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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 1-13274 Mack-Cali Realty Corporation
Commission File Number: 333-57103 Mack-Cali Realty, L.P.
Mack-Cali Realty Corporation
Mack-Cali Realty, L.P.
(Exact name of registrant as specified in its charter)
| | |
Maryland (Mack-Cali Realty Corporation) | | 22-3305147 (Mack-Cali Realty Corporation) |
Delaware (Mack-Cali Realty, L.P.) | | 22-3315804 (Mack-Cali Realty, L.P.) |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
| | |
Harborside 3, 210 Hudson St., Ste. 400, Jersey City, New Jersey | | 07311 |
(Address of principal executive offices) | | (Zip Code) |
(732) 590-1010
(Registrant’s telephone number, including area code)
| | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, par value $0.01 per share | CLI | New York Stock Exchange |
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.
| |
Mack-Cali Realty Corporation | YES NO |
Mack-Cali Realty, L.P. | YES NO |
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files).
| |
Mack-Cali Realty Corporation | YES NO |
Mack-Cali Realty, L.P. | YES 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.
Mack-Cali Realty Corporation:
| | | | |
Large accelerated filer | Accelerated filer | Non-accelerated filer | Smaller reporting company | Emerging Growth Company |
Mack-Cali Realty, L.P.:
| | | | |
Large accelerated filer | Accelerated filer | Non-accelerated filer | Smaller reporting company | Emerging Growth Company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Mack-Cali Realty Corporation
Mack-Cali Realty, L.P.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
| |
Mack-Cali Realty Corporation | YES NO |
Mack-Cali Realty, L.P. | YES NO |
As of October 28, 2019, there were 90,552,459 shares of Mack-Cali Realty Corporation’s Common Stock, par value $0.01 per share, outstanding.
Mack-Cali Realty, L.P. does not have any class of common equity that is registered pursuant to Section 12 of the Exchange Act.
EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the period ended September 30, 2019 of Mack-Cali Realty Corporation and Mack-Cali Realty, L.P. Unless stated otherwise or the context otherwise requires, references to the “Operating Partnership” mean Mack-Cali Realty, L.P., a Delaware limited partnership, and references to the “General Partner” mean Mack-Cali Realty Corporation, a Maryland corporation and real estate investment trust (“REIT”), and its subsidiaries, including the Operating Partnership. References to the “Company,” “we,” “us” and “our” mean collectively the General Partner, the Operating Partnership and those entities/subsidiaries consolidated by the General Partner.
The Operating Partnership conducts the business of providing leasing, management, acquisition, development, construction and tenant-related services for its General Partner. The Operating Partnership, through its operating divisions and subsidiaries, including the Mack-Cali property-owning partnerships and limited liability companies is the entity through which all of the General Partner’s operations are conducted. The General Partner is the sole general partner of the Operating Partnership and has exclusive control of the Operating Partnership’s day-to-day management.
As of September 30, 2019, the General Partner owned an approximate 90.1 percent common unit interest in the Operating Partnership. The remaining approximate 9.9 percent common unit interest is owned by limited partners. The limited partners of the Operating Partnership are (1) persons who contributed their interests in properties to the Operating Partnership in exchange for common units (each, a “Common Unit”) or preferred units of limited partnership interest in the Operating Partnership or (2) recipients of long term incentive plan units of the Operating Partnership pursuant to the General Partner’s executive compensation plans.
A Common Unit of the Operating Partnership and a share of common stock of the General Partner (the “Common Stock”) have substantially the same economic characteristics in as much as they effectively share equally in the net income or loss of the Company. The General Partner owns a number of common units of the Operating Partnership equal to the number of issued and outstanding shares of the General Partner’s common stock. Common unitholders (other than the General Partner) have the right to redeem their Common Units, subject to certain restrictions under the Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership, as amended (the “Partnership Agreement”) and agreed upon at the time of issuance of the units that may restrict such right for a period of time, generally one year from issuance. The redemption is required to be satisfied in shares of Common Stock of the General Partner, cash, or a combination thereof, calculated as follows: one share of the General Partner’s Common Stock, or cash equal to the fair market value of a share of the General Partner’s Common Stock at the time of redemption, for each Common Unit. The General Partner, in its sole discretion, determines the form of redemption of Common Units (i.e., whether a common unitholder receives Common Stock of the General Partner, cash, or any combination thereof). If the General Partner elects to satisfy the redemption with shares of Common Stock of the General Partner as opposed to cash, the General Partner 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 General Partner under any circumstances. With each such redemption, the General Partner’s percentage ownership in the Operating Partnership will increase. In addition, whenever the General Partner issues shares of its Common Stock other than to acquire Common Units, the General Partner must contribute any net proceeds it receives to the Operating Partnership and the Operating Partnership must issue to the General Partner an equivalent number of Common Units. This structure is commonly referred to as an umbrella partnership REIT, or UPREIT.
The Company believes that combining the quarterly reports on Form 10-Q of the General Partner and the Operating Partnership into this single report provides the following benefits:
enhance investors’ understanding of the General Partner and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business of the Company;
eliminate duplicative disclosure and provide a more streamlined and readable presentation because a substantial portion of the disclosure applies to both the General Partner and the Operating Partnership; and
create time and cost efficiencies through the preparation of one combined report instead of two separate reports.
The Company believes it is important to understand the few differences between the General Partner and the Operating Partnership in the context of how they operate as a consolidated company. The financial results of the Operating Partnership are consolidated into the financial statements of the General Partner. The General Partner does not have any other significant assets, liabilities or operations, other than its interests in the Operating Partnership, nor does the Operating Partnership have employees of its own. The Operating Partnership, not the General Partner, generally executes all significant business relationships other than transactions involving the securities of the General Partner. The Operating Partnership holds substantially all of the assets of the General Partner, including ownership interests in joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from equity offerings by the General Partner, which are contributed to the
capital of the Operating Partnership in consideration of common or preferred units in the Operating Partnership, as applicable, the Operating Partnership generates all remaining capital required by the Company’s business. These sources include working capital, net cash provided by operating activities, borrowings under the Company’s unsecured revolving credit facility and unsecured term loan facilities, the issuance of secured and unsecured debt and equity securities and proceeds received from the disposition of properties and joint ventures.
Shareholders’ equity, partners’ capital and noncontrolling interests are the main areas of difference between the consolidated financial statements of the General Partner and the Operating Partnership. The limited partners of the Operating Partnership are accounted for as partners’ capital in the Operating Partnership’s financial statements as is the General Partner’s interest in the Operating Partnership. The noncontrolling interests in the Operating Partnership’s financial statements comprise the interests of unaffiliated partners in various consolidated partnerships and development joint venture partners. The noncontrolling interests in the General Partner’s financial statements are the same noncontrolling interests at the Operating Partnership’s level and include limited partners of the Operating Partnership. The differences between shareholders’ equity and partners’ capital result from differences in the equity issued at the General Partner and Operating Partnership levels.
To help investors better understand the key differences between the General Partner and the Operating Partnership, certain information for the General Partner and the Operating Partnership in this report has been separated, as set forth below:
Item 1. Financial Statements (unaudited), which includes the following specific disclosures for Mack-Cali Realty Corporation and Mack-Cali Realty, L.P.:
Note 2. Significant Accounting Policies, where applicable;
Note 14. Redeemable Noncontrolling Interests;
Note 15. Mack-Cali Realty Corporation’s Stockholders’ Equity and Mack-Cali Realty, L.P.’s Partners’ Capital;
Note 16. Noncontrolling Interests in Subsidiaries; and
Note 17. Segment Reporting, where applicable.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations includes information specific to each entity, where applicable.
This report also includes separate Part I, Item 4. Controls and Procedures sections and separate Exhibits 31 and 32 certifications for each of the General Partner and the Operating Partnership in order to establish that the requisite certifications have been made and that the General Partner and Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934 and 18 U.S.C. §1350.
MACK-CALI REALTY CORPORATION
MACK-CALI REALTY, L.P.
FORM 10-Q
INDEX
| | | |
| | Page |
Part I | Financial Information | |
| Item 1. | Financial Statements (unaudited): | |
| | Mack-Cali Realty Corporation | |
| | Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018 | 6 |
| | Consolidated Statements of Operations for the three and nine months ended September 30, 2019 and 2018 | 7 |
| | Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2019 and 2018 | 8 |
| | Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2019 and 2018 | 9 |
| | Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018 | 11 |
| | Mack-Cali Realty, L.P. | |
| | Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018 | 12 |
| | Consolidated Statements of Operations for the three and nine months ended September 30, 2019 and 2018 | 13 |
| | Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2019 and 2018 | 14 |
| | Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2019 and 2018 | 15 |
| | Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018 | 17 |
| | Mack-Cali Realty Corporation and Mack-Cali Realty, L.P. | |
| | Notes to Consolidated Financial Statements | 18 |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 62 |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 88 |
| Item 4. | Controls and Procedures | 88 |
Part II | Other Information | |
| | Mack-Cali Realty Corporation and Mack-Cali Realty, L.P. | |
| Item 1. | Legal Proceedings | 89 |
| Item 1A. | Risk Factors | 89 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 89 |
| Item 3. | Defaults Upon Senior Securities | 89 |
| Item 4. | Mine Safety Disclosures | 89 |
| Item 5. | Other Information | 89 |
| Item 6. | Exhibits | 89 |
Exhibit Index | | 90 |
Signatures | | 101 |
MACK-CALI REALTY CORPORATION
MACK-CALI REALTY, L.P.
Part I – Financial Information
Item 1. Financial Statements
The accompanying unaudited consolidated balance sheets, statements of operations, of comprehensive income, of changes in equity, and of cash flows and related notes thereto, have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. The financial statements reflect all adjustments consisting only of normal, recurring adjustments, which are, in the opinion of management, necessary for a fair statement for the interim periods.
The aforementioned financial statements should be read in conjunction with the notes to the aforementioned financial statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations and the financial statements and notes thereto included in Mack-Cali Realty Corporation’s and Mack-Cali Realty, L.P.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018.
The results of operations for the three and nine-month periods ended September 30, 2019 are not necessarily indicative of the results to be expected for the entire fiscal year or any other period.
MACK-CALI REALTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) (unaudited)
| | | | | |
| | | | | |
| | September 30, | | | December 31, |
ASSETS | | 2019 | | | 2018 |
Rental property | | | | | |
Land and leasehold interests | $ | 881,665 | | $ | 807,236 |
Buildings and improvements | | 4,361,766 | | | 4,109,797 |
Tenant improvements | | 283,933 | | | 335,266 |
Furniture, fixtures and equipment | | 72,645 | | | 53,718 |
| | 5,600,009 | | | 5,306,017 |
Less – accumulated depreciation and amortization | | (896,777) | | | (1,097,868) |
| | 4,703,232 | | | 4,208,149 |
Rental property held for sale, net | | 384,138 | | | 108,848 |
Net investment in rental property | | 5,087,370 | | | 4,316,997 |
Cash and cash equivalents | | 34,768 | | | 29,633 |
Restricted cash | | 19,635 | | | 19,921 |
Investments in unconsolidated joint ventures | | 213,499 | | | 232,750 |
Unbilled rents receivable, net | | 96,238 | | | 100,737 |
Deferred charges, goodwill and other assets, net | | 261,175 | | | 355,234 |
Accounts receivable, net of allowance for doubtful accounts | | | | | |
of $1,401 and $1,108 | | 8,250 | | | 5,372 |
| | | | | |
Total assets | $ | 5,720,935 | | $ | 5,060,644 |
| | | | | |
LIABILITIES AND EQUITY | | | | | |
Senior unsecured notes, net | $ | 571,191 | | $ | 570,314 |
Unsecured revolving credit facility and term loans | | 487,736 | | | 790,939 |
Mortgages, loans payable and other obligations, net | | 2,092,632 | | | 1,431,398 |
Dividends and distributions payable | | 22,051 | | | 21,877 |
Accounts payable, accrued expenses and other liabilities | | 199,203 | | | 168,115 |
Rents received in advance and security deposits | | 41,596 | | | 41,244 |
Accrued interest payable | | 15,548 | | | 9,117 |
Total liabilities | | 3,429,957 | | | 3,033,004 |
Commitments and contingencies | | | | | |
| | | | | |
Redeemable noncontrolling interests | | 500,119 | | | 330,459 |
| | | | | |
Equity: | | | | | |
Mack-Cali Realty Corporation stockholders’ equity: | | | | | |
Common stock, $0.01 par value, 190,000,000 shares authorized, | | | | | |
90,551,967 and 90,320,306 shares outstanding | | 906 | | | 903 |
Additional paid-in capital | | 2,538,046 | | | 2,561,503 |
Dividends in excess of net earnings | | (969,858) | | | (1,084,518) |
Accumulated other comprehensive income (loss) | | 167 | | | 8,770 |
Total Mack-Cali Realty Corporation stockholders’ equity | | 1,569,261 | | | 1,486,658 |
| | | | | |
Noncontrolling interests in subsidiaries: | | | | | |
Operating Partnership | | 172,838 | | | 168,373 |
Consolidated joint ventures | | 48,760 | | | 42,150 |
Total noncontrolling interests in subsidiaries | | 221,598 | | | 210,523 |
| | | | | |
Total equity | | 1,790,859 | | | 1,697,181 |
| | | | | |
Total liabilities and equity | $ | 5,720,935 | | $ | 5,060,644 |
The accompanying notes are an integral part of these consolidated financial statements.
MACK-CALI REALTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited)
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | Three Months Ended | | | Nine Months Ended |
| | | September 30, | | | September 30, |
REVENUES | | | 2019 | | | 2018 | | | 2019 | | | 2018 |
Revenue from leases | | $ | 116,716 | | $ | 119,895 | | $ | 356,515 | | $ | 359,473 |
Real estate services | | | 3,411 | | | 4,432 | | | 10,783 | | | 13,167 |
Parking income | | | 5,766 | | | 5,499 | | | 16,270 | | | 16,583 |
Hotel income | | | 3,325 | | | - | | | 5,702 | | | - |
Other income | | | 2,666 | | | 2,288 | | | 7,324 | | | 8,447 |
Total revenues | | | 131,884 | | | 132,114 | | | 396,594 | | | 397,670 |
| | | | | | | | | | | | |
EXPENSES | | | | | | | | | | | | |
Real estate taxes | | | 16,255 | | | 15,680 | | | 49,929 | | | 52,007 |
Utilities | | | 7,889 | | | 9,990 | | | 25,796 | | | 30,049 |
Operating services | | | 27,236 | | | 27,107 | | | 78,359 | | | 75,664 |
Real estate services expenses | | | 3,905 | | | 4,400 | | | 12,150 | | | 13,696 |
Leasing personnel costs | | | 534 | | | - | | | 1,818 | | | - |
General and administrative | | | 12,054 | | | 11,620 | | | 41,074 | | | 41,160 |
Depreciation and amortization | | | 49,538 | | | 45,813 | | | 146,936 | | | 128,523 |
Property impairments | | | 5,894 | | | - | | | 11,696 | | | - |
Land and other impairments | | | 6,345 | | | - | | | 8,844 | | | - |
Total expenses | | | 129,650 | | | 114,610 | | | 376,602 | | | 341,099 |
| | | | | | | | | | | | |
OTHER (EXPENSE) INCOME | | | | | | | | | | | | |
Interest expense | | | (23,450) | | | (21,094) | | | (71,739) | | | (60,168) |
Interest and other investment income (loss) | | | 189 | | | 851 | | | 1,528 | | | 2,620 |
Equity in earnings (loss) of unconsolidated joint ventures | | | (113) | | | (687) | | | (882) | | | 833 |
Gain on change of control of interests | | | - | | | 14,217 | | | 13,790 | | | 14,217 |
Realized gains (losses) and unrealized losses on disposition of | | | | | | | | | | | | |
rental property, net | | | (35,079) | | | (9,102) | | | 233,285 | | | 50,094 |
Gain (loss) on disposition of developable land | | | 296 | | | - | | | 566 | | | - |
Gain on sale of investment in unconsolidated joint venture | | | - | | | - | | | 903 | | | - |
Gain (loss) from extinguishment of debt, net | | | (98) | | | - | | | 1,801 | | | (10,289) |
Total other income (expense) | | | (58,255) | | | (15,815) | | | 179,252 | | | (2,693) |
Net income (loss) | | | (56,021) | | | 1,689 | | | 199,244 | | | 53,878 |
Noncontrolling interests in consolidated joint ventures | | | 405 | | | 451 | | | 2,500 | | | 576 |
Noncontrolling interests in Operating Partnership | | | 6,159 | | | 167 | | | (19,087) | | | (4,574) |
Redeemable noncontrolling interests | | | (6,471) | | | (3,785) | | | (16,144) | | | (9,573) |
Net income (loss) available to common shareholders | | $ | (55,928) | | $ | (1,478) | | $ | 166,513 | | $ | 40,307 |
| | | | | | | | | | | | |
Basic earnings per common share: | | | | | | | | | | | | |
Net income (loss) available to common shareholders | | $ | (0.65) | | $ | (0.05) | | $ | 1.59 | | $ | 0.35 |
| | | | | | | | | | | | |
Diluted earnings per common share: | | | | | | | | | | | | |
Net income (loss) available to common shareholders | | $ | (0.65) | | $ | (0.05) | | $ | 1.59 | | $ | 0.35 |
| | | | | | | | | | | | |
Basic weighted average shares outstanding | | | 90,584 | | | 90,468 | | | 90,539 | | | 90,355 |
| | | | | | | | | | | | |
Diluted weighted average shares outstanding | | | 100,560 | | | 100,712 | | | 100,802 | | | 100,684 |
The accompanying notes are an integral part of these consolidated financial statements.
MACK-CALI REALTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in thousands) (unaudited)
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | Three Months Ended | | | Nine Months Ended |
| | | September 30, | | | September 30, |
| | | 2019 | | | 2018 | | | 2019 | | | 2018 |
| | | | | | | | | | | | |
Net income (loss) | | $ | (56,021) | | $ | 1,689 | | $ | 199,244 | | $ | 53,878 |
Other comprehensive income (loss): | | | | | | | | | | | | |
Net unrealized gain (loss) on derivative instruments | | | | | | | | | | | | |
for interest rate swaps | | | (878) | | | 354 | | | (9,953) | | | 7,287 |
Comprehensive income (loss) | | $ | (56,899) | | $ | 2,043 | | $ | 189,291 | | $ | 61,165 |
Comprehensive (income) loss attributable to noncontrolling | | | | | | | | | | | | |
interests in consolidated joint ventures | | | 405 | | | 451 | | | 2,500 | | | 576 |
Comprehensive (income) loss attributable to redeemable | | | | | | | | | | | | |
noncontrolling interests | | | (6,471) | | | (3,785) | | | (16,144) | | | (9,573) |
Comprehensive (income) loss attributable to noncontrolling | | | | | | | | | | | | |
interests in Operating Partnership | | | 6,246 | | | 131 | | | (18,127) | | | (5,316) |
Comprehensive income (loss) attributable to common shareholders | | $ | (56,719) | | $ | (1,160) | | $ | 157,520 | | $ | 46,852 |
The accompanying notes are an integral part of these consolidated financial statements.
MACK-CALI REALTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (in thousands) (unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Accumulated | | | | | | |
| | | | | Additional | | | Dividends in | | | Other | | | Noncontrolling | | | |
| | Common Stock | | | Paid-In | | | Excess of | | | Comprehensive | | | Interests | | | |
For the Three Months Ended September 30, 2019 | | Shares | | | Par Value | | | Capital | | | Net Earnings | | | Income (Loss) | | | in Subsidiaries | | | Total Equity |
Balance at July 1, 2019 | | 90,553 | | $ | 906 | | $ | 2,539,547 | | $ | (895,824) | | $ | 958 | | $ | 230,461 | | $ | 1,876,048 |
Net income (loss) | | - | | | - | | | - | | | (55,928) | | | - | | | (93) | | | (56,021) |
Common stock dividends | | - | | | - | | | - | | | (18,106) | | | - | | | - | | | (18,106) |
Common unit distributions | | - | | | - | | | - | | | - | | | - | | | (2,360) | | | (2,360) |
Redeemable noncontrolling interests | | - | | | - | | | (3,025) | | | - | | | - | | | (6,805) | | | (9,830) |
Redemption of common units | | - | | | - | | | - | | | - | | | - | | | (65) | | | (65) |
Shares issued under Dividend Reinvestment and | | | | | | | | | | | | | | | | | | | | |
Stock Purchase Plan | | 1 | | | - | | | 10 | | | - | | | - | | | - | | | 10 |
Directors' deferred compensation plan | | - | | | - | | | 81 | | | - | | | - | | | - | | | 81 |
Stock compensation | | (2) | | | - | | | 7 | | | - | | | - | | | 1,973 | | | 1,980 |
Other comprehensive income (loss) | | - | | | - | | | - | | | - | | | (791) | | | (87) | | | (878) |
Rebalancing of ownership percentage | | | | | | | | | | | | | | | | | | | | |
between parent and subsidiaries | | - | | | - | | | 1,426 | | | - | | | - | | | (1,426) | | | - |
Balance at September 30, 2019 | | 90,552 | | $ | 906 | | $ | 2,538,046 | | $ | (969,858) | | $ | 167 | | $ | 221,598 | | $ | 1,790,859 |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Accumulated | | | | | | |
| | | | | Additional | | | Dividends in | | | Other | | | Noncontrolling | | | |
| | Common Stock | | | Paid-In | | | Excess of | | | Comprehensive | | | Interests | | | |
For the Three Months Ended September 30, 2018 | | Shares | | | Par Value | | | Capital | | | Net Earnings | | | Income (Loss) | | | in Subsidiaries | | | Total Equity |
Balance at July 1, 2018 | | 90,286 | | $ | 902 | | $ | 2,564,153 | | $ | (1,090,724) | | $ | 12,916 | | $ | 190,069 | | $ | 1,677,316 |
Net income (loss) | | - | | | - | | | - | | | (1,478) | | | - | | | 3,167 | | | 1,689 |
Common stock dividends | | - | | | - | | | - | | | (18,056) | | | - | | | - | | | (18,056) |
Common unit distributions | | - | | | - | | | - | | | - | | | - | | | (2,364) | | | (2,364) |
Redeemable noncontrolling interest | | - | | | - | | | (2,666) | | | - | | | - | | | (4,087) | | | (6,753) |
Increase in noncontrolling interest | | - | | | - | | | - | | | - | | | - | | | 22,735 | | | 22,735 |
Redemption of common units for common stock | | 25 | | | 1 | | | 399 | | | - | | | - | | | (400) | | | - |
Shares issued under Dividend Reinvestment and | | | | | | | | | | | | | | | | | | | | |
Stock Purchase Plan | | 1 | | | - | | | 13 | | | - | | | - | | | - | | | 13 |
Directors' deferred compensation plan | | - | | | - | | | 127 | | | - | | | - | | | - | | | 127 |
Stock compensation | | - | | | - | | | 202 | | | - | | | - | | | 1,568 | | | 1,770 |
Cancellation of restricted shares | | (5) | | | - | | | - | | | - | | | - | | | (165) | | | (165) |
Other comprehensive income (loss) | | - | | | - | | | - | | | - | | | 318 | | | 36 | | | 354 |
Rebalancing of ownership percentage | | | | | | | | | | | | | | | | | | | | |
between parent and subsidiaries | | - | | | - | | | 937 | | | - | | | - | | | (937) | | | - |
Balance at September 30, 2018 | | 90,307 | | $ | 903 | | $ | 2,563,165 | | $ | (1,110,258) | | $ | 13,234 | | $ | 209,622 | | $ | 1,676,666 |
The accompanying notes are an integral part of these consolidated financial statements.
MACK-CALI REALTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (in thousands) (unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Accumulated | | | | | | |
| | | | | Additional | | | Dividends in | | | Other | | | Noncontrolling | | | |
| | Common Stock | | | Paid-In | | | Excess of | | | Comprehensive | | | Interests | | | |
For the Nine Months Ended September 30, 2019 | | Shares | | | Par Value | | | Capital | | | Net Earnings | | | Income (Loss) | | | in Subsidiaries | | | Total Equity |
Balance at January 1, 2019 | | 90,320 | | $ | 903 | | $ | 2,561,503 | | $ | (1,084,518) | | $ | 8,770 | | $ | 210,523 | | $ | 1,697,181 |
Net income (loss) | | - | | | - | | | - | | | 166,513 | | | - | | | 32,731 | | | 199,244 |
Common stock dividends | | - | | | - | | | - | | | (54,282) | | | - | | | - | | | (54,282) |
Common unit distributions | | - | | | - | | | - | | | - | | | - | | | (6,417) | | | (6,417) |
Redeemable noncontrolling interests | | - | | | - | | | (22,936) | | | - | | | - | | | (18,685) | | | (41,621) |
Change in noncontrolling interests in consolidated joint ventures | | - | | | - | | | (1,958) | | | - | | | - | | | 9,110 | | | 7,152 |
Redemption of common units for common stock | | 38 | | | 1 | | | 704 | | | - | | | - | | | (705) | | | - |
Redemption of common units | | - | | | - | | | (1,665) | | | - | | | - | | | (5,030) | | | (6,695) |
Shares issued under Dividend Reinvestment and | | | | | | | | | | | | | | | | | | | | |
Stock Purchase Plan | | 2 | | | - | | | 31 | | | - | | | - | | | - | | | 31 |
Directors' deferred compensation plan | | 194 | | | 2 | | | 236 | | | - | | | - | | | - | | | 238 |
Stock compensation | | - | | | - | | | 490 | | | - | | | - | | | 5,561 | | | 6,051 |
Cancellation of unvested LTIP units | | (2) | | | - | | | - | | | 2,819 | | | - | | | (2,889) | | | (70) |
Other comprehensive income (loss) | | - | | | - | | | - | | | (390) | | | (8,603) | | | (960) | | | (9,953) |
Rebalancing of ownership percentage | | | | | | | | | | | | | | | | | | | | |
between parent and subsidiaries | | - | | | - | | | 1,641 | | | - | | | - | | | (1,641) | | | - |
Balance at September 30, 2019 | | 90,552 | | $ | 906 | | $ | 2,538,046 | | $ | (969,858) | | $ | 167 | | $ | 221,598 | | $ | 1,790,859 |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Accumulated | | | | | | |
| | | | | Additional | | | Dividends in | | | Other | | | Noncontrolling | | | |
| | Common Stock | | | Paid-In | | | Excess of | | | Comprehensive | | | Interests | | | |
For the Nine Months Ended September 30, 2018 | | Shares | | | Par Value | | | Capital | | | Net Earnings | | | Income (Loss) | | | in Subsidiaries | | | Total Equity |
Balance at January 1, 2018 | | 89,914 | | $ | 899 | | $ | 2,565,136 | | $ | (1,096,429) | | $ | 6,689 | | $ | 192,428 | | $ | 1,668,723 |
Net income (loss) | | - | | | - | | | - | | | 40,307 | | | - | | | 13,571 | | | 53,878 |
Common stock dividends | | - | | | - | | | - | | | (54,136) | | | - | | | - | | | (54,136) |
Common unit distributions | | - | | | - | | | - | | | - | | | - | | | (6,760) | | | (6,760) |
Redeemable noncontrolling interest | | - | | | - | | | (8,799) | | | - | | | - | | | (10,572) | | | (19,371) |
Increase in noncontrolling interest | | - | | | - | | | - | | | - | | | - | | | 22,786 | | | 22,786 |
Redemption of common units for common stock | | 252 | | | 3 | | | 4,138 | | | - | | | - | | | (4,141) | | | - |
Shares issued under Dividend Reinvestment and | | | | | | | | | | | | | | | | | | | | |
Stock Purchase Plan | | 3 | | | - | | | (41) | | | - | | | - | | | - | | | (41) |
Directors' deferred compensation plan | | - | | | - | | | 378 | | | - | | | - | | | - | | | 378 |
Stock compensation | | 147 | | | 1 | | | 1,152 | | | - | | | - | | | 3,806 | | | 4,959 |
Cancellation of restricted shares | | (9) | | | - | | | (583) | | | - | | | - | | | (454) | | | (1,037) |
Other comprehensive income (loss) | | - | | | - | | | - | | | - | | | 6,545 | | | 742 | | | 7,287 |
Rebalancing of ownership percentage | | | | | | | | | | | | | | | | | | | | |
between parent and subsidiaries | | - | | | - | | | 1,784 | | | - | | | - | | | (1,784) | | | - |
Balance at September 30, 2018 | | 90,307 | | $ | 903 | | $ | 2,563,165 | | $ | (1,110,258) | | $ | 13,234 | | $ | 209,622 | | $ | 1,676,666 |
The accompanying notes are an integral part of these consolidated financial statements.
MACK-CALI REALTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)
| | | | | | |
| | | | | | |
| | | Nine Months Ended |
| | | September 30, |
CASH FLOWS FROM OPERATING ACTIVITIES | | | 2019 | | | 2018 |
Net income | | $ | 199,244 | | $ | 53,878 |
Adjustments to reconcile net income (loss) to net cash provided by | | | | | | |
Operating activities: | | | | | | |
Depreciation and amortization, including related intangible assets | | | 144,160 | | | 124,894 |
Amortization of directors deferred compensation stock units | | | 238 | | | 378 |
Amortization of stock compensation | | | 6,051 | | | 4,959 |
Amortization of deferred financing costs | | | 3,478 | | | 3,543 |
Amortization of debt discount and mark-to-market | | | (711) | | | (711) |
Equity in (earnings) loss of unconsolidated joint ventures | | | 882 | | | (833) |
Distributions of cumulative earnings from unconsolidated joint ventures | | | 5,520 | | | 7,736 |
Gain on change of control of interests | | | (13,790) | | | (14,217) |
Realized (gains) losses and unrealized losses on disposition of rental property, net | | | (233,285) | | | (50,094) |
Gain on disposition of developable land | | | (566) | | | - |
Property impairments | | | 11,696 | | | - |
Land and other Impairments | | | 8,844 | | | - |
Gain on sale of investments in unconsolidated joint ventures | | | (903) | | | - |
(Gain)Loss from extinguishment of debt | | | (1,801) | | | 10,289 |
Changes in operating assets and liabilities: | | | | | | |
Increase in unbilled rents receivable, net | | | (9,659) | | | (5,224) |
Increase in deferred charges, goodwill and other assets | | | (18,940) | | | (19,828) |
Increase in accounts receivable, net | | | (2,878) | | | (442) |
Increase in accounts payable, accrued expenses and other liabilities | | | 16,087 | | | 10,043 |
Increase (decrease) in rents received in advance and security deposits | | | 809 | | | (2,972) |
Increase in accrued interest payable | | | 6,431 | | | 4,858 |
| | | | | | |
Net cash provided by operating activities | | $ | 120,907 | | $ | 126,257 |
| | | | | | |
CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | |
Rental property acquisitions and related intangibles | | $ | (955,945) | | $ | (163,885) |
Rental property additions and improvements | | | (109,338) | | | (132,252) |
Development of rental property and other related costs | | | (155,367) | | | (141,795) |
Proceeds from the sales of rental property | | | 637,982 | | | 259,388 |
Proceeds from the sale of investments in unconsolidated joint ventures | | | 4,039 | | | - |
Repayment of notes receivable | | | 46,430 | | | 7,977 |
Investment in unconsolidated joint ventures | | | (8,859) | | | (6,658) |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | | | 4,977 | | | 9,707 |
| | | | | | |
Net cash used in investing activities | | $ | (536,081) | | $ | (167,518) |
| | | | | | |
CASH FLOW FROM FINANCING ACTIVITIES | | | | | | |
Borrowings from revolving credit facility | | $ | 489,000 | | $ | 428,000 |
Repayment of revolving credit facility | | | (398,000) | | | (381,000) |
Repayment of unsecured term loan | | | (395,000) | | | - |
Proceeds from mortgages and loans payable | | | 764,583 | | | 227,778 |
Repayment of mortgages, loans payable and other obligations | | | (97,215) | | | (277,987) |
Acquisition of noncontrolling interests | | | (5,017) | | | - |
Issuance of redeemable noncontrolling interests, net | | | 145,000 | | | 85,000 |
Payment of financing costs | | | (7,003) | | | (1,022) |
(Contributions) Distributions to noncontrolling interests | | | (407) | | | (6,939) |
Payment of dividends and distributions | | | (75,918) | | | (69,599) |
| | | | | | |
Net cash provided by financing activities | | $ | 420,023 | | $ | 4,231 |
| | | | | | |
Net increase (decrease) in cash and cash equivalents | | $ | 4,849 | | $ | (37,030) |
Cash, cash equivalents and restricted cash, beginning of period (1) | | | 49,554 | | | 67,972 |
| | | | | | |
Cash, cash equivalents and restricted cash, end of period (2) | | $ | 54,403 | | $ | 30,942 |
(1)
(2)
The accompanying notes are an integral part of these consolidated financial statements.
MACK-CALI REALTY, L.P. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (in thousands, except per unit amounts) (unaudited)
| | | | | |
| | | | | |
| | September 30, | | | December 31, |
ASSETS | | 2019 | | | 2018 |
Rental property | | | | | |
Land and leasehold interests | $ | 881,665 | | $ | 807,236 |
Buildings and improvements | | 4,361,766 | | | 4,109,797 |
Tenant improvements | | 283,933 | | | 335,266 |
Furniture, fixtures and equipment | | 72,645 | | | 53,718 |
| | 5,600,009 | | | 5,306,017 |
Less – accumulated depreciation and amortization | | (896,777) | | | (1,097,868) |
| | 4,703,232 | | | 4,208,149 |
Rental property held for sale, net | | 384,138 | | | 108,848 |
Net investment in rental property | | 5,087,370 | | | 4,316,997 |
Cash and cash equivalents | | 34,768 | | | 29,633 |
Restricted cash | | 19,635 | | | 19,921 |
Investments in unconsolidated joint ventures | | 213,499 | | | 232,750 |
Unbilled rents receivable, net | | 96,238 | | | 100,737 |
Deferred charges, goodwill and other assets, net | | 261,175 | | | 355,234 |
Accounts receivable, net of allowance for doubtful accounts | | | | | |
of $1,401 and $1,108 | | 8,250 | | | 5,372 |
| | | | | |
Total assets | $ | 5,720,935 | | $ | 5,060,644 |
| | | | | |
LIABILITIES AND EQUITY | | | | | |
Senior unsecured notes, net | $ | 571,191 | | $ | 570,314 |
Unsecured revolving credit facility and term loans | | 487,736 | | | 790,939 |
Mortgages, loans payable and other obligations, net | | 2,092,632 | | | 1,431,398 |
Distributions payable | | 22,051 | | | 21,877 |
Accounts payable, accrued expenses and other liabilities | | 199,203 | | | 168,115 |
Rents received in advance and security deposits | | 41,596 | | | 41,244 |
Accrued interest payable | | 15,548 | | | 9,117 |
Total liabilities | | 3,429,957 | | | 3,033,004 |
Commitments and contingencies | | | | | |
| | | | | |
Redeemable noncontrolling interests | | 500,119 | | | 330,459 |
| | | | | |
Partners’ Capital: | | | | | |
General Partner, 90,551,967 and 90,320,306 common units outstanding | | 1,503,062 | | | 1,413,497 |
Limited partners, 9,973,344 and 10,229,349 common units/LTIPs outstanding | | 238,870 | | | 232,764 |
Accumulated other comprehensive income (loss) | | 167 | | | 8,770 |
Total Mack-Cali Realty, L.P. partners’ capital | | 1,742,099 | | | 1,655,031 |
| | | | | |
Noncontrolling interests in consolidated joint ventures | | 48,760 | | | 42,150 |
| | | | | |
Total equity | | 1,790,859 | | | 1,697,181 |
| | | | | |
Total liabilities and equity | $ | 5,720,935 | | $ | 5,060,644 |
The accompanying notes are an integral part of these consolidated financial statements.
MACK-CALI REALTY, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per unit amounts) (unaudited)
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | Three Months Ended | | | Nine Months Ended |
| | | September 30, | | | September 30, |
REVENUES | | | 2019 | | | 2018 | | | 2019 | | | 2018 |
Revenue from leases | | $ | 116,716 | | $ | 119,895 | | $ | 356,515 | | $ | 359,473 |
Real estate services | | | 3,411 | | | 4,432 | | | 10,783 | | | 13,167 |
Parking income | | | 5,766 | | | 5,499 | | | 16,270 | | | 16,583 |
Hotel income | | | 3,325 | | | - | | | 5,702 | | | - |
Other income | | | 2,666 | | | 2,288 | | | 7,324 | | | 8,447 |
Total revenues | | | 131,884 | | | 132,114 | | | 396,594 | | | 397,670 |
| | | | | | | | | | | | |
EXPENSES | | | | | | | | | | | | |
Real estate taxes | | | 16,255 | | | 15,680 | | | 49,929 | | | 52,007 |
Utilities | | | 7,889 | | | 9,990 | | | 25,796 | | | 30,049 |
Operating services | | | 27,236 | | | 27,107 | | | 78,359 | | | 75,664 |
Real estate services expenses | | | 3,905 | | | 4,400 | | | 12,150 | | | 13,696 |
Leasing personnel costs | | | 534 | | | - | | | 1,818 | | | - |
General and administrative | | | 12,054 | | | 11,620 | | | 41,074 | | | 41,160 |
Depreciation and amortization | | | 49,538 | | | 45,813 | | | 146,936 | | | 128,523 |
Property impairments | | | 5,894 | | | - | | | 11,696 | | | - |
Land and other impairments | | | 6,345 | | | - | | | 8,844 | | | - |
Total expenses | | | 129,650 | | | 114,610 | | | 376,602 | | | 341,099 |
| | | | | | | | | | | | |
OTHER (EXPENSE) INCOME | | | | | | | | | | | | |
Interest expense | | | (23,450) | | | (21,094) | | | (71,739) | | | (60,168) |
Interest and other investment income (loss) | | | 189 | | | 851 | | | 1,528 | | | 2,620 |
Equity in earnings (loss) of unconsolidated joint ventures | | | (113) | | | (687) | | | (882) | | | 833 |
Gain on change of control of interests | | | - | | | 14,217 | | | 13,790 | | | 14,217 |
Realized gains (losses) and unrealized losses on disposition of | | | | | | | | | | | | |
rental property, net | | | (35,079) | | | (9,102) | | | 233,285 | | | 50,094 |
Gain (loss) on disposition of developable land | | | 296 | | | - | | | 566 | | | - |
Gain on sale of investment in unconsolidated joint venture | | | - | | | - | | | 903 | | | - |
Gain (loss) from extinguishment of debt, net | | | (98) | | | - | | | 1,801 | | | (10,289) |
Total other income (expense) | | | (58,255) | | | (15,815) | | | 179,252 | | | (2,693) |
Net income (loss) | | | (56,021) | | | 1,689 | | | 199,244 | | | 53,878 |
Noncontrolling interests in consolidated joint ventures | | | 405 | | | 451 | | | 2,500 | | | 576 |
Redeemable noncontrolling interests | | | (6,471) | | | (3,785) | | | (16,144) | | | (9,573) |
Net income (loss) available to common unitholders | | $ | (62,087) | | $ | (1,645) | | $ | 185,600 | | $ | 44,881 |
| | | | | | | | | | | | |
Basic earnings per common unit: | | | | | | | | | | | | |
Net income (loss) available to common unitholders | | $ | (0.65) | | $ | (0.05) | | $ | 1.59 | | $ | 0.35 |
| | | | | | | | | | | | |
Diluted earnings per common unit: | | | | | | | | | | | | |
Net income (loss) available to common unitholders | | $ | (0.65) | | $ | (0.05) | | $ | 1.59 | | $ | 0.35 |
| | | | | | | | | | | | |
Basic weighted average units outstanding | | | 100,560 | | | 100,712 | | | 100,607 | | | 100,606 |
| | | | | | | | | | | | |
Diluted weighted average units outstanding | | | 100,560 | | | 100,712 | | | 100,802 | | | 100,684 |
The accompanying notes are an integral part of these consolidated financial statements.
MACK-CALI REALTY, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in thousands) (unaudited)
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | Three Months Ended | | | Nine Months Ended |
| | | September 30, | | | September 30, |
| | | 2019 | | | 2018 | | | 2019 | | | 2018 |
| | | | | | | | | | | | |
Net income (loss) | | $ | (56,021) | | $ | 1,689 | | $ | 199,244 | | $ | 53,878 |
Other comprehensive income (loss): | | | | | | | | | | | | |
Net unrealized gain (loss) on derivative instruments | | | | | | | | | | | | |
for interest rate swaps | | | (878) | | | 354 | | | (9,953) | | | 7,287 |
Comprehensive income (loss) | | $ | (56,899) | | $ | 2,043 | | $ | 189,291 | | $ | 61,165 |
Comprehensive (income) loss attributable to noncontrolling | | | | | | | | | | | | |
interests in consolidated joint ventures | | | 405 | | | 451 | | | 2,500 | | | 576 |
Comprehensive (income) loss attributable to redeemable | | | | | | | | | | | | |
noncontrolling interests | | | (6,471) | | | (3,785) | | | (16,144) | | | (9,573) |
Comprehensive income (loss) attributable to common unitholders | | $ | (62,965) | | $ | (1,291) | | $ | 175,647 | | $ | 52,168 |
The accompanying notes are an integral part of these consolidated financial statements.
MACK-CALI REALTY, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (in thousands) (unaudited)
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | Accumulated | | | Noncontrolling | | | |
| | | | Limited Partner | | | General Partner | | | Limited Partner | | | Other | | | Interest | | | |
| | General Partner | | Common Units/ | | | Common | | | Common | | | Comprehensive | | | in Consolidated | | | |
For the Three Months Ended September 30, 2019 | | Common Units | | Vested LTIP Units | | | Unitholders | | | Unitholders | | | Income (Loss) | | | Joint Ventures | | | Total Equity |
Balance at July 1, 2019 | | 90,553 | | 9,976 | | $ | 1,580,023 | | $ | 245,902 | | $ | 958 | | $ | 49,165 | | $ | 1,876,048 |
Net income (loss) | | - | | - | | | (55,928) | | | (6,159) | | | - | | | 6,066 | | | (56,021) |
Distributions | | - | | - | | | (18,106) | | | (2,360) | | | - | | | - | | | (20,466) |
Redeemable noncontrolling interests | | - | | - | | | (3,025) | | | (334) | | | - | | | (6,471) | | | (9,830) |
Redemption of limited partner common units | | - | | (3) | | | - | | | (65) | | | - | | | - | | | (65) |
Shares issued under Dividend Reinvestment and | | | | | | | | | | | | | | | | | | | |
Stock Purchase Plan | | 1 | | - | | | 10 | | | - | | | - | | | - | | | 10 |
Directors' deferred compensation plan | | - | | - | | | 81 | | | - | | | - | | | - | | | 81 |
Other comprehensive income (loss) | | - | | - | | | - | | | (87) | | | (791) | | | - | | | (878) |
Stock compensation | | (2) | | - | | | 7 | | | 1,973 | | | - | | | - | | | 1,980 |
Balance at September 30, 2019 | | 90,552 | | 9,973 | | $ | 1,503,062 | | $ | 238,870 | | $ | 167 | | $ | 48,760 | | $ | 1,790,859 |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | Accumulated | | | Noncontrolling | | | |
| | | | Limited Partner | | | General Partner | | | Limited Partner | | | Other | | | Interest | | | |
| | General Partner | | Common Units/ | | | Common | | | Common | | | Comprehensive | | | in Consolidated | | | |
For the Three Months Ended September 30, 2018 | | Common Units | | Vested LTIP Units | | | Unitholders | | | Unitholders | | | Income (Loss) | | | Joint Ventures | | | Total Equity |
Balance at July 1, 2018 | | 90,286 | | 10,266 | | $ | 1,411,244 | | $ | 232,197 | | $ | 12,916 | | $ | 20,959 | | $ | 1,677,316 |
Net income (loss) | | - | | - | | | (1,478) | | | (167) | | | - | | | 3,334 | | | 1,689 |
Distributions | | - | | - | | | (18,056) | | | (2,364) | | | - | | | - | | | (20,420) |
Redeemable noncontrolling interest | | - | | - | | | (2,666) | | | (302) | | | - | | | (3,785) | | | (6,753) |
Increase in noncontrolling interest | | - | | | | | - | | | - | | | - | | | 22,735 | | | 22,735 |
Redemption of limited partner common units for | | | | | | | | | | | | | | | | | | | |
shares of general partner common units | | 25 | | (25) | | | 400 | | | (400) | | | - | | | - | | | - |
Shares issued under Dividend Reinvestment and | | | | | | | | | | | | | | | | | | | |
Stock Purchase Plan | | 1 | | - | | | 13 | | | - | | | - | | | - | | | 13 |
Directors' deferred compensation plan | | - | | - | | | 127 | | | - | | | - | | | - | | | 127 |
Other comprehensive income (loss) | | - | | - | | | - | | | 36 | | | 318 | | | - | | | 354 |
Stock compensation | | - | | - | | | 202 | | | 1,568 | | | - | | | - | | | 1,770 |
Cancellation of restricted shares | | (5) | | - | | | - | | | (165) | | | - | | | - | | | (165) |
Balance at September 30, 2018 | | 90,307 | | 10,241 | | $ | 1,389,786 | | $ | 230,403 | | $ | 13,234 | | $ | 43,243 | | $ | 1,676,666 |
The accompanying notes are an integral part of these consolidated financial statements.
MACK-CALI REALTY, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (in thousands) (unaudited)
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | Accumulated | | | Noncontrolling | | | |
| | | | Limited Partner | | | General Partner | | | Limited Partner | | | Other | | | Interest | | | |
| | General Partner | | Common Units/ | | | Common | | | Common | | | Comprehensive | | | in Consolidated | | | |
For the Nine Months Ended September 30, 2019 | | Common Units | | Vested LTIP Units | | | Unitholders | | | Unitholders | | | Income (Loss) | | | Joint Ventures | | | Total Equity |
Balance at January 1, 2019 | | 90,320 | | 10,229 | | $ | 1,413,497 | | $ | 232,764 | | $ | 8,770 | | $ | 42,150 | | $ | 1,697,181 |
Net income (loss) | | - | | - | | | 166,513 | | | 19,087 | | | - | | | 13,644 | | | 199,244 |
Distributions | | - | | - | | | (54,282) | | | (6,417) | | | - | | | - | | | (60,699) |
Redeemable noncontrolling interests | | - | | - | | | (22,936) | | | (2,541) | | | - | | | (16,144) | | | (41,621) |
Change in noncontrolling interests in consolidated joint ventures | | - | | - | | | (1,958) | | | - | | | - | | | 9,110 | | | 7,152 |
Redemption of limited partner common units for | | | | | | | | | | | | | | | | | | | |
shares of general partner common units | | 38 | | (20) | | | 705 | | | (705) | | | - | | | - | | | - |
Vested LTIP units | | - | | 68 | | | - | | | - | | | - | | | - | | | - |
Redemption of limited partners common units | | - | | (304) | | | (1,665) | | | (5,030) | | | - | | | - | | | (6,695) |
Shares issued under Dividend Reinvestment and | | | | | | | | | | | | | | | | | | | |
Stock Purchase Plan | | 2 | | - | | | 31 | | | - | | | - | | | - | | | 31 |
Directors' deferred compensation plan | | 194 | | - | | | 238 | | | - | | | - | | | - | | | 238 |
Other comprehensive income (loss) | | - | | - | | | (390) | | | (960) | | | (8,603) | | | - | | | (9,953) |
Stock compensation | | (2) | | - | | | 490 | | | 5,561 | | | - | | | - | | | 6,051 |
Cancellation of unvested LTIP units | | - | | - | | | 2,819 | | | (2,889) | | | - | | | - | | | (70) |
Balance at September 30, 2019 | | 90,552 | | 9,973 | | $ | 1,503,062 | | $ | 238,870 | | $ | 167 | | $ | 48,760 | | $ | 1,790,859 |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | Accumulated | | | Noncontrolling | | | |
| | | | Limited Partner | | | General Partner | | | Limited Partner | | | Other | | | Interest | | | |
| | General Partner | | Common Units/ | | | Common | | | Common | | | Comprehensive | | | in Consolidated | | | |
For the Nine Months Ended September 30, 2018 | | Common Units | | Vested LTIP Units | | | Unitholders | | | Unitholders | | | Income (Loss) | | | Joint Ventures | | | Total Equity |
Balance at January 1, 2018 | | 89,914 | | 10,438 | | $ | 1,407,366 | | $ | 233,635 | | $ | 6,689 | | $ | 21,033 | | $ | 1,668,723 |
Net income (loss) | | - | | - | | | 40,307 | | | 4,574 | | | - | | | 8,997 | | | 53,878 |
Distributions | | - | | - | | | (54,136) | | | (6,760) | | | - | | | - | | | (60,896) |
Redeemable noncontrolling interest | | - | | - | | | (8,799) | | | (999) | | | - | | | (9,573) | | | (19,371) |
Increase in noncontrolling interest | | - | | | | | - | | | - | | | - | | | 22,786 | | | 22,786 |
Redemption of limited partner common units for | | | | | | | | | | | | | | | | | | | |
shares of general partner common units | | 252 | | (252) | | | 4,141 | | | (4,141) | | | - | | | - | | | - |
Vested LTIP units | | - | | 55 | | | - | | | - | | | - | | | - | | | - |
Shares issued under Dividend Reinvestment and | | | | | | | | | | | | | | | | | | | |
Stock Purchase Plan | | 3 | | - | | | (41) | | | - | | | - | | | - | | | (41) |
Directors' deferred compensation plan | | - | | - | | | 378 | | | - | | | - | | | - | | | 378 |
Other comprehensive income (loss) | | - | | - | | | - | | | 742 | | | 6,545 | | | - | | | 7,287 |
Stock compensation | | 147 | | - | | | 1,153 | | | 3,806 | | | - | | | - | | | 4,959 |
Cancellation of restricted shares | | (9) | | - | | | (583) | | | (454) | | | - | | | - | | | (1,037) |
Balance at September 30, 2018 | | 90,307 | | 10,241 | | $ | 1,389,786 | | $ | 230,403 | | $ | 13,234 | | $ | 43,243 | | $ | 1,676,666 |
The accompanying notes are an integral part of these consolidated financial statements.
MACK-CALI REALTY, L.P. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)
| | | | | | |
| | | Nine Months Ended |
| | | September 30, |
CASH FLOWS FROM OPERATING ACTIVITIES | | | 2019 | | | 2018 |
Net income | | $ | 199,244 | | $ | 53,878 |
Adjustments to reconcile net income (loss) to net cash provided by | | | | | | |
Operating activities: | | | | | | |
Depreciation and amortization, including related intangible assets | | | 144,160 | | | 124,894 |
Amortization of directors deferred compensation stock units | | | 238 | | | 378 |
Amortization of stock compensation | | | 6,051 | | | 4,959 |
Amortization of deferred financing costs | | | 3,478 | | | 3,543 |
Amortization of debt discount and mark-to-market | | | (711) | | | (711) |
Equity in (earnings) loss of unconsolidated joint ventures | | | 882 | | | (833) |
Distributions of cumulative earnings from unconsolidated joint ventures | | | 5,520 | | | 7,736 |
Gain on change of control of interests | | | (13,790) | | | (14,217) |
Realized (gains) losses and unrealized losses on disposition of rental property, net | | | (233,285) | | | (50,094) |
Gain on disposition of developable land | | | (566) | | | - |
Property impairments | | | 11,696 | | | - |
Land and other Impairments | | | 8,844 | | | - |
Gain on sale of investments in unconsolidated joint ventures | | | (903) | | | - |
(Gain)Loss from extinguishment of debt | | | (1,801) | | | 10,289 |
Changes in operating assets and liabilities: | | | | | | |
Increase in unbilled rents receivable, net | | | (9,659) | | | (5,224) |
Increase in deferred charges, goodwill and other assets | | | (18,940) | | | (19,828) |
Increase in accounts receivable, net | | | (2,878) | | | (442) |
Increase in accounts payable, accrued expenses and other liabilities | | | 16,087 | | | 10,043 |
Increase (decrease) in rents received in advance and security deposits | | | 809 | | | (2,972) |
Increase in accrued interest payable | | | 6,431 | | | 4,858 |
| | | | | | |
Net cash provided by operating activities | | $ | 120,907 | | $ | 126,257 |
| | | | | | |
CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | |
Rental property acquisitions and related intangibles | | $ | (955,945) | | $ | (163,885) |
Rental property additions and improvements | | | (109,338) | | | (132,252) |
Development of rental property and other related costs | | | (155,367) | | | (141,795) |
Proceeds from the sales of rental property | | | 637,982 | | | 259,388 |
Proceeds from the sale of investments in unconsolidated joint ventures | | | 4,039 | | | - |
Repayment of notes receivable | | | 46,430 | | | 7,977 |
Investment in unconsolidated joint ventures | | | (8,859) | | | (6,658) |
Distributions in excess of cumulative earnings from unconsolidated joint ventures | | | 4,977 | | | 9,707 |
Net cash used in investing activities | | $ | (536,081) | | $ | (167,518) |
| | | | | | |
CASH FLOW FROM FINANCING ACTIVITIES | | | | | | |
Borrowings from revolving credit facility | | $ | 489,000 | | $ | 428,000 |
Repayment of revolving credit facility | | | (398,000) | | | (381,000) |
Repayment of unsecured term loan | | | (395,000) | | | - |
Proceeds from mortgages and loans payable | | | 764,583 | | | 227,778 |
Repayment of mortgages, loans payable and other obligations | | | (97,215) | | | (277,987) |
Acquisition of noncontrolling interests | | | (5,017) | | | - |
Issuance of redeemable noncontrolling interests, net | | | 145,000 | | | 85,000 |
Payment of financing costs | | | (7,003) | | | (1,022) |
(Contributions) Distributions to noncontrolling interests | | | (407) | | | (6,939) |
Payment of distributions | | | (75,918) | | | (69,599) |
| | | | | | |
Net cash provided by financing activities | | $ | 420,023 | | $ | 4,231 |
| | | | | | |
Net increase (decrease) in cash and cash equivalents | | $ | 4,849 | | $ | (37,030) |
Cash, cash equivalents and restricted cash, beginning of period (1) | | | 49,554 | | | 67,972 |
| | | | | | |
Cash, cash equivalents and restricted cash, end of period (2) | | $ | 54,403 | | $ | 30,942 |
(1)Includes Restricted Cash of $19,921 and $39,792 as of December 31, 2018 and 2017, respectively.
(2)Includes Restricted Cash of $19,635 and $20,119 as of September 30, 2019 and 2018, respectively.
The accompanying notes are an integral part of these consolidated financial statements.
MACK-CALI REALTY CORPORATION, MACK-CALI REALTY, L.P. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
1. ORGANIZATION AND BASIS OF PRESENTATION
Organization
Mack-Cali Realty Corporation, a Maryland corporation, together with its subsidiaries (collectively, the “General Partner”) is a fully-integrated self-administered, self-managed real estate investment trust (“REIT”). The General Partner controls Mack-Cali Realty, L.P., a Delaware limited partnership, together with its subsidiaries (collectively, the “Operating Partnership”), as its sole general partner and owned a 90.1 and 89.8 percent common unit interest in the Operating Partnership as of September 30, 2019 and December 31, 2018, respectively. The General Partner’s business is the ownership of interests in and operation of the Operating Partnership and all of the General Partner’s expenses are incurred for the benefit of the Operating Partnership. The General Partner is reimbursed by the Operating Partnership for all expenses it incurs relating to the ownership and operation of the Operating Partnership.
The Operating Partnership conducts the business of providing leasing, management, acquisition, development and tenant-related services for its General Partner. The Operating Partnership, through its operating divisions and subsidiaries, including the Mack-Cali property-owning partnerships and limited liability companies, is the entity through which all of the General Partner’s operations are conducted. Unless stated otherwise or the context requires, the “Company” refers to the General Partner and its subsidiaries, including the Operating Partnership and its subsidiaries.
As of September 30, 2019, the Company owned or had interests in 76 real estate properties (the “Properties”). The Properties are comprised of 45 office buildings totaling approximately 11.6 million square feet and leased to approximately 400 tenants (which include two buildings, aggregating approximately 0.2 million square feet owned by unconsolidated joint ventures in which the Company has investment interests), 24 multi-family properties, totaling 7,904 apartment units (which include seven properties aggregating 2,611 apartment units owned by unconsolidated joint ventures in which the Company has investment interests), four parking/retail properties totaling approximately 115,000 square feet (which include two buildings aggregating 81,700 square feet owned by unconsolidated joint ventures in which the Company has investment interests), two hotels (one of which is owned by an unconsolidated joint venture in which the Company has an investment interest) and one parcel of land leased to a third party. The Properties are located in four states in the Northeast, plus the District of Columbia.
BASIS OF PRESENTATION
The accompanying consolidated financial statements include all accounts of the Company, its majority-owned and/or controlled subsidiaries, which consist principally of the Operating Partnership and variable interest entities for which the Company has determined itself to be the primary beneficiary, if any. See Note 2: Significant Accounting Policies – Investments in Unconsolidated Joint Ventures, for the Company’s treatment of unconsolidated joint venture interests. Intercompany accounts and transactions have been eliminated.
Accounting Standards Codification (“ASC”) 810, Consolidation, provides guidance on the identification of entities for which control is achieved through means other than voting rights (“variable interest entities” or “VIEs”) and the determination of which business enterprise, if any, should consolidate the VIEs. Generally, the consideration of whether an entity is a VIE applies when either: (1) the equity investors (if any) lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; (2) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and substantially all of the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined by the entity having both of the following characteristics: (1) the power to direct the activities that, when taken together, most significantly impact the variable interest entity’s performance: and (2) the obligation to absorb losses and right to receive the returns from the VIE that would be significant to the VIE.
On January 1, 2016, the Company adopted accounting guidance under ASC 810, Consolidation, modifying the analysis it must perform to determine whether it should consolidate certain types of legal entities. The guidance does not amend the existing disclosure requirements for variable interest entities or voting interest model entities. The guidance, however, modified the requirements to qualify under the voting interest model. Under the revised guidance, the Operating Partnership will be a variable interest entity of the parent company, Mack-Cali Realty Corporation. As the Operating Partnership is already consolidated in the balance sheets of Mack-Cali Realty Corporation, the identification of this entity as a variable interest entity has no impact on the consolidated financial statements of Mack-Cali Realty Corporation. There were no other legal entities qualifying under the scope of the revised guidance that were consolidated as a result of the adoption.
As of September 30, 2019 and December 31, 2018, the Company’s investments in consolidated real estate joint ventures, which are variable interest entities in which the Company is deemed to be the primary beneficiary, other than Roseland Residential, L.P. (See Note 14: Rockpoint Transaction), have total real estate assets of $518 million and $480.4 million, respectively, mortgages of $283.3 million and $241.5 million, respectively, and other liabilities of $16 million and $23 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.
2. SIGNIFICANT ACCOUNTING POLICIES
Rental Property
Rental properties are stated at cost less accumulated depreciation and amortization. Costs directly related to the acquisition, development and construction of rental properties are capitalized. Acquisition–related costs were expensed as incurred for all real estate acquisitions classified as business combinations, which were substantially all of our operating property acquisitions through December 31, 2016. The Company adopted FASB guidance Accounting Standards Update (“ASU”) 2017-01 on January 1, 2017, which revises the definition of a business and is expected to result in more transactions to be accounted for as asset acquisitions and significantly limit transactions that would be accounted for as business combinations. Where an acquisition has been determined to be an asset acquisition, acquisition-related costs are capitalized. Capitalized development and construction costs include pre-construction costs essential to the development of the property, development and construction costs, interest, property taxes, insurance, salaries and other project costs incurred during the period of development. Capitalized development and construction salaries and related costs approximated $0.5 million and $0.6 million for the three months ended September 30, 2019 and 2018, respectively, and $1.6 million and $1.7 million for the nine months ended September 30, 2019 and 2018, respectively. Ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. Fully-depreciated assets are removed from the accounts.
Included in net investment in rental property as of September 30, 2019 and December 31, 2018 is real estate and building and tenant improvements not in service, as follows (dollars in thousands):
| | | | | |
| | | | | |
| | September 30, | | | December 31, |
| | 2019 | | | 2018 |
Land held for development (including pre-development costs, if any) (a) | $ | 424,251 | | $ | 465,930 |
Development and construction in progress, including land (b) | | 362,442 | | | 327,039 |
Total | $ | 786,693 | | $ | 792,969 |
(a)Includes predevelopment and infrastructure costs included in buildings and improvements of $163.7 million and $204.9 million as of September 30, 2019 and December 31, 2018, respectively.
(b)Includes land of $71.2 million and $49.6 million as of September 30, 2019 and December 31, 2018, respectively.
The Company considers a construction project as substantially completed and held available for occupancy upon the substantial completion of improvements, but no later than one year from cessation of major construction activity (as distinguished from activities such as routine maintenance and cleanup). If portions of a rental project are substantially completed and occupied by tenants or residents, or held available for occupancy, and other portions have not yet reached that stage, the substantially completed portions are accounted for as a separate project. The Company allocates costs incurred between the portions under construction and the portions substantially completed and held available for occupancy, primarily based on a percentage of the relative commercial square footage or multi-family units of each portion, and capitalizes only those costs associated with the portion under construction.
Properties are depreciated using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are as follows:
Leasehold interests | Remaining lease term |
Buildings and improvements | 5 to 40 years |
Tenant improvements | The shorter of the term of the |
| related lease or useful life |
Furniture, fixtures and equipment | 5 to 10 years |
Upon acquisition of rental property, the Company estimates the fair value of acquired tangible assets, consisting of land, building and improvements, and identified intangible assets and liabilities assumed, generally consisting of the fair value of (i) above and below-market leases, (ii) in-place leases and (iii) tenant relationships. The Company allocates the purchase price to the assets acquired and liabilities assumed based on their relative fair values. The Company records goodwill or a gain on bargain purchase (if any) if the net assets acquired/liabilities assumed differ from the purchase consideration of a business transaction.
In estimating the fair value of the tangible and intangible assets acquired, the Company considers information obtained about each property as a result of its due diligence and marketing and leasing activities, and utilizes various valuation methods, such as estimated cash flow projections utilizing appropriate discount and capitalization rates, estimates of replacement costs net of depreciation, and available market information. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant.
Above-market and below-market lease values for acquired properties are initially recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each corresponding in-place lease, measured over a period equal to the remaining term of the lease for above-market leases and the remaining initial term plus the term of any below-market fixed rate renewal options for below-market leases. The capitalized above-market lease values are amortized as a reduction of base rental revenue over the remaining terms of the respective leases, and the capitalized below-market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below-market fixed rate renewal options of the respective leases.
Other intangible assets acquired include amounts for in-place lease values and tenant relationship values, which are based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the respective tenant. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. Characteristics considered by management in valuing tenant relationships include the nature and extent of the Company’s existing business relationships with the tenant, growth prospects for developing new business with the tenant, the tenant’s credit quality and expectations of lease renewals. The values of in-place leases are amortized to expense over the remaining initial terms of the respective leases. The values of tenant relationship intangibles are amortized to expense over the anticipated life of the relationships or leases.
On a periodic basis, management assesses whether there are any indicators that the value of the Company’s rental properties held for use may be impaired. In addition to identifying any specific circumstances which may affect a property or properties, management considers other criteria for determining which properties may require assessment for potential impairment. The criteria considered by management, depending on the type of property, may include reviewing low leased percentages, significant near-term lease expirations, current and historical operating and/or cash flow losses, construction costs overruns and/or other factors, including those that might impact the Company’s intent and ability to hold the property. A property’s value is impaired only if management’s estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the property over its estimated holding period is less than the carrying value of the property. If there are different possible scenarios for a property, the Company will take a probability-weighted approach to estimating future cash flow scenarios. To the extent impairment has occurred, the impairment loss is 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, including but not limited to estimated holding periods, market capitalization rates and discount rates, if applicable. These assumptions are generally based on management’s experience in its local real estate markets and the effects of current market conditions. The assumptions are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and costs to operate each property. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analyses may not be achieved, and actual losses or impairments may be realized in the future.
Rental Property Held for Sale
When assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the sales price, net of selling costs, of such assets. The Company generally considers assets to be held for sale when the transaction has received appropriate corporate authority, it is probable to be sold within the following 12 months, and there are no significant contingencies relating to the sale. If, in management’s opinion, the estimated net sales price, net of selling costs, of the assets which have been identified as held for sale is less than the carrying value of the assets, a valuation allowance (which is recorded as unrealized losses on disposition of rental property) is established.
If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell a property previously classified as held for sale, the property is reclassified as held and used. A property that is reclassified is measured and recorded individually at the lower of (a) its carrying value before the property was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the property been continuously classified as held and used, or (b) the fair value at the date of the subsequent decision not to sell.
Investments in Unconsolidated Joint Ventures
The Company accounts for its investments in unconsolidated joint ventures under the equity method of accounting. The Company applies the equity method by initially recording these investments at cost, as Investments in Unconsolidated Joint Ventures, subsequently adjusted for equity in earnings and cash contributions and distributions. The outside basis portion of the Company’s joint ventures is amortized over the anticipated useful lives of the underlying ventures’ tangible and intangible assets acquired and liabilities assumed. Generally, the Company would discontinue applying the equity method when the investment (and any advances) is reduced to zero and would not provide for additional losses unless the Company has guaranteed obligations of the venture or is otherwise committed to providing further financial support for the investee. If the venture subsequently generates income, the Company only recognizes its share of such income to the extent it exceeds its share of previously unrecognized losses.
If the venture subsequently makes distributions and the Company does not have an implied or actual commitment to support the operations of the venture, including a general partner interest in the investee, the Company will not record a basis less than zero, rather such amounts will be recorded as equity in earnings of unconsolidated joint ventures.
On a periodic basis, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment is impaired only if management’s estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying value of the investment over the value of the investment. The Company’s estimates of value for each investment (particularly in real estate joint ventures) are based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the values estimated by management in its impairment analyses may not be realized, and actual losses or impairment may be realized in the future. See Note 4: Investments in Unconsolidated Joint Ventures.
Cash and Cash Equivalents
All highly liquid investments with an original maturity of three months or less when purchased are considered to be cash equivalents.
Deferred Financing Costs
Costs incurred in obtaining financing are capitalized and amortized over the term of the related indebtedness. Deferred financing costs are presented in the balance sheet as a direct deduction from the carrying value of the debt liability to which they relate, except deferred financing costs related to the revolving credit facility, which are presented in deferred charges, goodwill and other assets. In all cases, amortization of such costs is included in interest expense and was $1,121,000 and $1,302,000 for the three months ended September 30, 2019 and 2018, respectively, and $3,478,000 and $3,543,000 for the nine months ended September 30, 2019 and 2018, respectively. If a financing obligation is extinguished early, any unamortized deferred financing costs are written off and included in gains (losses) from extinguishment of debt. The gains (losses) from extinguishment of debt, net, of $(0.1) million and zero for the three months ended September 30, 2019 and 2018, respectively, contained unamortized deferred financing costs which were written off (as non-cash transactions) amounting to $285,000 and zero, respectively. Included in gain (loss) from extinguishment of debt, net, of $1.8 million and ($10.3) million for the nine months ended September 30, 2019 and 2018, respectively, were unamortized deferred financing costs which were written off (as non-cash transactions) amounting to $285,000 and $105,000, respectively.
Deferred Leasing Costs/Leasing Personnel Costs
Costs incurred in connection with successfully executed commercial and residential leases were 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 were 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 was capitalized and amortized, and included in deferred charges, goodwill and other assets, net, was approximately $598,000 and $2,226,000 for the three and nine months ended September 30, 2018, respectively. Upon the adoption of ASC 842 on January 1, 2019, the Company no longer capitalizes such costs, and includes such costs in Leasing personnel costs in the Company’s Consolidated Statements of Operations, which amounted to $534,000 and $1,818,000 for the three and nine months ended September 30, 2019, respectively.
Goodwill
Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Goodwill is allocated to various reporting units, as applicable. Each of the Company’s segments consists of a reporting unit. Goodwill is not amortized. Management performs an annual impairment test for goodwill during the fourth quarter and between annual tests, management evaluates the recoverability of goodwill whenever events or changes in circumstances indicate that the carrying value of goodwill may not be fully recoverable. In its impairment tests of goodwill, management first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If, based on this assessment, management determines that the fair value of the reporting unit is not less than its carrying value, then performing the additional two-step impairment test is unnecessary. If the carrying value of goodwill exceeds its fair value, an impairment charge is recognized.
Derivative Instruments
The Company measures derivative instruments, including certain derivative instruments embedded in other contracts, at fair value and records them as an asset or liability, depending on the Company’s rights or obligations under the applicable derivative contract. For derivatives designated and qualifying as fair value hedges, the changes in the fair value of both the derivative instrument and the hedged item are recorded in earnings. For derivatives designated as cash flow hedges, the effective portions of the derivative are reported in other comprehensive income (“OCI”) and are subsequently reclassified into earnings when the hedged item affects earnings. Changes in fair value of derivative instruments not designated as hedging and ineffective portions of hedges are recognized in earnings in the affected period.
Revenue Recognition
Revenue from leases includes fixed base rents under leases, which are 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 revenue from leases over the remaining initial terms plus the terms of any below-market fixed-rate renewal options of the respective leases.
Revenue from leases also includes reimbursements and recoveries from tenants received from tenants for certain costs as provided in the lease agreements. These costs generally include real estate taxes, utilities, insurance, common area maintenance and other recoverable costs. See Note 13: Tenant Leases.
Real estate services revenue includes property management, development, construction and leasing commission fees and other services, and payroll and related costs reimbursed from clients. Fee income derived from the Company’s unconsolidated joint ventures (which are capitalized by such ventures) are recognized to the extent attributable to the unaffiliated ownership interests.
Parking income includes income from parking spaces leased to tenants and others.
Hotel income includes all revenue earned from hotel properties.
Other income includes income from tenants for additional services arranged for by the Company and income from tenants for early lease terminations.
Allowance for Doubtful Accounts
All bad debt expense is being recorded as a reduction of the corresponding revenue account starting on January 1, 2019. 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, 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 judgment about the timing, frequency and severity of collection losses, which affects the allowance and net income.
Income and Other Taxes
The General Partner has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “IRS Code”). As a REIT, the General Partner generally will not be subject to corporate federal income tax on net income that it currently distributes to its shareholders, provided that the General Partner satisfies certain organizational and operational requirements including the requirement to distribute at least 90 percent of its REIT taxable income (determined by excluding any net capital gains) to its shareholders. If and to the extent the General Partner retains and does not distribute any net capital gains, the General Partner will be required to pay federal, state and local taxes, as applicable, on such net capital gains at the rate applicable to capital gains of a corporation.
The Operating Partnership is a partnership, and, as a result, all income and losses of the partnership are allocated to the partners for inclusion in their respective tax returns. Accordingly, no provision or benefit for income taxes has been made in the accompanying financial statements.
The General Partner has elected to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (each a “TRS”). In general, a TRS of the General Partner may perform additional services for tenants of the Company and generally may engage in any real estate or non-real estate related business (except for the operation or management of health care facilities or lodging facilities or the providing to any person, under a franchise, license or otherwise, rights to any brand name under which any lodging facility or health care facility is operated). A TRS is subject to corporate federal income tax. The General Partner has conducted business through its TRS entities for certain property management, development, construction and other related services, as well as to hold a joint venture interest in a hotel and other matters.
The deferred tax asset balance at September 30, 2019 amounted to $9.5 million which has been fully reserved through a valuation allowance. New tax reform legislation enacted in late 2017 reduced the corporate tax rate to 21 percent, effective January 1, 2018. Consequently, the Company’s deferred tax assets were re-measured to reflect the reduction in the future U.S. corporate income tax rate as of the enactment date. As a result, the Company recorded a decrease related to its deferred tax assets of $5.3 million and a decrease to the associated valuation allowance of $5.3 million at December 31, 2017. If the General Partner fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate tax rates. The Company is subject to certain state and local taxes.
Pursuant to the amended provisions related to uncertain tax provisions of ASC 740, Income Taxes, the Company recognized no material adjustments regarding its tax accounting treatment. The Company expects to recognize interest and penalties related to uncertain tax positions, if any, as income tax expense, which is included in general and administrative expense.
In the normal course of business, the Company or one of its subsidiaries is subject to examination by federal, state and local jurisdictions in which it operates, where applicable. As of September 30, 2019, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are generally from the year 2014 forward.
Earnings Per Share or Unit
The Company presents both basic and diluted earnings per share or unit (“EPS or EPU”). Basic EPS or EPU excludes dilution and is computed by dividing net income available to common shareholders or unitholders by the weighted average number of shares or units outstanding for the period. Diluted EPS or EPU reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS or EPU from continuing operations amount. Shares or units whose issuance is contingent upon the satisfaction of certain conditions shall be considered outstanding and included in the computation of diluted EPS or EPU as follows (i) if all necessary conditions have been satisfied by the end of the period (the events have occurred), those shares or units shall be included as of the beginning of the period in
which the conditions were satisfied (or as of the date of the grant, if later) or (ii) if all necessary conditions have not been satisfied by the end of the period, the number of contingently issuable shares or units included in diluted EPS or EPU shall be based on the number of shares or units, if any, that would be issuable if the end of the reporting period were the end of the contingency period (for example, the number of shares or units that would be issuable based on current period earnings or period-end market price) and if the result would be dilutive. Those contingently issuable shares or units shall be included in the denominator of diluted EPS or EPU as of the beginning of the period (or as of the date of the grant, if later).
Dividends and Distributions Payable
The dividends and distributions payable at September 30, 2019 represents dividends payable to common shareholders (90,552,178 shares) and distributions payable to noncontrolling interests unitholders of the Operating Partnership (9,850,074 common units and 1,949,601 vested and unvested LTIP units), for all such holders of record as of October 4, 2019 with respect to the third quarter 2019. The third quarter 2019 common stock dividends and unit distributions of $0.20 per common share (total of $18.1 million), common unit (total of $2.0 million) and LTIP unit (total of $0.4 million) were approved by the General Partner’s Board of Directors on September 24, 2019 and paid on October 11, 2019.
The dividends and distributions payable at December 31, 2018 represents dividends payable to common shareholders (90,320,408 shares) and distributions payable to noncontrolling interests unitholders of the Operating Partnership (10,174,285 common units and 1,762,170 LTIP units) for all such holders of record as of January 3, 2019 with respect to the fourth quarter 2018. The fourth quarter 2018 common stock dividends and unit distributions of $0.20 per common share (total of $18.1 million), common unit (total of $2.0 million) and LTIP unit (total of $0.4 million) were approved by the General Partner’s Board of Directors on December 11, 2018 and paid on January 11, 2019.
Costs Incurred For Stock Issuances
Costs incurred in connection with the Company’s stock issuances are reflected as a reduction of additional paid-in capital.
Stock Compensation
The Company accounts for stock compensation in accordance with the provisions of ASC 718, Compensation-Stock Compensation. These provisions require that the estimated fair value of restricted stock (“Restricted Stock Awards”), performance share units, long-term incentive plan awards and stock options at the grant date be amortized ratably into expense over the appropriate vesting period. The Company recorded stock compensation expense of $1,980,000 and $1,770,000 for the three months ended September 30, 2019 and 2018, respectively, and $6,051,000 and $4,959,000 for the nine months ended September 30, 2019 and 2018, respectively.
Other Comprehensive Income (Loss)
Other comprehensive income (loss) includes items that are recorded in equity, such as effective portions of derivatives designated as cash flow hedges or unrealized holding gains or losses on marketable securities available for sale.
Redeemable Noncontrolling Interests
The Company evaluates the terms of the partnership units issued in accordance with the FASB’s Distinguishing Liabilities from Equity guidance. Units which embody an unconditional obligation requiring the Company to redeem the units for cash after a specified or determinable date (or dates) or upon the occurrence of an event that is not solely within the control of the issuer are determined to be contingently redeemable under this guidance and are included as Redeemable noncontrolling interests and classified within the mezzanine section between Total liabilities and Stockholders’ equity on the Company’s Consolidated Balance Sheets. The carrying amount of the redeemable noncontrolling interests will be changed by periodic accretions, so that the carrying amount will equal the estimated future redemption value at the redemption date.
Fair Value Hierarchy
The standard Fair Value Measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs). The following summarizes the fair value hierarchy:
Level 1: Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2: Quoted prices for identical assets and liabilities in markets that are inactive, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly, such as interest rates and yield curves that are observable at commonly quoted intervals and
Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.
Impact of Recently-Issued Accounting Standards
In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), modifying the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). ASU 2016-02 provides new guidelines that change the accounting for leasing arrangements for lessees, whereby their rights and obligations under substantially all leases, existing and new, would be capitalized and recorded on the balance sheet. For lessors, however, the accounting remains largely equivalent to the current model, with the distinction between operating, sales-type, and direct financing leases retained, but updated to align with certain changes to the lessee model and the new revenue recognition standard.
ASU 2016-02 provides two transition methods. The first transition method allows for application of the new model at the beginning of the earliest comparative period presented. Under the second transition method, comparative periods would not be restated, with any cumulative effect adjustments recognized in the opening balance of retained earnings in the period of adoption. In addition, a practical expedient was recently issued by the FASB that allows lessors to combine non-lease components with related lease components if certain conditions are met. The Company has adopted this guidance for its interim and annual periods beginning January 1, 2019 using the second transition method.
Under ASU 2016-02, lessors will only capitalize incremental direct leasing costs and will expense internal leasing costs that were previously capitalized prior to the adoption of ASU 2016-02. For leases where the Company is a lessee, primarily its ground leases, the Company is recognizing a right-of-use asset and a corresponding lease liability.
In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (“ASU 2016-13”). The guidance introduces a new model for estimating credit losses for certain types of financial instruments, including trade and lease receivables, loans receivable, held-to-maturity debt securities, and net investments in direct financing leases, amongst other financial instruments. ASU 2016-13 also modifies the impairment model for available-for-sale debt securities and expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for losses. ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted. The Company does not expect the adoption of ASU 2016-13 to have a material impact on the Company’s consolidated financial statements.
In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”). The purpose of ASU 2017-12 is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The Company has adopted ASU 2017-12 on January 1, 2019. ASU 2017-12 requires a modified retrospective transition method which requires a cumulative effect of the change on the opening balance of each affected component of equity in the Company’s consolidated financial statements as of the date of adoption. Upon adoption the Company recorded a cumulative adjustment specifically related to the elimination of the requirement for separate measurement of hedge ineffectiveness. As a result, the Company recorded an opening balance adjustment as of January 1, 2019 to retained earnings of $0.4 million with a corresponding change to other comprehensive income.
3. RECENT TRANSACTIONS
Acquisitions
The Company acquired the following rental properties (which were determined to be asset acquisitions in accordance with ASU 2017-01) during the nine months ended September 30, 2019 (dollars in thousands):
| | | | | | | | |
| | | | Rentable | | | | |
Acquisition | | | # of | Square Feet/ | | | Acquisition | |
Date | Property Address | Location | Bldgs. | Apartment Units | | | Costs | |
02/06/19 | 99 Wood Avenue (a) | Iselin, New Jersey | 1 | 271,988 | | $ | 61,858 | |
04/01/19 | Soho Lofts Apartments (a) | Jersey City, New Jersey | 1 | 377 | | | 264,578 | |
09/26/19 | Liberty Towers Apartments (b) | Jersey City, New Jersey | 1 | 648 | | | 410,483 | |
| | | | | | | | |
Total Acquisitions | | | 3 | | | $ | 736,919 | |
| |
(a) | This acquisition was funded using funds available with the Company's qualified intermediary and through borrowing under the Company's unsecured revolving credit facility. |
(b) | This acquisition was funded through borrowings under the Company's unsecured revolving credit facility and a new $232 million mortgage loan collateralized by the property. |
The acquisition costs were allocated to the net assets acquired, as follows (in thousands):
| | | | | | | | | | | | | | |
| | | 99 Wood Avenue | | | | Soho Lofts Apartments | | | | Liberty Towers | | | Total |
Land and leasehold interest | | $ | 9,261 | | | $ | 27,601 | | | $ | 66,670 | | $ | 103,532 |
Buildings and improvements and other assets | | | 45,576 | | | | 231,663 | | | | 330,935 | | | 608,174 |
Above market lease values | | | 431 | (a) | | | - | | | | 56 | (c) | | 487 |
In-place lease values | | | 8,264 | (a) | | | 5,480 | (b) | | | 13,462 | (c) | | 27,206 |
| | | 63,532 | | | | 264,744 | | | | 411,123 | | | 739,399 |
Less: Below market lease values | | | (1,674) | (a) | | | (166) | (b) | | | (640) | (c) | | (2,480) |
Net assets recorded upon acquisition | | $ | |