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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 March 31, 2021
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).
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Mack-Cali Realty Corporation | YES NO |
Mack-Cali Realty, L.P. | YES NO |
As of May 4, 2021, there were 90,730,649 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 March 31, 2021 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 March 31, 2021, the General Partner owned an approximate 91.0 percent common unit interest in the Operating Partnership. The remaining approximate 9.0 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 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.
MACK-CALI REALTY CORPORATION
MACK-CALI REALTY, L.P.
FORM 10-Q
INDEX
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| | Page |
Part I | Financial Information | |
| Item 1. | Financial Statements (unaudited): | |
| | Mack-Cali Realty Corporation | |
| | Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020 | 6 |
| | Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020 | 7 |
| | Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2021 and 2020 | 8 |
| | Consolidated Statements of Changes in Equity for the three months ended March 31, 2021 and 2020 | 9 |
| | Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020 | 10 |
| | Mack-Cali Realty, L.P. | |
| | Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020 | 11 |
| | Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020 | 12 |
| | Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2021 and 2020 | 13 |
| | Consolidated Statements of Changes in Equity for the three months ended March 31, 2021 and 2020 | 14 |
| | Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020 | 15 |
| | Mack-Cali Realty Corporation and Mack-Cali Realty, L.P. | |
| | Notes to Consolidated Financial Statements | 16 |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 51 |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 70 |
| Item 4. | Controls and Procedures | 70 |
Part II | Other Information | |
| | Mack-Cali Realty Corporation and Mack-Cali Realty, L.P. | |
| Item 1. | Legal Proceedings | 71 |
| Item 1A. | Risk Factors | 71 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 71 |
| Item 3. | Defaults Upon Senior Securities | 71 |
| Item 4. | Mine Safety Disclosures | 71 |
| Item 5. | Other Information | 71 |
| Item 6. | Exhibits | 71 |
Exhibit Index | | 72 |
Signatures | | 78 |
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, 2020.
The results of operations for the three-month period ended March 31, 2021 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)
| | | | | |
| | | | | |
| | March 31, | | | December 31, |
ASSETS | | 2021 | | | 2020 |
Rental property | | | | | |
Land and leasehold interests | $ | 639,636 | | $ | 639,636 |
Buildings and improvements | | 3,804,162 | | | 3,743,831 |
Tenant improvements | | 164,448 | | | 171,623 |
Furniture, fixtures and equipment | | 85,612 | | | 83,553 |
| | 4,693,858 | | | 4,638,643 |
Less – accumulated depreciation and amortization | | (668,452) | | | (656,331) |
| | 4,025,406 | | | 3,982,312 |
Real estate held for sale, net | | 415,029 | | | 656,963 |
Net investment in rental property | | 4,440,435 | | | 4,639,275 |
Cash and cash equivalents | | 261,682 | | | 38,096 |
Restricted cash | | 18,836 | | | 14,207 |
Investments in unconsolidated joint ventures | | 159,971 | | | 162,382 |
Unbilled rents receivable, net | | 79,855 | | | 84,907 |
Deferred charges, goodwill and other assets, net | | 192,028 | | | 199,541 |
Accounts receivable | | 7,551 | | | 9,378 |
| | | | | |
Total assets | $ | 5,160,358 | | $ | 5,147,786 |
| | | | | |
LIABILITIES AND EQUITY | | | | | |
Senior unsecured notes, net | $ | 572,945 | | $ | 572,653 |
Unsecured revolving credit facility and term loans | | - | | | 25,000 |
Mortgages, loans payable and other obligations, net | | 2,249,019 | | | 2,204,144 |
Dividends and distributions payable | | 1,475 | | | 1,493 |
Accounts payable, accrued expenses and other liabilities | | 184,587 | | | 194,717 |
Rents received in advance and security deposits | | 31,810 | | | 34,101 |
Accrued interest payable | | 15,739 | | | 10,001 |
Total liabilities | | 3,055,575 | | | 3,042,109 |
| | | | | |
Commitments and contingencies | | | | | |
| | | | | |
Redeemable noncontrolling interests | | 515,267 | | | 513,297 |
| | | | | |
Equity: | | | | | |
Mack-Cali Realty Corporation stockholders’ equity: | | | | | |
Common stock, $0.01 par value, 190,000,000 shares authorized, | | | | | |
90,729,703 and 90,712,417 shares outstanding | | 907 | | | 907 |
Additional paid-in capital | | 2,528,570 | | | 2,528,187 |
Dividends in excess of net earnings | | (1,122,654) | | | (1,130,277) |
Accumulated other comprehensive income (loss) | | - | | | - |
Total Mack-Cali Realty Corporation stockholders’ equity | | 1,406,823 | | | 1,398,817 |
| | | | | |
Noncontrolling interests in subsidiaries: | | | | | |
Operating Partnership | | 139,246 | | | 148,791 |
Consolidated joint ventures | | 43,447 | | | 44,772 |
Total noncontrolling interests in subsidiaries | | 182,693 | | | 193,563 |
| | | | | |
Total equity | | 1,589,516 | | | 1,592,380 |
| | | | | |
Total liabilities and equity | $ | 5,160,358 | | $ | 5,147,786 |
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 |
| | | March 31, |
REVENUES | | | 2021 | | | 2020 |
Revenue from leases | | $ | 65,771 | | $ | 71,979 |
Real estate services | | | 2,527 | | | 2,993 |
Parking income | | | 3,086 | | | 5,265 |
Hotel income | | | 1,053 | | | 1,625 |
Other income | | | 3,656 | | | 1,742 |
Total revenues | | | 76,093 | | | 83,604 |
| | | | | | |
EXPENSES | | | | | | |
Real estate taxes | | | 11,831 | | | 11,140 |
Utilities | | | 4,092 | | | 3,853 |
Operating services | | | 15,450 | | | 16,221 |
Real estate services expenses | | | 3,318 | | | 3,722 |
General and administrative | | | 13,989 | | | 15,818 |
Depreciation and amortization | | | 28,173 | | | 33,895 |
Land and other impairments | | | 413 | | | 5,263 |
Total expenses | | | 77,266 | | | 89,912 |
| | | | | | |
OTHER (EXPENSE) INCOME | | | | | | |
Interest expense | | | (17,610) | | | (20,918) |
Interest and other investment income (loss) | | | 17 | | | 32 |
Equity in earnings (loss) of unconsolidated joint ventures | | | (1,456) | | | (708) |
Realized gains (losses) and unrealized gains (losses) on disposition of | | | | | | |
rental property, net | | | - | | | (7,915) |
Gain on disposition of developable land | | | - | | | 4,813 |
Total other income (expense) | | | (19,049) | | | (24,696) |
Income (loss) from continuing operations | | | (20,222) | | | (31,004) |
| | | | | | |
Discontinued operations: | | | | | | |
Income from discontinued operations | | | 10,962 | | | 20,906 |
Realized gains (losses) and unrealized gains (losses) on | | | | | | |
disposition of rental property and impairments, net | | | 22,781 | | | (27,746) |
Total discontinued operations, net | | | 33,743 | | | (6,840) |
Net income (loss) | | | 13,521 | | | (37,844) |
Noncontrolling interests in consolidated joint ventures | | | 1,335 | | | 176 |
Noncontrolling interests in Operating Partnership of income from | | | | | | |
continuing operations | | |