For the quarterly period ended March 31, 2016
|
For the transition period from
|
to
|
Commission File Number:
|
1-13274
|
Mack-Cali Realty Corporation
|
||||
(Exact name of registrant as specified in its charter)
|
||||
Maryland
|
22-3305147
|
|||
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|||
343 Thornall Street, Edison, New Jersey
|
08837-2206
|
|||
(Address of principal executive offices)
|
(Zip Code)
|
|||
(732) 590-1000
|
||||
(Registrant’s telephone number, including area code)
|
||||
Not Applicable
|
||||
(Former name, former address and former fiscal year, if changed since last report)
|
||||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past ninety (90) days. YES X NO _
|
||||
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES X NO _
|
||||
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer x Accelerated filer ¨
Non-accelerated filer ¨ (Do not check if a smaller reporting company) Smaller reporting company ¨
|
||||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES _ NO X
As of April 25, 2016, there were 89,638,631 shares of the registrant’s Common Stock, par value $0.01 per share, outstanding.
|
||||
MACK-CALI REALTY CORPORATION
|
|||
FORM 10-Q
|
|||
INDEX
|
|||
Part I
|
Financial Information
|
Page
|
|
Item 1.
|
Financial Statements (unaudited):
|
3
|
|
Consolidated Balance Sheets as of March 31, 2016 and December 31, 2015
|
4
|
||
Consolidated Statements of Operations for the three months ended March 31, 2016 and 2015
|
5
|
||
Consolidated Statements of Comprehensive Income (Loss) for the three months ended
|
6
|
||
March 31, 2016 and 2015
|
|||
Consolidated Statement of Changes in Equity for the three months ended March 31, 2016
|
7
|
||
Consolidated Statements of Cash Flows for the three months ended March 31, 2016 and 2015
|
8
|
||
Notes to Consolidated Financial Statements
|
9
|
||
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
39
|
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
56
|
|
Item 4.
|
Controls and Procedures
|
56
|
|
Part II
|
Other Information
|
||
Item 1.
|
Legal Proceedings
|
57
|
|
Item 1A.
|
Risk Factors
|
57
|
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
57
|
|
Item 3.
|
Defaults Upon Senior Securities
|
57
|
|
Item 4.
|
Mine Safety Disclosures
|
57
|
|
Item 5.
|
Other Information
|
57
|
|
Item 6.
|
Exhibits
|
57
|
|
Signatures
|
58
|
||
Exhibit Index
|
59
|
||
March 31,
|
December 31,
|
||||
ASSETS
|
2016
|
2015
|
|||
Rental property
|
|||||
Land and leasehold interests
|
$
|
684,960
|
$
|
735,696
|
|
Buildings and improvements
|
3,557,813
|
3,648,238
|
|||
Tenant improvements
|
353,842
|
408,617
|
|||
Furniture, fixtures and equipment
|
16,576
|
15,167
|
|||
4,613,191
|
4,807,718
|
||||
Less – accumulated depreciation and amortization
|
(1,382,962)
|
(1,464,482)
|
|||
3,230,229
|
3,343,236
|
||||
Rental property held for sale, net
|
200,044
|
-
|
|||
Net investment in rental property
|
3,430,273
|
3,343,236
|
|||
Cash and cash equivalents
|
116,421
|
37,077
|
|||
Investments in unconsolidated joint ventures
|
303,647
|
303,457
|
|||
Unbilled rents receivable, net
|
120,035
|
120,246
|
|||
Deferred charges, goodwill and other assets, net
|
220,997
|
203,850
|
|||
Restricted cash
|
27,566
|
35,343
|
|||
Accounts receivable, net of allowance for doubtful accounts
|
|||||
of $602 and $1,407
|
9,511
|
10,754
|
|||
Total assets
|
$
|
4,228,450
|
$
|
4,053,963
|
|
LIABILITIES AND EQUITY
|
|||||
Senior unsecured notes, net
|
$
|
1,064,363
|
$
|
1,263,782
|
|
Unsecured term loan, net
|
347,351
|
-
|
|||
Revolving credit facility
|
90,000
|
155,000
|
|||
Mortgages, loans payable and other obligations, net
|
767,573
|
726,611
|
|||
Dividends and distributions payable
|
15,047
|
15,582
|
|||
Accounts payable, accrued expenses and other liabilities
|
137,030
|
135,057
|
|||
Rents received in advance and security deposits
|
50,109
|
49,739
|
|||
Accrued interest payable
|
23,994
|
24,484
|
|||
Total liabilities
|
2,495,467
|
2,370,255
|
|||
Commitments and contingencies
|
|||||
Equity:
|
|||||
Mack-Cali Realty Corporation stockholders’ equity:
|
|||||
Common stock, $0.01 par value, 190,000,000 shares authorized,
|
|||||
89,638,312 and 89,583,950 shares outstanding
|
896
|
896
|
|||
Additional paid-in capital
|
2,571,509
|
2,570,392
|
|||
Dividends in excess of net earnings
|
(1,066,867)
|
(1,115,612)
|
|||
Accumulated other comprehensive loss
|
(5,675)
|
-
|
|||
Total Mack-Cali Realty Corporation stockholders’ equity
|
1,499,863
|
1,455,676
|
|||
Noncontrolling interests in subsidiaries:
|
|||||
Operating Partnership
|
175,688
|
170,891
|
|||
Consolidated joint ventures
|
57,432
|
57,141
|
|||
Total noncontrolling interests in subsidiaries
|
233,120
|
228,032
|
|||
Total equity
|
1,732,983
|
1,683,708
|
|||
Total liabilities and equity
|
$
|
4,228,450
|
$
|
4,053,963
|
Three Months Ended
|
||||||
March 31,
|
||||||
REVENUES
|
2016
|
2015
|
||||
Base rents
|
$
|
126,387
|
$
|
123,793
|
||
Escalations and recoveries from tenants
|
14,961
|
18,399
|
||||
Real estate services
|
6,812
|
7,644
|
||||
Parking income
|
3,156
|
2,542
|
||||
Other income
|
1,607
|
1,337
|
||||
Total revenues
|
152,923
|
153,715
|
||||
EXPENSES
|
||||||
Real estate taxes
|
23,226
|
22,452
|
||||
Utilities
|
13,578
|
17,575
|
||||
Operating services
|
26,732
|
28,228
|
||||
Real estate services expenses
|
6,846
|
6,639
|
||||
General and administrative
|
12,249
|
11,011
|
||||
Depreciation and amortization
|
43,063
|
40,802
|
||||
Total expenses
|
125,694
|
126,707
|
||||
Operating income
|
27,229
|
27,008
|
||||
OTHER (EXPENSE) INCOME
|
||||||
Interest expense
|
(24,993)
|
(27,215)
|
||||
Interest and other investment income (loss)
|
(669)
|
267
|
||||
Equity in earnings (loss) of unconsolidated joint ventures
|
(1,554)
|
(3,529)
|
||||
Gain on change of control of interests
|
10,156
|
-
|
||||
Realized gains (losses) on disposition of rental property, net
|
58,600
|
144
|
||||
Total other (expense) income
|
41,540
|
(30,333)
|
||||
Net income (loss)
|
68,769
|
(3,325)
|
||||
Noncontrolling interest in consolidated joint ventures
|
706
|
490
|
||||
Noncontrolling interest in Operating Partnership
|
(7,284)
|
314
|
||||
Net income (loss) available to common shareholders
|
$
|
62,191
|
$
|
(2,521)
|
||
Basic earnings per common share:
|
||||||
Net income (loss) available to common shareholders
|
$
|
0.69
|
$
|
(0.03)
|
||
Diluted earnings per common share:
|
||||||
Net income (loss) available to common shareholders
|
$
|
0.69
|
$
|
(0.03)
|
||
Basic weighted average shares outstanding
|
89,721
|
89,192
|
||||
Diluted weighted average shares outstanding
|
100,315
|
100,266
|
Three Months Ended
|
||||||
March 31,
|
||||||
2016
|
2015
|
|||||
Net income (loss)
|
$
|
68,769
|
$
|
(3,325)
|
||
Other comprehensive income (loss):
|
||||||
Net unrealized loss on derivative instruments
|
||||||
for interest rate swaps
|
(6,340)
|
-
|
||||
Comprehensive income (loss)
|
$
|
62,429
|
$
|
(3,325)
|
||
Comprehensive income (loss) attributable to noncontrolling
|
||||||
interest in consolidated joint ventures
|
706
|
490
|
||||
Comprehensive income (loss) attributable to noncontrolling
|
||||||
interest in Operating Partnership
|
(7,284)
|
314
|
||||
Comprehensive income (loss) attributable to common shareholders
|
$
|
55,851
|
$
|
(2,521)
|
Accumulated
|
||||||||||||||||||||
Additional
|
Dividends in
|
Other
|
Noncontrolling
|
|||||||||||||||||
Common Stock
|
Paid-In
|
Excess of
|
Comprehensive
|
Interests
|
Total
|
|||||||||||||||
Shares
|
Par Value
|
Capital
|
Net Earnings
|
Income (Loss)
|
in Subsidiaries
|
Equity
|
||||||||||||||
Balance at January 1, 2016
|
89,584
|
$
|
896
|
$
|
2,570,392
|
$
|
(1,115,612)
|
$
|
-
|
$
|
228,032
|
$
|
1,683,708
|
|||||||
Net income
|
-
|
-
|
-
|
62,191
|
-
|
6,578
|
68,769
|
|||||||||||||
Common stock dividends
|
-
|
-
|
-
|
(13,446)
|
-
|
-
|
(13,446)
|
|||||||||||||
Unit distributions
|
-
|
-
|
-
|
-
|
-
|
(1,601)
|
(1,601)
|
|||||||||||||
Increase in noncontrolling interest
|
||||||||||||||||||||
in consolidated joint ventures
|
-
|
-
|
-
|
-
|
-
|
997
|
997
|
|||||||||||||
Redemption of common units
|
||||||||||||||||||||
for common stock
|
17
|
-
|
276
|
-
|
-
|
(276)
|
-
|
|||||||||||||
Shares issued under Dividend
|
||||||||||||||||||||
Reinvestment and Stock Purchase Plan
|
-
|
-
|
10
|
-
|
-
|
-
|
10
|
|||||||||||||
Directors' deferred compensation plan
|
-
|
-
|
101
|
-
|
-
|
-
|
101
|
|||||||||||||
Stock compensation
|
37
|
-
|
612
|
-
|
-
|
173
|
785
|
|||||||||||||
Other comprehensive income (loss)
|
-
|
-
|
-
|
-
|
(5,675)
|
(665)
|
(6,340)
|
|||||||||||||
Rebalancing of ownership percentage
|
||||||||||||||||||||
between parent and subsidiaries
|
-
|
-
|
118
|
-
|
-
|
(118)
|
-
|
|||||||||||||
Balance at March 31, 2016
|
89,638
|
$
|
896
|
$
|
2,571,509
|
$
|
(1,066,867)
|
$
|
(5,675)
|
$
|
233,120
|
$
|
1,732,983
|
Three Months Ended
|
||||||
March 31,
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
2016
|
2015
|
||||
Net income (loss)
|
$
|
68,769
|
$
|
(3,325)
|
||
Adjustments to reconcile net income to net cash provided by
|
||||||
Operating activities:
|
||||||
Depreciation and amortization, including related intangible assets
|
43,413
|
41,185
|
||||
Amortization of deferred stock units
|
101
|
98
|
||||
Amortization of stock compensation
|
785
|
313
|
||||
Amortization of deferred financing costs
|
1,169
|
953
|
||||
Amortization of debt discount and mark-to-market
|
610
|
997
|
||||
Equity in (earnings) loss of unconsolidated joint ventures
|
1,554
|
3,529
|
||||
Distributions of cumulative earnings from unconsolidated joint ventures
|
574
|
815
|
||||
Realized (gains) loss on disposition of rental property, net
|
(58,600)
|
(144)
|
||||
Gain on change of control of interests
|
(10,156)
|
-
|
||||
Changes in operating assets and liabilities:
|
||||||
(Increase) decrease in unbilled rents receivable, net
|
(2,169)
|
347
|
||||
Increase in deferred charges, goodwill and other assets
|
(19,323)
|
(10,828)
|
||||
Decrease (increase) in accounts receivable, net
|
1,243
|
(866)
|
||||
Increase (decrease) in accounts payable, accrued expenses and other liabilities
|
(2,370)
|
8,159
|
||||
Increase (decrease) in rents received in advance and security deposits
|
370
|
(4,717)
|
||||
(Decrease) Increase in accrued interest payable
|
(489)
|
2,671
|
||||
Net cash provided by operating activities
|
$
|
25,481
|
$
|
39,187
|
||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||
Rental property acquisitions and related intangibles
|
$
|
(47,818)
|
$
|
-
|
||
Rental property additions and improvements
|
(34,603)
|
(19,658)
|
||||
Development of rental property and other related costs
|
(16,131)
|
(12,519)
|
||||
Proceeds from the sales of rental property
|
94,710
|
1,072
|
||||
Repayment of notes receivable
|
125
|
-
|
||||
Investment in unconsolidated joint ventures
|
(7,225)
|
(20,880)
|
||||
Distributions in excess of cumulative earnings from unconsolidated joint ventures
|
1,771
|
1,097
|
||||
Decrease (increase) in restricted cash
|
7,777
|
(1,535)
|
||||
Net cash used in investing activities
|
$
|
(1,394)
|
$
|
(52,423)
|
||
CASH FLOW FROM FINANCING ACTIVITIES
|
||||||
Borrowings from revolving credit facility
|
$
|
150,000
|
$
|
56,000
|
||
Repayment of revolving credit facility
|
(215,000)
|
(14,000)
|
||||
Repayment of senior unsecured notes
|
(200,000)
|
-
|
||||
Borrowings from unsecured term loan
|
350,000
|
-
|
||||
Proceeds from mortgages and loans payable
|
77,666
|
1,150
|
||||
Repayment of mortgages, loans payable and other obligations
|
(89,712)
|
(25,228)
|
||||
Payment of financing costs
|
(3,392)
|
(30)
|
||||
Contributions from noncontrolling interests
|
703
|
94
|
||||
Payment of dividends and distributions
|
(15,008)
|
(14,984)
|
||||
Net cash provided by financing activities
|
$
|
55,257
|
$
|
3,002
|
||
Net increase (decrease) in cash and cash equivalents
|
$
|
79,344
|
$
|
(10,234)
|
||
Cash and cash equivalents, beginning of period
|
37,077
|
29,549
|
||||
Cash and cash equivalents, end of period
|
$
|
116,421
|
$
|
19,315
|
Property
|
Rental properties are stated at cost less accumulated depreciation and amortization. Costs directly related to the acquisition, development and construction of rental properties are capitalized. Acquisition–related costs are expensed as incurred. Capitalized development and construction costs include pre-construction costs essential to the development of the property, development and construction costs, interest, property taxes, insurance, salaries and other project costs incurred during the period of development. Capitalized development and construction salaries and related costs approximated $0.6 million and $1.3 million for the three months ended March 31, 2016 and 2015, respectively. Included in total rental property is construction, tenant improvement and development in-progress of $144.9 million and $88.7 million as of March 31, 2016 and December 31, 2015, respectively. Ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. Fully-depreciated assets are removed from the accounts.
|
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
|
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 net book value of the assets, a valuation allowance is established.
|
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.
|
|
|
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.
|
Financing Costs
|
Costs incurred in obtaining financing are capitalized and amortized over the term of the related indebtedness. Deferred financing costs are presented in the balance sheet as a direct deduction from the carrying value of the debt liability to which they relate, except deferred financing costs related to the revolving credit facility, which are presented in Deferred charges, goodwill and other assets. In all cases, amortization of such costs is included in interest expense and was $1,169,000 and $953,000 for the three months ended March 31, 2016 and 2015, respectively. If a financing obligation is extinguished early, any unamortized deferred financing costs are written off and included in gains (losses) from early extinguishment of debt. No such unamortized costs were written off for the three months ended March 31, 2016 and 2015.
|
Leasing Costs
|
Costs incurred in connection with commercial leases are capitalized and amortized on a straight-line basis over the terms of the related leases and included in depreciation and amortization. Unamortized deferred leasing costs are charged to amortization expense upon early termination of the lease. Certain employees of the Company are compensated for providing leasing services to the Properties. The portion of such compensation related to commercial leases, which is capitalized and amortized, was approximately $780,000 and $970,000 for the three months ended March 31, 2016 and 2015, respectively.
|
Goodwill
|
Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Goodwill is allocated to various reporting units, as applicable. Each of the Company’s segments consists of a reporting unit. Goodwill is not amortized. Management performs an annual impairment test for goodwill during the fourth quarter and between annual tests, management evaluates the recoverability of goodwill whenever events or changes in circumstances indicate that the carrying value of goodwill may not be fully recoverable. In its impairment tests of goodwill, management first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If, based on this assessment, management determines that the fair value of the reporting unit is not less than its carrying value, then performing the additional two-step impairment test is unnecessary. If the carrying value of goodwill exceeds its fair value, an impairment charge is recognized.
|
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.
|
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.
|
|
|
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.
|
Other Taxes
|
The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”). As a REIT, the Company generally will not be subject to corporate federal income tax (including alternative minimum tax) on net income that it currently distributes to its shareholders, provided that the Company satisfies certain organizational and operational requirements including the requirement to distribute at least 90 percent of its REIT taxable income (determined by excluding any net capital gains) to its shareholders. If and to the extent the Company retains and does not distribute any net capital gains, the Company will be required to pay federal, state and local taxes on such net capital gains at the rate applicable to capital gains of a corporation. The Company has elected to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (each a “TRS”). In general, a TRS of the Company may perform additional services for tenants of the Company and generally may engage in any real estate or non-real estate related business (except for the operation or management of health care facilities or lodging facilities or the providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal income tax. The Company has conducted business through its TRS entities for certain property management, development, construction and other related services, as well as to hold a joint venture interest in a hotel and other matters.
|
|
Earnings
|
|
Per Share
|
The Company presents both basic and diluted earnings per share (“EPS”). Basic EPS excludes dilution and is computed by dividing net income available to common shareholders by the weighted average number of shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS from continuing operations amount. Shares whose issuance is contingent upon the satisfaction of certain conditions shall be considered outstanding and included in the computation of diluted EPS as follows (i) if all necessary conditions have been satisfied by the end of the period (the events have occurred), those shares shall be included as of the beginning of the period in which the conditions were satisfied (or as of the date of the grant, if later) or (ii) if all necessary conditions have not been satisfied by the end of the period, the number of contingently issuable shares included in diluted EPS shall be based on the number of shares, if any, that would be issuable if the end of the reporting period were the end of the contingency period (for example, the number of shares that would be issuable based on current period earnings or period-end market price) and if the result would be dilutive. Those contingently issuable shares shall be included in the denominator of diluted EPS as of the beginning of the period (or as of the date of the grant, if later).
|
Dividends and
|
|
Payable
|
The dividends and distributions payable at March 31, 2016 represents dividends payable to common shareholders (89,638,337 shares) and distributions payable to noncontrolling interest unitholders of the Operating Partnership (10,499,844 common units and 657,373 LTIP units) for all such holders of record as of April 5, 2016 with respect to the first quarter 2016. The first quarter 2016 common stock dividends and unit distributions of $0.15 per common share and unit were approved by the Board of Directors on March 8, 2016 and paid on April 15, 2016.
|
For Stock
|
|
Issuances
|
Costs incurred in connection with the Company’s stock issuances are reflected as a reduction of additional paid-in capital.
|
Compensation
|
The Company accounts for stock compensation in accordance with the provisions of ASC 718, Compensation-Stock Compensation. These provisions require that the estimated fair value of restricted stock (“Restricted Stock Awards”), restricted stock units (“RSUs”), performance share units (“PSUs”), long-term incentive plan awards and stock options at the grant date be amortized ratably into expense over the appropriate vesting period. The Company recorded stock compensation expense of $785,000 and $313,000 for the three months ended March 31, 2016 and 2015, respectively.
|
Other
|
|
Comprehensive
|
|
Income
|
Other comprehensive income (loss) includes items that are recorded in equity, such as effective portions of derivatives designated as cash flow hedges or unrealized holding gains or losses on marketable securities available for sale.
|
Fair Value
|
|
Hierarchy
|
The standard Fair Value Measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs). The following summarizes the fair value hierarchy:
|
·
|
Level 1: Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities;
|
·
|
Level 2: Quoted prices for identical assets and liabilities in markets that are inactive, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly, such as interest rates and yield curves that are observable at commonly quoted intervals and
|
·
|
Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
|
Discontinued
|
|
Operations
|
In April 2014, the Financial Accounting Standards Board (“FASB”) issued guidance related to the reporting of discontinued operation and disclosures of disposals of components of an entity. This guidance defines a discontinued operation as a component or group of components disposed or classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity’s operations and final result; the guidance states that a strategic shift could include a disposal of a major geographical area of operations, a major line of business, a major equity method investment or other major parts of an entity. The guidance also provides for additional disclosure requirements in connection with both discontinued operations and other dispositions not qualifying as discontinued operations. The guidance is effective for all companies for annual and interim periods beginning on or after December 15, 2014. The guidance applies prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. All entities could early adopt the guidance for new disposals (or new classifications as held for sale) that had not been reported in financial statements previously issued or available for issuance. The Company elected to early adopt this standard effective with the interim period beginning January 1, 2014. Prior to January 1, 2014, properties identified as held for sale and/or disposed of were presented in discontinued operations for all periods presented.
|
Standards
|
In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09 Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2017, and early adoption is permitted for periods beginning after December 15, 2016. The Company is currently in the process of evaluating the impact the adoption of ASU 2014-09 will have on the Company’s financial position or results of operations.
|
|
|
Overlook
|
||
Ridge
|
||
Land
|
$
|
11,072
|
Buildings and improvements
|
87,793
|
|
Furniture, fixtures and equipment
|
1,695
|
|
In-place lease values (1)
|
4,389
|
|
Below market lease values (1)
|
(489)
|
|
Other assets
|
237
|
|
Sub Total
|
104,697
|
|
Less: Debt assumed
|
(52,662)
|
|
Net assets recorded upon consolidation
|
$
|
52,035
|
Rentable
|
Net
|
Net
|
||||||||||||
Disposition
|
# of
|
Square
|
Sales
|
Book
|
Realized
|
|||||||||
Date
|
Property/Address
|
Location
|
Bldgs.
|
Feet
|
Proceeds
|
Value
|
Gain (loss)
|
|||||||
03/11/16
|
2 Independence Way (a)
|
Princeton, New Jersey
|
1
|
67,401
|
$
|
4,119
|
$
|
4,283
|
$
|
(164)
|
||||
03/24/16
|
1201 Connecticut Avenue, NW
|
Washington, D.C.
|
1
|
169,549
|
90,591
|
31,827
|
58,764
|
|||||||
Totals
|
2
|
236,950
|
$
|
94,710
|
$
|
36,110
|
$
|
58,600
|
||||||
(a) The Company recorded an impairment charge of $3.2 million on this property during the year ended December 31, 2015 as it estimated that the carrying value of the property may not be recoverable over its anticipated holding period.
|
||||||||||||||
March 31,
|
|||
2016
|
|||
Land
|
$
|
46,883
|
|
Buildings and improvements
|
210,925
|
||
Less: Accumulated depreciation
|
(57,764)
|
||
Rental property held for sale,net
|
$
|
200,044
|
Three Months Ended
|
||||||
March 31,
|
||||||
2016
|
2015
|
|||||
Total revenues
|
$
|
1,608
|
$
|
7,629
|
||
Operating and other expenses
|
(1,379)
|
(2,524)
|
||||
Depreciation and amortization
|
(2,797)
|
(1,685)
|
||||
Interest expense
|
(626)
|
(2,710)
|
||||
Income (loss) from properties disposed of
|
$
|
(3,194)
|
$
|
710
|
||
Realized gains on dispositions
|
58,600
|
144
|
||||
Total income (loss) from properties disposed of
|
$
|
55,406
|
$
|
854
|
Property Debt
|
|||||||||||||||||
Number of
|
Company's
|
Carrying Value
|
As of March 31, 2016
|
||||||||||||||
Apartment Units
|
Effective
|
March 31,
|
December 31,
|
Maturity
|
Interest
|
||||||||||||
Entity / Property Name
|
or Square Feet (sf)
|
Ownership % (a)
|
2016
|
2015
|
Balance
|
Date
|
Rate
|
||||||||||
Multi-family
|
|||||||||||||||||
Marbella RoseGarden, L.L.C./ Marbella (b)
|
412
|
units
|
24.27
|
%
|
$
|
15,486
|
$
|
15,569
|
$
|
95,000
|
05/01/18
|
4.99
|
%
|
||||
RoseGarden Monaco Holdings, L.L.C./ Monaco (b)
|
523
|
units
|
15.00
|
%
|
646
|
937
|
165,000
|
02/01/21
|
4.19
|
%
|
|||||||
PruRose Port Imperial South 15, LLC /RiversEdge at Port Imperial (b)
|
236
|
units
|
50.00
|
%
|
-
|
-
|
57,500
|
09/01/20
|
4.32
|
%
|
|||||||
Rosewood Morristown, L.L.C. / Metropolitan at 40 Park (c) (d)
|
130
|
units
|
12.50
|
%
|
5,741
|
5,723
|
45,756
|
(e)
|
(e)
|
||||||||
PruRose Riverwalk G, L.L.C./ RiverTrace at Port Imperial (b) (f)
|
316
|
units
|
25.00
|
%
|
-
|
-
|
79,392
|
07/15/21
|
6.00
|
%
|
(g)
|
||||||
Elmajo Urban Renewal Associates, LLC / Lincoln Harbor (Bldg A&C) (b)
|
355
|
units
|
7.50
|
%
|
-
|
-
|
128,100
|
03/01/30
|
4.00
|
%
|
|||||||
Crystal House Apartments Investors LLC / Crystal House (h)
|
798
|
units
|
25.00
|
%
|
28,855
|
28,114
|
165,000
|
04/01/20
|
3.17
|
%
|
|||||||
Portside Master Company, L.L.C./ Portside at Pier One - Bldg 7 (b) (f)
|
175
|
units
|
38.25
|
%
|
-
|
-
|
42,500
|
12/04/17
|
L+2.50
|
%
|
(i)
|
||||||
PruRose Port Imperial South 13, LLC / RiverParc at Port Imperial (b)
|
280
|
units
|
20.00
|
%
|
-
|
-
|
70,731
|
06/27/16
|
L+2.15
|
%
|
(j)
|
||||||
Roseland/Port Imperial Partners, L.P./ Riverwalk C (b) (k)
|
363
|
units
|
20.00
|
%
|
1,678
|
1,678
|
-
|
-
|
-
|
||||||||
RoseGarden Marbella South, L.L.C./ Marbella II
|
311
|
units
|
24.27
|
%
|
17,155
|
16,728
|
69,681
|
03/30/17
|
L+2.25
|
%
|
(l)
|
||||||
Estuary Urban Renewal Unit B, LLC / Lincoln Harbor (Bldg B) (b)
|
227
|
units
|
7.50
|
%
|
-
|
-
|
81,900
|
03/01/30
|
4.00
|
%
|
|||||||
Riverpark at Harrison I, L.L.C./ Riverpark at Harrison
|
141
|
units
|
45.00
|
%
|
2,426
|
2,544
|
30,000
|
08/01/25
|
3.70
|
%
|
|||||||
Capitol Place Mezz LLC / Station Townhouses
|
378
|
units
|
50.00
|
%
|
45,500
|
46,267
|
100,700
|
07/01/33
|
4.82
|
%
|
(m)
|
||||||
Harborside Unit A Urban Renewal, L.L.C. / URL Harborside
|
763
|
units
|
85.00
|
%
|
97,615
|
96,799
|
92,937
|
08/01/29
|
5.197
|
%
|
(n)
|
||||||
RoseGarden Monaco, L.L.C./ San Remo Land
|
250
|
potential units
|
41.67
|
%
|
1,356
|
1,339
|
-
|
-
|
-
|
||||||||
Grand Jersey Waterfront URA, L.L.C./ Liberty Landing
|
850
|
potential units
|
50.00
|
%
|
337
|
337
|
-
|
-
|
-
|
||||||||
Hillsborough 206 Holdings, L.L.C./ Hillsborough 206
|
160,000
|
sf
|
50.00
|
%
|
1,962
|
1,962
|
-
|
-
|
-
|
||||||||
Plaza VIII & IX Associates, L.L.C./ Vacant land (parking operations)
|
1,225,000
|
sf
|
50.00
|
%
|
4,132
|
4,055
|
-
|
-
|
-
|
||||||||
Office
|
|||||||||||||||||
Red Bank Corporate Plaza, L.L.C./ Red Bank
|
92,878
|
sf
|
50.00
|
%
|
4,250
|
4,140
|
14,950
|
05/17/16
|
L+3.00
|
%
|
(o)
|
||||||
12 Vreeland Associates, L.L.C./ 12 Vreeland Road
|
139,750
|
sf
|
50.00
|
%
|
5,974
|
5,890
|
12,171
|
07/01/23
|
2.87
|
%
|
|||||||
BNES Associates III / Offices at Crystal Lake
|
106,345
|
sf
|
31.25
|
%
|
2,101
|
2,295
|
5,973
|
11/01/23
|
4.76
|
%
|
|||||||
KPG-P 100 IMW JV, LLC / 100 Independence Mall West
|
339,615
|
sf
|
33.33
|
%
|
-
|
-
|
61,500
|
09/09/16
|
L+7.00
|
%
|
(p)
|
||||||
Keystone-Penn
|
1,842,820
|
sf
|
(q)
|
-
|
-
|
228,600
|
(r)
|
(r)
|
|||||||||
Keystone-TriState
|
1,266,384
|
sf
|
(s)
|
3,480
|
3,958
|
212,536
|
(t)
|
(t)
|
|||||||||
KPG-MCG Curtis JV, L.L.C./ Curtis Center (u)
|
885,000
|
sf
|
50.00
|
%
|
62,247
|
59,858
|
(v)
|
(v)
|
(v)
|
||||||||
Other
|
|||||||||||||||||
Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial (b)
|
30,745
|
sf
|
20.00
|
%
|
1,742
|
1,758
|
-
|
-
|
-
|
||||||||
South Pier at Harborside / Hyatt Regency Jersey City on the Hudson
|
350
|
rooms
|
50.00
|
%
|
(w)
|
(w)
|
63,384
|
(x)
|
(x)
|
||||||||
Other (y)
|
964
|
3,506
|
-
|
-
|
-
|
||||||||||||
Totals:
|
$
|
303,647
|
$
|
303,457
|
$
|
1,823,311
|
(a)
|
Company's effective ownership % represents the Company's entitlement to residual distributions after payments of priority returns, where applicable.
|
(b)
|
The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the Company is not expected to meaningfully participate in the venture's cash flows in the near term.
|
(c)
|
Through the joint venture, the Company also owns a 12.5 percent interest in a 50,973 square feet retail building ("Shops at 40 Park") and a 25 percent interest in a to-be-built 59-unit, five story multi-family rental development property ("Lofts at 40 Park").
|
(d)
|
The Company's ownership interests in this venture are subordinate to its partner's preferred capital balance and the payment of the outstanding balance remaining on a note ($975 as of December 31, 2015), and is not expected to meaningfully participate in the venture's cash flows in the near term.
|
(e)
|
Property debt balance consists of: (i) a loan, collateralized by the Metropolitan at 40 Park, with a balance of $38,218, bears interest at 3.25 percent, matures in September 2020; (ii) an amortizable loan, collateralized by the Shops at 40 Park, with a balance of $6,421, bears interest at 3.63 percent, matures in August 2018; and (iii) a loan, collateralized by the Lofts at 40 Park, with a balance of $1,117, bears interest at LIBOR plus 250 basis points and matures in September 2016. The Shops at 40 Park mortgage loan also provides for additional borrowing proceeds of $1 million based on certain preferred thresholds being achieved.
|
(f)
|
On April 1, 2016, the Company acquired the equity interests of its joint venture partner in Portside Apartment Holdings, L.L.C and PruRose Riverwalk G, L.L.C. for $38.1 million and $11.3 million, respectively, which increased its ownership to 85 percent in Portside Apartment Holdings, LLC and 50 percent in PruRose Riverwalk G, L.L.C. (See Note 3: Recent Transactions – Acquisitions).
|
(g)
|
The permanent loan has a maximum borrowing amount of $80,249.
|
(h)
|
The Company also owns a 50 percent interest in a vacant land to accommodate the development of approximately 295 additional units of which 252 are currently approved.
|
(i)
|
The construction loan has a maximum borrowing amount of $42,500 and provides, subject to certain conditions, two two-year extension options with a fee of 12.5 basis points for the first two-year extension and 25 basis points for the second two-year extension.
|
(j)
|
The construction loan has a maximum borrowing amount of $73,350 and provides, subject to certain conditions, one-year extension option followed by a six-month extension option with a fee of 25 basis points each. The joint venture has a swap agreement that fixes the all-in rate to 2.79 percent per annum on an initial notional amount of $1,620, increasing to $69,500 for the period from July 1, 2013 to January 1, 2016.
|
(k)
|
The Company also owns a 20 percent residual interest in undeveloped land parcels: parcels 6, I, and J ("Port Imperial North Land") that can accommodate the development of 836 apartment units.
|
(l)
|
The construction loan has a maximum borrowing amount of $77,400 and provides, subject to certain conditions, two one-year extension options with a fee of 25 basis points for each year.
|
(m)
|
The construction/permanent loan has a maximum borrowing amount of $100,700 with amortization starting in August 2017.
|
(n)
|
The construction/permanent loan has a maximum borrowing amount of $192,000.
|
(o)
|
The joint venture has a swap agreement that fixes the all-in rate to 3.99375 percent per annum on an initial notional amount of $13,650 and then adjusting in accordance with an amortization schedule, which is effective from October 17, 2011 through loan maturity.
|
(p)
|
The mortgage loan has two one-year extension options, subject to certain conditions.
|
(q)
|
The Company’s equity interests in the joint ventures will be subordinated to Keystone Entities receiving a 15 percent internal rate of return (“IRR”) after which the Company will receive a 10 percent IRR on its subordinate equity and then all profit will be split equally.
|
(r)
|
Principal balance of $127,600 bears interest at 5.114 percent and matures on August 27, 2023; principal balance of $45,500 bears interest at 5.01 percent and matures on September 6, 2025; principal balance of $33,825 bears interest at rates ranging from LIBOR+5.0 percent to LIBOR+5.75 percent and matures on August 27, 2016; principal balance of $11,250 bears interest at LIBOR+5.5 percent and matures on January 9, 2019; principal balance of $10,425 bears interest at LIBOR+6.0 percent matures on August 31, 2016.
|
(s)
|
Includes the Company’s pari-passu interests of $3.5 million in five properties and Company’s subordinated equity interests to Keystone Entities receiving a 15 percent internal rate of return (“IRR”) after which the Company will receive a 10 percent IRR on its subordinate equity and then all profit will be split equally.
|
(t)
|
Principal balance of $43,954 bears interest at 5.38 percent and matures on July 1, 2017; principal balance of $75,882 bears interest at rates ranging from 5.65 percent to 6.75 percent and matures on September 9, 2017; principal balance of $14,250 bears interest at 4.88 percent and matures on July 6, 2024; principal balance of $63,400 bears interest at 4.93 percent and matures on July 6, 2044; principal balance of $15,050 bears interest at 4.71 percent and matures on August 6, 2044.
|
(u)
|
Includes undivided interests in the same manner as investments in noncontrolling partnership, pursuant to ASC 970-323-25-12.
|
(v)
|
See Note 10: Mortgages, Loans Payable and Other Obligations for debt secured by interests in these assets.
|
(w)
|
The negative carrying value for this venture of $4,235 and $3,317 as of March 31, 2016 and 2015, respectively, were included in accounts payable, accrued expenses and other liabilities.
|
(x)
|
Balance includes: (i) mortgage loan, collateralized by the hotel property, with a balance of $59,790, bears interest at 6.15 percent and matures in November 2016, and (ii) loan with a balance of $3,594, bears interest at fixed rates ranging from 6.09 percent to 6.62 percent and matures in August 1, 2020. The Company posted a $3.6 million letter of credit in support of this loan, half of which is indemnified by the partner.
|
(y)
|
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.
|
Three Months Ended
|
|||||
March 31,
|
|||||
Entity / Property Name
|
2016
|
2015
|
|||
Multi-family
|
|||||
Marbella RoseGarden, L.L.C./ Marbella
|
$
|
84
|
$
|
61
|
|
RoseGarden Monaco Holdings, L.L.C./ Monaco
|
(291)
|
(317)
|
|||
PruRose Port Imperial South 15, LLC /RiversEdge at Port Imperial
|
-
|
-
|
|||
Rosewood Morristown, L.L.C. / Metropolitan at 40 Park
|
(81)
|
(94)
|
|||
PruRose Riverwalk G, L.L.C./ RiverTrace at Port Imperial
|
-
|
(254)
|
|||
Elmajo Urban Renewal Associates, LLC / Lincoln Harbor (Bldg A&C)
|
-
|
-
|
|||
Crystal House Apartments Investors LLC / Crystal House
|
(112)
|
(10)
|
|||
Portside Master Company, L.L.C./ Portside at Pier One - Bldg 7
|
-
|
(719)
|
|||
PruRose Port Imperial South 13, LLC / RiverParc at Port Imperial
|
-
|
(225)
|
|||
Roseland/Port Imperial Partners, L.P./ Riverwalk C
|
-
|
(184)
|
|||
RoseGarden Marbella South, L.L.C./ Marbella II
|
-
|
-
|
|||
Estuary Urban Renewal Unit B, LLC / Lincoln Harbor (Bldg B)
|
-
|
-
|
|||
Riverpark at Harrison I, L.L.C./ Riverpark at Harrison
|
(28)
|
(173)
|
|||
Capitol Place Mezz LLC / Station Townhouses
|
(767)
|
75
|
|||
Harborside Unit A Urban Renewal, L.L.C. / URL Harborside
|
(17)
|
-
|
|||
RoseGarden Monaco, L.L.C./ San Remo Land
|
-
|
-
|
|||
Grand Jersey Waterfront URA, L.L.C./ Liberty Landing
|
(60)
|
(19)
|
|||
Hillsborough 206 Holdings, L.L.C./ Hillsborough 206
|
(19)
|
-
|
|||
Plaza VIII & IX Associates, L.L.C./ Vacant land (parking operations)
|
77
|
86
|
|||
Office
|
|||||
Red Bank Corporate Plaza, L.L.C./ Red Bank
|
101
|
110
|
|||
12 Vreeland Associates, L.L.C./ 12 Vreeland Road
|
84
|
(14)
|
|||
BNES Associates III / Offices at Crystal Lake
|
(194)
|
68
|
|||
KPG-P 100 IMW JV, LLC / 100 Independence Mall West
|
-
|
(384)
|
|||
Keystone-Penn
|
-
|
-
|
|||
Keystone-TriState
|
(477)
|
(1,348)
|
|||
KPG-MCG Curtis JV, L.L.C./ Curtis Center
|
179
|
196
|
|||
Other
|
|||||
Roseland/North Retail, L.L.C./ Riverwalk at Port Imperial
|
(16)
|
(18)
|
|||
South Pier at Harborside / Hyatt Regency Jersey City on the Hudson
|
(167)
|
(84)
|
|||
Other
|
150
|
(282)
|
|||
Company's equity in earnings (loss) of unconsolidated joint ventures
|
$
|
(1,554)
|
$
|
(3,529)
|
March 31,
|
December 31,
|
|||||
2016
|
2015
|
|||||
Assets:
|
||||||
Rental property, net
|
$
|
1,736,842
|
$
|
1,781,621
|
||
Other assets
|
294,444
|
307,000
|
||||
Total assets
|
$
|
2,031,286
|
$
|
2,088,621
|
||
Liabilities and partners'/
|
||||||
members' capital:
|
||||||
Mortgages and loans payable
|
$
|
1,279,688
|
$
|
1,298,293
|
||
Other liabilities
|
215,552
|
215,951
|
||||
Partners'/members' capital
|
536,046
|
574,377
|
||||
Total liabilities and
|
||||||
partners'/members' capital
|
$
|
2,031,286
|
$
|
2,088,621
|
|
|
Three Months Ended
|
|||||
March 31,
|
|||||
2016
|
2015
|
||||
Total revenues
|
$
|
70,122
|
$
|
74,477
|
|
Operating and other expenses
|
(45,561)
|
(57,356)
|
|||
Depreciation and amortization
|
(18,842)
|
(16,993)
|
|||
Interest expense
|
(14,049)
|
(11,334)
|
|||
Net loss
|
$
|
(8,330)
|
$
|
(11,206)
|
March 31,
|
December 31,
|
||||
(dollars in thousands)
|
2016
|
2015
|
|||
Deferred leasing costs
|
$
|
237,209
|
$
|
239,690
|
|
Deferred financing costs - revolving credit facility (1)
|
5,359
|
5,394
|
|||
242,568
|
245,084
|
||||
Accumulated amortization
|
(103,316)
|
(118,014)
|
|||
Deferred charges, net
|
139,252
|
127,070
|
|||
Notes receivable (2)
|
13,435
|
13,496
|
|||
In-place lease values, related intangibles and other assets, net
|
12,736
|
10,931
|
|||
Goodwill
|
2,945
|
2,945
|
|||
Prepaid expenses and other assets, net (3)
|
52,629
|
49,408
|
|||
Total deferred charges, goodwill and other assets, net
|
$
|
220,997
|
$
|
203,850
|
(1)
|
Pursuant to recently issued accounting standards, deferred financing costs related to all other debt liabilities (other than for the revolving credit facility) are classified to net against those debt liabilities for all periods presented. See Note 2: Significant Accounting Policies – Deferred Financing Costs.
|
(2)
|
Includes as of March 31, 2016: a mortgage receivable for $10.4 million which bears interest at LIBOR plus six percent and matures in August 2016; and an interest-free note receivable with a net present value of $3.0 million and matures in April 2023. The Company believes these balances are fully collectible.
|
(3)
|
Includes as of March 31, 2016, deposits of $12.7 million for acquisitions and developments.
|
DERIVATIVE FINANCIAL INSTRUMENTS
|
Fair Value
|
||||||||||
Liability Derivatives designated
|
March 31,
|
December 31,
|
||||||||
as hedging instruments
|
2016
|
2015
|
Balance sheet location
|
|||||||
Interest rate swaps
|
$
|
7,253
|
$
|
-
|
Accounts payable, accrued expenses and other liabilities
|
|||||
Asset Derivatives not designated
|
||||||||||
as hedging instruments
|
||||||||||
Interest rate caps
|
$
|
-
|
$
|
2
|
Deferred charges, goodwill and other assets
|
Derivatives in Cash Flow Hedging Relationships
|
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)
|
Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
|
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
|
Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
|
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion, Reclassification for Forecasted Transactions No Longer Probable of Occurring and Amount Excluded from Effectiveness Testing)
|
||||||||||||||||
2016
|
2015
|
2016
|
2015
|
2016
|
2015
|
||||||||||||||||
Three months ended March 31,
|
|||||||||||||||||||||
Interest rate swaps
|
$
|
(7,187)
|
$
|
-
|
Interest expense
|
$
|
(847)
|
$
|
-
|
Interest and other investment income (loss)
|
$
|
(913)
|
$
|
-
|
March 31,
|
December 31,
|
||||
2016
|
2015
|
||||
Security deposits
|
$
|
8,297
|
$
|
7,785
|
|
Escrow and other reserve funds
|
19,269
|
27,558
|
|||
Total restricted cash
|
$
|
27,566
|
$
|
35,343
|
March 31,
|
December 31,
|
Effective
|
|||||||
2016
|
2015
|
Rate (1)
|
|||||||
5.800% Senior Unsecured Notes, due January 15, 2016 (2)
|
-
|
$
|
200,000
|
5.806
|
%
|
||||
2.500% Senior Unsecured Notes, due December 15, 2017
|
$
|
250,000
|
250,000
|
2.803
|
%
|
||||
7.750% Senior Unsecured Notes, due August 15, 2019
|
250,000
|
250,000
|
8.017
|
%
|
|||||
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
|
1,075,000
|
1,275,000
|
|||||||
Adjustment for unamortized debt discount
|
(5,872)
|
(6,156)
|
|||||||
Unamortized deferred financing costs
|
(4,765)
|
(5,062)
|
|||||||
Total senior unsecured notes, net
|
$
|
1,064,363
|
$
|
1,263,782
|
(1)
|
Includes the cost of terminated treasury lock agreements (if any), offering and other transaction costs and the discount/premium on the notes, as applicable.
|
(2)
|
On January 15, 2016, the Company repaid these notes at their maturity using proceeds from a new unsecured term loan and borrowings under the Company’s unsecured revolving credit facility.
|
Operating Partnership's
|
Interest Rate -
|
|
Unsecured Debt Ratings:
|
Applicable Basis Points
|
|
Higher of S&P or Moody's
|
Above LIBOR
|
|
No ratings or less than BBB-/Baa3
|
185.0
|
|
BBB- or Baa3 (current interest rate based on Company's election)
|
140.0
|
|
BBB or Baa2
|
115.0
|
|
BBB+ or Baa1
|
100.0
|
|
A- or A3 or higher
|
90.0
|
Interest Rate -
|
||
Applicable Basis
|
||
Total Leverage Ratio
|
Points above LIBOR
|
|
<45%
|
145
|
|
≥45% and <50% (current ratio)
|
155
|
|
≥50% and <55%
|
165
|
|
≥55%
|
195
|
Operating Partnership's
|
Interest Rate -
|
|||
Unsecured Debt Ratings:
|
Applicable Basis Points
|
Facility Fee
|
||
Higher of S&P or Moody's
|
Above LIBOR
|
Basis Points
|
||
No ratings or less than BBB-/Baa3
|
170.0
|
35.0
|
||
BBB- or Baa3 (current)
|
130.0
|
30.0
|
||
BBB or Baa2
|
110.0
|
20.0
|
||
BBB+ or Baa1
|
100.0
|
15.0
|
||
A- or A3 or higher
|
92.5
|
12.5
|
Effective
|
March 31,
|
December 31,
|
|||||||||||
Property/Project Name
|
Lender
|
Rate (a)
|
2016
|
2015
|
Maturity
|
||||||||
Port Imperial South (b)
|
Wells Fargo Bank N.A.
|
LIBOR+1.75
|
%
|
-
|
$
|
34,962
|
01/17/16
|
||||||
6 Becker, 85 Livingston,
|
|||||||||||||
75 Livingston & 20 Waterview
|
Wells Fargo CMBS
|
10.260
|
%
|
$
|
63,279
|
63,279
|
08/11/14
|
(c)
|
|||||
9200 Edmonston Road
|
Principal Commercial Funding L.L.C.
|
9.780
|
%
|
3,793
|
3,793
|
05/01/15
|
(d)
|
||||||
4 Becker
|
Wells Fargo CMBS
|
9.550
|
%
|
40,478
|
40,631
|
05/11/16
|
|||||||
Curtis Center (e)
|
CCRE & PREFG
|
LIBOR+5.912
|
%
|
(f)
|
64,000
|
64,000
|
10/09/16
|
||||||
Various (g)
|
Prudential Insurance
|
6.332
|
%
|
142,983
|
143,513
|
01/15/17
|
|||||||
150 Main St. (h)
|
Webster Bank
|
LIBOR+2.35
|
%
|
16,103
|
10,937
|
03/30/17
|
|||||||
23 Main Street
|
JPMorgan CMBS
|
5.587
|
%
|
28,367
|
28,541
|
09/01/18
|
|||||||
Harborside Plaza 5
|
The Northwestern Mutual Life
|
6.842
|
%
|
216,738
|
217,736
|
11/01/18
|
|||||||
Insurance Co. & New York Life
|
|||||||||||||
Insurance Co.
|
|||||||||||||
100 Walnut Avenue
|
Guardian Life Insurance Co.
|
7.311
|
%
|
18,202
|
18,273
|
02/01/19
|
|||||||
One River Center (i)
|
Guardian Life Insurance Co.
|
7.311
|
%
|
41,698
|
41,859
|
02/01/19
|
|||||||
Park Square
|
Wells Fargo Bank N.A.
|
LIBOR+1.872
|
%
|
(j)
|
27,500
|
27,500
|
04/10/19
|
||||||
Port Imperial South 4/5 Retail
|
American General Life & A/G PC
|
4.559
|
%
|
4,000
|
4,000
|
12/01/21
|
|||||||
The Chase at Overlook Ridge
|
New York Community Bank
|
3.740
|
%
|
72,500
|
-
|
02/01/23
|
|||||||
Port Imperial South 4/5 Garage
|
American General Life & A/G PC
|
4.853
|
%
|
32,600
|
32,600
|
12/01/29
|
|||||||
Principal balance outstanding
|
772,241
|
731,624
|
|||||||||||
Adjustment for unamortized debt discount
|
(222)
|
(548)
|
|||||||||||
Unamortized deferred financing costs
|
(4,446)
|
(4,465)
|
|||||||||||
Total mortgages, loans payable and other obligations, net
|
$
|
767,573
|
$
|
726,611
|
(a)
|
Reflects effective rate of debt, including deferred financing costs, comprised of the cost of terminated treasury lock agreements (if any), debt initiation costs, mark-to-market adjustment of acquired debt and other transaction costs, as applicable.
|
(b)
|
The loan was repaid in full at maturity, using borrowings from the Company's revolving credit facility.
|
(c)
|
Mortgage is cross collateralized by the four properties. On April 22, 2016, the loan was repaid for $51.5 million.
|
(d)
|
Excess cash flow, as defined, is being held by the lender for re-leasing costs. The deed for the property was placed in escrow and is available to the lender in the event of default or non-payment at maturity. The mortgage loan was not repaid at maturity on May 1, 2015. The Company is in discussions with the lender regarding a further extension of the loan.
|
(e)
|
The Company owns a 50 percent tenants-in-common interest in the Curtis Center property. The Company’s $64.0 million loan consists of its 50 percent interest in a $102 million senior loan with a current rate of 3.7311 percent at March 31, 2016 and its 50 percent interest in a $26 million mezzanine loan (with a maximum borrowing capacity of $48 million) with a current rate of 9.937 percent at March 31, 2016. The senior loan rate is based on a floating rate of one-month LIBOR plus 329 basis points and the mezzanine loan rate is based on a floating rate of one-month LIBOR plus 950 basis points. The Company has entered into LIBOR caps for the periods of the loans. The loans provide for three one-year extension options.
|
(f)
|
The effective interest rate includes amortization of deferred financing costs of 1.362 percent.
|
(g)
|
Mortgage is cross collateralized by seven properties. The Company has agreed, subject to certain conditions, to guarantee repayment of $61.1 million of the loan.
|
(h)
|
This construction loan has a maximum borrowing capacity of $28.8 million.
|
(i)
|
Mortgage is collateralized by the three properties comprising One River Center.
|
(j)
|
The effective interest rate includes amortization of deferred financing costs of 0.122 percent.
|
11. EMPLOYEE BENEFIT 401(k) PLANS
|
Year
|
Amount
|
|
April 1 through December 31, 2016
|
$
|
290
|
2017
|
267
|
|
2018
|
232
|
|
2019
|
235
|
|
2020
|
235
|
|
2021 through 2084
|
15,348
|
|
Total
|
$
|
16,607
|
Year
|
Amount
|
|
April 1 through December 31, 2016
|
$
|
344,351
|
2017
|
435,004
|
|
2018
|
361,934
|
|
2019
|
299,626
|
|
2020
|
259,333
|
|
2021 and thereafter
|
1,048,288
|
|
Total
|
$
|
2,748,536
|
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
|
-
|
-
|
|||||
Outstanding at March 31, 2016 ($17.31 – $21.25)
|
805,000
|
$
|
17.33
|
$
|
4,963
|
||
Options exercisable at March 31, 2016
|
5,000
|
||||||
Available for grant at March 31, 2016
|
2,722,338
|
Weighted-Average
|
||||
Grant – Date
|
||||
Shares
|
Fair Value
|
|||
Outstanding at January 1, 2016
|
136,220
|
$
|
19.36
|
|
Granted
|
36,870
|
21.70
|
||
Vested
|
(45,449)
|
19.16
|
||
Outstanding at March 31, 2016
|
127,641
|
$
|
20.11
|
Three Months Ended
|
|||||
March 31,
|
|||||
Computation of Basic EPS
|
2016
|
2015
|
|||
Net income (loss)
|
$
|
68,769
|
$
|
(3,325)
|
|
Add: Noncontrolling interest in consolidated joint ventures
|
706
|
490
|
|||
Add (deduct): Noncontrolling interest in Operating Partnership
|
(7,284)
|
314
|
|||
Net income (loss) available to common shareholders
|
$
|
62,191
|
$
|
(2,521)
|
|
Weighted average common shares
|
89,721
|
89,192
|
|||
Basic EPS:
|
|||||
Net income (loss) available to common shareholders
|
$
|
0.69
|
$
|
(0.03)
|
|
Three Months Ended
|
|||||
March 31,
|
|||||
Computation of Diluted EPS
|
2016
|
2015
|
|||
Net income (loss) available to common shareholders
|
$
|
62,191
|
$
|
(2,521)
|
|
Add (deduct): Noncontrolling interest in Operating Partnership
|
7,284
|
(314)
|
|||
Net income (loss) for diluted earnings per share
|
$
|
69,475
|
$
|
(2,835)
|
|
Weighted average common shares
|
100,315
|
100,266
|
|||
Diluted EPS:
|
|||||
Net income (loss) available to common shareholders
|
$
|
0.69
|
$
|
(0.03)
|
|
Three Months Ended
|
||
March 31,
|
||
2016
|
2015
|
|
Basic EPS shares
|
89,721
|
89,192
|
Add: Operating Partnership – common units
|
10,509
|
11,074
|
Restricted Stock Awards
|
56
|
-
|
Stock Options
|
29
|
-
|
Diluted EPS Shares
|
100,315
|
100,266
|
Three Months Ended
|
|||||
March 31,
|
|||||
|
2016
|
2015
|
|||
Balance at January 1
|
$
|
228,032
|
$
|
257,230
|
|
Net income (loss)
|
6,578
|
(804)
|
|||
Unit distributions
|
(1,601)
|
(1,656)
|
|||
Increase in noncontrolling interests in consolidated joint ventures
|
997
|
94
|
|||
Redemption of common units
|
|||||
for common stock
|
(276)
|
(857)
|
|||
Stock compensation
|
173
|
-
|
|||
Other comprehensive income (loss)
|
(665)
|
- | |||
Rebalancing of ownership percentage
|
|||||
between parent and subsidiaries
|
(118)
|
45
|
|||
Balance at March 31
|
$
|
233,120
|
$
|
254,052
|
Common
|
LTIP
|
|
Units
|
Units
|
|
Balance at January 1, 2016
|
10,516,844
|
-
|
Granted
|
-
|
657,373
|
Redemption of common units for shares of common stock
|
(17,000)
|
-
|
Balance at March 31, 2016
|
10,499,844
|
657,373
|
Real Estate
|
|||||||||||||||
Commercial
|
Multi-family
|
Corporate
|
Total
|
||||||||||||
& Other
|
Multi-family
|
Services
|
& Other (d)
|
Company
|
|||||||||||
Total revenues:
|
|||||||||||||||
Three months ended:
|
|||||||||||||||
March 31, 2016
|
$
|
136,952
|
$
|
8,986
|
$
|
8,727
|
(e)
|
$
|
(1,742)
|
$
|
152,923
|
||||
March 31, 2015
|
139,759
|
6,584
|
8,232
|
(f)
|
(860)
|
153,715
|
|||||||||
Total operating and
|
|||||||||||||||
interest expenses (a):
|
|||||||||||||||
Three months ended:
|
|||||||||||||||
March 31, 2016
|
$
|
65,955
|
$
|
5,415
|
$
|
10,820
|
(g)
|
$
|
26,103
|
$
|
108,293
|
||||
March 31, 2015
|
72,198
|
3,321
|
9,655
|
(h)
|
27,679
|
112,853
|
|||||||||
Equity in earnings (loss) of
|
|||||||||||||||
unconsolidated joint ventures:
|
|||||||||||||||
Three months ended:
|
|||||||||||||||
March 31, 2016
|
$
|
(1,926)
|
$
|
(1,231)
|
$
|
1,603
|
$
|
-
|
$
|
(1,554)
|
|||||
March 31, 2015
|
(1,368)
|
(2,161)
|
-
|
-
|
(3,529)
|
||||||||||
Net operating income (loss) (b):
|
|||||||||||||||
Three months ended:
|
|||||||||||||||
March 31, 2016
|
$
|
69,071
|
$
|
2,340
|
$
|
(490)
|
$
|
(27,845)
|
$
|
43,076
|
|||||
March 31, 2015
|
66,193
|
1,102
|
(1,423)
|
(28,539)
|
37,333
|
||||||||||
Total assets:
|
|||||||||||||||
March 31, 2016
|
$
|
3,136,311
|
$
|
955,980
|
$
|
11,039
|
$
|
125,120
|
$
|
4,228,450
|
|||||
December 31, 2015
|
3,166,577
|
836,020
|
9,831
|
41,535
|
4,053,963
|
||||||||||
Total long-lived assets (c):
|
|||||||||||||||
March 31, 2016
|
$
|
2,848,674
|
$
|
703,605
|
$
|
3,623
|
$
|
(2,649)
|
$
|
3,553,253
|
|||||
December 31, 2015
|
2,886,583
|
577,705
|
3,670
|
(1,531)
|
3,466,427
|
||||||||||
Total investments in
|
|||||||||||||||
unconsolidated joint ventures:
|
|||||||||||||||
March 31, 2016
|
$
|
78,052
|
$
|
224,631
|
$
|
964
|
$
|
-
|
$
|
303,647
|
|||||
December 31, 2015
|
76,140
|
225,850
|
1,467
|
-
|
303,457
|
||||||||||
(a)
|
Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; direct construction costs; real estate services expenses; general and administrative and interest expense (net of interest income). All interest expense, net of interest and other investment income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods.
|
(b)
|
Net operating income represents total revenues less total operating and interest expenses (as defined in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the period.
|
(c)
|
Long-lived assets are comprised of net investment in rental property, unbilled rents receivable and goodwill.
|
(d)
|
Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense, construction services revenue and direct construction costs) as well as intercompany eliminations necessary to reconcile to consolidated Company totals.
|
(e)
|
Includes $2.7 million of fees and salary reimbursements earned for this period from the multi-family real estate segment, which are eliminated in consolidation.
|
(f)
|
Includes $1.2 million of fees and salary reimbursements earned for this period from the multi-family real estate segment, which are eliminated in consolidation.
|
(g)
|
Includes $1.4 million of management fees and salary reimbursement expenses for this period from the multi-family real estate segment, which are eliminated in consolidation.
|
(h)
|
Includes $0.9 million of management fees and salary reimbursement expenses for this period from the multi-family real estate segment, which are eliminated in consolidation.
|
Three Months Ended
|
|||||
March 31,
|
|||||
2016
|
2015
|
||||
Net operating income
|
$
|
43,076
|
$
|
37,333
|
|
Add (deduct):
|
|||||
Depreciation and amortization
|
(43,063)
|
(40,802)
|
|||
Gain on change of control of interests
|
10,156
|
-
|
|||
Realized gains on disposition of
|
|||||
rental property, net
|
58,600
|
144
|
|||
Net income (loss)
|
68,769
|
(3,325)
|
|||
Noncontrolling interest in consolidated joint ventures
|
706
|
490
|
|||
Noncontrolling interest in Operating Partnership
|
(7,284)
|
314
|
|||
Net income (loss) available to common shareholders
|
$
|
62,191
|
$
|
(2,521)
|
·
|
the general economic climate;
|
·
|
the occupancy rates of the Properties;
|
·
|
rental rates on new or renewed leases;
|
·
|
tenant improvement and leasing costs incurred to obtain and retain tenants;
|
·
|
the extent of early lease terminations;
|
·
|
the value of our office properties and the cash flow from the sale of such properties;
|
·
|
operating expenses;
|
·
|
anticipated acquisition and development costs for office and multi-family rental properties and the revenues and earnings from these properties;
|
·
|
cost of capital; and
|
·
|
the extent of acquisitions, development and sales of real estate, including the execution of the Company’s current strategic initiative.
|
·
|
recent transactions;
|
·
|
critical accounting policies and estimates;
|
·
|
results from operations for the three months ended March 31, 2016, as compared to the three months ended March 31, 2015 and
|
·
|
liquidity and capital resources.
|
Rentable
|
Net
|
Net
|
||||||||||||
Disposition
|
# of
|
Square
|
Sales
|
Book
|
Realized
|
|||||||||
Date
|
Property/Address
|
Location
|
Bldgs.
|
Feet
|
Proceeds
|
Value
|
Gain (loss)
|
|||||||
03/11/16
|
2 Independence Way (a)
|
Princeton, New Jersey
|
1
|
67,401
|
$
|
4,119
|
$
|
4,283
|
$
|
(164)
|
||||
03/24/16
|
1201 Connecticut Avenue, NW
|
Washington, D.C.
|
1
|
169,549
|
90,591
|
31,827
|
58,764
|
|||||||
Totals
|
2
|
236,950
|
$
|
94,710
|
$
|
36,110
|
$
|
58,600
|
||||||
(a) The Company recorded an impairment charge of $3.2 million on this property during the year ended December 31, 2015 as it estimated that the carrying value of the property may not be recoverable over its anticipated holding period.
|
||||||||||||||
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
|
Three Months Ended
|
|||||||||||
March 31,
|
Dollar
|
Percent
|
|||||||||
(dollars in thousands)
|
2016
|
2015
|
Change
|
Change
|
|||||||
Revenue from rental operations and other:
|
|||||||||||
Base rents
|
$
|
126,387
|
$
|
123,793
|
$
|
2,594
|
2.1
|
%
|
|||
Escalations and recoveries from tenants
|
14,961
|
18,399
|
(3,438)
|
(18.7)
|
|||||||
Parking income
|
3,156
|
2,542
|
614
|
24.2
|
|||||||
Other income
|
1,607
|
1,337
|
270
|
20.2
|
|||||||
Total revenues from rental operations
|
146,111
|
146,071
|
40
|
0.0
|
|||||||
Property expenses:
|
|||||||||||
Real estate taxes
|
23,226
|
22,452
|
774
|
3.4
|
|||||||
Utilities
|
13,578
|
17,575
|
(3,997)
|
(22.7)
|
|||||||
Operating services
|
26,732
|
28,228
|
(1,496)
|
(5.3)
|
|||||||
Total property expenses
|
63,536
|
68,255
|
(4,719)
|
(6.9)
|
|||||||
Non-property revenues:
|
|||||||||||
Real estate services
|
6,812
|
7,644
|
(832)
|
(10.9)
|
|||||||
Total non-property revenues
|
6,812
|
7,644
|
(832)
|
(10.9)
|
|||||||
Non-property expenses:
|
|||||||||||
Real estate services expenses
|
6,846
|
6,639
|
207
|
3.1
|
|||||||
General and administrative
|
12,249
|
11,011
|
1,238
|
11.2
|
|||||||
Depreciation and amortization
|
43,063
|
40,802
|
2,261
|
5.5
|
|||||||
Total non-property expenses
|
62,158
|
58,452
|
3,706
|
6.3
|
|||||||
Operating income (loss)
|
27,229
|
27,008
|
221
|
0.8
|
|||||||
Other (expense) income:
|
|||||||||||
Interest expense
|
(24,993)
|
(27,215)
|
2,222
|
8.2
|
|||||||
Interest and other investment income (loss)
|
(669)
|
267
|
(936)
|
(350.6)
|
|||||||
Equity in earnings (loss) of unconsolidated joint ventures
|
(1,554)
|
(3,529)
|
1,975
|
56.0
|
|||||||
Gain on change of control of interests
|
10,156
|
-
|
10,156
|
-
|
|||||||
Realized gains (losses) on disposition
|
|||||||||||
of rental property, net
|
58,600
|
144
|
58,456
|
40,594.4
|
|||||||
Total other (expense) income
|
41,540
|
(30,333)
|
71,873
|
236.9
|
|||||||
Net income (loss)
|
68,769
|
(3,325)
|
72,094
|
2,168.2
|
|||||||
Noncontrolling interest in consolidated joint ventures
|
706
|
490
|
216
|
44.1
|
|||||||
Noncontrolling interest in Operating Partnership
|
(7,284)
|
314
|
(7,598)
|
(2,419.7)
|
|||||||
Net income (loss) available to common shareholders
|
$
|
62,191
|
$
|
(2,521)
|
$
|
64,712
|
2,566.9
|
%
|
Total
|
Same-Store
|
Acquired
|
Properties
|
||||||||||||||||||||
Company
|
Properties
|
Properties
|
Sold in 2015 and 2016
|
||||||||||||||||||||
Dollar
|
Percent |
|
Dollar
|
Percent |
|
Dollar
|
Percent |
|
Dollar
|
Percent |
|
||||||||||||
(dollars in thousands)
|
Change
|
Change |
|
Change
|
Change |
|
Change
|
Change |
|
Change
|
Change |
|
|||||||||||
Revenue from rental
|
|||||||||||||||||||||||
operations and other:
|
|||||||||||||||||||||||
Base rents
|
$
|
2,594
|
2.1
|
%
|
$
|
4,544
|
3.7
|
%
|
$
|
3,521
|
2.8
|
%
|
$
|
(5,471)
|
(4.4)
|
%
|
|||||||
Escalations and recoveries
|
|||||||||||||||||||||||
from tenants
|
(3,438)
|
(18.7)
|
(3,070)
|
(16.7)
|
172
|
0.9
|
(540)
|
(2.9)
|
|||||||||||||||
Parking income
|
614
|
24.2
|
324
|
12.8
|
295
|
11.6
|
(5)
|
(0.2)
|
|||||||||||||||
Other income
|
270
|
20.2
|
357
|
26.7
|
(81)
|
(6.1)
|
(6)
|
(0.4)
|
|||||||||||||||
Total
|
$
|
40
|
0.0
|
%
|
$
|
2,155
|
1.4
|
%
|
$
|
3,907
|
2.7
|
%
|
$
|
(6,022)
|
(4.1)
|
%
|
|||||||
Property expenses:
|
|||||||||||||||||||||||
Real estate taxes
|
$
|
774
|
3.4
|
%
|
$
|
362
|
1.6
|
%
|
$
|
925
|
4.1
|
%
|
$
|
(513)
|
(2.3)
|
%
|
|||||||
Utilities
|
(3,997)
|
(22.7)
|
(4,062)
|
(23.1)
|
371
|
2.1
|
(306)
|
(1.7)
|
|||||||||||||||
Operating services
|
(1,496)
|
(5.3)
|
(1,766)
|
(6.2)
|
540
|
1.9
|
(270)
|
(1.0)
|
|||||||||||||||
Total
|
$
|
(4,719)
|
(6.9)
|
%
|
$
|
(5,466)
|
(8.0)
|
%
|
$
|
1,836
|
2.7
|
%
|
$
|
(1,089)
|
(1.6)
|
%
|
|||||||
OTHER DATA:
|
|||||||||||||||||||||||
Number of Consolidated Properties
|
222
|
220
|
2
|
11
|
|||||||||||||||||||
Commercial Square feet (in thousands)
|
23,975
|
23,779
|
196
|
1,510
|
|||||||||||||||||||
Multi-family portfolio (number of units)
|
1,672
|
1,301
|
371
|
-
|
(1)
|
$25.5 million provided by operating activities.
|
||||
(2)
|
$1.4 million used in investing activities, consisting primarily of the following:
|
||||
(a)
|
$7.2 million used for investments in unconsolidated joint ventures; plus
|
||||
(b)
|
$47.8 million used for rental property acquisitions and related intangibles; plus
|
||||
(c)
|
$34.6 million used for additions to rental property and improvements; plus
|
||||
(d)
|
$16.1 million used for the development of rental property, other related costs and deposits; plus
|
||||
(e)
|
$7.8 million used for restricted cash; minus
|
||||
(f)
|
$94.7 million from proceeds from the sales of rental property; minus
|
||||
(g)
|
$0.1 million received from payments of notes receivables; minus
|
||||
(i)
|
$1.8 million received from distributions in excess of cumulative earnings from unconsolidated joint ventures.
|
||||
(3)
|
$55.3 million provided by financing activities, consisting primarily of the following:
|
||||
(a)
|
$150 million from borrowings under the revolving credit facility; plus
|
||||
(b)
|
$350 million from borrowings from unsecured term loan; plus
|
||||
(c)
|
$77.7 million from proceeds received from mortgages and loans payable; plus
|
||||
(d)
|
$0.7 million from contributions from noncontrolling interests; minus
|
||||
(e)
|
$215 million used for repayments of revolving credit facility; minus
|
||||
(f)
|
$15 million used for payments of dividends and distributions; minus
|
||||
(g)
|
$89.7 million used for repayments of mortgages, loans payable and other obligations; minus
|
||||
(h)
|
$3.4 million used for repayment of finance costs.
|
Balance
|
Weighted Average
|
Weighted Average
|
||||||
($000’s)
|
% of Total
|
Interest Rate (a)
|
Maturity in Years
|
|||||
Fixed Rate Unsecured Debt and
|
||||||||
Other Obligations
|
$
|
1,425,000
|
62.31
|
%
|
4.32
|
%
|
4.22
|
|
Fixed Rate Secured Debt
|
664,638
|
29.06
|
%
|
6.78
|
%
|
2.83
|
||
Variable Rate Secured Debt
|
107,603
|
4.70
|
%
|
4.79
|
%
|
1.24
|
||
Variable Rate Unsecured Debt (b)
|
90,000
|
3.93
|
%
|
1.74
|
%
|
1.33
|
||
Totals/Weighted Average:
|
$
|
2,287,241
|
100.00
|
%
|
4.95
|
%
|
(b)
|
3.56
|
Adjustment for unamortized debt discount
|
(6,094)
|
|||||||
Unamortized deferred financing costs
|
(11,860)
|
|||||||
Total Debt, Net
|
$
|
2,269,287
|
(a)
|
The actual weighted average LIBOR rate for the Company’s outstanding variable rate debt was 0.44 percent as of March 31, 2016, plus the applicable spread.
|
(b)
|
Excludes amortized deferred financing costs pertaining to the Company’s unsecured revolving credit facility which amounted to $0.8 million for the three months ended March 31, 2016.
|
Scheduled
|
Principal
|
Weighted Avg.
|
||||||||||
Amortization
|
Maturities
|
Total
|
Effective Interest Rate of
|
|||||||||
Period
|
($000’s)
|
($000’s)
|
($000’s)
|
Future Repayments (a)
|
||||||||
April 1 to December 31, 2016
|
$
|
6,037
|
$
|
171,504
|
$
|
177,541
|
8.56
|
%
|
||||
2017 (b)
|
7,275
|
497,254
|
504,529
|
3.65
|
%
|
|||||||
2018
|
7,311
|
231,536
|
238,847
|
6.68
|
%
|
|||||||
2019
|
1,970
|
681,567
|
683,537
|
5.24
|
%
|
|||||||
2020
|
1,977
|
-
|
1,977
|
4.05
|
%
|
|||||||
Thereafter
|
8,862
|
671,948
|
680,810
|
4.09
|
%
|
|||||||
Sub-total
|
33,432
|
2,253,809
|
2,287,241
|
|||||||||
Adjustment for unamortized debt
|
||||||||||||
discount/premium, net
|
||||||||||||
as of March 31, 2016
|
(6,094)
|
-
|
(6,094)
|
|||||||||
Unamortized deferred financing costs
|
(11,860)
|
-
|
(11,860)
|
|||||||||
Totals/Weighted Average
|
$
|
15,478
|
$
|
2,253,809
|
$
|
2,269,287
|
4.95
|
%
|
(c)
|
|||
(a)
|
The actual weighted average LIBOR rate for the Company’s outstanding variable rate debt was 0.44 percent as of March 31, 2016, plus the applicable spread.
|
(b)
|
Includes outstanding borrowings of the Company’s unsecured revolving credit facility of $90 million which matures in 2017 with two six-month extension options with the payment of a fee.
|
(c)
|
Excludes amortized deferred financing costs pertaining to the Company’s unsecured revolving credit facility which amounted to $0.8 million for the three months ended March 31, 2016.
|
Operating Partnership's
|
Interest Rate -
|
|
Unsecured Debt Ratings:
|
Applicable Basis Points
|
|
Higher of S&P or Moody's
|
Above LIBOR
|
|
No ratings or less than BBB-/Baa3
|
185.0
|
|
BBB- or Baa3 (current interest rate based on Company's election)
|
140.0
|
|
BBB or Baa2
|
115.0
|
|
BBB+ or Baa1
|
100.0
|
|
A- or A3 or higher
|
90.0
|
Interest Rate -
|
||
Applicable Basis
|
||
Total Leverage Ratio
|
Points above LIBOR
|
|
<45%
|
145
|
|
≥45% and <50% (current ratio)
|
155
|
|
≥50% and <55%
|
165
|
|
≥55%
|
195
|
Operating Partnership's
|
Interest Rate -
|
|||
Unsecured Debt Ratings:
|
Applicable Basis Points
|
Facility Fee
|
||
Higher of S&P or Moody's
|
Above LIBOR
|
Basis Points
|
||
No ratings or less than BBB-/Baa3
|
170.0
|
35.0
|
||
BBB- or Baa3 (current)
|
130.0
|
30.0
|
||
BBB or Baa2
|
110.0
|
20.0
|
||
BBB+ or Baa1
|
100.0
|
15.0
|
||
A- or A3 or higher
|
92.5
|
12.5
|
Common
|
Common
|
||
Stock
|
Units
|
Total
|
|
Outstanding at January 1, 2016
|
89,583,950
|
10,516,844
|
100,100,794
|
Common units redeemed for common stock
|
17,000
|
(17,000)
|
-
|
Shares issued under Dividend Reinvestment
|
|||
and Stock Purchase Plan
|
492
|
-
|
492
|
Restricted shares issued
|
36,870
|
-
|
36,870
|
Outstanding at March 31, 2016
|
89,638,312
|
10,499,844
|
100,138,156
|
Payments Due by Period
|
|||||||||||||||||
Less than 1
|
2 – 3
|
4 – 5
|
6 – 10
|
After 10
|
|||||||||||||
(dollars in thousands)
|
Total
|
Year
|
Years
|
Years
|
Years
|
Years
|
|||||||||||
Senior unsecured notes
|
$
|
1,308,032
|
$
|
47,788
|
$
|
339,325
|
$
|
304,013
|
$
|
616,906
|
-
|
||||||
Unsecured term loan
|
381,039
|
10,955
|
370,084
|
-
|
-
|
-
|
|||||||||||
Revolving credit facility (a)
|
92,088
|
1,566
|
90,522
|
-
|
-
|
-
|
|||||||||||
Mortgages, loans payable
|
|||||||||||||||||
and other obligations (b)
|
876,537
|
371,846
|
346,042
|
37,007
|
87,623
|
$
|
34,019
|
||||||||||
Payments in lieu of taxes
|
|||||||||||||||||
(PILOT)
|
27,021
|
4,407
|
13,222
|
9,392
|
-
|
-
|
|||||||||||
Ground lease payments
|
16,607
|
357
|
490
|
234
|
928
|
14,598
|
|||||||||||
Other
|
1,655
|
-
|
1,655
|
-
|
-
|
-
|
|||||||||||
Total
|
$
|
2,702,979
|
$
|
436,919
|
$
|
1,161,340
|
$
|
350,646
|
$
|
705,457
|
$
|
48,617
|
|
|
(a)
|
Interest payments assume LIBOR rate of 0.44 percent, which is the weighted average rate on this outstanding variable rate debt at March 31, 2016, plus the applicable spread.
|
(b)
|
Interest payments assume LIBOR rate of 0.44 percent, which is the weighted average rate on its outstanding variable rate mortgage debt at March 31, 2016, plus the applicable spread.
|
Three Months Ended
|
|||||
March 31,
|
|||||
2016
|
2015
|
||||
Net income (loss) available to common shareholders
|
$
|
62,191
|
$
|
(2,521)
|
|
Add (deduct): Noncontrolling interests in Operating Partnership
|
7,284
|
(314)
|
|||
Real estate-related depreciation and amortization on
|
|||||
continuing operations (a)
|
47,459
|
46,031
|
|||
Gain on change of control of interests
|
(10,156)
|
-
|
|||
Realized (gains) losses and unrealized losses
|
|||||
on disposition of rental property, net
|
(58,600)
|
(144)
|
|||
Funds from operations
|
$
|
48,178
|
$
|
43,052
|
(a)
|
Includes the Company’s share from unconsolidated joint ventures of $4,621 and $5,471 for the three months ended March 31, 2016 and 2015, respectively. Excludes non-real estate-related depreciation and amortization of $225 and $243 for the three months ended March 31, 2016 and 2015, respectively, and $151and $151 of depreciation expense allocable to the Company’s noncontrolling interest in consolidated joint ventures for the three months ended March 31, 2016, and 2015, respectively.
|
·
|
risks and uncertainties affecting the general economic climate and conditions, which in turn may have a negative effect on the fundamentals of our business and the financial condition of our tenants and residents;
|
·
|
the value of our real estate assets, which may limit our ability to dispose of assets at attractive prices or obtain or maintain debt financing secured by our properties or on an unsecured basis;
|
·
|
the extent of any tenant bankruptcies or of any early lease terminations;
|
·
|
our ability to lease or re-lease space at current or anticipated rents;
|
·
|
changes in the supply of and demand for our properties;
|
·
|
changes in interest rate levels and volatility in the securities markets;
|
·
|
our ability to complete construction and development activities on time and within budget, including without limitation obtaining regulatory permits and the availability and cost of materials, labor and equipment;
|
·
|
forward-looking financial and operational information, including information relating to future development projects, potential acquisitions or dispositions, and projected revenue and income;
|
·
|
changes in operating costs;
|
·
|
our ability to obtain adequate insurance, including coverage for terrorist acts;
|
·
|
our credit worthiness and the availability of financing on attractive terms or at all, which may adversely impact our ability to pursue acquisition and development opportunities and refinance existing debt and our future interest expense;
|
·
|
changes in governmental regulation, tax rates and similar matters; and
|
·
|
other risks associated with the development and acquisition of properties, including risks that the development may not be completed on schedule, that the tenants or residents will not take occupancy or pay rent, or that development or operating costs may be greater than anticipated.
|
Item 3.
|
Quantitative And Qualitative Disclosures About Market Risk
|
March 31, 2016
|
||||||||||||||||||||||||||||||||
Debt,
including current portion
|
4/1/2016
|
Fair
|
||||||||||||||||||||||||||||||
($s in thousands)
|
12/31/2016
|
2017
|
2018
|
2019
|
2020
|
Thereafter
|
Sub-total
|
Other (a)
|
Other (b)
|
Total
|
Value
|
|||||||||||||||||||||
Fixed Rate
|
$
|
113,541
|
$
|
397,493
|
$
|
237,447
|
$
|
658,370
|
$
|
1,977
|
$
|
680,810
|
$
|
2,089,638
|
$
|
(6,094)
|
$
|
(8,839)
|
$
|
2,074,705
|
$
|
2,105,170
|
||||||||||
Average Interest Rate
|
9.80
|
%
|
4.12
|
%
|
6.70
|
%
|
5.35
|
%
|
4.05
|
%
|
4.09
|
%
|
5.10
|
%
|
||||||||||||||||||
Variable Rate
|
$
|
64,000
|
$
|
107,036
|
(c)
|
$
|
1,400
|
$
|
25,167
|
-
|
-
|
$
|
197,603
|
-
|
$
|
(3,021)
|
$
|
194,582
|
$
|
194,582
|
||||||||||||
(a) Adjustment for unamortized debt discount/premium, net, as of March 31, 2016.
|
||||||||||||||||||||||||||||||||
(b) Adjustment for unamortized deferred financings costs, net, as of March 31, 2016.
|
||||||||||||||||||||||||||||||||
(c) Includes $90 million of outstanding borrowings under the Company’s unsecured revolving credit facility which matures in 2017 with two six-month extension options with the payment of a fee.
|
|
(a)
|
On April 22, 2016, the Company, through its wholly-owned subsidiary 111 River Realty L.L.C., entered into a Real Estate Sale Agreement (the “Purchase Agreement’) with HUB Properties Trust to acquire a 566,000 square-foot office property located in Hoboken, New Jersey, for approximately $235 million. The acquisition is subject to normal and customary undertakings, covenants, obligations and closing conditions, and is expected to be completed in the second quarter of 2016. A copy of the Purchase Agreement is filed as Exhibit 10.145 to this Quarterly Report on Form 10-Q and is incorporated herein by reference. Disclosure of the Company’s entry into the Purchase Agreement is being disclosed under this Part II, Item 5 of Form 10-Q in lieu of under Items 1.01 and 9.01 of Form 8-K.
|
(b)
|
Not Applicable.
|
|
The exhibits required by this item are set forth on the Exhibit Index attached hereto.
|
Mack-Cali Realty Corporation
|
||
(Registrant)
|
||
Date: April 27, 2016
|
By:
|
/s/ Mitchell E. Rudin
|
Mitchell E. Rudin
|
||
Chief Executive Officer
|
||
(principal executive officer)
|
||
Date: April 27, 2016
|
By:
|
/s/ Michael J. DeMarco
|
Michael J. DeMarco
|
||
President and Chief Operating Officer
|
||
Date: April 27, 2016
|
By:
|
/s/ Anthony Krug
|
Anthony Krug
|
||
Chief Financial Officer
|
||
(principal financial officer and
|
||
principal accounting officer)
|
Exhibit
|
||
Number
|
Exhibit Title
|
|
3.1
|
Articles of Restatement of Mack-Cali Realty Corporation dated September 18, 2009 (filed as Exhibit 3.2 to the Company’s Form 8-K dated September 17, 2009 and incorporated herein by reference).
|
|
3.2
|
Articles of Amendment to the Articles of Restatement of Mack-Cali Realty Corporation as filed with the State Department of Assessments and Taxation of Maryland on May 14, 2014 (filed as Exhibit 3.1 to the Company’s Form 8-K dated May 12, 2014 and incorporated herein by reference).
|
|
3.3
|
Amended and Restated Bylaws of Mack-Cali Realty Corporation dated June 10, 1999 (filed as Exhibit 3.2 to the Company’s Form 8-K dated June 10, 1999 and incorporated herein by reference).
|
|
3.4
|
Amendment No. 1 to the Amended and Restated Bylaws of Mack-Cali Realty Corporation dated March 4, 2003, (filed as Exhibit 3.3 to the Company’s Form 10-Q dated March 31, 2003 and incorporated herein by reference).
|
|
3.5
|
Amendment No. 2 to the Mack-Cali Realty Corporation Amended and Restated Bylaws dated May 24, 2006 (filed as Exhibit 3.1 to the Company’s Form 8-K dated May 24, 2006 and incorporated herein by reference).
|
|
3.6
|
Amendment No. 3 to the Mack-Cali Realty Corporation Amended and Restated Bylaws dated May 14, 2014 (filed as Exhibit 3.2 to the Company’s Form 8-K dated 12, 2014 and incorporated herein by reference).
|
|
3.7
|
Second Amended and Restated Agreement of Limited Partnership of Mack-Cali Realty, L.P. dated December 11, 1997 (filed as Exhibit 10.110 to the Company’s Form 8-K dated December 11, 1997 and incorporated herein by reference).
|
|
3.8
|
Amendment No. 1 to the Second Amended and Restated Agreement of Limited Partnership of Mack-Cali Realty, L.P. dated August 21, 1998 (filed as Exhibit 3.1 to the Company’s and the Operating Partnership’s Registration Statement on Form S-3, Registration No. 333-57103, and incorporated herein by reference).
|
|
3.9
|
Second Amendment to the Second Amended and Restated Agreement of Limited Partnership of Mack-Cali Realty, L.P. dated July 6, 1999 (filed as Exhibit 10.1 to the Company’s Form 8-K dated July 6, 1999 and incorporated herein by reference).
|
|
3.10
|
Third Amendment to the Second Amended and Restated Agreement of Limited Partnership of Mack-Cali Realty, L.P. dated September 30, 2003 (filed as Exhibit 3.7 to the Company’s Form 10-Q dated September 30, 2003 and incorporated herein by reference).
|
|
3.11
|
Fourth Amendment dated as of March 8, 2016 to Second Amended and Restated Agreement of Limited Partnership of Mack-Cali Realty, L.P. dated as of December 11, 1997 (Filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K dated March 8, 2016 and incorporated herein by reference).
|
|
4.1
|
Indenture dated as of March 16, 1999, by and among Mack-Cali Realty, L.P., as issuer, Mack-Cali Realty Corporation, as guarantor, and Wilmington Trust Company, as trustee (filed as Exhibit 4.1 to the Operating Partnership’s Form 8-K dated March 16, 1999 and incorporated herein by reference).
|
|
4.2
|
Supplemental Indenture No. 1 dated as of March 16, 1999, by and among Mack-Cali Realty, L.P., as issuer, and Wilmington Trust Company, as trustee (filed as Exhibit 4.2 to the Operating Partnership’s Form 8-K dated March 16, 1999 and incorporated herein by reference).
|
|
4.3
|
Supplemental Indenture No. 2 dated as of August 2, 1999, by and among Mack-Cali Realty, L.P., as issuer, and Wilmington Trust Company, as trustee (filed as Exhibit 4.4 to the Operating Partnership’s Form 10-Q dated June 30, 1999 and incorporated herein by reference).
|
|
4.4
|
Supplemental Indenture No. 3 dated as of December 21, 2000, by and among Mack-Cali Realty, L.P., as issuer, and Wilmington Trust Company, as trustee (filed as Exhibit 4.2 to the Operating Partnership’s Form 8-K dated December 21, 2000 and incorporated herein by reference).
|
|
4.5
|
Supplemental Indenture No. 4 dated as of January 29, 2001, by and among Mack-Cali Realty, L.P., as issuer, and Wilmington Trust Company, as trustee (filed as Exhibit 4.2 to the Operating Partnership’s Form 8-K dated January 29, 2001 and incorporated herein by reference).
|
Exhibit
|
||
Number
|
Exhibit Title
|
|
4.6
|
Supplemental Indenture No. 5 dated as of December 20, 2002, by and between Mack-Cali Realty, L.P., as issuer, and Wilmington Trust Company, as trustee (filed as Exhibit 4.2 to the Operating Partnership’s Form 8-K dated December 20, 2002 and incorporated herein by reference).
|
|
4.7
|
Supplemental Indenture No. 6 dated as of March 14, 2003, by and between Mack-Cali Realty, L.P., as issuer, and Wilmington Trust Company, as trustee (filed as Exhibit 4.2 to the Company’s Form 8-K dated March 14, 2003 and incorporated herein by reference).
|
|
4.8
|
Supplemental Indenture No. 7 dated as of June 12, 2003, by and between Mack-Cali Realty, L.P., as issuer, and Wilmington Trust Company, as trustee (filed as Exhibit 4.2 to the Company’s Form 8-K dated June 12, 2003 and incorporated herein by reference).
|
|
4.9
|
Supplemental Indenture No. 8 dated as of February 9, 2004, by and between Mack-Cali Realty, L.P., as issuer, and Wilmington Trust Company, as trustee (filed as Exhibit 4.2 to the Company’s Form 8-K dated February 9, 2004 and incorporated herein by reference).
|
|
4.10
|
Supplemental Indenture No. 9 dated as of March 22, 2004, by and between Mack-Cali Realty, L.P., as issuer, and Wilmington Trust Company, as trustee (filed as Exhibit 4.2 to the Company’s Form 8-K dated March 22, 2004 and incorporated herein by reference).
|
|
4.11
|
Supplemental Indenture No. 10 dated as of January 25, 2005, by and between Mack-Cali Realty, L.P., as issuer, and Wilmington Trust Company, as trustee (filed as Exhibit 4.2 to the Company’s Form 8-K dated January 25, 2005 and incorporated herein by reference).
|
|
4.12
|
Supplemental Indenture No. 11 dated as of April 15, 2005, by and between Mack-Cali Realty, L.P., as issuer, and Wilmington Trust Company, as trustee (filed as Exhibit 4.2 to the Company’s Form 8-K dated April 15, 2005 and incorporated herein by reference).
|
|
4.13
|
Supplemental Indenture No. 12 dated as of November 30, 2005, by and between Mack-Cali Realty, L.P., as issuer, and Wilmington Trust Company, as trustee (filed as Exhibit 4.2 to the Company’s Form 8-K dated November 30, 2005 and incorporated herein by reference).
|
|
4.14
|
Supplemental Indenture No. 13 dated as of January 24, 2006, by and between Mack-Cali Realty, L.P., as issuer, and Wilmington Trust Company, as trustee (filed as Exhibit 4.2 to the Company’s Form 8-K dated January 18, 2006 and incorporated herein by reference).
|
|
4.15
|
Supplemental Indenture No. 14 dated as of August 14, 2009, by and between Mack-Cali Realty, L.P., as issuer, and Wilmington Trust Company, as trustee (filed as Exhibit 4.2 to the Company’s Form 8-K dated August 14, 2009 and incorporated herein by reference).
|
|
4.16
|
Supplemental Indenture No. 15 dated as of April 19, 2012, by and between Mack-Cali Realty, L.P., as issuer, and Wilmington Trust Company, as trustee (filed as Exhibit 4.2 to the Company’s Form 8-K dated April 19, 2012 and incorporated herein by reference).
|
|
4.17
|
Supplemental Indenture No. 16 dated as of November 20, 2012, by and between Mack-Cali Realty, L.P., as issuer, and Wilmington Trust Company, as trustee. (filed as Exhibit 4.2 to the Company’s Form 8-K dated November 20, 2012 and incorporated herein by reference).
|
|
4.18
|
Supplemental Indenture No. 17 dates as of May 8, 2013, by and between Mack-Cali Realty, L.P., as issuer, and Wilmington Trust Company, as trustee (filed as Exhibit 4.2 to the Company’s Form 8-K dated May 8, 2013 and incorporated herein by reference).
|
|
10.1
|
Amended and Restated Employment Agreement dated as of July 1, 1999 between Mitchell E. Hersh and Mack-Cali Realty Corporation (filed as Exhibit 10.2 to the Company’s Form 10-Q dated June 30, 1999 and incorporated herein by reference).
|
|
10.2
|
Letter Agreement dated December 9, 2008 by and between Mack-Cali Realty Corporation and Mitchell E. Hersh (filed as Exhibit 10.4 to the Company's Form 8-K dated December 9, 2008 and incorporated herein by reference).
|
|
Exhibit
|
||
Number
|
Exhibit Title
|
|
10.3
|
Second Amended and Restated Employment Agreement dated as of July 1, 1999 between Barry Lefkowitz and Mack-Cali Realty Corporation (filed as Exhibit 10.6 to the Company’s Form 10-Q dated June 30, 1999 and incorporated herein by reference).
|
|
10.4
|
Letter Agreement dated December 9, 2008 by and between Mack-Cali Realty Corporation and Barry Lefkowitz (filed as Exhibit 10.5 to the Company's Form 8-K dated December 9, 2008 and incorporated herein by reference).
|
|
10.5
|
Second Amended and Restated Employment Agreement dated as of July 1, 1999 between Roger W. Thomas and Mack-Cali Realty Corporation (filed as Exhibit 10.7 to the Company’s Form 10-Q dated June 30, 1999 and incorporated herein by reference).
|
|
10.6
|
Letter Agreement dated December 9, 2008 by and between Mack-Cali Realty Corporation and Roger W. Thomas (filed as Exhibit 10.8 to the Company's Form 8-K dated December 9, 2008 and incorporated herein by reference).
|
|
10.7
|
Contribution and Exchange Agreement among The MK Contributors, The MK Entities, The Patriot Contributors, The Patriot Entities, Patriot American Management and Leasing Corp., Cali Realty, L.P. and Cali Realty Corporation, dated September 18, 1997 (filed as Exhibit 10.98 to the Company’s Form 8-K dated September 19, 1997 and incorporated herein by reference).
|
|
10.8
|
First Amendment to Contribution and Exchange Agreement, dated as of December 11, 1997, by and among the Company and the Mack Group (filed as Exhibit 10.99 to the Company’s Form 8-K dated December 11, 1997 and incorporated herein by reference).
|
|
10.9
|
Employee Stock Option Plan of Mack-Cali Realty Corporation (filed as Exhibit 10.1 to the Company’s Post-Effective Amendment No. 1 to Form S-8, Registration No. 333-44443, and incorporated herein by reference).
|
|
10.10
|
Director Stock Option Plan of Mack-Cali Realty Corporation (filed as Exhibit 10.2 to the Company’s Post-Effective Amendment No. 1 to Form S-8, Registration No. 333-44443, and incorporated herein by reference).
|
|
10.11
|
2000 Employee Stock Option Plan (filed as Exhibit 10.1 to the Company’s Registration Statement on Form S-8, Registration No. 333-52478, and incorporated herein by reference), as amended by the First Amendment to the 2000 Employee Stock Option Plan (filed as Exhibit 10.17 to the Company’s Form 10-Q dated June 30, 2002 and incorporated herein by reference).
|
|
10.12
|
Amended and Restated 2000 Director Stock Option Plan (filed as Exhibit 10.2 to the Company’s Post-Effective Amendment No. 1 to Registration Statement on Form S-8, Registration No. 333-100244, and incorporated herein by reference).
|
|
10.13
|
Mack-Cali Realty Corporation 2004 Incentive Stock Plan (filed as Exhibit 10.1 to the Company’s Registration Statement on Form S-8, Registration No. 333-116437, and incorporated herein by reference).
|
|
10.14
|
Amended and Restated Mack-Cali Realty Corporation Deferred Compensation Plan for Directors (filed as Exhibit 10.3 to the Company's Form 8-K dated December 9, 2008 and incorporated herein by reference).
|
|
10.15
|
Mack-Cali Realty Corporation 2013 Incentive Stock Plan (filed as Exhibit 10.1 to the Company's Registration Statement on Form S-8 Registration No. 333-188729, and incorporated herein by reference).
|
|
10.16
|
Indemnification Agreement by and between Mack-Cali Realty Corporation and William L. Mack dated October 22, 2002 (filed as Exhibit 10.101 to the Company’s Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.17
|
Indemnification Agreement by and between Mack-Cali Realty Corporation and Mitchell E. Hersh dated October 22, 2002 (filed as Exhibit 10.102 to the Company’s Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.18
|
Indemnification Agreement by and between Mack-Cali Realty Corporation and Alan S. Bernikow dated May 20, 2004 (filed as Exhibit 10.104 to the Company’s Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.19
|
Indemnification Agreement by and between Mack-Cali Realty Corporation and Kenneth M. Duberstein dated September 13, 2005 (filed as Exhibit 10.106 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.20
|
Indemnification Agreement by and between Mack-Cali Realty Corporation and Nathan Gantcher dated October 22, 2002 (filed as Exhibit 10.107 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
Exhibit
|
||
Number
|
Exhibit Title
|
|
10.21
|
Indemnification Agreement by and between Mack-Cali Realty Corporation and David S. Mack dated December 11, 1997 (filed as Exhibit 10.108 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.22
|
Indemnification Agreement by and between Mack-Cali Realty Corporation and Alan G. Philibosian dated October 22, 2002 (filed as Exhibit 10.109 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.23
|
Indemnification Agreement by and between Mack-Cali Realty Corporation and Irvin D. Reid dated October 22, 2002 (filed as Exhibit 10.110 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.24
|
Indemnification Agreement by and between Mack-Cali Realty Corporation and Vincent Tese dated October 22, 2002 (filed as Exhibit 10.111 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.25
|
Indemnification Agreement by and between Mack-Cali Realty Corporation and Roy J. Zuckerberg dated October 22, 2002 (filed as Exhibit 10.113 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.26
|
Indemnification Agreement by and between Mack-Cali Realty Corporation and Barry Lefkowitz dated October 22, 2002 (filed as Exhibit 10.114 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.27
|
Indemnification Agreement by and between Mack-Cali Realty Corporation and Roger W. Thomas dated October 22, 2002 (filed as Exhibit 10.116 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.28
|
Indemnification Agreement by and between Mack-Cali Realty Corporation and Anthony Krug dated October 22, 2002 (filed as Exhibit 10.32 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 and incorporated herein by reference).
|
|
10.29
|
Indemnification Agreement by and between Mack-Cali Realty Corporation and Jonathan Litt dated March 3, 2014 (filed as Exhibit 10.33 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 and incorporated herein by reference).
|
|
10.30
|
Indemnification Agreement by and between Mack-Cali Realty Corporation and Gary T. Wagner dated November 11, 2011 (filed as Exhibit 10.30 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 and incorporated herein by reference).
|
|
10.31
|
Indemnification Agreement dated October 22, 2002 by and between Mack-Cali Realty Corporation and John Crandall (filed as Exhibit 10.29 to the Company's Form 10-Q dated September 30, 2002 and incorporated herein by reference).
|
|
10.32
|
Second Amendment to Contribution and Exchange Agreement, dated as of June 27, 2000, between RMC Development Company, LLC f/k/a Robert Martin Company, LLC, Robert Martin Eastview North Company, L.P., the Company and the Operating Partnership (filed as Exhibit 10.44 to the Company's Form 10-K dated December 31, 2002 and incorporated herein by reference).
|
|
10.33
|
Contribution and Exchange Agreement by and between Mack-Cali Realty, L.P. and Tenth Springhill Lake Associates L.L.L.P., Eleventh Springhill Lake Associates L.L.L.P., Twelfth Springhill Lake Associates L.L.L.P., Fourteenth Springhill Lake Associates L.L.L.P., each a Maryland limited liability limited partnership, Greenbelt Associates, a Maryland general partnership, and Sixteenth Springhill Lake Associates L.L.L.P., a Maryland limited liability limited partnership, and certain other natural persons, dated as of November 21, 2005 (filed as Exhibit 10.69 to the Company's Form 10-K dated December 31, 2005 and incorporated herein by reference).
|
|
10.34
|
Term Loan Agreement among Mack-Cali Realty, L.P. and JPMorgan Chase Bank, N.A. as Administrative Agent, J.P. Morgan Securities Inc. as Arranger, and other lender which may become parties to this Agreement dated November 29, 2006 (filed as Exhibit 10.120 to the Company's Form 10-K dated December 31, 2006 and incorporated herein by reference).
|
|
10.35
|
Agreement of Purchase and Sale among SLG Broad Street A LLC and SLG Broad Street C LLC, as Sellers, and M-C Broad 125 A L.L.C. and M-C Broad 125 C L.L.C., as Purchasers, dated as of March 15, 2007 (filed as Exhibit 10.121 to the Company's Form 10-Q dated March 31, 2007 and incorporated herein by reference).
|
Exhibit
|
||
Number
|
Exhibit Title
|
|
10.36
|
Mortgage and Security Agreement and Financing Statement dated October 28, 2008 between M-C Plaza V L.L.C., Cal-Harbor V Urban Renewal Associates, L.P., Cal-Harbor V Leasing Associates L.L.C., as Mortgagors and The Northwestern Mutual Life Insurance Company and New York Life Insurance Company as Mortgagees (filed as Exhibit 10.131 to the Company's Form 10-Q dated September 30, 2008 and incorporated herein by reference).
|
|
10.37
|
Promissory Note of M-C Plaza V L.L.C., Cal-Harbor V Urban Renewal Associates, L.P., Cal-Harbor V Leasing Associates L.L.C., as Borrowers, in favor of The Northwestern Mutual Life Insurance Company, as Lender, in the principal amount of $120,000,000, dated October 28, 2008. (filed as Exhibit 10.132 to the Company's Form 10-Q dated September 30, 2008 and incorporated herein by reference).
|
|
10.38
|
Promissory Note of M-C Plaza V L.L.C., Cal-Harbor V Urban Renewal Associates, L.P., Cal-Harbor V Leasing Associates L.L.C., as Borrowers, in favor of New York Life Insurance Company, as Lender, in the principal amount of $120,000,000, dated October 28, 2008 (filed as Exhibit 10.133 to the Company's Form 10-Q dated September 30, 2008 and incorporated herein by reference).
|
|
10.39
|
Guarantee of Recourse Obligations of Mack-Cali Realty, L.P. in favor of The Northwestern Mutual Life Insurance Company and New York Life Insurance Company dated October 28, 2008 (filed as Exhibit 10.134 to the Company's Form 10-Q dated September 30, 2008 and incorporated herein by reference).
|
|
10.40
|
Amended and Restated Loan Agreement by and among One Grande SPE LLC, 1280 Wall SPE LLC, 10 Sylvan SPE LLC, 5 Independence SPE LLC, 1 Independence SPE LLC, and 3 Becker SPE LLC, collectively, as Borrowers and Gramercy Warehouse Funding I LLC, as Lender, dated April 29, 2009 (filed as Exhibit 10.144 to the Company's Form 10-Q dated March 31, 2009 and incorporated herein by reference).
|
|
10.41
|
Amended and Restated Promissory Note of One Grande SPE LLC, 1280 Wall SPE LLC, 10 Sylvan SPE LLC, 5 Independence SPE LLC, 1 Independence SPE LLC, and 3 Becker SPE LLC, as Borrowers, in favor of Gramercy Warehouse Funding I, LLC, as Lender, dated April 29, 2009 (filed as Exhibit 10.145 to the Company's Form 10-Q dated March 31, 2009 and incorporated herein by reference).
|
|
10.42
|
Limited Liability Company Membership Interest Purchase and Sale Agreement dated April 29, 2009 by and among Gale SLG NJ LLC, Mack-Cali Ventures L.L.C., SLG Gale 55 Corporation LLC and 55 Corporate Partners L.L.C. (filed as Exhibit 10.146 to the Company's Form 10-Q dated March 31, 2009 and incorporated herein by reference).
|
|
10.43
|
Amended and Restated Master Loan Agreement dated as of January 15, 2010 among Mack-Cali Realty, L.P., and Affiliates of Mack-Cali Realty Corporation and Mack-Cali Realty, L.P., as Borrowers, Mack-Cali Realty Corporation and Mack-Cali Realty L.P., as Guarantors and The Prudential Insurance Company of America and VPCM, LLC, as Lenders (filed as Exhibit 10.1 to the Company's Form 8-K dated January 15, 2010 and incorporated herein by reference).
|
|
10.44
|
Partial Recourse Guaranty of Mack-Cali Realty, L.P. dated as of January 15, 2010 to The Prudential Insurance Company of America and VPCM, LLC (filed as Exhibit 10.2 to the Company's Form 8-K dated January 15, 2010 and incorporated herein by reference).
|
|
10.45
|
Amended, Restated and Consolidated Mortgage and Security Agreement and Financing Statement dated as of January 15, 2010 by Mack-Cali Realty, L.P., as Borrower, to The Prudential Insurance Company of America and VPCM, LLC, as Mortgagees with respect to Mack-Cali Centre I in Bergen County, New Jersey (filed as Exhibit 10.165 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.46
|
Amended, Restated and Consolidated Mortgage and Security Agreement and Financing Statement dated as of January 15, 2010 by Mack-Cali Realty, L.P., as Borrower, to The Prudential Insurance Company of America and VPCM, LLC, as Mortgagees with respect to Mack-Cali Centre II in Bergen County, New Jersey (filed as Exhibit 10.166 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.47
|
Amended, Restated and Consolidated Mortgage and Security Agreement and Financing Statement dated as of January 15, 2010 by Mack-Cali Realty, L.P., as Borrower, to The Prudential Insurance Company of America and VPCM, LLC, as Mortgagees with respect to Mack-Cali Centre III in Bergen County, New Jersey (filed as Exhibit 10.167 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
Exhibit
|
||
Number
|
Exhibit Title
|
|
10.48
|
Amended, Restated and Consolidated Mortgage and Security Agreement and Financing Statement dated as of January 15, 2010 by Mack-Cali Realty, L.P., as Borrower, to The Prudential Insurance Company of America and VPCM, LLC, as Mortgagees with respect to Mack-Cali Centre IV in Bergen County, New Jersey filed as Exhibit 10.168 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.49
|
Amended, Restated and Consolidated Mortgage and Security Agreement and Financing Statement dated as of January 15, 2010 by Mack-Cali F Properties, L.P., as Borrower, to The Prudential Insurance Company of America and VPCM, LLC, as Mortgagees with respect to Mack-Cali Centre VII in Bergen County, New Jersey (filed as Exhibit 10.169 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.50
|
Amended, Restated and Consolidated Mortgage and Security Agreement and Financing Statement dated as of January 15, 2010 by Mack-Cali Chestnut Ridge, L.L.C., as Borrower, to The Prudential Insurance Company of America and VPCM, LLC, as Mortgagees with respect to Mack-Cali Corp. Center in Bergen County, New Jersey (filed as Exhibit 10.170 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.51
|
Amended, Restated and Consolidated Mortgage and Security Agreement and Financing Statement dated as of January 15, 2010 by Mack-Cali Realty, L.P., as Borrower, to The Prudential Insurance Company of America and VPCM, LLC, as Mortgagees with respect to Mack-Cali Saddle River in Bergen County, New Jersey (filed as Exhibit 10.171 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.52
|
Amended, Restated and Consolidated Promissory Note dated January 15, 2010 of Mack-Cali Realty, L.P. in favor of The Prudential Insurance Company of America with respect to Mack-Cali Centre I in Bergen County, New Jersey (filed as Exhibit 10.172 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.53
|
Amended, Restated and Consolidated Promissory Note dated January 15, 2010 of Mack-Cali Realty, L.P. in favor of VPCM, LLC with respect to Mack-Cali Centre I in Bergen County, New Jersey (filed as Exhibit 10.173 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.54
|
Amended, Restated and Consolidated Promissory Note dated January 15, 2010 of Mack-Cali Realty, L.P. in favor of The Prudential Insurance Company of America with respect to Mack-Cali Centre II in Bergen County, New Jersey (filed as Exhibit 10.174 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
|
|
|
10.55
|
Amended, Restated and Consolidated Promissory Note dated January 15, 2010 of Mack-Cali Realty, L.P. in favor of VPCM, LLC with respect to Mack-Cali Centre II in Bergen County, New Jersey (filed as Exhibit 10.175 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.56
|
Amended, Restated and Consolidated Promissory Note dated January 15, 2010 of Mack-Cali Realty, L.P. in favor of The Prudential Insurance Company of America with respect to Mack-Cali Centre III in Bergen County, New Jersey (filed as Exhibit 10.176 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.57
|
Amended, Restated and Consolidated Promissory Note dated January 15, 2010 of Mack-Cali Realty, L.P. in favor of VPCM, LLC with respect to Mack-Cali Centre III in Bergen County, New Jersey (filed as Exhibit 10.177 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.58
|
Amended, Restated and Consolidated Promissory Note dated January 15, 2010 of Mack-Cali Realty, L.P. in favor of The Prudential Insurance Company of America with respect to Mack-Cali Centre IV in Bergen County, New Jersey (filed as Exhibit 10.178 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.59
|
Amended, Restated and Consolidated Promissory Note dated January 15, 2010 of Mack-Cali Realty, L.P. in favor of VPCM, LLC with respect to Mack-Cali Centre IV in Bergen County, New Jersey (filed as Exhibit 10.179 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.60
|
Amended, Restated and Consolidated Promissory Note dated January 15, 2010 of Mack-Cali F Properties, L.P. in favor of The Prudential Insurance Company of America with respect to Mack-Cali Centre VII in Bergen County, New Jersey (filed as Exhibit 10.180 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.61
|
Amended, Restated and Consolidated Promissory Note dated January 15, 2010 of Mack-Cali F Properties, L.P. in favor of VPCM, LLC with respect to Mack-Cali Centre VII in Bergen County, New Jersey (filed as Exhibit 10.181 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
Exhibit
|
||
Number
|
Exhibit Title
|
|
10.62
|
Amended, Restated and Consolidated Promissory Note dated January 15, 2010 of Mack-Cali Chestnut Ridge, L.L.C. in favor of The Prudential Insurance Company of America with respect to Mack-Cali Corp. Center in Bergen County, New Jersey (filed as Exhibit 10.182 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.63
|
Amended, Restated and Consolidated Promissory Note dated January 15, 2010 of Mack-Cali Chestnut Ridge, L.L.C. in favor of VPCM, LLC with respect to Mack-Cali Corp. Center in Bergen County, New Jersey (filed as Exhibit 10.183 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.64
|
Amended, Restated and Consolidated Promissory Note dated January 15, 2010 of Mack-Cali Realty, L.P. in favor of The Prudential Insurance Company of America with respect to Mack-Cali Saddle River in Bergen County, New Jersey (filed as Exhibit 10.184 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.65
|
Amended, Restated and Consolidated Promissory Note dated January 15, 2010 of Mack-Cali Realty, L.P. in favor of VPCM, LLC with respect to Mack-Cali Saddle River in Bergen County, New Jersey (filed as Exhibit 10.185 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.66
|
Recourse Liabilities Guaranty dated January 15, 2010 of Mack-Cali Realty Corporation and Mack-Cali Realty, L.P. to The Prudential Insurance Company of America and VPCM, LLC with respect to certain liabilities of Mack-Cali Realty, L.P. with respect to Mack-Cali Centre I in Bergen County, New Jersey (filed as Exhibit 10.186 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.67
|
Recourse Liabilities Guaranty dated January 15, 2010 of Mack-Cali Realty Corporation and Mack-Cali Realty, L.P. to The Prudential Insurance Company of America and VPCM, LLC with respect to certain liabilities of Mack-Cali Realty, L.P. with respect to Mack-Cali Centre II in Bergen County, New Jersey (filed as Exhibit 10.187 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.68
|
Recourse Liabilities Guaranty dated January 15, 2010 of Mack-Cali Realty Corporation and Mack-Cali Realty, L.P. to The Prudential Insurance Company of America and VPCM, LLC with respect to certain liabilities of Mack-Cali Realty, L.P. with respect to Mack-Cali Centre III in Bergen County, New Jersey (filed as Exhibit 10.188 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.69
|
Recourse Liabilities Guaranty dated January 15, 2010 of Mack-Cali Realty Corporation and Mack-Cali Realty, L.P. to The Prudential Insurance Company of America and VPCM, LLC with respect to certain liabilities of Mack-Cali Realty, L.P. with respect to Mack-Cali Centre IV in Bergen County, New Jersey (filed as Exhibit 10.189 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.70
|
Recourse Liabilities Guaranty dated January 15, 2010 of Mack-Cali Realty Corporation and Mack-Cali Realty, L.P. to The Prudential Insurance Company of America and VPCM, LLC with respect to certain liabilities of Mack-Cali F Properties, L.P. with respect to Mack-Cali Centre VII in Bergen County, New Jersey (filed as Exhibit 10.190 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.71
|
Recourse Liabilities Guaranty dated January 15, 2010 of Mack-Cali Realty Corporation and Mack-Cali Realty, L.P. to The Prudential Insurance Company of America and VPCM, LLC with respect to certain liabilities of Mack-Cali Chestnut Ridge, L.L.C. with respect to Mack-Cali Corp. Center in Bergen County, New Jersey (filed as Exhibit 10.191 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.72
|
Recourse Liabilities Guaranty dated January 15, 2010 of Mack-Cali Realty Corporation and Mack-Cali Realty, L.P. to The Prudential Insurance Company of America and VPCM, LLC with respect to certain liabilities of Mack-Cali Realty, L.P. with respect to Mack-Cali Saddle River in Bergen County, New Jersey (filed as Exhibit 10.192 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.73
|
Amended and Restated Irrevocable Cross Collateral Guaranty of Payment and Performance dated January 15, 2010 of Mack-Cali Realty, L.P. to The Prudential Insurance Company of America and VPCM, LLC with respect to Mack-Cali Centre I in Bergen County, New Jersey (filed as Exhibit 10.193 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
Exhibit
|
||
Number
|
Exhibit Title
|
|
10.74
|
Amended and Restated Irrevocable Cross Collateral Guaranty of Payment and Performance dated January 15, 2010 of Mack-Cali Realty, L.P. to The Prudential Insurance Company of America and VPCM, LLC with respect to Mack-Cali Centre II in Bergen County, New Jersey (filed as Exhibit 10.194 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.75
|
Amended and Restated Irrevocable Cross Collateral Guaranty of Payment and Performance dated January 15, 2010 of Mack-Cali Realty, L.P. to The Prudential Insurance Company of America and VPCM, LLC with respect to Mack-Cali Centre III in Bergen County, New Jersey (filed as Exhibit 10.195 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.76
|
Amended and Restated Irrevocable Cross Collateral Guaranty of Payment and Performance dated January 15, 2010 of Mack-Cali Realty, L.P. to The Prudential Insurance Company of America and VPCM, LLC with respect to Mack-Cali Centre IV in Bergen County, New Jersey (filed as Exhibit 10.196 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.77
|
Amended and Restated Irrevocable Cross Collateral Guaranty of Payment and Performance dated January 15, 2010 of Mack-Cali F Properties, L.P. to The Prudential Insurance Company of America and VPCM, LLC with respect to Mack-Cali Centre VII in Bergen County, New Jersey (filed as Exhibit 10.197 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.78
|
Amended and Restated Irrevocable Cross Collateral Guaranty of Payment and Performance dated January 15, 2010 of Mack-Cali Chestnut Ridge, L.L.C. to The Prudential Insurance Company of America and VPCM, LLC with respect to Mack-Cali Corp. Center in Bergen County, New Jersey (filed as Exhibit 10.198 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.79
|
Amended and Restated Irrevocable Cross Collateral Guaranty of Payment and Performance dated January 15, 2010 of Mack-Cali Realty, L.P. to The Prudential Insurance Company of America and VPCM, LLC with respect to Mack-Cali Saddle River in Bergen County, New Jersey (filed as Exhibit 10.199 to the Company's Form 10-Q dated September 30, 2010 and incorporated herein by reference).
|
|
10.80
|
Development Agreement dated December 5, 2011 by and between M-C Plaza VI & VII L.L.C. and Ironstate Development LLC (filed as Exhibit 10.1 to the Company's Form 8-K dated December 5, 2011 and incorporated herein by reference).
|
|
10.81
|
Form of Amended and Restated Limited Liability Company Agreement (filed as Exhibit 10.2 to the Company's Form 8-K dated December 5, 2011 and incorporated herein by reference).
|
|
10.82
|
Third Amended and Restated Revolving Credit Agreement among Mack-Cali Realty, L.P., as borrower, and JPMorgan Chase Bank, N.A., as the administrative agent, the other agents listed therein and the lending institutions party thereto and referred to therein dated as of October 21, 2011 (filed as Exhibit 10.134 to the Company's Form 10-Q dated September 30, 2011 and incorporated herein by reference).
|
|
10.83
|
Fourth Amended and Restated Revolving Credit Agreement dated as of July 16, 2013 among Mack Cali Realty, L.P., as borrower, Mack-Cali Realty Corporation, as guarantor, and JPMorgan Chase Bank, N.A., as administrative agent and the several Lenders party thereto, as lenders (filed as Exhibit 10.1 to the Company's Form 8-K dated July 16, 2013 and incorporated herein by reference).
|
|
10.84
|
Multi-Year Restricted Stock Agreement, dated as of September 12, 2012, between Mack-Cali Realty Corporation and Mitchell E. Hersh (filed as Exhibit 10.1 to the Company's Form 8-K dated September 12, 2012 and incorporated herein by reference).
|
|
Exhibit
|
||
Number
|
Exhibit Title
|
|
10.85
|
Multi-Year Restricted Stock Agreement, dated as of September 12, 2012, between Mack-Cali Realty Corporation and Barry Lefkowitz (filed as Exhibit 10.2 to the Company's Form 8-K dated September 12, 2012 and incorporated herein by reference).
|
|
10.86
|
Multi-Year Restricted Stock Agreement, dated as of September 12, 2012, between Mack-Cali Realty Corporation and Roger W. Thomas (filed as Exhibit 10.3 to the Company's Form 8-K dated September 12, 2012 and incorporated herein by reference).
|
|
10.87
|
Amended and Restated TSR-Based Performance Agreement, dated as of September 12, 2012, between Mack-Cali Realty Corporation and Mitchell E. Hersh (filed as Exhibit 10.1 to the Company's Form 8-K dated June 12, 2013 and incorporated herein by reference).
|
|
10.88
|
Amended and Restated TSR-Based Performance Agreement, dated as of September 12, 2012, between Mack-Cali Realty Corporation and Barry Lefkowitz (filed as Exhibit 10.2 to the Company's Form 8-K dated June 12, 2013 and incorporated herein by reference).
|
|
10.89
|
Amended and Restated TSR-Based Performance Agreement, dated as of September 12, 2012, between Mack-Cali Realty Corporation and Roger W. Thomas (filed as Exhibit 10.3 to the Company's Form 8-K dated June 12, 2013 and incorporated herein by reference).
|
|
10.90
|
Deferred Retirement Compensation Agreement, dated as of September 12, 2012, between Mack-Cali Realty Corporation and Mitchell E. Hersh (filed as Exhibit 10.7 to the Company's Form 8-K dated September 12, 2012 and incorporated herein by reference).
|
|
10.91
|
Deferred Retirement Compensation Agreement, dated as of September 12, 2012, between Mack-Cali Realty Corporation and Barry Lefkowitz (filed as Exhibit 10.8 to the Company's Form 8-K dated September 12, 2012 and incorporated herein by reference).
|
|
10.92
|
Deferred Retirement Compensation Agreement, dated as of September 12, 2012, between Mack-Cali Realty Corporation and Roger W. Thomas (filed as Exhibit 10.9 to the Company's Form 8-K dated September 12, 2012 and incorporated herein by reference).
|
|
10.93
|
Form of Restricted share Award Agreement effective December 10, 2013 by and between Mack-Cali Realty Corporation and each of Mitchell E. Hersh, Barry Lefkowitz, Roger W. Thomas and Anthony Krug (filed as Exhibit 10.1 to the Company's Form 8-K dated December 10, 2013 and incorporated herein by reference).
|
|
10.94
|
Form of Restricted Share Award Agreement effective December 10, 2013 by and between Mack-Cali Realty Corporation and each of William L. Mack, Alan S. Bernikow, Kenneth M. Duberstein, Nathan Gantcher, David S. Mack, Alan G. Philibosian, Dr. Irvin D. Reid, Vincent Tese and Roy J. Zuckerberg (filed as Exhibit 10.2 to the Company's Form 8-K dated December 10, 2013 and incorporated herein by reference).
|
|
10.95
|
Form of Restricted Share Award Agreement effective December 9, 2014 by and between Mack-Cali Realty Corporation and each of William L. Mack, Alan S. Bernikow, Kenneth M. Duberstein, Nathan Gantcher, Jonathan Litt, David S. Mack, Alan G. Philibosian, Dr. Irvin D. Reid, Vincent Tese and Roy J. Zuckerberg (filed as Exhibit 10.1 to the Company’s Form 8-K dated December 9, 2014 and incorporated herein by reference).
|
|
10.96
|
Membership Interest and Asset Purchase Agreement, dated as of October 8, 2012 (the "Purchase Agreement"), by and among Mack-Cali Realty, L.P., Mack-Cali Realty Corporation, Mack-Cali Realty Acquisition Corp., Roseland Partners, L.L.C., and, for the limited purposes stated in the Purchase Agreement, each of Marshall B. Tycher, Bradford R. Klatt and Carl Goldberg (filed as Exhibit 10.1 to the Company's Form 8-K dated October 8, 2012 and incorporated herein by reference).
|
|
10.97
|
Purchase and Sale Agreement, dated as of January 17, 2013 by and between Overlook Ridge Phase I, L.L.C., Overlook Ridge Phase IB, L.L.C. and Mack-Cali Realty Acquisition Corp. (filed as Exhibit 10.1 to the Company's Form 8-K dated January 17, 2012 and incorporated herein by reference)
|
Exhibit
|
||
Number
|
Exhibit Title
|
|
10.98
|
Agreement of Sale and Purchase dated as of July 15, 2013 by and between Mack-Cali Pennsylvania Realty Associates, L.P., as seller, and Westlakes KPG III, LLC and Westlakes Land KPG III, LLC, as purchasers (filed as Exhibit 10.1 to the Company's Form 8-K dated July 18, 2013 and incorporated herein by reference).
|
|
10.99
|
Agreement of Sale and Purchase dated as of July 15, 2013 by and between M-C Rosetree Associates, L.P., as seller, and Rosetree KPG III, LLC and Rosetree Land KPG III, LLC, as purchasers (filed as Exhibit 10.2 to the Company's Form 8-K dated July 18, 2013 and incorporated herein by reference).
|
|
10.100
|
Agreement of Sale and Purchase dated as of July 15, 2013 by and between Mack-Cali-R Company No. 1 L.P., as seller, and Plymouth Meeting KPG III, LLC, as purchaser (filed as Exhibit 10.3 to the Company's Form 8-K dated July 18, 2013 and incorporated herein by reference).
|
|
10.101
|
Agreement of Sale and Purchase dated as of July 15, 2013 by and between Stevens Airport Realty Associates L.P., as seller, and Airport Land KPG III, LLC, as purchaser (filed as Exhibit 10.4 to the Company's Form 8-K dated July 18, 2013 and incorporated herein by reference).
|
|
10.102
|
Agreement of Sale and Purchase dated as of July 15, 2013 by and between Mack-Cali Airport Realty Associates L.P., as seller, and 100 Airport KPG III, LLC, 200 Airport KPG III, LLC and 300 Airport KPG III, LLC, as purchasers (filed as Exhibit 10.5 to the Company's Form 8-K dated July 18, 2013 and incorporated herein by reference).
|
|
10.103
|
Agreement of Sale and Purchase dated as of July 15, 2013 by and between Mack-Cali Property Trust, as seller, and 1000 Madison KPG III, LLC, as purchaser (filed as Exhibit 10.6 to the Company's Form 8-K dated July 18, 2013 and incorporated herein by reference).
|
|
10.104
|
Agreement of Sale and Purchase dated as of July 15, 2013 by and between Monument 150 Realty L.L.C., as seller, and Monument KPG III, LLC, as purchaser (filed as Exhibit 10.7 to the Company's Form 8-K dated July 18, 2013 and incorporated herein by reference).
|
|
10.105
|
Agreement of Sale and Purchase dated as of July 15, 2013 by and between 4 Sentry Realty L.L.C. and Five Sentry Realty Associates L.P., as sellers, and Four Sentry KPG, LLC and Five Sentry KPG III, LLC, as purchasers (filed as Exhibit 10.8 to the Company's Form 8-K dated July 18, 2013 and incorporated herein by reference).
|
|
10.106
|
Agreement of Sale and Purchase dated as of February 24, 2014 by and between Talleyrand Realty Associates, L.L.C., as seller, and H'Y2 Talleyrand, LLC, as purchaser (filed as Exhibit 10.1 to the Company's Form 8-K dated February 24, 2014 and incorporated herein by reference).
|
|
10.107
|
Agreement of Sale and Purchase dated as of February 24, 2014 by and between 400 Chestnut Realty L.L.C., as seller, and H'Y2 400 Chestnut Ridge, LLC, as purchaser (filed as Exhibit 10.2 to the Company's Form 8-K dated February 24, 2014 and incorporated herein by reference).
|
|
10.108
|
Agreement of Sale and Purchase dated as of February 24, 2014 by and between 470 Chestnut Realty L.L.C., as seller, and H'Y2 470 Chestnut Ridge, LLC, as purchaser (filed as Exhibit 10.3 to the Company's Form 8-K dated February 24, 2014 and incorporated herein by reference).
|
|
10.109
|
Agreement of Sale and Purchase dated as of February 24, 2014 by and between 530 Chestnut Realty L.L.C., as seller, and H'Y2 530 Chestnut Ridge, LLC, as purchaser (filed as Exhibit 10.4 to the Company's Form 8-K dated February 24, 2014 and incorporated herein by reference).
|
|
10.110
|
Agreement of Sale and Purchase dated as of February 24, 2014 by and between Mack-Cali Taxter Associates, L.L.C., as seller, and H'Y2 Taxter, LLC, as purchaser (filed as Exhibit 10.5 to the Company's Form 8-K dated February 24, 2014 and incorporated herein by reference).
|
|
10.111
|
Agreement of Sale and Purchase dated as of February 24, 2014 by and between Mack-Cali CW Realty Associates, L.L.C., as seller, and H'Y2 570 Taxter, LLC, as purchaser (filed as Exhibit 10.6 to the Company's Form 8-K dated February 24, 2014 and incorporated herein by reference).
|
Exhibit
|
||
Number
|
Exhibit Title
|
|
10.112
|
Agreement of Sale and Purchase dated as of February 24, 2014 by and between 1717 Realty Associates L.L.C., as seller, and H'Y2 Ruote 208, LLC, as purchaser (filed as Exhibit 10.7 to the Company's Form 8-K dated February 24, 2014 and incorporated herein by reference).
|
|
10.113
|
Agreement of Sale and Purchase dated as of February 24, 2014 by and between Knightsbridge Realty L.L.C., as seller, and H'Y2 400 Knightsbridge, LLC, as purchaser (filed as Exhibit 10.8 to the Company's Form 8-K dated February 24, 2014 and incorporated herein by reference).
|
|
10.114
|
Agreement of Sale and Purchase dated as of February 24, 2014 by and between Kemble Plaza II Realty L.L.C., as seller, and H'Y2 400 Mt Kemble, LLC, as purchaser (filed as Exhibit 10.9 to the Company's Form 8-K dated February 24, 2014 and incorporated herein by reference).
|
|
10.115
|
Agreement of Sale and Purchase dated as of February 24, 2014 by and between 1266 Soundview Realty L.L.C., as seller, and H'Y2 Stamford, LLC, as purchaser (filed as Exhibit 10.10 to the Company's Form 8-K dated February 24, 2014 and incorporated herein by reference).
|
|
10.116
|
Agreement dated February 28, 2014 by and among Mack-Cali Realty Corporation, Land & Buildings Capital Growth Fund, L.P., Land & Buildings Investment Management,LLC and Jonathan Litt (filed as Exhibit 10.116 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 and incorporated herein by reference).
|
|
10.117
|
Settlement and General Release Agreement dated March 1, 2014 by and between Mack-Cali Realty Corporation and Barry Lefkowitz (filed as Exhibit 10.117 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 and incorporated herein by reference).
|
|
10.118
|
Settlement and General Release Agreement dated March 1, 2014 by and between Mack-Cali Realty Corporation and Roger W. Thomas (filed as Exhibit 10.118 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 and incorporated herein by reference).
|
|
10.119
|
Restricted share Award Agreement effective March 19, 2014 by and between Mack-Cali Realty Corporation and Anthony Krug (filed as Exhibit 10.1 to the Company's Form 8-K dated March 21, 2014 and incorporated herein by reference).
|
|
10.120
|
Separation Agreement dated July 18, 2014 by and between Roseland Management Services, L.P. and Bradford R. Klatt (filed as Exhibit 10.122 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2014 and incorporated herein by reference).
|
|
10.121
|
Separation Agreement dated July 18, 2014 by and between Roseland Management Services, L.P. and Carl Goldberg (filed as Exhibit 10.123 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2014 and incorporated herein by reference).
|
|
10.122
|
Amendment to Membership Interest and Asset Purchase Agreement, dated as of July 18, 2014, by and among Mack-Cali Realty, L.P., Mack-Cali Realty Corporation, Mack-Cali Realty Acquisition Corp., Canoe Brook Investors, L.L.C. (formerly known as Roseland Partners, L.L.C.), Marshall B. Tycher, Bradford R. Klatt and Carl Goldberg (filed as Exhibit 10.124 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2014 and incorporated herein by reference).
|
|
10.123
|
Consulting Agreement dated July 18, 2014 by and between Roseland Management Services, L.P. and Carl Goldberg and Devra Goldberg (filed as Exhibit 10.125 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2014 and incorporated herein by reference).
|
|
10.124
|
Separation Agreement dated November 4, 2014 by and between Mack-Cali Realty Corporation and Mitchell E. Hersh (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K dated November 4, 2014 and incorporated herein by reference).
|
|
10.125
|
Severance Agreement dated March 4, 2015 by and between Anthony Krug and Mack-Cali Realty Corporation (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K dated March 4, 2015 and incorporated herein by reference).
|
Exhibit
|
||
Number
|
Exhibit Title
|
|
10.126
|
Severance Agreement dated March 4, 2015 by and between Gary T. Wagner and Mack-Cali Realty Corporation (filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K dated March 4, 2015 and incorporated herein by reference).
|
|
10.127
|
Employment Agreement dated June 3, 2015 by and between Mitchell E. Rudin and Mack-Cali Realty Corporation (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K dated June 3, 2015 and incorporated herein by reference).
|
|
10.128
|
Employment Agreement dated June 3, 2015 by and between Michael J. DeMarco and Mack-Cali Realty Corporation (filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K dated June 3, 2015 and incorporated herein by reference).
|
|
10.129
|
Indemnification Agreement dated June 3, 2015 by and between Mitchell E. Rudin and Mack-Cali Realty Corporation (filed as Exhibit 10.129 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 and incorporated herein by reference).
|
|
10.130
|
Indemnification Agreement dated June 3, 2015 by and between Michael J. DeMarco and Mack-Cali Realty Corporation (filed as Exhibit 10.130 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 and incorporated herein by reference).
|
|
10.131
|
Indemnification Agreement dated September 22, 2015 by and between Marshall B. Tycher and Mack-Cali Realty Corporation.
|
|
10.132
|
Employment Agreement dated October 23, 2012 by and between Marshall B. Tycher and Mack-Cali Realty Corporation.
|
|
10.133
|
Indemnification Agreement dated June 10, 2013 by and between Ricardo Cardoso and Mack-Cali Realty Corporation.
|
|
10.134
|
Term Loan Agreement dated as of January 7, 2016 among Mack Cali Realty, L.P., as borrower, Mack-Cali Realty Corporation, as guarantor, Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC and Wells Fargo Securities LLC as joint lead arrangers and joint bookrunners, Bank of American, N.A., as administrative agent, JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A. and Capital One, National Association, as syndication agents, U.S. Bank National Association, as documentation agent, and the several Lenders party thereto, as lenders (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K dated January 6, 2016 and incorporated herein by reference).
|
|
10.135
|
International Swaps and Derivatives Association, Inc. 2002 Master Agreement dated as of December 30, 2015 by and between Capital One, National Association and Mack-Cali Realty, L.P. (filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K dated January 6, 2016 and incorporated herein by reference).
|
|
10.136
|
International Swaps and Derivatives Association, Inc. 2002 Master Agreement dated as of January 4, 2016 by and between Citibank, N.A. and Mack-Cali Realty, L.P. (filed as Exhibit 10.3 to the Company’s Current Report on Form 8-K dated January 6, 2016 and incorporated herein by reference).
|
|
10.137
|
International Swaps and Derivatives Association, Inc. 2002 Master Agreement dated as of January 6, 2016 by and between Comerica Bank and Mack-Cali Realty, L.P. (filed as Exhibit 10.4 to the Company’s Current Report on Form 8-K dated January 6, 2016 and incorporated herein by reference).
|
|
10.138
|
International Swaps and Derivatives Association, Inc. 2002 Master Agreement dated as of January 5, 2016 by and between PNC Bank, National Association and Mack-Cali Realty, L.P. (filed as Exhibit 10.5 to the Company’s Current Report on Form 8-K dated January 6, 2016 and incorporated herein by reference).
|
|
10.139
|
International Swaps and Derivatives Association, Inc. 2002 Master Agreement dated as of December 21, 2015 by and between U.S. Bank National Association and Mack-Cali Realty, L.P. (filed as Exhibit 10.6 to the Company’s Current Report on Form 8-K dated January 6, 2016 and incorporated herein by reference).
|
|
10.140
|
Form of 2016 Time-Based Long-Term Incentive Plan Award Agreement (Filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K dated March 8, 2016 and incorporated herein by reference).
|
|
10.141
|
Form of 2016 Performance-Based Long-Term Incentive Plan Award Agreement (Filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K dated March 8, 2016 and incorporated herein by reference).
|
|
Exhibit
|
||
Number
|
Exhibit Title
|
|
10.142
|
Form of Restricted Share Award Agreement effective March 8, 2016 by and between Mack-Cali Realty Corporation and each of William L. Mack, Alan S. Bernikow, Kenneth M. Duberstein, Nathan Gantcher, Jonathan Litt, David S. Mack, Alan G. Philibosian, Dr. Irvin D. Reid, Vincent Tese and Roy J. Zuckerberg (Filed as Exhibit 10.3 to the Company’s Current Report on Form 8-K dated March 8, 2016 and incorporated herein by reference).
|
|
10.143
|
Agreement of Purchase and Sale among M-C Broad A L.L.C. and M-C Broad C L.L.C., collectively, as Seller, and 125 Acquisition LLC, as Purchaser, dated as of March 10, 2016 (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K dated March 10, 2016 and incorporated herein by reference).
|
|
10.144
|
Employment Agreement dated April 15, 2016 by and between Robert Andrew Marshall and Roseland Residential Trust (filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K dated April 15, 2016 and incorporated herein by reference).
|
|
10.145*
|
Real Estate Sale Agreement by and between HUB Properties Trust and 111 River Realty L.L.C. dated April 22, 2016.
|
|
31.1*
|
Certification of the Company’s Chief Executive Officer, Mitchell E. Rudin, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
31.2*
|
Certification of the Company’s President and Chief Operating Officer, Michael J. DeMarco, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
31.3*
|
Certification of the Company’s Chief Financial Officer, Anthony Krug, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
32.1*
|
Certification of the Company’s Chief Executive Officer, Mitchell E. Rudin, the Company’s President and Chief Operating Officer, Michael J. DeMarco and the Company’s Chief Financial Officer, Anthony Krug, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
101.1*
|
The following financial statements from Mack-Cali Realty Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 formatted in XBRL: (i) Consolidated Balance Sheets (unaudited), (ii) Consolidated Statements of Operations (unaudited), (iii) Consolidated Statement of Changes in Equity (unaudited), (iv) Consolidated Statements of Cash Flows (unaudited), and (v) Notes to Consolidated Financial Statements (unaudited).
|
|
* filed herewith
|
2.
|
PURCHASE PRICE
|
2
|
|
2.1
|
Earnest Money
|
2
|
|
2.3
|
Cash Balance
|
3
|
3.
|
EVIDENCE OF TITLE
|
3
|
|
3.1
|
Matters Before the Objection Date
|
3
|
|
3.2
|
Matters After the Effective Date
|
3
|
4.
|
CLOSING
|
5
|
|
4.1
|
Seller’s Closing Deliveries
|
5
|
|
4.2
|
Purchaser’s Closing Deliveries
|
6
|
|
4.3
|
Closing Prorations and Adjustments
|
7
|
|
4.3.1
|
Taxes
|
7
|
|
4.3.2
|
Rent
|
7
|
|
4.3.3
|
Security Deposits
|
7
|
|
4.3.4
|
Utilities
|
8
|
|
4.3.5
|
Service Contracts
|
8
|
|
4.3.6
|
Fees Payable
|
8
|
|
4.3.7
|
Tenant Inducement Costs, Leasing Commissions and Construction Contracts
|
8
|
|
4.3.8
|
Rentals
|
10
|
|
4.4
|
Tenant Reimbursements
|
12
|
|
4.4.1
|
For the Calendar Year of the Closing
|
12
|
|
4.4.2
|
For Prior Calendar Years
|
13
|
|
4.4.3
|
Other Costs
|
13
|
|
4.4.4
|
Rent Paid in Arrears
|
14
|
|
4.5
|
Reservation of Rights to Contest
|
14
|
|
4.6
|
Transaction Costs
|
14
|
|
4.7
|
Reprorations
|
14
|
5.
|
CASUALTY LOSS AND CONDEMNATION
|
15
|
6.
|
BROKERAGE
|
15
|
7.
|
DEFAULT AND REMEDIES
|
15
|
|
7.1
|
Pre-Closing Purchaser’s Remedies
|
15
|
|
7.2
|
Pre-Closing Seller’s Remedies
|
16
|
|
7.3
|
Post-Closing Remedies
|
16
|
8.
|
CONDITIONS PRECEDENT
|
16
|
|
8.1
|
Due Diligence Period
|
17
|
|
8.2
|
Estoppel Certificates
|
17
|
|
8.3
|
Subordination, Non-Disturbance and Attornment Agreements
|
19
|
|
8.4
|
Accuracy of Seller’s Representations and Warranties
|
20
|
|
8.5
|
Board Approval
|
20
|
|
8.6
|
Accuracy of Purchaser’ Representations and Warranties
|
20
|
9.
|
REPRESENTATIONS, WARRANTIES AND COVENANTS
|
21
|
|
9.1
|
Seller’s Representations and Warranties
|
21
|
|
9.1.1
|
Organization and Authority
|
21
|
|
9.1.2
|
No Conflict
|
21
|
|
9.1.3
|
Condemnation
|
21
|
|
9.1.4
|
Litigation
|
21
|
|
9.1.5
|
Enforceability
|
21
|
|
9.1.6
|
FIRPTA
|
21
|
|
9.1.7
|
No Bankruptcy
|
21
|
|
9.1.8
|
Executive Order
|
22
|
|
9.1.9
|
Leases
|
23
|
|
9.1.10
|
Rent Roll and Delinquency Report
|
23
|
|
9.1.11
|
Service Contracts
|
23
|
|
9.1.12
|
Tax Proceeding
|
23
|
|
9.1.13
|
No Options
|
23
|
|
9.1.14
|
No Employees
|
24
|
|
9.1.15
|
ERISA
|
24
|
|
9.2
|
Representations Remade
|
24
|
|
9.3
|
Covenants
|
25
|
|
9.3.1
|
New Leases
|
25
|
|
9.3.2
|
Service Contracts
|
25
|
|
9.3.3
|
Operations
|
26
|
|
9.3.4
|
Other Agreements
|
26
|
|
9.3.5
|
Ground Lease
|
26
|
|
9.3.6
|
Notices
|
26
|
|
9.4
|
Purchaser’s Representations and Warranties
|
27
|
|
9.4.1
|
ERISA
|
27
|
|
9.4.2
|
Organization and Authority
|
27
|
|
9.4.3
|
No Conflict
|
27
|
|
9.4.4
|
No Bankruptcy
|
27
|
|
9.4.5
|
Executive Order
|
27
|
|
9.4.6
|
Enforceability
|
28
|
|
9.4.7
|
FCPA
|
28
|
|
9.5
|
Survival
|
29
|
|
9.6
|
Employee Lists
|
29
|
|
9.7
|
Utility Agreements
|
29
|
|
9.8
|
Brokerage Commissions
|
30
|
10.
|
LIMITATION OF LIABILITY
|
30
|
11.
|
MISCELLANEOUS
|
31
|
|
11.1
|
Entire Agreement
|
31
|
|
11.2
|
Assignment
|
31
|
|
11.3
|
Modifications
|
31
|
|
11.4
|
Time of Essence
|
31
|
|
11.5
|
Governing Law
|
31
|
|
11.6
|
Notices
|
31
|
|
11.7
|
“AS IS” SALE
|
33
|
|
11.8
|
TRIAL BY JURY; RESCISSION
|
35
|
|
11.9
|
Confidentiality
|
35
|
|
11.10
|
Reports
|
37
|
|
11.11
|
Reporting Person
|
37
|
|
11.12
|
Section 1031 Exchange
|
37
|
|
11.13
|
Press Releases
|
37
|
|
11.14
|
Counterparts
|
38
|
|
11.15
|
Construction
|
38
|
|
11.16
|
Attorneys’ Fees
|
38
|
|
11.17
|
No Memorandum of Agreement
|
38
|
|
11.18
|
Severability
|
38
|
|
11.19
|
New Jersey Bulk Sales
|
38
|
If to Seller:
|
c/o Equity Commonwealth Management LLC
Two North Riverside Plaza
Suite 2100
Chicago, Illinois 60606
Attention: Allen Samuel
Telephone: (312) 646-2828
Facsimile: (312) 646-2996
|
c/o Equity Commonwealth Management LLC
Two North Riverside Plaza
Suite 2100
Chicago, Illinois 60606
Attention: Brooke Kenevan
Telephone: (312) 646-2817
Facsimile: (312) 646-2996
|
|
and to:
|
c/o Neal Gerber & Eisenberg LLP
2 North LaSalle Street
19th Floor
Chicago, Illinois 60602
Attention: Douglas J. Lubelchek
Telephone: 312-269-5255
Facsimile: 312-750-6506
|
If to Purchaser:
|
c/o Mack-Cali Realty Acquisition Corp.
343 Thornall Street
Edison, New Jersey 08837-2206
Attention: Ricardo Cardoso, Executive Vice President andChief Investment Officer
Facsimile: (732) 205-9015
Email: RCardoso@mack-cali.com
|
with a copy to:
|
c/o Mack-Cali Realty Acquisition Corp.
343 Thornall Street
Edison, New Jersey 08837-2206
Attention: Senior Vice President and
Senior Associate General Counsel
Facsimile: (732) 205-9015
Email: DWagner@mack-cali.com
|
And with a copy to:
|
Greenberg Traurig, LLP
200 Park Avenue
New York, New York 10166
Attention: Robert J. Ivanhoe, Esq.
Facsimile: (212) 805-9333
Email: ivanhoer@gtlaw.com
|
SELLER:
|
HUB PROPERTIES TRUST, a Maryland real estate investment trust
By: /s/ David S. Weinberg
Name: David S. Weinberg
Title: EVP & COO
|
PURCHASER:
|
111 RIVER REALTY L.L.C. a New Jersey limited liability company
By: Mack – Cali Realty, L.P., sole member
By: Mack – Cali Realty Corporation,
general partner
By: /s/ Gary T. Wagner
Name: Gary T. Wagner
Title: Chief Legal Officer
|
Escrow Officer:
|
|||
Escrow No.:
|
|||
Phone No.:
|
|||
Facsimile No.:
|
|||
Address:
|
|||
Date:
|
1.
|
You are to hold the Escrow Deposit until: (a) you are in receipt of a joint order by the undersigned Seller and Purchaser as to the disposition of the Escrow Deposit; or (b) you are in receipt of a written demand (the “Demand”) from either Seller or Purchaser for the payment of the Escrow Deposit or any portion thereof. Upon receipt of any Demand, you are directed to so notify the other party, enclosing a copy of the Demand. If within five (5) days after the non-demanding party has received or is deemed to have received your notice of your receipt of the Demand, you have not received from the non-demanding party its notice of objection to the Demand, then you are to disburse the Escrow Deposit as requested by the Demand. If within said five-day period you receive from the non-demanding party its notice of objection to the Demand, then you are directed to notify the other party, enclosing a copy of the notice of objection, and you are to continue to hold the Escrow Deposit until you are in receipt of a joint order as aforesaid, but after sixty (60) days you may deposit the Escrow Deposit with a Court of competent jurisdiction.
|
2.
|
Notwithstanding the foregoing, as escrowee, you are hereby expressly authorized to regard and to comply with and obey any and all orders, judgments or decrees entered or issued by any Court, and in case you obey or comply with any such order, judgment or decree of any Court, you shall not be liable to either of the parties hereto or any other person or entity by reason of such compliance, notwithstanding any such order, judgment or decree be entered without jurisdiction or be subsequently reversed, modified, annulled, set aside or vacated. In case of any suit or proceeding regarding these Escrow Instructions, to which you are or may at any time be a party, the undersigned Seller and Purchaser agree that the non-prevailing party shall pay to you upon demand all reasonable costs and expenses incurred by you in connection herewith.
|
3.
|
Any escrow fee to be charged by you is to be borne by Purchaser.
|
4.
|
As escrowee, you shall invest the Escrow Deposit in an interest-bearing savings or money market account or short term U.S. Treasury Bills or similar cash equivalent securities, as Purchaser and Seller may direct. Any interest earned on the Escrow Deposit, after you deduct your customary investment charges, shall become and be deemed to be a part of the Escrow Deposit.
|
5.
|
All notices or other communications hereunder shall be in writing and shall be personally delivered or sent by overnight courier (such as Federal Express), by facsimile transmission or by first class United States Mail, postage prepaid, registered or certified (return receipt requested) to the respective addresses for the Seller, Purchaser and escrowee as herein provided. A notice is given on the date it is personally delivered, sent by overnight courier or facsimile transmission, or deposited with the United States Mail for delivery as aforesaid. A notice is received on the date it is personally delivered, the date sent if sent by facsimile transmission, the day after sent if sent by overnight courier or facsimile transmission or, if sent by mail as aforesaid, on the date noted on the return receipt.
|
6.
|
Seller and Purchaser may act hereunder either directly or through their respective attorneys:
|
Seller’s attorney is:
|
|||
Purchaser’s attorney is:
|
|||
7.
|
These Escrow Instructions are being entered into to implement the Agreement and shall not (nor be deemed to) amend, modify or supersede the Agreement or act as a waiver of any rights, obligations or remedies set forth therein; provided, however, that you may rely solely upon these Escrow Instructions.
|
8.
|
In case of any suit or proceeding at law or in equity regarding the Escrow Deposit or these Escrow Instructions, the non-prevailing party shall pay the prevailing party all costs and expenses (including, but not limited to, attorney’s fees) incurred by the prevailing party, and if such prevailing party shall recover judgment in any such suit or proceeding, such costs and expenses (including but not limited to attorneys’ fees) shall be included in and as a part of such judgment.
|
9.
|
Seller and Purchaser each hereby authorize Escrowee to designate the investment depository of the Escrow Deposit to act as and perform the duties and obligations of the “reporting person” with respect to the transaction contemplated by the Agreement for purposes of 26 C.F.R. Section 1.6045-4(e)(5) relating to the requirements for information reporting on real estate transaction closed on or after January 1, 1991.
|
10.
|
These Escrow Instructions may be signed in any number of counterparts each of which shall be deemed to be an original and all of which taken together shall constitute one and the same instrument.
|
SELLER:
|
By:
|
Name:
|
Title:
|
Address:
c/o Equity Commonwealth Management LLC
Two North Riverside Plaza, Suite 600
Chicago, Illinois 60606
|
PURCHASER:
|
By:
|
Name:
|
Title:
|
Address:
|
ESCROW AGENT:
|
||
By:
|
||
Title:
|
1.
|
Those matters identified on Exhibit F-1 attached hereto.
|
2.
|
Acts of Purchaser, and those claiming by, through and under Purchaser.
|
3.
|
General and special taxes and assessments delinquent lien not yet due and payable as of the Closing Date.
|
4.
|
Rights of tenants in possession, as tenants only, under unrecorded leases.
|
5.
|
Zoning, building and other governmental and quasi-governmental laws, codes and regulations.
|
6.
|
Water rights, claims or title to water.
|
7.
|
Liens or possible liens arising from work contacted for, or performed by, tenants under Leases, which tenants are not in monetary default beyond any notice and grace period thereunder.
|
8.
|
Liens or possible liens arising from work contracted for under Assignable Construction Contracts, payment for which work is the responsibility of Purchaser pursuant to this Agreement.
|
9.
|
The Ground Lease.
|
10.
|
Unrecorded Right of First Offer Agreement dated January 24, 2002 between Block A South Waterfront Development LLC and Marsh & McLennan Companies, Inc.
|
1.
|
Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an accurate and complete land survey of the Land.
|
2.
|
Subsurface conditions and/or encroachments not disclosed by an instrument of record.
|
3.
|
Lien of unpaid taxes, PILOT program charges, and assessments for the year 2016. Taxes are fully exempt. PILOT program charges paid through the 2nd quarter of 2016. Subsequent PILOT program charges not yet due and payable. Water paid through ________. Sewer paid through _________.
|
4.
|
Private rights, if any, of utility and cable companies in the bed of River Street, now vacated, as evidenced by Ordinance contained in Vacations Book 5 Page 114.
|
5.
|
Covenants, Conditions, Development Agreement, Easements as described and defined in Deed recorded in Deed Book 4894 at Page 104 and amended by Second Amendment to Municipal Development Agreement recorded in Deed Book 5827 Page 28.
|
6.
|
Terms, conditions and provisions contained in Lease and Development Agreement by and between The City of Hoboken and The Port Authority of New York and New Jersey, as fee owner and lessor, respectively and Block A South Waterfront Development, L.L.C. as developer and lessee as described and defined in Deed Book 5690, Page 98, as amended and assigned as follows:
|
a.
|
First Amendment to Phase I Lease and Development Agreement as contained in Book 5823 Page 234.
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b.
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Assignment of Lease with Assumption and Consent as contained in Book 6012, Page 312.
|
c.
|
Assignment and Assumption of Ground Lease as contained in Book 7271, Page 102.
|
d.
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Assignment of Lease as contained in Book 8681, Page 297.
|
e.
|
Assignment of Lease as contained in Book ____, Page _____ (to be forthwith recorded).
|
7.
|
Terms and conditions of Memorandum of Lease by and between Block A South Waterfront Development L.L.C., as landlord and Sumitomo Trust & Banking Co. (USA), as tenant recorded in Deed Book 5893 Page 303.
|
8.
|
Memorandum of Right of First Offer Agreement as contained in Book 5944 Page 134.
|
9.
|
Agreement Regarding Tenant Leases as contained in Deed Book 7271 Page 113.
|
10.
|
Subordination Non-Disturbance and Attornment Agreement as contained in Deed Book 9061 Page 925.
|
11.
|
Deed Notice (New Jersey Department of Environmental Protection) as described and defined by instrument recorded in Deed Book 7133 at Page 108.
|
12.
|
Terms, conditions and provisions contained in the Riparian Grant in favor of German Transatlantic Steam Navigation Co., Frederick Kuhne, Trustee filed November 9, 1872 in Liber Book A Page 103, with the New Jersey Tidelands Management Bureau (Tidelands Map #693-2172).
|
13.
|
Subject to the rights of any tenants, as tenants only, under written leases only, with no options to purchase or rights of first refusal.
|
14.
|
Premises herein are benefited by tax exemption. Title policy excepts the lien which may attach by reason of any restoration of property taxes resulting from the transfer of title by the fee owner entitled to said exemption, or the failure of the fee owner to comply with the terms and conditions of any agreement with the municipality regarding the exemption, including, without limitation, the retroactive imposition of taxes.
|
SELLER:
|
[SELLER]
By:
Name:
Its:
|
PURCHASER:
|
[PURCHASER]
By:
Name:
Its:
|
Very truly yours,
[SELLER]
By:
Name:
Its:
|
Very truly yours,
[SELLER]
By:__
Name:___________________
Its:_____________________
|
[TRANSFEROR]
By:_____________________
Name:___________________
Its:_____________________
|
Very truly yours,
THE CITY OF HOBOKEN
By:______________________
Name:______________________
Title:______________________
|
|
THE PORT AUTHORITY OF THE NEW
YORK AND NEW JERSEY
By:______________________
Name:______________________
Title:______________________
|
ATTEST:
______________________
|
ASSIGNOR:
By:______________________
Name:______________________
Title:______________________
(Seal)
|
ATTEST:
______________________
|
ASSIGNEE:
By:______________________
Name:______________________
Title:______________________
(Seal)
|
ATTEST:
______________________
|
THE PORT AUTHORITY OF NEW YORK AND NEW JERSEY:
By:______________________
Name:______________________
Title:______________________
(Seal)
|
ATTEST:
______________________
|
THE CITY OF HOBOKEN:
By:______________________
Name:______________________
Title:______________________
(Seal)
|
Very truly yours,
[SELLER]
By:_____________________
Name:_____________________
Its:___
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Mack-Cali Realty Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: April 27, 2016
|
By:
|
/s/ Mitchell E. Rudin
|
Mitchell E. Rudin
|
||
Chief Executive Officer
|
||
1.
|
I have reviewed this quarterly report on Form 10-Q of Mack-Cali Realty Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: April 27, 2016
|
By:
|
/s/ Michael J. DeMarco
|
Michael J. DeMarco
|
||
President and Chief Operating Officer
|
||
1.
|
I have reviewed this quarterly report on Form 10-Q of Mack-Cali Realty Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: April 27, 2016
|
By:
|
/s/ Anthony Krug
|
|
Anthony Krug
|
|||
Chief Financial Officer
|
|
(1)
|
The Report fully complies with the requirements of §13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date: April 27, 2016
|
By:
|
/s/ Mitchell E. Rudin
|
Mitchell E. Rudin
|
||
Chief Executive Officer
|
||
Date: April 27, 2016
|
By:
|
/s/ Michael J. DeMarco
|
Michael J. DeMarco
|
||
President and Chief Operating Officer
|
||
Date: April 27, 2016
|
By:
|
/s/ Anthony Krug
|
Anthony Krug
|
||
Chief Financial Officer
|
||
Document And Entity Information - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Apr. 25, 2016 |
|
Document And Entity Information [Abstract] | ||
Entity Registrant Name | MACK CALI REALTY CORP | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Entity Central Index Key | 0000924901 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q1 | |
Entity Common Stock, Shares Outstanding | 89,638,631 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Consolidated Balance Sheets [Abstract] | ||
Allowance for doubtful accounts receivable | $ 602 | $ 1,407 |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 190,000,000 | 190,000,000 |
Common stock, shares outstanding | 89,638,312 | 89,583,950 |
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | ||
Net income (loss) | $ 68,769 | $ (3,325) |
Other comprehensive income (loss): | ||
Net unrealized loss on derivative instruments for interest rate swaps | (6,340) | |
Comprehensive income (loss) | 62,429 | (3,325) |
Comprehensive income (loss) attributable to noncontrolling interest in consolidated joint ventures | 706 | 490 |
Comprehensive income (loss) attributable to noncontrolling interest in Operating Partnership | (7,284) | 314 |
Comprehensive income (loss) attributable to common shareholders | $ 55,851 | $ (2,521) |
Consolidated Statement Of Changes In Equity - 3 months ended Mar. 31, 2016 - USD ($) shares in Thousands, $ in Thousands |
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 | |||||
Net income (loss) | 62,191 | 6,578 | 68,769 | |||
Common stock dividends | (13,446) | (13,446) | ||||
Unit distributions | (1,601) | (1,601) | ||||
Increase in noncontrolling interest in consolidated joint ventures | 997 | 997 | ||||
Redemption of common units for common stock, value | 276 | (276) | ||||
Redemption of common units for common stock, shares | 17 | |||||
Shares issued under Dividend Reinvestment and Stock Purchase Plan, value | 10 | 10 | ||||
Directors' deferred compensation plan, value | 101 | 101 | ||||
Stock compensation, value | 612 | 173 | 785 | |||
Stock compensation, shares | 37 | |||||
Other comprehensive income (loss) | $ (5,675) | (665) | (6,340) | |||
Rebalancing of ownership percentage between parent and subsidiaries | 118 | (118) | ||||
Balance, value at Mar. 31, 2016 | $ 896 | $ 2,571,509 | $ (1,066,867) | $ (5,675) | $ 233,120 | $ 1,732,983 |
Balance, shares at Mar. 31, 2016 | 89,638 |
Organization And Basis Of Presentation |
3 Months Ended |
---|---|
Mar. 31, 2016 | |
Organization And Basis Of Presentation [Abstract] | |
Organization And Basis Of Presentation | 1. ORGANIZATION AND BASIS OF PRESENTATION Organization Mack-Cali Realty Corporation, a Maryland corporation, together with its subsidiaries (collectively, the “Company”), is a fully-integrated, self-administered, self-managed real estate investment trust (“REIT”) providing leasing, management, acquisition, development, construction and tenant-related services for its properties and third parties. As of March 31, 2016, the Company owned or had interests in 273 properties, consisting of 145 office and 109 flex properties, totaling approximately 29.7 million square feet, leased to approximately 1,900 commercial tenants, and 19 multi-family rental properties containing 5,644 residential units, plus developable land (collectively, the “Properties”). The Properties are comprised of 145 office buildings totaling approximately 24.4 million square feet (which include 36 buildings, aggregating approximately 5.6 million square feet owned by unconsolidated joint ventures in which the Company has investment interests), 94 office/flex buildings totaling approximately 4.8 million square feet, six industrial/warehouse buildings totaling approximately 387,400 square feet, 19 multi-family properties totaling 5,644 apartments (which include 12 properties aggregating 3,972 apartments owned by unconsolidated joint ventures in which the Company has investment interests), five parking/retail properties totaling approximately 121,700 square feet (which include two buildings aggregating 81,700 square feet owned by unconsolidated joint ventures in which the Company has investment interests), one hotel (which is owned by an unconsolidated joint venture in which the Company has an investment interest) and three parcels of land leased to others. The Properties are located in seven states, primarily in the Northeast, plus the District of Columbia. BASIS OF PRESENTATION The accompanying consolidated financial statements include all accounts of the Company, its majority-owned and/or controlled subsidiaries, which consist principally of Mack-Cali Realty, L.P. (the “Operating Partnership”), and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any. See Note 2: Significant Accounting Policies – Investments in Unconsolidated Joint Ventures, for the Company’s treatment of unconsolidated joint venture interests. Intercompany accounts and transactions have been eliminated. Accounting Standards Codification (“ASC”) 810, Consolidation, provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack (i) the ability to make decisions about the entity's activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the variable interest entity’s performance: and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE. On January 1, 2016, the Company adopted accounting guidance under ASC 810, Consolidation, modifying the analysis it must perform to determine whether it should consolidate certain types of legal entities. The guidance does not amend the existing disclosure requirements for variable interest entities or voting interest model entities. The guidance, however, modified the requirements to qualify under the voting interest model. Under the revised guidance, the Operating Partnership will be a variable interest entity of the parent company, Mack-Cali Realty Corporation. As the Operating Partnership is already consolidated in the balance sheets of Mack-Cali Realty Corporation, the identification of this entity as a variable interest entity has no impact on the consolidated financial statements of Mack-Cali Realty Corporation. There were no other legal entities qualifying under the scope of the revised guidance that were consolidated as a result of the adoption. As of March 31, 2016 and December 31, 2015, the Company’s investments in consolidated real estate joint ventures in which the Company is deemed to be the primary beneficiary have total real estate assets of $287.1 million and $273.4 million, respectively, mortgages of $93.8 million and $89.5 million, respectively, and other liabilities of $18.4 million and $17.5 million, respectively. The financial statements have been prepared in conformity with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are based on management’s historical experience that are believed to be reasonable at the time. However, because future events and their effects cannot be determined with certainty, the determination of estimates requires the exercise of judgment. Actual results could differ from those estimates. Certain reclassifications have been made to prior period amounts in order to conform with current period presentation.
|
Significant Accounting Policies |
3 Months Ended | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||
Significant Accounting Policies [Abstract] | |||||||||||||||||||||||
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES Rental PropertyRental properties are stated at cost less accumulated depreciation and amortization. Costs directly related to the acquisition, development and construction of rental properties are capitalized. Acquisition–related costs are expensed as incurred. Capitalized development and construction costs include pre-construction costs essential to the development of the property, development and construction costs, interest, property taxes, insurance, salaries and other project costs incurred during the period of development. Capitalized development and construction salaries and related costs approximated $0.6 million and $1.3 million for the three months ended March 31, 2016 and 2015, respectively. Included in total rental property is construction, tenant improvement and development in-progress of $144.9 million and $88.7 million as of March 31, 2016 and December 31, 2015, respectively. Ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. Fully-depreciated assets are removed from the accounts. The Company considers a construction project as substantially completed and held available for occupancy upon the substantial completion of tenant improvements, but no later than one year from cessation of major construction activity (as distinguished from activities such as routine maintenance and cleanup). If portions of a rental project are substantially completed and occupied by tenants, or held available for occupancy, and other portions have not yet reached that stage, the substantially completed portions are accounted for as a separate project. The Company allocates costs incurred between the portions under construction and the portions substantially completed and held available for occupancy, primarily based on a percentage of the relative square footage of each portion, and capitalizes only those costs associated with the portion under construction. Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows:
Upon acquisition of rental property, the Company estimates the fair value of acquired tangible assets, consisting of land, building and improvements, and identified intangible assets and liabilities assumed, generally consisting of the fair value of (i) above and below market leases, (ii) in-place leases and (iii) tenant relationships. The Company allocates the purchase price to the assets acquired and liabilities assumed based on their fair values. The Company records goodwill or a gain on bargain purchase (if any) if the net assets acquired/liabilities assumed exceed the purchase consideration of a transaction. In estimating the fair value of the tangible and intangible assets acquired, the Company considers information obtained about each property as a result of its due diligence and marketing and leasing activities, and utilizes various valuation methods, such as estimated cash flow projections utilizing appropriate discount and capitalization rates, estimates of replacement costs net of depreciation, and available market information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The capitalized above-market lease values are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. Other intangible assets acquired include amounts for in-place lease values and tenant relationship values, which are based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the respective tenant. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. Characteristics considered by management in valuing tenant relationships include the nature and extent of the Company’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals. The value of in-place leases are amortized to expense over the remaining initial terms of the respective leases. The value of tenant relationship intangibles are amortized to expense over the anticipated life of the relationships. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s rental properties held for use may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment. The criteria considered by management include reviewing low leased percentages, significant near-term lease expirations, recently acquired properties, current and historical operating and/or cash flow losses, near-term mortgage debt maturities or other factors that might impact the Company’s intent and ability to hold the property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying value of the property over the fair value of the property. The Company’s estimates of aggregate future cash flows expected to be generated by each property are based on a number of assumptions. These assumptions are generally based on management’s experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and costs to operate each property. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved, and actual losses or impairments may be realized in the future. Rental Property Held for SaleWhen 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 net book value of the assets, a valuation allowance is established.
If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used. A property that is reclassified is measured and recorded individually at the lower of (a) its carrying value before the property was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the property been continuously classified as held and used, or (b) the fair value at the date of the subsequent decision not to sell. Investments in Unconsolidated Joint VenturesThe Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. The Company applies the equity method by initially recording these investments at cost, as Investments in Unconsolidated Joint Ventures, subsequently adjusted for equity in earnings and cash contributions and distributions. The outside basis portion of the Company’s joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Generally, the Company would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Company has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Company only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses.
On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying 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 EquivalentsAll highly liquid investments with an original maturity of three months or less when purchased are considered to be cash equivalents.
Deferred Financing CostsCosts incurred in obtaining financing are capitalized and amortized over the term of the related indebtedness. Deferred financing costs are presented in the balance sheet as a direct deduction from the carrying value of the debt liability to which they relate, except deferred financing costs related to the revolving credit facility, which are presented in Deferred charges, goodwill and other assets. In all cases, amortization of such costs is included in interest expense and was $1,169,000 and $953,000 for the three months ended March 31, 2016 and 2015, respectively. If a financing obligation is extinguished early, any unamortized deferred financing costs are written off and included in gains (losses) from early extinguishment of debt. No such unamortized costs were written off for the three months ended March 31, 2016 and 2015.
Deferred Leasing CostsCosts incurred in connection with commercial leases are capitalized and amortized on a straight-line basis over the terms of the related leases and included in depreciation and amortization. Unamortized deferred leasing costs are charged to amortization expense upon early termination of the lease. Certain employees of the Company are compensated for providing leasing services to the Properties. The portion of such compensation related to commercial leases, which is capitalized and amortized, was approximately $780,000 and $970,000 for the three months ended March 31, 2016 and 2015, respectively.
GoodwillGoodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Goodwill is allocated to various reporting units, as applicable. Each of the Company’s segments consists of a reporting unit. Goodwill is not amortized. Management performs an annual impairment test for goodwill during the fourth quarter and between annual tests, management evaluates the recoverability of goodwill whenever events or changes in circumstances indicate that the carrying value of goodwill may not be fully recoverable. In its impairment tests of goodwill, management first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If, based on this assessment, management determines that the fair value of the reporting unit is not less than its carrying value, then performing the additional two-step impairment test is unnecessary. If the carrying value of goodwill exceeds its fair value, an impairment charge is recognized.
Derivative InstrumentsThe Company measures derivative instruments, including certain derivative instruments embedded in other contracts, at fair value and records them as an asset or liability, depending on the Company’s rights or obligations under the applicable derivative contract. For derivatives designated and qualifying as fair value hedges, the changes in the fair value of both the derivative instrument and the hedged item are recorded in earnings. For derivatives designated as cash flow hedges, the effective portions of the derivative are reported in other comprehensive income (“OCI”) and are subsequently reclassified into earnings when the hedged item affects earnings. Changes in fair value of derivative instruments not designated as hedging and ineffective portions of hedges are recognized in earnings in the affected period.
Revenue RecognitionBase rental revenue is recognized on a straight-line basis over the terms of the respective leases. Unbilled rents receivable represents the cumulative amount by which straight-line rental revenue exceeds rents currently billed in accordance with the lease agreements. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed-rate renewal options for below-market leases. The capitalized above-market lease values for acquired properties are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed-rate renewal options of the respective leases. Escalations and recoveries from tenants are received from tenants for certain costs as provided in the lease agreements. These costs generally include real estate taxes, utilities, insurance, common area maintenance and other recoverable costs. See Note 14: Tenant Leases. 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 AccountsManagement performs a detailed review of amounts due from tenants to determine if an allowance for doubtful accounts is required based on factors affecting the collectability of the accounts receivable balances. The factors considered by management in determining which individual tenant receivable balances, or aggregate receivable balances, require a collectability allowance include the age of the receivable, the tenant’s payment history, the nature of the charges, any communications regarding the charges and other related information. Management’s estimate of the allowance for doubtful accounts requires management to exercise significant judgment about the timing, frequency and severity of collection losses, which affects the allowance and net income.
Income and Other TaxesThe Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”). As a REIT, the Company generally will not be subject to corporate federal income tax (including alternative minimum tax) on net income that it currently distributes to its shareholders, provided that the Company satisfies certain organizational and operational requirements including the requirement to distribute at least 90 percent of its REIT taxable income (determined by excluding any net capital gains) to its shareholders. If and to the extent the Company retains and does not distribute any net capital gains, the Company will be required to pay federal, state and local taxes on such net capital gains at the rate applicable to capital gains of a corporation. The Company has elected to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (each a “TRS”). In general, a TRS of the Company may perform additional services for tenants of the Company and generally may engage in any real estate or non-real estate related business (except for the operation or management of health care facilities or lodging facilities or the providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal income tax. The Company has conducted business through its TRS entities for certain property management, development, construction and other related services, as well as to hold a joint venture interest in a hotel and other matters. As of March 31, 2016, the Company had a deferred tax asset related to its TRS activity with a balance of approximately $23.4 million which has been fully reserved for through a valuation allowance. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax (including any applicable alternative minimum tax) on its taxable income at regular corporate tax rates. The Company is subject to certain state and local taxes. Pursuant to the amended provisions related to uncertain tax provisions of ASC 740, Income Taxes, the Company recognized no material adjustments regarding its tax accounting treatment. The Company expects to recognize interest and penalties related to uncertain tax positions, if any, as income tax expense, which is included in general and administrative expense. In the normal course of business, the Company or one of its subsidiaries is subject to examination by federal, state and local jurisdictions in which it operates, where applicable. As of March 31, 2016, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are generally from the year 2011 forward.
Earnings Per ShareThe Company presents both basic and diluted earnings per share (“EPS”). Basic EPS excludes dilution and is computed by dividing net income available to common shareholders by the weighted average number of shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS from continuing operations amount. Shares whose issuance is contingent upon the satisfaction of certain conditions shall be considered outstanding and included in the computation of diluted EPS as follows (i) if all necessary conditions have been satisfied by the end of the period (the events have occurred), those shares shall be included as of the beginning of the period in which the conditions were satisfied (or as of the date of the grant, if later) or (ii) if all necessary conditions have not been satisfied by the end of the period, the number of contingently issuable shares included in diluted EPS shall be based on the number of shares, if any, that would be issuable if the end of the reporting period were the end of the contingency period (for example, the number of shares that would be issuable based on current period earnings or period-end market price) and if the result would be dilutive. Those contingently issuable shares shall be included in the denominator of diluted EPS as of the beginning of the period (or as of the date of the grant, if later). Dividends and Distributions PayableThe dividends and distributions payable at March 31, 2016 represents dividends payable to common shareholders (89,638,337 shares) and distributions payable to noncontrolling interest unitholders of the Operating Partnership (10,499,844 common units and 657,373 LTIP units) for all such holders of record as of April 5, 2016 with respect to the first quarter 2016. The first quarter 2016 common stock dividends and unit distributions of $0.15 per common share and unit were approved by the Board of Directors on March 8, 2016 and paid on April 15, 2016. The dividends and distributions payable at December 31, 2015 represents dividends payable to common shareholders (89,584,008 shares) and distributions payable to noncontrolling interest common unitholders of the Operating Partnership (10,516,844 common units) for all such holders of record as of January 6, 2016 with respect to the fourth quarter 2015. The fourth quarter 2015 common stock dividends and common unit distributions of $0.15 per common share and unit were approved by the Board of Directors on December 8, 2015 and paid on January 15, 2016. Costs Incurred For Stock IssuancesCosts incurred in connection with the Company’s stock issuances are reflected as a reduction of additional paid‑in capital. Stock CompensationThe Company accounts for stock compensation in accordance with the provisions of ASC 718, Compensation-Stock Compensation. These provisions require that the estimated fair value of restricted stock (“Restricted Stock Awards”), restricted stock units (“RSUs”), performance share units (“PSUs”), long-term incentive plan awards and stock options at the grant date be amortized ratably into expense over the appropriate vesting period. The Company recorded stock compensation expense of $785,000 and $313,000 for the three months ended March 31, 2016 and 2015, respectively. Other Comprehensive IncomeOther comprehensive income (loss) includes items that are recorded in equity, such as effective portions of derivatives designated as cash flow hedges or unrealized holding gains or losses on marketable securities available for sale. Fair Value HierarchyThe standard Fair Value Measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs). The following summarizes the fair value hierarchy:
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Discontinued OperationsIn April 2014, the Financial Accounting Standards Board (“FASB”) issued guidance related to the reporting of discontinued operation and disclosures of disposals of components of an entity. This guidance defines a discontinued operation as a component or group of components disposed or classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity’s operations and final result; the guidance states that a strategic shift could include a disposal of a major geographical area of operations, a major line of business, a major equity method investment or other major parts of an entity. The guidance also provides for additional disclosure requirements in connection with both discontinued operations and other dispositions not qualifying as discontinued operations. The guidance is effective for all companies for annual and interim periods beginning on or after December 15, 2014. The guidance applies prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. All entities could early adopt the guidance for new disposals (or new classifications as held for sale) that had not been reported in financial statements previously issued or available for issuance. The Company elected to early adopt this standard effective with the interim period beginning January 1, 2014. Prior to January 1, 2014, properties identified as held for sale and/or disposed of were presented in discontinued operations for all periods presented. Impact Of Recently-Issued Accounting StandardsIn May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09 Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2017, and early adoption is permitted for periods beginning after December 15, 2016. The Company is currently in the process of evaluating the impact the adoption of ASU 2014-09 will have on the Company’s financial position or results of operations. In August 2014, the FASB issued ASU 2014-15, which requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern, and to provide certain disclosures when it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. ASU 2014-15 is effective for the annual period ended December 31, 2016 and for annual periods and interim periods thereafter with early adoption permitted. The adoption of ASU 2014-15 is not expected to materially impact the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, modifying the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for in the same manner as operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The guidance is expected to impact the consolidated financial statements as the Company has certain operating and land lease arrangements for which it is the lessee. The guidance supersedes previously issued guidance under ASC Topic 840 “Leases.” The guidance is effective on January 1, 2019, with early adoption permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2016-02 will have on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, which eliminates a requirement for the retroactive adjustment on a step by step basis of the investment, results of operations, and retained earnings as if the equity method had been effective during all previous periods that the investment had been held when an investment qualifies for equity method accounting due to an increase in the level of ownership or degree of influence. The cost of acquiring the additional interest in the investee is to be added to the current basis of the investor’s previously held interest and the equity method of accounting should be adopted as of the date the investment becomes qualified for equity method accounting. This guidance is to be applied on a prospective basis and is effective for interim and annual periods beginning after December 15, 2016. Early adoption is permitted for financial statements that have not been previously issued. The Company is currently in the process of evaluating the impact the adoption of ASU 2016-07 will have on the Company’s consolidated financial statements.
In March 2016, the FASB issued ASU 2016-09, intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. The new guidance allows for entities to make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. In addition, the guidance allows employers to withhold shares to satisfy minimum statutory tax withholding requirements up to the employees’ maximum individual tax rate without causing the award to be classified as a liability. The guidance also stipulates that cash paid by an employer to a taxing authority when directly withholding shares for tax-withholding purposes should be classified as a financing activity on the statement of cash flows. This guidance is effective for annual reporting periods beginning after December 15, 2016, and interim periods within that reporting period. Early adoption is permitted in any interim or annual period, with any adjustments reflected as of the beginning of the fiscal year of adoption. The Company is currently in the process of evaluating the impact the adoption of ASU 2016-09 will have on the Company’s consolidated financial statements.
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Recent Transactions |
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Recent Transactions | 3. RECENT TRANSACTIONS Acquisitions On January 5, 2016, the Company, which held a 50 percent subordinated interest in the unconsolidated joint venture, Overlook Ridge Apartment Investors LLC, a 371-unit multi-family operating property located in Malden, Massachusetts, acquired the remaining interest for $39.8 million in cash plus the assumption of a first mortgage loan secured by the property with a principal balance of $52.7 million. The cash portion of the acquisition was funded primarily through borrowings under the Company’s unsecured revolving credit facility. Upon acquisition, the Company consolidated the asset and accordingly, remeasured its equity interests, as required by the FASB’s consolidation guidance, at fair value (based upon the income approach using current rates and market cap rates and discount rates). As a result, the Company recorded a gain on change of control of interests of $10.2 million in the three months ended March 31, 2016. On January 19, 2016, the Company repaid the assumed loan and obtained a new loan secured by the property in the amount of $72.5 million, which bears interest at 3.625 percent and matures in February 2023. See Note 10: Mortgages, Loans Payable and Other Obligations. The purchase price was allocated to the net assets acquired upon consolidation, as follows (in thousands):
(1)In-place lease values and below market lease values will be amortized over one year or less. On April 1, 2016, the Company, which held a 50 percent interest in the unconsolidated Portside Apts LLC, acquired the equity interests of one of its joint venture partners for $38.1 million in cash plus the assumption of a first mortgage loan secured by the property with a principal balance of $42.5 million and interest at LIBOR plus 250 basis points maturing in December 2017. The cash portion of the acquisition was funded primarily through borrowings under the Company’s unsecured revolving credit facility. As a result, the Company increased its ownership to 85 percent of the 175-unit operating multi-family property located in East Boston, Massachusetts. Also on April 1, 2016, the Company bought out a partner for $11.3 million and increased its subordinated interest in PruRose Riverwalk G, L.L.C. from 25 percent to 50 percent using borrowings on the Company’s unsecured credit facility. PruRose Riverwalk G, L.L.C., owns a 316-unit operating multi-family property located in Weehawken, New Jersey. On April 22, 2016, the Company entered into an agreement to acquire a 566,000 square-foot office property located in Hoboken, New Jersey, for approximately $235 million, subject to certain conditions. The acquisition is expected to be completed in the second quarter of 2016. Dispositions The Company disposed of the following office properties during the three months ended March 31, 2016 (dollars in thousands):
Rental Properties Held for Sale During the three months ended March 31, 2016, the Company signed agreements to dispose of two office properties totaling approximately 683,000 square feet, located at 1400 L Street, NW in Washington, D.C. and 125 Broad Street in New York, New York, subject to certain conditions. The total estimated sales proceeds expected from the two separate sales are approximately $272 million. The dispositions are expected to be completed in the second quarter of 2016. The Company identified these properties as held for sale at March 31, 2016. The following table summarizes the rental property held for sale, net, as of March 31, 2016: (dollars in thousands)
Other assets and liabilities related to the rental properties held for sale, as of March 31, 2016, include $13.2 million in Deferred charges, and other assets, $20.1 million in Unbilled rents receivable, net, $1.3 million in Accounts receivable, net of allowance, $3.4 million in Accounts payable, accrued expenses and other liabilities, and $1.2 million in Rents received in advance and security deposits. Approximately $31.3 million of these assets and $796,000 of these liabilities are expected to be written off with the completion of the sales. The following table summarizes income (loss) for the three month periods ended March 31, 2016 and 2015 from the properties disposed of during the three months ended March 31, 2016 and the six properties disposed of during the year ended December 31, 2015: (dollars in thousands)
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Investments In Unconsolidated Joint Ventures |
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Investments In Unconsolidated Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments In Unconsolidated Joint Ventures | 4. INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES As of March 31, 2016, the Company had an aggregate investment of approximately $303.6 million in its equity method joint ventures. The Company formed these ventures with unaffiliated third parties, or acquired interests in them, to develop or manage primarily office and multi-family rental properties, or to acquire land in anticipation of possible development of office and multi-family rental properties. As of March 31, 2016, the unconsolidated joint ventures owned: 36 office and two retail properties aggregating approximately 5.7 million square feet, 12 multi-family properties totaling 3,972 apartments, a 350-room hotel, development projects for up to approximately 1,074 apartments; and interests and/or rights to developable land parcels able to accommodate up to 2,910 apartments and 1.4 million square feet of office space. The Company’s unconsolidated interests range from 7.5 percent to 85 percent subject to specified priority allocations in certain of the joint ventures. The amounts reflected in the following tables (except for the Company’s share of equity in earnings) are based on the historical financial information of the individual joint ventures. The Company does not record losses of the joint ventures in excess of its investment balances unless the Company is liable for the obligations of the joint venture or is otherwise committed to provide financial support to the joint venture. The outside basis portion of the Company’s investments in joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Unless otherwise noted below, the debt of the Company’s unconsolidated joint ventures generally is non-recourse to the Company, except for customary exceptions pertaining to such matters as intentional misuse of funds, environmental conditions, and material misrepresentations. The Company has agreed to guarantee repayment of a portion of the debt of its unconsolidated joint ventures. As of March 31, 2016, such debt had a total facility amount of $492.1 million of which the Company agreed to guarantee up to $66.3 million. As of March 31, 2016, the outstanding balance of such debt totaled $286.7 million of which $44.8 million was guaranteed by the Company. The Company also posted a $3.6 million letter of credit in support of the South Pier at Harborside joint venture, half of which is indemnified by Hyatt Corporation, the Company’s joint venture partner. The Company performed management, leasing, development and other services for the properties owned by the unconsolidated joint ventures and recognized $1.0 million and $1.6 million for such services in the three months ended March 31, 2016 and 2015, respectively. The Company had $0.7 million and $0.8 million in accounts receivable due from its unconsolidated joint ventures as of March 31, 2016 and December 31, 2015. Included in the Company’s investments in unconsolidated joint ventures as of March 31, 2016 are five unconsolidated development joint ventures, which are VIEs for which the Company is not the primary beneficiary. These joint ventures are primarily established to develop real estate property for long-term investment and were deemed VIEs primarily based on the fact that the equity investment at risk was not sufficient to permit the entities to finance their activities without additional financial support. The initial equity contributed to these entities was not sufficient to fully finance the real estate construction as development costs are funded by the partners throughout the construction period. The Company determined that it was not the primary beneficiary of these VIEs based on the fact that the Company has shared control of these entities along with the entity’s partners and therefore does not have controlling financial interests in these VIEs. The Company’s aggregate investment in these VIEs was approximately $177.1 million as of March 31, 2016. The Company’s maximum exposure to loss as a result of its involvement with these VIEs is estimated to be approximately $210.8 million, which includes the Company’s current investment and estimated future funding commitments/guarantees of approximately $33.7 million. The Company has not provided financial support to these VIEs that it was not previously contractually required to provide. In general, future costs of development not financed through third party will be funded with capital contributions from the Company and its outside partners in accordance with their respective ownership percentages.
The following is a summary of the Company's unconsolidated joint ventures as of March 31, 2016 and December 31, 2015: (dollars in thousands, including footnotes)
The following is a summary of the Company’s equity in earnings (loss) of unconsolidated joint ventures for the three months ended March 31, 2016 and 2015: (dollars in thousands)
The following is a summary of the financial position of the unconsolidated joint ventures in which the Company had investment interests as of March 31, 2016 and December 31, 2015: (dollars in thousands)
The following is a summary of the results from operations of the unconsolidated joint ventures for the period in which the Company had investment interests during the three months ended March 31, 2016 and 2015: (dollars in thousands)
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Deferred Charges, Goodwill And Other Assets, Net |
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Deferred Charges, Goodwill And Other Assets, Net | 5. DEFERRED CHARGES, GOODWILL AND OTHER ASSETS, NET
(1)Pursuant to recently issued accounting standards, deferred financing costs related to all other debt liabilities (other than for the revolving credit facility) are classified to net against those debt liabilities for all periods presented. See Note 2: Significant Accounting Policies – Deferred Financing Costs. (2)Includes as of March 31, 2016: a mortgage receivable for $10.4 million which bears interest at LIBOR plus six percent and matures in August 2016; and an interest-free note receivable with a net present value of $3.0 million and matures in April 2023. The Company believes these balances are fully collectible. (3)Includes as of March 31, 2016, deposits of $12.7 million for acquisitions and developments. DERIVATIVE FINANCIAL INSTRUMENTS Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. As of March 31, 2016, the Company had outstanding interest rate swaps with a combined notional value of $350 million that were designated as cash flow hedges of interest rate risk. During the three months ending March 31, 2016, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the three months ended March 31, 2016, the Company recorded ineffectiveness of $913,000 in expense, 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 $3.1 million will be reclassified as an increase to interest expense. Undesignated Cash Flow Hedges of Interest Rate Risk Interest rate caps not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements but do not meet the strict hedge accounting requirements. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. The Company recognized expenses of $1,000 and $63,000 during the three months ended March 31, 2016 and 2015, respectively, which is included in interest and other investment income (loss) in the consolidated statements of operations. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Balance Sheet as of March 31, 2016 and December 31, 2015. (dollars in thousands)
The table below presents the effect of the Company’s derivative financial instruments on the Income Statement for the three months ending March 31, 2016 and 2015. (dollars in thousands)
Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company's default on the indebtedness. As of March 31, 2016, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $7.7 million. As of March 31, 2016, the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions at March 31, 2016, it could have been required to settle its obligations under the agreements at their termination value of $7.7 million.
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Restricted Cash |
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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)
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Senior Unsecured Notes |
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Senior Unsecured Notes | 7. SENIOR UNSECURED NOTES A summary of the Company’s senior unsecured notes as of March 31, 2016 and December 31, 2015 is as follows: (dollars in thousands)
(1)Includes the cost of terminated treasury lock agreements (if any), offering and other transaction costs and the discount/premium on the notes, as applicable. (2)On January 15, 2016, the Company repaid these notes at their maturity using proceeds from a new unsecured term loan and borrowings under the Company’s unsecured revolving credit facility. The terms of the Company’s senior unsecured notes include certain restrictions and covenants which require compliance with financial ratios relating to the maximum amount of debt leverage, the maximum amount of secured indebtedness, the minimum amount of debt service coverage and the maximum amount of unsecured debt as a percent of unsecured assets. The Company was in compliance with its debt covenants under the indenture relating to its senior unsecured notes as of March 31, 2016.
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Unsecured Term Loan |
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Unsecured Term Loan | 8. UNSECURED TERM LOAN On January 7, 2016, the Company obtained a new $350 million unsecured term loan, which matures in January 2019 with two one-year extension options. The interest rate for the new term loan is currently 140 basis points over LIBOR, subject to adjustment on a sliding scale based on the Operating Partnership’s unsecured debt ratings, or at the Company's option, a defined leverage ratio. The Company entered into interest rate swap arrangements to fix LIBOR for the duration of the term loan. Including costs, the current all-in fixed rate is 3.13 percent. The proceeds from the loan were used primarily to repay outstanding borrowings on the Company’s unsecured revolving credit facility and to repay the Company's $200 million, 5.8 percent senior unsecured notes that matured on January 15, 2016. The interest rate on the unsecured term loan is based upon the Operating Partnership’s unsecured debt ratings, as follows:
If the Company elected to use a defined leverage ratio, the interest rate under the unsecured term loan would be based on the following total leverage ratio grid:
The terms of the unsecured 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 Company to continue to qualify as a REIT under the Code. The Company was in compliance with its debt covenants under its unsecured term loan as of March 31, 2016.
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Unsecured Revolving Credit Facility |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured Revolving Credit Facility | 9. UNSECURED REVOLVING CREDIT FACILITY The Company has a $600 million unsecured revolving credit facility with a group of 17 lenders. The facility is expandable to $1 billion and matures in July 2017. It has two six-month extension options each requiring the payment of a 7.5 basis point fee. The interest rate on outstanding borrowings (not electing the Company’s competitive bid feature) and the facility fee on the current borrowing capacity payable quarterly in arrears are based upon the Operating Partnership’s unsecured debt ratings, as follows:
The facility has a competitive bid feature, which allows the Company to solicit bids from lenders under the facility to borrow up to $300 million at interest rates less than those above. The terms of the unsecured facility include certain restrictions and covenants which limit, among other things the incurrence of additional indebtedness, the incurrence of liens and the disposition of real estate properties (to the extent that: (i) such property dispositions cause the Company to default on any of the financial ratios of the facility described below, or (ii) the property dispositions are completed while the Company is under an event of default under the facility, unless, under certain circumstances, such disposition is being carried out to cure such default), and which require compliance with financial ratios relating to the maximum leverage ratio (60 percent), the maximum amount of secured indebtedness (40 percent), the minimum amount of fixed charge coverage (1.5 times), the maximum amount of unsecured indebtedness (60 percent), the minimum amount of unencumbered property interest coverage (2.0 times) and certain investment limitations (generally 15 percent of total capitalization). If an event of default has occurred and is continuing, the Company will not make any excess distributions except to enable the Company to continue to qualify as a REIT under the Code. The Company was in compliance with its debt covenants under its revolving credit facility as of March 31, 2016.
As of March 31, 2016 and December 31, 2015, the Company had outstanding borrowings of $90 million and $155 million, respectively, under its unsecured revolving credit facility.
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Mortgages, Loans Payable And Other Obligations |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages, Loans Payable And Other Obligations | 10. MORTGAGES, LOANS PAYABLE AND OTHER OBLIGATIONS The Company has mortgages, loans payable and other obligations which primarily consist of various loans collateralized by certain of the Company’s rental properties, land and development projects. As of March 31, 2016, 24 of the Company’s properties, with a total carrying value of approximately $853 million, and four of the Company’s land and development projects, with a total carrying value of approximately $222 million, are encumbered by the Company’s mortgages and loans payable. Payments on mortgages, loans payable and other obligations are generally due in monthly installments of principal and interest, or interest only. Except as noted below, the Company was in compliance with its debt covenants under its mortgages and loans payable as of March 31, 2016. A summary of the Company’s mortgages, loans payable and other obligations as of March 31, 2016 and December 31, 2015 is as follows: (dollars in thousands)
CASH PAID FOR INTEREST AND INTEREST CAPITALIZED Cash paid for interest for the three months ended March 31, 2016 and 2015 was $28,090,000 and $25,922,000, respectively. Interest capitalized by the Company for the three months ended March 31, 2016 and 2015 was $4,561,000 and $3,607,000, respectively (which amounts included $1,458,000 and $1,256,000 for the three months ended March 31, 2016 and 2015, respectively, of interest capitalized on the Company’s investments in unconsolidated joint ventures which were substantially in development). SUMMARY OF INDEBTEDNESS As of March 31, 2016, the Company’s total indebtedness of $2,281,147,000 (weighted average interest rate of 4.95 percent) was comprised of $197,603,000 of revolving credit facility borrowings and other variable rate mortgage debt (weighted average rate of 3.40 percent) and fixed rate debt and other obligations of $2,089,638,000 (weighted average rate of 5.10 percent). As of December 31, 2015, the Company’s total indebtedness of $2,154,920,000 (weighted average interest rate of 5.22 percent) was comprised of $292,399,000 of revolving credit facility borrowings and other variable rate mortgage debt (weighted average rate of 2.81 percent) and fixed rate debt and other obligations of $1,862,521,000 (weighted average rate of 5.60 percent).
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Employee Benefit 401(k) Plans |
3 Months Ended |
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Mar. 31, 2016 | |
Employee Benefit 401(k) Plans [Abstract] | |
Employee Benefit 401(k) Plans | 11. EMPLOYEE BENEFIT 401(k) PLANS Employees of the Company, who meet certain minimum age and service requirements, are eligible to participate in the Mack-Cali Realty Corporation 401(k) Savings/Retirement Plan (the “401(k) Plan”). Eligible employees may elect to defer from one percent up to 60 percent of their annual compensation on a pre-tax basis to the 401(k) Plan, subject to certain limitations imposed by federal law. The amounts contributed by employees are immediately vested and non-forfeitable. The Company may make discretionary matching or profit sharing contributions to the 401(k) Plan on behalf of eligible participants in any plan year. Participants are always 100 percent vested in their pre-tax contributions and will begin vesting in any matching or profit sharing contributions made on their behalf after two years of service with the Company at a rate of 20 percent per year, becoming 100 percent vested after a total of six years of service with the Company. All contributions are allocated as a percentage of compensation of the eligible participants for the Plan year. The assets of the 401(k) Plan are held in trust and a separate account is established for each participant. A participant may receive a distribution of his or her vested account balance in the 401(k) Plan in a single sum or in installment payments upon his or her termination of service with the Company. Total expense recognized by the Company for the 401(k) Plan for the three months ended March 31, 2016 and 2015 was $237,000 and zero, respectively.
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Disclosure Of Fair Value Of Assets And Liabilities |
3 Months Ended |
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Mar. 31, 2016 | |
Disclosure Of Fair Value Of Assets And Liabilities [Abstract] | |
Disclosure Of Fair Value Of Assets And Liabilities | 12. DISCLOSURE OF FAIR VALUE OF ASSETS AND LIABILITIES The following disclosure of estimated fair value was determined by management using available market information and appropriate valuation methodologies. However, considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize on disposition of the assets and liabilities at March 31, 2016 and December 31, 2015. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Cash equivalents, receivables, notes receivables, accounts payable, and accrued expenses and other liabilities are carried at amounts which reasonably approximate their fair values as of March 31, 2016 and December 31, 2015. The fair value of the Company’s long-term debt, consisting of senior unsecured notes, an unsecured term loan, an unsecured revolving credit facility and mortgages, loans payable and other obligations aggregated approximately $2,299,752,000 and $2,150,507,000 as compared to the book value of approximately $2,269,287,000 and $2,145,393,000 as of March 31, 2016 and December 31, 2015, respectively. The fair value of the Company’s long-term debt was categorized as a level 3 basis (as provided by ASC 820, Fair Value Measurements and Disclosures). The fair value was estimated using a discounted cash flow analysis valuation based on the borrowing rates currently available to the Company for loans with similar terms and maturities. The fair value of the mortgage debt and the unsecured notes was determined by discounting the future contractual interest and principal payments by a market rate. Although the Company has determined that the majority of the inputs used to value its derivative financial instruments fall within level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivative financial instruments utilize level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivative financial instruments. As a result, the Company has determined that its derivative financial instruments valuations in their entirety are classified in level 2 of the fair value hierarchy. The fair value measurements used in the evaluation of the Company’s rental properties are considered to be Level 3 valuations within the fair value hierarchy, as there are significant unobservable inputs. Examples of inputs utilized in the fair value calculations include estimated holding periods, discount rates, market capitalization rates, expected lease rental rates, and third party broker information. For rental properties identified as held for sale, fair value measurements used represent estimated fair value of properties, less selling costs, based on contract prices when available. Disclosure about fair value of assets and liabilities is based on pertinent information available to management as of March 31, 2016 and December 31, 2015. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since March 31, 2016 and current estimates of fair value may differ significantly from the amounts presented herein.
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Commitments And Contingencies |
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Commitments And Contingencies [Abstract] | ||||||||||||||||||||||||||||||||||
Commitments And Contingencies | 13. COMMITMENTS AND CONTINGENCIES TAX ABATEMENT AGREEMENTS Pursuant to agreements with certain municipalities, the Company is required to make payments in lieu of property taxes (“PILOT”) on certain of its properties and has tax abatement agreements on other properties, as follows: The Harborside Plaza 4-A agreement with the City of Jersey City, as amended, which commenced in 2002, is for a term of 20 years. The annual PILOT is equal to two percent of Total Project Costs, as defined. Total Project Costs are $49.5 million. The PILOT totaled $247,000 and $247,000 for the three months ended March 31, 2016 and 2015, respectively. The Harborside Plaza 5 agreement, also with the City of Jersey City, as amended, which commenced in 2002, is for a term of 20 years. The annual PILOT is equal to two percent of Total Project Costs, as defined. Total Project Costs are $170.9 million. The PILOT totaled $854,000 and $854,000 for the three months ended March 31, 2016 and 2015, respectively. The agreement with the City of Weehawken for its Port Imperial 4/5 garage development project has a term of five years beginning when the project is substantially complete, which occurred in the third quarter of 2013. The agreement provides that real estate taxes be paid initially on the land value of the project only and allows for a phase in of real estate taxes on the value of the improvements over a five year period. At the conclusion of the above-referenced agreements, it is expected that the properties will be assessed by the municipality and be subject to real estate taxes at the then prevailing rates. LITIGATION The Company is a defendant in litigation arising in the normal course of its business activities. Management does not believe that the ultimate resolution of these matters will have a materially adverse effect upon the Company’s financial condition taken as whole. GROUND LEASE AGREEMENTS Future minimum rental payments under the terms of all non-cancelable ground leases under which the Company is the lessee, as of March 31, 2016, are as follows: (dollars in thousands)
Ground lease expense incurred by the Company during the three months ended March 31, 2016 and 2015 amounted to $102,000 and $102,000, respectively. CONSTRUCTION PROJECTS The Company owns a 76.25 percent interest in a consolidated joint venture which is constructing a 108-unit multi-family development rental property located in Eastchester, New York (the “Eastchester Project”). The project is expected to be ready for occupancy by the second quarter of 2016. The Eastchester Project is estimated to cost a total of $50.0 million (of which development costs of $35.9 million have been incurred through March 31, 2016). The venture has a $28.8 million construction loan (with $16.1 million outstanding as of March 31, 2016). The Company expects to fund costs of approximately $20.9 million for the development of the project (of which, as of March 31, 2016, the Company has incurred $16.1 million of the development costs and estimates it will need to fund an additional $4.8 million for the completion of the project). On April 1, 2015, the Company acquired vacant land in Worcester, Massachusetts to accommodate a two-phase development of the CitySquare Project for a purchase price of $3.1 million with an additional $1.25 million to be paid (which is accrued as of March 31, 2016), subject to certain conditions, in accordance with the terms of the purchase and sale agreement. The first phase with 237 units started construction in the third quarter 2015 with anticipated initial deliveries in the second quarter 2017. The Company has a construction loan with a maximum borrowing amount of $41.5 million (with no outstanding balance as of March 31, 2016). Total development costs are estimated to be approximately $92.5 million (of which $10.6 million was incurred by the Company through March 31, 2016 and estimates it will need to fund an additional $40.4 million for the completion of the project). On October 6, 2015, the Company entered into a joint venture partnership with XS Port Imperial Hotel, LLC (“XS”) to form XS Hotel Urban Renewal Associates LLC (“XS Hotel URA”) for the development and ownership of a 364-key dual branded hotel property located in Weehawken, New Jersey (“Port Imperial Hotel”). Concurrently, the Company and XS entered into a separate joint venture partnership to form XS Hotel Associates, L.L.C. (“XS Hotel”) for the management and operations of the completed hotel development. The Company holds a 90 percent interest and XS holds the remaining 10 percent interest in the consolidated joint ventures, XS Hotel URA and XS Hotel, with the Company having full and complete authority, power, and discretion to manage and control the ventures’ business, affairs, and property. The construction of the Port Imperial Hotel is estimated to cost a total of $105.9 million. The venture has a $94 million construction loan (with no outstanding balance as of March 31, 2016). As of March 31, 2016, the Company incurred development costs of $4.7 million and estimates it will need to fund an additional $0.5 million for the completion of the project. The Company owns developable land to accommodate a multi-phase development project of approximately 1,034-unit multi-family rental property located in Malden, Massachusetts. The initial phase commenced construction of 292 units in the third quarter of 2015 (the “Chase II Project”). The Chase II project is estimated to cost a total of $74.9 million (of which the Company has incurred $26.4 million through March 31, 2016) and is expected to be ready for occupancy by second quarter of 2017. The Company has a construction loan with a maximum borrowing amount of $48 million (with no outstanding balance as of March 31, 2016). The Company estimates it will need to fund additional costs of $0.5 million for the completion of the Chase II Project. The Company owns an office property that it repurposed for residential use. The 197-unit multi-family development project, which is located in Morris Plains, New Jersey (“Signature Place Project”), is expected to be ready for occupancy by the fourth quarter of 2017. The Signature Place Project, which is estimated to cost a total of $61.4 million (of which development costs of $5.1 million have been incurred through March 31, 2016) is expected to be funded by a $42 million construction loan. The Company expects to fund costs of approximately $19.4 million for the development of the project, of which the Company has incurred $4.7 million as of March 31, 2016. The Company owns an 85 percent interest in a consolidated joint venture, which is constructing a 296-unit multi-family development rental property located in East Boston, Massachusetts (“Portside 5/6 Project”). The project is expected to be ready for occupancy by the first quarter of 2018. The Portside 5/6 Project, which is estimated to cost a total of $112.4 million (of which development costs of $8.5 million have been incurred through March 31, 2016), is expected to be funded by a $73 million construction loan. The Company expects to fund costs of approximately $33.5 million for the development of the project, of which the Company has incurred $6.2 million as of March 31, 2016. OTHER Through February 2016, the Company could not dispose of or distribute certain of its properties which were originally contributed by certain unrelated common unitholders of the Operating Partnership, without the express written consent of such common unitholders, as applicable, except in a manner which did not result in recognition of any built-in-gain (which could result in an income tax liability) or which reimbursed the appropriate specific common unitholders for the tax consequences of the recognition of such built-in-gains (collectively, the “Property Lock-Ups”). The aforementioned restrictions did not apply in the event that the Company sold all of its properties or in connection with a sale transaction which the Company’s Board of Directors determined was reasonably necessary to satisfy a material monetary default on any unsecured debt, judgment or liability of the Company or to cure any material monetary default on any mortgage secured by a property. The Property Lock-Ups expired as of February 2016. Upon the expiration of the Property Lock-Ups, the Company is generally required to use commercially reasonable efforts to prevent any sale, transfer or other disposition of the subject properties from resulting in the recognition of built-in gain to the specific common unitholders, which include members of the Mack Group (which includes William L. Mack, Chairman of the Company’s Board of Directors; David S. Mack, director; and Earle I. Mack, a former director); the Robert Martin Group (which includes Robert F. Weinberg, a former director and current member of its Advisory Board), and the Cali Group (which includes John R. Cali, a former director and current member of its Advisory Board). As of March 31, 2016, 117 of the Company’s properties, with an aggregate net book value of approximately $1.3 billion, have lapsed restrictions and are subject to these conditions.
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Tenant Leases |
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Tenant Leases [Abstract] | ||||||||||||||||||||||||||||||||||
Tenant Leases | 14. TENANT LEASES The Properties are leased to tenants under operating leases with various expiration dates through 2035. Substantially all of the commercial leases provide for annual base rents plus recoveries and escalation charges based upon the tenant’s proportionate share of and/or increases in real estate taxes and certain operating costs, as defined, and the pass‑through of charges for electrical usage. Future minimum rentals to be received under non-cancelable commercial operating leases at March 31, 2016 are as follows (dollars in thousands):
Multi-family rental property residential leases are excluded from the above table as they generally expire within one year.
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Mack-Cali Realty Corporation Stockholders' Equity |
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Mack-Cali Realty Corporation Stockholders' Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mack-Cali Realty Corporation Stockholders' Equity | 15. MACK-CALI REALTY CORPORATION STOCKHOLDERS’ EQUITY To maintain its qualification as a REIT, not more than 50 percent in value of the outstanding shares of the Company may be owned, directly or indirectly, by five or fewer individuals at any time during the last half of any taxable year of the Company, other than its initial taxable year (defined to include certain entities), applying certain constructive ownership rules. To help ensure that the Company will not fail this test, the Company’s Charter provides, among other things, certain restrictions on the transfer of common stock to prevent further concentration of stock ownership. Moreover, to evidence compliance with these requirements, the Company must maintain records that disclose the actual ownership of its outstanding common stock and demands written statements each year from the holders of record of designated percentages of its common stock requesting the disclosure of the beneficial owners of such common stock. SHARE REPURCHASE PROGRAM In September 2012, the Board of Directors renewed and authorized an increase to the Company’s repurchase program (“Repurchase Program”). The Company has authorization to repurchase up to $150 million of its outstanding common stock under the renewed Repurchase Program, which it may repurchase from time to time in open market transactions at prevailing prices or through privately negotiated transactions. The Company has purchased and retired 394,625 shares of its outstanding common stock for an aggregate cost of approximately $11 million (all of which occurred in the year ended December 31, 2012), with a remaining authorization under the Repurchase Program of $139 million.
DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN The Company has a Dividend Reinvestment and Stock Purchase Plan (the “DRIP”) which commenced in March 1999 under which approximately 5.5 million shares of the Company’s common stock have been reserved for future issuance. The DRIP provides for automatic reinvestment of all or a portion of a participant’s dividends from the Company’s shares of common stock. The DRIP also permits participants to make optional cash investments up to $5,000 a month without restriction and, if the Company waives this limit, for additional amounts subject to certain restrictions and other conditions set forth in the DRIP prospectus filed as part of the Company’s effective registration statement on Form S-3 filed with the SEC for the approximately 5.5 million shares of the Company’s common stock reserved for issuance under the DRIP. STOCK OPTION PLANS In May 2013, the Company established the 2013 Incentive Stock Plan (the “2013 Plan”) under which a total of 4,600,000 shares have been reserved for issuance. In September 2000, the Company established the 2000 Employee Stock Option Plan (“2000 Employee Plan”) and the Amended and Restated 2000 Director Stock Option Plan (“2000 Director Plan” and together with the 2000 Employee Plan, the “2000 Plans”). In May 2002, shareholders of the Company approved amendments to both of the 2000 Plans to increase the total shares reserved for issuance under both of the 2000 Plans from 2,700,000 to 4,350,000 shares of the Company’s common stock (from 2,500,000 to 4,000,000 shares under the 2000 Employee Plan and from 200,000 to 350,000 shares under the 2000 Director Plan). As the 2000 Plans expired in 2010, stock options may no longer be issued under those plans. Stock options granted under the 2000 Employee Plan became exercisable over a five-year period. All stock options granted under the 2000 Director Plan became exercisable in one year. All options were granted at the fair market value at the dates of grant and have terms of 10 years. As of March 31, 2016 and December 31, 2015, the stock options outstanding had a weighted average remaining contractual life of approximately 9.2 and 9.4 years, respectively. 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 Company’s common stock, exercisable for a period of ten years with an exercise price equal to the closing price of the Company’s common stock on the grant date of $17.31 per share, with 400,000 of such options vesting in three equal annual installments commencing on the first anniversary of the grant date (“Time Vesting Options”), and 400,000 of such options vesting if the Company’s common stock trades at or above $25.00 per share for 30 consecutive trading days while the executive is employed (“Price Vesting Options”), or on or before June 30, 2019, subject to certain conditions. Information regarding the Company’s stock option plans is summarized below:
There were no stock options exercised under all stock option plans for the three months ended March 31, 2016 and 2015, respectively. The Company has a policy of issuing new shares to satisfy stock option exercises. The Company recognized stock options expense of $183,000 and $1,000 for the three months ended March 31, 2016 and 2015, respectively. RESTRICTED STOCK AWARDS The Company has issued stock awards (“Restricted Stock Awards”) to officers, certain other employees and non-employee members of the Board of Directors of the Company, which allow the holders to each receive a certain amount of shares of the Company’s common stock generally over a one to seven-year vesting period, of which 90,090 unvested shares were legally outstanding at March 31, 2016. Vesting of the Restricted Stock Awards issued to executive officers and certain other employees is based on time and service. On June 5, 2015, in connection with the Executive Employment Agreements, the Company granted a total of 37,550.54 Restricted Stock Awards, which were valued in accordance with ASC 718 – Stock Compensation, at their fair value. These awards are scheduled to vest equally over a three-year period on each annual anniversary date of the grant date. All currently outstanding and unvested Restricted Stock Awards provided to the officers, certain other employees, and members of the Board of Directors of the Company were issued under the 2013 Plan. Information regarding the Restricted Stock Awards grant activity is summarized below:
As of March 31, 2016, the Company had $1.3 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 0.8 years. PERFORMANCE SHARE UNITS On June 5, 2015, in connection with the Executive Employment Agreements, the Company granted a total of 112,651.64 performance share units (“PSUs”) which will vest from 0 to 150 percent of the number of PSUs granted based on the Company’s total shareholder return relative to a peer group of equity office REITs over a three-year performance period starting from the grant date, each PSU evidencing the right to receive a share of the Company’s common stock upon vesting. The PSUs are also entitled to the payment of dividend equivalents in respect of vested PSUs in the form of additional PSUs. The PSUs were valued in accordance with ASC 718, Compensation - Stock Compensation, at their fair value on the grant date, utilizing a Monte-Carlo simulation to estimate the probability of the vesting conditions being satisfied. The Company has reserved shares of common stock under the 2013 Plan for issuance upon vesting of the PSUs in accordance with their terms and conditions. As of March 31, 2016, the Company had $1.1 million of total unrecognized compensation cost related to unvested PSUs granted under the Company’s stock compensation plans. That cost is expected to be recognized over a weighted average period of 2.2 years. LONG-TERM INCENTIVE PLAN AWARDS On March 8, 2016, the Company granted Long-Term Incentive Plan (“LTIP”) awards to senior management of the Company, including all of the Company’s executive officers (the “2016 LTIP Awards”). All of the 2016 LTIP Awards were in the form of units in the Operating Partnership (“LTIP Units”) and constitute awards under the 2013 Plan. For Messrs. Rudin, DeMarco and Tycher, approximately 25 percent of the target 2016 LTIP Award was in the form of a time-based award that will vest after three years on March 8, 2019 (the “2016 TBV LTIP Units”), and the remaining approximately 75 percent of the target 2016 LTIP Award was in the form of a performance-based award under a new Outperformance Plan (the “2016 OPP”) adopted by the Company’s Board of Directors consisting of a multi-year, performance-based equity compensation plan and related forms of award agreement (the “2016 PBV LTIP Units”). For all other executive officers, approximately 40 percent of the target 2016 LTIP Award was in the form of 2016 TBV LTIP Units and the remaining approximately 60 percent of the target 2016 LTIP Award was in the form of 2016 PBV LTIP Units. The 2016 OPP is designed to align the interests of senior management to relative and absolute performance of the Company over a three-year performance period from March 8, 2016 through March 7, 2019. The senior management team that received 2016 LTIP Awards includes the Company’s eight executive officers. Participants in the 2016 OPP will only earn the full awards if, over the three-year performance period, the Company achieves a 50 percent absolute total stockholder return (“TSR”) and if the Company is in the 75th percentile of performance versus the NAREIT Office Index. LTIP Units will remain subject to forfeiture depending on the extent that the 2016 LTIP Awards vest. The number of LTIP Units to be issued initially to recipients of the 2016 PBV LTIP Awards is the maximum number of LTIP Units that may be earned under the awards. The number of LTIP Units that actually vest for each award recipient will be determined at the end of the performance measurement period. TSR for the Company and for the Index over the three-year measurement period and other circumstances will determine how many LTIP Units vest for each recipient; if they are fewer than the number issued initially, the balance will be forfeited as of the performance measurement date. Prior to vesting, recipients of LTIP Units will be entitled to receive per unit distributions equal to one-tenth (10 percent) of the regular quarterly distributions payable on a common unit of limited partnership interest in the Operating Partnership (a “common unit”), but will not be entitled to receive any special distributions. Distributions with respect to the other nine-tenths (90 percent) of regular quarterly distributions payable on a common unit will accrue but shall only become payable upon vesting of the LTIP Unit. After vesting of the 2016 TBV LTIP Units or the end of the measurement period for the 2016 PBV LTIP Units, the number of LTIP Units, both vested and unvested, will be entitled to receive distributions in an amount per unit equal to distributions, both regular and special, payable on a common unit. The Company granted a total of 499,756 PBV LTIP Units and 157,617 TBV LTIP Units. The LTIP Units were valued in accordance with ASC 718 – Stock Compensation, at their fair value. The Company has reserved shares of common stock under the 2013 Plan for issuance upon vesting and conversion of the LTIP Units in accordance with their terms and conditions. As of March 31, 2016, the Company had $8.7 million of total unrecognized compensation cost related to unvested 2016 LTIP Awards granted under the Company’s stock compensation plans. That cost is expected to be recognized over a weighted average period of 3.4 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 three months ended March 31, 2016 and 2015, 4,373 and 5,002 deferred stock units were earned, respectively. As of March 31, 2016 and December 31, 2015, there were 182,463 and 178,039 deferred stock units outstanding, respectively. EARNINGS PER SHARE Basic EPS excludes dilution and is computed by dividing net income available to common shareholders by the weighted average number of shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The following information presents the Company’s results for the three months ended March 31, 2016 and 2015 in accordance with ASC 260, Earnings Per Share: (dollars in thousands, except per share amounts)
The following schedule reconciles the shares used in the basic EPS calculation to the shares used in the diluted EPS calculation: (in thousands)
Contingently issuable shares under the PSUs and Price Vesting Options were excluded from the denominator in 2016 and 2015 because the criteria had not been met for the period ended March 31, 2016. Not included in the computations of diluted EPS were 5,000 and 10,000 stock options as such securities were anti-dilutive during the periods ended March 31, 2016 and 2015, respectively. Also, not included in the computations of diluted EPS were all of the LTIP Units as such securities were anti-dilutive during the periods. Unvested restricted stock outstanding as of March 31, 2016 and 2015 were 90,090 and 103,337 shares, respectively. Dividends declared per common share for each of the three month periods ended March 31, 2016 and 2015 was $0.15 per share.
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Noncontrolling Interests In Subsidiaries |
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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 Company, and (ii) interests in consolidated joint ventures for the portion of such ventures not owned by the Company. The following table reflects the activity of noncontrolling interests for the three months ended March 31, 2016 and 2015, respectively (dollars in thousands):
Pursuant to ASC 810, Consolidation, on the accounting and reporting for noncontrolling interests and changes in ownership interests of a subsidiary, changes in a parent’s ownership interest (and transactions with noncontrolling interest unitholders in the subsidiary) while the parent retains its controlling interest in its subsidiary should be accounted for as equity transactions. The carrying value of the noncontrolling interest shall be adjusted to reflect the change in its ownership interest in the subsidiary, with the offset to equity attributable to the parent. Accordingly, as a result of equity transactions which caused changes in ownership percentages between Mack-Cali Realty Corporation stockholders’ equity and noncontrolling interests in the Operating Partnership that occurred during the three months ended March 31, 2016, the Company has decreased noncontrolling interests in the Operating Partnership and increased additional paid-in capital in Mack-Cali Realty Corporation stockholders’ equity by approximately $0.1 million as of March 31, 2016. OPERATING PARTNERSHIP Common Units Certain individuals and entities own common units in the Operating Partnership. A common unit and a share of Common Stock of the Company have substantially the same economic characteristics in as much as they effectively share equally in the net income or loss of the Operating Partnership. Common unitholders have the right to redeem their common units, subject to certain restrictions. The redemption is required to be satisfied in shares of Common Stock, cash, or a combination thereof, calculated as follows: one share of the Company’s Common Stock, or cash equal to the fair market value of a share of the Company’s Common Stock at the time of redemption, for each common unit. The Company, in its sole discretion, determines the form of redemption of common units (i.e., whether a common unitholder receives Common Stock, cash, or any combination thereof). If the Company elects to satisfy the redemption with shares of Common Stock as opposed to cash, it is obligated to issue shares of its Common Stock to the redeeming unitholder. Regardless of the rights described above, the common unitholders may not put their units for cash to the Company or the Operating Partnership under any circumstances. When a unitholder redeems a common unit, noncontrolling interest in the Operating Partnership is reduced and Mack-Cali Realty Corporation Stockholders’ equity is increased. LTIP Units On March 8, 2016, the Company granted 2016 LTIP awards to senior management of the Company, including all of the Company’s executive officers. All of the 2016 LTIP Awards will be in the form of units in the Operating Partnership. See Note 15: Mack-Cali Realty Corporation Stockholders’ Equity – 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 Company’s common stock, and are redeemable on a one-for-one basis for cash or, at the election of the Company, shares of the Company’s common stock. Unit Transactions The following table sets forth the changes in noncontrolling interests in the Operating Partnership which relate to the common units and LTIP units in the Operating Partnership for the three months ended March 31, 2016:
Noncontrolling Interest Ownership in Operating Partnership As of March 31, 2016 and December 31, 2015, the noncontrolling interest common unitholders owned 10.5 percent and 10.5 percent of the Operating Partnership, respectively. CONSOLIDATED JOINT VENTURES The Company consolidates certain joint ventures in which it has ownership interests. Various entities and/or individuals hold noncontrolling interests in these ventures. PARTICIPATION RIGHTS The Company’s interests in certain real estate projects (three properties and a future development) each provide for the initial distributions of net cash flow solely to the Company, and thereafter, other parties have participation rights in 50 percent of the excess net cash flow remaining after the distribution to the Company of the aggregate amount equal to the sum of: (a) the Company’s capital contributions, plus (b) an IRR of 10 percent per annum.
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Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | 17. SEGMENT REPORTING The Company operates in three business segments: (i) commercial and other real estate, (ii) multi-family real estate, and (iii) multi-family services. The Company provides leasing, property management, acquisition, development, construction and tenant-related services for its commercial and other real estate and multi-family real estate portfolio. The Company’s multi‑family services business also provides similar services for third parties. The Company no longer considers construction services as a reportable segment as it phased out this line of business in 2014. The Company had no revenues from foreign countries recorded for the three months ended March 31, 2016 and 2015. The Company had no long lived assets in foreign locations as of March 31, 2016 and December 31, 2015. The accounting policies of the segments are the same as those described in Note 2: Significant Accounting Policies, excluding depreciation and amortization. The Company evaluates performance based upon net operating income from the combined properties in each of its real estate segments (commercial and other, and multi-family) and from its multi-family services segment. Selected results of operations for the three months ended March 31, 2016 and 2015 and selected asset information as of March 31, 2016 and December 31, 2015 regarding the Company’s operating segments are as follows. Amounts for prior periods have been restated to conform to the current period segment reporting presentation: (dollars in thousands)
(a)Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; direct construction costs; real estate services expenses; general and administrative and interest expense (net of interest income). All interest expense, net of interest and other investment income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods. (b)Net operating income represents total revenues less total operating and interest expenses (as defined in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the period. (c)Long-lived assets are comprised of net investment in rental property, unbilled rents receivable and goodwill. (d)Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense, construction services revenue and direct construction costs) as well as intercompany eliminations necessary to reconcile to consolidated Company totals. (e)Includes $2.7 million of fees and salary reimbursements earned for this period from the multi-family real estate segment, which are eliminated in consolidation. (f)Includes $1.2 million of fees and salary reimbursements earned for this period from the multi-family real estate segment, which are eliminated in consolidation. (g)Includes $1.4 million of management fees and salary reimbursement expenses for this period from the multi-family real estate segment, which are eliminated in consolidation. (h)Includes $0.9 million of management fees and salary reimbursement expenses for this period from the multi-family real estate segment, which are eliminated in consolidation.
The following schedule reconciles net operating income to net income available to common shareholders: (dollars in thousands)
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Significant Accounting Policies (Policy) |
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Significant Accounting Policies [Abstract] | |||||||||||||
Rental Property | Rental PropertyRental properties are stated at cost less accumulated depreciation and amortization. Costs directly related to the acquisition, development and construction of rental properties are capitalized. Acquisition–related costs are expensed as incurred. Capitalized development and construction costs include pre-construction costs essential to the development of the property, development and construction costs, interest, property taxes, insurance, salaries and other project costs incurred during the period of development. Capitalized development and construction salaries and related costs approximated $0.6 million and $1.3 million for the three months ended March 31, 2016 and 2015, respectively. Included in total rental property is construction, tenant improvement and development in-progress of $144.9 million and $88.7 million as of March 31, 2016 and December 31, 2015, respectively. Ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. Fully-depreciated assets are removed from the accounts. The Company considers a construction project as substantially completed and held available for occupancy upon the substantial completion of tenant improvements, but no later than one year from cessation of major construction activity (as distinguished from activities such as routine maintenance and cleanup). If portions of a rental project are substantially completed and occupied by tenants, or held available for occupancy, and other portions have not yet reached that stage, the substantially completed portions are accounted for as a separate project. The Company allocates costs incurred between the portions under construction and the portions substantially completed and held available for occupancy, primarily based on a percentage of the relative square footage of each portion, and capitalizes only those costs associated with the portion under construction. Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows:
Upon acquisition of rental property, the Company estimates the fair value of acquired tangible assets, consisting of land, building and improvements, and identified intangible assets and liabilities assumed, generally consisting of the fair value of (i) above and below market leases, (ii) in-place leases and (iii) tenant relationships. The Company allocates the purchase price to the assets acquired and liabilities assumed based on their fair values. The Company records goodwill or a gain on bargain purchase (if any) if the net assets acquired/liabilities assumed exceed the purchase consideration of a transaction. In estimating the fair value of the tangible and intangible assets acquired, the Company considers information obtained about each property as a result of its due diligence and marketing and leasing activities, and utilizes various valuation methods, such as estimated cash flow projections utilizing appropriate discount and capitalization rates, estimates of replacement costs net of depreciation, and available market information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The capitalized above-market lease values are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases. Other intangible assets acquired include amounts for in-place lease values and tenant relationship values, which are based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the respective tenant. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. Characteristics considered by management in valuing tenant relationships include the nature and extent of the Company’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals. The value of in-place leases are amortized to expense over the remaining initial terms of the respective leases. The value of tenant relationship intangibles are amortized to expense over the anticipated life of the relationships. On a periodic basis, management assesses whether there are any indicators that the value of the Company’s rental properties held for use may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment. The criteria considered by management include reviewing low leased percentages, significant near-term lease expirations, recently acquired properties, current and historical operating and/or cash flow losses, near-term mortgage debt maturities or other factors that might impact the Company’s intent and ability to hold the property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the property is less than the carrying value of the property. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying value of the property over the fair value of the property. The Company’s estimates of aggregate future cash flows expected to be generated by each property are based on a number of assumptions. These assumptions are generally based on management’s experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and costs to operate each property. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved, and actual losses or impairments may be realized in the future.
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Rental Property Held For Sale | Rental Property Held for SaleWhen 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 net book value of the assets, a valuation allowance is established.
If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used. A property that is reclassified is measured and recorded individually at the lower of (a) its carrying value before the property was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the property been continuously classified as held and used, or (b) the fair value at the date of the subsequent decision not to sell.
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Investments In Unconsolidated Joint Ventures | Investments in Unconsolidated Joint VenturesThe Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. The Company applies the equity method by initially recording these investments at cost, as Investments in Unconsolidated Joint Ventures, subsequently adjusted for equity in earnings and cash contributions and distributions. The outside basis portion of the Company’s joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Generally, the Company would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Company has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Company only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses.
On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying 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.
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Cash And Cash Equivalents | Cash and Cash EquivalentsAll highly liquid investments with an original maturity of three months or less when purchased are considered to be cash equivalents.
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Deferred Financing Costs | Deferred Financing CostsCosts incurred in obtaining financing are capitalized and amortized over the term of the related indebtedness. Deferred financing costs are presented in the balance sheet as a direct deduction from the carrying value of the debt liability to which they relate, except deferred financing costs related to the revolving credit facility, which are presented in Deferred charges, goodwill and other assets. In all cases, amortization of such costs is included in interest expense and was $1,169,000 and $953,000 for the three months ended March 31, 2016 and 2015, respectively. If a financing obligation is extinguished early, any unamortized deferred financing costs are written off and included in gains (losses) from early extinguishment of debt. No such unamortized costs were written off for the three months ended March 31, 2016 and 2015.
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Deferred Leasing Costs | Deferred Leasing CostsCosts incurred in connection with commercial leases are capitalized and amortized on a straight-line basis over the terms of the related leases and included in depreciation and amortization. Unamortized deferred leasing costs are charged to amortization expense upon early termination of the lease. Certain employees of the Company are compensated for providing leasing services to the Properties. The portion of such compensation related to commercial leases, which is capitalized and amortized, was approximately $780,000 and $970,000 for the three months ended March 31, 2016 and 2015, respectively.
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Goodwill | GoodwillGoodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Goodwill is allocated to various reporting units, as applicable. Each of the Company’s segments consists of a reporting unit. Goodwill is not amortized. Management performs an annual impairment test for goodwill during the fourth quarter and between annual tests, management evaluates the recoverability of goodwill whenever events or changes in circumstances indicate that the carrying 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.
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Derivative Instruments | Derivative InstrumentsThe Company measures derivative instruments, including certain derivative instruments embedded in other contracts, at fair value and records them as an asset or liability, depending on the Company’s rights or obligations under the applicable derivative contract. For derivatives designated and qualifying as fair value hedges, the changes in the fair value of both the derivative instrument and the hedged item are recorded in earnings. For derivatives designated as cash flow hedges, the effective portions of the derivative are reported in other comprehensive income (“OCI”) and are subsequently reclassified into earnings when the hedged item affects earnings. Changes in fair value of derivative instruments not designated as hedging and ineffective portions of hedges are recognized in earnings in the affected period.
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Revenue Recognition | Revenue RecognitionBase rental revenue is recognized on a straight-line basis over the terms of the respective leases. Unbilled rents receivable represents the cumulative amount by which straight-line rental revenue exceeds rents currently billed in accordance with the lease agreements. Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed-rate renewal options for below-market leases. The capitalized above-market lease values for acquired properties are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed-rate renewal options of the respective leases. Escalations and recoveries from tenants are received from tenants for certain costs as provided in the lease agreements. These costs generally include real estate taxes, utilities, insurance, common area maintenance and other recoverable costs. See Note 14: Tenant Leases. 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.
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Allowance For Doubtful Accounts | Allowance for Doubtful AccountsManagement performs a detailed review of amounts due from tenants to determine if an allowance for doubtful accounts is required based on factors affecting the collectability of the accounts receivable balances. The factors considered by management in determining which individual tenant receivable balances, or aggregate receivable balances, require a collectability allowance include the age of the receivable, the tenant’s payment history, the nature of the charges, any communications regarding the charges and other related information. Management’s estimate of the allowance for doubtful accounts requires management to exercise significant judgment about the timing, frequency and severity of collection losses, which affects the allowance and net income.
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Income And Other Taxes | Income and Other TaxesThe Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”). As a REIT, the Company generally will not be subject to corporate federal income tax (including alternative minimum tax) on net income that it currently distributes to its shareholders, provided that the Company satisfies certain organizational and operational requirements including the requirement to distribute at least 90 percent of its REIT taxable income (determined by excluding any net capital gains) to its shareholders. If and to the extent the Company retains and does not distribute any net capital gains, the Company will be required to pay federal, state and local taxes on such net capital gains at the rate applicable to capital gains of a corporation. The Company has elected to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (each a “TRS”). In general, a TRS of the Company may perform additional services for tenants of the Company and generally may engage in any real estate or non-real estate related business (except for the operation or management of health care facilities or lodging facilities or the providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal income tax. The Company has conducted business through its TRS entities for certain property management, development, construction and other related services, as well as to hold a joint venture interest in a hotel and other matters. As of March 31, 2016, the Company had a deferred tax asset related to its TRS activity with a balance of approximately $23.4 million which has been fully reserved for through a valuation allowance. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax (including any applicable alternative minimum tax) on its taxable income at regular corporate tax rates. The Company is subject to certain state and local taxes. Pursuant to the amended provisions related to uncertain tax provisions of ASC 740, Income Taxes, the Company recognized no material adjustments regarding its tax accounting treatment. The Company expects to recognize interest and penalties related to uncertain tax positions, if any, as income tax expense, which is included in general and administrative expense. In the normal course of business, the Company or one of its subsidiaries is subject to examination by federal, state and local jurisdictions in which it operates, where applicable. As of March 31, 2016, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are generally from the year 2011 forward.
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Earnings Per Share | Earnings Per ShareThe Company presents both basic and diluted earnings per share (“EPS”). Basic EPS excludes dilution and is computed by dividing net income available to common shareholders by the weighted average number of shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS from continuing operations amount. Shares whose issuance is contingent upon the satisfaction of certain conditions shall be considered outstanding and included in the computation of diluted EPS as follows (i) if all necessary conditions have been satisfied by the end of the period (the events have occurred), those shares shall be included as of the beginning of the period in which the conditions were satisfied (or as of the date of the grant, if later) or (ii) if all necessary conditions have not been satisfied by the end of the period, the number of contingently issuable shares included in diluted EPS shall be based on the number of shares, if any, that would be issuable if the end of the reporting period were the end of the contingency period (for example, the number of shares that would be issuable based on current period earnings or period-end market price) and if the result would be dilutive. Those contingently issuable shares shall be included in the denominator of diluted EPS as of the beginning of the period (or as of the date of the grant, if later).
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Dividends And Distributions Payable | Dividends and Distributions PayableThe dividends and distributions payable at March 31, 2016 represents dividends payable to common shareholders (89,638,337 shares) and distributions payable to noncontrolling interest unitholders of the Operating Partnership (10,499,844 common units and 657,373 LTIP units) for all such holders of record as of April 5, 2016 with respect to the first quarter 2016. The first quarter 2016 common stock dividends and unit distributions of $0.15 per common share and unit were approved by the Board of Directors on March 8, 2016 and paid on April 15, 2016. The dividends and distributions payable at December 31, 2015 represents dividends payable to common shareholders (89,584,008 shares) and distributions payable to noncontrolling interest common unitholders of the Operating Partnership (10,516,844 common units) for all such holders of record as of January 6, 2016 with respect to the fourth quarter 2015. The fourth quarter 2015 common stock dividends and common unit distributions of $0.15 per common share and unit were approved by the Board of Directors on December 8, 2015 and paid on January 15, 2016.
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Costs Incurred For Stock Issuances | Costs Incurred For Stock IssuancesCosts incurred in connection with the Company’s stock issuances are reflected as a reduction of additional paid‑in capital.
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Stock Compensation | Stock CompensationThe Company accounts for stock compensation in accordance with the provisions of ASC 718, Compensation-Stock Compensation. These provisions require that the estimated fair value of restricted stock (“Restricted Stock Awards”), restricted stock units (“RSUs”), performance share units (“PSUs”), long-term incentive plan awards and stock options at the grant date be amortized ratably into expense over the appropriate vesting period. The Company recorded stock compensation expense of $785,000 and $313,000 for the three months ended March 31, 2016 and 2015, respectively.
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Other Comprehensive Income | Other Comprehensive IncomeOther 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.
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Fair Value Hierarchy | Fair Value HierarchyThe standard Fair Value Measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs). The following summarizes the fair value hierarchy:
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.
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Discontinued Operations | Discontinued OperationsIn April 2014, the Financial Accounting Standards Board (“FASB”) issued guidance related to the reporting of discontinued operation and disclosures of disposals of components of an entity. This guidance defines a discontinued operation as a component or group of components disposed or classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity’s operations and final result; the guidance states that a strategic shift could include a disposal of a major geographical area of operations, a major line of business, a major equity method investment or other major parts of an entity. The guidance also provides for additional disclosure requirements in connection with both discontinued operations and other dispositions not qualifying as discontinued operations. The guidance is effective for all companies for annual and interim periods beginning on or after December 15, 2014. The guidance applies prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. All entities could early adopt the guidance for new disposals (or new classifications as held for sale) that had not been reported in financial statements previously issued or available for issuance. The Company elected to early adopt this standard effective with the interim period beginning January 1, 2014. Prior to January 1, 2014, properties identified as held for sale and/or disposed of were presented in discontinued operations for all periods presented.
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Impact Of Recently-Issued Accounting Standards | Impact Of Recently-Issued Accounting StandardsIn May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09 Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2017, and early adoption is permitted for periods beginning after December 15, 2016. The Company is currently in the process of evaluating the impact the adoption of ASU 2014-09 will have on the Company’s financial position or results of operations. In August 2014, the FASB issued ASU 2014-15, which requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern, and to provide certain disclosures when it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. ASU 2014-15 is effective for the annual period ended December 31, 2016 and for annual periods and interim periods thereafter with early adoption permitted. The adoption of ASU 2014-15 is not expected to materially impact the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, modifying the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for in the same manner as operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The guidance is expected to impact the consolidated financial statements as the Company has certain operating and land lease arrangements for which it is the lessee. The guidance supersedes previously issued guidance under ASC Topic 840 “Leases.” The guidance is effective on January 1, 2019, with early adoption permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2016-02 will have on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, which eliminates a requirement for the retroactive adjustment on a step by step basis of the investment, results of operations, and retained earnings as if the equity method had been effective during all previous periods that the investment had been held when an investment qualifies for equity method accounting due to an increase in the level of ownership or degree of influence. The cost of acquiring the additional interest in the investee is to be added to the current basis of the investor’s previously held interest and the equity method of accounting should be adopted as of the date the investment becomes qualified for equity method accounting. This guidance is to be applied on a prospective basis and is effective for interim and annual periods beginning after December 15, 2016. Early adoption is permitted for financial statements that have not been previously issued. The Company is currently in the process of evaluating the impact the adoption of ASU 2016-07 will have on the Company’s consolidated financial statements.
In March 2016, the FASB issued ASU 2016-09, intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. The new guidance allows for entities to make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. In addition, the guidance allows employers to withhold shares to satisfy minimum statutory tax withholding requirements up to the employees’ maximum individual tax rate without causing the award to be classified as a liability. The guidance also stipulates that cash paid by an employer to a taxing authority when directly withholding shares for tax-withholding purposes should be classified as a financing activity on the statement of cash flows. This guidance is effective for annual reporting periods beginning after December 15, 2016, and interim periods within that reporting period. Early adoption is permitted in any interim or annual period, with any adjustments reflected as of the beginning of the fiscal year of adoption. The Company is currently in the process of evaluating the impact the adoption of ASU 2016-09 will have on the Company’s consolidated financial statements.
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Significant Accounting Policies (Tables) |
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Estimated Useful Lives Of Assets |
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Recent Transactions (Tables) |
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Schedule Of Purchase Price Allocation |
(1)In-place lease values and below market lease values will be amortized over one year or less.
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Schedule Of Real Estate Properties Sold |
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Summary Of Income From Property Held For Sale |
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Summary Of Income (Loss) From Properties Disposed |
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Investments In Unconsolidated Joint Ventures (Tables) |
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Investments In Unconsolidated Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Unconsolidated Joint Ventures |
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Summary Of Company's Equity In Earnings (Loss) Of Unconsolidated Joint Ventures |
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Summary Of Financial Position Of Unconsolidated Joint Ventures |
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Summary Of Results Of Operations Of Unconsolidated Joint Ventures |
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Deferred Charges, Goodwill And Other Assets, Net (Tables) |
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Deferred Charges, Goodwill And Other Assets, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Deferred Charges, Goodwill And Other Assets |
(1)Pursuant to recently issued accounting standards, deferred financing costs related to all other debt liabilities (other than for the revolving credit facility) are classified to net against those debt liabilities for all periods presented. See Note 2: Significant Accounting Policies – Deferred Financing Costs. (2)Includes as of March 31, 2016: a mortgage receivable for $10.4 million which bears interest at LIBOR plus six percent and matures in August 2016; and an interest-free note receivable with a net present value of $3.0 million and matures in April 2023. The Company believes these balances are fully collectible. (3)Includes as of March 31, 2016, deposits of $12.7 million for acquisitions and developments.
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Schedule Of Fair Value Of The Derivative Financial Instruments |
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Schedule Of Cash Flow Hedging, Derivative Financial Instruments On The Income Statement |
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Restricted Cash (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Cash [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Restricted Cash |
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Senior Unsecured Notes (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured Note [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Senior Unsecured Notes |
(1)Includes the cost of terminated treasury lock agreements (if any), offering and other transaction costs and the discount/premium on the notes, as applicable. (2)On January 15, 2016, the Company repaid these notes at their maturity using proceeds from a new unsecured term loan and borrowings under the Company’s unsecured revolving credit facility.
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Unsecured Term Loan (Tables) - Unsecured Term Loan [Member] |
3 Months Ended | ||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||
Schedule Of Interest Rate On Outstanding Borrowings Payable |
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Schedule Of Defined Leverage Ratio |
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Unsecured Revolving Credit Facility (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured Revolving Credit Facility [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Unsecured Credit Rating And Facility Fee |
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Mortgages, Loans Payable And Other Obligations (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured Debt [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Mortgages, Loans Payable And Other Obligations |
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Commitments And Contingencies (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | ||||||||||||||||||||||||||||||||||
Commitments And Contingencies [Abstract] | ||||||||||||||||||||||||||||||||||
Future Minimum Rental Payments Of Ground Leases |
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Tenant Leases (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | ||||||||||||||||||||||||||||||||||
Tenant Leases [Abstract] | ||||||||||||||||||||||||||||||||||
Future Minimum Rentals To Be Received Under Non-Cancelable Operating Leases |
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Mack-Cali Realty Corporation Stockholders' Equity (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mack-Cali Realty Corporation Stockholders' Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Stock Option Plans |
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Schedule Of Restricted Stock Awards |
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Schedule Of Basic And Diluted Earnings Per Share |
The following schedule reconciles the shares used in the basic EPS calculation to the shares used in the diluted EPS calculation: (in thousands)
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Noncontrolling Interests In Subsidiaries (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests In Subsidiaries [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Activity Of Noncontrolling Interests |
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Changes In Noncontrolling Interests Of Subsidiaries |
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Segment Reporting (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Segment Reporting Information, By Segment |
(a)Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; direct construction costs; real estate services expenses; general and administrative and interest expense (net of interest income). All interest expense, net of interest and other investment income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods. (b)Net operating income represents total revenues less total operating and interest expenses (as defined in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the period. (c)Long-lived assets are comprised of net investment in rental property, unbilled rents receivable and goodwill. (d)Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense, construction services revenue and direct construction costs) as well as intercompany eliminations necessary to reconcile to consolidated Company totals. (e)Includes $2.7 million of fees and salary reimbursements earned for this period from the multi-family real estate segment, which are eliminated in consolidation. (f)Includes $1.2 million of fees and salary reimbursements earned for this period from the multi-family real estate segment, which are eliminated in consolidation. (g)Includes $1.4 million of management fees and salary reimbursement expenses for this period from the multi-family real estate segment, which are eliminated in consolidation. (h)Includes $0.9 million of management fees and salary reimbursement expenses for this period from the multi-family real estate segment, which are eliminated in consolidation.
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Schedule Of Reconciliation Of Net Operating Income To Net Income Available To Common Shareholders |
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Significant Accounting Policies (Estimated Useful Lives Of Assets) (Details) |
3 Months Ended |
---|---|
Mar. 31, 2016 | |
Minimum [Member] | Buildings And Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 5 years |
Minimum [Member] | Furniture, Fixtures And Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 5 years |
Maximum [Member] | Buildings And Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 40 years |
Maximum [Member] | Furniture, Fixtures And Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 10 years |
Recent Transactions (Acquisitions) (Narrative) (Details) $ in Thousands |
3 Months Ended | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 22, 2016
USD ($)
ft²
|
Apr. 01, 2016
USD ($)
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Jan. 19, 2016
USD ($)
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Jan. 05, 2016
USD ($)
item
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Mar. 31, 2016
USD ($)
item
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Mar. 31, 2015
USD ($)
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|||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||
Purchase price of property | $ 34,603 | $ 19,658 | ||||||||||||||||
Realized gains on sale | 58,600 | $ 144 | ||||||||||||||||
Gain on change of control of interests | 10,156 | |||||||||||||||||
Mortgage loan carrying amount | $ 1,823,311 | |||||||||||||||||
Minimum [Member] | ||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||
Percentage of interest in venture | 7.50% | |||||||||||||||||
Maximum [Member] | ||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||
Percentage of interest in venture | 85.00% | |||||||||||||||||
Portside Apartment Holdings, L.L.C. [Member] | ||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||
Percentage of interest in venture | 50.00% | |||||||||||||||||
Purchase price of property | $ 38,100 | |||||||||||||||||
Portside Apartment Holdings, L.L.C. [Member] | Subsequent Event [Member] | ||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||
Percentage of interest in venture | 85.00% | |||||||||||||||||
Purchase price of property | $ 38,100 | |||||||||||||||||
Portside Master Company, L.L.C. [Member] | ||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||
Percentage of interest in venture | [1],[2],[3] | 38.25% | ||||||||||||||||
Number of units | item | [2],[3] | 175 | ||||||||||||||||
Mortgage loan carrying amount | $ 42,500 | $ 42,500 | [2],[3] | |||||||||||||||
Spread over LIBOR | [4] | 2.50% | ||||||||||||||||
Mortgage loan, maturity date | [2],[3] | Dec. 04, 2017 | ||||||||||||||||
Portside Master Company, L.L.C. [Member] | Subsequent Event [Member] | ||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||
Percentage of interest in venture | 85.00% | |||||||||||||||||
PruRose Riverwalk G, L.L.C. [Member] | ||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||
Percentage of interest in venture | [1],[3],[5] | 25.00% | ||||||||||||||||
Number of units | item | [3],[5] | 316 | ||||||||||||||||
Purchase price of property | $ 11,300 | |||||||||||||||||
Mortgage loan carrying amount | [3],[5] | $ 79,392 | ||||||||||||||||
Interest rate | [3],[5] | 6.00% | ||||||||||||||||
Percentage of additional interest acquired | 25.00% | |||||||||||||||||
Mortgage loan, maturity date | [3],[5] | Jul. 15, 2021 | ||||||||||||||||
PruRose Riverwalk G, L.L.C. [Member] | Subsequent Event [Member] | ||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||
Percentage of interest in venture | 50.00% | |||||||||||||||||
Percentage of additional interest acquired | 50.00% | |||||||||||||||||
Hoboken, New Jersey [Member] | Subsequent Event [Member] | ||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||
Area of property (in square feet) | ft² | 566,000 | |||||||||||||||||
Purchase price of property | $ 235,000 | |||||||||||||||||
Multi-Family Properties [Member] | ||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||
Number of units | item | 5,644 | |||||||||||||||||
Overlook Ridge Apartments Investors, L.L.C. [Member] | ||||||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||||||
Percentage of interest in venture | 50.00% | |||||||||||||||||
Number of units | item | 371 | |||||||||||||||||
Purchase price of property | $ 39,800 | |||||||||||||||||
Loans assumed | $ 72,500 | $ 52,700 | ||||||||||||||||
Spread over LIBOR | 3.625% | |||||||||||||||||
Mortgage loan, maturity date | Feb. 01, 2023 | |||||||||||||||||
|
Recent Transactions (Schedule Of Purchase Price Allocation) (Details) - Overlook Ridge Properties [Member] $ in Thousands |
Mar. 31, 2016
USD ($)
|
|||
---|---|---|---|---|
Business Acquisition [Line Items] | ||||
Land | $ 11,072 | |||
Buildings and improvements | 87,793 | |||
Furniture, fixtures and equipment | 1,695 | |||
In-place lease values | 4,389 | [1] | ||
Below market lease values | (489) | [1] | ||
Other assets | 237 | |||
Sub Total | 104,697 | |||
Less: Debt assumed | (52,662) | |||
Net assets recorded upon consolidation | $ 52,035 | |||
|
Recent Transactions (Summary Of Income From Property Held For Sale) (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Less - accumulated depreciation | $ (1,382,962) | $ (1,464,482) |
Rental property held for sale, net | 200,044 | |
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 | 46,883 | |
Buildings and improvements | 210,925 | |
Less - accumulated depreciation | (57,764) | |
Rental property held for sale, net | $ 200,044 |
Recent Transactions (Summary Of Income (Loss) From Properties Disposed) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Real Estate Properties [Line Items] | ||
Total revenues | $ 152,923 | $ 153,715 |
Depreciation and amortization | (43,063) | (40,802) |
Income (loss) from properties disposed of | 27,229 | 27,008 |
Realized gains on dispositions | 58,600 | 144 |
Total income (loss) from properties disposed of | 62,191 | (2,521) |
Disposal Group, Not Discontinued Operations [Member] | ||
Real Estate Properties [Line Items] | ||
Total revenues | 1,608 | 7,629 |
Operating and other expenses | (1,379) | (2,524) |
Depreciation and amortization | (2,797) | (1,685) |
Interest expense | (626) | (2,710) |
Income (loss) from properties disposed of | (3,194) | 710 |
Realized gains on dispositions | 58,600 | 144 |
Total income (loss) from properties disposed of | $ 55,406 | $ 854 |
Investments In Unconsolidated Joint Ventures (Narrative) (Details) $ in Thousands, ft² in Millions |
3 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016
USD ($)
ft²
property
item
|
Mar. 31, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
|
Oct. 06, 2015 |
||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Company's investments in unconsolidated joint ventures, net | $ 303,647 | $ 303,457 | |||||||||
Amount outstanding | 90,000 | 155,000 | |||||||||
Management, leasing, development and other services fees | 1,000 | $ 1,600 | |||||||||
Accounts receivable due from unconsolidated joint ventures | 700 | $ 800 | |||||||||
Maximum exposure to loss | 210,800 | ||||||||||
Estimated future funding commitments | 33,700 | ||||||||||
Mortgage loan | 1,823,311 | ||||||||||
Proceeds from mortgages and loans payable | $ 77,666 | $ 1,150 | |||||||||
Unconsolidated Joint Venture Office Buildings [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of properties | property | 36 | ||||||||||
Unconsolidated Joint Venture Office And Retail Buildings [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Area of property (in square feet) | ft² | 5.7 | ||||||||||
Unconsolidated Joint Venture Retail Buildings [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of properties | property | 2 | ||||||||||
Unconsolidated Joint Venture Multi-Family Properties [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of properties | property | 12 | ||||||||||
Number of units | item | 3,972 | ||||||||||
Unconsolidated Joint Venture Hotel [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of units | item | 350 | ||||||||||
Percentage of interest in venture | 90.00% | ||||||||||
Development costs | $ 4,700 | ||||||||||
Unconsolidated Joint Venture Development Projects [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of units | item | 1,074 | ||||||||||
Unconsolidated Joint Venture Land Parcels [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of units | item | 2,910 | ||||||||||
Unconsolidated Joint Ventures [Member] | Guarantee of Indebtedness of Others [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Maximum borrowing capacity | $ 492,100 | ||||||||||
Amount outstanding | 286,700 | ||||||||||
Unconsolidated Joint Ventures [Member] | Parent Company [Member] | Guarantee of Indebtedness of Others [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Maximum borrowing capacity | 66,300 | ||||||||||
Amount outstanding | $ 44,800 | ||||||||||
Minimum [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Percentage of interest in venture | 7.50% | ||||||||||
Maximum [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Percentage of interest in venture | 85.00% | ||||||||||
Variable Interest Entity [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Company's investments in unconsolidated joint ventures, net | $ 177,100 | ||||||||||
Number of VIEs | property | 5 | ||||||||||
Office [Member] | Unconsolidated Joint Venture Land Parcels [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Area of property (in square feet) | ft² | 1.4 | ||||||||||
South Pier At Harborside [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Company's investments in unconsolidated joint ventures, net | [1] | ||||||||||
Number of units | item | 350 | ||||||||||
Percentage of interest in venture | [2] | 50.00% | |||||||||
Letter of credit | $ 3,600 | ||||||||||
Mortgage loan | [3] | $ 63,384 | |||||||||
|
Investments In Unconsolidated Joint Ventures (Summary Of Unconsolidated Joint Ventures) (Details) $ in Thousands |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 01, 2016
USD ($)
|
Jun. 30, 2013
USD ($)
|
Mar. 31, 2016
USD ($)
ft²
property
item
|
Mar. 31, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | $ 303,647 | $ 303,457 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Balance | 1,823,311 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 137,030 | 135,057 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase price of property | $ 34,603 | $ 19,658 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Effective Ownership % | 7.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Effective Ownership % | 85.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marbella RoseGarden, L.L.C. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of apartments | item | [1] | 412 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Effective Ownership % | [1],[2] | 24.27% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | [1] | $ 15,486 | 15,569 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Balance | [1] | $ 95,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Maturity Date | [1] | May 01, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate | [1] | 4.99% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
RoseGarden Monaco Holdings, L.L.C. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of apartments | item | [1] | 523 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Effective Ownership % | [1],[2] | 15.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | [1] | $ 646 | 937 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Balance | [1] | $ 165,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Maturity Date | [1] | Feb. 01, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate | [1] | 4.19% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
PruRose Port Imperial South 15, L.L.C. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of apartments | item | [1] | 236 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Effective Ownership % | [1],[2] | 50.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Balance | [1] | $ 57,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Maturity Date | [1] | Sep. 01, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate | [1] | 4.32% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Rosewood Morristown, L.L.C. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of apartments | item | [3],[4] | 130 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Effective Ownership % | [2],[3],[4] | 12.50% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | [3],[4] | $ 5,741 | 5,723 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Balance | [3],[4] | $ 45,756 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate | [3],[4] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Note payable | 975 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
PruRose Riverwalk G, L.L.C. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of apartments | item | [1],[5] | 316 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Effective Ownership % | [1],[2],[5] | 25.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Balance | [1],[5] | $ 79,392 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Maturity Date | [1],[5] | Jul. 15, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate | [1],[5] | 6.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase price of property | $ 11,300 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
PruRose Riverwalk G, L.L.C. [Member] | Permanent Loan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 80,249 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
PruRose Riverwalk G, L.L.C. [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Effective Ownership % | 50.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Elmajo Urban Renewal Associates, L.L.C. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of apartments | item | [1] | 355 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Effective Ownership % | [1],[2] | 7.50% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Balance | [1] | $ 128,100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Maturity Date | [1] | Mar. 01, 2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate | [1] | 4.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Crystal House Apartments Investors LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of apartments | item | [6] | 798 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Effective Ownership % | [2],[6] | 25.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | [6] | $ 28,855 | 28,114 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Balance | [6] | $ 165,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Maturity Date | [6] | Apr. 01, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate | [6] | 3.17% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of interest in developable land | 50.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of units available for development | item | 295 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of approved units available for development | item | 252 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portside Master Company, L.L.C. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of apartments | item | [1],[7] | 175 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Effective Ownership % | [1],[2],[7] | 38.25% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Balance | $ 42,500 | $ 42,500 | [1],[7] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Maturity Date | [1],[7] | Dec. 04, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate, LIBOR | [1],[7],[8] | L+2.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | [8] | 2.50% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Portside Master Company, L.L.C. [Member] | Construction Loan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of extension options | item | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 42,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portside Master Company, L.L.C. [Member] | Construction Loan Extension Number 1 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan extension period | 2 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Extension fee | 0.125% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portside Master Company, L.L.C. [Member] | Construction Loan Extension Number 2 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan extension period | 2 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Extension fee | 0.25% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portside Master Company, L.L.C. [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Effective Ownership % | 85.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portside Apartment Holdings, L.L.C. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Effective Ownership % | 50.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase price of property | $ 38,100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portside Apartment Holdings, L.L.C. [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Effective Ownership % | 85.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase price of property | $ 38,100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
PruRose Port Imperial South 13, L.L.C. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of apartments | item | [1] | 280 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Effective Ownership % | [1],[2] | 20.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Balance | [1] | $ 70,731 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Maturity Date | [1] | Jun. 27, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate, LIBOR | [1],[9] | L+2.15 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | [9] | 2.15% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
PruRose Port Imperial South 13, L.L.C. [Member] | Construction Loan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate | 2.79% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 73,350 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | $ 1,620 | $ 69,500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
PruRose Port Imperial South 13, L.L.C. [Member] | Construction Loan Extension Number 1 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan extension period | 1 year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Extension fee | 0.25% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
PruRose Port Imperial South 13, L.L.C. [Member] | Construction Loan Extension Number 2 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan extension period | 6 months | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Roseland/Port Imperial Partners, L.P. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of apartments | item | [1],[10] | 363 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Effective Ownership % | [1],[2],[10] | 20.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | [1],[10] | $ 1,678 | 1,678 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
RoseGarden Marbella South, L.L.C. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of apartments | item | 311 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Effective Ownership % | [2] | 24.27% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | $ 17,155 | 16,728 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Balance | $ 69,681 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Maturity Date | Mar. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate, LIBOR | [11] | L+2.25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | [11] | 2.25% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
RoseGarden Marbella South, L.L.C. [Member] | Construction Loan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of extension options | item | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan extension period | 1 year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Extension fee | 0.25% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 77,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estuary Urban Renewal Unit B, LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of apartments | item | [1] | 227 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Effective Ownership % | [1],[2] | 7.50% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Balance | [1] | $ 81,900 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Maturity Date | [1] | Mar. 01, 2030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate | [1] | 4.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
RiverPark At Harrison I, L.L.C. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of apartments | item | 141 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Effective Ownership % | [2] | 45.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | $ 2,426 | 2,544 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Balance | $ 30,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Maturity Date | Aug. 01, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate | 3.70% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capitol Place Mezz LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of apartments | item | 378 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Effective Ownership % | [2] | 50.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | $ 45,500 | 46,267 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Balance | $ 100,700 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Maturity Date | Jul. 01, 2033 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate | [12] | 4.82% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Capitol Place Mezz LLC [Member] | Construction/Permanent Loan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 100,700 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Harborside Unit A Urban Renewal, LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of apartments | item | 763 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Effective Ownership % | [2] | 85.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | $ 97,615 | 96,799 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Balance | $ 92,937 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Maturity Date | Aug. 01, 2029 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate | [13] | 5.197% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Harborside Unit A Urban Renewal, LLC [Member] | Construction/Permanent Loan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 192,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
RoseGarden Monaco, L.L.C. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of apartments | item | 250 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Effective Ownership % | [2] | 41.67% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | $ 1,356 | 1,339 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Grand Jersey Waterfront Urban Renewal Associates, L.L.C. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of apartments | item | 850 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Effective Ownership % | [2] | 50.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | $ 337 | 337 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Hillsborough 206 Holdings, L.L.C. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Square feet | ft² | 160,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Effective Ownership % | [2] | 50.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | $ 1,962 | 1,962 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Plaza VIII & IX Associates, L.L.C. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Square feet | ft² | 1,225,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Effective Ownership % | [2] | 50.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | $ 4,132 | 4,055 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Red Bank Corporate Plaza, L.L.C. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Square feet | ft² | 92,878 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Effective Ownership % | [2] | 50.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | $ 4,250 | 4,140 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Balance | $ 14,950 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Maturity Date | May 17, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate | 3.99375% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate, LIBOR | [14] | L+3.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | [14] | 3.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | $ 13,650 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
12 Vreeland Associates, L.L.C. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Square feet | ft² | 139,750 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Effective Ownership % | [2] | 50.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | $ 5,974 | 5,890 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Balance | $ 12,171 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Maturity Date | Jul. 01, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate | 2.87% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
BNES Associates III [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Square feet | ft² | 106,345 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Effective Ownership % | [2] | 31.25% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | $ 2,101 | 2,295 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Balance | $ 5,973 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Maturity Date | Nov. 01, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate | 4.76% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
KPG-P 100 IMW JV, LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Square feet | ft² | 339,615 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Effective Ownership % | [2] | 33.33% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Balance | $ 61,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Maturity Date | Sep. 09, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate, LIBOR | [15] | L+7.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | [15] | 7.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of extension options | item | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan extension period | 1 year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Keystone-Penn [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Square feet | ft² | 1,842,820 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Effective Ownership % | [2],[16] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Balance | [17] | $ 228,600 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Keystone-Penn [Member] | Principal Balance Due August 27, 2023 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Balance | $ 127,600 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Maturity Date | Aug. 27, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate | 5.114% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Keystone-Penn [Member] | Principal Balance Due September 6, 2026 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Balance | $ 45,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Maturity Date | Sep. 06, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate | 5.01% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Keystone-Penn [Member] | Principal Balance Due August 27, 2016 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Balance | $ 33,825 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Maturity Date | Aug. 27, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Keystone-Penn [Member] | Principal Balance Due August 27, 2016 [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate, LIBOR | LIBOR+5.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | 5.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Keystone-Penn [Member] | Principal Balance Due August 27, 2016 [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate, LIBOR | LIBOR+5.75 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | 5.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Keystone-Penn [Member] | Principal Balance Due January 9, 2019 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Balance | $ 11,250 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Maturity Date | Jan. 09, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate, LIBOR | LIBOR+5.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | 5.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Keystone-Penn [Member] | Principal Balance Due August 31, 2016 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Balance | $ 10,425 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Maturity Date | Aug. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate, LIBOR | LIBOR+6.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Keystone-Penn [Member] | Keystone Property Group [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Internal rate of return | 15.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Keystone-Penn [Member] | Parent Company [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Internal rate of return | 10.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Keystone-TriState [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Square feet | ft² | 1,266,384 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Effective Ownership % | [2],[18] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | $ 3,480 | 3,958 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Balance | [19] | $ 212,536 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital balance in properties in which senior pari passu interest is held | $ 3,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties with senior pari passu interest | property | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Keystone-TriState [Member] | Principal Balance Due July 1, 2017 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Balance | $ 43,954 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Maturity Date | Jul. 01, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate | 5.38% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Keystone-TriState [Member] | Principal Balance Due September 9, 2017 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Balance | $ 75,882 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Maturity Date | Sep. 09, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bears interest at fixed rate range, minimum | 5.65% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bears interest at fixed rate range, maximum | 6.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Keystone-TriState [Member] | Principal Balance Due July 6, 2024 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Balance | $ 14,250 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Maturity Date | Jul. 06, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate | 4.88% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Keystone-TriState [Member] | Principal Balance Due July 6, 2044 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Balance | $ 63,400 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Maturity Date | Jul. 06, 2044 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate | 4.93% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Keystone-TriState [Member] | Principal Balance Due August 6, 2044 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Balance | $ 15,050 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Maturity Date | Aug. 06, 2044 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate | 4.71% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Keystone-TriState [Member] | Parent Company [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Internal rate of return | 10.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Keystone-TriState [Member] | Keystone Entities [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Internal rate of return | 15.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
KPG-MCG Curtis JV, LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Square feet | ft² | [20],[21] | 885,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Effective Ownership % | [2],[20],[21] | 50.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | [20],[21] | $ 62,247 | 59,858 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Balance | [20],[21] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate | [20],[21] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Roseland/North Retail, L.L.C. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Square feet | ft² | [1] | 30,745 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Effective Ownership % | [1],[2] | 20.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | [1] | $ 1,742 | 1,758 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
South Pier At Harborside [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of apartments | item | 350 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Effective Ownership % | [2] | 50.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | [22] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Balance | [23] | $ 63,384 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | $ 4,235 | 3,317 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Letter of credit | 3,600 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Pier At Harborside [Member] | 6.15% Mortgage Loan Due November 2016 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Balance | $ 59,790 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Maturity Date | Nov. 01, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate | 6.15% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Pier At Harborside [Member] | Variable Rate Loan Due August 1, 2020 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Balance | $ 3,594 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Maturity Date | Aug. 01, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bears interest at fixed rate range, minimum | 6.09% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bears interest at fixed rate range, maximum | 6.62% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Letter of credit | $ 3,600 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | [24] | $ 964 | $ 3,506 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
The Shops At 40 Park Property [Member] | Rosewood Morristown, L.L.C. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Square feet | ft² | 50,973 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Balance | $ 6,421 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Maturity Date | Aug. 01, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate | 3.63% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residual ownership interest | 12.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional borrowing capacity | $ 1,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lofts At 40 Park Property [Member] | Rosewood Morristown, L.L.C. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of apartments | item | 59 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Balance | $ 1,117 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Maturity Date | Sep. 01, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate, Spread Over LIBOR | 2.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indirect ownership interest | 25.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of stories | item | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Metropolitan Property [Member] | Rosewood Morristown, L.L.C. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Balance | $ 38,218 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Maturity Date | Sep. 01, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Debt, Interest Rate | 3.25% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Port Imperial North Land [Member] | Roseland/Port Imperial Partners, L.P. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of apartments | item | 836 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residual ownership interest | 20.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-Family Properties [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of apartments | item | 5,644 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Investments In Unconsolidated Joint Ventures (Summary Of Company's Equity In Earnings (Loss) Of Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Schedule of Equity Method Investments [Line Items] | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ (1,554) | $ (3,529) |
Marbella RoseGarden, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | 84 | 61 |
RoseGarden Monaco Holdings, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | (291) | (317) |
Rosewood Morristown, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | (81) | (94) |
PruRose Riverwalk G, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | (254) | |
Crystal House Apartments Investors LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | (112) | (10) |
Portside Master Company, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | (719) | |
PruRose Port Imperial South 13, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | (225) | |
Roseland/Port Imperial Partners, L.P. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | (184) | |
RiverPark At Harrison I, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | (28) | (173) |
Capitol Place Mezz LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | (767) | 75 |
Harborside Unit A Urban Renewal, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | (17) | |
Grand Jersey Waterfront Urban Renewal Associates, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | (60) | (19) |
Hillsborough 206 Holdings, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | (19) | |
Plaza VIII & IX Associates, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | 77 | 86 |
Red Bank Corporate Plaza, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | 101 | 110 |
12 Vreeland Associates, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | 84 | (14) |
BNES Associates III [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | (194) | 68 |
KPG-P 100 IMW JV, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | (384) | |
Keystone-TriState [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | (477) | (1,348) |
KPG-MCG Curtis JV, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | 179 | 196 |
Roseland/North Retail, L.L.C. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | (16) | (18) |
South Pier At Harborside [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | (167) | (84) |
Other [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Company's equity in earnings (loss) of unconsolidated joint ventures | $ 150 | $ (282) |
Investments In Unconsolidated Joint Ventures (Summary Of Financial Position Of Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Investments In Unconsolidated Joint Ventures [Abstract] | ||
Rental property, net | $ 1,736,842 | $ 1,781,621 |
Other assets | 294,444 | 307,000 |
Total assets | 2,031,286 | 2,088,621 |
Mortgages and loans payable | 1,279,688 | 1,298,293 |
Other liabilities | 215,552 | 215,951 |
Partners'/members' capital | 536,046 | 574,377 |
Total liabilities and partners'/members' capital | $ 2,031,286 | $ 2,088,621 |
Investments In Unconsolidated Joint Ventures (Summary Of Results Of Operations Of Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Investments In Unconsolidated Joint Ventures [Abstract] | ||
Total revenues | $ 70,122 | $ 74,477 |
Operating and other expenses | (45,561) | (57,356) |
Depreciation and amortization | (18,842) | (16,993) |
Interest expense | (14,049) | (11,334) |
Net loss | $ (8,330) | $ (11,206) |
Deferred Charges, Goodwill And Other Assets, Net (Narrative) (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Credit Risk Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net liability | $ 7,700,000 | |
Settlement obligation | 7,700,000 | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative notional amount | 350,000,000 | |
Ineffective increase to interest expense | 913,000 | |
Estimated additional amount to be reclassified to interest expense | 3,100,000 | |
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 | $ 1,000 | $ 63,000 |
Deferred Charges, Goodwill And Other Assets, Net (Schedule Of Deferred Charges, Goodwill And Other Assets) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 |
Dec. 31, 2015 |
||||||||
Deferred Charges, Goodwill And Other Assets [Line Items] | |||||||||
Deferred leasing costs | $ 237,209 | $ 239,690 | |||||||
Deferred financing costs - revolving credit facility | [1] | 5,359 | 5,394 | ||||||
Deferred charges, gross | 242,568 | 245,084 | |||||||
Accumulated amortization | (103,316) | (118,014) | |||||||
Deferred charges, net | 139,252 | 127,070 | |||||||
Notes receivable | [2] | 13,435 | 13,496 | ||||||
In-place lease values, related intangibles and other assets, net | 12,736 | 10,931 | |||||||
Goodwill | 2,945 | 2,945 | |||||||
Prepaid expenses and other assets, net | [3] | 52,629 | 49,408 | ||||||
Total deferred charges, goodwill and other assets, net | 220,997 | $ 203,850 | |||||||
Acquisition-related Costs [Member] | |||||||||
Deferred Charges, Goodwill And Other Assets [Line Items] | |||||||||
Deposits for acquisitions and developments | 12,700 | ||||||||
Mortgage Receivable [Member] | |||||||||
Deferred Charges, Goodwill And Other Assets [Line Items] | |||||||||
Notes receivable | $ 10,400 | ||||||||
Spread over LIBOR | 6.00% | ||||||||
Mortgage loan, maturity date | Aug. 01, 2016 | ||||||||
Interest-Free Notes Receivable [Member] | |||||||||
Deferred Charges, Goodwill And Other Assets [Line Items] | |||||||||
Notes receivable | $ 3,000 | ||||||||
Mortgage loan, maturity date | Apr. 01, 2023 | ||||||||
|
Deferred Charges, Goodwill And Other Assets, Net (Schedule Of Fair Value Of The Derivative Financial Instruments) (Details) - Cash Flow Hedging [Member] - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Accounts Payable, Accrued Expenses And Other Liabilities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Liability Derivatives | $ 7,253 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | Deferred Charges, Goodwill And Other Assets [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Asset Derivatives | $ 2 |
Deferred Charges, Goodwill And Other Assets, Net (Schedule Of Cash Flow Hedging, Derivative Financial Instruments On The Income Statement) (Details) - Not Designated as Hedging Instrument [Member] - Cash Flow Hedging [Member] $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2016
USD ($)
| |
Interest Expense [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | $ (847) |
Interest And Other Investment Income (Loss) [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion, Reclassification for Forecasted Transactions No Longer Probable of Occurring and Amount Excluded from Effectiveness Testing) | (913) |
Interest Rate Swap [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | $ (7,187) |
Restricted Cash (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Restricted Cash [Abstract] | ||
Security deposits | $ 8,297 | $ 7,785 |
Escrow and other reserve funds | 19,269 | 27,558 |
Total restricted cash | $ 27,566 | $ 35,343 |
Senior Unsecured Notes (Summary Of Senior Unsecured Notes) (Details) - USD ($) |
3 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 |
Dec. 31, 2015 |
|||||||
Debt Instrument [Line Items] | ||||||||
Loan balance | $ 2,269,287,000 | $ 2,145,393,000 | ||||||
Total senior unsecured notes, net | $ 2,281,147,000 | 2,154,920,000 | ||||||
5.800% Senior Unsecured Notes, Due January 15, 2016 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate of senior unsecured notes | 5.80% | |||||||
Maturity date of the senior unsecured notes | Jan. 15, 2016 | |||||||
2.500% Senior Unsecured Notes Due December 15, 2017 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate of senior unsecured notes | 2.50% | |||||||
Maturity date of the senior unsecured notes | Dec. 15, 2017 | |||||||
7.750% Senior Unsecured Notes, Due August 15, 2019 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate of senior unsecured notes | 7.75% | |||||||
Maturity date of the senior unsecured notes | Aug. 15, 2019 | |||||||
4.500% Senior Unsecured Notes Due April 18, 2022 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate of senior unsecured notes | 4.50% | |||||||
Maturity date of the senior unsecured notes | Apr. 18, 2022 | |||||||
3.150% Senior Unsecured Notes, Due May 15, 2023 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate of senior unsecured notes | 3.15% | |||||||
Maturity date of the senior unsecured notes | May 15, 2023 | |||||||
Unsecured Note [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan balance | $ 1,075,000,000 | 1,275,000,000 | ||||||
Adjustment for unamortized debt discount | (5,872,000) | (6,156,000) | ||||||
Unamortized deferred financing costs | (4,765,000) | (5,062,000) | ||||||
Total senior unsecured notes, net | 1,064,363,000 | 1,263,782,000 | ||||||
Unsecured Note [Member] | 5.800% Senior Unsecured Notes, Due January 15, 2016 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan balance | $ 200,000,000 | 200,000,000 | [1] | |||||
Effective rate | [1],[2] | 5.806% | ||||||
Interest rate of senior unsecured notes | 5.80% | |||||||
Maturity date of the senior unsecured notes | Jan. 15, 2016 | |||||||
Unsecured Note [Member] | 2.500% Senior Unsecured Notes Due December 15, 2017 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan balance | $ 250,000,000 | 250,000,000 | ||||||
Effective rate | [2] | 2.803% | ||||||
Unsecured Note [Member] | 7.750% Senior Unsecured Notes, Due August 15, 2019 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan balance | $ 250,000,000 | 250,000,000 | ||||||
Effective rate | [2] | 8.017% | ||||||
Unsecured Note [Member] | 4.500% Senior Unsecured Notes Due April 18, 2022 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan balance | $ 300,000,000 | 300,000,000 | ||||||
Effective rate | [2] | 4.612% | ||||||
Unsecured Note [Member] | 3.150% Senior Unsecured Notes, Due May 15, 2023 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan balance | $ 275,000,000 | $ 275,000,000 | ||||||
Effective rate | [2] | 3.517% | ||||||
|
Unsecured Term Loan (Narrative) (Details) |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2016
USD ($)
item
|
Dec. 31, 2015
USD ($)
|
||||
Debt Instrument [Line Items] | |||||
Unsecured term loan, net | $ 347,351,000 | ||||
Loan balance | 2,269,287,000 | $ 2,145,393,000 | |||
Unsecured Note [Member] | |||||
Debt Instrument [Line Items] | |||||
Loan balance | $ 1,075,000,000 | 1,275,000,000 | |||
Unsecured Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Loan maturity date | Jan. 01, 2019 | ||||
Number of extension options | item | 2 | ||||
Loan extension period | 1 year | ||||
Spread over LIBOR | 1.40% | ||||
Interest rate | 3.13% | ||||
Terms of the unsecured facility | The terms of the unsecured 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 Company to continue to qualify as a REIT under the Code. The Company was in compliance with its debt covenants under its unsecured term loan as of March 31, 2016. | ||||
Leverage ratio | 60.00% | ||||
Secured indebtedness | 40.00% | ||||
Fixed charge coverage ratio | item | 1.5 | ||||
Investment limitations as a percentage of total capitalization | 15.00% | ||||
Unsecured Term Loan [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Unencumbered property interest coverage | item | 2.0 | ||||
Unsecured Term Loan [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Unsecured indebtedness | 60.00% | ||||
5.800% Senior Unsecured Notes, Due January 15, 2016 [Member] | |||||
Debt Instrument [Line Items] | |||||
Loan maturity date | Jan. 15, 2016 | ||||
Interest rate | 5.80% | ||||
5.800% Senior Unsecured Notes, Due January 15, 2016 [Member] | Unsecured Note [Member] | |||||
Debt Instrument [Line Items] | |||||
Loan balance | $ 200,000,000 | $ 200,000,000 | [1] | ||
Loan maturity date | Jan. 15, 2016 | ||||
Interest rate | 5.80% | ||||
|
Unsecured Term Loan (Schedule Of Interest Rate On Outstanding Borrowings Payable) (Details) |
3 Months Ended |
---|---|
Mar. 31, 2016 | |
Unsecured Term Loan [Member] | |
Line of Credit Facility [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.40% |
No Ratings Or Less Than Baa3 [Member] | No Ratings Or Less Than BBB- [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | No ratings or less than BBB-/Baa3 |
No Ratings Or Less Than Baa3 [Member] | Unsecured Term Loan [Member] | No Ratings Or Less Than BBB- [Member] | |
Line of Credit Facility [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.85% |
Baa3 [Member] | BBB- [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB- or Baa3 (current interest rate based on Company's election) |
Baa3 [Member] | Unsecured Term Loan [Member] | BBB- [Member] | |
Line of Credit Facility [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.40% |
Baa2 [Member] | BBB [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB or Baa2 |
Baa2 [Member] | Unsecured Term Loan [Member] | BBB [Member] | |
Line of Credit Facility [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.15% |
Baa1 [Member] | BBB+ [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB+ or Baa1 |
Baa1 [Member] | Unsecured Term Loan [Member] | BBB+ [Member] | |
Line of Credit Facility [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 1.00% |
A3 Or Higher [Member] | A- Or Higher [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | A- or A3 or higher |
A3 Or Higher [Member] | Unsecured Term Loan [Member] | A- Or Higher [Member] | |
Line of Credit Facility [Line Items] | |
Interest Rate - Applicable Basis Points Above LIBOR | 0.90% |
Unsecured Term Loan (Schedule Of Defined Leverage Ratio) (Details) |
3 Months Ended |
---|---|
Mar. 31, 2016 | |
45% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Spread over LIBOR | 1.45% |
45% Unsecured Term Loan Leverage Ratio [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 45.00% |
45% And 50% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Spread over LIBOR | 1.55% |
45% And 50% Unsecured Term Loan Leverage Ratio [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 45.00% |
45% And 50% Unsecured Term Loan Leverage Ratio [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 50.00% |
50% And 55% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Spread over LIBOR | 1.65% |
50% And 55% Unsecured Term Loan Leverage Ratio [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 50.00% |
50% And 55% Unsecured Term Loan Leverage Ratio [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 55.00% |
55% Unsecured Term Loan Leverage Ratio [Member] | |
Debt Instrument [Line Items] | |
Spread over LIBOR | 1.95% |
55% Unsecured Term Loan Leverage Ratio [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Leverage ratio | 55.00% |
Unsecured Revolving Credit Facility (Narrative) (Details) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016
USD ($)
item
entity
|
Dec. 31, 2015
USD ($)
|
|
Line of Credit Facility [Line Items] | ||
Outstanding borrowings under the facility | $ 90,000 | $ 155,000 |
Unsecured Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Number of lending institutions | entity | 17 | |
Borrowing capacity under the credit facility | $ 600,000 | |
Expandable borrowing capacity under the credit facility | $ 1,000,000 | |
Credit facility maturity date | Jul. 01, 2017 | |
Number of extension options | item | 2 | |
Credit facility, extension period | 6 months | |
Line of credit facility, bid feature, current borrowing capacity | $ 300,000 | |
Terms of the unsecured facility | The terms of the unsecured facility include certain restrictions and covenants which limit, among other things the incurrence of additional indebtedness, the incurrence of liens and the disposition of real estate properties (to the extent that: (i) such property dispositions cause the Company to default on any of the financial ratios of the facility described below, or (ii) the property dispositions are completed while the Company is under an event of default under the facility, unless, under certain circumstances, such disposition is being carried out to cure such default), and which require compliance with financial ratios relating to the maximum leverage ratio (60 percent), the maximum amount of secured indebtedness (40 percent), the minimum amount of fixed charge coverage (1.5 times), the maximum amount of unsecured indebtedness (60 percent), the minimum amount of unencumbered property interest coverage (2.0 times) and certain investment limitations (generally 15 percent of total capitalization). | |
Terms of dividend restriction | If an event of default has occurred and is continuing, the Company will not make any excess distributions except to enable the Company to continue to qualify as a REIT under the Code. The Company was in compliance with its debt covenants under its revolving credit facility as of March 31, 2016. | |
Outstanding borrowings under the facility | $ 90,000 | $ 155,000 |
Unsecured Revolving Credit Facility Extension 1 [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit facility extension fee, basis points | 0.075% | |
Unsecured Revolving Credit Facility Extension 2 [Member] | ||
Line of Credit Facility [Line Items] | ||
Credit facility extension fee, basis points | 0.075% | |
Minimum [Member] | Unsecured Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Fixed charge coverage ratio | item | 1.5 | |
Unencumbered property interest coverage | item | 2.0 | |
Maximum [Member] | Unsecured Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Leverage ratio | 60.00% | |
Secured indebtedness | 40.00% | |
Unsecured indebtedness | 60.00% | |
Investment limitations as a percentage of total capitalization | 15.00% |
Unsecured Revolving Credit Facility (Change In The Operating Partnership's Unsecured Debt Ratings) (Details) |
3 Months Ended |
---|---|
Mar. 31, 2016 | |
No Ratings Or Less Than Baa3 [Member] | No Ratings Or Less Than BBB- [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | No ratings or less than BBB-/Baa3 |
Baa3 [Member] | BBB- [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB- or Baa3 (current interest rate based on Company's election) |
Baa2 [Member] | BBB [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB or Baa2 |
Baa1 [Member] | BBB+ [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB+ or Baa1 |
A3 Or Higher [Member] | A- Or Higher [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | A- or A3 or higher |
Unsecured Revolving Credit Facility [Member] | No Ratings Or Less Than Baa3 [Member] | No Ratings Or Less Than BBB- [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | No ratings or less than BBB-/Baa3 |
Interest Rate - Applicable Basis Points Above LIBOR | 1.70% |
Facility Fee Basis Points | 0.35% |
Unsecured Revolving Credit Facility [Member] | Baa3 [Member] | BBB- [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB- or Baa3 (current) |
Interest Rate - Applicable Basis Points Above LIBOR | 1.30% |
Facility Fee Basis Points | 0.30% |
Unsecured Revolving Credit Facility [Member] | Baa2 [Member] | BBB [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB or Baa2 |
Interest Rate - Applicable Basis Points Above LIBOR | 1.10% |
Facility Fee Basis Points | 0.20% |
Unsecured Revolving Credit Facility [Member] | Baa1 [Member] | BBB+ [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | BBB+ or Baa1 |
Interest Rate - Applicable Basis Points Above LIBOR | 1.00% |
Facility Fee Basis Points | 0.15% |
Unsecured Revolving Credit Facility [Member] | A3 Or Higher [Member] | A- Or Higher [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured Debt Ratings | A- or A3 or higher |
Interest Rate - Applicable Basis Points Above LIBOR | 0.925% |
Facility Fee Basis Points | 0.125% |
Mortgages, Loans Payable And Other Obligations (Narrative) (Details) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2016
USD ($)
property
|
Mar. 31, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
|
|
Debt Instrument [Line Items] | |||
Number of properties with encumbered company mortgages | property | 24 | ||
Carrying value of encumbered properties | $ 853,000,000 | ||
Cash paid for interest | 28,090,000 | $ 25,922,000 | |
Interest capitalized | 4,561,000 | 3,607,000 | |
Total indebtedness | $ 2,281,147,000 | $ 2,154,920,000 | |
Total indebtedness, weighted average interest rate | 4.95% | 5.22% | |
Projects Under Development And Developable Land [Member] | |||
Debt Instrument [Line Items] | |||
Number of properties with encumbered company mortgages | property | 4 | ||
Other Property [Member] | |||
Debt Instrument [Line Items] | |||
Carrying value of encumbered properties | $ 222,000,000 | ||
Revolving Credit Facility Borrowing And Other Variable Rate Mortgage Debt [Member] | |||
Debt Instrument [Line Items] | |||
Total indebtedness | $ 197,603,000 | $ 292,399,000 | |
Total indebtedness, weighted average interest rate | 3.40% | 2.81% | |
Fixed Rate Debt And Other Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Total indebtedness | $ 2,089,638,000 | $ 1,862,521,000 | |
Total indebtedness, weighted average interest rate | 5.10% | 5.60% | |
Unconsolidated Joint Venture [Member] | |||
Debt Instrument [Line Items] | |||
Interest capitalized | $ 1,458,000 | $ 1,256,000 |
Mortgages, Loans Payable And Other Obligations (Summary Of Mortgages, Loans Payable And Other Obligations) (Details) |
3 Months Ended | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 22, 2016
USD ($)
|
Mar. 31, 2016
USD ($)
property
item
|
Mar. 31, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
|
||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Loan balance | $ 2,269,287,000 | $ 2,145,393,000 | |||||||||||||||||||||
Repayment of mortgages, loans payable and other obligations | $ 89,712,000 | $ 25,228,000 | |||||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Percentage of interest in venture | 7.50% | ||||||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Percentage of interest in venture | 85.00% | ||||||||||||||||||||||
Secured Debt [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Loan balance | $ 772,241,000 | 731,624,000 | |||||||||||||||||||||
Adjustment for unamortized debt discount | (222,000) | (548,000) | |||||||||||||||||||||
Unamortized deferred financing costs | (4,446,000) | (4,465,000) | |||||||||||||||||||||
Total mortgages, loans payable and other obligations, net | $ 767,573,000 | 726,611,000 | |||||||||||||||||||||
Secured Debt [Member] | Port Imperial South [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Property Name | [1] | Port Imperial South | |||||||||||||||||||||
Lender | [1] | Wells Fargo Bank N.A. | |||||||||||||||||||||
LIBOR | [1],[2] | LIBOR+1.75 | |||||||||||||||||||||
Loan balance | [1] | 34,962,000 | |||||||||||||||||||||
Loan maturity date | [1] | Jan. 17, 2016 | |||||||||||||||||||||
Secured Debt [Member] | 6 Becker, 85 Livingston, 75 Livingston & 20 Waterview [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Property Name | 6 Becker, 85 Livingston, 75 Livingston & 20 Waterview | ||||||||||||||||||||||
Lender | Wells Fargo CMBS | ||||||||||||||||||||||
Effective rate | [2] | 10.26% | |||||||||||||||||||||
Loan balance | $ 63,279,000 | 63,279,000 | |||||||||||||||||||||
Loan maturity date | [3] | Aug. 11, 2014 | |||||||||||||||||||||
Number of properties used to collateralized mortgage | property | 4 | ||||||||||||||||||||||
Secured Debt [Member] | 9200 Edmonston Road [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Property Name | 9200 Edmonston Road | ||||||||||||||||||||||
Lender | Principal Commercial Funding L.L.C. | ||||||||||||||||||||||
Effective rate | [2] | 9.78% | |||||||||||||||||||||
Loan balance | $ 3,793,000 | 3,793,000 | |||||||||||||||||||||
Loan maturity date | [4] | May 01, 2015 | |||||||||||||||||||||
Secured Debt [Member] | 4 Becker [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Property Name | 4 Becker | ||||||||||||||||||||||
Lender | Wells Fargo CMBS | ||||||||||||||||||||||
Effective rate | [2] | 9.55% | |||||||||||||||||||||
Loan balance | $ 40,478,000 | 40,631,000 | |||||||||||||||||||||
Loan maturity date | May 11, 2016 | ||||||||||||||||||||||
Secured Debt [Member] | Curtis Center [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Property Name | [5] | Curtis Center | |||||||||||||||||||||
Lender | [5] | CCRE & PREFG | |||||||||||||||||||||
LIBOR | [2],[5],[6] | LIBOR+5.912 | |||||||||||||||||||||
Spread over LIBOR | [6] | 5.912% | |||||||||||||||||||||
Loan balance | [5] | $ 64,000,000 | 64,000,000 | ||||||||||||||||||||
Loan maturity date | [5] | Oct. 09, 2016 | |||||||||||||||||||||
Percentage of interest in venture | 50.00% | ||||||||||||||||||||||
Number of extension options | item | 3 | ||||||||||||||||||||||
Loan extension period | 1 year | ||||||||||||||||||||||
Deferred financing costs amortization interest rate | 1.362% | ||||||||||||||||||||||
Secured Debt [Member] | Curtis Center [Member] | Senior Loan [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Effective rate | 3.7311% | ||||||||||||||||||||||
Spread over LIBOR | 3.29% | ||||||||||||||||||||||
Loan balance | $ 102,000,000 | ||||||||||||||||||||||
Percentage of interest in venture | 50.00% | ||||||||||||||||||||||
LIBOR measurement period | 1 month | ||||||||||||||||||||||
Secured Debt [Member] | Curtis Center [Member] | Mezzanine Loan [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Effective rate | 9.937% | ||||||||||||||||||||||
Spread over LIBOR | 9.50% | ||||||||||||||||||||||
Loan balance | $ 26,000,000 | ||||||||||||||||||||||
Percentage of interest in venture | 50.00% | ||||||||||||||||||||||
Maximum borrowing capacity | $ 48,000,000 | ||||||||||||||||||||||
LIBOR measurement period | 1 month | ||||||||||||||||||||||
Secured Debt [Member] | Various [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Property Name | [7] | Various | |||||||||||||||||||||
Lender | [7] | Prudential Insurance | |||||||||||||||||||||
Effective rate | [2],[7] | 6.332% | |||||||||||||||||||||
Loan balance | [7] | $ 142,983,000 | 143,513,000 | ||||||||||||||||||||
Loan maturity date | [7] | Jan. 15, 2017 | |||||||||||||||||||||
Number of properties used to collateralized mortgage | property | 7 | ||||||||||||||||||||||
Repayment of mortgages, loans payable and other obligations | $ 61,100,000 | ||||||||||||||||||||||
Secured Debt [Member] | 150 Main St [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Property Name | [8] | 150 Main St. | |||||||||||||||||||||
Lender | [8] | Webster Bank | |||||||||||||||||||||
LIBOR | [2],[8] | LIBOR+2.35 | |||||||||||||||||||||
Loan balance | [8] | $ 16,103,000 | 10,937,000 | ||||||||||||||||||||
Loan maturity date | [8] | Mar. 30, 2017 | |||||||||||||||||||||
Secured Debt [Member] | 150 Main St [Member] | Construction Loan [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Maximum borrowing capacity | $ 28,800,000 | ||||||||||||||||||||||
Secured Debt [Member] | 23 Main Street [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Property Name | 23 Main Street | ||||||||||||||||||||||
Lender | JPMorgan CMBS | ||||||||||||||||||||||
Effective rate | [2] | 5.587% | |||||||||||||||||||||
Loan balance | $ 28,367,000 | 28,541,000 | |||||||||||||||||||||
Loan maturity date | Sep. 01, 2018 | ||||||||||||||||||||||
Secured Debt [Member] | Harborside Plaza 5 [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Property Name | Harborside Plaza 5 | ||||||||||||||||||||||
Lender | The Northwestern Mutual Life Insurance Co. & New York Life Insurance Co. | ||||||||||||||||||||||
Effective rate | [2] | 6.842% | |||||||||||||||||||||
Loan balance | $ 216,738,000 | 217,736,000 | |||||||||||||||||||||
Loan maturity date | Nov. 01, 2018 | ||||||||||||||||||||||
Secured Debt [Member] | 100 Walnut Avenue [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Property Name | 100 Walnut Avenue | ||||||||||||||||||||||
Lender | Guardian Life Insurance Co. | ||||||||||||||||||||||
Effective rate | [2] | 7.311% | |||||||||||||||||||||
Loan balance | $ 18,202,000 | 18,273,000 | |||||||||||||||||||||
Loan maturity date | Feb. 01, 2019 | ||||||||||||||||||||||
Secured Debt [Member] | One River Center [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Property Name | [7] | One River Center | |||||||||||||||||||||
Lender | [7] | Guardian Life Insurance Co. | |||||||||||||||||||||
Effective rate | [2],[7] | 7.311% | |||||||||||||||||||||
Loan balance | [7] | $ 41,698,000 | 41,859,000 | ||||||||||||||||||||
Loan maturity date | [7] | Feb. 01, 2019 | |||||||||||||||||||||
Number of properties used to collateralized mortgage | property | 3 | ||||||||||||||||||||||
Secured Debt [Member] | Park Square [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Property Name | Park Square | ||||||||||||||||||||||
Lender | Wells Fargo Bank N.A. | ||||||||||||||||||||||
LIBOR | [2],[9] | LIBOR+1.872 | |||||||||||||||||||||
Spread over LIBOR | [9] | 1.872% | |||||||||||||||||||||
Loan balance | $ 27,500,000 | 27,500,000 | |||||||||||||||||||||
Loan maturity date | Apr. 10, 2019 | ||||||||||||||||||||||
Deferred financing costs amortization interest rate | 0.122% | ||||||||||||||||||||||
Secured Debt [Member] | Port Imperial South 4/5 Retail [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Property Name | Port Imperial South 4/5 Retail | ||||||||||||||||||||||
Lender | American General Life & A/G PC | ||||||||||||||||||||||
Effective rate | [2] | 4.559% | |||||||||||||||||||||
Loan balance | $ 4,000,000 | 4,000,000 | |||||||||||||||||||||
Loan maturity date | Dec. 01, 2021 | ||||||||||||||||||||||
Secured Debt [Member] | The Chase At Overlook Ridge [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Property Name | The Chase at Overlook Ridge | ||||||||||||||||||||||
Lender | New York Community Bank | ||||||||||||||||||||||
Effective rate | [2] | 3.74% | |||||||||||||||||||||
Loan balance | $ 72,500,000 | ||||||||||||||||||||||
Loan maturity date | Feb. 01, 2023 | ||||||||||||||||||||||
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 | [2] | 4.853% | |||||||||||||||||||||
Loan balance | $ 32,600,000 | $ 32,600,000 | |||||||||||||||||||||
Loan maturity date | Dec. 01, 2029 | ||||||||||||||||||||||
Secured Debt [Member] | Subsequent Event [Member] | 6 Becker, 85 Livingston, 75 Livingston & 20 Waterview [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Repayment of mortgages, loans payable and other obligations | $ 51,500,000 | ||||||||||||||||||||||
|
Employee Benefit 401(k) Plans (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
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 | $ 237,000 | $ 0 |
Minimum [Member] | ||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||
Employer contribution vesting period | 2 years | |
Maximum [Member] | ||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||
Employer contribution vesting period | 6 years |
Disclosure Of Fair Value Of Assets And Liabilities (Narrative) (Details) - USD ($) |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Disclosure Of Fair Value Of Assets And Liabilities [Abstract] | ||
Fair value of Company's long-term debt | $ 2,299,752,000 | $ 2,150,507,000 |
Book value of Company's long-term debt | $ 2,269,287,000 | $ 2,145,393,000 |
Commitments And Contingencies (Tax Abatement Agreements) (Narrative) (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Harborside Financial Center Plaza 4-A [Member] | ||
Commitments And Contingencies [Line Items] | ||
Project period | 20 years | |
Percentage of PILOT on project costs | 2.00% | |
Total project costs | $ 49,500,000 | |
Payments in lieu of property taxes (PILOT) | $ 247,000 | $ 247,000 |
Harborside Financial Center Plaza 5 [Member] | ||
Commitments And Contingencies [Line Items] | ||
Project period | 20 years | |
Percentage of PILOT on project costs | 2.00% | |
Total project costs | $ 170,900,000 | |
Payments in lieu of property taxes (PILOT) | $ 854,000 | $ 854,000 |
Port Imperial South 4/5 Garage [Member] | ||
Commitments And Contingencies [Line Items] | ||
Project period | 5 years | |
Period of real estate taxes phase in | 5 years |
Commitments And Contingencies (Ground Lease Agreements) (Narrative) (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Commitments And Contingencies [Abstract] | ||
Ground lease expense incurred | $ 102,000 | $ 102,000 |
Commitments And Contingencies (Construction Projects) (Narrative) (Details) |
3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Oct. 06, 2015
USD ($)
item
|
Apr. 01, 2015
USD ($)
|
Mar. 31, 2016
USD ($)
item
|
Mar. 31, 2015
USD ($)
|
Mar. 31, 2016
USD ($)
item
|
Dec. 31, 2015
USD ($)
|
Sep. 30, 2015
item
|
|
Commitments And Contingencies [Line Items] | |||||||
Amount outstanding | $ 90,000,000 | $ 90,000,000 | $ 155,000,000 | ||||
Investment in unconsolidated joint ventures | 7,225,000 | $ 20,880,000 | |||||
Development of rental property | 16,131,000 | 12,519,000 | |||||
Purchase price of property | $ 34,603,000 | $ 19,658,000 | |||||
Eastchester Project [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Percentage of interest in venture | 76.25% | 76.25% | |||||
Costs of the project incurred | $ 16,100,000 | ||||||
Delivery date to tenant | second quarter of 2016 | ||||||
Number of units | item | 108 | 108 | |||||
Project costs incurred to date | $ 35,900,000 | $ 35,900,000 | |||||
Amount of project costs funded by members | 20,900,000 | 20,900,000 | |||||
Total project costs | 50,000,000 | ||||||
Amount to fund | 4,800,000 | 4,800,000 | |||||
City Square Project [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Costs of the project incurred | 10,600,000 | ||||||
Total project costs | 92,500,000 | ||||||
Purchase price of property | $ 3,100,000 | ||||||
Contingent consideration | $ 1,250,000 | ||||||
Amount to fund | 40,400,000 | $ 40,400,000 | |||||
City Square Project Phase One [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Number of units | item | 237 | ||||||
Signature Place Project [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Costs of the project incurred | $ 4,700,000 | ||||||
Number of units | item | 197 | 197 | |||||
Project costs incurred to date | $ 5,100,000 | $ 5,100,000 | |||||
Total project costs | 61,400,000 | ||||||
Amount to fund | $ 19,400,000 | $ 19,400,000 | |||||
Portside 5/6 Project [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Percentage of interest in venture | 85.00% | 85.00% | |||||
Costs of the project incurred | $ 6,200,000 | ||||||
Number of units | item | 296 | 296 | |||||
Project costs incurred to date | $ 8,500,000 | $ 8,500,000 | |||||
Total project costs | 112,400,000 | ||||||
Construction Loan [Member] | City Square Project [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Maximum borrowing capacity | 41,500,000 | 41,500,000 | |||||
Amount outstanding | 0 | 0 | |||||
Construction Loan [Member] | Signature Place Project [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Amount to fund | 42,000,000 | 42,000,000 | |||||
150 Main Street, L.L.C. [Member] | Construction Loan [Member] | Eastchester Project [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Maximum borrowing capacity | 28,800,000 | 28,800,000 | |||||
Amount outstanding | 16,100,000 | 16,100,000 | |||||
Development Property [Member] | Portside 5/6 Project [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Amount to fund | 33,500,000 | $ 33,500,000 | |||||
Development Property [Member] | Chase II Project [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Costs of the project incurred | $ 26,400,000 | ||||||
Number of units | item | 1,034 | 1,034 | |||||
Total project costs | $ 74,900,000 | ||||||
Amount to fund | $ 500,000 | $ 500,000 | |||||
Development Property [Member] | Chase II Project, Initial Phase [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Number of units | item | 292 | 292 | |||||
Development Property [Member] | Construction Loan [Member] | Chase II Project [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Maximum borrowing capacity | $ 48,000,000 | $ 48,000,000 | |||||
Amount outstanding | 0 | $ 0 | |||||
Unconsolidated Joint Venture Hotel [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Percentage of interest in venture | 90.00% | ||||||
Development costs | $ 4,700,000 | ||||||
Number of units | item | 350 | 350 | |||||
Amount to fund | $ 500,000 | $ 500,000 | |||||
Unconsolidated Joint Venture Hotel [Member] | XS Port Imperial Hotel, LLC [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Number of units | item | 364 | ||||||
Ownership percentage of third party venture | 10.00% | ||||||
Unconsolidated Joint Venture Hotel [Member] | Port Imperial Hotel [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Total project costs | $ 105,900,000 | ||||||
Unconsolidated Joint Venture Hotel [Member] | Construction Loan [Member] | Portside 5/6 Project [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Amount to fund | 73,000,000 | 73,000,000 | |||||
Unconsolidated Joint Venture Hotel [Member] | Construction Loan [Member] | Port Imperial Hotel [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Amount outstanding | $ 0 | $ 0 | |||||
Amount to fund | $ 94,000,000 |
Commitments And Contingencies (Other) (Narrative) (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2016
USD ($)
property
| |
Property Lock-Ups [Member] | |
Commitments And Contingencies [Line Items] | |
Expiration year | 2016 |
Property Lock-Ups Expired [Member] | |
Commitments And Contingencies [Line Items] | |
Number of properties | property | 117 |
Properties aggregate net book value | $ 1,300.0 |
Unconsolidated Joint Venture Hotel [Member] | |
Commitments And Contingencies [Line Items] | |
Development costs | $ 4.7 |
Commitments And Contingencies (Future Minimum Rental Payments Of Ground Leases) (Details) $ in Thousands |
Mar. 31, 2016
USD ($)
|
---|---|
Commitments And Contingencies [Abstract] | |
April 1 through December 31, 2016 | $ 290 |
2017 | 267 |
2018 | 232 |
2019 | 235 |
2020 | 235 |
2021 through 2084 | 15,348 |
Total | $ 16,607 |
Tenant Leases (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2016
USD ($)
| |
Property Subject to or Available for Operating Lease [Line Items] | |
April 1 through December 31, 2016 | $ 344,351 |
2017 | 435,004 |
2018 | 361,934 |
2019 | 299,626 |
2020 | 259,333 |
2021 and thereafter | 1,048,288 |
Total | $ 2,748,536 |
Tenant Leases [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Operating leases with various expiration dates through year | Dec. 31, 2035 |
Multi-Family Properties [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Lease period | 1 year |
Mack-Cali Realty Corporation Stockholders' Equity (Share Repurchase Program And Dividend Reinvestment And Stock Purchase Plan) (Narrative) (Details) |
3 Months Ended | 43 Months Ended |
---|---|---|
Mar. 31, 2016
USD ($)
shares
|
Mar. 31, 2016
USD ($)
shares
|
|
Stockolders Equity [Line Items] | ||
Date share repurchase program was initiated | September 2012 | |
Capacity of share repurchase program | $ 150,000,000 | $ 150,000,000 |
Shares purchased and retired | shares | 394,625 | |
Aggregate cost of stock repurchased | $ 11,000,000 | |
Capacity available for additional repurchase of outstanding common stock | $ 139,000,000 | $ 139,000,000 |
Dividend Reinvestment And Stock Purchase Plan [Member] | ||
Stockolders Equity [Line Items] | ||
Common stock reserved for future issuance | shares | 5,500,000 | 5,500,000 |
Monthly cash investment without restriction, maximum | $ 5,000 |
Mack-Cali Realty Corporation Stockholders' Equity (Stock Options Plans) (Narrative) (Details) |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Jun. 05, 2015
item
$ / shares
shares
|
Mar. 31, 2016
USD ($)
shares
|
Mar. 31, 2015
USD ($)
shares
|
Dec. 31, 2015 |
May. 31, 2013
shares
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock option terms | 10 years | ||||
Weighted average remaining contractual life | 9 years 2 months 12 days | 9 years 4 months 24 days | |||
Share price | $ / shares | $ 17.31 | ||||
Options exercised | 0 | 0 | |||
Stock options expense | $ | $ 183,000 | $ 1,000 | |||
Shares Under Options - Granted | 800,000 | ||||
Common stock trade share price | $ / shares | $ 25.00 | ||||
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 | ||||
Employee And Director Plan [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Reserved stocks for issuance | 2,700,000 | ||||
Employee And Director Plan [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Reserved stocks for issuance | 4,350,000 | ||||
2000 Employee Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Exercisable time period | 5 years | ||||
2000 Employee Plan [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Reserved stocks for issuance | 2,500,000 | ||||
2000 Employee Plan [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Reserved stocks for issuance | 4,000,000 | ||||
2000 Director Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Exercisable time period | 1 year | ||||
2000 Director Plan [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Reserved stocks for issuance | 200,000 | ||||
2000 Director Plan [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Reserved stocks for issuance | 350,000 |
Mack-Cali Realty Corporation Stockholders' Equity (Restricted Stock Awards And Performance Share Units/TSR-Based Awards) (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Jun. 05, 2015 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Mar. 31, 2015 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unvested restricted stock outstanding | 127,641 | 136,220 | ||
Shares granted | 36,870 | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unvested restricted stock outstanding | 90,090 | |||
Restricted Stock [Member] | 2013 Incentive Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 37,550.54 | |||
Performance period | 3 years | |||
Restricted Stock [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock compensation vesting period | 1 year | |||
Restricted Stock [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock compensation vesting period | 7 years | |||
Unvested Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unvested restricted stock outstanding | 90,090 | 103,337 | ||
Total Stockholder Return Based Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total unrecognized compensation cost | $ 1.3 | |||
Total unrecognized compensation cost, period of recognition | 9 months 18 days | |||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total unrecognized compensation cost | $ 1.1 | |||
Total unrecognized compensation cost, period of recognition | 2 years 2 months 12 days | |||
Performance Shares [Member] | 2013 Incentive Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted | 112,651.64 | |||
Performance period | 3 years | |||
Performance Shares [Member] | Minimum [Member] | 2013 Incentive Stock Plan [Member] | Three Years Period Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of shares vested | 0.00% | |||
Performance Shares [Member] | Maximum [Member] | 2013 Incentive Stock Plan [Member] | Three Years Period Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of shares vested | 150.00% |
Mack-Cali Realty Corporations Stockholders' Equity (Long-Term Incentive Plan Awards) (Narrative) (Details) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 08, 2016 |
Jun. 05, 2015
shares
|
Mar. 31, 2016
USD ($)
item
shares
|
|
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 | $ | $ 1.1 | ||
Total unrecognized compensation cost, period of recognition | 2 years 2 months 12 days | ||
2016 LTIP Plan Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance period | 3 years | ||
Dividends paid, percent representing common unit of limited partnership interest | 10.00% | ||
Dividends paid, percent payable upon vesting of LTIP Unit | 90.00% | ||
Total unrecognized compensation cost | $ | $ 8.7 | ||
Total unrecognized compensation cost, period of recognition | 3 years 4 months 24 days | ||
2016 TBV LTIP Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 157,617 | ||
2016 OPP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
TSR percent | 50.00% | ||
2016 PBV LTIP Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 499,756 | ||
Messieur Rudin, Messieur DeMarco, And Messieur Tycher [Member] | 2016 LTIP Plan Awards [Member] | Time-Based Award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percent of the award | 25.00% | ||
Performance period | 3 years | ||
Messieur Rudin, Messieur DeMarco, And Messieur Tycher [Member] | 2016 LTIP Plan Awards [Member] | Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Remaining percent of the award | 75.00% | ||
Other Executive Officers [Member] | 2016 LTIP Plan Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percent of the award | 40.00% | ||
Remaining percent of the award | 60.00% | ||
Executive Officers [Member] | 2016 LTIP Plan Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of senior management who received 2016 LTIP awards | item | 8 |
Mack-Cali Realty Corporation Stockholders' Equity (Deferred Stock Compensation Plan For Directors) (Narrative) (Details) - shares |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Dec. 31, 2015 |
|
Mack-Cali Realty Corporation Stockholders' Equity [Abstract] | |||
Maximum percentage of retainer fee that directors may defer | 100.00% | ||
Deferred stock units earned | 4,373 | 5,002 | |
Deferred stock units outstanding | 182,463 | 178,039 |
Mack-Cali Realty Corporation Stockholders' Equity (Earnings Per Share) (Narrative) (Details) - $ / shares |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Dec. 31, 2015 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Anti-dilutive securities excluded from the computation of earnings per share | 5,000 | 10,000 | |
Dividends declared per common share | $ 0.15 | $ 0.15 | |
Unvested restricted stock outstanding | 127,641 | 136,220 | |
Unvested Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested restricted stock outstanding | 90,090 | 103,337 |
Mack-Cali Realty Corporation Stockholders' Equity (Schedule Of Stock Option Plans) (Details) $ / shares in Units, $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2016
USD ($)
$ / shares
shares
| |
Mack-Cali Realty Corporation Stockholders' Equity [Abstract] | |
Shares Under Options - Outstanding, beginning balance | shares | 805,000 |
Shares Under Options - Outstanding, ending balance | shares | 805,000 |
Shares Under Options - Options exercisable | shares | 5,000 |
Shares Under Options - Available for grant | shares | 2,722,338 |
Weighted Average Exercise Price - Outstanding, beginning balance | $ / shares | $ 17.33 |
Weighted Average Exercise Price - Outstanding, ending balance | $ / shares | $ 17.33 |
Aggregate Intrinsic Value, Outstanding, beginning balance | $ | $ 4,843 |
Aggregate Intrinsic Value, Outstanding, ending balance | $ | $ 4,963 |
Outstanding stock option price range, lower range | $ / shares | $ 17.31 |
Outstanding stock option price range, upper range | $ / shares | $ 21.25 |
Mack-Cali Realty Corporation Stockholders' Equity (Schedule Of Restricted Stock Awards) (Details) |
3 Months Ended |
---|---|
Mar. 31, 2016
$ / shares
shares
| |
Mack-Cali Realty Corporation Stockholders' Equity [Abstract] | |
Shares, Outstanding, Beginning balance | shares | 136,220 |
Shares, Granted | shares | 36,870 |
Shares, Vested | shares | (45,449) |
Shares, Outstanding, Ending balance | shares | 127,641 |
Weighted-Average Grant-Date Fair Value, Outstanding beginning balance | $ / shares | $ 19.36 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 21.70 |
Weighted-Average Grant-Date Fair Value, Vested | $ / shares | 19.16 |
Weighted-Average Grant-Date Fair Value, Outstanding ending balance | $ / shares | $ 20.11 |
Mack-Cali Realty Corporation Stockholders' Equity (Earnings Per Share Tables - Basic Computation Of EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Mack-Cali Realty Corporation Stockholders' Equity [Abstract] | ||
Basic EPS, Net income (loss) | $ 68,769 | $ (3,325) |
Add: Noncontrolling interest in consolidated joint ventures | 706 | 490 |
Add (deduct): Noncontrolling interest in Operating Partnership | (7,284) | 314 |
Income (loss) available to common unitholders | 62,191 | (2,521) |
Net income (loss) available to common shareholders | $ 62,191 | $ (2,521) |
Weighted average common shares | 89,721 | 89,192 |
Net income available to common shareholders | $ 0.69 | $ (0.03) |
Mack-Cali Realty Corporation Stockholders' Equity (Earnings Per Share Tables - Diluted Computation Of EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Mack-Cali Realty Corporation Stockholders' Equity [Abstract] | ||
Income (loss) available to common unitholders | $ 62,191 | $ (2,521) |
Add (deduct): Noncontrolling interest in Operating Partnership | 7,284 | (314) |
Net income (loss) for diluted earnings per share | $ 69,475 | $ (2,835) |
Weighted average common shares | 100,315 | 100,266 |
Net income (loss) available to common shareholders | $ 0.69 | $ (0.03) |
Mack-Cali Realty Corporation Stockholders' Equity (Schedule Of Reconciliation Of Shares Used In Basic EPS Calculation To Shares Used In Diluted EPS Calculation) (Details) - shares shares in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Mack-Cali Realty Corporation Stockholders' Equity [Abstract] | ||
Basic EPS shares | 89,721 | 89,192 |
Add: Operating Partnership - common units | 10,509 | 11,074 |
Restricted Stock Awards | 56 | |
Stock Options | 29 | |
Diluted EPS Shares | 100,315 | 100,266 |
Noncontrolling Interests In Subsidiaries (Narrative) (Details) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2016
USD ($)
property
shares
|
Dec. 31, 2015 |
|
Noncontrolling Interest [Line Items] | ||
Number of common shares received upon redemption of common units | shares | 1 | |
Rebalance of ownership percentage | $ | $ (0.1) | |
Percentage of noncontrolling interest | 10.50% | 10.50% |
Participation Rights [Member] | ||
Noncontrolling Interest [Line Items] | ||
Number of properties | 3 | |
Excess net cash flow remaining after the distribution to the Company | 50.00% | |
Internal rate of return | 10.00% | |
Future Developments [Member] | Participation Rights [Member] | ||
Noncontrolling Interest [Line Items] | ||
Number of properties | 1 |
Noncontrolling Interests In Subsidiaries (Schedule Of Activity Of Noncontrolling Interests) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Noncontrolling Interest [Line Items] | ||
Balance, value | $ 228,032 | |
Unit distributions | (1,601) | |
Increase in noncontrolling interest in consolidated joint ventures | 997 | |
Other comprehensive income (loss) | (6,340) | |
Balance, value | 233,120 | |
Noncontrolling Interests In Subsidiaries [Member] | ||
Noncontrolling Interest [Line Items] | ||
Balance, value | 228,032 | $ 257,230 |
Net income (loss) | 6,578 | (804) |
Unit distributions | (1,601) | (1,656) |
Increase in noncontrolling interest in consolidated joint ventures | 997 | 94 |
Redemption of common units for common stock | (276) | (857) |
Stock compensation | 173 | |
Other comprehensive income (loss) | (665) | |
Rebalancing of ownership percentage between parent and subsidiaries | (118) | 45 |
Balance, value | $ 233,120 | $ 254,052 |
Noncontrolling Interests In Subsidiaries (Changes In Noncontrolling Interests Of Subsidiaries) (Details) |
3 Months Ended |
---|---|
Mar. 31, 2016
shares
| |
Noncontrolling Interests In Subsidiaries [Abstract] | |
Balance, Beginning, Common Units | 10,516,844 |
Redemption of common units for shares of common stock | (17,000) |
Balance, Ending, Common Units | 10,499,844 |
Granted, LTIP Units | 657,373 |
Balance, Ending, LTIP Units | 657,373 |
Segment Reporting (Narrative) (Details) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2016
USD ($)
segment
|
Mar. 31, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
|
|
Segment Reporting Information [Line Items] | |||
Number of business segments | segment | 3 | ||
Foreign Locations [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 0 | $ 0 | |
Long lived assets | $ 0 | $ 0 |
Segment Reporting (Selected Results Of Operations And Asset Information) (Details) - USD ($) $ in Thousands |
3 Months Ended | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Dec. 31, 2015 |
||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Total revenues | $ 152,923 | $ 153,715 | ||||||||||||||||||||
Total operating and interest expenses | [1] | 108,293 | 112,853 | |||||||||||||||||||
Equity in earnings (loss) of unconsolidated joint ventures | (1,554) | (3,529) | ||||||||||||||||||||
Net operating income (loss) | [2] | 43,076 | 37,333 | |||||||||||||||||||
Total assets | 4,228,450 | $ 4,053,963 | ||||||||||||||||||||
Total long-lived assets | [3] | 3,553,253 | 3,466,427 | |||||||||||||||||||
Total investments in unconsolidated joint ventures | 303,647 | 303,457 | ||||||||||||||||||||
Corporate & Other, Including Eliminations [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Total revenues | [4] | (1,742) | (860) | |||||||||||||||||||
Total operating and interest expenses | [1],[4] | 26,103 | 27,679 | |||||||||||||||||||
Net operating income (loss) | [2],[4] | (27,845) | (28,539) | |||||||||||||||||||
Total assets | [4] | 125,120 | 41,535 | |||||||||||||||||||
Total long-lived assets | [3],[4] | (2,649) | (1,531) | |||||||||||||||||||
Real Estate - Commercial And Other [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Total revenues | 136,952 | 139,759 | ||||||||||||||||||||
Total operating and interest expenses | [1] | 65,955 | 72,198 | |||||||||||||||||||
Equity in earnings (loss) of unconsolidated joint ventures | (1,926) | (1,368) | ||||||||||||||||||||
Net operating income (loss) | [2] | 69,071 | 66,193 | |||||||||||||||||||
Total assets | 3,136,311 | 3,166,577 | ||||||||||||||||||||
Total long-lived assets | [3] | 2,848,674 | 2,886,583 | |||||||||||||||||||
Total investments in unconsolidated joint ventures | 78,052 | 76,140 | ||||||||||||||||||||
Real Estate - Multi Family [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Total revenues | 8,986 | 6,584 | ||||||||||||||||||||
Total operating and interest expenses | [1] | 5,415 | 3,321 | |||||||||||||||||||
Equity in earnings (loss) of unconsolidated joint ventures | (1,231) | (2,161) | ||||||||||||||||||||
Net operating income (loss) | [2] | 2,340 | 1,102 | |||||||||||||||||||
Total assets | 955,980 | 836,020 | ||||||||||||||||||||
Total long-lived assets | [3] | 703,605 | 577,705 | |||||||||||||||||||
Total investments in unconsolidated joint ventures | 224,631 | 225,850 | ||||||||||||||||||||
Multi Family Services [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Total revenues | 8,727 | [5] | 8,232 | [6] | ||||||||||||||||||
Total operating and interest expenses | [1] | 10,820 | [7] | 9,655 | [8] | |||||||||||||||||
Equity in earnings (loss) of unconsolidated joint ventures | 1,603 | |||||||||||||||||||||
Net operating income (loss) | [2] | (490) | (1,423) | |||||||||||||||||||
Total assets | 11,039 | 9,831 | ||||||||||||||||||||
Total long-lived assets | [3] | 3,623 | 3,670 | |||||||||||||||||||
Total investments in unconsolidated joint ventures | 964 | $ 1,467 | ||||||||||||||||||||
Fee revenue | 2,700 | 1,200 | ||||||||||||||||||||
Management fee and salary reimbursement expenses | $ 1,400 | $ 900 | ||||||||||||||||||||
|
Segment Reporting (Schedule Of Reconciliation Of Net Operating Income To Income From Continuing Operations) (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|||
Segment Reporting [Abstract] | ||||
Net operating income | [1] | $ 43,076 | $ 37,333 | |
Depreciation and amortization | (43,063) | (40,802) | ||
Gain on change of control of interests | 10,156 | |||
Realized gains on disposition of rental property, net | 58,600 | 144 | ||
Net income (loss) | 68,769 | (3,325) | ||
Noncontrolling interest in consolidated joint ventures | 706 | 490 | ||
Noncontrolling interest in Operating Partnership | (7,284) | 314 | ||
Net income (loss) available to common shareholders | $ 62,191 | $ (2,521) | ||
|
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