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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 June 30, 2020

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)

Securities Registered Pursuant to Section 12(b) of the Act:
Mack-Cali Realty Corporation:

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 

 

Mack-Cali Realty, L.P.:
None

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 July 29, 2020, there were 90,711,590 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. 


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EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended June 30, 2020 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 June 30, 2020, the General Partner owned an approximate 90.4 percent common unit interest in the Operating Partnership. The remaining approximate 9.6 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

2


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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 15.   Redeemable Noncontrolling Interests;

Note 16.   Mack-Cali Realty Corporation’s Stockholders’ Equity and Mack-Cali Realty, L.P.’s Partners’ Capital;

Note 17.   Noncontrolling Interests in Subsidiaries; and

Note 18.   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.

3


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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 June 30, 2020 and December 31, 2019

6

Consolidated Statements of Operations for the three and six months ended June 30, 2020 and 2019

7

Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2020 and 2019

8

Consolidated Statements of Changes in Equity for the three and six months ended June 30, 2020 and 2019

9

Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019

11

Mack-Cali Realty, L.P.

Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019

12

Consolidated Statements of Operations for the three and six months ended June 30, 2020 and 2019

13

Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2020 and 2019

14

Consolidated Statements of Changes in Equity for the three and six months ended June 30, 2020 and 2019

15

Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019

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

63

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

90

Item 4.

Controls and Procedures

90

Part II  

Other Information

Mack-Cali Realty Corporation and Mack-Cali Realty, L.P.

Item 1.

Legal Proceedings

92

Item 1A.  

Risk Factors

92

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

93

Item 3.

Defaults Upon Senior Securities

93

Item 4.

Mine Safety Disclosures

93

Item 5.

Other Information

93

Item 6.

Exhibits

93

Exhibit Index

94

Signatures

105

4


Table of Contents

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, 2019.

 

The results of operations for the three and six-month periods ended June 30, 2020 are not necessarily indicative of the results to be expected for the entire fiscal year or any other period.

 


5


Table of Contents

MACK-CALI REALTY CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) (unaudited)

June 30,

December 31,

ASSETS

2020

2019

Rental property

Land and leasehold interests

$

647,563

$

653,231

Buildings and improvements

3,402,053

3,361,435

Tenant improvements

142,989

163,299

Furniture, fixtures and equipment

83,359

78,716

4,275,964

4,256,681

Less – accumulated depreciation and amortization

(579,675)

(558,617)

3,696,289

3,698,064

Real estate held for sale, net

1,078,422

966,497

Net investment in rental property

4,774,711

4,664,561

Cash and cash equivalents

26,295

25,589

Restricted cash

14,144

15,577

Investments in unconsolidated joint ventures

200,409

209,091

Unbilled rents receivable, net

95,101

95,686

Deferred charges, goodwill and other assets, net

237,904

275,102

Accounts receivable

11,448

7,192

Total assets

$

5,360,012

$

5,292,798

LIABILITIES AND EQUITY

Senior unsecured notes, net

$

572,068

$

571,484

Unsecured revolving credit facility and term loans

329,000

329,000

Mortgages, loans payable and other obligations, net

2,089,397

1,908,034

Dividends and distributions payable

1,574

22,265

Accounts payable, accrued expenses and other liabilities

217,875

209,510

Rents received in advance and security deposits

37,543

39,463

Accrued interest payable

10,104

10,185

Total liabilities

3,257,561

3,089,941

Commitments and contingencies

 

 

Redeemable noncontrolling interests

508,955

503,382

Equity:

Mack-Cali Realty Corporation stockholders’ equity:

Common stock, $0.01 par value, 190,000,000 shares authorized,

90,596,723 and 90,595,176 shares outstanding

906

906

Additional paid-in capital

2,533,686

2,535,440

Dividends in excess of net earnings

(1,135,559)

(1,042,629)

Accumulated other comprehensive income (loss)

-

(18)

Total Mack-Cali Realty Corporation stockholders’ equity

1,399,033

1,493,699

Noncontrolling interests in subsidiaries:

Operating Partnership

148,039

158,480

Consolidated joint ventures

46,424

47,296

Total noncontrolling interests in subsidiaries

194,463

205,776

Total equity

1,593,496

1,699,475

Total liabilities and equity

$

5,360,012

$

5,292,798

The accompanying notes are an integral part of these consolidated financial statements.

6


Table of Contents

MACK-CALI REALTY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

REVENUES

2020

2019

2020

2019

Revenue from leases

$

64,792

$

73,018

$

135,242

$

152,409

Real estate services

2,755

3,530 

5,748

7,372 

Parking income

3,034

5,515

8,299

10,381

Hotel income

772

2,094 

2,397

2,377 

Other income

1,297

2,448

3,021

4,332

Total revenues

72,650

86,605

154,707

176,871

EXPENSES

Real estate taxes

10,573

11,018

21,510

22,662

Utilities

3,113

4,091

6,966

10,203

Operating services

15,633

17,913

31,697

34,712

Real estate services expenses

3,085

3,979 

6,806

8,245 

General and administrative

17,242

16,946

33,060

30,265

Depreciation and amortization

27,341

31,971

61,137

63,505

Land and other impairments

16,846

2,499

22,109

2,499

Total expenses

93,833

88,417

183,285

172,091

OTHER (EXPENSE) INCOME

Interest expense

(20,612)

(22,207)

(41,530)

(45,688)

Interest and other investment income (loss)

7

515 

39

1,338

Equity in earnings (loss) of unconsolidated joint ventures

(946)

(88)

(1,654)

(769)

Gain on change of control of interests

-

-

-

13,790 

Realized gains (losses) and unrealized losses on disposition of

rental property, net

-

255 

(7,915)

268,364 

Gain on disposition of developable land

-

270 

4,813

270 

Gain on sale of investment in unconsolidated joint venture

-

-

-

903 

Gain from extinguishment of debt, net

-

588 

-

1,899 

Total other income (expense)

(21,551)

(20,667)

(46,247)

240,107

Income (loss) from continuing operations

(42,734)

(22,479)

(74,825)

244,887

Discontinued operations:

Income from discontinued operations

21,729

7,952

43,722

16,180

Realized gains (losses) and unrealized losses on

disposition of rental property and impairments, net

(11,929)

(5,802)

(39,675)

(5,802)

Total discontinued operations, net

9,800

2,150

4,047

10,378

Net income (loss)

(32,934)

(20,329)

(70,778)

255,265

Noncontrolling interests in consolidated joint ventures

829

847

1,005

2,095

Noncontrolling interests in Operating Partnership of income from

continuing operations

4,626

2,647

8,292

(24,196)

Noncontrolling interests in Operating Partnership in discontinued operations

(937)

(213)

(388)

(1,050)

Redeemable noncontrolling interests

(6,471)

(5,006)

(12,942)

(9,673)

Net income (loss) available to common shareholders

$

(34,887)

$

(22,054)

$

(74,811)

$

222,441

Basic earnings per common share:

Income (loss) from continuing operations

$

(0.51)

$

(0.45)

$

(0.92)

$

2.14

Discontinued operations

0.10

0.02

0.04

0.10

Net income (loss) available to common shareholders

$

(0.41)

$

(0.43)

$

(0.88)

$

2.24

Diluted earnings per common share:

Income (loss) from continuing operations

$

(0.51)

$

(0.45)

$

(0.92)

$

2.14

Discontinued operations

0.10

0.02

0.04

0.10

Net income (loss) available to common shareholders

$

(0.41)

$

(0.43)

$

(0.88)

$

2.24

Basic weighted average shares outstanding

90,629

90,533 

90,622

90,516 

Diluted weighted average shares outstanding

100,213

100,523 

100,198

100,825 

The accompanying notes are an integral part of these consolidated financial statements.

7


Table of Contents

MACK-CALI REALTY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in thousands) (unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

2020

2019

2020

2019

Net income (loss)

$

(32,934)

$

(20,329)

$

(70,778)

$

255,265

Other comprehensive income (loss):

Net unrealized gain (loss) on derivative instruments

for interest rate swaps

-

(4,624)

(16)

(9,075)

Comprehensive income (loss)

$

(32,934)

$

(24,953)

$

(70,794)

$

246,190

Comprehensive (income) loss attributable to noncontrolling

interests in consolidated joint ventures

829

847

1,005

2,095

Comprehensive (income) loss attributable to redeemable

noncontrolling interests

(6,471)

(5,006)

(12,942)

(9,673)

Comprehensive (income) loss attributable to noncontrolling

interests in Operating Partnership

3,689

2,894

7,938

(24,373)

Comprehensive income (loss) attributable to common shareholders

$

(34,887)

$

(26,218)

$

(74,793)

$

214,239

The accompanying notes are an integral part of these consolidated financial statements.


8


Table of Contents

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 June 30, 2020

Shares

Par Value

Capital

Net Earnings

Income (Loss)

in Subsidiaries

Total Equity

Balance at April 1, 2020

90,596

$

906

$

2,533,909

$

(1,100,672)

$

-

$

198,017

$

1,632,160

Net income (loss)

-

-

-

(34,887)

-

1,953

(32,934)

Common stock dividends

-

-

-

-

-

-

-

Common unit distributions

-

-

-

-

-

790

790

Redeemable noncontrolling interests

-

-

(2,236)

-

-

(6,708)

(8,944)

Change in noncontrolling interests in consolidated joint ventures

-

-

-

-

-

(83)

(83)

Redemption of common units for common stock

-

-

-

-

-

-

-

Redemption of common units

-

-

-

-

-

-

-

Shares issued under Dividend Reinvestment and

Stock Purchase Plan

1

-

11

-

-

-

11

Directors' deferred compensation plan

-

-

57

-

-

-

57

Stock compensation

-

-

334

-

-

2,105

2,439

Cancellation of unvested LTIP units

-

-

-

-

-

-

-

Other comprehensive income (loss)

-

-

-

-

-

-

-

Rebalancing of ownership percentage

between parent and subsidiaries

-

-

1,611

-

-

(1,611)

-

Balance at June 30, 2020

90,597

$

906

$

2,533,686

$

(1,135,559)

$

-

$

194,463

$

1,593,496

Accumulated

Additional

Dividends in

Other

Noncontrolling

Common Stock

Paid-In

Excess of

Comprehensive

Interests

For the Three Months Ended June 30, 2019

Shares

Par Value

Capital

Net Earnings

Income (Loss)

in Subsidiaries

Total Equity

Balance at April 1, 2019

90,326

$

903

$

2,553,652

$

(855,659)

$

5,122

$

239,149

$

1,943,167

Net income (loss)

-

-

-

(22,054)

-

1,725

(20,329)

Common stock dividends

-

-

-

(18,111)

-

-

(18,111)

Common unit distributions

-

-

-

-

-

(2,361)

(2,361)

Redeemable noncontrolling interests

-

-

(16,759)

-

-

(6,856)

(23,615)

Change in noncontrolling interests in consolidated joint ventures

-

-

-

-

-

(308)

(308)

Redemption of common units for common stock

33

1

622

-

-

(623)

-

Redemption of common units

-

-

-

-

Shares issued under Dividend Reinvestment and

Stock Purchase Plan

-

-

11

-

-

-

11

Directors' deferred compensation plan

194

2

25

-

-

-

27

Stock compensation

-

-

218

-

-

1,973

2,191

Cancellation of unvested LTIP units

-

-

-

-

-

-

-

Other comprehensive income (loss)

-

-

-

-

(4,164)

(460)

(4,624)

Rebalancing of ownership percentage

between parent and subsidiaries

-

-

1,778

-

-

(1,778)

-

Balance at June 30, 2019

90,553

$

906

$

2,539,547

$

(895,824)

$

958

$

230,461

$

1,876,048

The accompanying notes are an integral part of these consolidated financial statements.


9


Table of Contents

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 Six Months Ended June 30, 2020

Shares

Par Value

Capital

Net Earnings

Income (Loss)

in Subsidiaries

Total Equity

Balance at January 1, 2020

90,595

$

906

$

2,535,440

$

(1,042,629)

$

(18)

$

205,776

$

1,699,475

Net income (loss)

-

-

-

(74,811)

-

4,033

(70,778)

Common stock dividends

-

-

-

(18,119)

-

-

(18,119)

Common unit distributions

-

-

-

-

-

(1,480)

(1,480)

Redeemable noncontrolling interests

-

-

(5,040)

-

-

(13,475)

(18,515)

Change in noncontrolling interests in consolidated joint ventures

-

-

-

-

-

133

133

Redemption of common units of common stock

-

-

-

-

-

-

-

Redemption of common units

-

-

-

-

-

(2,141)

(2,141)

Shares issued under Dividend Reinvestment and

Stock Purchase Plan

2

-

30

-

-

-

30

Directors' deferred compensation plan

-

-

139

-

-

-

139

Stock compensation

-

-

764

-

-

4,205

4,969

Cancellation of unvested LTIP units

-

-

-

-

-

(201)

(201)

Other comprehensive income (loss)

-

-

-

-

18

(34)

(16)

Rebalancing of ownership percentage

between parent and subsidiaries

-

-

2,353

-

-

(2,353)

-

Balance at June 30, 2020

90,597

$

906

$

2,533,686

$

(1,135,559)

$

-

$

194,463

$

1,593,496

Accumulated

Additional

Dividends in

Other

Noncontrolling

Common Stock

Paid-In

Excess of

Comprehensive

Interests

For the Six Months Ended June 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)

-

-

-

222,441

-

32,824

255,265

Common stock dividends

-

-

-

(36,176)

-

-

(36,176)

Common unit distributions

-

-

-

-

-

(4,057)

(4,057)

Redeemable noncontrolling interest

-

-

(19,911)

-

-

(11,880)

(31,791)

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)

-

-

(4,965)

(6,630)

Shares issued under Dividend Reinvestment and

Stock Purchase Plan

1

-

21

-

-

-

21

Directors' deferred compensation plan

194

2

155

-

-

-

157

Stock compensation

-

-

483

-

-

3,588

4,071

Cancellation of unvested LTIP units

-

-

-

2,819

-

(2,889)

(70)

Other comprehensive income (loss)

-

-

-

(390)

(7,812)

(873)

(9,075)

Rebalancing of ownership percentage

between parent and subsidiaries

-

-

215

-

-

(215)

-

Balance at June 30, 2019

90,553

$

906

$

2,539,547

$

(895,824)

$

958

$

230,461

$

1,876,048

The accompanying notes are an integral part of these consolidated financial statements.

 

10


Table of Contents

MACK-CALI REALTY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)

Six Months Ended

June 30,

CASH FLOWS FROM OPERATING ACTIVITIES

2020

2019

Net income (loss)

$

(70,778)

$

255,265

Net (income) loss from discontinued operations

(4,047)

(10,378)

Net income (loss) from continuing operations

(74,825)

244,887

Adjustments to reconcile net income (loss) to net cash provided by

Operating activities:

Depreciation and amortization, including related intangible assets

59,445

61,961

Depreciation and amortization on discontinued operations

2,897

33,863

Amortization of directors deferred compensation stock units

139

157

Amortization of stock compensation

4,969

4,071

Amortization of deferred financing costs

2,084

2,357

Amortization of debt discount and mark-to-market

(474)

(474)

Equity in (earnings) loss of unconsolidated joint ventures

1,654

769

Distributions of cumulative earnings from unconsolidated joint ventures

3,018

3,367

Gain on change of control of interests

-

(13,790)

Realized (gains) losses and unrealized losses on disposition of rental property, net

7,915

(268,364)

Gain on disposition of developable land

(4,813)

(270)

Property impairments on discontinued operations

39,675

5,802

Land impairments

22,109

2,499

Gain on sale of investments in unconsolidated joint ventures

-

(903)

(Gain)Loss from extinguishment of debt

-

(1,899)

Changes in operating assets and liabilities:

Decrease (increase) in unbilled rents receivable, net

515

(3,986)

Increase in deferred charges, goodwill and other assets

(61)

(11,293)

Increase in accounts receivable, net

(5,255)

(2,559)

Increase (decrease) in accounts payable, accrued expenses and other liabilities

7,030

16,989

Decrease in rents received in advance and security deposits

(2,311)

(5,714)

Decrease in accrued interest payable

(67)

(472)

Net cash flows provided by operating activities - continuing operations

21,072

27,333

Net cash flows provided by operating activities - discontinued operations

47,182

41,487

Net cash provided by operating activities

$

68,254

$

68,820

CASH FLOWS FROM INVESTING ACTIVITIES

Rental property acquisitions and related intangibles

$

(16,159)

$

(490,625)

Rental property additions and improvements

(104,399)

(50,455)

Development of rental property and other related costs

(146,810)

(89,089)

Proceeds from the sales of rental property

16,455

636,161

Proceeds from the sale of investments in unconsolidated joint ventures

-

4,039

Repayment of notes receivable

208

46,305

Investment in unconsolidated joint ventures

(1,553)

(8,238)

Distributions in excess of cumulative earnings from unconsolidated joint ventures

5,875

3,602

Net cash (used in) provided by investing activities - continuing operations

(246,383)

51,700

Net cash provided by (used in) investing activities - discontinued operations

52,203

(75,022)

Net cash used in investing activities

$

(194,180)

$

(23,322)

CASH FLOW FROM FINANCING ACTIVITIES

Borrowings from revolving credit facility

$

140,000

$

281,000

Repayment of revolving credit facility

(140,000)

(398,000)

Repayment of senior unsecured notes

-

(250,000)

Proceeds from mortgages and loans payable

181,358

321,508

Repayment of mortgages, loans payable and other obligations

(281)

(55,199)

Acquisition of noncontrolling interests

-

(5,017)

Issuance of redeemable noncontrolling interests, net

-

145,000

Common unit redemptions

(2,141)

-

Payment of financing costs

(656)

(5,637)

(Contributions) Distributions to noncontrolling interests

133

(407)

Payment of dividends and distributions

(53,216)

(49,770)

Net cash provided by (used in) financing activities

$

125,197

$

(16,522)

Net (decrease) increase in cash and cash equivalents

$

(729)

$

28,976

Cash, cash equivalents and restricted cash, beginning of period (1)

41,168

49,554

Cash, cash equivalents and restricted cash, end of period (2)

$

40,439

$

78,530

(1)Includes Restricted Cash of $15,577 and $19,921 as of December 31, 2019 and 2018, respectively.

(2)Includes Restricted Cash of $14,144 and $17,892 as of June 30, 2020 and 2019, respectively.

The accompanying notes are an integral part of these consolidated financial statements. 

11


Table of Contents

MACK-CALI REALTY, L.P. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (in thousands, except per unit amounts) (unaudited)

June 30,

December 31,

ASSETS

2020

2019

Rental property

Land and leasehold interests

$

647,563

$

653,231

Buildings and improvements

3,402,053

3,361,435

Tenant improvements

142,989

163,299

Furniture, fixtures and equipment

83,359

78,716

4,275,964

4,256,681

Less – accumulated depreciation and amortization

(579,675)

(558,617)

3,696,289

3,698,064

Real estate held for sale, net

1,078,422

966,497

Net investment in rental property

4,774,711

4,664,561

Cash and cash equivalents

26,295

25,589

Restricted cash

14,144

15,577

Investments in unconsolidated joint ventures

200,409

209,091

Unbilled rents receivable, net

95,101

95,686

Deferred charges, goodwill and other assets, net

237,904

275,102

Accounts receivable

11,448

7,192

Total assets

$

5,360,012

$

5,292,798

LIABILITIES AND EQUITY

Senior unsecured notes, net

$

572,068

$

571,484

Unsecured revolving credit facility and term loans

329,000

329,000

Mortgages, loans payable and other obligations, net

2,089,397

1,908,034

Distributions payable

1,574

22,265

Accounts payable, accrued expenses and other liabilities

217,875

209,510

Rents received in advance and security deposits

37,543

39,463

Accrued interest payable

10,104

10,185

Total liabilities

3,257,561

3,089,941

Commitments and contingencies

 

 

Redeemable noncontrolling interests

508,955

503,382

Partners’ Capital:

General Partner, 90,596,723 and 90,595,176 common units outstanding

1,330,531

1,427,568

Limited partners, 9,586,528 and 9,612,064 common units/LTIPs outstanding

216,541

224,629

Accumulated other comprehensive income (loss)

-

(18)

Total Mack-Cali Realty, L.P. partners’ capital

1,547,072

1,652,179

Noncontrolling interests in consolidated joint ventures

46,424

47,296

Total equity

1,593,496

1,699,475

Total liabilities and equity

$

5,360,012

$

5,292,798

The accompanying notes are an integral part of these consolidated financial statements.


12


Table of Contents

MACK-CALI REALTY, L.P. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per unit amounts) (unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

REVENUES

2020

2019

2020

2019

Revenue from leases

$

64,792 

$

73,018 

$

135,242 

$

152,409 

Real estate services

2,755 

3,530 

5,748 

7,372 

Parking income

3,034 

5,515 

8,299 

10,381 

Hotel income

772 

2,094 

2,397 

2,377 

Other income

1,297 

2,448 

3,021 

4,332 

Total revenues

72,650 

86,605 

154,707 

176,871 

EXPENSES

Real estate taxes

10,573 

11,018 

21,510 

22,662 

Utilities

3,113 

4,091 

6,966 

10,203 

Operating services

15,633 

17,913 

31,697 

34,712 

Real estate services expenses

3,085 

3,979 

6,806 

8,245 

General and administrative

17,242 

16,946 

33,060 

30,265 

Depreciation and amortization

27,341 

31,971 

61,137 

63,505 

Land and other impairments

16,846

2,499 

22,109

2,499 

Total expenses

93,833

88,417 

183,285

172,091 

OTHER (EXPENSE) INCOME

Interest expense

(20,612)

(22,207)

(41,530)

(45,688)

Interest and other investment income (loss)

7 

515 

39 

1,338 

Equity in earnings (loss) of unconsolidated joint ventures

(946)

(88)

(1,654)

(769)

Gain on change of control of interests

-

-

-

13,790 

Realized gains (losses) and unrealized losses on disposition of

rental property, net

-

255 

(7,915)

268,364 

Gain on disposition of developable land

-

270 

4,813 

270 

Gain on sale of investment in unconsolidated joint venture

-

-

-

903 

Gain from extinguishment of debt, net

-

588 

-

1,899 

Total other income (expense)

(21,551)

(20,667)

(46,247)

240,107 

Income (loss) from continuing operations

(42,734)

(22,479)

(74,825)

244,887 

Discontinued operations:

Income from discontinued operations

21,729 

7,952 

43,722 

16,180 

Realized gains (losses) and unrealized losses on

disposition of rental property and impairments, net

(11,929)

(5,802)

(39,675)

(5,802)

Total discontinued operations, net

9,800 

2,150 

4,047 

10,378 

Net income (loss)

(32,934)

(20,329)

(70,778)

255,265 

Noncontrolling interests in consolidated joint ventures

829 

847 

1,005 

2,095 

Redeemable noncontrolling interests

(6,471)

(5,006)

(12,942)

(9,673)

Net income (loss) available to common unitholders

$

(38,576)

$

(24,488)

$

(82,715)

$

247,687 

Basic earnings per common unit:

Income (loss) from continuing operations

$

(0.51)

$

(0.45)

$

(0.92)

$

2.14 

Discontinued operations

0.10 

0.02 

0.04 

0.10 

Net income (loss) available to common unitholders

$

(0.41)

$

(0.43)

$

(0.88)

$

2.24 

Diluted earnings per common unit:

Income (loss) from continuing operations

$

(0.51)

$

(0.45)

$

(0.92)

$

2.14 

Discontinued operations

0.10 

0.02 

0.04 

0.10 

Net income (loss) available to common unitholders

$

(0.41)

$

(0.43)

$

(0.88)

$

2.24 

Basic weighted average units outstanding

100,213 

100,523 

100,198 

100,631 

Diluted weighted average units outstanding

100,213 

100,523 

100,198 

100,825 

The accompanying notes are an integral part of these consolidated financial statements.

13


Table of Contents

MACK-CALI REALTY, L.P. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in thousands) (unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

2020

2019

2020

2019

Net income (loss)

$

(32,934)

$

(20,329)

$

(70,778)

$

255,265

Other comprehensive income (loss):

Net unrealized gain (loss) on derivative instruments

for interest rate swaps

-

(4,624)

(16)

(9,075)

Comprehensive income (loss)

$

(32,934)

$

(24,953)

$

(70,794)

$

246,190

Comprehensive (income) loss attributable to noncontrolling

interests in consolidated joint ventures

829

847

1,005

2,095

Comprehensive (income) loss attributable to redeemable

noncontrolling interests

(6,471)

(5,006)

(12,942)

(9,673)

Comprehensive income (loss) attributable to common unitholders

$

(38,576)

$

(29,112)

$

(82,731)

$

238,612

The accompanying notes are an integral part of these consolidated financial statements.


14


Table of Contents

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 June 30, 2020

Common Units

Vested LTIP Units

Unitholders

Unitholders

Income (Loss)

Joint Ventures

Total Equity

Balance at April 1, 2020

90,596

9,518

$

1,367,252

$

217,572

$

-

$

47,336

$

1,632,160

Net income (loss)

-

-

(34,887)

(3,689)

-

5,642

(32,934)

Distributions

-

-

-

790

-

-

790

Redeemable noncontrolling interests

-

-

(2,236)

(237)

-

(6,471)

(8,944)

Change in noncontrolling interests in consolidated joint ventures

-

-

-

-

-

(83)

(83)

Redemption of limited partner common units for

shares of general partner common units

-

-

-

-

-

-

-

Vested LTIP units

-

68

-

-

-

-

-

Redemption of limited partner common units

-

-

-

-

-

-

-

Shares issued under Dividend Reinvestment and

Stock Purchase Plan

1

-

11

-

-

-

11

Directors' deferred compensation plan

-

-

57

-

-

-

57

Other comprehensive income (loss)

-

-

-

-

-

-

-

Stock compensation

-

-

334

2,105

-

-

2,439

Cancellation of unvested LTIP units

-

-

-

-

-

-

-

Balance at June 30, 2020

90,597

9,586

$

1,330,531

$

216,541

$

-

$

46,424

$

1,593,496

Accumulated

Noncontrolling

Limited Partner

General Partner

Limited Partner

Other

Interest

General Partner

Common Units/

Common

Common

Comprehensive

in Consolidated

For the Three Months Ended June 30, 2019

Common Units

Vested LTIP Units

Unitholders

Unitholders

Income (Loss)

Joint Ventures

Total Equity

Balance at April 1, 2019

90,326

10,009

$

1,636,068

$

251,657

$

5,122

$

50,320

$

1,943,167

Net income (loss)

-

-

(22,054)

(2,434)

-

4,159

(20,329)

Distributions

-

-

(18,111)

(2,361)

-

-

(20,472)

Redeemable noncontrolling interests

-

-

(16,759)

(1,850)

-

(5,006)

(23,615)

Change in noncontrolling interests in consolidated joint ventures

-

-

-

-

-

(308)

(308)

Redemption of limited partner common units for

shares of general partner common units

33

(24)

623

(623)

-

-

-

Vested LTIP units

-

(9)

-

-

-

-

-

Redemption of limited partners common units

-

-

-

-

-

-

-

Shares issued under Dividend Reinvestment and

Stock Purchase Plan

-

-

11

-

-

-

11

Directors' deferred compensation plan

194

-

27

-

-

-

27

Other comprehensive income (loss)

-

-

-

(460)

(4,164)

-

(4,624)

Stock compensation

-

-

218

1,973

-

-

2,191

Cancellation of unvested LTIP units

-

-

-

-

-

-

-

Balance at June 30, 2019

90,553

9,976

$

1,580,023

$

245,902

$

958

$

49,165

$

1,876,048

The accompanying notes are an integral part of these consolidated financial statements.

 


15


Table of Contents

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 Six Month Ended June 30, 2020

Common Units

Vested LTIP Units

Unitholders

Unitholders

Income (Loss)

Joint Ventures

Total Equity

Balance at January 1, 2020

90,595

9,612

$

1,427,568

$

224,629

$

(18)

$

47,296

$

1,699,475

Net income

-

-

(74,811)

(7,904)

-

11,937

(70,778)

Distributions

-

-

(18,119)

(1,480)

-

-

(19,599)

Redeemable noncontrolling interest

-

-

(5,040)

(533)

-

(12,942)

(18,515)

Change in noncontrolling interests in consolidated joint ventures

-

-

-

-

-

133

133

Redemption of limited partner common units for

shares of general partner common units

-

-

-

-

-

-

-

Vested LTIP units

-

72

-

-

-

-

-

Redemption of limited partner common units

-

(98)

-

(2,141)

-

-

(2,141)

Shares issued under Dividend

Reinvestment and Stock

Purchase Plan

2

-

30

-

-

-

30

Directors' deferred compensation plan

-

-

139

-

-

-

139

Other comprehensive income (loss)

-

-

-

(34)

18

-

(16)

Stock compensation

-

-

764

4,205

-

-

4,969

Cancellation of unvested LTIP units

-

-

-

(201)

-

-

(201)

Balance at June 30, 2020

90,597

9,586

$

1,330,531

$

216,541

$

-

$

46,424

$

1,593,496

Accumulated

Noncontrolling

Limited Partner

General Partner

Limited Partner

Other

Interest

General Partner

Common Units/

Common

Common

Comprehensive

in Consolidated

For the Six Months Ended June 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)

-

-

222,441

25,246

-

7,578

255,265

Distributions

-

-

(36,176)

(4,057)

-

-

(40,233)

Redeemable noncontrolling interest

-

-

(19,911)

(2,207)

-

(9,673)

(31,791)

Change in noncontrolling interest 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 partner common units

-

(301)

(1,665)

(4,965)

-

-

(6,630)

Shares issued under Dividend Reinvestment and

Stock Purchase Plan

1

-

21

-

-

-

21

Directors' deferred compensation plan

194

-

157

-

-

-

157

Other comprehensive income (loss)

-

-

(390)

(873)

(7,812)

-

(9,075)

Stock compensation

-

-

483

3,588

-

-

4,071

Cancellation of unvested LTIP units

-

-

2,819

(2,889)

-

-

(70)

Balance at June 30, 2019

90,553

9,976

$

1,580,023

$

245,902

$

958

$

49,165

$

1,876,048

The accompanying notes are an integral part of these consolidated financial statements.


16


Table of Contents

MACK-CALI REALTY, L.P. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)

Six Months Ended

June 30,

CASH FLOWS FROM OPERATING ACTIVITIES

2020

2019

Net income (loss)

$

(70,778)

$

255,265

Net (income) loss from discontinued operations

(4,047)

(10,378)

Net income (loss) from continuing operations

(74,825)

244,887

Adjustments to reconcile net income (loss) to net cash provided by

Operating activities:

Depreciation and amortization, including related intangible assets

59,445

61,961

Depreciation and amortization on discontinued operations

2,897

33,863

Amortization of directors deferred compensation stock units

139

157

Amortization of stock compensation

4,969

4,071

Amortization of deferred financing costs

2,084

2,357

Amortization of debt discount and mark-to-market

(474)

(474)

Equity in (earnings) loss of unconsolidated joint ventures

1,654

769

Distributions of cumulative earnings from unconsolidated joint ventures

3,018

3,367

Gain on change of control of interests

-

(13,790)

Realized (gains) losses and unrealized losses on disposition of rental property, net

7,915

(268,364)

Realized (gains) losses and unrealized losses on disposition of rental property, net on discontinued operations

-

-

Gain on disposition of developable land

(4,813)

(270)

Property impairments on discontinued operations

39,675

5,802

Land impairments

22,109

2,499

Gain on sale of investments in unconsolidated joint ventures

-

(903)

(Gain)Loss from extinguishment of debt

-

(1,899)

Changes in operating assets and liabilities:

Decrease (increase) in unbilled rents receivable, net

515

(3,986)

Increase in deferred charges, goodwill and other assets

(61)

(11,293)

Increase in accounts receivable, net

(5,255)

(2,559)

Increase (decrease) in accounts payable, accrued expenses and other liabilities

7,030

16,989

Decrease in rents received in advance and security deposits

(2,311)

(5,714)

Decrease in accrued interest payable

(67)

(472)

Net cash flows provided by operating activities - continuing operations

21,072

27,333

Net cash flows provided by operating activities - discontinued operations

47,182

41,487

Net cash provided by operating activities

$

68,254

$

68,820

CASH FLOWS FROM INVESTING ACTIVITIES

Rental property acquisitions and related intangibles

$

(16,159)

$

(490,625)

Rental property additions and improvements

(104,399)

(50,455)

Development of rental property and other related costs

(146,810)

(89,089)

Proceeds from the sales of rental property

16,455

636,161

Proceeds from the sale of investments in unconsolidated joint ventures

-

4,039

Repayment of notes receivable

208

46,305

Investment in unconsolidated joint ventures

(1,553)

(8,238)

Distributions in excess of cumulative earnings from unconsolidated joint ventures

5,875

3,602

Net cash (used in) provided by investing activities - continuing operations

(246,383)

51,700

Net cash provided by (used in) investing activities - discontinued operations

52,203

(75,022)

Net cash used in investing activities

$

(194,180)

$