenues $ 143,529 $ 160,018 $ 162,766 $ 149,887 Net income (loss) $ 5,411 $ 44,703 $ (39,125) $ 22,729 Net income (loss) available to common shareholders $ 2,582 $ 38,054 $ (37,330) $ 19,879 Basic earnings per common share: Net income (loss) available to common shareholders $ (0.01) $ 0.39 $ (0.44) $ 0.11 Diluted earnings per common share: Net income (loss) available to common shareholders $ (0.01) $ 0.39 $ (0.44) $ 0.11 Mack-Cali Realty, L.P. The following summarizes the condensed quarterly financial information for the Company (dollars in thousands) : Quarter Ended 2018 December 31 September 30 June 30 March 31 Total revenues $ 132,936 $ 132,114 $ 126,589 $ 138,967 Net income $ 52,523 $ 1,689 $ 1,501 $ 50,688 Net income (loss) available to common unitholders $ 48,757 $ (1,645) $ (1,393) $ 47,919 Basic earnings per common unit: Net income (loss) available to common unitholders $ 0.45 $ (0.05) $ (0.05) $ 0.45 Diluted earnings per common units: Net income (loss) available to common unitholders $ 0.45 $ (0.05) $ (0.05) $ 0.45 Quarter Ended 2017 December 31 September 30 June 30 March 31 Total revenues $ 143,529 $ 160,018 $ 162,766 $ 149,887 Net income (loss) $ 5,411 $ 44,703 $ (39,125) $ 22,729 Net income (loss) available to common unitholders $ 2,881 $ 42,467 $ (41,626) $ 22,174 Basic earnings per common unit: Net income (loss) available to common unitholders $ (0.01) $ 0.39 $ (0.44) $ 0.11 Diluted earnings per common unit: Net income (loss) available to common unitholders $ (0.01) $ 0.39 $ (0.44) $ 0.11 |
Real Estate Investments And Acc
Real Estate Investments And Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate Investments And Accumulated Depreciation | MACK-CALI REALTY CORPORATION, MACK-CALI REALTY, L.P. AND SUBSIDIARIES REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION December 31, 2018 (dollars in thousands) SCHEDULE III Gross Amount at Which Costs Carried at Close of Initial Costs Capitalized Period (a) Property Year Related Building and Subsequent to Building and Accumulated Property Location Type Built Acquired Encumbrances Land Improvements Acquisition(e) Land Improvements Total (d) Depreciation (b) NEW JERSEY Bergen County Fort Lee One Bridge Plaza Office 1981 1996 - 2,439 24,462 7,436 2,439 31,898 34,337 17,658 Essex County Millburn 150 J.F. Kennedy Parkway Office 1980 1997 - 12,606 50,425 17,073 12,606 67,498 80,104 33,259 Roseland 51 J.F. Kennedy Parkway Office 1988 2017 69,459 5,873 100,359 575 5,873 100,934 106,807 6,806 101 J.F. Kennedy Parkway Office 1981 2017 29,197 4,380 59,730 1,151 4,380 60,881 65,261 4,063 103 J.F. Kennedy Parkway Office 1981 2017 24,875 3,158 50,813 469 3,158 51,282 54,440 3,434 Hudson County Hoboken 111 River Street Office 2002 2016 - 204 198,609 14,932 - 213,745 213,745 14,364 Jersey City Harborside Plaza 1 Office 1983 1996 - 3,923 51,013 26,426 3,923 77,439 81,362 41,749 Harborside Plaza 2 Office 1990 1996 - 17,655 101,546 53,393 8,364 164,230 172,594 69,838 Harborside Plaza 3 Office 1990 1996 - 17,655 101,878 53,060 8,363 164,230 172,593 69,838 Harborside Plaza 4A Office 2000 2000 - 1,244 56,144 8,688 1,244 64,832 66,076 31,301 Harborside Plaza 5 Office 2002 2002 - 6,218 170,682 60,698 5,705 231,893 237,598 101,850 101 Hudson Street Office 1992 2005 248,460 45,530 271,376 33,508 45,530 304,884 350,414 103,639 Rosegarden Monaco Multi-Family 2011 2017 168,370 58,761 240,871 434 58,761 241,305 300,066 10,720 Marbella I Multi-Family 2003 2018 130,040 48,820 160,740 1,306 48,820 162,046 210,866 1,711 Weehawken 100 Avenue at Port Imperial Other 2016 2016 - 350 - 4,205 471 4,084 4,555 310 500 Avenue at Port Imperial Other 2013 2013 36,568 13,099 56,669 (19,756) 13,099 36,913 50,012 4,925 Port Imperial South 11 Multi-Family 2018 2018 99,792 - - - 22,047 108,392 130,439 577 Mercer County Princeton 100 Overlook Center Office 1988 1997 - 2,378 21,754 4,577 2,378 26,331 28,709 13,218 5 Vaughn Drive Office 1987 1995 - 657 9,800 1,564 657 11,364 12,021 6,529 Middlesex County Edison 333 Thornall Street Office 1984 2015 - 5,542 40,762 3,686 5,542 44,448 49,990 4,933 343 Thornall Street Office 1991 2006 - 6,027 39,101 15,160 6,027 54,261 60,288 16,308 Iselin 101 Wood Avenue South Office 1990 2016 - 8,509 72,738 1,183 7,384 75,046 82,430 6,936 New Brunswick Richmond Court Multi-Family 1997 2013 - 2,992 13,534 1,908 2,992 15,442 18,434 1,856 Riverwatch Commons Multi-Family 1995 2013 - 4,169 18,974 2,187 4,169 21,161 25,330 2,534 Plainsboro 500 College Road East (c) Office 1984 1998 614 20,626 5,776 614 26,402 27,016 14,225 Woodbridge 581 Main Street Office 1991 1997 - 3,237 12,949 35,315 8,115 43,386 51,501 16,482 Monmouth County Holmdel 23 Main Street Office 1977 2005 - 4,336 19,544 6,377 4,336 25,921 30,257 8,116 Middletown One River Center, Building 1 Office 1983 2004 - 3,070 17,414 16,094 2,451 34,127 36,578 8,385 One River Center, Building 2 Office 1983 2004 - 2,468 15,043 4,175 2,452 19,234 21,686 7,880 One River Center, Building 3 Office 1984 2004 - 4,051 24,790 5,688 4,627 29,902 34,529 11,525 Neptune 3600 Route 66 Office 1989 1995 - 1,098 18,146 11,461 1,098 29,607 30,705 15,555 Red Bank 100 Schultz Drive Office 1989 2017 - 1,953 6,790 1,126 1,953 7,916 9,869 905 200 Schultz Drive Office 1989 2017 - 2,184 8,259 1,165 2,184 9,424 11,608 1,003 MACK-CALI REALTY CORPORATION, MACK-CALI REALTY, L.P. AND SUBSIDIARIES REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION December 31, 2018 (dollars in thousands) SCHEDULE III Gross Amount at Which Costs Carried at Close of Initial Costs Capitalized Period (a) Property Year Related Building and Subsequent to Building and Accumulated Property Location Type Built Acquired Encumbrances Land Improvements Acquisition(e) Land Improvements Total (d) Depreciation (b) Morris County Florham Park 325 Columbia Parkway Office 1987 1994 - 1,564 - 18,616 1,564 18,616 20,180 13,036 Madison 1 Giralda Farms Office 1982 2017 - 3,370 27,145 734 3,370 27,879 31,249 2,260 7 Giralda Farms Office 1997 2017 - 5,402 5,402 510 5,402 38,174 43,576 2,766 Morris Plains Signature Place Multi-Family 41,703 930 - 56,373 930 56,373 57,303 922 Parsippany 4 Campus Drive Office 1983 2001 - 5,213 20,984 4,052 5,213 25,036 30,249 11,490 6 Campus Drive Office 1983 2001 - 4,411 17,796 3,945 4,411 21,741 26,152 9,665 7 Campus Drive Office 1982 1998 - 1,932 27,788 6,757 1,932 34,545 36,477 18,408 8 Campus Drive Office 1987 1998 - 1,865 35,456 12,475 1,865 47,931 49,796 22,089 9 Campus Drive Office 1983 2001 - 3,277 11,796 22,721 5,842 31,952 37,794 13,474 2 Dryden Way Office 1990 1998 - 778 420 110 778 530 1,308 320 4 Gatehall Drive Office 1988 2000 - 8,452 33,929 7,788 8,452 41,717 50,169 18,726 2 Hilton Court Office 1991 1998 - 1,971 32,007 4,474 1,971 36,481 38,452 19,992 1 Sylvan Way Office 1989 1998 - 1,689 24,699 4,984 1,021 30,351 31,372 14,094 3 Sylvan Way Office 1988 2015 - 5,590 4,710 9,840 5,590 14,550 20,140 845 5 Sylvan Way Office 1989 1998 - 1,160 25,214 7,056 1,161 32,269 33,430 14,774 7 Sylvan Way Office 1987 1998 - 2,084 26,083 14,823 2,084 40,906 42,990 15,697 5 Wood Hollow Road Office 1979 2004 - 5,302 26,488 21,087 5,302 47,575 52,877 21,689 NEW YORK Westchester County Eastchester Quarry Place at Tuckahoe Multi-Family 2016 2016 40,433 5,585 3,400 48,718 5,585 52,118 57,703 2,573 Elmsford 11 Clearbrook Road Office/Flex 1974 1997 - 149 2,159 504 149 2,663 2,812 1,479 75 Clearbrook Road Office/Flex 1990 1997 - 2,314 4,716 57 2,314 4,773 7,087 2,621 100 Clearbrook Road Office 1975 1997 - 220 5,366 1,846 220 7,212 7,432 3,620 125 Clearbrook Road Office/Flex 2002 2002 - 1,055 3,676 (292) 1,055 3,384 4,439 1,685 150 Clearbrook Road Office/Flex 1975 1997 - 497 7,030 2,198 497 9,228 9,725 4,927 175 Clearbrook Road Office/Flex 1973 1997 - 655 7,473 973 655 8,446 9,101 4,731 200 Clearbrook Road Office/Flex 1974 1997 - 579 6,620 1,667 579 8,287 8,866 4,343 250 Clearbrook Road Office/Flex 1973 1997 - 867 8,647 2,387 867 11,034 11,901 5,813 50 Executive Boulevard Office/Flex 1969 1997 - 237 2,617 540 237 3,157 3,394 1,731 77 Executive Boulevard Office/Flex 1977 1997 - 34 1,104 179 34 1,283 1,317 740 85 Executive Boulevard Office/Flex 1968 1997 - 155 2,507 456 155 2,963 3,118 1,584 101 Executive Boulevard Office 1971 1997 - 267 5,838 (6,105) - - - - 300 Executive Boulevard Office/Flex 1970 1997 - 460 3,609 307 460 3,916 4,376 2,132 350 Executive Boulevard Office/Flex 1970 1997 - 100 1,793 175 100 1,968 2,068 1,146 399 Executive Boulevard Office/Flex 1962 1997 - 531 7,191 163 531 7,354 7,885 4,077 400 Executive Boulevard Office/Flex 1970 1997 - 2,202 1,846 1,140 2,202 2,986 5,188 1,807 500 Executive Boulevard Office/Flex 1970 1997 - 258 4,183 508 258 4,691 4,949 2,655 525 Executive Boulevard Office/Flex 1972 1997 - 345 5,499 837 345 6,336 6,681 3,661 1 Westchester Plaza Office/Flex 1967 1997 - 199 2,023 183 199 2,206 2,405 1,214 2 Westchester Plaza Office/Flex 1968 1997 - 234 2,726 914 234 3,640 3,874 1,971 3 Westchester Plaza Office/Flex 1969 1997 - 655 7,936 1,433 655 9,369 10,024 4,876 4 Westchester Plaza Office/Flex 1969 1997 - 320 3,729 1,531 320 5,260 5,580 2,512 5 Westchester Plaza Office/Flex 1969 1997 - 118 1,949 303 118 2,252 2,370 1,184 6 Westchester Plaza Office/Flex 1968 1997 - 164 1,998 202 164 2,200 2,364 1,197 7 Westchester Plaza Office/Flex 1972 1997 - 286 4,321 1,168 286 5,489 5,775 2,781 8 Westchester Plaza Office/Flex 1971 1997 - 447 5,262 2,127 447 7,389 7,836 4,025 Hawthorne 200 Saw Mill River Road Office/Flex 1965 1997 - 353 3,353 833 353 4,186 4,539 2,110 1 Skyline Drive Office 1980 1997 - 66 1,711 210 66 1,921 1,987 1,102 2 Skyline Drive Office 1987 1997 - 109 3,128 1,474 109 4,602 4,711 2,909 4 Skyline Drive Office/Flex 1987 1997 - 363 7,513 2,140 363 9,653 10,016 5,635 5 Skyline Drive Office/Flex 1980 2001 - 2,219 8,916 1,472 2,219 10,388 12,607 5,340 6 Skyline Drive Office/Flex 1980 2001 - 740 2,971 535 740 3,506 4,246 1,942 7 Skyline Drive Office 1987 1998 - 330 13,013 2,733 330 15,746 16,076 8,071 8 Skyline Drive Office/Flex 1985 1997 - 212 4,410 836 212 5,246 5,458 3,036 10 Skyline Drive Office/Flex 1985 1997 - 134 2,799 271 134 3,070 3,204 1,630 11 Skyline Drive (c) Office/Flex 1989 1997 - - 4,788 763 - 5,551 5,551 2,906 12 Skyline Drive (c) Office/Flex 1999 1999 - 1,562 3,254 218 1,320 3,714 5,034 1,911 15 Skyline Drive (c) Office/Flex 1989 1997 - - 7,449 1,858 - 9,307 9,307 4,537 17 Skyline Drive (c) Office 1989 1997 - - 7,269 1,248 - 8,517 8,517 4,547 MACK-CALI REALTY CORPORATION, MACK-CALI REALTY, L.P. AND SUBSIDIARIES REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION December 31, 2018 (dollars in thousands) SCHEDULE III Gross Amount at Which Costs Carried at Close of Initial Costs Capitalized Period (a) Property Year Related Building and Subsequent to Building and Accumulated Property Location Type Built Acquired Encumbrances Land Improvements Acquisition(e) Land Improvements Total (d) Depreciation (b) Tarrytown 230 White Plains Road Retail 1984 1997 - 124 1,845 288 124 2,133 2,257 1,108 Yonkers 100 Corporate Boulevard Office/Flex 1987 1997 - 602 9,910 1,175 602 11,085 11,687 6,143 200 Corporate Boulevard South Office/Flex 1990 1997 - 502 7,575 2,585 502 10,160 10,662 5,017 1 Executive Boulevard Office 1982 1997 - 1,104 11,904 3,688 1,105 15,591 16,696 8,210 2 Executive Boulevard Retail 1986 1997 - 89 2,439 107 89 2,546 2,635 1,397 3 Executive Boulevard Office 1987 1997 - 385 6,256 1,803 385 8,059 8,444 4,496 4 Executive Plaza Office/Flex 1986 1997 - 584 6,134 854 584 6,988 7,572 3,723 6 Executive Plaza Office/Flex 1987 1997 - 546 7,246 2,212 546 9,458 10,004 5,127 1 Odell Plaza Office/Flex 1980 1997 - 1,206 6,815 2,349 1,206 9,164 10,370 5,093 3 Odell Plaza Office 1984 2003 - 1,322 4,777 2,360 1,322 7,137 8,459 3,976 5 Odell Plaza Office/Flex 1983 1997 - 331 2,988 476 331 3,464 3,795 2,029 7 Odell Plaza Office/Flex 1984 1997 - 419 4,418 1,303 419 5,721 6,140 2,938 CONNECTICUT Fairfield County Stamford 419 West Avenue Office/Flex 1986 1997 - 4,538 9,246 482 4,538 9,728 14,266 5,316 500 West Avenue Office/Flex 1988 1997 - 415 1,679 646 415 2,325 2,740 1,221 550 West Avenue Office/Flex 1990 1997 - 1,975 3,856 133 1,975 3,989 5,964 2,172 600 West Avenue Office/Flex 1999 1999 - 2,305 2,863 1,184 2,305 4,047 6,352 1,739 650 West Avenue Office/Flex 1998 1998 - 1,328 - 3,247 1,328 3,247 4,575 1,805 MASSACHUSETTS Middlesex County Malden The Chase at Overlook Ridge Multi-Family 2016 2016 134,839 11,072 87,793 74,692 21,827 151,730 173,557 9,969 Suffolk County East Boston Portside at Pier One Multi-Family 2016 2016 58,644 - 73,713 446 - 74,159 74,159 6,163 Portside 5/6 Multi-Family 2018 2018 96,369 - - - - 113,913 113,913 1,268 Revere Alterra at Overlook Ridge IA Multi-Family 2004 2013 40,102 9,042 50,671 1,072 9,042 51,743 60,785 7,933 Alterra at Overlook Ridge II Multi-Family 2008 2013 59,371 12,055 71,409 409 12,056 71,817 83,873 10,980 Projects Under Development and Developable Land 128,017 363,373 494,764 - 363,373 494,764 858,137 14,726 Furniture, Fixtures and Equipment - - - 53,718 - 53,718 53,718 15,879 TOTALS 1,406,239 788,528 3,429,551 811,324 807,236 4,498,781 5,306,017 1,097,868 (a) The aggregate cost for federal income tax purposes at December 31, 2018 was approximately $5.1 billion. (b) Depreciation of buildings and improvements are calculated over lives ranging from the life of the lease to 40 years. (c) This property is located on land leased by the Company. (d) Properties identified as held for sale at December 31, 2018 are excluded. (e) These costs are net of impairments and valuation allowances recorded, if any. MACK-CALI REALTY CORPORATION/MACK-CALI REALTY, L.P. AND SUBSIDIARIES NOTE TO SCHEDULE III Changes in rental properties and accumulated depreciation for the periods ended December 31, 2018 , 2017 and 2016 are as follows: (dollars in thousands) 2018 2017 2016 Rental Properties Balance at beginning of year $ 5,102,844 $ 4,804,867 $ 4,807,718 Additions 686,452 1,179,365 819,535 Rental property held for sale (184,233) (310,089) (79,200) Properties sold (238,873) (538,424) (695,837) Impairments - - - Retirements/disposals (60,173) (32,875) (47,349) Balance at end of year $ 5,306,017 $ 5,102,844 $ 4,804,867 Accumulated Depreciation Balance at beginning of year $ 1,087,083 $ 1,332,073 $ 1,464,482 Depreciation expense 140,726 154,343 151,569 Rental property held for sale (30,404) (126,503) (31,792) Properties sold (39,364) (217,625) (204,837) Repurposed buildings - (22,330) - Impairments - - - Retirements/disposals (60,173) (32,875) (47,349) Balance at end of year $ 1,097,868 $ 1,087,083 $ 1,332,073 Schadf |
Mack-Cali Realty LP [Member] | |
Real Estate Investments And Accumulated Depreciation | MACK-CALI REALTY CORPORATION, MACK-CALI REALTY, L.P. AND SUBSIDIARIES REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION December 31, 2018 (dollars in thousands) SCHEDULE III Gross Amount at Which Costs Carried at Close of Initial Costs Capitalized Period (a) Property Year Related Building and Subsequent to Building and Accumulated Property Location Type Built Acquired Encumbrances Land Improvements Acquisition(e) Land Improvements Total (d) Depreciation (b) NEW JERSEY Bergen County Fort Lee One Bridge Plaza Office 1981 1996 - 2,439 24,462 7,436 2,439 31,898 34,337 17,658 Essex County Millburn 150 J.F. Kennedy Parkway Office 1980 1997 - 12,606 50,425 17,073 12,606 67,498 80,104 33,259 Roseland 51 J.F. Kennedy Parkway Office 1988 2017 69,459 5,873 100,359 575 5,873 100,934 106,807 6,806 101 J.F. Kennedy Parkway Office 1981 2017 29,197 4,380 59,730 1,151 4,380 60,881 65,261 4,063 103 J.F. Kennedy Parkway Office 1981 2017 24,875 3,158 50,813 469 3,158 51,282 54,440 3,434 Hudson County Hoboken 111 River Street Office 2002 2016 - 204 198,609 14,932 - 213,745 213,745 14,364 Jersey City Harborside Plaza 1 Office 1983 1996 - 3,923 51,013 26,426 3,923 77,439 81,362 41,749 Harborside Plaza 2 Office 1990 1996 - 17,655 101,546 53,393 8,364 164,230 172,594 69,838 Harborside Plaza 3 Office 1990 1996 - 17,655 101,878 53,060 8,363 164,230 172,593 69,838 Harborside Plaza 4A Office 2000 2000 - 1,244 56,144 8,688 1,244 64,832 66,076 31,301 Harborside Plaza 5 Office 2002 2002 - 6,218 170,682 60,698 5,705 231,893 237,598 101,850 101 Hudson Street Office 1992 2005 248,460 45,530 271,376 33,508 45,530 304,884 350,414 103,639 Rosegarden Monaco Multi-Family 2011 2017 168,370 58,761 240,871 434 58,761 241,305 300,066 10,720 Marbella I Multi-Family 2003 2018 130,040 48,820 160,740 1,306 48,820 162,046 210,866 1,711 Weehawken 100 Avenue at Port Imperial Other 2016 2016 - 350 - 4,205 471 4,084 4,555 310 500 Avenue at Port Imperial Other 2013 2013 36,568 13,099 56,669 (19,756) 13,099 36,913 50,012 4,925 Port Imperial South 11 Multi-Family 2018 2018 99,792 - - - 22,047 108,392 130,439 577 Mercer County Princeton 100 Overlook Center Office 1988 1997 - 2,378 21,754 4,577 2,378 26,331 28,709 13,218 5 Vaughn Drive Office 1987 1995 - 657 9,800 1,564 657 11,364 12,021 6,529 Middlesex County Edison 333 Thornall Street Office 1984 2015 - 5,542 40,762 3,686 5,542 44,448 49,990 4,933 343 Thornall Street Office 1991 2006 - 6,027 39,101 15,160 6,027 54,261 60,288 16,308 Iselin 101 Wood Avenue South Office 1990 2016 - 8,509 72,738 1,183 7,384 75,046 82,430 6,936 New Brunswick Richmond Court Multi-Family 1997 2013 - 2,992 13,534 1,908 2,992 15,442 18,434 1,856 Riverwatch Commons Multi-Family 1995 2013 - 4,169 18,974 2,187 4,169 21,161 25,330 2,534 Plainsboro 500 College Road East (c) Office 1984 1998 614 20,626 5,776 614 26,402 27,016 14,225 Woodbridge 581 Main Street Office 1991 1997 - 3,237 12,949 35,315 8,115 43,386 51,501 16,482 Monmouth County Holmdel 23 Main Street Office 1977 2005 - 4,336 19,544 6,377 4,336 25,921 30,257 8,116 Middletown One River Center, Building 1 Office 1983 2004 - 3,070 17,414 16,094 2,451 34,127 36,578 8,385 One River Center, Building 2 Office 1983 2004 - 2,468 15,043 4,175 2,452 19,234 21,686 7,880 One River Center, Building 3 Office 1984 2004 - 4,051 24,790 5,688 4,627 29,902 34,529 11,525 Neptune 3600 Route 66 Office 1989 1995 - 1,098 18,146 11,461 1,098 29,607 30,705 15,555 Red Bank 100 Schultz Drive Office 1989 2017 - 1,953 6,790 1,126 1,953 7,916 9,869 905 200 Schultz Drive Office 1989 2017 - 2,184 8,259 1,165 2,184 9,424 11,608 1,003 MACK-CALI REALTY CORPORATION, MACK-CALI REALTY, L.P. AND SUBSIDIARIES REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION December 31, 2018 (dollars in thousands) SCHEDULE III Gross Amount at Which Costs Carried at Close of Initial Costs Capitalized Period (a) Property Year Related Building and Subsequent to Building and Accumulated Property Location Type Built Acquired Encumbrances Land Improvements Acquisition(e) Land Improvements Total (d) Depreciation (b) Morris County Florham Park 325 Columbia Parkway Office 1987 1994 - 1,564 - 18,616 1,564 18,616 20,180 13,036 Madison 1 Giralda Farms Office 1982 2017 - 3,370 27,145 734 3,370 27,879 31,249 2,260 7 Giralda Farms Office 1997 2017 - 5,402 5,402 510 5,402 38,174 43,576 2,766 Morris Plains Signature Place Multi-Family 41,703 930 - 56,373 930 56,373 57,303 922 Parsippany 4 Campus Drive Office 1983 2001 - 5,213 20,984 4,052 5,213 25,036 30,249 11,490 6 Campus Drive Office 1983 2001 - 4,411 17,796 3,945 4,411 21,741 26,152 9,665 7 Campus Drive Office 1982 1998 - 1,932 27,788 6,757 1,932 34,545 36,477 18,408 8 Campus Drive Office 1987 1998 - 1,865 35,456 12,475 1,865 47,931 49,796 22,089 9 Campus Drive Office 1983 2001 - 3,277 11,796 22,721 5,842 31,952 37,794 13,474 2 Dryden Way Office 1990 1998 - 778 420 110 778 530 1,308 320 4 Gatehall Drive Office 1988 2000 - 8,452 33,929 7,788 8,452 41,717 50,169 18,726 2 Hilton Court Office 1991 1998 - 1,971 32,007 4,474 1,971 36,481 38,452 19,992 1 Sylvan Way Office 1989 1998 - 1,689 24,699 4,984 1,021 30,351 31,372 14,094 3 Sylvan Way Office 1988 2015 - 5,590 4,710 9,840 5,590 14,550 20,140 845 5 Sylvan Way Office 1989 1998 - 1,160 25,214 7,056 1,161 32,269 33,430 14,774 7 Sylvan Way Office 1987 1998 - 2,084 26,083 14,823 2,084 40,906 42,990 15,697 5 Wood Hollow Road Office 1979 2004 - 5,302 26,488 21,087 5,302 47,575 52,877 21,689 NEW YORK Westchester County Eastchester Quarry Place at Tuckahoe Multi-Family 2016 2016 40,433 5,585 3,400 48,718 5,585 52,118 57,703 2,573 Elmsford 11 Clearbrook Road Office/Flex 1974 1997 - 149 2,159 504 149 2,663 2,812 1,479 75 Clearbrook Road Office/Flex 1990 1997 - 2,314 4,716 57 2,314 4,773 7,087 2,621 100 Clearbrook Road Office 1975 1997 - 220 5,366 1,846 220 7,212 7,432 3,620 125 Clearbrook Road Office/Flex 2002 2002 - 1,055 3,676 (292) 1,055 3,384 4,439 1,685 150 Clearbrook Road Office/Flex 1975 1997 - 497 7,030 2,198 497 9,228 9,725 4,927 175 Clearbrook Road Office/Flex 1973 1997 - 655 7,473 973 655 8,446 9,101 4,731 200 Clearbrook Road Office/Flex 1974 1997 - 579 6,620 1,667 579 8,287 8,866 4,343 250 Clearbrook Road Office/Flex 1973 1997 - 867 8,647 2,387 867 11,034 11,901 5,813 50 Executive Boulevard Office/Flex 1969 1997 - 237 2,617 540 237 3,157 3,394 1,731 77 Executive Boulevard Office/Flex 1977 1997 - 34 1,104 179 34 1,283 1,317 740 85 Executive Boulevard Office/Flex 1968 1997 - 155 2,507 456 155 2,963 3,118 1,584 101 Executive Boulevard Office 1971 1997 - 267 5,838 (6,105) - - - - 300 Executive Boulevard Office/Flex 1970 1997 - 460 3,609 307 460 3,916 4,376 2,132 350 Executive Boulevard Office/Flex 1970 1997 - 100 1,793 175 100 1,968 2,068 1,146 399 Executive Boulevard Office/Flex 1962 1997 - 531 7,191 163 531 7,354 7,885 4,077 400 Executive Boulevard Office/Flex 1970 1997 - 2,202 1,846 1,140 2,202 2,986 5,188 1,807 500 Executive Boulevard Office/Flex 1970 1997 - 258 4,183 508 258 4,691 4,949 2,655 525 Executive Boulevard Office/Flex 1972 1997 - 345 5,499 837 345 6,336 6,681 3,661 1 Westchester Plaza Office/Flex 1967 1997 - 199 2,023 183 199 2,206 2,405 1,214 2 Westchester Plaza Office/Flex 1968 1997 - 234 2,726 914 234 3,640 3,874 1,971 3 Westchester Plaza Office/Flex 1969 1997 - 655 7,936 1,433 655 9,369 10,024 4,876 4 Westchester Plaza Office/Flex 1969 1997 - 320 3,729 1,531 320 5,260 5,580 2,512 5 Westchester Plaza Office/Flex 1969 1997 - 118 1,949 303 118 2,252 2,370 1,184 6 Westchester Plaza Office/Flex 1968 1997 - 164 1,998 202 164 2,200 2,364 1,197 7 Westchester Plaza Office/Flex 1972 1997 - 286 4,321 1,168 286 5,489 5,775 2,781 8 Westchester Plaza Office/Flex 1971 1997 - 447 5,262 2,127 447 7,389 7,836 4,025 Hawthorne 200 Saw Mill River Road Office/Flex 1965 1997 - 353 3,353 833 353 4,186 4,539 2,110 1 Skyline Drive Office 1980 1997 - 66 1,711 210 66 1,921 1,987 1,102 2 Skyline Drive Office 1987 1997 - 109 3,128 1,474 109 4,602 4,711 2,909 4 Skyline Drive Office/Flex 1987 1997 - 363 7,513 2,140 363 9,653 10,016 5,635 5 Skyline Drive Office/Flex 1980 2001 - 2,219 8,916 1,472 2,219 10,388 12,607 5,340 6 Skyline Drive Office/Flex 1980 2001 - 740 2,971 535 740 3,506 4,246 1,942 7 Skyline Drive Office 1987 1998 - 330 13,013 2,733 330 15,746 16,076 8,071 8 Skyline Drive Office/Flex 1985 1997 - 212 4,410 836 212 5,246 5,458 3,036 10 Skyline Drive Office/Flex 1985 1997 - 134 2,799 271 134 3,070 3,204 1,630 11 Skyline Drive (c) Office/Flex 1989 1997 - - 4,788 763 - 5,551 5,551 2,906 12 Skyline Drive (c) Office/Flex 1999 1999 - 1,562 3,254 218 1,320 3,714 5,034 1,911 15 Skyline Drive (c) Office/Flex 1989 1997 - - 7,449 1,858 - 9,307 9,307 4,537 17 Skyline Drive (c) Office 1989 1997 - - 7,269 1,248 - 8,517 8,517 4,547 MACK-CALI REALTY CORPORATION, MACK-CALI REALTY, L.P. AND SUBSIDIARIES REAL ESTATE INVESTMENTS AND ACCUMULATED DEPRECIATION December 31, 2018 (dollars in thousands) SCHEDULE III Gross Amount at Which Costs Carried at Close of Initial Costs Capitalized Period (a) Property Year Related Building and Subsequent to Building and Accumulated Property Location Type Built Acquired Encumbrances Land Improvements Acquisition(e) Land Improvements Total (d) Depreciation (b) Tarrytown 230 White Plains Road Retail 1984 1997 - 124 1,845 288 124 2,133 2,257 1,108 Yonkers 100 Corporate Boulevard Office/Flex 1987 1997 - 602 9,910 1,175 602 11,085 11,687 6,143 200 Corporate Boulevard South Office/Flex 1990 1997 - 502 7,575 2,585 502 10,160 10,662 5,017 1 Executive Boulevard Office 1982 1997 - 1,104 11,904 3,688 1,105 15,591 16,696 8,210 2 Executive Boulevard Retail 1986 1997 - 89 2,439 107 89 2,546 2,635 1,397 3 Executive Boulevard Office 1987 1997 - 385 6,256 1,803 385 8,059 8,444 4,496 4 Executive Plaza Office/Flex 1986 1997 - 584 6,134 854 584 6,988 7,572 3,723 6 Executive Plaza Office/Flex 1987 1997 - 546 7,246 2,212 546 9,458 10,004 5,127 1 Odell Plaza Office/Flex 1980 1997 - 1,206 6,815 2,349 1,206 9,164 10,370 5,093 3 Odell Plaza Office 1984 2003 - 1,322 4,777 2,360 1,322 7,137 8,459 3,976 5 Odell Plaza Office/Flex 1983 1997 - 331 2,988 476 331 3,464 3,795 2,029 7 Odell Plaza Office/Flex 1984 1997 - 419 4,418 1,303 419 5,721 6,140 2,938 CONNECTICUT Fairfield County Stamford 419 West Avenue Office/Flex 1986 1997 - 4,538 9,246 482 4,538 9,728 14,266 5,316 500 West Avenue Office/Flex 1988 1997 - 415 1,679 646 415 2,325 2,740 1,221 550 West Avenue Office/Flex 1990 1997 - 1,975 3,856 133 1,975 3,989 5,964 2,172 600 West Avenue Office/Flex 1999 1999 - 2,305 2,863 1,184 2,305 4,047 6,352 1,739 650 West Avenue Office/Flex 1998 1998 - 1,328 - 3,247 1,328 3,247 4,575 1,805 MASSACHUSETTS Middlesex County Malden The Chase at Overlook Ridge Multi-Family 2016 2016 134,839 11,072 87,793 74,692 21,827 151,730 173,557 9,969 Suffolk County East Boston Portside at Pier One Multi-Family 2016 2016 58,644 - 73,713 446 - 74,159 74,159 6,163 Portside 5/6 Multi-Family 2018 2018 96,369 - - - - 113,913 113,913 1,268 Revere Alterra at Overlook Ridge IA Multi-Family 2004 2013 40,102 9,042 50,671 1,072 9,042 51,743 60,785 7,933 Alterra at Overlook Ridge II Multi-Family 2008 2013 59,371 12,055 71,409 409 12,056 71,817 83,873 10,980 Projects Under Development and Developable Land 128,017 363,373 494,764 - 363,373 494,764 858,137 14,726 Furniture, Fixtures and Equipment - - - 53,718 - 53,718 53,718 15,879 TOTALS 1,406,239 788,528 3,429,551 811,324 807,236 4,498,781 5,306,017 1,097,868 (a) The aggregate cost for federal income tax purposes at December 31, 2018 was approximately $5.1 billion. (b) Depreciation of buildings and improvements are calculated over lives ranging from the life of the lease to 40 years. (c) This property is located on land leased by the Company. (d) Properties identified as held for sale at December 31, 2018 are excluded. (e) These costs are net of impairments and valuation allowances recorded, if any. MACK-CALI REALTY CORPORATION/MACK-CALI REALTY, L.P. AND SUBSIDIARIES NOTE TO SCHEDULE III Changes in rental properties and accumulated depreciation for the periods ended December 31, 2018 , 2017 and 2016 are as follows: (dollars in thousands) 2018 2017 2016 Rental Properties Balance at beginning of year $ 5,102,844 $ 4,804,867 $ 4,807,718 Additions 686,452 1,179,365 819,535 Rental property held for sale (184,233) (310,089) (79,200) Properties sold (238,873) (538,424) (695,837) Impairments - - - Retirements/disposals (60,173) (32,875) (47,349) Balance at end of year $ 5,306,017 $ 5,102,844 $ 4,804,867 Accumulated Depreciation Balance at beginning of year $ 1,087,083 $ 1,332,073 $ 1,464,482 Depreciation expense 140,726 154,343 151,569 Rental property held for sale (30,404) (126,503) (31,792) Properties sold (39,364) (217,625) (204,837) Repurposed buildings - (22,330) - Impairments - - - Retirements/disposals (60,173) (32,875) (47,349) Balance at end of year $ 1,097,868 $ 1,087,083 $ 1,332,073 Schadf |
Mortgage Loans On Real Estate
Mortgage Loans On Real Estate | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
Mortgages Loans On Real Estate | MACK-CALI REALTY CORPORATION/MACK-CALI REALTY, L.P. AND SUBSIDIARIES SCHEDULE IV – MORTGAGE LOANS ON REAL ESTATE As of December 31, 2018 (in thousands) Face Amount of Mortgages or Interest Interest Final Periodic Maximum Carrying Type of Accrual Payment Maturity Payment Prior Available Amount of Loan/Borrower Description Location Rate Rate Date Term (a) Liens Credit Mortgages Mortgage Loan: Borrower A Land Jersey City, NJ 5.85 % 5.85 % 07/21/19 P&I - $ 41,695 $ 45,242 Total $ 41,695 $ 45,242 (a) P&I = Principal & Interest at maturity The following table reconciles mortgage loans from January 1, 2017 to December 31, 2018 (in thousands) : 2018 2017 Balance at January 1 $ 45,734 $ - Additions/(repayments) New mortgage loan/(repayments) (3,000) 44,695 Accrued interest 2,508 1,039 Balance at December 31, $ 45,242 $ 45,734 |
Significant Accounting Polici_2
Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2018 | |
Significant Accounting Policies [Line Items] | |
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 for all real estate acquisitions classified as business combinations, which were substantially all of our operating property acquisitions, through December 31, 2016. The Company early adopted 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 $ 2.3 million, $ 2.2 million and $2.6 million for the years ended December 31, 2018 , 2017 and 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. Included in net investment in rental property as of December 31, 2018 and December 31, 2017 is real estate and building and tenant improvements not in service; as follows (dollars in thousands) : December 31, December 31, 2018 2017 Land held for development (including pre-development costs) (a) $ 465,930 $ 483,432 Development and construction in progress, including land (b) 327,039 535,971 Total $ 792,969 $ 1,019,403 (a) Includes predevelopment and infrastructure costs included in buildings and improvements of $204.9 million and $188.1 million as of December 31, 2018 and December 31, 2017, respectively. (b) Includes land of $49.6 million and $77.0 million as of December 31, 2018 and December 31, 2017, respectively. The Company considers a construction project as substantially completed and held available for occupancy upon the substantial completion of 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 residents, 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 commercial square footage or multi-family units 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 relative 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 business 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 or leases. 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 impairment 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 (which is recorded as unrealized losses on disposition of rental property) 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 $ 5,028,000 , $ 4,612,000 and $ 4,582,000 for the years ended December 31, 2018 , 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, of $10.8 million, $0.4 million and $ 30.5 million for the years ended December 31, 2018 , 2017 and 2016 were unamortized deferred financing costs which were written off (as non-cash transactions) amounting to $0.6 million, $ 0.4 million and $ 0.7 million, respectively. |
Deferred Leasing Costs | Deferred Leasing Costs Costs incurred in connection with successfully executed commercial and residential leases are capitalized and amortized on a straight-line basis over the terms of the related leases and included in depreciation and amortization. Unamortized deferred leasing costs are charged to amortization expense upon early termination of the lease. Certain employees of the Company are compensated for providing leasing services to the Properties. The portion of such compensation related to commercial leases, which is capitalized and amortized, and included in deferred charges, goodwill and other assets, net was approximately $ 3,463,000 , $ 3,146,000 and $ 3,270,000 for the years ended December 31, 2018 , 2017 and 2016 , respectively. Upon the adoption of ASC842 on January1, 2019, the Company will no longer capitalize such costs. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Goodwill is allocated to various reporting units, as applicable. Each of the Company’s segments consists of a reporting unit. Goodwill is not amortized. Management performs an annual impairment test for goodwill during the fourth quarter and between annual tests, management evaluates the recoverability of goodwill whenever events or changes in circumstances indicate that the carrying value of goodwill may not be fully recoverable. In its impairment tests of goodwill, management first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If, based on this assessment, management determines that the fair value of the reporting unit is not less than its carrying value, then performing the additional two-step impairment test is unnecessary. If the carrying value of goodwill exceeds its fair value, an impairment charge is recognized. The Company determined that its goodwill, with a balance of $2.9 million, was not impaired at December 31, 2018 after management performed its impairment tests. |
Derivative Instruments | Derivative Instruments The Company measures derivative instruments, including certain derivative instruments embedded in other contracts, at fair value and records them as an asset or liability, depending on the Company’s rights or obligations under the applicable derivative contract. For derivatives designated and qualifying as fair value hedges, the changes in the fair value of both the derivative instrument and the hedged item are recorded in earnings. For derivatives designated as cash flow hedges, the effective portions of the derivative are reported in other comprehensive income (“OCI”) and are subsequently reclassified into earnings when the hedged item affects earnings. Changes in fair value of derivative instruments not designated as hedging and ineffective portions of hedges are recognized in earnings in the affected period. |
Revenue Recognition | Revenue Recognition Base rental revenue is recognized on a straight-line basis over the terms of the respective leases. Unbilled rents receivable represents the cumulative amount by which straight-line rental revenue exceeds rents currently billed in accordance with the lease agreements. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed-rate renewal options for below-market leases. The capitalized above-market lease values for acquired properties are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed-rate renewal options of the respective leases. Escalations and recoveries from tenants are received from tenants for certain costs as provided in the lease agreements. These costs generally include real estate taxes, utilities, insurance, common area maintenance and other recoverable costs. See Note 13: Tenant Leases. Real estate services revenue includes property management, development, construction and leasing commission fees and other services, and payroll and related costs reimbursed from clients. Fee income derived from the Company’s unconsolidated joint ventures (which are capitalized by such ventures) are recognized to the extent attributable to the unaffiliated ownership interests. Parking income includes income from parking spaces leased to tenants and others. Other income includes income from tenants for additional services arranged for by the Company and income from tenants for early lease terminations. |
Allowance For Doubtful Accounts | Allowance for Doubtful Accounts Management performs a detailed review of amounts due from tenants to determine if an allowance for doubtful accounts is required based on factors affecting the collectability of the accounts receivable balances. The factors considered by management in determining which individual tenant receivable balances, or aggregate receivable balances, require a collectability allowance include the age of the receivable, the tenant’s payment history, the nature of the charges, any communications regarding the charges and other related information. Management’s estimate of the allowance for doubtful accounts requires management to exercise significant judgment about the timing, frequency and severity of collection losses, which affects the allowance and net income. |
Income And Other Taxes | Income and Other Taxes The General Partner has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “IRS Code”). As a REIT, the General Partner generally will not be subject to corporate federal income tax on net income that it currently distributes to its shareholders, provided that the General Partner satisfies certain organizational and operational requirements including the requirement to distribute at least 90 percent of its REIT taxable income (determined by excluding any net capital gains) to its shareholders. If and to the extent the General Partner retains and does not distribute any net capital gains, the General Partner will be required to pay federal, state and local taxes, as applicable, on such net capital gains at the rate applicable to capital gains of a corporation. The Operating Partnership is a partnership, and, as a result, all income and losses of the partnership are allocated to the partners for inclusion in their respective tax returns. Accordingly, no provision or benefit for income taxes has been made in the accompanying financial statements. As of December 31, 2018 , the estimated net basis of the rental property for federal income tax purposes was lower than the net assets as reported in the Operating Partnership’s financial statements by approximately $410,573,000 . The Operating Partnership’s taxable income for the year ended December 31, 2018 was estimated to be approximately $82,106,000 and for the years ended December 31, 2017 and 2016 was approximately $97,037,000 and $30,208,000 , respectively. The differences between book income and taxable income primarily result from differences in depreciation expenses, the recording of rental income, differences in the deductibility of interest expense and certain other expenses for tax purposes, differences in revenue recognition and the rules for tax purposes of a property exchange. The General Partner has elected to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (each a “TRS”). In general, a TRS of the General Partner may perform additional services for tenants of the 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. The deferred tax asset balance at December 31, 2018 amounted to $ 10.1 million which has been fully reserved through a valuation allowance. New tax reform legislation enacted in late 2017 reduced the corporate tax rate to 21 percent, effective January 1, 2018. Consequently, the Company’s deferred tax assets were re-measured to reflect the reduction in the future U.S. corporate income tax rate as of the enactment date. As a result, the Company recorded a decrease related to its deferred tax assets of $5.3 million and a decrease to the associated valuation allowance of $5.3 million at December 31, 2017. If the General Partner fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate tax rates. The Company is subject to certain state and local taxes. Pursuant to the amended provisions related to uncertain tax provisions of ASC 740, Income Taxes, the Company recognized no material adjustments regarding its tax accounting treatment. The Company expects to recognize interest and penalties related to uncertain tax positions, if any, as income tax expense, which is included in general and administrative expense. In the normal course of business, the Company or one of its subsidiaries is subject to examination by federal, state and local jurisdictions in which it operates, where applicable. As of December 31, 2018 , the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are generally from the year 2014 forward. |
Earnings Per Share Or Unit | Earnings Per Share or Unit The Company presents both basic and diluted earnings per share or unit (“EPS or EPU”). Basic EPS or EPU excludes dilution and is computed by dividing net income available to common shareholders or unitholders by the weighted average number of shares or units outstanding for the period. Diluted EPS or EPU reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS or EPU from continuing operations amount. Shares or Units whose issuance is contingent upon the satisfaction of certain conditions shall be considered outstanding and included in the computation of diluted EPS or EPU as follows (i) if all necessary conditions have been satisfied by the end of the period (the events have occurred), those shares or units shall be included as of the beginning of the period in which the conditions were satisfied (or as of the date of the grant, if later) or (ii) if all necessary conditions have not been satisfied by the end of the period, the number of contingently issuable shares or units included in diluted EPS or EPU shall be based on the number of shares or units, if any, that would be issuable if the end of the reporting period were the end of the contingency period (for example, the number of shares or units that would be issuable based on current period earnings or period-end market price) and if the result would be dilutive. Those contingently issuable shares or units shall be included in the denominator of diluted EPS or EPU as of the beginning of the period (or as of the date of the grant, if later). |
Dividends And Distributions Payable | Dividends and Distributions Payable The dividends and distributions payable at December 31, 2018 represents dividends payable to common shareholders ( 90,320,408 shares) and distributions payable to noncontrolling interest unitholders of the Operating Partnership ( 10,174,285 common units and 1,762,170 LTIP units) for all such holders of record as of January 3, 2019 with respect to the fourth quarter 2018 . The fourth quarter 2018 common stock dividends and unit distributions of $ 0.20 per common share, common unit and LTIP unit were approved by the General Partner’s Board of Directors on December 11, 2018 and paid on January 11, 2019 . The dividends and distributions payable at December 31, 2017 represents dividends payable to common shareholders ( 89,914,658 shares) and distributions payable to noncontrolling interest unitholders of the Operating Partnership ( 10,438,855 common units and 1,230,877 LTIP units) for all such holders of record as of January 3, 2018 with respect to the fourth quarter 2017 . The fourth quarter 2017 common stock dividends and unit distributions of $ 0.20 per common share, common unit and LTIP unit were approved by the General Partner’s Board of Directors on December 12, 2017 and paid on January 12, 2018 . The Company has determined that the $ 0.80 dividend per common share paid during the year ended December 31, 2018 represented approximately 47 percent ordinary income and approximately 53 percent capital gain; the $ 0.70 dividend per common share paid during the year ended December 31, 2017 represented 100 percent ordinary income and the $ 0.60 dividend per common share paid during the year ended December 31, 2016 represented 100 percent return of capital. |
Costs Incurred For Stock Issuances | Costs Incurred For Stock Issuances Costs incurred in connection with the Company’s stock issuances are reflected as a reduction of additional paid ‑in capital. |
Stock Compensation | Stock Compensation The Company accounts for stock compensation in accordance with the provisions of ASC 718, Compensation-Stock Compensation. These provisions require that the estimated fair value of restricted stock (“Restricted Stock Awards”), performance share units, 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 $ 6,894,000 , $ 7,447,000 and $ 5,646,000 for the years ended December 31, 2018 , 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. |
Redeemable Noncontrolling Interests | 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. The carrying amount of the redeemable noncontrolling interests will be changed by periodic accretions, so that the carrying amount will equal the estimated future redemption value at the redemption date. |
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 February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), modifying the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). ASU 2016-02 provides new guidelines that change the accounting for leasing arrangements for lessees, whereby their rights and obligations under substantially all leases, existing and new, would be capitalized and recorded on the balance sheet. For lessors, however, the accounting remains largely equivalent to the current model, with the distinction between operating, sales-type, and direct financing leases retained, but updated to align with certain changes to the lessee model and the new revenue recognition standard. ASU 2016-02 provides two transition methods. The first transition method allows for application of the new model at the beginning of the earliest comparative period presented. Under the second transition method, comparative periods would not be restated, with any cumulative effect adjustments recognized in the opening balance of retained earnings in the period of adoption. In addition, a practical expedient was recently issued by the FASB that allows lessors to combine non-lease components with related lease components if certain conditions are met. The Company will adopt this guidance for its interim and annual periods beginning January 1, 2019 and expects to use the second transition method. Under ASU 2016-02, lessors will only capitalize incremental direct leasing costs and will expense internal leasing costs that were previously capitalized prior to the adoption of ASU 2016-02. For leases where the Company is a lessee, primarily its ground leases, the Company expects to recognize a right-of-use asset and a corresponding lease liability. The Company is continuing to assess the potential impact of this standard but expects to recognize right-of-use assets and lease liabilities for such ground leases. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (“ASU 2016-13”). The guidance introduces a new model for estimating credit losses for certain types of financial instruments, including trade and lease receivables, loans receivable, held-to-maturity debt securities, and net investments in direct financing leases, amongst other financial instruments. ASU 2016-13 also modifies the impairment model for available-for-sale debt securities and expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for losses. ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2016-13 will have on the Company’s consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”). The purpose of ASU 2017-12 is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. ASU 2017-12 is effective for annual reporting periods beginning after December 15, 2018. ASU 2017-12 requires a modified retrospective transition method which requires a cumulative effect of the change on the opening balance of each affected component of equity in the Company’s consolidated financial statements as of the date of adoption. The Company does not expect the adoption of ASU 2017-12 to have a material impact on the Company’s consolidated financial statements. |
Mack-Cali Realty LP [Member] | |
Significant Accounting Policies [Line Items] | |
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 for all real estate acquisitions classified as business combinations, which were substantially all of our operating property acquisitions, through December 31, 2016. The Company early adopted 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 $ 2.3 million, $ 2.2 million and $2.6 million for the years ended December 31, 2018 , 2017 and 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. Included in net investment in rental property as of December 31, 2018 and December 31, 2017 is real estate and building and tenant improvements not in service; as follows (dollars in thousands) : December 31, December 31, 2018 2017 Land held for development (including pre-development costs) (a) $ 465,930 $ 483,432 Development and construction in progress, including land (b) 327,039 535,971 Total $ 792,969 $ 1,019,403 (a) Includes predevelopment and infrastructure costs included in buildings and improvements of $204.9 million and $188.1 million as of December 31, 2018 and December 31, 2017, respectively. (b) Includes land of $49.6 million and $77.0 million as of December 31, 2018 and December 31, 2017, respectively. The Company considers a construction project as substantially completed and held available for occupancy upon the substantial completion of 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 residents, 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 commercial square footage or multi-family units 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 relative 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 business 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 or leases. 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 impairment 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 (which is recorded as unrealized losses on disposition of rental property) 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 $ 5,028,000 , $ 4,612,000 and $ 4,582,000 for the years ended December 31, 2018 , 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, of $10.8 million, $0.4 million and $ 30.5 million for the years ended December 31, 2018 , 2017 and 2016 were unamortized deferred financing costs which were written off (as non-cash transactions) amounting to $0.6 million, $ 0.4 million and $ 0.7 million, respectively. |
Deferred Leasing Costs | Deferred Leasing Costs Costs incurred in connection with successfully executed commercial and residential leases are capitalized and amortized on a straight-line basis over the terms of the related leases and included in depreciation and amortization. Unamortized deferred leasing costs are charged to amortization expense upon early termination of the lease. Certain employees of the Company are compensated for providing leasing services to the Properties. The portion of such compensation related to commercial leases, which is capitalized and amortized, and included in deferred charges, goodwill and other assets, net was approximately $ 3,463,000 , $ 3,146,000 and $ 3,270,000 for the years ended December 31, 2018 , 2017 and 2016 , respectively. Upon the adoption of ASC842 on January1, 2019, the Company will no longer capitalize such costs. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Goodwill is allocated to various reporting units, as applicable. Each of the Company’s segments consists of a reporting unit. Goodwill is not amortized. Management performs an annual impairment test for goodwill during the fourth quarter and between annual tests, management evaluates the recoverability of goodwill whenever events or changes in circumstances indicate that the carrying value of goodwill may not be fully recoverable. In its impairment tests of goodwill, management first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If, based on this assessment, management determines that the fair value of the reporting unit is not less than its carrying value, then performing the additional two-step impairment test is unnecessary. If the carrying value of goodwill exceeds its fair value, an impairment charge is recognized. The Company determined that its goodwill, with a balance of $2.9 million, was not impaired at December 31, 2018 after management performed its impairment tests. |
Derivative Instruments | Derivative Instruments The Company measures derivative instruments, including certain derivative instruments embedded in other contracts, at fair value and records them as an asset or liability, depending on the Company’s rights or obligations under the applicable derivative contract. For derivatives designated and qualifying as fair value hedges, the changes in the fair value of both the derivative instrument and the hedged item are recorded in earnings. For derivatives designated as cash flow hedges, the effective portions of the derivative are reported in other comprehensive income (“OCI”) and are subsequently reclassified into earnings when the hedged item affects earnings. Changes in fair value of derivative instruments not designated as hedging and ineffective portions of hedges are recognized in earnings in the affected period. |
Revenue Recognition | Revenue Recognition Base rental revenue is recognized on a straight-line basis over the terms of the respective leases. Unbilled rents receivable represents the cumulative amount by which straight-line rental revenue exceeds rents currently billed in accordance with the lease agreements. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed-rate renewal options for below-market leases. The capitalized above-market lease values for acquired properties are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed-rate renewal options of the respective leases. Escalations and recoveries from tenants are received from tenants for certain costs as provided in the lease agreements. These costs generally include real estate taxes, utilities, insurance, common area maintenance and other recoverable costs. See Note 13: Tenant Leases. Real estate services revenue includes property management, development, construction and leasing commission fees and other services, and payroll and related costs reimbursed from clients. Fee income derived from the Company’s unconsolidated joint ventures (which are capitalized by such ventures) are recognized to the extent attributable to the unaffiliated ownership interests. Parking income includes income from parking spaces leased to tenants and others. Other income includes income from tenants for additional services arranged for by the Company and income from tenants for early lease terminations. |
Allowance For Doubtful Accounts | Allowance for Doubtful Accounts Management performs a detailed review of amounts due from tenants to determine if an allowance for doubtful accounts is required based on factors affecting the collectability of the accounts receivable balances. The factors considered by management in determining which individual tenant receivable balances, or aggregate receivable balances, require a collectability allowance include the age of the receivable, the tenant’s payment history, the nature of the charges, any communications regarding the charges and other related information. Management’s estimate of the allowance for doubtful accounts requires management to exercise significant judgment about the timing, frequency and severity of collection losses, which affects the allowance and net income. |
Income And Other Taxes | Income and Other Taxes The General Partner has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “IRS Code”). As a REIT, the General Partner generally will not be subject to corporate federal income tax on net income that it currently distributes to its shareholders, provided that the General Partner satisfies certain organizational and operational requirements including the requirement to distribute at least 90 percent of its REIT taxable income (determined by excluding any net capital gains) to its shareholders. If and to the extent the General Partner retains and does not distribute any net capital gains, the General Partner will be required to pay federal, state and local taxes, as applicable, on such net capital gains at the rate applicable to capital gains of a corporation. The Operating Partnership is a partnership, and, as a result, all income and losses of the partnership are allocated to the partners for inclusion in their respective tax returns. Accordingly, no provision or benefit for income taxes has been made in the accompanying financial statements. As of December 31, 2018 , the estimated net basis of the rental property for federal income tax purposes was lower than the net assets as reported in the Operating Partnership’s financial statements by approximately $410,573,000 . The Operating Partnership’s taxable income for the year ended December 31, 2018 was estimated to be approximately $82,106,000 and for the years ended December 31, 2017 and 2016 was approximately $97,037,000 and $30,208,000 , respectively. The differences between book income and taxable income primarily result from differences in depreciation expenses, the recording of rental income, differences in the deductibility of interest expense and certain other expenses for tax purposes, differences in revenue recognition and the rules for tax purposes of a property exchange. The General Partner has elected to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (each a “TRS”). In general, a TRS of the General Partner may perform additional services for tenants of the 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. The deferred tax asset balance at December 31, 2018 amounted to $ 10.1 million which has been fully reserved through a valuation allowance. New tax reform legislation enacted in late 2017 reduced the corporate tax rate to 21 percent, effective January 1, 2018. Consequently, the Company’s deferred tax assets were re-measured to reflect the reduction in the future U.S. corporate income tax rate as of the enactment date. As a result, the Company recorded a decrease related to its deferred tax assets of $5.3 million and a decrease to the associated valuation allowance of $5.3 million at December 31, 2017. If the General Partner fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate tax rates. The Company is subject to certain state and local taxes. Pursuant to the amended provisions related to uncertain tax provisions of ASC 740, Income Taxes, the Company recognized no material adjustments regarding its tax accounting treatment. The Company expects to recognize interest and penalties related to uncertain tax positions, if any, as income tax expense, which is included in general and administrative expense. In the normal course of business, the Company or one of its subsidiaries is subject to examination by federal, state and local jurisdictions in which it operates, where applicable. As of December 31, 2018 , the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are generally from the year 2014 forward. |
Earnings Per Share Or Unit | Earnings Per Share or Unit The Company presents both basic and diluted earnings per share or unit (“EPS or EPU”). Basic EPS or EPU excludes dilution and is computed by dividing net income available to common shareholders or unitholders by the weighted average number of shares or units outstanding for the period. Diluted EPS or EPU reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS or EPU from continuing operations amount. Shares or Units whose issuance is contingent upon the satisfaction of certain conditions shall be considered outstanding and included in the computation of diluted EPS or EPU as follows (i) if all necessary conditions have been satisfied by the end of the period (the events have occurred), those shares or units shall be included as of the beginning of the period in which the conditions were satisfied (or as of the date of the grant, if later) or (ii) if all necessary conditions have not been satisfied by the end of the period, the number of contingently issuable shares or units included in diluted EPS or EPU shall be based on the number of shares or units, if any, that would be issuable if the end of the reporting period were the end of the contingency period (for example, the number of shares or units that would be issuable based on current period earnings or period-end market price) and if the result would be dilutive. Those contingently issuable shares or units shall be included in the denominator of diluted EPS or EPU as of the beginning of the period (or as of the date of the grant, if later). |
Dividends And Distributions Payable | Dividends and Distributions Payable The dividends and distributions payable at December 31, 2018 represents dividends payable to common shareholders ( 90,320,408 shares) and distributions payable to noncontrolling interest unitholders of the Operating Partnership ( 10,174,285 common units and 1,762,170 LTIP units) for all such holders of record as of January 3, 2019 with respect to the fourth quarter 2018 . The fourth quarter 2018 common stock dividends and unit distributions of $ 0.20 per common share, common unit and LTIP unit were approved by the General Partner’s Board of Directors on December 11, 2018 and paid on January 11, 2019 . The dividends and distributions payable at December 31, 2017 represents dividends payable to common shareholders ( 89,914,658 shares) and distributions payable to noncontrolling interest unitholders of the Operating Partnership ( 10,438,855 common units and 1,230,877 LTIP units) for all such holders of record as of January 3, 2018 with respect to the fourth quarter 2017 . The fourth quarter 2017 common stock dividends and unit distributions of $ 0.20 per common share, common unit and LTIP unit were approved by the General Partner’s Board of Directors on December 12, 2017 and paid on January 12, 2018 . The Company has determined that the $ 0.80 dividend per common share paid during the year ended December 31, 2018 represented approximately 47 percent ordinary income and approximately 53 percent capital gain; the $ 0.70 dividend per common share paid during the year ended December 31, 2017 represented 100 percent ordinary income and the $ 0.60 dividend per common share paid during the year ended December 31, 2016 represented 100 percent return of capital. |
Costs Incurred For Stock Issuances | Costs Incurred For Stock Issuances Costs incurred in connection with the Company’s stock issuances are reflected as a reduction of additional paid ‑in capital. |
Stock Compensation | Stock Compensation The Company accounts for stock compensation in accordance with the provisions of ASC 718, Compensation-Stock Compensation. These provisions require that the estimated fair value of restricted stock (“Restricted Stock Awards”), performance share units, 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 $ 6,894,000 , $ 7,447,000 and $ 5,646,000 for the years ended December 31, 2018 , 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. |
Redeemable Noncontrolling Interests | 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. The carrying amount of the redeemable noncontrolling interests will be changed by periodic accretions, so that the carrying amount will equal the estimated future redemption value at the redemption date. |
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 February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), modifying the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). ASU 2016-02 provides new guidelines that change the accounting for leasing arrangements for lessees, whereby their rights and obligations under substantially all leases, existing and new, would be capitalized and recorded on the balance sheet. For lessors, however, the accounting remains largely equivalent to the current model, with the distinction between operating, sales-type, and direct financing leases retained, but updated to align with certain changes to the lessee model and the new revenue recognition standard. ASU 2016-02 provides two transition methods. The first transition method allows for application of the new model at the beginning of the earliest comparative period presented. Under the second transition method, comparative periods would not be restated, with any cumulative effect adjustments recognized in the opening balance of retained earnings in the period of adoption. In addition, a practical expedient was recently issued by the FASB that allows lessors to combine non-lease components with related lease components if certain conditions are met. The Company will adopt this guidance for its interim and annual periods beginning January 1, 2019 and expects to use the second transition method. Under ASU 2016-02, lessors will only capitalize incremental direct leasing costs and will expense internal leasing costs that were previously capitalized prior to the adoption of ASU 2016-02. For leases where the Company is a lessee, primarily its ground leases, the Company expects to recognize a right-of-use asset and a corresponding lease liability. The Company is continuing to assess the potential impact of this standard but expects to recognize right-of-use assets and lease liabilities for such ground leases. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (“ASU 2016-13”). The guidance introduces a new model for estimating credit losses for certain types of financial instruments, including trade and lease receivables, loans receivable, held-to-maturity debt securities, and net investments in direct financing leases, amongst other financial instruments. ASU 2016-13 also modifies the impairment model for available-for-sale debt securities and expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for losses. ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2016-13 will have on the Company’s consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”). The purpose of ASU 2017-12 is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. ASU 2017-12 is effective for annual reporting periods beginning after December 15, 2018. ASU 2017-12 requires a modified retrospective transition method which requires a cumulative effect of the change on the opening balance of each affected component of equity in the Company’s consolidated financial statements as of the date of adoption. The Company does not expect the adoption of ASU 2017-12 to have a material impact on the Company’s consolidated financial statements. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Significant Accounting Policies [Line Items] | |
Schedule Of Rental Property Improvements | December 31, December 31, 2018 2017 Land held for development (including pre-development costs) (a) $ 465,930 $ 483,432 Development and construction in progress, including land (b) 327,039 535,971 Total $ 792,969 $ 1,019,403 (a) Includes predevelopment and infrastructure costs included in buildings and improvements of $204.9 million and $188.1 million as of December 31, 2018 and December 31, 2017, respectively. (b) Includes land of $49.6 million and $77.0 million as of December 31, 2018 and December 31, 2017, respectively. |
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] | |
Significant Accounting Policies [Line Items] | |
Schedule Of Rental Property Improvements | December 31, December 31, 2018 2017 Land held for development (including pre-development costs) (a) $ 465,930 $ 483,432 Development and construction in progress, including land (b) 327,039 535,971 Total $ 792,969 $ 1,019,403 (a) Includes predevelopment and infrastructure costs included in buildings and improvements of $204.9 million and $188.1 million as of December 31, 2018 and December 31, 2017, respectively. (b) Includes land of $49.6 million and $77.0 million as of December 31, 2018 and December 31, 2017, respectively. |
Estimated Useful Lives Of Assets | Leasehold interests Remaining lease term Buildings and improvements 5 to 40 years Tenant improvements The shorter of the term of the related lease or useful life Furniture, fixtures and equipment 5 to 10 years |
Recent Transactions (Tables)
Recent Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 Total Land and leasehold interest $ 7,914 $ 30,336 $ 38,250 Buildings and improvements and other assets 16,047 295,299 311,346 Above market leases (a) 118 6,367 6,485 In-place lease values (a) 3,171 45,604 48,775 27,250 377,606 404,856 Less: Below market lease values (a) (22) (10,245) (10,267) Net assets recorded upon acquisition $ 27,228 $ 367,361 $ 394,589 (a) Above market, in-place and below market leases are being amortized over a weighted-average term of 5.4 years. |
Schedule Of Properties Which Commenced Initial Operations | # of Total In-Service Apartment Units/ Development Date Property Location Type Rooms Costs Incurred 03/01/18 145 Front at City Square Worcester, MA Multi-Family 365 $ 97,483 (a) 04/01/18 Signature Place at Morris Plains Morris Plains, NJ Multi-Family 197 56,715 (b) 05/01/18 Portside 5/6 East Boston, MA Multi-Family 296 114,694 (c) 08/01/18 RiverHouse 11 at Port Imperial Weehawken, NJ Multi-Family 295 130,369 (d) 12/13/18 Residence Inn By Marriott (Phase I) Weehawken, NJ Hotel 164 58,723 (e) Totals 1,317 $ 457,984 (a) Development costs as of December 31, 2018 included approximately $4.4 in land costs. As of December 31, 2018, the Company anticipates additional costs of approximately $1.1 million, which will be primarily funded from a construction loan. (b) Development costs as of December 31, 2018 included approximately $0.9 in land costs. (c) As of December 31, 2018 , the Company anticipates additional costs of approximately $0.7 million, which will be funded by the Company. (d) As of December 31, 2018 , the Company anticipates additional costs of $1.2 million which will be funded by the Company. (e) As of December 31, 2018, the Company anticipates additional costs of $20.1 million which will be funded from a construction loan. |
Schedule Of Net Assets Recorded Upon Consolidation | 2018 Marbella Land and leasehold interest $ 48,820 Buildings and improvements and other assets, net 162,958 In-place lease values (a) 6,947 Less: Below market lease values (a) (108) 218,617 Less: Debt (131,000) Net Assets 87,617 Less: Noncontrolling interest (b) (22,812) Net assets recorded upon consolidation $ 64,805 (a) In-place and below market leases are being amortized over a weighted-average term of 9.3 months. (b) Noncontrolling interest balance reflects distribution of $7.0 million of loan proceeds at closing. 2017 Monaco Monaco North South Total Land and leasehold interest $ 27,300 $ 31,461 $ 58,761 Buildings and improvements and other assets 112,841 129,895 242,736 Above market leases (a) 350 - 350 In-place lease values (a) 4,585 4,913 9,498 Less: Below market lease values (a) (141) (118) (259) 144,935 166,151 311,086 Less: Debt assumed at fair value (79,544) (91,656) (171,200) Net assets recorded upon consolidation $ 65,391 $ 74,495 $ 139,886 (a) Above market, in-place and below market leases are being amortized over a weighted-average term of 8 months. |
Schedule Of Disposed Properties | 2018 The Company disposed of the following office properties during the year ended December 31, 2018 (dollars in thousands) : Realized Gains Rentable Net Net (losses)/ Disposition # of Square Sales Carrying Unrealized Date Property/Address Location Bldgs. Feet Proceeds Value Losses, net 02/15/18 35 Waterview Boulevard (a) Parsippany, New Jersey 1 172,498 $ 25,994 $ 25,739 $ 255 03/05/18 Hamilton portfolio (b) Hamilton, New Jersey 6 239,262 17,546 17,501 45 03/07/18 Wall portfolio first closing Wall, New Jersey 5 179,601 14,053 10,526 3,527 03/22/18 700 Horizon Drive Hamilton, New Jersey 1 120,000 33,020 16,053 16,967 03/23/18 Wall portfolio second closing Wall, New Jersey 3 217,822 30,209 12,961 17,248 03/28/18 75 Livingston Avenue Roseland, New Jersey 1 94,221 7,983 5,609 2,374 03/28/18 20 Waterview Boulevard (c) Parsippany, New Jersey 1 225,550 12,475 11,795 680 03/30/18 Westchester Financial Center (d) White Plains, New York 2 489,000 81,769 64,679 17,090 06/27/18 65 Jackson Drive Cranford, New Jersey 0 - 1,510 (e) - 1,510 08/02/18 600 Horizon Drive Hamilton, New Jersey 1 95,000 15,127 6,191 8,936 09/05/18 1 & 3 Barker Avenue White Plains, New York 2 133,300 15,140 13,543 1,597 11/15/18 120 Passaic Street (f) Rochelle Park, New Jersey 1 52,000 2,667 2,568 99 12/31/18 Elmsford Distribution Center Elmsford, New York 6 387,400 66,557 17,314 49,243 Sub-total 30 2,405,654 324,050 204,479 119,571 Unrealized losses on rental property held for sale (20,135) Totals 30 2,405,654 $ 324,050 $ 204,479 $ 99,436 (a) The Company recorded a valuation allowance of $0.7 million on this property during the year ended December 31, 2017. (b) The Company recorded a valuation allowance of $0.6 million on these properties during the year ended December 31, 2017. The disposition additionally included two land properties. (c) The Company recorded a valuation allowance of $11 million on this property during the year ended December 31, 2017. Prior to closing, the Company provided short term financing through a note receivable to an affiliate of the buyers of $2.8 million. The note was paid off in the second quarter of 2018. (d) Prior to closing, the Company provided financing through a note receivable to an affiliate of the buyers of $4.0 million. The note was paid off in October 2018. (e) Represents the receipt by the Company in the second quarter 2018 of variable contingent sales consideration, net of costs, of $1.5 million subsequent to disposition of the property sold in January 2017. (f) The net sale proceeds were held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other assets as of December 31, 2018. See Note 5: Deferred Charges, Goodwill and Other Assets, Net). 2017 The Company disposed of the following office properties during the year ended December 31, 2017 (dollars in thousands) : Realized Gains Rentable Net Net (losses)/ Disposition # of Square Sales Carrying 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 05/15/17 103 Carnegie Center Princeton, New Jersey 1 96,000 15,063 8,271 6,792 08/29/17 400 Chestnut Ridge Road Woodcliff Lake, New Jersey 1 89,200 6,891 7,498 (607) 08/30/17 140 E. Ridgewood Avenue Paramus, New Jersey 1 239,680 30,201 30,737 (536) 08/30/17 Bergen portfolio Woodcliff Lake, Paramus and 5 1,061,544 86,973 (c) 135,121 (48,148) Rochelle Park, New Jersey 09/11/17 377 Summerhill Road East Brunswick, New Jersey 1 40,000 3,221 2,172 1,049 09/13/17 700 Executive Boulevard Elmsford, New York - - (b) 5,717 970 4,747 09/20/17 Totowa Portfolio Totowa, New Jersey 13 499,243 63,624 27,630 35,994 09/27/17 890 Mountain Avenue (d) New Providence, New Jersey 1 80,000 4,852 6,139 (1,287) 09/28/17 135 Chestnut Ridge Road Montvale, New Jersey 1 66,150 5,844 (e) 2,929 2,915 09/29/17 Moorestown portfolio Moorestown and Burlington, New Jersey 26 1,260,398 73,393 (f) 56,186 17,207 10/19/17 1 Enterprise Boulevard Yonkers, New York - - (b) 3,230 1,380 1,850 11/15/17 61 South Paramus Road Paramus, New Jersey 1 269,191 23,255 37,184 (13,929) 12/06/17 300 Tice Boulevard Woodcliff Lake, New Jersey 1 230,000 28,847 25,705 3,142 Sub-total 60 4,677,058 399,332 384,637 14,695 Unrealized losses on rental property held for sale (12,331) Totals 60 4,677,058 $ 399,332 $ 384,637 $ 2,364 (a) The Company recorded a valuation allowance of $7.7 million on this property during the year ended December 31, 2016. (b) This disposition is of a ground leased land property. (c) At closing, the Company provided short term seller financing aggregating $65 million through mortgage notes receivable to the buyers. These notes were paid off in November and December 2017. (d) The Company recorded an impairment charge of $7.0 million on this property during the year ended December 31, 2015. (e) The Company recorded an impairment charge of $4.2 million on this property during the year ended December 31, 2015. $5.9 million of the sales proceeds from this sale were held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other assets as of December 31, 2017. See Note 5: Deferred Charges, Goodwill and Other Assets, Net. (f) $15.3 million of the sales proceeds from this sale were held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other assets as of December 31, 2017. See Note 5: Deferred Charges, Goodwill and Other Assets, Net. |
Schedule Of Disposed Developable Land | Net Net Gain on Disposition Sales Carrying Disposition of Date Property Address Location Proceeds Value Developable Land 12/31/18 One Lake Street Upper Saddle River, New Jersey (a) $ 46,036 $ 15,097 $ 30,939 Totals $ 46,036 $ 15,097 $ 30,939 (a) The net sale proceeds were held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other assets as of December 31, 2018. See Note 5: Deferred Charges, Goodwill and Other Assets, Net. The net carrying value includes $3 million of development costs funded at the closing. |
Summary Of Income From Property Held For Sale, Net | The following table summarizes the rental property held for sale, net, as of December 31, 2018 (dollars in thousands): December 31, 2018 Land $ 24,376 Buildings and improvements 159,857 Less: Accumulated depreciation (55,250) Less: Unrealized losses on properties held for sale (20,135) Rental property held for sale, net $ 108,848 The following table summarizes the rental property held for sale, net, as of December 31, 2017 (dollars in thousands): December 31, 2017 Land $ 37,024 Buildings and improvements 273,388 Less: Accumulated depreciation (126,503) Less: Unrealized losses on properties held for sale (12,331) Rental property held for sale,net $ 171,578 |
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 Total Land and leasehold interest $ 7,914 $ 30,336 $ 38,250 Buildings and improvements and other assets 16,047 295,299 311,346 Above market leases (a) 118 6,367 6,485 In-place lease values (a) 3,171 45,604 48,775 27,250 377,606 404,856 Less: Below market lease values (a) (22) (10,245) (10,267) Net assets recorded upon acquisition $ 27,228 $ 367,361 $ 394,589 (a) Above market, in-place and below market leases are being amortized over a weighted-average term of 5.4 years. |
Schedule Of Properties Which Commenced Initial Operations | # of Total In-Service Apartment Units/ Development Date Property Location Type Rooms Costs Incurred 03/01/18 145 Front at City Square Worcester, MA Multi-Family 365 $ 97,483 (a) 04/01/18 Signature Place at Morris Plains Morris Plains, NJ Multi-Family 197 56,715 (b) 05/01/18 Portside 5/6 East Boston, MA Multi-Family 296 114,694 (c) 08/01/18 RiverHouse 11 at Port Imperial Weehawken, NJ Multi-Family 295 130,369 (d) 12/13/18 Residence Inn By Marriott (Phase I) Weehawken, NJ Hotel 164 58,723 (e) Totals 1,317 $ 457,984 (a) Development costs as of December 31, 2018 included approximately $4.4 in land costs. As of December 31, 2018, the Company anticipates additional costs of approximately $1.1 million, which will be primarily funded from a construction loan. (b) Development costs as of December 31, 2018 included approximately $0.9 in land costs. (c) As of December 31, 2018 , the Company anticipates additional costs of approximately $0.7 million, which will be funded by the Company. (d) As of December 31, 2018 , the Company anticipates additional costs of $1.2 million which will be funded by the Company. (e) As of December 31, 2018, the Company anticipates additional costs of $20.1 million which will be funded from a construction loan. |
Schedule Of Net Assets Recorded Upon Consolidation | 2018 Marbella Land and leasehold interest $ 48,820 Buildings and improvements and other assets, net 162,958 In-place lease values (a) 6,947 Less: Below market lease values (a) (108) 218,617 Less: Debt (131,000) Net Assets 87,617 Less: Noncontrolling interest (b) (22,812) Net assets recorded upon consolidation $ 64,805 (a) In-place and below market leases are being amortized over a weighted-average term of 9.3 months. (b) Noncontrolling interest balance reflects distribution of $7.0 million of loan proceeds at closing. 2017 Monaco Monaco North South Total Land and leasehold interest $ 27,300 $ 31,461 $ 58,761 Buildings and improvements and other assets 112,841 129,895 242,736 Above market leases (a) 350 - 350 In-place lease values (a) 4,585 4,913 9,498 Less: Below market lease values (a) (141) (118) (259) 144,935 166,151 311,086 Less: Debt assumed at fair value (79,544) (91,656) (171,200) Net assets recorded upon consolidation $ 65,391 $ 74,495 $ 139,886 (a) Above market, in-place and below market leases are being amortized over a weighted-average term of 8 months. |
Schedule Of Disposed Properties | 2018 The Company disposed of the following office properties during the year ended December 31, 2018 (dollars in thousands) : Realized Gains Rentable Net Net (losses)/ Disposition # of Square Sales Carrying Unrealized Date Property/Address Location Bldgs. Feet Proceeds Value Losses, net 02/15/18 35 Waterview Boulevard (a) Parsippany, New Jersey 1 172,498 $ 25,994 $ 25,739 $ 255 03/05/18 Hamilton portfolio (b) Hamilton, New Jersey 6 239,262 17,546 17,501 45 03/07/18 Wall portfolio first closing Wall, New Jersey 5 179,601 14,053 10,526 3,527 03/22/18 700 Horizon Drive Hamilton, New Jersey 1 120,000 33,020 16,053 16,967 03/23/18 Wall portfolio second closing Wall, New Jersey 3 217,822 30,209 12,961 17,248 03/28/18 75 Livingston Avenue Roseland, New Jersey 1 94,221 7,983 5,609 2,374 03/28/18 20 Waterview Boulevard (c) Parsippany, New Jersey 1 225,550 12,475 11,795 680 03/30/18 Westchester Financial Center (d) White Plains, New York 2 489,000 81,769 64,679 17,090 06/27/18 65 Jackson Drive Cranford, New Jersey 0 - 1,510 (e) - 1,510 08/02/18 600 Horizon Drive Hamilton, New Jersey 1 95,000 15,127 6,191 8,936 09/05/18 1 & 3 Barker Avenue White Plains, New York 2 133,300 15,140 13,543 1,597 11/15/18 120 Passaic Street (f) Rochelle Park, New Jersey 1 52,000 2,667 2,568 99 12/31/18 Elmsford Distribution Center Elmsford, New York 6 387,400 66,557 17,314 49,243 Sub-total 30 2,405,654 324,050 204,479 119,571 Unrealized losses on rental property held for sale (20,135) Totals 30 2,405,654 $ 324,050 $ 204,479 $ 99,436 (a) The Company recorded a valuation allowance of $0.7 million on this property during the year ended December 31, 2017. (b) The Company recorded a valuation allowance of $0.6 million on these properties during the year ended December 31, 2017. The disposition additionally included two land properties. (c) The Company recorded a valuation allowance of $11 million on this property during the year ended December 31, 2017. Prior to closing, the Company provided short term financing through a note receivable to an affiliate of the buyers of $2.8 million. The note was paid off in the second quarter of 2018. (d) Prior to closing, the Company provided financing through a note receivable to an affiliate of the buyers of $4.0 million. The note was paid off in October 2018. (e) Represents the receipt by the Company in the second quarter 2018 of variable contingent sales consideration, net of costs, of $1.5 million subsequent to disposition of the property sold in January 2017. (f) The net sale proceeds were held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other assets as of December 31, 2018. See Note 5: Deferred Charges, Goodwill and Other Assets, Net). 2017 The Company disposed of the following office properties during the year ended December 31, 2017 (dollars in thousands) : Realized Gains Rentable Net Net (losses)/ Disposition # of Square Sales Carrying 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 05/15/17 103 Carnegie Center Princeton, New Jersey 1 96,000 15,063 8,271 6,792 08/29/17 400 Chestnut Ridge Road Woodcliff Lake, New Jersey 1 89,200 6,891 7,498 (607) 08/30/17 140 E. Ridgewood Avenue Paramus, New Jersey 1 239,680 30,201 30,737 (536) 08/30/17 Bergen portfolio Woodcliff Lake, Paramus and 5 1,061,544 86,973 (c) 135,121 (48,148) Rochelle Park, New Jersey 09/11/17 377 Summerhill Road East Brunswick, New Jersey 1 40,000 3,221 2,172 1,049 09/13/17 700 Executive Boulevard Elmsford, New York - - (b) 5,717 970 4,747 09/20/17 Totowa Portfolio Totowa, New Jersey 13 499,243 63,624 27,630 35,994 09/27/17 890 Mountain Avenue (d) New Providence, New Jersey 1 80,000 4,852 6,139 (1,287) 09/28/17 135 Chestnut Ridge Road Montvale, New Jersey 1 66,150 5,844 (e) 2,929 2,915 09/29/17 Moorestown portfolio Moorestown and Burlington, New Jersey 26 1,260,398 73,393 (f) 56,186 17,207 10/19/17 1 Enterprise Boulevard Yonkers, New York - - (b) 3,230 1,380 1,850 11/15/17 61 South Paramus Road Paramus, New Jersey 1 269,191 23,255 37,184 (13,929) 12/06/17 300 Tice Boulevard Woodcliff Lake, New Jersey 1 230,000 28,847 25,705 3,142 Sub-total 60 4,677,058 399,332 384,637 14,695 Unrealized losses on rental property held for sale (12,331) Totals 60 4,677,058 $ 399,332 $ 384,637 $ 2,364 (a) The Company recorded a valuation allowance of $7.7 million on this property during the year ended December 31, 2016. (b) This disposition is of a ground leased land property. (c) At closing, the Company provided short term seller financing aggregating $65 million through mortgage notes receivable to the buyers. These notes were paid off in November and December 2017. (d) The Company recorded an impairment charge of $7.0 million on this property during the year ended December 31, 2015. (e) The Company recorded an impairment charge of $4.2 million on this property during the year ended December 31, 2015. $5.9 million of the sales proceeds from this sale were held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other assets as of December 31, 2017. See Note 5: Deferred Charges, Goodwill and Other Assets, Net. (f) $15.3 million of the sales proceeds from this sale were held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other assets as of December 31, 2017. See Note 5: Deferred Charges, Goodwill and Other Assets, Net. |
Schedule Of Disposed Developable Land | Net Net Gain on Disposition Sales Carrying Disposition of Date Property Address Location Proceeds Value Developable Land 12/31/18 One Lake Street Upper Saddle River, New Jersey (a) $ 46,036 $ 15,097 $ 30,939 Totals $ 46,036 $ 15,097 $ 30,939 (a) The net sale proceeds were held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other assets as of December 31, 2018. See Note 5: Deferred Charges, Goodwill and Other Assets, Net. The net carrying value includes $3 million of development costs funded at the closing. |
Summary Of Income From Property Held For Sale, Net | The following table summarizes the rental property held for sale, net, as of December 31, 2018 (dollars in thousands): December 31, 2018 Land $ 24,376 Buildings and improvements 159,857 Less: Accumulated depreciation (55,250) Less: Unrealized losses on properties held for sale (20,135) Rental property held for sale, net $ 108,848 The following table summarizes the rental property held for sale, net, as of December 31, 2017 (dollars in thousands): December 31, 2017 Land $ 37,024 Buildings and improvements 273,388 Less: Accumulated depreciation (126,503) Less: Unrealized losses on properties held for sale (12,331) Rental property held for sale,net $ 171,578 |
Investments In Unconsolidated_2
Investments In Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments In Unconsolidated Joint Ventures [Line Items] | |
Summary Of Unconsolidated Joint Ventures | Property Debt Number of Company's Carrying Value As of December 31, 2018 Apartment Units Effective December 31, December 31, Maturity Interest Entity / Property Name or Rentable Square Feet (sf) Ownership % (a) 2018 2017 Balance Date Rate Multi-family Marbella (b) 412 units 24.27 % $ - $ 14,544 $ - - - % Metropolitan at 40 Park (c) (d) 130 units 25.00 % 7,679 6,834 55,227 (e) (e) RiverTrace at Port Imperial 316 units 22.50 % 8,112 8,864 82,000 11/10/26 3.21 % Crystal House (f) 825 units 25.00 % 29,570 30,570 162,838 04/01/20 3.17 % PI North - Riverwalk C 360 units 40.00 % 27,175 16,844 - 12/06/21 L+2.75 % (g) Marbella II (i) 311 units 24.27 % 15,414 16,471 74,690 03/30/19 L+2.25 % (h) Riverpark at Harrison 141 units 45.00 % 1,272 1,604 29,819 08/01/25 3.70 % Station House 378 units 50.00 % 37,675 40,124 98,504 07/01/33 4.82 % Urby at Harborside 762 units 85.00 % 85,317 94,429 191,732 08/01/29 5.197 % (j) PI North -Land (k) 836 potential units 20.00 % 1,678 1,678 - - - Liberty Landing 850 potential units 50.00 % 337 337 - - - Hillsborough 206 160,000 sf 50.00 % 1,962 1,962 - - - Office Red Bank 92,878 sf 50.00 % 3,127 4,602 14,000 08/01/23 L+2.25 % (l) 12 Vreeland Road 139,750 sf 50.00 % 7,019 6,734 7,904 07/01/23 2.87 % Offices at Crystal Lake 106,345 sf 31.25 % 3,442 3,369 4,076 11/01/23 4.76 % Other Riverwalk Retail 30,745 sf 20.00 % 1,539 1,625 - - - Hyatt Regency Jersey City 351 rooms 50.00 % 112 440 100,000 10/01/26 3.668 % Other (m) 1,320 1,595 - - - Totals: $ 232,750 $ 252,626 $ 820,790 (a) Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable. (b) On August 2, 2018, the Company acquired its equity partner's 50 percent controlling interest in the venture and, as a result, increased its ownership from a 24.27 percent subordinated interest to 74.27 percent controlling interest. See Note 3: Recent Transactions - Consolidation. (c) 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. (d) Through the joint venture, the Company also owns a 12.5 percent interest in a 50,973 square feet retail building ("Shops at 40 Park") and a 25 percent interest in a 59 -unit, five story multi-family rental development property ("Lofts at 40 Park"). On December 11, 2018, the Company acquired one of its partner’s interest and as a result, increased its ownership from 12.5 percent interest to 25 percent interest in the Metropolitan and Shops at 40 Park and from 25 percent interest to 50 percent interest in the Lofts at 40 Park. (e) Property debt balance consists of: (i) an amortizable loan, collateralized by the Metropolitan at 40 Park, with a balance of $36.0 million bears interest at 3.25 percent, matures in September 2020 ; (ii) an interest only loan, collateralized by the Shops at 40 Park, with a balance of $6.1 million, bears interest at LIBOR +2.25 percent, matures in September 2019 ; (iii) a loan with a maximum borrowing amount of $13,950 for the Lofts at 40 Park with a balance of $13.1 million, which bears interest at LIBOR plus 250 basis points and matures in February 2020 . (f) Included in this is the Company's unconsolidated 50 percent interest in a vacant land to accommodate the development of approximately 295 additional units of which 252 are currently approved. (g) The venture has a construction loan with a maximum borrowing amount of $112,000 . (h) The construction loan which had a maximum borrowing amount of $75,000 was amended on 3/30/18 and, subject to certain conditions, provided for four 3 -month extension options with a fee of 6.25 basis points for each extension. (i) On January 31, 2019, the Company, which held a 24.27 percent subordinated interest in the unconsolidated joint venture, Marbella Tower Urban Renewal Associates South LLC, a 311-unit multi-family operating property located in Jersey City, New Jersey, acquired the majority equity partner’s 50 percent interest in the venture for $77.5 million in cash. The cash portion of the acquisition was funded primarily through borrowings under the Company’s unsecured revolving credit facility. Concurrently with the closing, the joint venture repaid in full the property’s $74.7 million mortgage loan and obtained a new loan in the amount of $117 million. (j) The construction/permanent loan has a maximum borrowing amount of $192 million. The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines. (k) The 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. (l) On August 1, 2018, the venture refinanced its mortgage loan with a maximum borrowing amount of $16,500 , bears interest at LIBOR +2.25% , matures on August 1, 2023 and subject to certain conditions, provided for two extension options. (m) The Company owns other interests in various unconsolidated joint ventures, including interests in assets previously owned and interest in ventures whose businesses are related to its core operations. These ventures are not expected to significantly impact the Company's operations in the near term. |
Summary Of Company's Equity In Earnings (Loss) Of Unconsolidated Joint Ventures | Year Ended December 31, Entity / Property Name 2018 2017 2016 Multi-family Marbella (b) $ 205 $ 334 $ 231 Metropolitan at 40 Park (455) (311) (317) RiverTrace at Port Imperial 154 196 (1,146) Crystal House (874) (923) (870) PI North - Pier Land (126) (219) (62) PI North - Riverwalk C - (653) (58) Marbella II 35 93 (202) Riverpark at Harrison (232) (252) (190) Station House (2,096) (1,793) (2,440) Urby at Harborside (975) (c) (6,356) (219) Liberty Landing (5) (15) (80) Hillsborough 206 16 (25) (53) Office Red Bank (215) 238 448 12 Vreeland Road 285 496 347 Offices at Crystal Lake 73 89 (15) Other Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial (86) (81) (52) South Pier at Harborside / Hyatt Regency Jersey City on the Hudson 3,672 3,277 24,180 Other 497 (176) (714) Company's equity in earnings (loss) of unconsolidated joint ventures (a) $ (127) $ (6,081) $ 18,788 (a) Amounts are net of amortization of basis differences of $903 , $792 and $436 for the years ended December 31, 2018 , 2017 and 2016 , respectively. (b) On August 2, 2018, the Company acquired one of its equity partner's 50 percent interest and as a result, increased its ownership from 24.27 percent subordinated interest to 74.27 percent controlling interest , and ceased applying the equity method of accounting at such time. (c) Includes $2.6 million of the Company's share of the venture's income from its first annual sale of an economic tax credit certificate from the State of New Jersey to a third party. The venture has an agreement with a third party to sell it the tax credits over the next nine years for $3 million per year for a total of $27 million. The sales are subject to the venture obtaining the tax credits from the State of New Jersey and transferring the credit certificates each year. |
Summary Of Financial Position Of Unconsolidated Joint Ventures | December 31, December 31, 2018 2017 Assets: Rental property, net $ 903,253 $ 931,419 Other assets 212,205 207,903 Total assets $ 1,115,458 $ 1,139,322 Liabilities and partners'/ members' capital: Mortgages and loans payable $ 686,797 $ 689,412 Other liabilities 67,072 80,746 Partners'/members' capital 361,589 369,164 Total liabilities and partners'/members' capital $ 1,115,458 $ 1,139,322 |
Summary Of Results Of Operations Of Unconsolidated Joint Ventures | Year Ended December 31, 2018 2017 2016 Total revenues $ 310,919 $ 358,751 $ 377,711 Operating and other expenses (230,863) (297,492) (262,703) Depreciation and amortization (40,193) (31,020) (75,512) Interest expense (34,874) (25,822) (58,390) Net income (loss) $ 4,989 $ 4,417 $ (18,894) |
Mack-Cali Realty LP [Member] | |
Investments In Unconsolidated Joint Ventures [Line Items] | |
Summary Of Unconsolidated Joint Ventures | Property Debt Number of Company's Carrying Value As of December 31, 2018 Apartment Units Effective December 31, December 31, Maturity Interest Entity / Property Name or Rentable Square Feet (sf) Ownership % (a) 2018 2017 Balance Date Rate Multi-family Marbella (b) 412 units 24.27 % $ - $ 14,544 $ - - - % Metropolitan at 40 Park (c) (d) 130 units 25.00 % 7,679 6,834 55,227 (e) (e) RiverTrace at Port Imperial 316 units 22.50 % 8,112 8,864 82,000 11/10/26 3.21 % Crystal House (f) 825 units 25.00 % 29,570 30,570 162,838 04/01/20 3.17 % PI North - Riverwalk C 360 units 40.00 % 27,175 16,844 - 12/06/21 L+2.75 % (g) Marbella II (i) 311 units 24.27 % 15,414 16,471 74,690 03/30/19 L+2.25 % (h) Riverpark at Harrison 141 units 45.00 % 1,272 1,604 29,819 08/01/25 3.70 % Station House 378 units 50.00 % 37,675 40,124 98,504 07/01/33 4.82 % Urby at Harborside 762 units 85.00 % 85,317 94,429 191,732 08/01/29 5.197 % (j) PI North -Land (k) 836 potential units 20.00 % 1,678 1,678 - - - Liberty Landing 850 potential units 50.00 % 337 337 - - - Hillsborough 206 160,000 sf 50.00 % 1,962 1,962 - - - Office Red Bank 92,878 sf 50.00 % 3,127 4,602 14,000 08/01/23 L+2.25 % (l) 12 Vreeland Road 139,750 sf 50.00 % 7,019 6,734 7,904 07/01/23 2.87 % Offices at Crystal Lake 106,345 sf 31.25 % 3,442 3,369 4,076 11/01/23 4.76 % Other Riverwalk Retail 30,745 sf 20.00 % 1,539 1,625 - - - Hyatt Regency Jersey City 351 rooms 50.00 % 112 440 100,000 10/01/26 3.668 % Other (m) 1,320 1,595 - - - Totals: $ 232,750 $ 252,626 $ 820,790 (a) Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable. (b) On August 2, 2018, the Company acquired its equity partner's 50 percent controlling interest in the venture and, as a result, increased its ownership from a 24.27 percent subordinated interest to 74.27 percent controlling interest. See Note 3: Recent Transactions - Consolidation. (c) 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. (d) Through the joint venture, the Company also owns a 12.5 percent interest in a 50,973 square feet retail building ("Shops at 40 Park") and a 25 percent interest in a 59 -unit, five story multi-family rental development property ("Lofts at 40 Park"). On December 11, 2018, the Company acquired one of its partner’s interest and as a result, increased its ownership from 12.5 percent interest to 25 percent interest in the Metropolitan and Shops at 40 Park and from 25 percent interest to 50 percent interest in the Lofts at 40 Park. (e) Property debt balance consists of: (i) an amortizable loan, collateralized by the Metropolitan at 40 Park, with a balance of $36.0 million bears interest at 3.25 percent, matures in September 2020 ; (ii) an interest only loan, collateralized by the Shops at 40 Park, with a balance of $6.1 million, bears interest at LIBOR +2.25 percent, matures in September 2019 ; (iii) a loan with a maximum borrowing amount of $13,950 for the Lofts at 40 Park with a balance of $13.1 million, which bears interest at LIBOR plus 250 basis points and matures in February 2020 . (f) Included in this is the Company's unconsolidated 50 percent interest in a vacant land to accommodate the development of approximately 295 additional units of which 252 are currently approved. (g) The venture has a construction loan with a maximum borrowing amount of $112,000 . (h) The construction loan which had a maximum borrowing amount of $75,000 was amended on 3/30/18 and, subject to certain conditions, provided for four 3 -month extension options with a fee of 6.25 basis points for each extension. (i) On January 31, 2019, the Company, which held a 24.27 percent subordinated interest in the unconsolidated joint venture, Marbella Tower Urban Renewal Associates South LLC, a 311-unit multi-family operating property located in Jersey City, New Jersey, acquired the majority equity partner’s 50 percent interest in the venture for $77.5 million in cash. The cash portion of the acquisition was funded primarily through borrowings under the Company’s unsecured revolving credit facility. Concurrently with the closing, the joint venture repaid in full the property’s $74.7 million mortgage loan and obtained a new loan in the amount of $117 million. (j) The construction/permanent loan has a maximum borrowing amount of $192 million. The Company owns an 85 percent interest with shared control over major decisions such as, approval of budgets, property financings and leasing guidelines. (k) The 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. (l) On August 1, 2018, the venture refinanced its mortgage loan with a maximum borrowing amount of $16,500 , bears interest at LIBOR +2.25% , matures on August 1, 2023 and subject to certain conditions, provided for two extension options. (m) The Company owns other interests in various unconsolidated joint ventures, including interests in assets previously owned and interest in ventures whose businesses are related to its core operations. These ventures are not expected to significantly impact the Company's operations in the near term. |
Summary Of Company's Equity In Earnings (Loss) Of Unconsolidated Joint Ventures | Year Ended December 31, Entity / Property Name 2018 2017 2016 Multi-family Marbella (b) $ 205 $ 334 $ 231 Metropolitan at 40 Park (455) (311) (317) RiverTrace at Port Imperial 154 196 (1,146) Crystal House (874) (923) (870) PI North - Pier Land (126) (219) (62) PI North - Riverwalk C - (653) (58) Marbella II 35 93 (202) Riverpark at Harrison (232) (252) (190) Station House (2,096) (1,793) (2,440) Urby at Harborside (975) (c) (6,356) (219) Liberty Landing (5) (15) (80) Hillsborough 206 16 (25) (53) Office Red Bank (215) 238 448 12 Vreeland Road 285 496 347 Offices at Crystal Lake 73 89 (15) Other Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial (86) (81) (52) South Pier at Harborside / Hyatt Regency Jersey City on the Hudson 3,672 3,277 24,180 Other 497 (176) (714) Company's equity in earnings (loss) of unconsolidated joint ventures (a) $ (127) $ (6,081) $ 18,788 (a) Amounts are net of amortization of basis differences of $903 , $792 and $436 for the years ended December 31, 2018 , 2017 and 2016 , respectively. (b) On August 2, 2018, the Company acquired one of its equity partner's 50 percent interest and as a result, increased its ownership from 24.27 percent subordinated interest to 74.27 percent controlling interest , and ceased applying the equity method of accounting at such time. (c) Includes $2.6 million of the Company's share of the venture's income from its first annual sale of an economic tax credit certificate from the State of New Jersey to a third party. The venture has an agreement with a third party to sell it the tax credits over the next nine years for $3 million per year for a total of $27 million. The sales are subject to the venture obtaining the tax credits from the State of New Jersey and transferring the credit certificates each year. |
Summary Of Financial Position Of Unconsolidated Joint Ventures | December 31, December 31, 2018 2017 Assets: Rental property, net $ 903,253 $ 931,419 Other assets 212,205 207,903 Total assets $ 1,115,458 $ 1,139,322 Liabilities and partners'/ members' capital: Mortgages and loans payable $ 686,797 $ 689,412 Other liabilities 67,072 80,746 Partners'/members' capital 361,589 369,164 Total liabilities and partners'/members' capital $ 1,115,458 $ 1,139,322 |
Summary Of Results Of Operations Of Unconsolidated Joint Ventures | Year Ended December 31, 2018 2017 2016 Total revenues $ 310,919 $ 358,751 $ 377,711 Operating and other expenses (230,863) (297,492) (262,703) Depreciation and amortization (40,193) (31,020) (75,512) Interest expense (34,874) (25,822) (58,390) Net income (loss) $ 4,989 $ 4,417 $ (18,894) |
Deferred Charges, Goodwill An_2
Deferred Charges, Goodwill And Other Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Schedule Of Deferred Charges, Goodwill And Other Assets | December 31, (dollars in thousands) 2018 2017 Deferred leasing costs $ 173,822 $ 199,515 Deferred financing costs - unsecured revolving credit facility (a) 5,356 4,945 179,178 204,460 Accumulated amortization (71,326) (98,956) Deferred charges, net 107,852 105,504 Notes receivable (b) 47,409 50,167 In-place lease values, related intangibles and other assets, net (c) (d) 89,860 102,757 Goodwill (e) 2,945 2,945 Prepaid expenses and other assets, net (f) 107,168 80,947 Total deferred charges, goodwill and other assets, net $ 355,234 $ 342,320 (a) Deferred financing costs related to all other debt liabilities (other than for the unsecured revolving credit facility) are netted against those debt liabilities for all periods presented. See Note 2: Significant Accounting Policies – Deferred Financing Costs. (b) Includes as of December 31, 2018 and 2017, respectively, a mortgage receivable with a balance of $ 45.2 million and $45.7 million (acquired in August 2017) which bears interest at 5.85 percent and matures in July 2019 , with a three -month extension option and an interest-free note receivable with a net present value of $2.2 million and $2.5 million, which matures in April 2023 . The Company believes these balances are fully collectible. (c) In accordance with ASC 805, Business Combinations, the Company recognizes rental revenue of acquired above and below market lease intangibles over the terms of the respective leases. The impact of amortizing the acquired above and below-market lease intangibles increased revenue by approximately $ 5.3 million, $7.9 million and $1.9 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. The following table summarizes, as of December 31, 2018 , the scheduled amortization of the Company’s acquired above and below-market lease intangibles for each of the five succeeding years (dollars in thousands) : Acquired Above- Acquired Below- Market Lease Market Lease Total Year Intangibles Intangibles Amortization 2019 $ (2,559) $ 5,050 $ 2,491 2020 (2,377) 4,305 1,928 2021 (2,245) 4,186 1,941 2022 (2,132) 4,064 1,932 2023 (1,207) 3,279 2,072 (d) The value of acquired in-place lease intangibles are amortized to expense over the remaining initial terms of the respective leases. The impact of the amortization of acquired in-place lease values is included in depreciation and amortization expense and amounted to approximately $17.9 million, $32.2 million and $14.3 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. The following table summarizes, as of December 31, 2018 , the scheduled amortization of the Company’s acquired in-place lease values for each of the five succeeding years (dollars in thousands) : Year 2019 $ 10,494 2020 8,050 2021 6,884 2022 6,059 2023 4,943 (e) All goodwill is attributable to the Company’s Multi-family Real Estate and Services segment. (f) Includes as of December 31, 2018 and 2017, $49.2 million and $26.9 million, respectively, of proceeds from property sales held by a qualified intermediary. |
Schedule Of Fair Value Of The Derivative Financial Instruments | Fair Value Asset Derivatives designated December 31, as hedging instruments 2018 2017 Balance sheet location Interest rate swaps $ 10,175 $ 8,060 Deferred charges, goodwill and other assets |
Schedule Of Cash Flow Hedging, Derivative Financial Instruments On The Income Statement | Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion, Reclassification for Forecasted Transactions No Longer Probable of Occurring and Amount Excluded from Effectiveness Testing) Year ended December 31, 2018 2017 2016 2018 2017 2016 2018 2017 2016 Interest rate swaps $ 5,262 $ 2,869 $ (1,183) Interest expense $ 2,944 $ (2,381) $ (3,398) Interest and other investment income (loss) $ (204) $ (37) $ 631 |
Acquired Above And Below Market Lease Intangibles [Member] | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Summary Of Scheduled Amortization | Acquired Above- Acquired Below- Market Lease Market Lease Total Year Intangibles Intangibles Amortization 2019 $ (2,559) $ 5,050 $ 2,491 2020 (2,377) 4,305 1,928 2021 (2,245) 4,186 1,941 2022 (2,132) 4,064 1,932 2023 (1,207) 3,279 2,072 |
In-Place Leases [Member] | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Summary Of Scheduled Amortization | Year 2019 $ 10,494 2020 8,050 2021 6,884 2022 6,059 2023 4,943 |
Mack-Cali Realty LP [Member] | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Schedule Of Deferred Charges, Goodwill And Other Assets | December 31, (dollars in thousands) 2018 2017 Deferred leasing costs $ 173,822 $ 199,515 Deferred financing costs - unsecured revolving credit facility (a) 5,356 4,945 179,178 204,460 Accumulated amortization (71,326) (98,956) Deferred charges, net 107,852 105,504 Notes receivable (b) 47,409 50,167 In-place lease values, related intangibles and other assets, net (c) (d) 89,860 102,757 Goodwill (e) 2,945 2,945 Prepaid expenses and other assets, net (f) 107,168 80,947 Total deferred charges, goodwill and other assets, net $ 355,234 $ 342,320 (a) Deferred financing costs related to all other debt liabilities (other than for the unsecured revolving credit facility) are netted against those debt liabilities for all periods presented. See Note 2: Significant Accounting Policies – Deferred Financing Costs. (b) Includes as of December 31, 2018 and 2017, respectively, a mortgage receivable with a balance of $ 45.2 million and $45.7 million (acquired in August 2017) which bears interest at 5.85 percent and matures in July 2019 , with a three -month extension option and an interest-free note receivable with a net present value of $2.2 million and $2.5 million, which matures in April 2023 . The Company believes these balances are fully collectible. (c) In accordance with ASC 805, Business Combinations, the Company recognizes rental revenue of acquired above and below market lease intangibles over the terms of the respective leases. The impact of amortizing the acquired above and below-market lease intangibles increased revenue by approximately $ 5.3 million, $7.9 million and $1.9 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. The following table summarizes, as of December 31, 2018 , the scheduled amortization of the Company’s acquired above and below-market lease intangibles for each of the five succeeding years (dollars in thousands) : Acquired Above- Acquired Below- Market Lease Market Lease Total Year Intangibles Intangibles Amortization 2019 $ (2,559) $ 5,050 $ 2,491 2020 (2,377) 4,305 1,928 2021 (2,245) 4,186 1,941 2022 (2,132) 4,064 1,932 2023 (1,207) 3,279 2,072 (d) The value of acquired in-place lease intangibles are amortized to expense over the remaining initial terms of the respective leases. The impact of the amortization of acquired in-place lease values is included in depreciation and amortization expense and amounted to approximately $17.9 million, $32.2 million and $14.3 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. The following table summarizes, as of December 31, 2018 , the scheduled amortization of the Company’s acquired in-place lease values for each of the five succeeding years (dollars in thousands) : Year 2019 $ 10,494 2020 8,050 2021 6,884 2022 6,059 2023 4,943 (e) All goodwill is attributable to the Company’s Multi-family Real Estate and Services segment. (f) Includes as of December 31, 2018 and 2017, $49.2 million and $26.9 million, respectively, of proceeds from property sales held by a qualified intermediary. |
Schedule Of Fair Value Of The Derivative Financial Instruments | Fair Value Asset Derivatives designated December 31, as hedging instruments 2018 2017 Balance sheet location Interest rate swaps $ 10,175 $ 8,060 Deferred charges, goodwill and other assets |
Schedule Of Cash Flow Hedging, Derivative Financial Instruments On The Income Statement | Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion, Reclassification for Forecasted Transactions No Longer Probable of Occurring and Amount Excluded from Effectiveness Testing) Year ended December 31, 2018 2017 2016 2018 2017 2016 2018 2017 2016 Interest rate swaps $ 5,262 $ 2,869 $ (1,183) Interest expense $ 2,944 $ (2,381) $ (3,398) Interest and other investment income (loss) $ (204) $ (37) $ 631 |
Mack-Cali Realty LP [Member] | Acquired Above And Below Market Lease Intangibles [Member] | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Summary Of Scheduled Amortization | Acquired Above- Acquired Below- Market Lease Market Lease Total Year Intangibles Intangibles Amortization 2019 $ (2,559) $ 5,050 $ 2,491 2020 (2,377) 4,305 1,928 2021 (2,245) 4,186 1,941 2022 (2,132) 4,064 1,932 2023 (1,207) 3,279 2,072 |
Mack-Cali Realty LP [Member] | In-Place Leases [Member] | |
Deferred Charges, Goodwill And Other Assets [Line Items] | |
Summary Of Scheduled Amortization | Year 2019 $ 10,494 2020 8,050 2021 6,884 2022 6,059 2023 4,943 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Restricted Cash [Line Items] | |
Schedule Of Restricted Cash | December 31, 2018 2017 Security deposits $ 10,257 $ 9,446 Escrow and other reserve funds 9,664 30,346 Total restricted cash $ 19,921 $ 39,792 |
Mack-Cali Realty LP [Member] | |
Restricted Cash [Line Items] | |
Schedule Of Restricted Cash | December 31, 2018 2017 Security deposits $ 10,257 $ 9,446 Escrow and other reserve funds 9,664 30,346 Total restricted cash $ 19,921 $ 39,792 |
Senior Unsecured Notes (Tables)
Senior Unsecured Notes (Tables) - Unsecured Note [Member] | 12 Months Ended |
Dec. 31, 2018 | |
Debt Instrument [Line Items] | |
Summary Of Senior Unsecured Notes | December 31, December 31, Effective 2018 2017 Rate (1) 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 575,000 575,000 Adjustment for unamortized debt discount (2,838) (3,505) Unamortized deferred financing costs (1,848) (2,350) Total senior unsecured notes, net $ 570,314 $ 569,145 (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 | December 31, December 31, Effective 2018 2017 Rate (1) 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 575,000 575,000 Adjustment for unamortized debt discount (2,838) (3,505) Unamortized deferred financing costs (1,848) (2,350) Total senior unsecured notes, net $ 570,314 $ 569,145 (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 Fa_2
Unsecured Revolving Credit Facility And Term Loans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 (since 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 Defined Leverage Ratio, 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 |
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 (interest rate based on Company's election through March 5, 2018) 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 |
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 (since 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 Defined Leverage Ratio, 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 |
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 (interest rate based on Company's election through March 5, 2018) 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 |
2017 Term Loan [Member] | |
Debt Instrument [Line Items] | |
Schedule Of Defined Leverage Ratio | Interest Rate - Applicable Basis Points Interest Rate - Above LIBOR for Applicable Basis Alternate Base Rate Total Leverage Ratio Points above LIBOR Loans < 45% 145.0 45.0 ≥ 45% and < 50% (current ratio) 155.0 55.0 ≥ 50% and < 55% 165.0 65.0 ≥ 55% 195.0 95.0 |
Schedule Of Interest Rate On Outstanding Borrowings Payable | Interest Rate - Applicable Basis Points Operating Partnership's Interest Rate - Above LIBOR for Unsecured Debt Ratings: Applicable Basis Points Alternate Base Rate Higher of S&P or Moody's Above LIBOR Loans No ratings or less than BBB-/Baa3 185.0 85.0 BBB- or Baa3 (interest rate based on Company's election through March 5, 2018) 140.0 40.0 BBB or Baa2 115.0 15.0 BBB+ or Baa1 100.0 0.0 A- or A3 or higher 90.0 0.0 |
2017 Term Loan [Member] | Mack-Cali Realty LP [Member] | |
Debt Instrument [Line Items] | |
Schedule Of Defined Leverage Ratio | Interest Rate - Applicable Basis Points Interest Rate - Above LIBOR for Applicable Basis Alternate Base Rate Total Leverage Ratio Points above LIBOR Loans < 45% 145.0 45.0 ≥ 45% and < 50% (current ratio) 155.0 55.0 ≥ 50% and < 55% 165.0 65.0 ≥ 55% 195.0 95.0 |
Schedule Of Interest Rate On Outstanding Borrowings Payable | Interest Rate - Applicable Basis Points Operating Partnership's Interest Rate - Above LIBOR for Unsecured Debt Ratings: Applicable Basis Points Alternate Base Rate Higher of S&P or Moody's Above LIBOR Loans No ratings or less than BBB-/Baa3 185.0 85.0 BBB- or Baa3 (interest rate based on Company's election through March 5, 2018) 140.0 40.0 BBB or Baa2 115.0 15.0 BBB+ or Baa1 100.0 0.0 A- or A3 or higher 90.0 0.0 |
2016 Term Loan [Member] | |
Debt Instrument [Line Items] | |
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 |
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 (interest rate based on Company's election through March 5, 2018) 140.0 BBB or Baa2 115.0 BBB+ or Baa1 100.0 A- or A3 or higher 90.0 |
2016 Term Loan [Member] | Mack-Cali Realty LP [Member] | |
Debt Instrument [Line Items] | |
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 |
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 (interest rate based on Company's election through March 5, 2018) 140.0 BBB or Baa2 115.0 BBB+ or Baa1 100.0 A- or A3 or higher 90.0 |
Mortgages, Loans Payable And _2
Mortgages, Loans Payable And Other Obligations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Instrument [Line Items] | |
Summary Of Mortgages, Loans Payable And Other Obligations | Effective December 31, December 31, Property/Project Name Lender Rate (a) 2018 2017 Maturity Harborside Plaza 5 (b) The Northwestern Mutual Life Insurance Co. 6.84 % $ - $ 209,257 & New York Life Insurance Co. 23 Main Street (c) Berkadia CMBS 5.59 % - 27,090 One River Center (d) Guardian Life Insurance Co. 7.31 % - 40,485 Park Square (e) Wells Fargo Bank N.A. LIBOR+1.87 % 25,167 26,567 04/10/19 250 Johnson (f) M&T Bank LIBOR+2.35 % 41,769 32,491 05/20/19 Port Imperial 4/5 Hotel (g) Fifth Third Bank & Santander LIBOR+4.50 % 73,350 43,674 10/06/19 Worcester (h) Citizens Bank LIBOR+2.50 % 56,892 37,821 12/10/19 Monaco (i) The Northwestern Mutual Life Insurance Co. 3.15 % 168,370 169,987 02/01/21 Port Imperial South 4/5 Retail American General Life & A/G PC 4.56 % 4,000 4,000 12/01/21 Portside 7 CBRE Capital Markets/FreddieMac 3.57 % 58,998 58,998 08/01/23 Alterra I & II Capital One/FreddieMac 3.85 % 100,000 100,000 02/01/24 The Chase at Overlook Ridge New York Community Bank 3.74 % 135,750 135,750 01/01/25 Portside 5/6 (j) New York Life Insurance Company 4.56 % 97,000 45,778 03/10/26 Marbella New York Life Insurance Company 4.17 % 131,000 - 08/10/26 101 Hudson Wells Fargo CMBS 3.20 % 250,000 250,000 10/11/26 Short Hills Portfolio (k) Wells Fargo CMBS 4.15 % 124,500 124,500 04/01/27 150 Main St. Natixis Real Estate Capital LLC 4.48 % 41,000 41,000 08/05/27 Port Imperial South 11 (l) The Northwestern Mutual Life Insurance Co. 4.52 % 100,000 46,113 01/10/29 Port Imperial South 4/5 Garage American General Life & A/G PC 4.85 % 32,600 32,600 12/01/29 Principal balance outstanding 1,440,396 1,426,111 Unamortized deferred financing costs (8,998) (7,976) Total mortgages, loans payable and other obligations, net $ 1,431,398 $ 1,418,135 (a) Reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable. (b) On January 8, 2018 , the Company prepaid this loan in full upon payment of a fee of approximately $8.4 million using borrowings from the Company's unsecured revolving credit facility. (c) On March 1, 2018, the Company prepaid this loan in full upon payment of a fee of approximately $0.1 million using borrowings from the Company's unsecured revolving credit facility. (d) Mortgage was collateralized by the three properties comprising One River Center. On March 29, 2018 , the Company prepaid this loan in full upon payment of a fee of approximately $1.8 million using borrowings from the Company's unsecured revolving credit facility. (e) On January 16, 2019, the loan was repaid using proceeds from the disposition of Park Square. (f) This construction loan has a maximum borrowing capacity of $42 million and provides, subject to certain conditions, a one -year extension option with a fee of 25 basis points. (g) This construction loan has a maximum borrowing capacity of $94 million and provides, subject to certain conditions, two one -year extension options with a fee of 20 basis points for each year. See Note 12: Commitments and Contingencies - Construction Projects. (h) This construction loan has a maximum borrowing capacity of $58 million and provides, subject to certain conditions, two one -year extension options with a fee of 15 basis points each year. (i) This mortgage loan, which includes unamortized fair value adjustment of $3.4 million as of December 31, 2018, was assumed by the Company in April 2017 with the acquisition and consolidation of all the interests in the Monaco Towers property. (j) On December 7, 2018 , the Company refinanced this loan, due to which unamortized deferred financing costs of $0.2 million pertaining to the initial loan were written off. Concurrent with the refinancing, the Company repaid in full the property's $70 million construction loan and obtained a new loan in the amount of $97 million. (k) This mortgage loan was obtained by the Company in March 2017 to partially fund the acquisition of the Short Hills/Madison portfolio. (l) On December 17, 2018, the Company refinanced this loan, due to which unamortized deferred financing costs of $0.3 million pertaining to the initial loan were written off. Concurrent with the refinancing, the Company repaid in full the property's $70.1 million construction loan and obtained a new loan in the amount of $100 million. |
Schedule Of Principal Payments | Scheduled Principal Period Amortization Maturities Total 2019 (a) $ 532 $ 546,711 $ 547,243 2020 2,903 325,000 327,903 2021 3,227 285,800 289,027 2022 3,284 300,000 303,284 2023 3,412 333,998 337,410 Thereafter 7,230 991,929 999,159 Sub-total 20,588 2,783,438 2,804,026 Adjustment for unamortized debt discount/premium, net December 31, 2018 (2,838) - (2,838) Unamortized mark to market 3,370 - 3,370 Unamortized deferred financing costs (11,907) (11,907) Totals/Weighted Average $ 9,213 $ 2,783,438 $ 2,792,651 (a) On January 7, 2019, the Company exercised the first one -year extension option on the $350 million term loan scheduled to mature in January 2019 , which extended the maturity of the 2016 Term Loan to January 2020 . |
Mack-Cali Realty LP [Member] | |
Debt Instrument [Line Items] | |
Summary Of Mortgages, Loans Payable And Other Obligations | Effective December 31, December 31, Property/Project Name Lender Rate (a) 2018 2017 Maturity Harborside Plaza 5 (b) The Northwestern Mutual Life Insurance Co. 6.84 % $ - $ 209,257 & New York Life Insurance Co. 23 Main Street (c) Berkadia CMBS 5.59 % - 27,090 One River Center (d) Guardian Life Insurance Co. 7.31 % - 40,485 Park Square (e) Wells Fargo Bank N.A. LIBOR+1.87 % 25,167 26,567 04/10/19 250 Johnson (f) M&T Bank LIBOR+2.35 % 41,769 32,491 05/20/19 Port Imperial 4/5 Hotel (g) Fifth Third Bank & Santander LIBOR+4.50 % 73,350 43,674 10/06/19 Worcester (h) Citizens Bank LIBOR+2.50 % 56,892 37,821 12/10/19 Monaco (i) The Northwestern Mutual Life Insurance Co. 3.15 % 168,370 169,987 02/01/21 Port Imperial South 4/5 Retail American General Life & A/G PC 4.56 % 4,000 4,000 12/01/21 Portside 7 CBRE Capital Markets/FreddieMac 3.57 % 58,998 58,998 08/01/23 Alterra I & II Capital One/FreddieMac 3.85 % 100,000 100,000 02/01/24 The Chase at Overlook Ridge New York Community Bank 3.74 % 135,750 135,750 01/01/25 Portside 5/6 (j) New York Life Insurance Company 4.56 % 97,000 45,778 03/10/26 Marbella New York Life Insurance Company 4.17 % 131,000 - 08/10/26 101 Hudson Wells Fargo CMBS 3.20 % 250,000 250,000 10/11/26 Short Hills Portfolio (k) Wells Fargo CMBS 4.15 % 124,500 124,500 04/01/27 150 Main St. Natixis Real Estate Capital LLC 4.48 % 41,000 41,000 08/05/27 Port Imperial South 11 (l) The Northwestern Mutual Life Insurance Co. 4.52 % 100,000 46,113 01/10/29 Port Imperial South 4/5 Garage American General Life & A/G PC 4.85 % 32,600 32,600 12/01/29 Principal balance outstanding 1,440,396 1,426,111 Unamortized deferred financing costs (8,998) (7,976) Total mortgages, loans payable and other obligations, net $ 1,431,398 $ 1,418,135 (a) Reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable. (b) On January 8, 2018 , the Company prepaid this loan in full upon payment of a fee of approximately $8.4 million using borrowings from the Company's unsecured revolving credit facility. (c) On March 1, 2018, the Company prepaid this loan in full upon payment of a fee of approximately $0.1 million using borrowings from the Company's unsecured revolving credit facility. (d) Mortgage was collateralized by the three properties comprising One River Center. On March 29, 2018 , the Company prepaid this loan in full upon payment of a fee of approximately $1.8 million using borrowings from the Company's unsecured revolving credit facility. (e) On January 16, 2019, the loan was repaid using proceeds from the disposition of Park Square. (f) This construction loan has a maximum borrowing capacity of $42 million and provides, subject to certain conditions, a one -year extension option with a fee of 25 basis points. (g) This construction loan has a maximum borrowing capacity of $94 million and provides, subject to certain conditions, two one -year extension options with a fee of 20 basis points for each year. See Note 12: Commitments and Contingencies - Construction Projects. (h) This construction loan has a maximum borrowing capacity of $58 million and provides, subject to certain conditions, two one -year extension options with a fee of 15 basis points each year. (i) This mortgage loan, which includes unamortized fair value adjustment of $3.4 million as of December 31, 2018, was assumed by the Company in April 2017 with the acquisition and consolidation of all the interests in the Monaco Towers property. (j) On December 7, 2018 , the Company refinanced this loan, due to which unamortized deferred financing costs of $0.2 million pertaining to the initial loan were written off. Concurrent with the refinancing, the Company repaid in full the property's $70 million construction loan and obtained a new loan in the amount of $97 million. (k) This mortgage loan was obtained by the Company in March 2017 to partially fund the acquisition of the Short Hills/Madison portfolio. (l) On December 17, 2018, the Company refinanced this loan, due to which unamortized deferred financing costs of $0.3 million pertaining to the initial loan were written off. Concurrent with the refinancing, the Company repaid in full the property's $70.1 million construction loan and obtained a new loan in the amount of $100 million. |
Schedule Of Principal Payments | Scheduled Principal Period Amortization Maturities Total 2019 (a) $ 532 $ 546,711 $ 547,243 2020 2,903 325,000 327,903 2021 3,227 285,800 289,027 2022 3,284 300,000 303,284 2023 3,412 333,998 337,410 Thereafter 7,230 991,929 999,159 Sub-total 20,588 2,783,438 2,804,026 Adjustment for unamortized debt discount/premium, net December 31, 2018 (2,838) - (2,838) Unamortized mark to market 3,370 - 3,370 Unamortized deferred financing costs (11,907) (11,907) Totals/Weighted Average $ 9,213 $ 2,783,438 $ 2,792,651 (a) On January 7, 2019, the Company exercised the first one -year extension option on the $350 million term loan scheduled to mature in January 2019 , which extended the maturity of the 2016 Term Loan to January 2020 . |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Line Items] | |
Future Minimum Rental Payments Of Ground Leases | Year Amount 2019 $ 2,470 2020 2,491 2021 2,491 2022 2,491 2023 2,491 2024 through 2084 210,117 Total $ 222,551 |
Mack-Cali Realty LP [Member] | |
Commitments And Contingencies Disclosure [Line Items] | |
Future Minimum Rental Payments Of Ground Leases | Year Amount 2019 $ 2,470 2020 2,491 2021 2,491 2022 2,491 2023 2,491 2024 through 2084 210,117 Total $ 222,551 |
Tenant Leases (Tables)
Tenant Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Line Items] | |
Future Minimum Rentals To Be Received Under Non-Cancelable Operating Leases | Year Amount 2019 $ 314,708 2020 306,559 2021 284,120 2022 258,076 2023 220,533 2024 and thereafter 923,061 Total $ 2,307,057 |
Mack-Cali Realty LP [Member] | |
Leases [Line Items] | |
Future Minimum Rentals To Be Received Under Non-Cancelable Operating Leases | Year Amount 2019 $ 314,708 2020 306,559 2021 284,120 2022 258,076 2023 220,533 2024 and thereafter 923,061 Total $ 2,307,057 |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Redeemable Noncontrolling Interest [Line Items] | |
Schedule Of Changes In The Value Of The Redeemable Noncontrolling Interests | Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance January 1, 2018 $ 52,324 $ 159,884 $ 212,208 Redeemable Noncontrolling Interests Issued - 105,000 105,000 Net 52,324 264,884 317,208 Income Attributed to Noncontrolling Interests 1,820 12,159 13,979 Distributions (1,820) (12,159) (13,979) Redemption Value Adjustment - 13,251 13,251 Redeemable noncontrolling interests as of December 31, 2018 $ 52,324 $ 278,135 $ 330,459 |
Mack-Cali Realty LP [Member] | |
Redeemable Noncontrolling Interest [Line Items] | |
Schedule Of Changes In The Value Of The Redeemable Noncontrolling Interests | Series A and Total A-1 Preferred Rockpoint Redeemable Units Interests Noncontrolling In MCRLP in RRT Interests Balance January 1, 2018 $ 52,324 $ 159,884 $ 212,208 Redeemable Noncontrolling Interests Issued - 105,000 105,000 Net 52,324 264,884 317,208 Income Attributed to Noncontrolling Interests 1,820 12,159 13,979 Distributions (1,820) (12,159) (13,979) Redemption Value Adjustment - 13,251 13,251 Redeemable noncontrolling interests as of December 31, 2018 $ 52,324 $ 278,135 $ 330,459 |
Mack-Cali Realty Corporation _2
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Stockolders Equity [Line Items] | |
Schedule Of Stock Option Plans | Weighted Aggregate Average Intrinsic Shares Exercise Value Under Options Price $(000’s) Outstanding at January 1, 2016 805,000 $ 17.33 $ 4,843 Lapsed or Cancelled (5,000) 21.25 - Outstanding at December 31, 2016 ( $17.31 ) 800,000 $ 17.31 9,368 Granted, Lapsed or Cancelled - - Outstanding at December 31, 2017 ($17.31) 800,000 $ 17.31 3,400 Granted, Lapsed or Cancelled - - Outstanding at December 31, 2018 ($17.31) 800,000 $ 17.31 $ 1,824 Options exercisable at December 31, 2018 800,000 Available for grant at December 31, 2018 1,580,869 |
Schedule Of Restricted Stock Awards | Weighted-Average Grant – Date Shares Fair Value Outstanding at January 1, 2016 136,220 $ 19.36 Granted 74,622 23.79 Vested (61,654) 18.94 Forfeited (3,910) 21.58 Outstanding at December 31, 2016 145,278 $ 21.76 Granted 59,985 27.00 Vested (95,009) 20.73 Forfeited (1,936) 25.83 Outstanding at December 31, 2017 108,318 $ 25.49 Granted 40,185 20.16 Vested (72,502) 25.33 Forfeited (8,712) 25.83 Outstanding at December 31, 2018 67,289 $ 22.43 |
Schedule Of Reconciliation Of Shares Used In Basic EPS Calculation To Shares Used In Diluted EPS Calculation | Year Ended December 31, Computation of Basic EPS 2018 2017 2016 Net income $ 106,401 $ 33,718 $ 130,294 Add: Noncontrolling interest in consolidated joint ventures 1,216 1,018 651 Add (deduct): Noncontrolling interest in Operating Partnership (9,527) (2,711) (13,721) Deduct: Redeemable noncontrolling interest (13,979) (8,840) - Deduct: Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders (11,425) (17,951) - Net income available to common shareholders for basic earnings per share $ 72,686 $ 5,234 $ 117,224 Weighted average common shares 90,388 90,005 89,746 Basic EPS : Net income available to common shareholders $ 0.80 $ 0.06 $ 1.31 Year Ended December 31, Computation of Diluted EPS 2018 2017 2016 Net income available to common shareholders for basic earnings per share $ 72,686 $ 5,234 $ 117,224 Add (deduct): Noncontrolling interest in Operating Partnership 9,527 2,711 13,721 Deduct: Redemption value adjustment of redeemable noncontrolling interests attributable to the Operating Partnership unitholders (1,296) (2,074) - Net income available for diluted earnings per share $ 80,917 $ 5,871 $ 130,945 Weighted average common shares 100,724 100,703 100,498 Diluted EPS : Net income available to common shareholders $ 0.80 $ 0.06 $ 1.30 The following schedule reconciles the weighted average shares used in the basic EPS calculation to the shares used in the diluted EPS calculation (in thousands): Year Ended December 31, 2018 2017 2016 Basic EPS shares 90,388 90,005 89,746 Add: Operating Partnership – common and vested LTIP units 10,246 10,405 10,499 Restricted Stock Awards - 40 43 Stock Options 90 253 210 Diluted EPS Shares 100,724 100,703 100,498 |
Mack-Cali Realty LP [Member] | |
Stockolders Equity [Line Items] | |
Schedule Of Stock Option Plans | Weighted Aggregate Average Intrinsic Shares Exercise Value Under Options Price $(000’s) Outstanding at January 1, 2016 805,000 $ 17.33 $ 4,843 Lapsed or Cancelled (5,000) 21.25 - Outstanding at December 31, 2016 ( $17.31 ) 800,000 $ 17.31 9,368 Granted, Lapsed or Cancelled - - Outstanding at December 31, 2017 ($17.31) 800,000 $ 17.31 3,400 Granted, Lapsed or Cancelled - - Outstanding at December 31, 2018 ($17.31) 800,000 $ 17.31 $ 1,824 Options exercisable at December 31, 2018 800,000 Available for grant at December 31, 2018 1,580,869 |
Schedule Of Restricted Stock Awards | Weighted-Average Grant – Date Shares Fair Value Outstanding at January 1, 2016 136,220 $ 19.36 Granted 74,622 23.79 Vested (61,654) 18.94 Forfeited (3,910) 21.58 Outstanding at December 31, 2016 145,278 $ 21.76 Granted 59,985 27.00 Vested (95,009) 20.73 Forfeited (1,936) 25.83 Outstanding at December 31, 2017 108,318 $ 25.49 Granted 40,185 20.16 Vested (72,502) 25.33 Forfeited (8,712) 25.83 Outstanding at December 31, 2018 67,289 $ 22.43 |
Schedule Of Reconciliation Of Shares Used In Basic EPS Calculation To Shares Used In Diluted EPS Calculation | Year Ended December 31, Computation of Basic EPU 2018 2017 2016 Net income $ 106,401 $ 33,718 $ 130,294 Add: Noncontrolling interest in consolidated joint ventures 1,216 1,018 651 Deduct: Redeemable noncontrolling interest (13,979) (8,840) - Deduct: Redemption value adjustment of redeemable noncontrolling interests (12,721) (20,025) - Net income available to common unitholders for basic earnings per unit $ 80,917 $ 5,871 $ 130,945 Weighted average common units 100,634 100,410 100,245 Basic EPU : Net income available to common unitholders for basic earnings per unit $ 0.80 $ 0.06 $ 1.31 Year Ended December 31, Computation of Diluted EPU 2018 2017 2016 Net income available to common unitholders for diluted earnings per unit $ 80,917 $ 5,871 $ 130,945 Weighted average common unit 100,724 100,703 100,498 Diluted EPU : Net income available to common unitholders $ 0.80 $ 0.06 $ 1.30 The following schedule reconciles the weighted average units used in the basic EPU calculation to the units used in the diluted EPU calculation (in thousands) : Year Ended December 31, 2018 2017 2016 Basic EPU units 100,634 100,410 100,245 Add: Restricted Stock Awards - 40 43 Stock Options 90 253 210 Diluted EPU Units 100,724 100,703 100,498 |
Noncontrolling Interests In S_2
Noncontrolling Interests In Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Noncontrolling Interests In Subsidiaries [Abstract] | |
Changes In Noncontrolling Interests Of Subsidiaries | Common LTIP Units Units Balance at January 1, 2016 10,516,844 - Redemption of common units for shares of common stock (28,739) - Issuance of units - 657,373 Balance at December 31, 2016 10,488,105 657,373 Redemption of common units for shares of common stock (148,662) - Issuance of units 99,412 578,323 Cancellation of units - (4,819) Balance at December 31, 2017 10,438,855 1,230,877 Redemption of common units for shares of common stock (264,570) - Issuance of units - 864,024 Cancellation of units - (332,731) Balance at December 31, 2018 10,174,285 1,762,170 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |
Schedule Of Selected Results Of Operations And Asset Information | Commercial Multi-family Corporate Total & Other Real Estate Real Estate & Services (d) & Other (e) Company Total revenues: 2018 $ 416,369 $ 113,805 $ 432 $ 530,606 2017 522,223 90,654 3,323 616,200 2016 541,271 69,873 2,254 613,398 Total operating and interest expenses (a): 2018 $ 183,439 $ 70,280 $ 104,788 $ 358,507 2017 238,055 63,589 94,662 396,306 2016 263,663 60,646 91,042 415,351 Equity in earnings (loss) of unconsolidated joint ventures: 2018 $ 2,319 $ (2,446) $ - $ (127) 2017 1,644 (7,725) - (6,081) 2016 23,796 (5,008) - 18,788 - Net operating income (loss) (b): 2018 $ 235,249 $ 41,079 $ (104,356) $ 171,972 2017 285,812 19,340 (91,339) 213,813 2016 301,404 4,219 (88,788) 216,835 Total assets: 2018 $ 2,687,178 $ 2,260,497 $ 112,969 $ 5,060,644 2017 2,915,646 1,937,708 104,531 4,957,885 Total long-lived assets (c): 2018 $ 2,413,696 $ 1,973,826 $ 33,157 $ 4,420,679 2017 2,613,815 1,645,410 31,901 4,291,126 Total investments in unconsolidated joint ventures: 2018 $ 13,699 $ 218,771 $ 280 $ 232,750 2017 15,143 237,321 162 252,626 (a) Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; 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 and classified 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) Segment assets and operations were owned through a consolidated variable interest entity commencing in February 2018 . (e) Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense) as well as intercompany eliminations necessary to reconcile to consolidated Company totals. |
Schedule Of Reconciliation Of Net Operating Income To Net Income Available To Common Shareholders | Year Ended December 31, 2018 2017 2016 Net operating income $ 171,972 $ 213,813 $ 216,835 Add (deduct): Depreciation and amortization (174,847) (205,169) (186,684) Land Impairments (24,566) - - Gain on change of control of interests 14,217 - 15,347 Realized gains (losses) and unrealized losses on disposition of rental property, net 99,436 2,364 109,666 Gain on disposition of developable land 30,939 - - Gain on sale of investment in unconsolidated joint venture - 23,131 5,670 Loss from extinguishment of debt, net (10,750) (421) (30,540) Net income 106,401 33,718 130,294 Noncontrolling interest in consolidated joint ventures 1,216 1,018 651 Noncontrolling interest in Operating Partnership (9,527) (2,711) (13,721) Redeemable noncontrolling interest (13,979) (8,840) - Net income available to common shareholders $ 84,111 $ 23,185 $ 117,224 |
Mack-Cali Realty LP [Member] | |
Segment Reporting Information [Line Items] | |
Schedule Of Selected Results Of Operations And Asset Information | Commercial Multi-family Corporate Total & Other Real Estate Real Estate & Services (d) & Other (e) Company Total revenues: 2018 $ 416,369 $ 113,805 $ 432 $ 530,606 2017 522,223 90,654 3,323 616,200 2016 541,271 69,873 2,254 613,398 Total operating and interest expenses (a): 2018 $ 183,439 $ 70,280 $ 104,788 $ 358,507 2017 238,055 63,589 94,662 396,306 2016 263,663 60,646 91,042 415,351 Equity in earnings (loss) of unconsolidated joint ventures: 2018 $ 2,319 $ (2,446) $ - $ (127) 2017 1,644 (7,725) - (6,081) 2016 23,796 (5,008) - 18,788 - Net operating income (loss) (b): 2018 $ 235,249 $ 41,079 $ (104,356) $ 171,972 2017 285,812 19,340 (91,339) 213,813 2016 301,404 4,219 (88,788) 216,835 Total assets: 2018 $ 2,687,178 $ 2,260,497 $ 112,969 $ 5,060,644 2017 2,915,646 1,937,708 104,531 4,957,885 Total long-lived assets (c): 2018 $ 2,413,696 $ 1,973,826 $ 33,157 $ 4,420,679 2017 2,613,815 1,645,410 31,901 4,291,126 Total investments in unconsolidated joint ventures: 2018 $ 13,699 $ 218,771 $ 280 $ 232,750 2017 15,143 237,321 162 252,626 (a) Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; 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 and classified 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) Segment assets and operations were owned through a consolidated variable interest entity commencing in February 2018 . (e) Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense) as well as intercompany eliminations necessary to reconcile to consolidated Company totals. |
Schedule Of Reconciliation Of Net Operating Income To Net Income Available To Common Shareholders | Year Ended December 31, 2018 2017 2016 Net operating income $ 171,972 $ 213,813 $ 216,835 Add (deduct): Depreciation and amortization (174,847) (205,169) (186,684) Land Impairments (24,566) - - Gain on change of control of interests 14,217 - 15,347 Realized gains (losses) and unrealized losses on disposition of rental property, net 99,436 2,364 109,666 Gain on disposition of developable land 30,939 - - Gain on sale of investment in unconsolidated joint venture - 23,131 5,670 Loss from extinguishment of debt, net (10,750) (421) (30,540) Net income 106,401 33,718 130,294 Noncontrolling interest in consolidated joint ventures 1,216 1,018 651 Redeemable noncontrolling interest (13,979) (8,840) Net income available to common unitholders $ 93,638 $ 25,896 $ 130,945 |
Condensed Quarterly Financial_2
Condensed Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Summary Of Condensed Quarterly Financial Information | Quarter Ended 2018 December 31 September 30 June 30 March 31 Total revenues $ 132,936 $ 132,114 $ 126,589 $ 138,967 Net income $ 52,523 $ 1,689 $ 1,501 $ 50,688 Net income (loss) available to common shareholders $ 43,804 $ (1,478) $ (1,251) $ 43,036 ` Basic earnings per common share: Net income (loss) available to common shareholders $ 0.45 $ (0.05) $ (0.05) $ 0.45 Diluted earnings per common share: Net income (loss) available to common shareholders $ 0.45 $ (0.05) $ (0.05) $ 0.45 Quarter Ended 2017 December 31 September 30 June 30 March 31 Total revenues $ 143,529 $ 160,018 $ 162,766 $ 149,887 Net income (loss) $ 5,411 $ 44,703 $ (39,125) $ 22,729 Net income (loss) available to common shareholders $ 2,582 $ 38,054 $ (37,330) $ 19,879 Basic earnings per common share: Net income (loss) available to common shareholders $ (0.01) $ 0.39 $ (0.44) $ 0.11 Diluted earnings per common share: Net income (loss) available to common shareholders $ (0.01) $ 0.39 $ (0.44) $ 0.11 |
Mack-Cali Realty LP [Member] | |
Summary Of Condensed Quarterly Financial Information | Quarter Ended 2018 December 31 September 30 June 30 March 31 Total revenues $ 132,936 $ 132,114 $ 126,589 $ 138,967 Net income $ 52,523 $ 1,689 $ 1,501 $ 50,688 Net income (loss) available to common unitholders $ 48,757 $ (1,645) $ (1,393) $ 47,919 Basic earnings per common unit: Net income (loss) available to common unitholders $ 0.45 $ (0.05) $ (0.05) $ 0.45 Diluted earnings per common units: Net income (loss) available to common unitholders $ 0.45 $ (0.05) $ (0.05) $ 0.45 Quarter Ended 2017 December 31 September 30 June 30 March 31 Total revenues $ 143,529 $ 160,018 $ 162,766 $ 149,887 Net income (loss) $ 5,411 $ 44,703 $ (39,125) $ 22,729 Net income (loss) available to common unitholders $ 2,881 $ 42,467 $ (41,626) $ 22,174 Basic earnings per common unit: Net income (loss) available to common unitholders $ (0.01) $ 0.39 $ (0.44) $ 0.11 Diluted earnings per common unit: Net income (loss) available to common unitholders $ (0.01) $ 0.39 $ (0.44) $ 0.11 |
Organization And Basis Of Pre_2
Organization And Basis Of Presentation (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2018USD ($)ft²statepropertyitem | Dec. 31, 2017USD ($) | |
Real Estate Properties [Line Items] | ||
Percentage of ownership interest | 89.80% | 89.60% |
Number of properties owned or investment interests | 135 | |
Aggregate square feet of the property owned or investment interest | ft² | 15,400,000 | |
Number of units | item | 1,317 | |
Number of states where properties are located | state | 6 | |
Consolidated joint ventures, total real estate assets | $ | $ 480.4 | $ 215.5 |
Consolidated joint ventures, mortgages | $ | 241.5 | 81.2 |
Consolidated joint ventures, other liabilities | $ | $ 23 | $ 19.3 |
Commercial Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of tenants | item | 700 | |
Multi-Family Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties owned or investment interests | 24 | |
Number of units | item | 6,910 | |
Office And Office/Flex Buildings [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties owned or investment interests | 47 | |
Aggregate square feet of the property owned or investment interest | ft² | 2,700,000 | |
Office [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties owned or investment interests | 56 | |
Aggregate square feet of the property owned or investment interest | ft² | 12,600,000 | |
Flex Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties owned or investment interests | 55 | |
Unconsolidated Joint Venture Office Buildings [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties owned or investment interests | 4 | |
Aggregate square feet of the property owned or investment interest | ft² | 500,000 | |
Unconsolidated Joint Venture Multi-Family Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of properties owned or investment interests | 8 | |
Number of units | item | 2,922 | |
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 | 1 |
Significant Accounting Polici_4
Significant Accounting Policies (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 03, 2019 | Jan. 03, 2018 | Dec. 31, 2015 | |
Significant Accounting Policies [Line Items] | ||||||||
Capitalized development and construction salaries and other related costs | $ 2,300,000 | $ 2,200,000 | $ 2,600,000 | |||||
Maximum period after cessation of major construction activity that projects are considered complete | 1 year | |||||||
Threshold of investment value for discontinuation of equity method accounting | $ 0 | $ 0 | ||||||
Amortization of deferred financing costs | 5,028,000 | 4,612,000 | 4,582,000 | |||||
Loss from extinguishment of debt, net | (10,750,000) | (421,000) | 12,420,000 | |||||
Deferred leasing costs | 3,463,000 | 3,146,000 | 3,270,000 | |||||
Goodwill | 2,945,000 | $ 2,945,000 | 2,945,000 | 2,945,000 | ||||
Goodwill impairment | 0 | |||||||
Difference between the estimated net basis and net assets of the rental property for federal income tax purposes | 410,573,000 | 410,573,000 | ||||||
Taxable income | 82,106,000 | $ 97,037,000 | $ 30,208,000 | |||||
Deferred tax asset | $ 10,100,000 | 10,100,000 | ||||||
Income taxes, material adjustment amount | $ 0 | |||||||
Common stock, shares outstanding | 90,320,306 | 89,914,113 | 90,320,306 | 89,914,113 | 89,914,658 | |||
Common units outstanding | 10,174,285 | 10,438,855 | 10,174,285 | 10,438,855 | 10,488,105 | 10,438,855 | 10,516,844 | |
LTIP units outstanding | 1,762,170 | 1,230,877 | 1,762,170 | 1,230,877 | 657,373 | 1,230,877 | ||
Distributions payable, record date | Jan. 3, 2019 | Jan. 3, 2018 | ||||||
Distributions payable, approved date | Dec. 11, 2018 | Dec. 12, 2017 | ||||||
Common stock dividends and common unit distributions per share | $ 0.20 | $ 0.20 | ||||||
Dividends paid per common share | $ 0.80 | $ 0.70 | $ 0.60 | |||||
Dividends paid, percent representing ordinary income | 47.00% | 100.00% | ||||||
Dividends paid, percent representing return of capital to shareholders | 100.00% | |||||||
Dividends paid, percent representing capital gain | 53.00% | |||||||
Restricted stock expense | $ 6,894,000 | $ 7,447,000 | $ 5,646,000 | |||||
Distributions payable, pay date | Jan. 11, 2019 | Jan. 12, 2018 | ||||||
Increase (decrease) to deferred tax assets | (5,300,000) | |||||||
Increase (decrease) to valuation allowance | $ (5,300,000) | |||||||
Federal income tax rate | 21.00% | |||||||
Write off of unamortized deferred financing costs | $ 600,000 | 400,000 | 700,000 | |||||
Loss from extinguishment of debt, net | $ (10,750,000) | $ (421,000) | $ (30,540,000) | |||||
Subsequent Event [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Common stock, shares outstanding | 90,320,408 | |||||||
Common units outstanding | 10,174,285 | |||||||
LTIP units outstanding | 1,762,170 |
Significant Accounting Polici_5
Significant Accounting Policies (Schedule Of Rental Property Improvements) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Land held for development (including pre-development costs) | $ 465,930 | $ 483,432 |
Development and construction in progress, including land | 327,039 | 535,971 |
Total | 792,969 | 1,019,403 |
Buildings and improvement | 204,900 | 188,100 |
Development [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Land | $ 49,600 | $ 77,000 |
Significant Accounting Polici_6
Significant Accounting Policies (Estimated Useful Lives Of Assets) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
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 (Management
Recent Transactions (Management Changes) (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Mar. 15, 2018item | Mar. 14, 2018item | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 7.9 | ||
Restructuring costs related to stock compensation | 1 | ||
Amortization of stock compensation | 2 | ||
Number of board members | item | 10 | 9 | |
General and Administrative Expense [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 6.5 | ||
Operating Services [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 1.4 |
Recent Transactions (Acquisitio
Recent Transactions (Acquisitions) (Narrative) (Details) $ in Thousands | Jan. 25, 2019USD ($)item | Jan. 06, 2019USD ($)ft² | Dec. 31, 2018USD ($)item | Dec. 31, 2017USD ($)property | Dec. 31, 2016USD ($) |
Real Estate Properties [Line Items] | |||||
Purchase price of property | $ 168,398 | $ 90,068 | $ 121,582 | ||
Number Of Units | item | 1,317 | ||||
Multi-Family Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number Of Units | item | 6,910 | ||||
Jersey City, New Jersey [Member] | Subsequent Event [Member] | |||||
Real Estate Properties [Line Items] | |||||
Purchase price of property | $ 264,000 | ||||
Number Of Units | item | 377 | ||||
Iselin, New Jersey [Member] | Subsequent Event [Member] | |||||
Real Estate Properties [Line Items] | |||||
Area of property (in square feet) | ft² | 271,988 | ||||
Purchase price of property | $ 61,500 | ||||
Jersey City, Morris Township And Red Bank, New Jersey [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of real estate properties | property | 3 | ||||
Purchase price of property | $ 80,000 |
Recent Transactions (Consolidat
Recent Transactions (Consolidations) (Narrative) (Details) | Aug. 02, 2018USD ($)item | Feb. 28, 2017USD ($)ft²itemshares | Feb. 03, 2017USD ($)shares | Apr. 30, 2017USD ($)shares | Dec. 31, 2018USD ($)item | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Aug. 01, 2018USD ($) | Feb. 27, 2017 | Feb. 02, 2017 |
Real Estate Properties [Line Items] | ||||||||||
Acquisition cost | $ 11,789,000 | $ 36,060,000 | $ 35,930,000 | |||||||
Consolidated joint ventures, total real estate assets | $ 480,400,000 | 215,500,000 | ||||||||
Net assets acquired | $ 394,589,000 | |||||||||
Percentage of ownership interest | 89.80% | 89.60% | ||||||||
Number of units | item | 1,317 | |||||||||
Purchase price of property | $ 168,398,000 | $ 90,068,000 | 121,582,000 | |||||||
Gain on sale of investment in unconsolidated joint venture | 23,131,000 | 5,670,000 | ||||||||
Mortgage loan | 45,242,000 | 45,734,000 | ||||||||
Gain on change of control of interests | 14,217,000 | 15,347,000 | ||||||||
Issuance of loan | 30,400,000 | |||||||||
Loan balance | 2,792,651,000 | 2,809,568,000 | ||||||||
Noncontrolling interest's fair value | 210,523,000 | 192,428,000 | ||||||||
Mack-Cali Realty LP [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Acquisition cost | 11,789,000 | 36,060,000 | 35,930,000 | |||||||
Purchase price of property | 168,398,000 | 90,068,000 | 121,582,000 | |||||||
Gain on sale of investment in unconsolidated joint venture | $ 23,131,000 | 5,670,000 | ||||||||
Gain on change of control of interests | 14,217,000 | $ 15,347,000 | ||||||||
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 | $ 14,300,000 | |||||||||
Consolidated joint ventures, total real estate assets | $ 60,600,000 | |||||||||
Monaco [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Number of towers | item | 2 | |||||||||
Net assets acquired | $ 139,886,000 | |||||||||
Garage Parking Spaces | item | 558 | |||||||||
Number of stories | item | 50 | |||||||||
Area of property (in square feet) | ft² | 12,300 | |||||||||
Number of units | item | 523 | |||||||||
Marbella Tower Urban Renewal Associates LLC [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Percentage of interest in venture | 24.27% | |||||||||
Percentage of additional interest acquired | 50.00% | |||||||||
Number of units | item | 412 | |||||||||
Purchase price of property | $ 65,600,000 | |||||||||
Mortgage loan, maturity date | Aug. 1, 2026 | |||||||||
Spread over LIBOR | 4.07% | |||||||||
Mortgage loan | $ 131,000,000 | $ 95,000,000 | ||||||||
Gain on change of control of interests | $ 14,200,000 | |||||||||
Repayment of mortgage loans | $ 95,000,000 | |||||||||
Issuance of loan | 37,400,000 | |||||||||
Loan balance | 14,000,000 | |||||||||
Noncontrolling interest's fair value | $ 29,800,000 | |||||||||
Series A Units [Member] | Mack-Cali Realty LP [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Preferred units shares issued | shares | 42,800 | |||||||||
Percentage of interest in venture | 37.50% | |||||||||
Preferred unit annual rate | 3.50% | |||||||||
Preferred units aggregate amount | $ 42,800,000 | |||||||||
Series A-1 Units [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Percentage of ownership interest | 29.00% | |||||||||
Series A-1 Units [Member] | Mack-Cali Realty LP [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Preferred units shares issued | shares | 9,213 | 91 | ||||||||
Percentage of interest in venture | 13.80% | |||||||||
Preferred unit annual rate | 3.50% | |||||||||
Series A-1 Units [Member] | Monaco [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Percentage of interest in venture | 29.00% | 13.80% | ||||||||
Series A-1 Units [Member] | Monaco [Member] | Mack-Cali Realty LP [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Preferred units shares issued | shares | 9,122 | 91 | ||||||||
Percentage of interest in venture | 71.20% | |||||||||
Preferred units aggregate amount | $ 9,100,000 | |||||||||
Acquisition cost | $ 130,900,000 | |||||||||
Debt assumed | $ 171,200,000 |
Recent Transactions (Other Inve
Recent Transactions (Other Investments In 2016) (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)item | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Recent Transactions [Abstract] | |||
Purchase price of property | $ | $ 168,398 | $ 90,068 | $ 121,582 |
Number of units | item | 1,317 |
Recent Transactions (Dispositio
Recent Transactions (Dispositions/Rental Property Held for Sale) (Narrative) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2019USD ($)item | Dec. 31, 2018USD ($)ft²propertyitem | Dec. 31, 2017USD ($)ft²propertyitem | |
Disposal Group, Not Discontinued Operations [Member] | |||
Real Estate Properties [Line Items] | |||
Unrealized losses on rental properties held for sale | $ (20,135) | $ (12,331) | |
Sales proceeds | $ 324,050 | $ 399,332 | |
Number of properties sold | item | 30 | 60 | |
Parsippany, Paramus, Rochelle Park, Hamilton And Wall, New Jersey And White Plains, New York [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||
Real Estate Properties [Line Items] | |||
Assets held for sale, Deferred charges and other assets | $ 9,800 | ||
Assets held for sale, Unbilled rents receivable, net | 4,700 | ||
Assets held for sale, Accounts payable, accrued expenses and other liabilities | 4,600 | ||
Expected assets to be written off | 13,400 | ||
Expected liabilities to be written off | $ 300 | ||
Parsippany, Paramus, Rochelle Park, Hamilton And Wall, New Jersey And White Plains, New York [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Office [Member] | |||
Real Estate Properties [Line Items] | |||
Area of property (in square feet) | ft² | 2,000,000 | ||
Number of properties held for sale | property | 21 | ||
Unrealized losses on rental properties held for sale | $ 12,300 | ||
Estimated expected sales proceeds | 223,000 | ||
Sales proceeds | $ 12,300 | ||
Number of properties not expected to recover from estimated net sales proceeds | property | 7 | ||
Fort Lee, Newark, Paramus, Bridgewater, Morris Plains And Rahway, New Jersey [Member] | Office [Member] | |||
Real Estate Properties [Line Items] | |||
Unrealized losses on rental properties held for sale | $ 20,100 | ||
Fort Lee, Newark, Paramus, Bridgewater, Morris Plains And Rahway, New Jersey [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||
Real Estate Properties [Line Items] | |||
Assets held for sale, Deferred charges and other assets | 2,900 | ||
Assets held for sale, Unbilled rents receivable, net | 1,700 | ||
Assets held for sale, Accounts payable, accrued expenses and other liabilities | 2,300 | ||
Expected assets to be written off | 3,900 | ||
Expected liabilities to be written off | $ 1,700 | ||
Fort Lee, Newark, Paramus, Bridgewater, Morris Plains And Rahway, New Jersey [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Office [Member] | |||
Real Estate Properties [Line Items] | |||
Number of real estate properties | item | 159 | ||
Area of property (in square feet) | ft² | 845,000 | ||
Number of properties held for sale | property | 6 | ||
Unrealized losses on rental properties held for sale | $ 20,100 | ||
Estimated expected sales proceeds | $ 124,000 | ||
Number of properties not expected to recover from estimated net sales proceeds | property | 4 | ||
Fort Lee, Newark, Paramus, Bridgewater, Morris Plains And Rahway, New Jersey [Member] | Disposal Group, Not Discontinued Operations [Member] | Office [Member] | Subsequent Event [Member] | |||
Real Estate Properties [Line Items] | |||
Sales proceeds | $ 54,500 | ||
Number of properties sold | item | 3 |
Recent Transactions (Land Impai
Recent Transactions (Land Impairments) (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($)property | |
Property, Plant and Equipment [Line Items] | |
Land impairments | $ | $ 24,566 |
Conshohocken And Bala Cynwyd, Pennsylvania [Member] | Land [Member] | |
Property, Plant and Equipment [Line Items] | |
Number of real estate properties | property | 2 |
Recent Transactions (Rockpoint
Recent Transactions (Rockpoint Transaction) (Narrative) (Details) - USD ($) $ in Thousands | Mar. 10, 2017 | Feb. 27, 2017 | Dec. 31, 2018 | Dec. 31, 2017 |
Preferred Units [Line Items] | ||||
Assets | $ 1,115,458 | $ 1,139,322 | ||
Mortgages and loans payable | 686,797 | 689,412 | ||
Other liabilities | 67,072 | 80,746 | ||
RRLP [Member] | ||||
Preferred Units [Line Items] | ||||
Assets | 2,300,000 | 1,900,000 | ||
Mortgages and loans payable | 1,100,000 | 769,700 | ||
Other liabilities | 57,000 | $ 95,900 | ||
Investment Agreement [Member] | Rockpoint [Member] | ||||
Preferred Units [Line Items] | ||||
Incremental closing payments, Limited Partnership interest | $ 150,000 | 105,000 | ||
Investment Agreement [Member] | Rockpoint [Member] | Minimum [Member] | ||||
Preferred Units [Line Items] | ||||
Incremental closing payments, Limited Partnership interest | $ 10,000 | |||
Investment Agreement [Member] | Rockpoint [Member] | Maximum [Member] | ||||
Preferred Units [Line Items] | ||||
Contributed amount to obtain equity units | $ 300,000 |
Recent Transactions (Unconsolid
Recent Transactions (Unconsolidated Joint Venture Activity) (Narrative) (Details) $ in Thousands | Jan. 31, 2019USD ($) | Dec. 11, 2018USD ($) | Aug. 02, 2018USD ($)item | Sep. 29, 2017USD ($) | Sep. 21, 2017USD ($) | Feb. 15, 2017USD ($) | Jan. 31, 2017USD ($) | Dec. 31, 2018USD ($)ft²item | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Aug. 01, 2018USD ($) |
Real Estate Properties [Line Items] | |||||||||||
Gain (loss) on sale of investment in unconsolidated joint venture | $ 23,131 | $ 5,670 | |||||||||
Proceeds from the sale of investments in unconsolidated joint ventures | 98,599 | 6,420 | |||||||||
Investment in unconsolidated joint ventures | $ 11,789 | 36,060 | 35,930 | ||||||||
Debt | $ 2,792,651 | ||||||||||
Number of units | item | 1,317 | ||||||||||
Purchase price of property | $ 168,398 | 90,068 | 121,582 | ||||||||
Mortgage loan | $ 45,242 | $ 45,734 | |||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Number of units | item | 2,922 | ||||||||||
Multi-Family Properties [Member] | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Number of units | item | 6,910 | ||||||||||
KP-MCG Curtis JV, LLC [Member] | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Gain (loss) on sale of investment in unconsolidated joint venture | $ 12,000 | ||||||||||
Proceeds from the sale of investments in unconsolidated joint ventures | 102,500 | ||||||||||
Net sales proceeds held by qualified intermediary | $ 5,600 | ||||||||||
Debt | $ 75,000 | ||||||||||
KPG-P 100 IMW JV, LLC, Keystone-Penn And Keystone-Tristate [Member] | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Gain (loss) on sale of investment in unconsolidated joint venture | $ 7,400 | ||||||||||
Proceeds from the sale of investments in unconsolidated joint ventures | $ 9,700 | ||||||||||
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 (loss) on sale of investment in unconsolidated joint venture | $ 5,100 | ||||||||||
Proceeds from the sale of investments in unconsolidated joint ventures | $ 5,100 | ||||||||||
Percentage of interest in venture | 7.50% | ||||||||||
RoseGarden Monaco, L.L.C. [Member] | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Gain (loss) on sale of investment in unconsolidated joint venture | $ (1,400) | ||||||||||
Metropolitan At 40 Park [Member] | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Purchase price of property | $ 1,300 | ||||||||||
Metropolitan At 40 Park [Member] | The Shops At 40 Park Property [Member] | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Area of property (in square feet) | ft² | 50,973 | ||||||||||
Residual ownership interest | 25.00% | 12.50% | |||||||||
Mortgage loan | $ 6,100 | ||||||||||
Metropolitan At 40 Park [Member] | Lofts At 40 Park Property [Member] | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Number of stories | item | 5 | ||||||||||
Number of units | item | 59 | ||||||||||
Indirect ownership interest | 50.00% | 25.00% | |||||||||
Metropolitan At 40 Park [Member] | Unconsolidated Joint Venture Multi-Family Properties [Member] | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Percentage of interest in venture | 25.00% | ||||||||||
Number of units | item | 130 | ||||||||||
Mortgage loan | $ 55,227 | ||||||||||
Marbella II [Member] | Unconsolidated Joint Venture Multi-Family Properties [Member] | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Percentage of interest in venture | 24.27% | ||||||||||
Number of units | item | 311 | ||||||||||
Mortgage loan | $ 74,690 | ||||||||||
Marbella Tower Urban Renewal Associates LLC [Member] | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Percentage of interest in venture | 24.27% | ||||||||||
Percentage of additional interest acquired | 50.00% | ||||||||||
Number of units | item | 412 | ||||||||||
Purchase price of property | $ 65,600 | ||||||||||
Repayment of mortgage loans | 95,000 | ||||||||||
Mortgage loan | $ 131,000 | $ 95,000 | |||||||||
Subsequent Event [Member] | Marbella II [Member] | Unconsolidated Joint Venture Multi-Family Properties [Member] | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Mortgage loan | $ 117,000 | ||||||||||
Subsequent Event [Member] | Marbella Tower Urban Renewal Associates LLC [Member] | Unconsolidated Joint Venture Multi-Family Properties [Member] | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Percentage of interest in venture | 50.00% | ||||||||||
Purchase price of property | $ 77,500 | ||||||||||
Repayment of mortgage loans | 74,700 | ||||||||||
Mortgage loan | $ 117,000 |
Recent Transactions (Schedule O
Recent Transactions (Schedule Of Properties Acquired) (Details) | 12 Months Ended | |
Dec. 31, 2017USD ($)ft²item | Dec. 31, 2018USD ($) | |
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 | $ 2,809,568,000 | $ 2,792,651,000 |
Red Bank Portfolio [Member] | ||
Business Acquisition [Line Items] | ||
Number of Buildings, Acquired | item | 3 | |
Rentable Square Feet, Acquired | ft² | 279,472 | |
Acquisition cost | $ 27,228,000 | |
Short Hills / Madison Portfolio [Member] | ||
Business Acquisition [Line Items] | ||
Number of Buildings, Acquired | item | 6 | |
Rentable Square Feet, Acquired | ft² | 1,113,028 | |
Acquisition cost | $ 367,361,000 | |
Unsecured Revolving Credit Facility [Member] | Short Hills / Madison Portfolio [Member] | ||
Business Acquisition [Line Items] | ||
Loan balance | $ 124,500,000 |
Recent Transactions (Schedule_2
Recent Transactions (Schedule Of Purchase Price Allocation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | ||
Land and leasehold interest | $ 38,250 | |
Buildings and improvements and other assets | 311,346 | |
Above market leases | 6,485 | |
In-place lease values | 48,775 | |
Sub Total | 404,856 | |
Less: Below market lease values | (10,267) | |
Net Assets | $ 394,589 | |
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 | |
In-place lease values | 3,171 | |
Sub Total | 27,250 | |
Less: Below market lease values | (22) | |
Net Assets | 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 | |
In-place lease values | 45,604 | |
Sub Total | 377,606 | |
Less: Below market lease values | (10,245) | |
Net Assets | $ 367,361 | |
Marbella Tower Urban Renewal Associates LLC [Member] | ||
Business Acquisition [Line Items] | ||
Land and leasehold interest | $ 48,820 | |
Buildings and improvements and other assets | 162,958 | |
In-place lease values | 6,947 | |
Sub Total | 218,617 | |
Less: Below market lease values | (108) | |
Non-controlling interest | 22,812 | |
Net Assets | $ 87,617 | |
Marbella Tower Urban Renewal Associates LLC [Member] | In-Place And Below Market Leases [Member] | ||
Business Acquisition [Line Items] | ||
Amortization period | 9 months 9 days |
Recent Transactions (Schedule_3
Recent Transactions (Schedule Of Properties Which Commenced Initial Operations) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($)item | |
Real Estate Properties [Line Items] | |
Number of Apartment Units | item | 1,317 |
Total Development Costs Incurred | $ 457,984 |
Unconsolidated Joint Venture Multi-Family Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of Apartment Units | item | 2,922 |
Unconsolidated Joint Venture Hotel [Member] | |
Real Estate Properties [Line Items] | |
Number of Apartment Units | item | 350 |
145 Front At City Square [Member] | |
Real Estate Properties [Line Items] | |
Number of Apartment Units | item | 365 |
Total Development Costs Incurred | $ 97,483 |
Signature Place At Morris Plains [Member] | |
Real Estate Properties [Line Items] | |
Number of Apartment Units | item | 197 |
Total Development Costs Incurred | $ 56,715 |
Portside 5/6 [Member] | |
Real Estate Properties [Line Items] | |
Number of Apartment Units | item | 296 |
Total Development Costs Incurred | $ 114,694 |
Expected costs | $ 700 |
Riverhouse 11 At Port Imperial [Member] | |
Real Estate Properties [Line Items] | |
Number of Apartment Units | item | 295 |
Total Development Costs Incurred | $ 130,369 |
Expected costs | $ 1,200 |
Residence Inn By Marriott (Phase I) [Member] | |
Real Estate Properties [Line Items] | |
Number of Apartment Units | item | 164 |
Total Development Costs Incurred | $ 58,723 |
Land [Member] | 145 Front At City Square [Member] | |
Real Estate Properties [Line Items] | |
Total Development Costs Incurred | 4,400 |
Land [Member] | Signature Place At Morris Plains [Member] | |
Real Estate Properties [Line Items] | |
Total Development Costs Incurred | 900 |
Construction Loan [Member] | 145 Front At City Square [Member] | |
Real Estate Properties [Line Items] | |
Expected costs | 1,100 |
Construction Loan [Member] | Residence Inn By Marriott (Phase I) [Member] | |
Real Estate Properties [Line Items] | |
Expected costs | $ 20,100 |
Recent Transactions (Schedule_4
Recent Transactions (Schedule Of Net Assets Recorded Upon Consolidation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | ||
Land and leasehold interest | $ 38,250 | |
Buildings and improvements and other assets, net | 311,346 | |
Above market leases | 6,485 | |
In-place lease values | 48,775 | |
Less: Below market lease values | (10,267) | |
Sub Total | 404,856 | |
Net Assets | $ 394,589 | |
Above Market, In-Place And Below Market Leases [Member] | ||
Business Acquisition [Line Items] | ||
Amortization period | 5 years 4 months 24 days | |
Marbella Tower Urban Renewal Associates LLC [Member] | ||
Business Acquisition [Line Items] | ||
Land and leasehold interest | $ 48,820 | |
Buildings and improvements and other assets, net | 162,958 | |
In-place lease values | 6,947 | |
Less: Below market lease values | (108) | |
Sub Total | 218,617 | |
Less: Debt assumed at fair value | (131,000) | |
Net Assets | 87,617 | |
Less: Noncontrolling interest | (22,812) | |
Net assets recorded upon consolidation | $ 64,805 | |
Marbella Tower Urban Renewal Associates LLC [Member] | In-Place And Below Market Leases [Member] | ||
Business Acquisition [Line Items] | ||
Amortization period | 9 months 9 days | |
Distribution of loan proceeds | $ 7,000 | |
Red Bank Portfolio [Member] | ||
Business Acquisition [Line Items] | ||
Land and leasehold interest | $ 7,914 | |
Buildings and improvements and other assets, net | 16,047 | |
Above market leases | 118 | |
In-place lease values | 3,171 | |
Less: Below market lease values | (22) | |
Sub Total | 27,250 | |
Net Assets | 27,228 | |
Short Hills / Madison Portfolio [Member] | ||
Business Acquisition [Line Items] | ||
Land and leasehold interest | 30,336 | |
Buildings and improvements and other assets, net | 295,299 | |
Above market leases | 6,367 | |
In-place lease values | 45,604 | |
Less: Below market lease values | (10,245) | |
Sub Total | 377,606 | |
Net Assets | $ 367,361 | |
Monaco North [Member] | ||
Business Acquisition [Line Items] | ||
Land and leasehold interest | 27,300 | |
Buildings and improvements and other assets, net | 112,841 | |
Above market leases | 350 | |
In-place lease values | 4,585 | |
Less: Below market lease values | (141) | |
Sub Total | 144,935 | |
Less: Debt assumed at fair value | (79,544) | |
Net Assets | 65,391 | |
Monaco South [Member] | ||
Business Acquisition [Line Items] | ||
Land and leasehold interest | 31,461 | |
Buildings and improvements and other assets, net | 129,895 | |
In-place lease values | 4,913 | |
Less: Below market lease values | (118) | |
Sub Total | 166,151 | |
Less: Debt assumed at fair value | (91,656) | |
Net Assets | 74,495 | |
Monaco [Member] | ||
Business Acquisition [Line Items] | ||
Land and leasehold interest | 58,761 | |
Buildings and improvements and other assets, net | 242,736 | |
Above market leases | 350 | |
In-place lease values | 9,498 | |
Less: Below market lease values | (259) | |
Sub Total | 311,086 | |
Less: Debt assumed at fair value | (171,200) | |
Net Assets | $ 139,886 | |
Monaco [Member] | Above Market, In-Place And Below Market Leases [Member] | ||
Business Acquisition [Line Items] | ||
Amortization period | 8 months |
Recent Transactions (Schedule_5
Recent Transactions (Schedule Of Disposed Properties) (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018USD ($)ft²propertyitem | Dec. 31, 2017USD ($)ft²item | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Mar. 31, 2018USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
New mortgage loan/(repayments) | $ 44,695 | ||||
Carrying Amount of Mortgages | $ 45,242 | $ 45,734 | |||
Impairment charge | 24,566 | ||||
Valuation allowance | $ 10,100 | ||||
Disposal Group, Not Discontinued Operations [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of Buildings, Disposed | item | 30 | 60 | |||
Rentable Square Feet, Disposed | ft² | 2,405,654 | 4,677,058 | |||
Net Sales Proceeds | $ 324,050 | $ 399,332 | |||
Net Carrying Value | 204,479 | 384,637 | |||
Realized Gains (losses)/Unrealized Losses, net | 119,571 | 14,695 | |||
Unrealized losses on rental properties held for sale | (20,135) | (12,331) | |||
Totals | $ 99,436 | $ 2,364 | |||
Disposal Group, Not Discontinued Operations [Member] | 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 Carrying Value | 22,736 | ||||
Realized Gains (losses)/Unrealized Losses, net | $ 3,862 | ||||
Disposal Group, Not Discontinued Operations [Member] | 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 | ||||
Rentable Square Feet, Disposed | ft² | 198,376 | ||||
Net Sales Proceeds | $ 10,074 | ||||
Net Carrying Value | 10,069 | ||||
Realized Gains (losses)/Unrealized Losses, net | $ 5 | ||||
Impairment charge | $ 7,700 | ||||
Disposal Group, Not Discontinued Operations [Member] | 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 Carrying Value | 9,910 | ||||
Realized Gains (losses)/Unrealized Losses, net | $ 1,639 | ||||
Disposal Group, Not Discontinued Operations [Member] | 103 Carnegie Center [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 | 96,000 | ||||
Net Sales Proceeds | $ 15,063 | ||||
Net Carrying Value | 8,271 | ||||
Realized Gains (losses)/Unrealized Losses, net | $ 6,792 | ||||
Disposal Group, Not Discontinued Operations [Member] | 400 Chestnut Ridge Road [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 | 89,200 | ||||
Net Sales Proceeds | $ 6,891 | ||||
Net Carrying Value | 7,498 | ||||
Realized Gains (losses)/Unrealized Losses, net | $ (607) | ||||
Disposal Group, Not Discontinued Operations [Member] | 140 East Ridgewood Avenue [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 | 239,680 | ||||
Net Sales Proceeds | $ 30,201 | ||||
Net Carrying Value | 30,737 | ||||
Realized Gains (losses)/Unrealized Losses, net | $ (536) | ||||
Disposal Group, Not Discontinued Operations [Member] | Bergen Portfolio [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of Buildings, Disposed | item | 5 | ||||
Rentable Square Feet, Disposed | ft² | 1,061,544 | ||||
Net Sales Proceeds | $ 86,973 | ||||
Net Carrying Value | 135,121 | ||||
Realized Gains (losses)/Unrealized Losses, net | (48,148) | ||||
Disposal Group, Not Discontinued Operations [Member] | Bergen Portfolio [Member] | Buyer [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Notes receivable | $ 65,000 | ||||
Disposal Group, Not Discontinued Operations [Member] | 377 Summerhill Road [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 | 40,000 | ||||
Net Sales Proceeds | $ 3,221 | ||||
Net Carrying Value | 2,172 | ||||
Realized Gains (losses)/Unrealized Losses, net | 1,049 | ||||
Disposal Group, Not Discontinued Operations [Member] | 700 Executive Boulevard [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net Sales Proceeds | 5,717 | ||||
Net Carrying Value | 970 | ||||
Realized Gains (losses)/Unrealized Losses, net | $ 4,747 | ||||
Disposal Group, Not Discontinued Operations [Member] | Totowa Portfolio [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of Buildings, Disposed | item | 13 | ||||
Rentable Square Feet, Disposed | ft² | 499,243 | ||||
Net Sales Proceeds | $ 63,624 | ||||
Net Carrying Value | 27,630 | ||||
Realized Gains (losses)/Unrealized Losses, net | $ 35,994 | ||||
Disposal Group, Not Discontinued Operations [Member] | 890 Mountain Avenue [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 | 80,000 | ||||
Net Sales Proceeds | $ 4,852 | ||||
Net Carrying Value | 6,139 | ||||
Realized Gains (losses)/Unrealized Losses, net | $ (1,287) | ||||
Impairment charge | $ 7,000 | ||||
Disposal Group, Not Discontinued Operations [Member] | 135 Chestnut Ridge Road [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 | 66,150 | ||||
Net Sales Proceeds | $ 5,844 | ||||
Net Carrying Value | 2,929 | ||||
Realized Gains (losses)/Unrealized Losses, net | 2,915 | ||||
Impairment charge | $ 4,200 | ||||
Net sales proceeds held by qualified intermediary | $ 5,900 | ||||
Disposal Group, Not Discontinued Operations [Member] | Moorestown Portfolio [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of Buildings, Disposed | item | 26 | ||||
Rentable Square Feet, Disposed | ft² | 1,260,398 | ||||
Net Sales Proceeds | $ 73,393 | ||||
Net Carrying Value | 56,186 | ||||
Realized Gains (losses)/Unrealized Losses, net | 17,207 | ||||
Net sales proceeds held by qualified intermediary | 15,300 | ||||
Disposal Group, Not Discontinued Operations [Member] | 1 Enterprise Boulevard [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net Sales Proceeds | 3,230 | ||||
Net Carrying Value | 1,380 | ||||
Realized Gains (losses)/Unrealized Losses, net | $ 1,850 | ||||
Disposal Group, Not Discontinued Operations [Member] | 61 South Paramus Road [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 | 269,191 | ||||
Net Sales Proceeds | $ 23,255 | ||||
Net Carrying Value | 37,184 | ||||
Realized Gains (losses)/Unrealized Losses, net | $ (13,929) | ||||
Disposal Group, Not Discontinued Operations [Member] | 300 Tice Boulevard [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 | 230,000 | ||||
Net Sales Proceeds | $ 28,847 | ||||
Net Carrying Value | 25,705 | ||||
Realized Gains (losses)/Unrealized Losses, net | 3,142 | ||||
Disposal Group, Not Discontinued Operations [Member] | 35 Waterview Boulevard [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 | 172,498 | ||||
Net Sales Proceeds | $ 25,994 | ||||
Net Carrying Value | 25,739 | ||||
Realized Gains (losses)/Unrealized Losses, net | $ 255 | ||||
Valuation allowance | 700 | ||||
Disposal Group, Not Discontinued Operations [Member] | Hamilton 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 | 239,262 | ||||
Net Sales Proceeds | $ 17,546 | ||||
Net Carrying Value | 17,501 | ||||
Realized Gains (losses)/Unrealized Losses, net | $ 45 | ||||
Valuation allowance | 600 | ||||
Disposal Group, Not Discontinued Operations [Member] | Wall Portfolio First Closing [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of Buildings, Disposed | item | 5 | ||||
Rentable Square Feet, Disposed | ft² | 179,601 | ||||
Net Sales Proceeds | $ 14,053 | ||||
Net Carrying Value | 10,526 | ||||
Realized Gains (losses)/Unrealized Losses, net | $ 3,527 | ||||
Disposal Group, Not Discontinued Operations [Member] | 700 Horizon Drive [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of Buildings, Disposed | item | 1 | ||||
Rentable Square Feet, Disposed | ft² | 120,000 | ||||
Net Sales Proceeds | $ 33,020 | ||||
Net Carrying Value | 16,053 | ||||
Realized Gains (losses)/Unrealized Losses, net | $ 16,967 | ||||
Disposal Group, Not Discontinued Operations [Member] | Wall Portfolio Second Closing [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of Buildings, Disposed | item | 3 | ||||
Rentable Square Feet, Disposed | ft² | 217,822 | ||||
Net Sales Proceeds | $ 30,209 | ||||
Net Carrying Value | 12,961 | ||||
Realized Gains (losses)/Unrealized Losses, net | $ 17,248 | ||||
Disposal Group, Not Discontinued Operations [Member] | 75 Livingston Avenue [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 | 94,221 | ||||
Net Sales Proceeds | $ 7,983 | ||||
Net Carrying Value | 5,609 | ||||
Realized Gains (losses)/Unrealized Losses, net | $ 2,374 | ||||
Disposal Group, Not Discontinued Operations [Member] | 20 Waterview Boulevard [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 | 225,550 | ||||
Net Sales Proceeds | $ 12,475 | ||||
Net Carrying Value | 11,795 | ||||
Realized Gains (losses)/Unrealized Losses, net | $ 680 | ||||
Valuation allowance | $ 11,000 | ||||
Disposal Group, Not Discontinued Operations [Member] | 20 Waterview Boulevard [Member] | Notes Receivable 6.0 Interest Rate [Member] | Buyer [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Noncash net sales proceeds | $ 2,800 | ||||
Disposal Group, Not Discontinued Operations [Member] | Westchester Financial Center [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of Buildings, Disposed | item | 2 | ||||
Rentable Square Feet, Disposed | ft² | 489,000 | ||||
Net Sales Proceeds | $ 81,769 | ||||
Net Carrying Value | 64,679 | ||||
Realized Gains (losses)/Unrealized Losses, net | 17,090 | ||||
Disposal Group, Not Discontinued Operations [Member] | Westchester Financial Center [Member] | Notes Receivable 3.0 Interest Rate [Member] | Buyer [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Noncash net sales proceeds | $ 4,000 | ||||
Disposal Group, Not Discontinued Operations [Member] | 65 Jackson Drive [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of Buildings, Disposed | item | 0 | ||||
Net Sales Proceeds | $ 1,510 | ||||
Realized Gains (losses)/Unrealized Losses, net | $ 1,510 | ||||
Disposal Group, Not Discontinued Operations [Member] | 600 Horizon Drive [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of Buildings, Disposed | item | 1 | ||||
Rentable Square Feet, Disposed | ft² | 95,000 | ||||
Net Sales Proceeds | $ 15,127 | ||||
Net Carrying Value | 6,191 | ||||
Realized Gains (losses)/Unrealized Losses, net | $ 8,936 | ||||
Disposal Group, Not Discontinued Operations [Member] | 1 & 3 Barker Avenue [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of Buildings, Disposed | item | 2 | ||||
Rentable Square Feet, Disposed | ft² | 133,300 | ||||
Net Sales Proceeds | $ 15,140 | ||||
Net Carrying Value | 13,543 | ||||
Realized Gains (losses)/Unrealized Losses, net | $ 1,597 | ||||
Disposal Group, Not Discontinued Operations [Member] | 120 West Passaic Street [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 | 52,000 | ||||
Net Sales Proceeds | $ 2,667 | ||||
Net Carrying Value | 2,568 | ||||
Realized Gains (losses)/Unrealized Losses, net | $ 99 | ||||
Disposal Group, Not Discontinued Operations [Member] | Elmsford Distribution Center [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 | 387,400 | ||||
Net Sales Proceeds | $ 66,557 | ||||
Net Carrying Value | 17,314 | ||||
Realized Gains (losses)/Unrealized Losses, net | $ 49,243 | ||||
Land [Member] | Disposal Group, Not Discontinued Operations [Member] | Hamilton Portfolio [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of properties disposed | property | 2 |
Recent Transactions (Schedule_6
Recent Transactions (Schedule Of Disposed Developable Land) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Total Development Costs Incurred | $ 457,984 |
Disposal Group, Not Discontinued Operations [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Net Sales Proceeds | 46,036 |
Net Carrying Value | 15,097 |
Gain on Disposition of Developable Land | 30,939 |
1 Lake Street [Member] | Disposal Group, Not Discontinued Operations [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Net Sales Proceeds | 46,036 |
Net Carrying Value | 15,097 |
Gain on Disposition of Developable Land | 30,939 |
Total Development Costs Incurred | $ 3,000 |
Recent Transactions (Summary Of
Recent Transactions (Summary Of Income From Property Held For Sale, Net) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Less - Accumulated depreciation | $ (1,097,868) | $ (1,087,083) |
Rental property held for sale, net | 108,848 | 171,578 |
Fort Lee, Newark, Paramus, Bridgewater, Morris Plains And Rahway, New Jersey [Member] | 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 | 24,376 | |
Buildings and improvements | 159,857 | |
Less - Accumulated depreciation | (55,250) | |
Less: Unrealized losses on properties held for sale | (20,135) | |
Rental property held for sale, net | $ 108,848 | |
Parsippany, Paramus, Rochelle Park, Hamilton And Wall, New Jersey And White Plains, New York [Member] | 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 | 37,024 | |
Buildings and improvements | 273,388 | |
Less - Accumulated depreciation | (126,503) | |
Less: Unrealized losses on properties held for sale | (12,331) | |
Rental property held for sale, net | $ 171,578 |
Investments In Unconsolidated_3
Investments In Unconsolidated Joint Ventures (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)ft²propertyitem | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Carrying Value | $ 232,750 | $ 252,626 | |
Number of units | item | 1,317 | ||
Amount outstanding | $ 790,939 | 822,288 | |
Management, leasing, development and other services fees | 2,400 | 2,800 | |
Accounts receivable due from unconsolidated joint ventures | 200 | 800 | |
Maximum exposure to loss | 165,400 | ||
Estimated future funding commitments | 35,800 | ||
Mortgage Loans on Real Estate | $ 45,242 | $ 45,734 | |
Unconsolidated Joint Venture Office Buildings [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of properties | property | 4 | ||
Area of property (in square feet) | ft² | 500,000 | ||
Unconsolidated Joint Venture Retail Buildings [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of properties | property | 2 | ||
Area of mixed use project (in square feet) | ft² | 81,700 | ||
Unconsolidated Joint Venture Multi-Family Properties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of properties | property | 8 | ||
Number of units | item | 2,922 | ||
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 | 360 | ||
Unconsolidated Joint Venture Land Parcels [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of units | item | 3,738 | ||
Unconsolidated Joint Ventures [Member] | Guarantee of Indebtedness of Others [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Maximum borrowing capacity | $ 316,900 | ||
Amount outstanding | 204,900 | ||
Unconsolidated Joint Ventures [Member] | Parent Company [Member] | Guarantee of Indebtedness of Others [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Maximum borrowing capacity | 35,800 | ||
Amount outstanding | $ 24,600 | ||
Minimum [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of interest in venture | 20.00% | ||
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] | |||
Carrying Value | $ 129,500 | ||
Number of VIEs | property | 4 |
Investments In Unconsolidated_4
Investments In Unconsolidated Joint Ventures (Summary Of Unconsolidated Joint Ventures) (Details) $ in Thousands | Aug. 02, 2018USD ($)item | Aug. 01, 2018USD ($)item | Mar. 30, 2018USD ($)item | Feb. 03, 2017 | Dec. 31, 2018USD ($)ft²item | Jan. 31, 2019USD ($) | Dec. 11, 2018 | Dec. 31, 2017USD ($) | Feb. 15, 2017 | Feb. 02, 2017 | Dec. 31, 2016USD ($) |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of Apartment Units | item | 1,317 | ||||||||||
Carrying Value | $ 232,750 | $ 252,626 | |||||||||
Balance | 45,242 | 45,734 | |||||||||
Mortgage loan face amount | $ 41,695 | ||||||||||
Minimum [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Company's Effective Ownership % | 20.00% | ||||||||||
Maximum [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Company's Effective Ownership % | 85.00% | ||||||||||
Marbella Tower Urban Renewal Associates LLC [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of Apartment Units | item | 412 | ||||||||||
Company's Effective Ownership % | 24.27% | ||||||||||
Balance | $ 131,000 | $ 95,000 | |||||||||
Property Debt, Maturity Date | Aug. 1, 2026 | ||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | 4.07% | ||||||||||
Percentage of additional interest acquired | 50.00% | ||||||||||
PI North - Riverwalk C [Member] | Construction Loan [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Maximum borrowing capacity | $ 112,000 | ||||||||||
Marbella II [Member] | Construction Loan [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of extension options | item | 4 | ||||||||||
Loan extension period | 3 months | ||||||||||
Extension fee | 0.0625% | ||||||||||
Maximum borrowing capacity | $ 75,000 | ||||||||||
Urby At Harborside [Member] | Construction/Permanent Loan [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Company's Effective Ownership % | 85.00% | ||||||||||
Maximum borrowing capacity | $ 192,000 | ||||||||||
PI North - Land [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of Apartment Units | item | 836 | ||||||||||
Residual ownership interest | 20.00% | ||||||||||
Plaza VIII & IX Associates, L.L.C. [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Company's Effective Ownership % | 50.00% | ||||||||||
Percentage of additional interest acquired | 12.50% | ||||||||||
The Shops At 40 Park Property [Member] | Metropolitan At 40 Park [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Rentable Square Feet (sf) | ft² | 50,973 | ||||||||||
Balance | $ 6,100 | ||||||||||
Property Debt, Maturity Date | Sep. 1, 2019 | ||||||||||
Property Debt, Interest Rate, LIBOR | LIBOR+2.25 | ||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | 2.25% | ||||||||||
Residual ownership interest | 12.50% | 25.00% | |||||||||
Lofts At 40 Park Property [Member] | Metropolitan At 40 Park [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of Apartment Units | item | 59 | ||||||||||
Indirect ownership interest | 25.00% | 50.00% | |||||||||
Number of stories | item | 5 | ||||||||||
Lofts At 40 Park Property [Member] | Metropolitan At 40 Park [Member] | Construction Loan [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Balance | $ 13,100 | ||||||||||
Property Debt, Maturity Date | Feb. 1, 2020 | ||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | 2.50% | ||||||||||
Maximum borrowing capacity | $ 13,950 | ||||||||||
Metropolitan Property [Member] | Metropolitan At 40 Park [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Balance | $ 36,000 | ||||||||||
Property Debt, Maturity Date | Sep. 1, 2020 | ||||||||||
Property Debt, Interest Rate | 3.25% | ||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of Apartment Units | item | 2,922 | ||||||||||
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 | 412 | ||||||||||
Company's Effective Ownership % | 24.27% | ||||||||||
Carrying Value | 14,544 | ||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Marbella Tower Urban Renewal Associates LLC [Member] | Subsequent Event [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Company's Effective Ownership % | 50.00% | ||||||||||
Balance | $ 117,000 | ||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Metropolitan At 40 Park [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of Apartment Units | item | 130 | ||||||||||
Company's Effective Ownership % | 25.00% | ||||||||||
Carrying Value | $ 7,679 | 6,834 | |||||||||
Balance | $ 55,227 | ||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | RiverTrace At Port Imperial [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of Apartment Units | item | 316 | ||||||||||
Company's Effective Ownership % | 22.50% | ||||||||||
Carrying Value | $ 8,112 | 8,864 | |||||||||
Balance | $ 82,000 | ||||||||||
Property Debt, Maturity Date | Nov. 10, 2026 | ||||||||||
Property Debt, Interest Rate | 3.21% | ||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Crystal House [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of Apartment Units | item | 825 | ||||||||||
Company's Effective Ownership % | 25.00% | ||||||||||
Carrying Value | $ 29,570 | 30,570 | |||||||||
Balance | $ 162,838 | ||||||||||
Property Debt, Maturity Date | Apr. 1, 2020 | ||||||||||
Property Debt, Interest Rate | 3.17% | ||||||||||
Number of units available for development | item | 295 | ||||||||||
Number of approved units available for development | item | 252 | ||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | PI North - Riverwalk C [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of Apartment Units | item | 360 | ||||||||||
Company's Effective Ownership % | 40.00% | ||||||||||
Carrying Value | $ 27,175 | 16,844 | |||||||||
Property Debt, Maturity Date | Dec. 6, 2021 | ||||||||||
Property Debt, Interest Rate, LIBOR | L+2.75 | ||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | 2.75% | ||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Marbella II [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of Apartment Units | item | 311 | ||||||||||
Company's Effective Ownership % | 24.27% | ||||||||||
Carrying Value | $ 15,414 | 16,471 | |||||||||
Balance | $ 74,690 | ||||||||||
Property Debt, Maturity Date | Mar. 30, 2019 | ||||||||||
Property Debt, Interest Rate, LIBOR | L+2.25 | ||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | 2.25% | ||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Marbella II [Member] | Subsequent Event [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Balance | $ 117,000 | ||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Riverpark At Harrison [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of Apartment Units | item | 141 | ||||||||||
Company's Effective Ownership % | 45.00% | ||||||||||
Carrying Value | $ 1,272 | 1,604 | |||||||||
Balance | $ 29,819 | ||||||||||
Property Debt, Maturity Date | Aug. 1, 2025 | ||||||||||
Property Debt, Interest Rate | 3.70% | ||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Station House [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of Apartment Units | item | 378 | ||||||||||
Company's Effective Ownership % | 50.00% | ||||||||||
Carrying Value | $ 37,675 | 40,124 | |||||||||
Balance | $ 98,504 | ||||||||||
Property Debt, Maturity Date | Jul. 1, 2033 | ||||||||||
Property Debt, Interest Rate | 4.82% | ||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Urby At Harborside [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of Apartment Units | item | 762 | ||||||||||
Company's Effective Ownership % | 85.00% | ||||||||||
Carrying Value | $ 85,317 | 94,429 | |||||||||
Balance | $ 191,732 | ||||||||||
Property Debt, Maturity Date | Aug. 1, 2029 | ||||||||||
Property Debt, Interest Rate | 5.197% | ||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | PI North - Land [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of Apartment Units | item | 836 | ||||||||||
Company's Effective Ownership % | 20.00% | ||||||||||
Carrying Value | $ 1,678 | 1,678 | |||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Liberty Landing [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of Apartment Units | item | 850 | ||||||||||
Company's Effective Ownership % | 50.00% | ||||||||||
Carrying Value | $ 337 | 337 | |||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Hillsborough 206 [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Rentable Square Feet (sf) | ft² | 160,000 | ||||||||||
Company's Effective Ownership % | 50.00% | ||||||||||
Carrying Value | $ 1,962 | 1,962 | |||||||||
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] | |||||||||||
Company's Effective Ownership % | 7.50% | ||||||||||
Unconsolidated Joint Venture Office Buildings [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Rentable Square Feet (sf) | ft² | 500,000 | ||||||||||
Unconsolidated Joint Venture Office Buildings [Member] | Red Bank [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Rentable Square Feet (sf) | ft² | 92,878 | ||||||||||
Company's Effective Ownership % | 50.00% | ||||||||||
Carrying Value | $ 3,127 | 4,602 | |||||||||
Balance | $ 14,000 | ||||||||||
Property Debt, Maturity Date | Aug. 1, 2023 | ||||||||||
Property Debt, Interest Rate, LIBOR | L+2.25 | ||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | 2.25% | ||||||||||
Number of extension options | item | 2 | ||||||||||
Maximum borrowing capacity | $ 16,500 | ||||||||||
Unconsolidated Joint Venture Office Buildings [Member] | 12 Vreeland Road [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Rentable Square Feet (sf) | ft² | 139,750 | ||||||||||
Company's Effective Ownership % | 50.00% | ||||||||||
Carrying Value | $ 7,019 | 6,734 | |||||||||
Balance | $ 7,904 | ||||||||||
Property Debt, Maturity Date | Jul. 1, 2023 | ||||||||||
Property Debt, Interest Rate | 2.87% | ||||||||||
Unconsolidated Joint Venture Office Buildings [Member] | Offices At Crystal Lake [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Rentable Square Feet (sf) | ft² | 106,345 | ||||||||||
Company's Effective Ownership % | 31.25% | ||||||||||
Carrying Value | $ 3,442 | 3,369 | |||||||||
Balance | $ 4,076 | ||||||||||
Property Debt, Maturity Date | Nov. 1, 2023 | ||||||||||
Property Debt, Interest Rate | 4.76% | ||||||||||
Unconsolidated Joint Venture Other Property [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Carrying Value | $ 232,750 | 252,626 | |||||||||
Balance | $ 820,790 | ||||||||||
Unconsolidated Joint Venture Other Property [Member] | Riverwalk Retail [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Rentable Square Feet (sf) | ft² | 30,745 | ||||||||||
Company's Effective Ownership % | 20.00% | ||||||||||
Carrying Value | $ 1,539 | 1,625 | |||||||||
Unconsolidated Joint Venture Other Property [Member] | Hyatt Regency Jersey City [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of Apartment Units | item | 351 | ||||||||||
Company's Effective Ownership % | 50.00% | ||||||||||
Carrying Value | $ 112 | 440 | |||||||||
Balance | $ 100,000 | ||||||||||
Property Debt, Maturity Date | Oct. 1, 2026 | ||||||||||
Property Debt, Interest Rate | 3.668% | ||||||||||
Unconsolidated Joint Venture Other Property [Member] | Other [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Carrying Value | $ 1,320 | $ 1,595 |
Investments In Unconsolidated_5
Investments In Unconsolidated Joint Ventures (Summary Of Company's Equity In Earnings (Loss) Of Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings of unconsolidated joint ventures | $ (127) | $ (6,081) | $ 18,788 |
Amortization of basis difference | 903 | 792 | 436 |
Hillsborough 206 [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings of unconsolidated joint ventures | 16 | (25) | (53) |
Unconsolidated Joint Venture Multi-Family Properties [Member] | Marbella I [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings of unconsolidated joint ventures | 205 | 334 | 231 |
Unconsolidated Joint Venture Multi-Family Properties [Member] | Metropolitan At 40 Park [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings of unconsolidated joint ventures | (455) | (311) | (317) |
Unconsolidated Joint Venture Multi-Family Properties [Member] | RiverTrace At Port Imperial [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings of unconsolidated joint ventures | 154 | 196 | (1,146) |
Unconsolidated Joint Venture Multi-Family Properties [Member] | Crystal House [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings of unconsolidated joint ventures | (874) | (923) | (870) |
Unconsolidated Joint Venture Multi-Family Properties [Member] | PI North Pier Land [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings of unconsolidated joint ventures | (126) | (219) | (62) |
Unconsolidated Joint Venture Multi-Family Properties [Member] | PI North - Riverwalk C [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings of unconsolidated joint ventures | (653) | (58) | |
Unconsolidated Joint Venture Multi-Family Properties [Member] | Marbella II [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings of unconsolidated joint ventures | 35 | 93 | (202) |
Unconsolidated Joint Venture Multi-Family Properties [Member] | Riverpark At Harrison [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings of unconsolidated joint ventures | (232) | (252) | (190) |
Unconsolidated Joint Venture Multi-Family Properties [Member] | Station House [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings of unconsolidated joint ventures | (2,096) | (1,793) | (2,440) |
Unconsolidated Joint Venture Multi-Family Properties [Member] | Urby At Harborside [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings of unconsolidated joint ventures | (975) | (6,356) | (219) |
Economic tax credit certificate income | $ 2,600 | ||
Period of venture agreement to sell economic tax credit | 9 years | ||
Annual proceeds from economic tax credit | $ 3,000 | ||
Total proceeds from economic tax credit | 27,000 | ||
Unconsolidated Joint Venture Multi-Family Properties [Member] | Liberty Landing [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings of unconsolidated joint ventures | (5) | (15) | (80) |
Unconsolidated Joint Venture Office Buildings [Member] | Red Bank [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings of unconsolidated joint ventures | (215) | 238 | 448 |
Unconsolidated Joint Venture Office Buildings [Member] | 12 Vreeland Road [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings of unconsolidated joint ventures | 285 | 496 | 347 |
Unconsolidated Joint Venture Office Buildings [Member] | Offices At Crystal Lake [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings of unconsolidated joint ventures | 73 | 89 | (15) |
Unconsolidated Joint Venture Other Property [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings of unconsolidated joint ventures | (127) | (6,081) | 18,788 |
Unconsolidated Joint Venture Other Property [Member] | Roseland/North Retail, L.L.C./ Riverwalk At Port Imperial [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings of unconsolidated joint ventures | (86) | (81) | (52) |
Unconsolidated Joint Venture Other Property [Member] | South Pier At Harborside / Hyatt Regency Jersey City On The Hudson [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings of unconsolidated joint ventures | 3,672 | 3,277 | 24,180 |
Unconsolidated Joint Venture Other Property [Member] | Other [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Company's equity in earnings of unconsolidated joint ventures | $ 497 | $ (176) | $ (714) |
Investments In Unconsolidated_6
Investments In Unconsolidated Joint Ventures (Summary Of Financial Position Of Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Investments In Unconsolidated Joint Ventures [Abstract] | ||
Rental property, net | $ 903,253 | $ 931,419 |
Other assets | 212,205 | 207,903 |
Total assets | 1,115,458 | 1,139,322 |
Mortgages and loans payable | 686,797 | 689,412 |
Other liabilities | 67,072 | 80,746 |
Partners'/members' capital | 361,589 | 369,164 |
Total liabilities and partners'/members' capital | $ 1,115,458 | $ 1,139,322 |
Investments In Unconsolidated_7
Investments In Unconsolidated Joint Ventures (Summary Of Results Of Operations Of Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Investments In Unconsolidated Joint Ventures [Abstract] | |||
Total revenues | $ 310,919 | $ 358,751 | $ 377,711 |
Operating and other expenses | (230,863) | (297,492) | (262,703) |
Depreciation and amortization | (40,193) | (31,020) | (75,512) |
Interest expense | (34,874) | (25,822) | (58,390) |
Net income (loss) | $ 4,989 | $ 4,417 | $ (18,894) |
Deferred Charges, Goodwill An_3
Deferred Charges, Goodwill And Other Assets, Net (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Credit Risk Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net liability | $ 0 | ||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative notional amount | 675,000,000 | ||
Ineffective gain (loss) in interest expense | (200,000) | $ (37,000) | $ 600,000 |
Estimated additional amount to be reclassified to interest expense | $ 6,700,000 | ||
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 | $ 2,000 |
Deferred Charges, Goodwill An_4
Deferred Charges, Goodwill And Other Assets, Net (Schedule Of Deferred Charges, Goodwill And Other Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Aug. 31, 2017 | |
Deferred Charges, Goodwill And Other Assets [Line Items] | ||||
Deferred leasing costs | $ 173,822 | $ 199,515 | ||
Deferred financing costs - unsecured revolving credit facility | 5,356 | 4,945 | ||
Deferred charges, net | 179,178 | 204,460 | ||
Accumulated amortization | (71,326) | (98,956) | ||
Deferred charges, net | 107,852 | 105,504 | ||
Notes receivable | 47,409 | 50,167 | ||
In-place lease values, related intangibles and other assets, net | 89,860 | 102,757 | ||
Goodwill | 2,945 | 2,945 | ||
Prepaid expenses and other assets, net | 107,168 | 80,947 | ||
Total deferred charges, goodwill and other assets, net | 355,234 | 342,320 | ||
Acquired Above And Below Market Lease Intangibles [Member] | ||||
Deferred Charges, Goodwill And Other Assets [Line Items] | ||||
Lease revenue | 5,300 | 7,900 | $ 1,900 | |
Acquisition-related Costs [Member] | ||||
Deferred Charges, Goodwill And Other Assets [Line Items] | ||||
Net sales proceeds held by qualified intermediary | $ 49,200 | 26,900 | ||
Notes Receivable 5.85 Interest Rate [Member] | ||||
Deferred Charges, Goodwill And Other Assets [Line Items] | ||||
Notes receivable | 45,700 | |||
Mortgage loan, maturity date | Jul. 1, 2019 | |||
Interest rate | 5.85% | |||
Notes receivable | $ 45,200 | $ 44,700 | ||
Loan extension period | 3 months | |||
Interest-Free Notes Receivable [Member] | ||||
Deferred Charges, Goodwill And Other Assets [Line Items] | ||||
Mortgage loan, maturity date | Apr. 1, 2023 | |||
Notes receivable | $ 2,200 | 2,500 | ||
Disposal Group, Not Discontinued Operations [Member] | Buyer [Member] | Bergen Portfolio [Member] | ||||
Deferred Charges, Goodwill And Other Assets [Line Items] | ||||
Notes receivable | $ 65,000 |
Deferred Charges, Goodwill An_5
Deferred Charges, Goodwill And Other Assets (Summary Of Scheduled Amortization) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
2,019 | $ 2,491 | ||
2,020 | 1,928 | ||
2,021 | 1,941 | ||
2,022 | 1,932 | ||
2,023 | 2,072 | ||
Acquired Above Market Lease [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
2,019 | (2,559) | ||
2,020 | (2,377) | ||
2,021 | (2,245) | ||
2,022 | (2,132) | ||
2,023 | (1,207) | ||
Acquired Below-Market Lease Intangibles [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
2,019 | 5,050 | ||
2,020 | 4,305 | ||
2,021 | 4,186 | ||
2,022 | 4,064 | ||
2,023 | 3,279 | ||
In-Place Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
2,019 | 10,494 | ||
2,020 | 8,050 | ||
2,021 | 6,884 | ||
2,022 | 6,059 | ||
2,023 | 4,943 | ||
Amortization expense | $ 17,900 | $ 32,200 | $ 14,300 |
Deferred Charges, Goodwill An_6
Deferred Charges, Goodwill And Other Assets, Net (Schedule Of Fair Value Of The Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | Deferred Charges, Goodwill And Other Assets [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Asset Derivatives | $ 10,175 | $ 8,060 |
Deferred Charges, Goodwill An_7
Deferred Charges, Goodwill And Other Assets, Net (Schedule Of Cash Flow Hedging, Derivative Financial Instruments On The Income Statement) (Details) - Not Designated as Hedging Instrument [Member] - Cash Flow Hedging [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | $ 2,944 | $ (2,381) | $ (3,398) |
Interest And Other Investment Income (Loss) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion, Reclassification for Forecasted Transactions No Longer Probable of Occurring and Amount Excluded from Effectiveness Testing) | (204) | (37) | 631 |
Interest Rate Swaps [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | $ 5,262 | $ 2,869 | $ (1,183) |
Restricted Cash (Schedule Of Re
Restricted Cash (Schedule Of Restricted Cash) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Restricted Cash [Abstract] | ||||
Security deposits | $ 10,257 | $ 9,446 | ||
Escrow and other reserve funds | 9,664 | 30,346 | ||
Total restricted cash | $ 19,921 | $ 39,792 | $ 53,952 | $ 35,343 |
Senior Unsecured Notes (Summary
Senior Unsecured Notes (Summary Of Senior Unsecured Notes) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Principal balance outstanding | $ 2,792,651,000 | $ 2,809,568,000 |
Adjustment for unamortized debt discount | (2,838,000) | |
Total senior unsecured notes, net | $ 2,792,651,000 | |
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 | $ 575,000,000 | 575,000,000 |
Adjustment for unamortized debt discount | (2,838,000) | (3,505,000) |
Unamortized deferred financing costs | (1,848,000) | (2,350,000) |
Total senior unsecured notes, net | 570,314,000 | 569,145,000 |
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 | 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 | 3.517% |
Unsecured Revolving Credit Fa_3
Unsecured Revolving Credit Facility And Term Loans (Narrative) (Details) | Jan. 07, 2019USD ($)item | Mar. 06, 2018 | Jan. 25, 2017USD ($)entity | Dec. 31, 2018USD ($)item | Dec. 31, 2016USD ($)item | Dec. 31, 2017USD ($) | Mar. 29, 2017 | Mar. 22, 2017USD ($) | Jan. 26, 2017USD ($) | Jan. 31, 2016USD ($) |
Line of Credit Facility [Line Items] | ||||||||||
Loan balance | $ 2,792,651,000 | $ 2,809,568,000 | ||||||||
Outstanding borrowings under the facility | 790,939,000 | 822,288,000 | ||||||||
Unsecured Revolving Credit Facility [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Number of lending institutions | item | 17 | |||||||||
Borrowing capacity under the credit facility | $ 600,000,000 | |||||||||
Outstanding borrowings under the facility | $ 117,000,000 | 150,000,000 | ||||||||
2017 Credit Agreement [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Number of lending institutions | entity | 13 | |||||||||
Borrowing capacity under the credit facility | $ 60,000,000 | |||||||||
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 IRS Code. | |||||||||
Spread over LIBOR | 1.30% | |||||||||
2017 Credit Facility [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Loan maturity date | Jan. 1, 2021 | |||||||||
Borrowing capacity under the credit facility | 600,000,000 | |||||||||
Number of extension options | item | 2 | |||||||||
Credit facility, extension period | 6 months | |||||||||
Terms of the unsecured facility | The terms of the 2017 Credit Facility 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, 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, currently 25 basis points, payable quarterly based on the Operating Partnership's unsecured debt ratings from Moody's or S&P, 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. | |||||||||
Loan period | 4 years | |||||||||
Facility fee basis points | 0.25% | |||||||||
2017 Credit Agreement, Letter Of Credit [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Maximum loan increase that may be requested | $ 100,000,000 | |||||||||
2017 Credit Agreement Amendment And 2016 Term Loan Amendment [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Terms of the unsecured facility | On August 30, 2018, the Company entered into an amendment to the 2017 Credit Agreement (the "2017 Credit Agreement Amendment") and an amendment to the 2016 Term Loan (the "2016 Term Loan Amendment"). Each of the 2017 Credit Agreement Amendment and the 2016 Term Loan Amendment is effective as of June 30, 2018 and provides for the following material amendments to the terms of both the 2017 Credit Agreement and 2016 Term Loan):The unsecured debt ratio covenant has been modified with respect to the measurement of the unencumbered collateral pool of assets in the calculation of such ratio for the period commencing July 1, 2018 and continuing until December 31, 2019 to allow the Operating Partnership to utilize the "as-is" appraised value of the properties known as ‘Harborside Plaza I' and ‘Harborside Plaza V' properties located in Jersey City, NJ in such calculation; andA new covenant has been added that prohibits the Company from making any optional or voluntary payment, repayment, repurchase or redemption of any unsecured indebtedness of the Company (or any subsidiaries) that matures after January 25, 2022, at any time when any of the Total Leverage Ratio or the unsecured debt ratio covenants exceeds 60 percent (all as defined in the 2017 Credit Agreement and the 2016 Term Loan) or an appraisal is being used to determine the value of Harborside Plaza I and Harborside Plaza V for the unsecured debt ratio covenant. | |||||||||
Unsecured Term Loan [Member] | Unsecured Revolving Credit Facility [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Outstanding borrowings under the facility | $ 790,900,000 | 822,300,000 | ||||||||
5.800% Senior Unsecured Notes, Due January 15, 2016 [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Loan balance | $ 200,000,000 | |||||||||
Loan maturity date | Jan. 15, 2016 | |||||||||
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 | $ 1,100,000 | 1,700,000 | ||||||||
Loan extension period | 1 year | |||||||||
Interest rate swap | 1.6473% | |||||||||
Interest rate | 3.1973% | |||||||||
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, 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 | $ 323,900,000 | 323,300,000 | ||||||||
Spread over LIBOR | 1.55% | |||||||||
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 maturity date | Jan. 1, 2019 | |||||||||
Unamortized deferred financing costs | 1,000,000 | |||||||||
Interest rate | 3.28% | |||||||||
Credit facility maturity date | Jan. 1, 2020 | |||||||||
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 IRS Code. | |||||||||
Outstanding borrowings under the facility | $ 350,000,000 | $ 349,000,000 | ||||||||
Spread over LIBOR | 1.55% | |||||||||
Subsequent Event [Member] | 2016 Term Loan [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Extension fee amount | $ 500,000 | |||||||||
Number of extensions exercised | item | 1 |
Unsecured Revolving Credit Fa_4
Unsecured Revolving Credit Facility And Term Loans (Schedule Of Defined Leverage Ratio, Including Interest Rate, Alternate Base Rate Loans, And Facility Fee) (Details) - 2017 Credit Facility [Member] | 12 Months Ended |
Dec. 31, 2018 | |
Debt Instrument [Line Items] | |
Facility Fee Basis Points | 0.25% |
45% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.25% |
Facility Fee Basis Points | 0.20% |
45% 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] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.30% |
Facility Fee Basis Points | 0.25% |
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] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.35% |
Facility Fee Basis Points | 0.30% |
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] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.60% |
Facility Fee Basis Points | 0.35% |
55% Unsecured Term Loan Leverage Ratio [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 55.00% |
Base Rate [Member] | 45% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.25% |
Base Rate [Member] | 45% And 50% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.30% |
Base Rate [Member] | 50% And 55% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.35% |
Base Rate [Member] | 55% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.60% |
Unsecured Revolving Credit Fa_5
Unsecured Revolving Credit Facility And Term Loans (Schedule Of Interest Rates On Outstanding Borrowings, Alternate Base Rate Loans, And Facility Fee) (Details) - 2017 Credit Facility [Member] | 12 Months Ended |
Dec. 31, 2018 | |
Line of Credit Facility [Line Items] | |
Facility Fee Basis Points | 0.25% |
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% |
Baa3 [Member] | BBB- [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB- or Baa3 (interest rate based on Company's election through March 5, 2018) |
Interest Rate - Applicable Basis Points Above LIBOR | 1.20% |
Facility Fee Basis Points | 0.25% |
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% |
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% |
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% |
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% |
Base Rate [Member] | Baa3 [Member] | BBB- [Member] | |
Line of Credit Facility [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.20% |
Base Rate [Member] | Baa2 [Member] | BBB [Member] | |
Line of Credit Facility [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.00% |
Base Rate [Member] | Baa1 [Member] | BBB+ [Member] | |
Line of Credit Facility [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.00% |
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 Fa_6
Unsecured Revolving Credit Facility And Term Loans (Schedule Of Unsecured Credit Rating And Facility Fee) (Details) - Unsecured Revolving Credit Facility [Member] | 12 Months Ended |
Dec. 31, 2018 | |
No Ratings Or Less Than Baa3 [Member] | No Ratings Or Less Than BBB- [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | No ratings or less than BBB-/Baa3 |
Interest Rate - Applicable Basis Points Above LIBOR | 1.70% |
Facility Fee Basis Points | 0.35% |
Baa3 [Member] | BBB- [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB- or Baa3 (since January 2017 amendment) |
Interest Rate - Applicable Basis Points Above LIBOR | 1.30% |
Facility Fee Basis Points | 0.30% |
Baa2 [Member] | BBB [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB or Baa2 |
Interest Rate - Applicable Basis Points Above LIBOR | 1.10% |
Facility Fee Basis Points | 0.20% |
Baa1 [Member] | BBB+ [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB+ or Baa1 |
Interest Rate - Applicable Basis Points Above LIBOR | 1.00% |
Facility Fee Basis Points | 0.15% |
A3 Or Higher [Member] | A- Or Higher [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | A- or A3 or higher |
Interest Rate - Applicable Basis Points Above LIBOR | 0.925% |
Facility Fee Basis Points | 0.125% |
Unsecured Revolving Credit Fa_7
Unsecured Revolving Credit Facility And Term Loans (Schedule Of Defined Leverage Ratio) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
45% Unsecured 2017 Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.45% |
45% Unsecured 2017 Term Loan Leverage Ratio [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 45.00% |
45% And 50% Unsecured 2017 Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.55% |
45% And 50% Unsecured 2017 Term Loan Leverage Ratio [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 45.00% |
45% And 50% Unsecured 2017 Term Loan Leverage Ratio [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 50.00% |
50% And 55% Unsecured 2017 Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.65% |
50% And 55% Unsecured 2017 Term Loan Leverage Ratio [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 50.00% |
50% And 55% Unsecured 2017 Term Loan Leverage Ratio [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 55.00% |
55% Unsecured 2017 Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.95% |
55% Unsecured 2017 Term Loan Leverage Ratio [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 55.00% |
45% Unsecured 2016 Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.45% |
45% Unsecured 2016 Term Loan Leverage Ratio [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 45.00% |
45% And 50% Unsecured 2016 Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.55% |
45% And 50% Unsecured 2016 Term Loan Leverage Ratio [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 45.00% |
45% And 50% Unsecured 2016 Term Loan Leverage Ratio [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 50.00% |
50% And 55% Unsecured 2016 Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.65% |
50% And 55% Unsecured 2016 Term Loan Leverage Ratio [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 50.00% |
50% And 55% Unsecured 2016 Term Loan Leverage Ratio [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 55.00% |
55% Unsecured 2016 Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.95% |
55% Unsecured 2016 Term Loan Leverage Ratio [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 55.00% |
Base Rate [Member] | 45% Unsecured 2017 Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.45% |
Base Rate [Member] | 45% And 50% Unsecured 2017 Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.55% |
Base Rate [Member] | 50% And 55% Unsecured 2017 Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.65% |
Base Rate [Member] | 55% Unsecured 2017 Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.95% |
Unsecured Revolving Credit Fa_8
Unsecured Revolving Credit Facility And Term Loans (Schedule Of Interest Rate On Outstanding Borrowings Payable) (Details) | Mar. 06, 2018 | Dec. 31, 2018 |
2017 Term Loan [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest Rate - Applicable Basis Points Above LIBOR | 1.55% | |
2016 Term Loan [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest Rate - Applicable Basis Points Above LIBOR | 1.55% | |
No Ratings Or Less Than Baa3 [Member] | 2017 Term Loan [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] | ||
Unsecured Debt Ratings | No ratings or less than BBB-/Baa3 | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.85% | |
Baa3 [Member] | 2017 Term Loan [Member] | BBB- [Member] | ||
Line of Credit Facility [Line Items] | ||
Unsecured Debt Ratings | BBB- or Baa3 (interest rate based on Company's election through March 5, 2018) | |
Baa3 [Member] | 2016 Term Loan [Member] | BBB- [Member] | ||
Line of Credit Facility [Line Items] | ||
Unsecured Debt Ratings | BBB- or Baa3 (interest rate based on Company's election through March 5, 2018) | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.40% | |
Baa2 [Member] | 2017 Term Loan [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] | ||
Unsecured Debt Ratings | BBB or Baa2 | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.15% | |
Baa1 [Member] | 2017 Term Loan [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] | ||
Unsecured Debt Ratings | BBB+ or Baa1 | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.00% | |
A3 Or Higher [Member] | 2017 Term Loan [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] | ||
Unsecured Debt Ratings | A- or A3 or higher | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.90% | |
Base Rate [Member] | 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 | 0.85% | |
Base Rate [Member] | Baa3 [Member] | 2016 Term Loan [Member] | BBB- [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest Rate - Applicable Basis Points Above LIBOR | 0.40% | |
Base Rate [Member] | Baa2 [Member] | 2016 Term Loan [Member] | BBB [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest Rate - Applicable Basis Points Above LIBOR | 0.15% | |
Base Rate [Member] | Baa1 [Member] | 2016 Term Loan [Member] | BBB+ [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest Rate - Applicable Basis Points Above LIBOR | 0.00% | |
Base Rate [Member] | 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 | 0.00% |
Mortgages, Loans Payable And _3
Mortgages, Loans Payable And Other Obligations (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)propertyitem | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | |||
Cash paid for interest | $ 97,744,000 | $ 103,559,000 | $ 122,414,000 |
Interest capitalized | 27,047,000 | 20,240,000 | 19,316,000 |
Total indebtedness | 2,792,651,000 | ||
Adjusted total indebtedness | $ 2,807,396,000 | $ 2,826,110,000 | |
Total indebtedness, weighted average interest rate | 3.89% | 3.93% | |
Projects Under Development And Developable Land [Member] | |||
Debt Instrument [Line Items] | |||
Number of projects with encumbered company mortgages | item | 1 | ||
Carrying value of encumbered properties | $ 142,000,000 | ||
Other Property [Member] | |||
Debt Instrument [Line Items] | |||
Number of properties with encumbered company mortgages | property | 16 | ||
Carrying value of encumbered properties | $ 2,100,000,000 | ||
Unconsolidated Joint Venture [Member] | |||
Debt Instrument [Line Items] | |||
Interest capitalized | 816,000 | $ 1,056,000 | $ 5,055,000 |
Revolving Credit Facility Borrowing And Other Variable Rate Mortgage Debt [Member] | |||
Debt Instrument [Line Items] | |||
Total indebtedness | $ 314,177,000 | $ 382,443,000 | |
Total indebtedness, weighted average interest rate | 4.90% | 3.63% | |
Fixed Rate Debt And Other Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Total indebtedness | $ 2,493,219,000 | $ 2,443,667,000 | |
Total indebtedness, weighted average interest rate | 3.76% | 3.98% |
Mortgages, Loans Payable And _4
Mortgages, Loans Payable And Other Obligations (Summary Of Mortgages, Loans Payable And Other Obligations) (Details) | Dec. 17, 2018USD ($) | Dec. 07, 2018USD ($) | Mar. 29, 2018USD ($) | Mar. 01, 2018USD ($) | Jan. 08, 2018USD ($) | Dec. 31, 2018USD ($)propertyitem | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | ||||||||
Principal balance outstanding | $ 2,792,651,000 | $ 2,809,568,000 | ||||||
Adjustment for unamortized debt discount | 2,838,000 | |||||||
Borrowings from revolving credit facility | 461,000,000 | 730,000,000 | $ 1,165,000,000 | |||||
Payment for borrowings | $ 494,000,000 | 866,000,000 | $ 1,034,000,000 | |||||
250 Johnson Road [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan maturity date | May 20, 2019 | |||||||
Portside 5/6 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan maturity date | Mar. 10, 2026 | |||||||
Secured Debt [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal balance outstanding | $ 1,440,396,000 | 1,426,111,000 | ||||||
Unamortized deferred financing costs | 8,998,000 | 7,976,000 | ||||||
Total mortgages, loans payable and other obligations, net | $ 1,431,398,000 | 1,418,135,000 | ||||||
Secured Debt [Member] | Curtis Center [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Property Name | Harborside Plaza | |||||||
Lender | The Northwestern Mutual Life Insurance & New York Life Insurance Co. | |||||||
Effective rate | 6.84% | |||||||
Principal balance outstanding | 209,257,000 | |||||||
Secured Debt [Member] | Chase II [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Lender | & New York Life Insurance Co. | |||||||
Principal balance outstanding | ||||||||
Secured Debt [Member] | Harborside Plaza 5 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Payment for borrowings | $ 8,400,000 | |||||||
Secured Debt [Member] | 23 Main Street [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Property Name | 23 Main Street | |||||||
Lender | Berkadia CMBS | |||||||
Effective rate | 5.59% | |||||||
Principal balance outstanding | 27,090,000 | |||||||
Payment for borrowings | $ 100,000 | |||||||
Secured Debt [Member] | One River Center [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Property Name | One River Center | |||||||
Lender | Guardian Life Insurance Co. | |||||||
Effective rate | 7.31% | |||||||
Principal balance outstanding | 40,485,000 | |||||||
Number of properties used to collateralized mortgage | property | 3 | |||||||
Payment for borrowings | $ 1,800,000 | |||||||
Secured Debt [Member] | Park Square [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Property Name | Park Square | |||||||
Lender | Wells Fargo Bank N.A. | |||||||
LIBOR | LIBOR+1.87 | |||||||
Effective rate | 1.87% | |||||||
Principal balance outstanding | $ 25,167,000 | 26,567,000 | ||||||
Loan maturity date | Apr. 10, 2019 | |||||||
Secured Debt [Member] | 250 Johnson Road [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Property Name | 250 Johnson | |||||||
Lender | M&T Bank | |||||||
LIBOR | LIBOR+2.35 | |||||||
Effective rate | 2.35% | |||||||
Principal balance outstanding | $ 41,769,000 | 32,491,000 | ||||||
Secured Debt [Member] | 250 Johnson Road [Member] | Construction Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 42,000,000 | |||||||
Loan extension period | 1 year | |||||||
Extension fee | 0.25% | |||||||
Secured Debt [Member] | Port Imperial 4/5 Hotel [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Property Name | Port Imperial 4/5 Hotel | |||||||
Lender | Fifth Third Bank & Santander | |||||||
LIBOR | LIBOR+4.50 | |||||||
Effective rate | 4.50% | |||||||
Principal balance outstanding | $ 73,350,000 | 43,674,000 | ||||||
Loan maturity date | Oct. 6, 2019 | |||||||
Secured Debt [Member] | Port Imperial 4/5 Hotel [Member] | Construction Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 94,000,000 | |||||||
Number of extension options | item | 2 | |||||||
Loan extension period | 1 year | |||||||
Extension fee | 0.20% | |||||||
Secured Debt [Member] | Worcester [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Property Name | Worcester | |||||||
Lender | Citizens Bank | |||||||
LIBOR | LIBOR+2.50 | |||||||
Effective rate | 2.50% | |||||||
Principal balance outstanding | $ 56,892,000 | 37,821,000 | ||||||
Loan maturity date | Dec. 10, 2019 | |||||||
Secured Debt [Member] | Worcester [Member] | Construction Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 58,000,000 | |||||||
Number of extension options | item | 2 | |||||||
Loan extension period | 1 year | |||||||
Extension fee | 0.15% | |||||||
Secured Debt [Member] | Monaco [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Property Name | Monaco | |||||||
Lender | The Northwestern Mutual Life Insurance Co. | |||||||
Effective rate | 3.15% | |||||||
Principal balance outstanding | $ 168,370,000 | 169,987,000 | ||||||
Loan maturity date | Feb. 1, 2021 | |||||||
Adjustment for unamortized debt discount | $ 3,400,000 | |||||||
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 | 4.56% | |||||||
Principal balance outstanding | $ 4,000,000 | 4,000,000 | ||||||
Loan maturity date | Dec. 1, 2021 | |||||||
Secured Debt [Member] | Portside 7 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Property Name | Portside 7 | |||||||
Lender | CBRE Capital Markets/FreddieMac | |||||||
Effective rate | 3.57% | |||||||
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 | 3.85% | |||||||
Principal balance outstanding | $ 100,000,000 | 100,000,000 | ||||||
Loan maturity date | Feb. 1, 2024 | |||||||
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 | 3.74% | |||||||
Principal balance outstanding | $ 135,750,000 | 135,750,000 | ||||||
Loan maturity date | Jan. 1, 2025 | |||||||
Secured Debt [Member] | Portside 5/6 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Property Name | Portside 5/6 | |||||||
Lender | New York Life Insurance Company | |||||||
Effective rate | 4.56% | |||||||
Principal balance outstanding | $ 97,000,000 | 45,778,000 | ||||||
Maximum borrowing capacity | $ 97,000,000 | |||||||
Unamortized deferred financing costs | 200,000 | |||||||
Secured Debt [Member] | Portside 5/6 [Member] | Construction Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Payment for borrowings | $ 70,000,000 | |||||||
Secured Debt [Member] | Marbella I [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Property Name | Marbella | |||||||
Lender | New York Life Insurance Company | |||||||
Effective rate | 4.17% | |||||||
Principal balance outstanding | $ 131,000,000 | |||||||
Loan maturity date | Aug. 10, 2026 | |||||||
Secured Debt [Member] | 101 Hudson [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Property Name | 101 Hudson | |||||||
Lender | Wells Fargo CMBS | |||||||
Effective rate | 3.20% | |||||||
Principal balance outstanding | $ 250,000,000 | 250,000,000 | ||||||
Loan maturity date | Oct. 11, 2026 | |||||||
Secured Debt [Member] | Short Hills Portfolio [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Property Name | Short Hills Portfolio | |||||||
Lender | Wells Fargo CMBS | |||||||
Effective rate | 4.15% | |||||||
Principal balance outstanding | $ 124,500,000 | 124,500,000 | ||||||
Loan maturity date | Apr. 1, 2027 | |||||||
Secured Debt [Member] | 150 Main St [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Property Name | 150 Main St. | |||||||
Lender | Natixis Real Estate Capital LLC | |||||||
Effective rate | 4.48% | |||||||
Principal balance outstanding | $ 41,000,000 | 41,000,000 | ||||||
Loan maturity date | Aug. 5, 2027 | |||||||
Secured Debt [Member] | Port Imperial South 11 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Property Name | Port Imperial South 11 | |||||||
Lender | The Northwestern Mutual Life Insurance Co. | |||||||
Effective rate | 4.52% | |||||||
Principal balance outstanding | $ 100,000,000 | 46,113,000 | ||||||
Loan maturity date | Jan. 10, 2029 | |||||||
Maximum borrowing capacity | $ 100,000,000 | |||||||
Unamortized deferred financing costs | 300,000 | |||||||
Secured Debt [Member] | Port Imperial South 11 [Member] | Construction Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Payment for borrowings | $ 70,100,000 | |||||||
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 | 4.85% | |||||||
Principal balance outstanding | $ 32,600,000 | $ 32,600,000 | ||||||
Loan maturity date | Dec. 1, 2029 |
Mortgages, Loans Payable And _5
Mortgages, Loans Payable And Other Obligatons (Schedule Of Principal Payments) (Details) | Jan. 07, 2019USD ($)item | Dec. 31, 2018USD ($) |
Mortgages, Loans Payabes And Other Obligations [Line Items] | ||
Scheduled Amortization, 2019 | $ 532,000 | |
Scheduled Amortization, 2020 | 2,903,000 | |
Scheduled Amortization, 2021 | 3,227,000 | |
Scheduled Amortization, 2022 | 3,284,000 | |
Scheduled Amortization, 2023 | 3,412,000 | |
Scheduled Amortization, Thereafter | 7,230,000 | |
Scheduled Amortization, Sub-total | 20,588,000 | |
Adjustment for unamortized debt discount/premium, net December 31, 2018 | (2,838,000) | |
Scheduled Amortization, Unamortized mark to market | 3,370,000 | |
Unamortized deferred financing costs | (11,907,000) | |
Scheduled Amortization, Total | 9,213,000 | |
Principal Maturities, 2019 | 546,711,000 | |
Principal Maturities, 2020 | 325,000,000 | |
Principal Maturities, 2021 | 285,800,000 | |
Principal Maturities, 2022 | 300,000,000 | |
Principal Maturities, 2023 | 333,998,000 | |
Principal Maturities, Thereafter | 991,929,000 | |
Principal Maturities, Sub-total | 2,783,438,000 | |
Principal Maturities, Total | 2,783,438,000 | |
Total, 2019 | 547,243,000 | |
Total, 2020 | 327,903,000 | |
Total, 2021 | 289,027,000 | |
Total, 2022 | 303,284,000 | |
Total, 2023 | 337,410,000 | |
Total, Thereafter | 999,159,000 | |
Total, Sub-total | 2,804,026,000 | |
Adjustment for unamortized debt discount/premium, net December 31, 2018 | (2,838,000) | |
Total, Unamortized mark to market | 3,370,000 | |
Total, Unamortized deferred financing costs | (11,907,000) | |
Total senior unsecured notes, net | $ 2,792,651,000 | |
Subsequent Event [Member] | 2016 Term Loan [Member] | ||
Mortgages, Loans Payabes And Other Obligations [Line Items] | ||
Mortgage payable amount | $ 350 | |
Number of extensions exercised | item | 1 |
Employee Benefit 401(k) Plans (
Employee Benefit 401(k) Plans (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 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 | $ 886,000 | $ 1,055,000 | $ 1,029,000 |
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 A_2
Disclosure Of Fair Value Of Assets And Liabilities (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2018USD ($)propertyitem | Dec. 31, 2017USD ($)property | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value of Company's long-term debt | $ 2,711,712,000 | $ 2,764,033,000 |
Principal balance outstanding | 2,792,651,000 | 2,809,568,000 |
Aggregate carrying value | 108,848,000 | 171,578,000 |
Land impairments | 24,566,000 | |
Office [Member] | Fort Lee, Newark, Paramus, Bridgewater, Morris Plains And Rahway, New Jersey [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unrealized losses on rental properties held for sale | 20,100,000 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Parsippany, Paramus, Rochelle Park, Hamilton And Wall, New Jersey And White Plains, New York [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Aggregate carrying value | $ 171,578,000 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Fort Lee, Newark, Paramus, Bridgewater, Morris Plains And Rahway, New Jersey [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Aggregate carrying value | $ 108,848,000 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Office [Member] | Parsippany, Paramus, Rochelle Park, Hamilton And Wall, New Jersey And White Plains, New York [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Number of properties held for sale | property | 21 | |
Aggregate carrying value | $ 171,600,000 | |
Estimated expected sales proceeds | $ 223,000,000 | |
Number of properties not expected to recover from estimated net sales proceeds | property | 7 | |
Unrealized losses on rental properties held for sale | $ 12,300,000 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Office [Member] | Fort Lee, Newark, Paramus, Bridgewater, Morris Plains And Rahway, New Jersey [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Number of properties held for sale | property | 6 | |
Aggregate carrying value | $ 108,800,000 | |
Estimated expected sales proceeds | $ 124,000,000 | |
Number of properties not expected to recover from estimated net sales proceeds | property | 4 | |
Unrealized losses on rental properties held for sale | $ 20,100,000 | |
Number of real estate properties | item | 159 | |
Disposal Group, Not Discontinued Operations [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Unrealized losses on rental properties held for sale | $ (20,135,000) | $ (12,331,000) |
Commitments And Contingencies_2
Commitments And Contingencies (Tax Abatement Agreements) (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | 16 Months Ended | 60 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Apr. 30, 2017 | Apr. 30, 2022 | |
Commitments And Contingencies [Line Items] | |||||
Percentage of PILOT on gross revenues | 10.00% | ||||
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 | $ 49.5 | ||||
Payments in lieu of property taxes (PILOT) | $ 1.1 | $ 1.1 | $ 1.1 | ||
Harborside Plaza 5 [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Project period | 20 years | ||||
Percentage of PILOT on project costs | 2.00% | ||||
Total project costs | $ 170.9 | ||||
Payments in lieu of property taxes (PILOT) | $ 4.4 | 3.9 | 3.9 | ||
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) | $ 1.4 | 1.3 | $ 0.6 | ||
Annual Payments in lieu of property taxes (PILOT) | $ 1.2 | ||||
111 River Realty [Member] | Scenario, Forecast [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Annual Payments in lieu of property taxes (PILOT) | $ 1.4 | ||||
Monaco [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Project period | 10 years | ||||
Payments in lieu of property taxes (PILOT) | $ 2.4 | $ 1.6 | |||
Marbella Tower Urban Renewal Associates LLC [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Percentage of PILOT on project costs | 15.00% | ||||
Payments in lieu of property taxes (PILOT) | $ 0.9 | ||||
Marbella II [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Project period | 10 years | ||||
Marbella II [Member] | Years 1-4 [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Percentage of PILOT on gross revenues | 10.00% | ||||
Marbella II [Member] | Years 5-8 [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Percentage of PILOT on gross revenues | 12.00% | ||||
Marbella II [Member] | Years 9-10 [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Percentage of PILOT on gross revenues | 14.00% | ||||
Port Imperial South Parcel 8/9 [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Project period | 25 years | ||||
Port Imperial South Parcel 8/9 [Member] | Years 1-10 [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Percentage of PILOT on gross revenues | 11.00% | ||||
Port Imperial South Parcel 8/9 [Member] | Years 11-18 [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Percentage of PILOT on gross revenues | 12.50% | ||||
Port Imperial South Parcel 8/9 [Member] | Years 19-25 [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Percentage of PILOT on gross revenues | 14.00% |
Commitments And Contingencies_3
Commitments And Contingencies (Ground Lease Agreements) (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments And Contingencies [Abstract] | |||
Ground lease expense incurred | $ 2.3 | $ 2.6 | $ 1.5 |
Commitments And Contingencies_4
Commitments And Contingencies (Construction Projects) (Narrative) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018USD ($)item | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015item | |
Commitments And Contingencies [Line Items] | ||||
Costs of the project incurred | $ 39,054 | $ 42,598 | $ 49,624 | |
Number of units | item | 1,317 | |||
Amount outstanding | $ 790,939 | $ 822,288 | ||
XS Hotel Urban Renewal Associates LLC [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Percentage of interest in venture | 90.00% | |||
Development costs | 147,100 | |||
Number of units | item | 372 | |||
Total project costs | $ 159,900 | |||
XS Hotel Urban Renewal Associates LLC, Residence Inn [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Number of units | item | 164 | |||
XS Hotel Urban Renewal Associates LLC, Marriott Envue [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Number of units | item | 208 | |||
Portside 5/6 [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Number of units | item | 296 | |||
Chase III, Overlook Ridge [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Costs of the project incurred | $ 20,200 | |||
Delivery date to tenant | fourth quarter 2020 | |||
Number of units | item | 326 | |||
Amount to fund | $ 37,900 | |||
Building 89 [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Costs of the project incurred | $ 35,400 | |||
Delivery date to tenant | fourth quarter 2020 | |||
Number of units | item | 313 | |||
Total project costs | $ 142,600 | |||
Amount to fund | 50,600 | |||
Construction Loan [Member] | XS Hotel Urban Renewal Associates LLC [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Maximum borrowing capacity | 94,000 | |||
Amount outstanding | 73,400 | |||
Construction Loan [Member] | Chase III, Overlook Ridge [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Total project costs | 99,900 | |||
Amount to fund | 62,000 | |||
Construction Loan [Member] | Building 89 [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Development costs | 35,400 | |||
Amount outstanding | $ 92,000 |
Commitments And Contingencies_5
Commitments And Contingencies (Changes In Executive Officers) (Narrative) (Details) - USD ($) | Jun. 05, 2018 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Commitments And Contingencies [Line Items] | |||||
Payment to former executive officers | $ 1,200,000 | ||||
General and administrative | 53,988,000 | $ 50,949,000 | $ 51,979,000 | ||
Accounts payable, accrued expenses and other liabilities | 168,115,000 | $ 192,716,000 | |||
Restructuring costs related to stock compensation | $ 1,000,000 | ||||
Shares granted | 40,185 | 59,985 | 74,622 | ||
Common stock trading days | 30 days | ||||
Mack-Cali Realty LP [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
General and administrative | $ 53,988,000 | $ 50,949,000 | $ 51,979,000 | ||
Accounts payable, accrued expenses and other liabilities | $ 168,115,000 | $ 192,716,000 | |||
Messr Rudin [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Severance benefits | $ 2,558,082 | ||||
Period for continuation of health insurance | 18 months | ||||
Payment of unreimbursed expenses | 50,000 | ||||
COBRA payment | $ 34,047 | ||||
Accounts payable, accrued expenses and other liabilities | $ 23,000 | ||||
Restructuring costs related to stock compensation | 1,600,000 | ||||
Messr Krug [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Severance benefits | 1,312,500 | ||||
Prorated 2018 target bonus amount | $ 93,750 | ||||
Messr Krug [Member] | Maximum [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Period for continuation of health insurance | 2 years | ||||
COBRA payment | $ 42,000 | ||||
Messr DeLorenzo [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Severance benefits | $ 500,000 | ||||
Messr DeLorenzo [Member] | Mack-Cali Realty LP [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Partial accelerated vesting shares | 9,111 | ||||
Messr DeLorenzo [Member] | Maximum [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Period for continuation of health insurance | 18 months | ||||
COBRA payment | $ 42,000 | ||||
Messr Krug And Messr DeLorenzo [Member] | Employee Severance [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
General and administrative | 2,700,000 | ||||
Accounts payable, accrued expenses and other liabilities | 43,000 | ||||
Robert Andrew Marshall [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Consulting payment | 22,500 | ||||
Payment to former executive officers | 100,000 | ||||
COBRA payment | 7,533 | ||||
Accounts payable, accrued expenses and other liabilities | 1,000,000 | ||||
Restructuring costs related to stock compensation | $ 300,000 | ||||
Time-Based Award [Member] | Messr Rudin [Member] | Mack-Cali Realty LP [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Shares granted | 32,311 | ||||
Time-Based Award [Member] | Messr Krug [Member] | Mack-Cali Realty LP [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Accelerated vesting shares | 13,306 | ||||
Performance Shares [Member] | Messr Rudin [Member] | Mack-Cali Realty LP [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Shares granted | 175,127 | ||||
Performance Shares [Member] | Messr Krug [Member] | Mack-Cali Realty LP [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Accelerated vesting shares | 18,665 | ||||
Performance Shares [Member] | Messr DeLorenzo [Member] | Mack-Cali Realty LP [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Partial accelerated vesting shares | 13,982 | ||||
Vested 2016 Time-Based LTIP Awards [Member] | Robert Andrew Marshall [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Shares granted | 22,120 | ||||
Vested 2016 Performance-Based LTIP Awards [Member] | Robert Andrew Marshall [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Shares granted | 28,880 | ||||
Vested 2016 LTIP Awards [Member] | Robert Andrew Marshall [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Shares granted | 35,697 | ||||
Shares to repurchase | 51,000 | ||||
Common stock trading days | 5 days | ||||
Performance-Based LTIP Award Issued March 2016 [Member] | Robert Andrew Marshall [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Shares expired, forfeited or cancelled | 6,817 | ||||
Time-Based LTIP Award Issued April 2017 [Member] | Robert Andrew Marshall [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Shares expired, forfeited or cancelled | 4,449 | ||||
Performance-Based LTIP Award Issued April 2017 [Member] | Robert Andrew Marshall [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Shares expired, forfeited or cancelled | 13,473 | ||||
Time-Based LTIP Award Issued April 2018 [Member] | Robert Andrew Marshall [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Shares expired, forfeited or cancelled | 11,799 | ||||
Performance-Based LTIP Award Issued April 2018 [Member] | Robert Andrew Marshall [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Shares expired, forfeited or cancelled | 22,676 |
Commitments And Contingencies_6
Commitments And Contingencies (Other) (Narrative) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Aug. 31, 2017USD ($) | |
Commitments And Contingencies [Line Items] | ||||
Purchase price of property | $ 168,398 | $ 90,068 | $ 121,582 | |
Notes Receivable 5.85 Interest Rate [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Notes receivable | $ 45,200 | $ 44,700 | ||
Interest rate | 5.85% | |||
Purchase price of property | $ 73,000 | |||
Prepayment of note receivable | $ 3,000 | |||
Property Lock-Ups Expired [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Number of properties | property | 79 | |||
Properties aggregate net book value | $ 1,400,000 |
Commitments And Contingencies_7
Commitments And Contingencies (Future Minimum Rental Payments Of Ground Leases) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments And Contingencies [Abstract] | |
2,019 | $ 2,470 |
2,020 | 2,491 |
2,021 | 2,491 |
2,022 | 2,491 |
2,023 | 2,491 |
2024 through 2084 | 210,117 |
Total | $ 222,551 |
Tenant Leases (Future Minimum R
Tenant Leases (Future Minimum Rentals To Be Received Under Non-Cancelable Operating Leases) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Property Subject to or Available for Operating Lease [Line Items] | |
2,019 | $ 314,708 |
2,020 | 306,559 |
2,021 | 284,120 |
2,022 | 258,076 |
2,023 | 220,533 |
2024 and thereafter | 923,061 |
Total | $ 2,307,057 |
Tenant Leases [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Operating leases with various expiration dates through year | Dec. 31, 2036 |
Multi-Family Properties [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Lease period | 1 year |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interests (Narrative) (Details) - USD ($) | Mar. 10, 2017 | Feb. 28, 2017 | Feb. 27, 2017 | Feb. 03, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Apr. 30, 2017 |
Redeemable Noncontrolling Interest [Line Items] | ||||||||
Expiration period | 10 years | |||||||
Minimum [Member] | ||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||
Percentage of interest in venture | 20.00% | |||||||
Maximum [Member] | ||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||
Percentage of interest in venture | 85.00% | |||||||
Mack-Cali Realty LP [Member] | ||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||
Common unit distribution per unit declared | $ 0.80 | $ 0.75 | $ 0.60 | |||||
Rockpoint [Member] | ||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||
Pro rata distribution | 17.10% | |||||||
Estimated redemption value | $ 330,000,000 | |||||||
Invested capital | $ 255,000,000 | |||||||
RRT [Member] | ||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||
Pro rata distribution | 82.90% | |||||||
Series A Units [Member] | Mack-Cali Realty LP [Member] | ||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||
Preferred stock shares issued | 42,800 | |||||||
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 stock shares issued | 9,213 | |||||||
Preferred units shares issued | 9,213 | 91 | ||||||
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 [Member] | Series A-1 Units [Member] | ||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||
Percentage of interest in venture | 29.00% | 13.80% | ||||||
Monaco [Member] | Series A-1 Units [Member] | Mack-Cali Realty LP [Member] | ||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||
Preferred units shares issued | 9,122 | 91 | ||||||
Percentage of interest in venture | 71.20% | |||||||
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 | $ 105,000,000 | ||||||
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% | |||||||
Participation Rights [Member] | Maximum [Member] | ||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||
Contributed amount to obtain equity units | $ 200,000,000 |
Redeemable Noncontrolling Int_4
Redeemable Noncontrolling Interests (Schedule Of Changes In The Value Of The Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Redeemable Noncontrolling Interest [Line Items] | ||
Balance January 1, 2018 | $ 212,208 | |
Income Attributed to Noncontrolling Interests | (13,979) | $ (8,840) |
Redemption Value Adjustment | (26,700) | (28,865) |
Redeemable noncontrolling interests as of December 31, 2018 | 330,459 | 212,208 |
Redeemable Noncontrolling Interests [Member] | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Balance January 1, 2018 | 212,208 | |
Redeemable Noncontrolling Interests Issued | 105,000 | |
Net | 317,208 | |
Income Attributed to Noncontrolling Interests | 13,979 | |
Distributions | (13,979) | |
Redemption Value Adjustment | 13,251 | |
Redeemable noncontrolling interests as of December 31, 2018 | 330,459 | 212,208 |
Redeemable Noncontrolling Interests [Member] | Series A And Series A-1 Preferred Units [Member] | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Balance January 1, 2018 | 52,324 | |
Net | 52,324 | |
Income Attributed to Noncontrolling Interests | 1,820 | |
Distributions | (1,820) | |
Redeemable noncontrolling interests as of December 31, 2018 | 52,324 | 52,324 |
Redeemable Noncontrolling Interests [Member] | Rockpoint [Member] | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Balance January 1, 2018 | 159,884 | |
Redeemable Noncontrolling Interests Issued | 105,000 | |
Net | 264,884 | |
Income Attributed to Noncontrolling Interests | 12,159 | |
Distributions | (12,159) | |
Redemption Value Adjustment | 13,251 | |
Redeemable noncontrolling interests as of December 31, 2018 | $ 278,135 | $ 159,884 |
Mack-Cali Realty Corporation _3
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Share/Unit Repurchase Program And Dividend Reinvestment And Stock Purchase Plan) (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2012 | |
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 _4
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Stock Option Plans) (Narrative) (Details) | Jun. 05, 2015item$ / sharesshares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | May 31, 2013shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted average remaining contractual life | 6 years 4 months 24 days | 7 years 4 months 24 days | |||
Share price | $ / shares | $ 17.31 | ||||
Proceeds from stock options exercised | $ | $ 0 | $ 0 | $ 0 | ||
Stock options expense | $ | $ 193,000 | $ 464,000 | $ 1,407,000 | ||
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 _5
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 ($) | Jun. 05, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unvested stock outstanding | 67,289 | 108,318 | 145,278 | 136,220 | |
Shares granted | 40,185 | 59,985 | 74,622 | ||
Restricted Stock [Member] | 2013 Incentive Stock Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock compensation vesting period | 3 years | ||||
Shares granted | 37,550.54 | ||||
Restricted Stock [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock compensation vesting period | 1 year | ||||
Restricted Stock [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock compensation vesting period | 7 years | ||||
Unvested Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unvested stock outstanding | 67,289 | 95,801 | 120,245 | ||
Total Stockholder Return Based Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total unrecognized compensation cost | $ 500,000 | ||||
Total unrecognized compensation cost, period of recognition | 6 months | ||||
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unvested stock outstanding | 0 | ||||
Total unrecognized compensation cost | $ 0 | ||||
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 _6
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Long-Term Incentive Plan Awards) (Narrative) (Details) - USD ($) | Apr. 20, 2018 | Apr. 04, 2017 | Mar. 08, 2016 | Jun. 05, 2015 | Dec. 31, 2018 |
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 | ||||
2016 LTIP Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Dividends paid, percent representing common unit of limited partnership interest | 10.00% | ||||
Dividends paid, percent payable upon vesting of LTIP Unit | 90.00% | ||||
Shares granted | 22,215 | ||||
Total unrecognized compensation cost | $ 11,200,000 | ||||
Total unrecognized compensation cost, period of recognition | 2 years 4 months 24 days | ||||
Shares forfeited and cancelled | 189,273 | ||||
2016 TBV LTIP Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted | 108,764 | ||||
2016 OPP [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance period | 3 years | ||||
TSR percent | 50.00% | ||||
2016 OPP [Member] | Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance period | 3 years | ||||
2016 PBV LTIP Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted | 332,302 | ||||
2017 LTIP Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted | 32,849 | ||||
Shares forfeited and cancelled | 105,443 | ||||
2017 OPP [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance period | 3 years | ||||
TSR percent | 36.00% | ||||
2017 PBV LTIP Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted | 370,509 | ||||
2017 TBV LTIP Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted | 69,522 | ||||
2018 LTIP Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares forfeited and cancelled | 38,015 | ||||
2018 OPP [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance period | 3 years | ||||
TSR percent | 36.00% | ||||
2018 PBV LTIP Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted | 629,252 | ||||
2018 TBV LTIP Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted | 196,757 | ||||
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] | |||||
Percent of the award | 25.00% | ||||
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% | ||||
Messieur Rudin, Messieur DeMarco, And Messieur Tycher [Member] | 2017 TBV LTIP Units [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% | ||||
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% | ||||
Other Executive Officers [Member] | 2018 LTIP Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percent of the award | 50.00% | ||||
Remaining percent of the award | 50.00% | ||||
Messieur DeMarco And Messieur Tycher [Member] | 2018 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 DeMarco And Messieur Tycher [Member] | 2018 LTIP Awards [Member] | Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Remaining percent of the award | 75.00% |
Mack-Cali Realty Corporation _7
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Deferred Stock Compensation Plan For Directors) (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | 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 | 26,620 | 19,728 | 14,274 |
Deferred stock units outstanding | 236,383 | 210,738 |
Mack-Cali Realty Corporation _8
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Earnings Per Share/Unit) (Narrative) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unvested stock outstanding | 67,289 | 108,318 | 145,278 | 136,220 |
Dividends declared per common share | $ 0.80 | $ 0.75 | $ 0.60 | |
Mack-Cali Realty LP [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Distribution declared per common unit | $ 0.80 | $ 0.75 | $ 0.60 | |
Unvested Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unvested stock outstanding | 67,289 | 95,801 | 120,245 | |
Unvested Restricted Stock [Member] | Mack-Cali Realty LP [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unvested stock outstanding | 67,289 | 95,801 | 120,245 |
Mack-Cali Realty Corporation _9
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 | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Outstanding stock option price | $ 17.31 | $ 17.31 | $ 17.31 |
2013 Incentive Stock Plan [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Shares Under Options - Outstanding, beginning balance | 800,000 | 800,000 | 805,000 |
Shares Under Options - Granted, Lapsed or Cancelled | |||
Shares Under Options - Lapsed or Cancelled | (5,000) | ||
Shares Under Options - Outstanding, ending balance | 800,000 | 800,000 | 800,000 |
Shares Under Options - Options exercisable | 800,000 | ||
Shares Under Options - Available for grant | 1,580,869 | ||
Weighted Average Exercise Price - Outstanding, beginning balance | $ 17.31 | $ 17.31 | $ 17.33 |
Weighted Average Exercise Price - Granted, Lapsed or Cancelled | |||
Weighted Average Exercise Price - Lapsed or Cancelled | 21.25 | ||
Weighted Average Exercise Price - Outstanding, ending balance | $ 17.31 | $ 17.31 | $ 17.31 |
Aggregate Intrinsic Value, Outstanding, beginning balance | $ 3,400 | $ 9,368 | $ 4,843 |
Aggregate Intrinsic Value, Outstanding, ending balance | $ 1,824 | $ 3,400 | $ 9,368 |
Mack-Cali Realty Corporation_10
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Schedule Of Restricted Stock Awards) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital [Abstract] | |||
Shares, Outstanding, Beginning balance | 108,318 | 145,278 | 136,220 |
Shares, Granted | 40,185 | 59,985 | 74,622 |
Shares, Vested | (72,502) | (95,009) | (61,654) |
Shares, Cancelled | (8,712) | (1,936) | (3,910) |
Shares, Outstanding, Ending balance | 67,289 | 108,318 | 145,278 |
Weighted-Average Grant-Date Fair Value, Outstanding beginning balance | $ 25.49 | $ 21.76 | $ 19.36 |
Weighted-Average Grant-Date Fair Value, Granted | 20.16 | 27 | 23.79 |
Weighted-Average Grant-Date Fair Value, Vested | 25.33 | 20.73 | 18.94 |
Weighted-Average Grant-Date Fair Value, Cancelled | 25.83 | 25.83 | 21.58 |
Weighted-Average Grant-Date Fair Value, Outstanding ending balance | $ 22.43 | $ 25.49 | $ 21.76 |
Mack-Cali Realty Corporation_11
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Earnings Per Share Tables - Basic Computation Of EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Stockolders Equity [Line Items] | |||||||||||
Net income | $ 106,401 | $ 33,718 | $ 130,294 | ||||||||
Add: Noncontrolling interest in consolidated joint ventures | 1,216 | 1,018 | 651 | ||||||||
Add (deduct): Noncontrolling interest in Operating Partnership | (9,527) | (2,711) | (13,721) | ||||||||
Deduct: Redeemable noncontrolling interest | (13,979) | (8,840) | |||||||||
Deduct: Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders | (11,425) | (17,951) | |||||||||
Net income available to common shareholders for basic earnings per share | $ 72,686 | $ 5,234 | $ 117,224 | ||||||||
Weighted average common shares | 90,388 | 90,005 | 89,746 | ||||||||
Net income available to common shareholders | $ 0.45 | $ (0.05) | $ (0.05) | $ 0.45 | $ (0.01) | $ 0.39 | $ (0.44) | $ 0.11 | $ 0.80 | $ 0.06 | $ 1.31 |
Mack-Cali Realty LP [Member] | |||||||||||
Stockolders Equity [Line Items] | |||||||||||
Net income | $ 106,401 | $ 33,718 | $ 130,294 | ||||||||
Add: Noncontrolling interest in consolidated joint ventures | 1,216 | 1,018 | 651 | ||||||||
Deduct: Redeemable noncontrolling interest | (13,979) | (8,840) | |||||||||
Deduct: Redemption value adjustment of redeemable noncontrolling interests attributable to common shareholders | (12,721) | (20,025) | |||||||||
Net income available to common shareholders for basic earnings per share | $ 80,917 | $ 5,871 | $ 130,945 | ||||||||
Weighted average common units | 100,634 | 100,410 | 100,245 | ||||||||
Net income available to common shareholders | $ 0.45 | $ (0.05) | $ (0.05) | $ 0.45 | $ (0.01) | $ 0.39 | $ (0.44) | $ 0.11 | $ 0.80 | $ 0.06 | $ 1.31 |
Mack-Cali Realty Corporation_12
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Earnings Per Share Tables - Diluted Computation Of EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Stockolders Equity [Line Items] | |||||||||||
Net income available to common shareholders for basic earnings per share | $ 72,686 | $ 5,234 | $ 117,224 | ||||||||
Add (deduct): Noncontrolling interest in Operating Partnership | 9,527 | 2,711 | 13,721 | ||||||||
Deduct: Redeemable noncontrolling interest | (13,979) | (8,840) | |||||||||
Deduct: Redemption value adjustment of redeemable noncontrolling interests in Operating Partnership unitholders | (1,296) | (2,074) | |||||||||
Net income available for diluted earnings per share | $ 80,917 | $ 5,871 | $ 130,945 | ||||||||
Weighted average common shares | 100,724 | 100,703 | 100,498 | ||||||||
Net income available to common shareholders | $ 0.45 | $ (0.05) | $ (0.05) | $ 0.45 | $ (0.01) | $ 0.39 | $ (0.44) | $ 0.11 | $ 0.80 | $ 0.06 | $ 1.30 |
Mack-Cali Realty LP [Member] | |||||||||||
Stockolders Equity [Line Items] | |||||||||||
Net income available to common shareholders for basic earnings per share | $ 80,917 | $ 5,871 | $ 130,945 | ||||||||
Deduct: Redeemable noncontrolling interest | $ (13,979) | $ (8,840) | |||||||||
Weighted average common unit | 100,724 | 100,703 | 100,498 | ||||||||
Net income available to common shareholders | $ 0.45 | $ (0.05) | $ (0.05) | $ 0.45 | $ (0.01) | $ 0.39 | $ (0.44) | $ 0.11 | $ 0.80 | $ 0.06 | $ 1.30 |
Mack-Cali Realty Corporation_13
Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Schedule Of Reconciliation Of Shares Used In Basic EPS Calculation To Shares Used In Diluted EPS Calculation) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Stockolders Equity [Line Items] | |||
Basic EPS shares | 90,388 | 90,005 | 89,746 |
Add: Operating Partnership - common and vested LTIP Units | 10,246 | 10,405 | 10,499 |
Restricted Stock Awards | 40 | 43 | |
Stock Options | 90 | 253 | 210 |
Diluted EPS Shares | 100,724 | 100,703 | 100,498 |
Mack-Cali Realty LP [Member] | |||
Stockolders Equity [Line Items] | |||
Basic EPS units | 100,634 | 100,410 | 100,245 |
Restricted Stock Awards | 40 | 43 | |
Stock Options | 90 | 253 | 210 |
Diluted EPU Units | 100,724 | 100,703 | 100,498 |
Noncontrolling Interests In S_3
Noncontrolling Interests In Subsidiaries (Narrative) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2018USD ($)propertyshares | Dec. 31, 2017 | |
Noncontrolling Interest [Line Items] | ||
Number of common shares received upon redemption of common units | shares | 1 | |
Rebalance of ownership percentage | $ | $ 2.2 | |
Percentage of noncontrolling interest | 10.20% | 10.40% |
Participation Rights [Member] | ||
Noncontrolling Interest [Line Items] | ||
Number of properties | 2 | |
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 S_4
Noncontrolling Interests In Subsidiaries (Changes In Noncontrolling Interests Of Subsidiaries) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Noncontrolling Interests In Subsidiaries [Abstract] | |||
Balance, Beginning, Common Units | 10,438,855 | 10,488,105 | 10,516,844 |
Redemption of common units for shares of common stock | (264,570) | (148,662) | (28,739) |
Issuance of units, Common Units | 99,412 | ||
Balance, Ending, Common Units | 10,174,285 | 10,438,855 | 10,488,105 |
Balance, Beginning, LTIP Units | 1,230,877 | 657,373 | |
Issuance of units, LTIP Units | 864,024 | 578,323 | 657,373 |
Cancellation of units | (332,731) | (4,819) | |
Balance, Ending, LTIP Units | 1,762,170 | 1,230,877 | 657,373 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)segment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of business segments | segment | 2 | ||||||||||
Total revenues | $ 132,936,000 | $ 132,114,000 | $ 126,589,000 | $ 138,967,000 | $ 143,529,000 | $ 160,018,000 | $ 162,766,000 | $ 149,887,000 | $ 530,606,000 | $ 616,200,000 | $ 613,398,000 |
Foreign Locations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 0 | 0 | $ 0 | ||||||||
Long lived assets | $ 0 | $ 0 | $ 0 | $ 0 |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Selected Results Of Operations And Asset Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 132,936 | $ 132,114 | $ 126,589 | $ 138,967 | $ 143,529 | $ 160,018 | $ 162,766 | $ 149,887 | $ 530,606 | $ 616,200 | $ 613,398 |
Total operating and interest expenses | 358,507 | 396,306 | 415,351 | ||||||||
Equity in earnings (loss) of unconsolidated joint ventures | (127) | (6,081) | 18,788 | ||||||||
Net operating income (loss) | 171,972 | 213,813 | 216,835 | ||||||||
Total assets | 5,060,644 | 4,957,885 | 5,060,644 | 4,957,885 | |||||||
Total long-lived assets | 4,420,679 | 4,291,126 | 4,420,679 | 4,291,126 | |||||||
Total investments in unconsolidated joint ventures | 232,750 | 252,626 | 232,750 | 252,626 | |||||||
Commercial And Other Real Estate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 416,369 | 522,223 | 541,271 | ||||||||
Total operating and interest expenses | 183,439 | 238,055 | 263,663 | ||||||||
Equity in earnings (loss) of unconsolidated joint ventures | 2,319 | 1,644 | 23,796 | ||||||||
Net operating income (loss) | 235,249 | 285,812 | 301,404 | ||||||||
Total assets | 2,687,178 | 2,915,646 | 2,687,178 | 2,915,646 | |||||||
Total long-lived assets | 2,413,696 | 2,613,815 | 2,413,696 | 2,613,815 | |||||||
Total investments in unconsolidated joint ventures | 13,699 | 15,143 | 13,699 | 15,143 | |||||||
Multiple-Family Real Estate & Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 113,805 | 90,654 | 69,873 | ||||||||
Total operating and interest expenses | 70,280 | 63,589 | 60,646 | ||||||||
Equity in earnings (loss) of unconsolidated joint ventures | (2,446) | (7,725) | (5,008) | ||||||||
Net operating income (loss) | 41,079 | 19,340 | 4,219 | ||||||||
Total assets | 2,260,497 | 1,937,708 | 2,260,497 | 1,937,708 | |||||||
Total long-lived assets | 1,973,826 | 1,645,410 | 1,973,826 | 1,645,410 | |||||||
Total investments in unconsolidated joint ventures | 218,771 | 237,321 | 218,771 | 237,321 | |||||||
Corporate & Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 432 | 3,323 | 2,254 | ||||||||
Total operating and interest expenses | 104,788 | 94,662 | 91,042 | ||||||||
Net operating income (loss) | (104,356) | (91,339) | $ (88,788) | ||||||||
Total assets | 112,969 | 104,531 | 112,969 | 104,531 | |||||||
Total long-lived assets | 33,157 | 31,901 | 33,157 | 31,901 | |||||||
Total investments in unconsolidated joint ventures | $ 280 | $ 162 | $ 280 | $ 162 |
Segment Reporting (Schedule O_2
Segment Reporting (Schedule Of Reconciliation Of Net Operating Income To Net Income Available To Common Shareholders) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Net operating income | $ 171,972 | $ 213,813 | $ 216,835 | ||||||||
Depreciation and amortization | (174,847) | (205,169) | (186,684) | ||||||||
Land Impairments | (24,566) | ||||||||||
Gain on change of control of interests | 14,217 | 15,347 | |||||||||
Realized gains (losses) and unrealized losses on disposition of rental property, net | 99,436 | 2,364 | 109,666 | ||||||||
Gain on disposition of developable land | 30,939 | ||||||||||
Gain on sale of investment in unconsolidated joint venture | 23,131 | 5,670 | |||||||||
Loss from extinguishment of debt, net | (10,750) | (421) | (30,540) | ||||||||
Net income | $ 52,523 | $ 1,689 | $ 1,501 | $ 50,688 | $ 5,411 | $ 44,703 | $ (39,125) | $ 22,729 | 106,401 | 33,718 | 130,294 |
Noncontrolling interest in consolidated joint ventures | 1,216 | 1,018 | 651 | ||||||||
Noncontrolling interest in Operating Partnership | (9,527) | (2,711) | (13,721) | ||||||||
Redeemable noncontrolling interest | (13,979) | (8,840) | |||||||||
Net income available to common shareholders | 43,804 | (1,478) | (1,251) | 43,036 | 2,582 | 38,054 | (37,330) | 19,879 | 84,111 | 23,185 | 117,224 |
Mack-Cali Realty LP [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net operating income | 171,972 | 213,813 | 216,835 | ||||||||
Depreciation and amortization | (174,847) | (205,169) | (186,684) | ||||||||
Land Impairments | (24,566) | ||||||||||
Gain on change of control of interests | 14,217 | 15,347 | |||||||||
Realized gains (losses) and unrealized losses on disposition of rental property, net | 99,436 | 2,364 | 109,666 | ||||||||
Gain on disposition of developable land | 30,939 | ||||||||||
Gain on sale of investment in unconsolidated joint venture | 23,131 | 5,670 | |||||||||
Loss from extinguishment of debt, net | (10,750) | (421) | (30,540) | ||||||||
Net income | 52,523 | 1,689 | 1,501 | 50,688 | 5,411 | 44,703 | (39,125) | 22,729 | 106,401 | 33,718 | 130,294 |
Noncontrolling interest in consolidated joint ventures | 1,216 | 1,018 | 651 | ||||||||
Redeemable noncontrolling interest | (13,979) | (8,840) | |||||||||
Net income available to common shareholders | $ 48,757 | $ (1,645) | $ (1,393) | $ 47,919 | $ 2,881 | $ 42,467 | $ (41,626) | $ 22,174 | $ 93,638 | $ 25,896 | $ 130,945 |
Related Party Transactions (Det
Related Party Transactions (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)ft²property | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Mack [Member] | |||
Related Party Transaction [Line Items] | |||
Due from related parties | $ 0 | $ 0 | |
Marshall [Member] | |||
Related Party Transaction [Line Items] | |||
Due to Related Parties, Current | 148,000 | ||
Accounts Payable, Related Parties, Current | 0 | ||
RG [Member] | |||
Related Party Transaction [Line Items] | |||
Related party revenue | $ 1,114,000 | 1,873,000 | $ 2,464,000 |
Leased Property [Member] | |||
Related Party Transaction [Line Items] | |||
Number of real estate properties | property | 1 | ||
Lease expiration date | September 2,019 | ||
Leased Property [Member] | Mack [Member] | |||
Related Party Transaction [Line Items] | |||
Area Of Real Estate Property | ft² | 7,034 | ||
Lease revenue | $ 193,000 | $ 187,000 | $ 193,000 |
Condensed Quarterly Financial_3
Condensed Quarterly Financial Information (Summary Of Condensed Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Quarterly Financial Information [Abstract] | |||||||||||
Total revenues | $ 132,936 | $ 132,114 | $ 126,589 | $ 138,967 | $ 143,529 | $ 160,018 | $ 162,766 | $ 149,887 | $ 530,606 | $ 616,200 | $ 613,398 |
Net income (loss) | 52,523 | 1,689 | 1,501 | 50,688 | 5,411 | 44,703 | (39,125) | 22,729 | 106,401 | 33,718 | 130,294 |
Net income (loss) available to common shareholders | $ 43,804 | $ (1,478) | $ (1,251) | $ 43,036 | $ 2,582 | $ 38,054 | $ (37,330) | $ 19,879 | $ 84,111 | $ 23,185 | $ 117,224 |
Basic earnings per common share: | |||||||||||
Net income available to common shareholders | $ 0.45 | $ (0.05) | $ (0.05) | $ 0.45 | $ (0.01) | $ 0.39 | $ (0.44) | $ 0.11 | $ 0.80 | $ 0.06 | $ 1.31 |
Diluted earnings per common share: | |||||||||||
Net income (loss) available to common shareholders | $ 0.45 | $ (0.05) | $ (0.05) | $ 0.45 | $ (0.01) | $ 0.39 | $ (0.44) | $ 0.11 | $ 0.80 | $ 0.06 | $ 1.30 |
Real Estate Investments And A_2
Real Estate Investments And Accumulated Depreciation (Schedule Of Real Estate Investments And Accumulated Depreciation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encumbrances | $ 1,406,239 | |||
Initial Costs, Land | 788,528 | |||
Initial Costs, Building and Improvements | 3,429,551 | |||
Costs Capitalized Subsequent to Acquisition | 811,324 | |||
Gross Amount at Which Carried at Close of Period, Land | 807,236 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,498,781 | |||
Total | 5,306,017 | $ 5,102,844 | $ 4,804,867 | $ 4,807,718 |
Accumulated Depreciation | 1,097,868 | $ 1,087,083 | $ 1,332,073 | $ 1,464,482 |
Real Estate Aggregate Cost, Tax Purpose | $ 5,100,000 | |||
Office [Member] | One Bridge Plaza [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,981 | |||
Acquired | 1,996 | |||
Initial Costs, Land | $ 2,439 | |||
Initial Costs, Building and Improvements | 24,462 | |||
Costs Capitalized Subsequent to Acquisition | 7,436 | |||
Gross Amount at Which Carried at Close of Period, Land | 2,439 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 31,898 | |||
Total | 34,337 | |||
Accumulated Depreciation | $ 17,658 | |||
Office [Member] | 150 J.F. Kennedy Parkway [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,980 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 12,606 | |||
Initial Costs, Building and Improvements | 50,425 | |||
Costs Capitalized Subsequent to Acquisition | 17,073 | |||
Gross Amount at Which Carried at Close of Period, Land | 12,606 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 67,498 | |||
Total | 80,104 | |||
Accumulated Depreciation | $ 33,259 | |||
Office [Member] | 51 J.F. Kennedy Parkway [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,988 | |||
Acquired | 2,017 | |||
Related Encumbrances | $ 69,459 | |||
Initial Costs, Land | 5,873 | |||
Initial Costs, Building and Improvements | 100,359 | |||
Costs Capitalized Subsequent to Acquisition | 575 | |||
Gross Amount at Which Carried at Close of Period, Land | 5,873 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 100,934 | |||
Total | 106,807 | |||
Accumulated Depreciation | $ 6,806 | |||
Office [Member] | 101 J.F. Kennedy Parkway [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,981 | |||
Acquired | 2,017 | |||
Related Encumbrances | $ 29,197 | |||
Initial Costs, Land | 4,380 | |||
Initial Costs, Building and Improvements | 59,730 | |||
Costs Capitalized Subsequent to Acquisition | 1,151 | |||
Gross Amount at Which Carried at Close of Period, Land | 4,380 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 60,881 | |||
Total | 65,261 | |||
Accumulated Depreciation | $ 4,063 | |||
Office [Member] | 103 J.F. Kennedy Parkway [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,981 | |||
Acquired | 2,017 | |||
Related Encumbrances | $ 24,875 | |||
Initial Costs, Land | 3,158 | |||
Initial Costs, Building and Improvements | 50,813 | |||
Costs Capitalized Subsequent to Acquisition | 469 | |||
Gross Amount at Which Carried at Close of Period, Land | 3,158 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 51,282 | |||
Total | 54,440 | |||
Accumulated Depreciation | $ 3,434 | |||
Office [Member] | 111 River Street [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 2,002 | |||
Acquired | 2,016 | |||
Initial Costs, Land | $ 204 | |||
Initial Costs, Building and Improvements | 198,609 | |||
Costs Capitalized Subsequent to Acquisition | 14,932 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 213,745 | |||
Total | 213,745 | |||
Accumulated Depreciation | $ 14,364 | |||
Office [Member] | Harborside Plaza 1 [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,983 | |||
Acquired | 1,996 | |||
Initial Costs, Land | $ 3,923 | |||
Initial Costs, Building and Improvements | 51,013 | |||
Costs Capitalized Subsequent to Acquisition | 26,426 | |||
Gross Amount at Which Carried at Close of Period, Land | 3,923 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 77,439 | |||
Total | 81,362 | |||
Accumulated Depreciation | $ 41,749 | |||
Office [Member] | Harborside Plaza 2 [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,990 | |||
Acquired | 1,996 | |||
Initial Costs, Land | $ 17,655 | |||
Initial Costs, Building and Improvements | 101,546 | |||
Costs Capitalized Subsequent to Acquisition | 53,393 | |||
Gross Amount at Which Carried at Close of Period, Land | 8,364 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 164,230 | |||
Total | 172,594 | |||
Accumulated Depreciation | $ 69,838 | |||
Office [Member] | Harborside Plaza 3 [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,990 | |||
Acquired | 1,996 | |||
Initial Costs, Land | $ 17,655 | |||
Initial Costs, Building and Improvements | 101,878 | |||
Costs Capitalized Subsequent to Acquisition | 53,060 | |||
Gross Amount at Which Carried at Close of Period, Land | 8,363 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 164,230 | |||
Total | 172,593 | |||
Accumulated Depreciation | $ 69,838 | |||
Office [Member] | Harborside Plaza 4A [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 2,000 | |||
Acquired | 2,000 | |||
Initial Costs, Land | $ 1,244 | |||
Initial Costs, Building and Improvements | 56,144 | |||
Costs Capitalized Subsequent to Acquisition | 8,688 | |||
Gross Amount at Which Carried at Close of Period, Land | 1,244 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 64,832 | |||
Total | 66,076 | |||
Accumulated Depreciation | $ 31,301 | |||
Office [Member] | Harborside Plaza 5 [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 2,002 | |||
Acquired | 2,002 | |||
Initial Costs, Land | $ 6,218 | |||
Initial Costs, Building and Improvements | 170,682 | |||
Costs Capitalized Subsequent to Acquisition | 60,698 | |||
Gross Amount at Which Carried at Close of Period, Land | 5,705 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 231,893 | |||
Total | 237,598 | |||
Accumulated Depreciation | $ 101,850 | |||
Office [Member] | 101 Hudson [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,992 | |||
Acquired | 2,005 | |||
Related Encumbrances | $ 248,460 | |||
Initial Costs, Land | 45,530 | |||
Initial Costs, Building and Improvements | 271,376 | |||
Costs Capitalized Subsequent to Acquisition | 33,508 | |||
Gross Amount at Which Carried at Close of Period, Land | 45,530 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 304,884 | |||
Total | 350,414 | |||
Accumulated Depreciation | $ 103,639 | |||
Office [Member] | 100 Overlook Center [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,988 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 2,378 | |||
Initial Costs, Building and Improvements | 21,754 | |||
Costs Capitalized Subsequent to Acquisition | 4,577 | |||
Gross Amount at Which Carried at Close of Period, Land | 2,378 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 26,331 | |||
Total | 28,709 | |||
Accumulated Depreciation | $ 13,218 | |||
Office [Member] | 5 Vaughn Drive [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,987 | |||
Acquired | 1,995 | |||
Initial Costs, Land | $ 657 | |||
Initial Costs, Building and Improvements | 9,800 | |||
Costs Capitalized Subsequent to Acquisition | 1,564 | |||
Gross Amount at Which Carried at Close of Period, Land | 657 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 11,364 | |||
Total | 12,021 | |||
Accumulated Depreciation | $ 6,529 | |||
Office [Member] | 333 Thornall Street [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,984 | |||
Acquired | 2,015 | |||
Initial Costs, Land | $ 5,542 | |||
Initial Costs, Building and Improvements | 40,762 | |||
Costs Capitalized Subsequent to Acquisition | 3,686 | |||
Gross Amount at Which Carried at Close of Period, Land | 5,542 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 44,448 | |||
Total | 49,990 | |||
Accumulated Depreciation | $ 4,933 | |||
Office [Member] | 343 Thornall Street [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,991 | |||
Acquired | 2,006 | |||
Initial Costs, Land | $ 6,027 | |||
Initial Costs, Building and Improvements | 39,101 | |||
Costs Capitalized Subsequent to Acquisition | 15,160 | |||
Gross Amount at Which Carried at Close of Period, Land | 6,027 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 54,261 | |||
Total | 60,288 | |||
Accumulated Depreciation | $ 16,308 | |||
Office [Member] | 101 Wood Avenue South [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,990 | |||
Acquired | 2,016 | |||
Initial Costs, Land | $ 8,509 | |||
Initial Costs, Building and Improvements | 72,738 | |||
Costs Capitalized Subsequent to Acquisition | 1,183 | |||
Gross Amount at Which Carried at Close of Period, Land | 7,384 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 75,046 | |||
Total | 82,430 | |||
Accumulated Depreciation | $ 6,936 | |||
Office [Member] | 500 College Road East [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,984 | |||
Acquired | 1,998 | |||
Initial Costs, Land | $ 614 | |||
Initial Costs, Building and Improvements | 20,626 | |||
Costs Capitalized Subsequent to Acquisition | 5,776 | |||
Gross Amount at Which Carried at Close of Period, Land | 614 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 26,402 | |||
Total | 27,016 | |||
Accumulated Depreciation | $ 14,225 | |||
Office [Member] | 581 Main Street [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,991 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 3,237 | |||
Initial Costs, Building and Improvements | 12,949 | |||
Costs Capitalized Subsequent to Acquisition | 35,315 | |||
Gross Amount at Which Carried at Close of Period, Land | 8,115 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 43,386 | |||
Total | 51,501 | |||
Accumulated Depreciation | $ 16,482 | |||
Office [Member] | 23 Main Street [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,977 | |||
Acquired | 2,005 | |||
Initial Costs, Land | $ 4,336 | |||
Initial Costs, Building and Improvements | 19,544 | |||
Costs Capitalized Subsequent to Acquisition | 6,377 | |||
Gross Amount at Which Carried at Close of Period, Land | 4,336 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 25,921 | |||
Total | 30,257 | |||
Accumulated Depreciation | $ 8,116 | |||
Office [Member] | One River Center, Building 1 [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,983 | |||
Acquired | 2,004 | |||
Initial Costs, Land | $ 3,070 | |||
Initial Costs, Building and Improvements | 17,414 | |||
Costs Capitalized Subsequent to Acquisition | 16,094 | |||
Gross Amount at Which Carried at Close of Period, Land | 2,451 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 34,127 | |||
Total | 36,578 | |||
Accumulated Depreciation | $ 8,385 | |||
Office [Member] | One River Center, Building 2 [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,983 | |||
Acquired | 2,004 | |||
Initial Costs, Land | $ 2,468 | |||
Initial Costs, Building and Improvements | 15,043 | |||
Costs Capitalized Subsequent to Acquisition | 4,175 | |||
Gross Amount at Which Carried at Close of Period, Land | 2,452 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 19,234 | |||
Total | 21,686 | |||
Accumulated Depreciation | $ 7,880 | |||
Office [Member] | One River Center, Building 3 [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,984 | |||
Acquired | 2,004 | |||
Initial Costs, Land | $ 4,051 | |||
Initial Costs, Building and Improvements | 24,790 | |||
Costs Capitalized Subsequent to Acquisition | 5,688 | |||
Gross Amount at Which Carried at Close of Period, Land | 4,627 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 29,902 | |||
Total | 34,529 | |||
Accumulated Depreciation | $ 11,525 | |||
Office [Member] | 3600 Route 66 [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,989 | |||
Acquired | 1,995 | |||
Initial Costs, Land | $ 1,098 | |||
Initial Costs, Building and Improvements | 18,146 | |||
Costs Capitalized Subsequent to Acquisition | 11,461 | |||
Gross Amount at Which Carried at Close of Period, Land | 1,098 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 29,607 | |||
Total | 30,705 | |||
Accumulated Depreciation | $ 15,555 | |||
Office [Member] | 100 Schultz Drive [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,989 | |||
Acquired | 2,017 | |||
Initial Costs, Land | $ 1,953 | |||
Initial Costs, Building and Improvements | 6,790 | |||
Costs Capitalized Subsequent to Acquisition | 1,126 | |||
Gross Amount at Which Carried at Close of Period, Land | 1,953 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 7,916 | |||
Total | 9,869 | |||
Accumulated Depreciation | $ 905 | |||
Office [Member] | 200 Schultz Drive [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,989 | |||
Acquired | 2,017 | |||
Initial Costs, Land | $ 2,184 | |||
Initial Costs, Building and Improvements | 8,259 | |||
Costs Capitalized Subsequent to Acquisition | 1,165 | |||
Gross Amount at Which Carried at Close of Period, Land | 2,184 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 9,424 | |||
Total | 11,608 | |||
Accumulated Depreciation | $ 1,003 | |||
Office [Member] | 325 Columbia Parkway [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,987 | |||
Acquired | 1,994 | |||
Initial Costs, Land | $ 1,564 | |||
Costs Capitalized Subsequent to Acquisition | 18,616 | |||
Gross Amount at Which Carried at Close of Period, Land | 1,564 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 18,616 | |||
Total | 20,180 | |||
Accumulated Depreciation | $ 13,036 | |||
Office [Member] | 1 Giralda Farms [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,982 | |||
Acquired | 2,017 | |||
Initial Costs, Land | $ 3,370 | |||
Initial Costs, Building and Improvements | 27,145 | |||
Costs Capitalized Subsequent to Acquisition | 734 | |||
Gross Amount at Which Carried at Close of Period, Land | 3,370 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 27,879 | |||
Total | 31,249 | |||
Accumulated Depreciation | $ 2,260 | |||
Office [Member] | 7 Giralda Farms [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,997 | |||
Acquired | 2,017 | |||
Initial Costs, Land | $ 5,402 | |||
Initial Costs, Building and Improvements | 5,402 | |||
Costs Capitalized Subsequent to Acquisition | 510 | |||
Gross Amount at Which Carried at Close of Period, Land | 5,402 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 38,174 | |||
Total | 43,576 | |||
Accumulated Depreciation | $ 2,766 | |||
Office [Member] | 4 Campus Drive [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,983 | |||
Acquired | 2,001 | |||
Initial Costs, Land | $ 5,213 | |||
Initial Costs, Building and Improvements | 20,984 | |||
Costs Capitalized Subsequent to Acquisition | 4,052 | |||
Gross Amount at Which Carried at Close of Period, Land | 5,213 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 25,036 | |||
Total | 30,249 | |||
Accumulated Depreciation | $ 11,490 | |||
Office [Member] | 6 Campus Drive [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,983 | |||
Acquired | 2,001 | |||
Initial Costs, Land | $ 4,411 | |||
Initial Costs, Building and Improvements | 17,796 | |||
Costs Capitalized Subsequent to Acquisition | 3,945 | |||
Gross Amount at Which Carried at Close of Period, Land | 4,411 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 21,741 | |||
Total | 26,152 | |||
Accumulated Depreciation | $ 9,665 | |||
Office [Member] | 7 Campus Drive [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,982 | |||
Acquired | 1,998 | |||
Initial Costs, Land | $ 1,932 | |||
Initial Costs, Building and Improvements | 27,788 | |||
Costs Capitalized Subsequent to Acquisition | 6,757 | |||
Gross Amount at Which Carried at Close of Period, Land | 1,932 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 34,545 | |||
Total | 36,477 | |||
Accumulated Depreciation | $ 18,408 | |||
Office [Member] | 8 Campus Drive [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,987 | |||
Acquired | 1,998 | |||
Initial Costs, Land | $ 1,865 | |||
Initial Costs, Building and Improvements | 35,456 | |||
Costs Capitalized Subsequent to Acquisition | 12,475 | |||
Gross Amount at Which Carried at Close of Period, Land | 1,865 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 47,931 | |||
Total | 49,796 | |||
Accumulated Depreciation | $ 22,089 | |||
Office [Member] | 9 Campus Drive [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,983 | |||
Acquired | 2,001 | |||
Initial Costs, Land | $ 3,277 | |||
Initial Costs, Building and Improvements | 11,796 | |||
Costs Capitalized Subsequent to Acquisition | 22,721 | |||
Gross Amount at Which Carried at Close of Period, Land | 5,842 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 31,952 | |||
Total | 37,794 | |||
Accumulated Depreciation | $ 13,474 | |||
Office [Member] | 2 Dryden Way [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,990 | |||
Acquired | 1,998 | |||
Initial Costs, Land | $ 778 | |||
Initial Costs, Building and Improvements | 420 | |||
Costs Capitalized Subsequent to Acquisition | 110 | |||
Gross Amount at Which Carried at Close of Period, Land | 778 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 530 | |||
Total | 1,308 | |||
Accumulated Depreciation | $ 320 | |||
Office [Member] | 4 Gatehall Drive [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,988 | |||
Acquired | 2,000 | |||
Initial Costs, Land | $ 8,452 | |||
Initial Costs, Building and Improvements | 33,929 | |||
Costs Capitalized Subsequent to Acquisition | 7,788 | |||
Gross Amount at Which Carried at Close of Period, Land | 8,452 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 41,717 | |||
Total | 50,169 | |||
Accumulated Depreciation | $ 18,726 | |||
Office [Member] | 2 Hilton Court [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,991 | |||
Acquired | 1,998 | |||
Initial Costs, Land | $ 1,971 | |||
Initial Costs, Building and Improvements | 32,007 | |||
Costs Capitalized Subsequent to Acquisition | 4,474 | |||
Gross Amount at Which Carried at Close of Period, Land | 1,971 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 36,481 | |||
Total | 38,452 | |||
Accumulated Depreciation | $ 19,992 | |||
Office [Member] | 1 Sylvan Way [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,989 | |||
Acquired | 1,998 | |||
Initial Costs, Land | $ 1,689 | |||
Initial Costs, Building and Improvements | 24,699 | |||
Costs Capitalized Subsequent to Acquisition | 4,984 | |||
Gross Amount at Which Carried at Close of Period, Land | 1,021 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 30,351 | |||
Total | 31,372 | |||
Accumulated Depreciation | $ 14,094 | |||
Office [Member] | 3 Sylvan Way [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,988 | |||
Acquired | 2,015 | |||
Initial Costs, Land | $ 5,590 | |||
Initial Costs, Building and Improvements | 4,710 | |||
Costs Capitalized Subsequent to Acquisition | 9,840 | |||
Gross Amount at Which Carried at Close of Period, Land | 5,590 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 14,550 | |||
Total | 20,140 | |||
Accumulated Depreciation | $ 845 | |||
Office [Member] | 5 Sylvan Way [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,989 | |||
Acquired | 1,998 | |||
Initial Costs, Land | $ 1,160 | |||
Initial Costs, Building and Improvements | 25,214 | |||
Costs Capitalized Subsequent to Acquisition | 7,056 | |||
Gross Amount at Which Carried at Close of Period, Land | 1,161 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 32,269 | |||
Total | 33,430 | |||
Accumulated Depreciation | $ 14,774 | |||
Office [Member] | 7 Sylvan Way [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,987 | |||
Acquired | 1,998 | |||
Initial Costs, Land | $ 2,084 | |||
Initial Costs, Building and Improvements | 26,083 | |||
Costs Capitalized Subsequent to Acquisition | 14,823 | |||
Gross Amount at Which Carried at Close of Period, Land | 2,084 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 40,906 | |||
Total | 42,990 | |||
Accumulated Depreciation | $ 15,697 | |||
Office [Member] | 5 Wood Hollow Road [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,979 | |||
Acquired | 2,004 | |||
Initial Costs, Land | $ 5,302 | |||
Initial Costs, Building and Improvements | 26,488 | |||
Costs Capitalized Subsequent to Acquisition | 21,087 | |||
Gross Amount at Which Carried at Close of Period, Land | 5,302 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 47,575 | |||
Total | 52,877 | |||
Accumulated Depreciation | $ 21,689 | |||
Office [Member] | 100 Clearbrook Road [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,975 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 220 | |||
Initial Costs, Building and Improvements | 5,366 | |||
Costs Capitalized Subsequent to Acquisition | 1,846 | |||
Gross Amount at Which Carried at Close of Period, Land | 220 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 7,212 | |||
Total | 7,432 | |||
Accumulated Depreciation | $ 3,620 | |||
Office [Member] | 101 Executive Boulevard [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,971 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 267 | |||
Initial Costs, Building and Improvements | 5,838 | |||
Costs Capitalized Subsequent to Acquisition | $ (6,105) | |||
Office [Member] | 1 Skyline Drive [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,980 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 66 | |||
Initial Costs, Building and Improvements | 1,711 | |||
Costs Capitalized Subsequent to Acquisition | 210 | |||
Gross Amount at Which Carried at Close of Period, Land | 66 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,921 | |||
Total | 1,987 | |||
Accumulated Depreciation | $ 1,102 | |||
Office [Member] | 2 Skyline Drive [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,987 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 109 | |||
Initial Costs, Building and Improvements | 3,128 | |||
Costs Capitalized Subsequent to Acquisition | 1,474 | |||
Gross Amount at Which Carried at Close of Period, Land | 109 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,602 | |||
Total | 4,711 | |||
Accumulated Depreciation | $ 2,909 | |||
Office [Member] | 7 Skyline Drive [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,987 | |||
Acquired | 1,998 | |||
Initial Costs, Land | $ 330 | |||
Initial Costs, Building and Improvements | 13,013 | |||
Costs Capitalized Subsequent to Acquisition | 2,733 | |||
Gross Amount at Which Carried at Close of Period, Land | 330 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 15,746 | |||
Total | 16,076 | |||
Accumulated Depreciation | $ 8,071 | |||
Office [Member] | 17 Skyline Drive [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,989 | |||
Acquired | 1,997 | |||
Initial Costs, Building and Improvements | $ 7,269 | |||
Costs Capitalized Subsequent to Acquisition | 1,248 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 8,517 | |||
Total | 8,517 | |||
Accumulated Depreciation | $ 4,547 | |||
Office [Member] | 1 Executive Boulevard [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,982 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 1,104 | |||
Initial Costs, Building and Improvements | 11,904 | |||
Costs Capitalized Subsequent to Acquisition | 3,688 | |||
Gross Amount at Which Carried at Close of Period, Land | 1,105 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 15,591 | |||
Total | 16,696 | |||
Accumulated Depreciation | $ 8,210 | |||
Office [Member] | 3 Executive Boulevard [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,987 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 385 | |||
Initial Costs, Building and Improvements | 6,256 | |||
Costs Capitalized Subsequent to Acquisition | 1,803 | |||
Gross Amount at Which Carried at Close of Period, Land | 385 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 8,059 | |||
Total | 8,444 | |||
Accumulated Depreciation | $ 4,496 | |||
Office [Member] | 3 Odell Plaza [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,984 | |||
Acquired | 2,003 | |||
Initial Costs, Land | $ 1,322 | |||
Initial Costs, Building and Improvements | 4,777 | |||
Costs Capitalized Subsequent to Acquisition | 2,360 | |||
Gross Amount at Which Carried at Close of Period, Land | 1,322 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 7,137 | |||
Total | 8,459 | |||
Accumulated Depreciation | $ 3,976 | |||
Office And Office/Flex Buildings [Member] | 11 Clearbrook Road [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,974 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 149 | |||
Initial Costs, Building and Improvements | 2,159 | |||
Costs Capitalized Subsequent to Acquisition | 504 | |||
Gross Amount at Which Carried at Close of Period, Land | 149 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,663 | |||
Total | 2,812 | |||
Accumulated Depreciation | $ 1,479 | |||
Office And Office/Flex Buildings [Member] | 75 Clearbrook Road [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,990 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 2,314 | |||
Initial Costs, Building and Improvements | 4,716 | |||
Costs Capitalized Subsequent to Acquisition | 57 | |||
Gross Amount at Which Carried at Close of Period, Land | 2,314 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,773 | |||
Total | 7,087 | |||
Accumulated Depreciation | $ 2,621 | |||
Office And Office/Flex Buildings [Member] | 125 Clearbrook Road [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 2,002 | |||
Acquired | 2,002 | |||
Initial Costs, Land | $ 1,055 | |||
Initial Costs, Building and Improvements | 3,676 | |||
Costs Capitalized Subsequent to Acquisition | (292) | |||
Gross Amount at Which Carried at Close of Period, Land | 1,055 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,384 | |||
Total | 4,439 | |||
Accumulated Depreciation | $ 1,685 | |||
Office And Office/Flex Buildings [Member] | 150 Clearbrook Road [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,975 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 497 | |||
Initial Costs, Building and Improvements | 7,030 | |||
Costs Capitalized Subsequent to Acquisition | 2,198 | |||
Gross Amount at Which Carried at Close of Period, Land | 497 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 9,228 | |||
Total | 9,725 | |||
Accumulated Depreciation | $ 4,927 | |||
Office And Office/Flex Buildings [Member] | 175 Clearbrook Road [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,973 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 655 | |||
Initial Costs, Building and Improvements | 7,473 | |||
Costs Capitalized Subsequent to Acquisition | 973 | |||
Gross Amount at Which Carried at Close of Period, Land | 655 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 8,446 | |||
Total | 9,101 | |||
Accumulated Depreciation | $ 4,731 | |||
Office And Office/Flex Buildings [Member] | 200 Clearbrook Road [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,974 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 579 | |||
Initial Costs, Building and Improvements | 6,620 | |||
Costs Capitalized Subsequent to Acquisition | 1,667 | |||
Gross Amount at Which Carried at Close of Period, Land | 579 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 8,287 | |||
Total | 8,866 | |||
Accumulated Depreciation | $ 4,343 | |||
Office And Office/Flex Buildings [Member] | 250 Clearbrook Road [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,973 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 867 | |||
Initial Costs, Building and Improvements | 8,647 | |||
Costs Capitalized Subsequent to Acquisition | 2,387 | |||
Gross Amount at Which Carried at Close of Period, Land | 867 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 11,034 | |||
Total | 11,901 | |||
Accumulated Depreciation | $ 5,813 | |||
Office And Office/Flex Buildings [Member] | 50 Executive Boulevard [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,969 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 237 | |||
Initial Costs, Building and Improvements | 2,617 | |||
Costs Capitalized Subsequent to Acquisition | 540 | |||
Gross Amount at Which Carried at Close of Period, Land | 237 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,157 | |||
Total | 3,394 | |||
Accumulated Depreciation | $ 1,731 | |||
Office And Office/Flex Buildings [Member] | 77 Executive Boulevard [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,977 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 34 | |||
Initial Costs, Building and Improvements | 1,104 | |||
Costs Capitalized Subsequent to Acquisition | 179 | |||
Gross Amount at Which Carried at Close of Period, Land | 34 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,283 | |||
Total | 1,317 | |||
Accumulated Depreciation | $ 740 | |||
Office And Office/Flex Buildings [Member] | 85 Executive Boulevard [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,968 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 155 | |||
Initial Costs, Building and Improvements | 2,507 | |||
Costs Capitalized Subsequent to Acquisition | 456 | |||
Gross Amount at Which Carried at Close of Period, Land | 155 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,963 | |||
Total | 3,118 | |||
Accumulated Depreciation | $ 1,584 | |||
Office And Office/Flex Buildings [Member] | 300 Executive Boulevard [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,970 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 460 | |||
Initial Costs, Building and Improvements | 3,609 | |||
Costs Capitalized Subsequent to Acquisition | 307 | |||
Gross Amount at Which Carried at Close of Period, Land | 460 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,916 | |||
Total | 4,376 | |||
Accumulated Depreciation | $ 2,132 | |||
Office And Office/Flex Buildings [Member] | 350 Executive Boulevard [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,970 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 100 | |||
Initial Costs, Building and Improvements | 1,793 | |||
Costs Capitalized Subsequent to Acquisition | 175 | |||
Gross Amount at Which Carried at Close of Period, Land | 100 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,968 | |||
Total | 2,068 | |||
Accumulated Depreciation | $ 1,146 | |||
Office And Office/Flex Buildings [Member] | 399 Executive Boulevard [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,962 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 531 | |||
Initial Costs, Building and Improvements | 7,191 | |||
Costs Capitalized Subsequent to Acquisition | 163 | |||
Gross Amount at Which Carried at Close of Period, Land | 531 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 7,354 | |||
Total | 7,885 | |||
Accumulated Depreciation | $ 4,077 | |||
Office And Office/Flex Buildings [Member] | 400 Executive Boulevard [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,970 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 2,202 | |||
Initial Costs, Building and Improvements | 1,846 | |||
Costs Capitalized Subsequent to Acquisition | 1,140 | |||
Gross Amount at Which Carried at Close of Period, Land | 2,202 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,986 | |||
Total | 5,188 | |||
Accumulated Depreciation | $ 1,807 | |||
Office And Office/Flex Buildings [Member] | 500 Executive Boulevard [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,970 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 258 | |||
Initial Costs, Building and Improvements | 4,183 | |||
Costs Capitalized Subsequent to Acquisition | 508 | |||
Gross Amount at Which Carried at Close of Period, Land | 258 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,691 | |||
Total | 4,949 | |||
Accumulated Depreciation | $ 2,655 | |||
Office And Office/Flex Buildings [Member] | 525 Executive Boulevard [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,972 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 345 | |||
Initial Costs, Building and Improvements | 5,499 | |||
Costs Capitalized Subsequent to Acquisition | 837 | |||
Gross Amount at Which Carried at Close of Period, Land | 345 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 6,336 | |||
Total | 6,681 | |||
Accumulated Depreciation | $ 3,661 | |||
Office And Office/Flex Buildings [Member] | 1 Westchester Plaza [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,967 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 199 | |||
Initial Costs, Building and Improvements | 2,023 | |||
Costs Capitalized Subsequent to Acquisition | 183 | |||
Gross Amount at Which Carried at Close of Period, Land | 199 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,206 | |||
Total | 2,405 | |||
Accumulated Depreciation | $ 1,214 | |||
Office And Office/Flex Buildings [Member] | 2 Westchester Plaza [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,968 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 234 | |||
Initial Costs, Building and Improvements | 2,726 | |||
Costs Capitalized Subsequent to Acquisition | 914 | |||
Gross Amount at Which Carried at Close of Period, Land | 234 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,640 | |||
Total | 3,874 | |||
Accumulated Depreciation | $ 1,971 | |||
Office And Office/Flex Buildings [Member] | 3 Westchester Plaza [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,969 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 655 | |||
Initial Costs, Building and Improvements | 7,936 | |||
Costs Capitalized Subsequent to Acquisition | 1,433 | |||
Gross Amount at Which Carried at Close of Period, Land | 655 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 9,369 | |||
Total | 10,024 | |||
Accumulated Depreciation | $ 4,876 | |||
Office And Office/Flex Buildings [Member] | 4 Westchester Plaza [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,969 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 320 | |||
Initial Costs, Building and Improvements | 3,729 | |||
Costs Capitalized Subsequent to Acquisition | 1,531 | |||
Gross Amount at Which Carried at Close of Period, Land | 320 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 5,260 | |||
Total | 5,580 | |||
Accumulated Depreciation | $ 2,512 | |||
Office And Office/Flex Buildings [Member] | 5 Westchester Plaza [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,969 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 118 | |||
Initial Costs, Building and Improvements | 1,949 | |||
Costs Capitalized Subsequent to Acquisition | 303 | |||
Gross Amount at Which Carried at Close of Period, Land | 118 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,252 | |||
Total | 2,370 | |||
Accumulated Depreciation | $ 1,184 | |||
Office And Office/Flex Buildings [Member] | 6 Westchester Plaza [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,968 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 164 | |||
Initial Costs, Building and Improvements | 1,998 | |||
Costs Capitalized Subsequent to Acquisition | 202 | |||
Gross Amount at Which Carried at Close of Period, Land | 164 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,200 | |||
Total | 2,364 | |||
Accumulated Depreciation | $ 1,197 | |||
Office And Office/Flex Buildings [Member] | 7 Westchester Plaza [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,972 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 286 | |||
Initial Costs, Building and Improvements | 4,321 | |||
Costs Capitalized Subsequent to Acquisition | 1,168 | |||
Gross Amount at Which Carried at Close of Period, Land | 286 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 5,489 | |||
Total | 5,775 | |||
Accumulated Depreciation | $ 2,781 | |||
Office And Office/Flex Buildings [Member] | 8 Westchester Plaza [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,971 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 447 | |||
Initial Costs, Building and Improvements | 5,262 | |||
Costs Capitalized Subsequent to Acquisition | 2,127 | |||
Gross Amount at Which Carried at Close of Period, Land | 447 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 7,389 | |||
Total | 7,836 | |||
Accumulated Depreciation | $ 4,025 | |||
Office And Office/Flex Buildings [Member] | 200 Saw Mill River Road [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,965 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 353 | |||
Initial Costs, Building and Improvements | 3,353 | |||
Costs Capitalized Subsequent to Acquisition | 833 | |||
Gross Amount at Which Carried at Close of Period, Land | 353 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,186 | |||
Total | 4,539 | |||
Accumulated Depreciation | $ 2,110 | |||
Office And Office/Flex Buildings [Member] | 4 Skyline Drive [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,987 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 363 | |||
Initial Costs, Building and Improvements | 7,513 | |||
Costs Capitalized Subsequent to Acquisition | 2,140 | |||
Gross Amount at Which Carried at Close of Period, Land | 363 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 9,653 | |||
Total | 10,016 | |||
Accumulated Depreciation | $ 5,635 | |||
Office And Office/Flex Buildings [Member] | 5 Skyline Drive [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,980 | |||
Acquired | 2,001 | |||
Initial Costs, Land | $ 2,219 | |||
Initial Costs, Building and Improvements | 8,916 | |||
Costs Capitalized Subsequent to Acquisition | 1,472 | |||
Gross Amount at Which Carried at Close of Period, Land | 2,219 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 10,388 | |||
Total | 12,607 | |||
Accumulated Depreciation | $ 5,340 | |||
Office And Office/Flex Buildings [Member] | 6 Skyline Drive [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,980 | |||
Acquired | 2,001 | |||
Initial Costs, Land | $ 740 | |||
Initial Costs, Building and Improvements | 2,971 | |||
Costs Capitalized Subsequent to Acquisition | 535 | |||
Gross Amount at Which Carried at Close of Period, Land | 740 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,506 | |||
Total | 4,246 | |||
Accumulated Depreciation | $ 1,942 | |||
Office And Office/Flex Buildings [Member] | 8 Skyline Drive [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,985 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 212 | |||
Initial Costs, Building and Improvements | 4,410 | |||
Costs Capitalized Subsequent to Acquisition | 836 | |||
Gross Amount at Which Carried at Close of Period, Land | 212 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 5,246 | |||
Total | 5,458 | |||
Accumulated Depreciation | $ 3,036 | |||
Office And Office/Flex Buildings [Member] | 10 Skyline Drive [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,985 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 134 | |||
Initial Costs, Building and Improvements | 2,799 | |||
Costs Capitalized Subsequent to Acquisition | 271 | |||
Gross Amount at Which Carried at Close of Period, Land | 134 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,070 | |||
Total | 3,204 | |||
Accumulated Depreciation | $ 1,630 | |||
Office And Office/Flex Buildings [Member] | 11 Skyline Drive [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,989 | |||
Acquired | 1,997 | |||
Initial Costs, Building and Improvements | $ 4,788 | |||
Costs Capitalized Subsequent to Acquisition | 763 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 5,551 | |||
Total | 5,551 | |||
Accumulated Depreciation | $ 2,906 | |||
Office And Office/Flex Buildings [Member] | 12 Skyline Drive [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,999 | |||
Acquired | 1,999 | |||
Initial Costs, Land | $ 1,562 | |||
Initial Costs, Building and Improvements | 3,254 | |||
Costs Capitalized Subsequent to Acquisition | 218 | |||
Gross Amount at Which Carried at Close of Period, Land | 1,320 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,714 | |||
Total | 5,034 | |||
Accumulated Depreciation | $ 1,911 | |||
Office And Office/Flex Buildings [Member] | 15 Skyline Drive [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,989 | |||
Acquired | 1,997 | |||
Initial Costs, Building and Improvements | $ 7,449 | |||
Costs Capitalized Subsequent to Acquisition | 1,858 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 9,307 | |||
Total | 9,307 | |||
Accumulated Depreciation | $ 4,537 | |||
Office And Office/Flex Buildings [Member] | 100 Corporate Boulevard [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,987 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 602 | |||
Initial Costs, Building and Improvements | 9,910 | |||
Costs Capitalized Subsequent to Acquisition | 1,175 | |||
Gross Amount at Which Carried at Close of Period, Land | 602 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 11,085 | |||
Total | 11,687 | |||
Accumulated Depreciation | $ 6,143 | |||
Office And Office/Flex Buildings [Member] | 200 Corporate Boulevard South [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,990 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 502 | |||
Initial Costs, Building and Improvements | 7,575 | |||
Costs Capitalized Subsequent to Acquisition | 2,585 | |||
Gross Amount at Which Carried at Close of Period, Land | 502 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 10,160 | |||
Total | 10,662 | |||
Accumulated Depreciation | $ 5,017 | |||
Office And Office/Flex Buildings [Member] | 4 Executive Plaza [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,986 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 584 | |||
Initial Costs, Building and Improvements | 6,134 | |||
Costs Capitalized Subsequent to Acquisition | 854 | |||
Gross Amount at Which Carried at Close of Period, Land | 584 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 6,988 | |||
Total | 7,572 | |||
Accumulated Depreciation | $ 3,723 | |||
Office And Office/Flex Buildings [Member] | 6 Executive Plaza [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,987 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 546 | |||
Initial Costs, Building and Improvements | 7,246 | |||
Costs Capitalized Subsequent to Acquisition | 2,212 | |||
Gross Amount at Which Carried at Close of Period, Land | 546 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 9,458 | |||
Total | 10,004 | |||
Accumulated Depreciation | $ 5,127 | |||
Office And Office/Flex Buildings [Member] | 1 Odell Plaza [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,980 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 1,206 | |||
Initial Costs, Building and Improvements | 6,815 | |||
Costs Capitalized Subsequent to Acquisition | 2,349 | |||
Gross Amount at Which Carried at Close of Period, Land | 1,206 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 9,164 | |||
Total | 10,370 | |||
Accumulated Depreciation | $ 5,093 | |||
Office And Office/Flex Buildings [Member] | 5 Odell Plaza [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,983 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 331 | |||
Initial Costs, Building and Improvements | 2,988 | |||
Costs Capitalized Subsequent to Acquisition | 476 | |||
Gross Amount at Which Carried at Close of Period, Land | 331 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,464 | |||
Total | 3,795 | |||
Accumulated Depreciation | $ 2,029 | |||
Office And Office/Flex Buildings [Member] | 7 Odell Plaza [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,984 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 419 | |||
Initial Costs, Building and Improvements | 4,418 | |||
Costs Capitalized Subsequent to Acquisition | 1,303 | |||
Gross Amount at Which Carried at Close of Period, Land | 419 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 5,721 | |||
Total | 6,140 | |||
Accumulated Depreciation | $ 2,938 | |||
Office And Office/Flex Buildings [Member] | 419 West Avenue [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,986 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 4,538 | |||
Initial Costs, Building and Improvements | 9,246 | |||
Costs Capitalized Subsequent to Acquisition | 482 | |||
Gross Amount at Which Carried at Close of Period, Land | 4,538 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 9,728 | |||
Total | 14,266 | |||
Accumulated Depreciation | $ 5,316 | |||
Office And Office/Flex Buildings [Member] | 500 West Avenue [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,988 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 415 | |||
Initial Costs, Building and Improvements | 1,679 | |||
Costs Capitalized Subsequent to Acquisition | 646 | |||
Gross Amount at Which Carried at Close of Period, Land | 415 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,325 | |||
Total | 2,740 | |||
Accumulated Depreciation | $ 1,221 | |||
Office And Office/Flex Buildings [Member] | 550 West Avenue [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,990 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 1,975 | |||
Initial Costs, Building and Improvements | 3,856 | |||
Costs Capitalized Subsequent to Acquisition | 133 | |||
Gross Amount at Which Carried at Close of Period, Land | 1,975 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,989 | |||
Total | 5,964 | |||
Accumulated Depreciation | $ 2,172 | |||
Office And Office/Flex Buildings [Member] | 600 West Avenue [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,999 | |||
Acquired | 1,999 | |||
Initial Costs, Land | $ 2,305 | |||
Initial Costs, Building and Improvements | 2,863 | |||
Costs Capitalized Subsequent to Acquisition | 1,184 | |||
Gross Amount at Which Carried at Close of Period, Land | 2,305 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,047 | |||
Total | 6,352 | |||
Accumulated Depreciation | $ 1,739 | |||
Office And Office/Flex Buildings [Member] | 650 West Avenue [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,998 | |||
Acquired | 1,998 | |||
Initial Costs, Land | $ 1,328 | |||
Costs Capitalized Subsequent to Acquisition | 3,247 | |||
Gross Amount at Which Carried at Close of Period, Land | 1,328 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,247 | |||
Total | 4,575 | |||
Accumulated Depreciation | $ 1,805 | |||
Retail [Member] | 230 White Plains Road [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,984 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 124 | |||
Initial Costs, Building and Improvements | 1,845 | |||
Costs Capitalized Subsequent to Acquisition | 288 | |||
Gross Amount at Which Carried at Close of Period, Land | 124 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,133 | |||
Total | 2,257 | |||
Accumulated Depreciation | $ 1,108 | |||
Retail [Member] | 2 Executive Boulevard [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,986 | |||
Acquired | 1,997 | |||
Initial Costs, Land | $ 89 | |||
Initial Costs, Building and Improvements | 2,439 | |||
Costs Capitalized Subsequent to Acquisition | 107 | |||
Gross Amount at Which Carried at Close of Period, Land | 89 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,546 | |||
Total | 2,635 | |||
Accumulated Depreciation | $ 1,397 | |||
Multi-Family Properties [Member] | RoseGarden Monaco, L.L.C. [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 2,011 | |||
Acquired | 2,017 | |||
Related Encumbrances | $ 168,370 | |||
Initial Costs, Land | 58,761 | |||
Initial Costs, Building and Improvements | 240,871 | |||
Costs Capitalized Subsequent to Acquisition | 434 | |||
Gross Amount at Which Carried at Close of Period, Land | 58,761 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 241,305 | |||
Total | 300,066 | |||
Accumulated Depreciation | $ 10,720 | |||
Multi-Family Properties [Member] | Marbella I [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 2,003 | |||
Acquired | 2,018 | |||
Related Encumbrances | $ 130,040 | |||
Initial Costs, Land | 48,820 | |||
Initial Costs, Building and Improvements | 160,740 | |||
Costs Capitalized Subsequent to Acquisition | 1,306 | |||
Gross Amount at Which Carried at Close of Period, Land | 48,820 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 162,046 | |||
Total | 210,866 | |||
Accumulated Depreciation | $ 1,711 | |||
Multi-Family Properties [Member] | Port Imperial South 11 [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 2,018 | |||
Acquired | 2,018 | |||
Related Encumbrances | $ 99,792 | |||
Gross Amount at Which Carried at Close of Period, Land | 22,047 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 108,392 | |||
Total | 130,439 | |||
Accumulated Depreciation | $ 577 | |||
Multi-Family Properties [Member] | Richmond Court [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,997 | |||
Acquired | 2,013 | |||
Initial Costs, Land | $ 2,992 | |||
Initial Costs, Building and Improvements | 13,534 | |||
Costs Capitalized Subsequent to Acquisition | 1,908 | |||
Gross Amount at Which Carried at Close of Period, Land | 2,992 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 15,442 | |||
Total | 18,434 | |||
Accumulated Depreciation | $ 1,856 | |||
Multi-Family Properties [Member] | Riverwatch Commons [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 1,995 | |||
Acquired | 2,013 | |||
Initial Costs, Land | $ 4,169 | |||
Initial Costs, Building and Improvements | 18,974 | |||
Costs Capitalized Subsequent to Acquisition | 2,187 | |||
Gross Amount at Which Carried at Close of Period, Land | 4,169 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 21,161 | |||
Total | 25,330 | |||
Accumulated Depreciation | 2,534 | |||
Multi-Family Properties [Member] | Signature Place At Morris Plains [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encumbrances | 41,703 | |||
Initial Costs, Land | 930 | |||
Costs Capitalized Subsequent to Acquisition | 56,373 | |||
Gross Amount at Which Carried at Close of Period, Land | 930 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 56,373 | |||
Total | 57,303 | |||
Accumulated Depreciation | $ 922 | |||
Multi-Family Properties [Member] | Quarry Place At Tuckahoe [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 2,016 | |||
Acquired | 2,016 | |||
Related Encumbrances | $ 40,433 | |||
Initial Costs, Land | 5,585 | |||
Initial Costs, Building and Improvements | 3,400 | |||
Costs Capitalized Subsequent to Acquisition | 48,718 | |||
Gross Amount at Which Carried at Close of Period, Land | 5,585 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 52,118 | |||
Total | 57,703 | |||
Accumulated Depreciation | $ 2,573 | |||
Multi-Family Properties [Member] | The Chase At Overlook Ridge [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 2,016 | |||
Acquired | 2,016 | |||
Related Encumbrances | $ 134,839 | |||
Initial Costs, Land | 11,072 | |||
Initial Costs, Building and Improvements | 87,793 | |||
Costs Capitalized Subsequent to Acquisition | 74,692 | |||
Gross Amount at Which Carried at Close of Period, Land | 21,827 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 151,730 | |||
Total | 173,557 | |||
Accumulated Depreciation | $ 9,969 | |||
Multi-Family Properties [Member] | Portside At Pier One [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 2,016 | |||
Acquired | 2,016 | |||
Related Encumbrances | $ 58,644 | |||
Initial Costs, Building and Improvements | 73,713 | |||
Costs Capitalized Subsequent to Acquisition | 446 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 74,159 | |||
Total | 74,159 | |||
Accumulated Depreciation | $ 6,163 | |||
Multi-Family Properties [Member] | Portside 5/6 [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 2,018 | |||
Acquired | 2,018 | |||
Related Encumbrances | $ 96,369 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 113,913 | |||
Total | 113,913 | |||
Accumulated Depreciation | $ 1,268 | |||
Multi-Family Properties [Member] | Alterra At Overlook Ridge IA [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 2,004 | |||
Acquired | 2,013 | |||
Related Encumbrances | $ 40,102 | |||
Initial Costs, Land | 9,042 | |||
Initial Costs, Building and Improvements | 50,671 | |||
Costs Capitalized Subsequent to Acquisition | 1,072 | |||
Gross Amount at Which Carried at Close of Period, Land | 9,042 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 51,743 | |||
Total | 60,785 | |||
Accumulated Depreciation | $ 7,933 | |||
Multi-Family Properties [Member] | Alterra at Overlook Ridge II [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 2,008 | |||
Acquired | 2,013 | |||
Related Encumbrances | $ 59,371 | |||
Initial Costs, Land | 12,055 | |||
Initial Costs, Building and Improvements | 71,409 | |||
Costs Capitalized Subsequent to Acquisition | 409 | |||
Gross Amount at Which Carried at Close of Period, Land | 12,056 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 71,817 | |||
Total | 83,873 | |||
Accumulated Depreciation | $ 10,980 | |||
Other Property [Member] | 100 Avenue At Port Imperial [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 2,016 | |||
Acquired | 2,016 | |||
Initial Costs, Land | $ 350 | |||
Costs Capitalized Subsequent to Acquisition | 4,205 | |||
Gross Amount at Which Carried at Close of Period, Land | 471 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,084 | |||
Total | 4,555 | |||
Accumulated Depreciation | $ 310 | |||
Other Property [Member] | 500 Avenue At Port Imperial [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Year Built | 2,013 | |||
Acquired | 2,013 | |||
Related Encumbrances | $ 36,568 | |||
Initial Costs, Land | 13,099 | |||
Initial Costs, Building and Improvements | 56,669 | |||
Costs Capitalized Subsequent to Acquisition | (19,756) | |||
Gross Amount at Which Carried at Close of Period, Land | 13,099 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 36,913 | |||
Total | 50,012 | |||
Accumulated Depreciation | 4,925 | |||
Projects Under Development And Developable Land [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encumbrances | 128,017 | |||
Initial Costs, Land | 363,373 | |||
Initial Costs, Building and Improvements | 494,764 | |||
Gross Amount at Which Carried at Close of Period, Land | 363,373 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 494,764 | |||
Total | 858,137 | |||
Accumulated Depreciation | 14,726 | |||
Furniture, Fixtures And Equipment [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Costs Capitalized Subsequent to Acquisition | 53,718 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 53,718 | |||
Total | 53,718 | |||
Accumulated Depreciation | $ 15,879 | |||
Buildings And Improvements [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Useful Live | 40 years |
Real Estate Investments And A_3
Real Estate Investments And Accumulated Depreciation (Schedule Of Changes In Rental Properties And Accumulated Depreciation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Real Estate Investments And Accumulated Depreciation [Abstract] | |||
Rental Properties, Balance at beginning of year | $ 5,102,844 | $ 4,804,867 | $ 4,807,718 |
Rental Properties, Additions | 686,452 | 1,179,365 | 819,535 |
Rental Properties, Rental property held for sale | (184,233) | (310,089) | (79,200) |
Rental Properties, Properties sold | (238,873) | (538,424) | (695,837) |
Rental Properties, Impairments | |||
Rental Properties, Retirements/disposals | (60,173) | (32,875) | (47,349) |
Rental Properties, Balance at end of year | 5,306,017 | 5,102,844 | 4,804,867 |
Accumulated Depreciation, Balance at beginning of year | 1,087,083 | 1,332,073 | 1,464,482 |
Accumulated Depreciation, Depreciation expense | 140,726 | 154,343 | 151,569 |
Accumulated Depreciation, Rental property held for sale | (30,404) | (126,503) | (31,792) |
Accumulated Depreciation, Properties sold | (39,364) | (217,625) | (204,837) |
Accumulated Depreciation, Repurposed buildings | (22,330) | ||
Accumulated Depreciation, Impairments | |||
Accumulated Depreciation, Retirements/disposals | (60,173) | (32,875) | (47,349) |
Accumulated Depreciation, Balance at end of year | $ 1,097,868 | $ 1,087,083 | $ 1,332,073 |
Mortgage Loans On Real Estate (
Mortgage Loans On Real Estate (Schedule Of Mortgage Loans On Real Estate) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Face Amount of Mortgages or Maximum Available Credit | $ 41,695 | ||
Carrying Amount of Mortgages | $ 45,242 | $ 45,734 | |
Borrower A [Member] | Land [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Interest Accrual Rate | 5.85% | ||
Interest Payment Rate | 5.85% | ||
Final Maturity Date | Jul. 21, 2019 | ||
Periodic Payment Terms | P&I | ||
Face Amount of Mortgages or Maximum Available Credit | $ 41,695 | ||
Carrying Amount of Mortgages | $ 45,242 |
Mortgage Loans On Real Estate_2
Mortgage Loans On Real Estate (Schedule Of Reconciliation On Real Estate) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | ||
Beginning Balance | $ 45,734 | |
New mortgage loan/(repayments) | 44,695 | |
New mortgage loan/(repayment) | (3,000) | |
Accrued interest | 2,508 | 1,039 |
Ending Balance | $ 45,242 | $ 45,734 |