Recent Transactions (Tables)
|
9 Months Ended |
Sep. 30, 2019 |
|---|
| Real Estate Properties [Line Items] |
|
| Schedule Of Properties Acquired |
|
|
|
|
|
|
|
|
|
|
|
|
|
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. |
|
| Schedule Of Acquisition Cost Allocated To Net Assets Acquired |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
$ |
61,858 |
|
|
$ |
264,578 |
|
|
$ |
410,483 |
|
$ |
736,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Above market, in-place and below market lease values are being amortized over a weighted-average term of 4.3 years. |
(b) In-place and below market lease values are being amortized over a weighted-average term of 0.8 years. |
(c) Above market, in-place and below market lease values are being amortized over a weighted-average term of 0.5 years. |
|
| Schedule Of Properties Which Commenced Initial Operations |
|
|
|
|
|
|
|
|
|
|
|
|
# of |
|
|
Total |
In Service |
|
|
|
Apartment Units/ |
|
|
Development |
Date |
Property |
Location |
Type |
Rooms |
|
|
Costs Incurred |
07/09/19 |
Autograph Collection By Marriott (Phase II) |
Weehawken, NJ |
Hotel |
208 |
|
$ |
105,477 |
Totals |
|
|
|
208 |
|
$ |
105,477 |
|
| Schedule Of Net Assets Recorded Upon Consolidation |
|
|
|
|
|
Marbella II |
Land and leasehold interest |
$ |
36,595 |
Buildings and improvements and other assets, net |
|
153,974 |
In-place lease values (a) |
|
4,611 |
Less: Below market lease values (a) |
|
(80) |
|
|
195,100 |
Less: Debt |
|
(117,000) |
Net assets |
|
78,100 |
Less: Noncontrolling interests |
|
(13,722) |
Net assets recorded upon consolidation |
$ |
64,378 |
|
|
|
(a) In-place and below market lease values are being amortized over a weighted-average term of 6.2 months. |
|
| Summary Of Income From Property Held For Sale, Net |
|
|
|
|
|
September 30, |
|
|
2019 |
Land |
$ |
96,586 |
Building and improvements |
|
426,349 |
Less: Accumulated depreciation |
|
(103,718) |
Less: Cumulative unrealized losses on property held for sale |
|
(35,079) |
Rental property held for sale, net |
$ |
384,138 |
|
| Disposal Group, Held-for-sale, Not Discontinued Operations [Member] |
|
| Real Estate Properties [Line Items] |
|
| Schedule Of Disposed Properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains |
|
|
|
|
|
Rentable |
|
|
Net |
|
|
Net |
|
|
(losses)/ |
Disposition |
|
|
# of |
|
Square |
|
|
Sales |
|
|
Carrying |
|
|
Unrealized |
Date |
Property/Address |
Location |
Bldgs. |
|
Feet |
|
|
Proceeds |
|
|
Value |
|
|
Losses, net |
01/11/19 |
721 Route 202-206 South (a) |
Bridgewater, New Jersey |
1 |
|
192,741 |
|
$ |
5,651 |
|
$ |
5,410 |
|
$ |
241 |
01/16/19 |
Park Square Apartments (b) |
Rahway, New Jersey |
1 |
|
159 |
units |
|
34,045 |
|
|
34,032 |
|
|
13 |
01/22/19 |
2115 Linwood Avenue |
Fort Lee, New Jersey |
1 |
|
68,000 |
|
|
15,197 |
|
|
7,433 |
|
|
7,764 |
02/27/19 |
201 Littleton Road (c) |
Morris Plains, New Jersey |
1 |
|
88,369 |
|
|
4,842 |
|
|
4,937 |
|
|
(95) |
03/13/19 |
320 & 321 University Avenue |
Newark, New Jersey |
2 |
|
147,406 |
|
|
25,552 |
|
|
18,456 |
|
|
7,096 |
03/29/19 |
Flex portfolio (d) |
New York and Connecticut |
56 |
|
3,148,512 |
|
|
470,348 |
|
|
214,758 |
|
|
255,590 |
06/18/19 |
650 From Road (e) |
Paramus, New Jersey |
1 |
|
348,510 |
|
|
37,801 |
|
|
40,046 |
|
|
(2,245) |
Sub-total |
|
|
|
|
|
|
|
593,436 |
|
|
325,072 |
|
|
268,364 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized losses on rental property held for sale (see below) |
|
|
|
|
|
|
|
|
|
|
|
(35,079) |
Totals |
|
|
63 |
|
3,993,538 |
|
$ |
593,436 |
|
$ |
325,072 |
|
$ |
233,285 |
|
|
|
|
(a) |
The Company recorded a valuation allowance of $9.3 million on this property during the year ended December 31, 2018. |
(b) |
The Company recorded a valuation allowance of $6.3 million on this property during the year ended December 31, 2018. |
(c) |
The Company recorded a valuation allowance of $3.6 million on this property during the year ended December 31, 2018. |
(d) |
301,638 Common Units were redeemed by the Company at fair market value of $6.6 million as purchase consideration received for two of the properties disposed of in this transaction, which was a non-cash portion of this sales transaction. The Company used the net cash received at closing to repay approximately $119.9 million of borrowings under the unsecured revolving credit facility and to repay $90 million of its $350 million unsecured term loan. The Company also utilized $217.4 million of these proceeds on April 1, 2019 to acquire a 377-unit multi-family property located in Jersey City, New Jersey. |
(e) |
The Company recorded a valuation allowance of $0.9 million on this property during the year ended December 31, 2018. |
|
| Mack-Cali Realty LP [Member] |
|
| Real Estate Properties [Line Items] |
|
| Schedule Of Properties Acquired |
|
|
|
|
|
|
|
|
|
|
|
|
|
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. |
|
| Schedule Of Acquisition Cost Allocated To Net Assets Acquired |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
$ |
61,858 |
|
|
$ |
264,578 |
|
|
$ |
410,483 |
|
$ |
736,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Above market, in-place and below market lease values are being amortized over a weighted-average term of 4.3 years. |
(b) In-place and below market lease values are being amortized over a weighted-average term of 0.8 years. |
(c) Above market, in-place and below market lease values are being amortized over a weighted-average term of 0.5 years. |
|
| Schedule Of Properties Which Commenced Initial Operations |
|
|
|
|
|
|
|
|
|
|
|
|
# of |
|
|
Total |
In Service |
|
|
|
Apartment Units/ |
|
|
Development |
Date |
Property |
Location |
Type |
Rooms |
|
|
Costs Incurred |
07/09/19 |
Autograph Collection By Marriott (Phase II) |
Weehawken, NJ |
Hotel |
208 |
|
$ |
105,477 |
Totals |
|
|
|
208 |
|
$ |
105,477 |
|
| Schedule Of Net Assets Recorded Upon Consolidation |
|
|
|
|
|
Marbella II |
Land and leasehold interest |
$ |
36,595 |
Buildings and improvements and other assets, net |
|
153,974 |
In-place lease values (a) |
|
4,611 |
Less: Below market lease values (a) |
|
(80) |
|
|
195,100 |
Less: Debt |
|
(117,000) |
Net assets |
|
78,100 |
Less: Noncontrolling interests |
|
(13,722) |
Net assets recorded upon consolidation |
$ |
64,378 |
|
|
|
(a) In-place and below market lease values are being amortized over a weighted-average term of 6.2 months. |
|
| Summary Of Income From Property Held For Sale, Net |
|
|
|
|
|
September 30, |
|
|
2019 |
Land |
$ |
96,586 |
Building and improvements |
|
426,349 |
Less: Accumulated depreciation |
|
(103,718) |
Less: Cumulative unrealized losses on property held for sale |
|
(35,079) |
Rental property held for sale, net |
$ |
384,138 |
|
| Mack-Cali Realty LP [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] |
|
| Real Estate Properties [Line Items] |
|
| Schedule Of Disposed Properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains |
|
|
|
|
|
Rentable |
|
|
Net |
|
|
Net |
|
|
(losses)/ |
Disposition |
|
|
# of |
|
Square |
|
|
Sales |
|
|
Carrying |
|
|
Unrealized |
Date |
Property/Address |
Location |
Bldgs. |
|
Feet |
|
|
Proceeds |
|
|
Value |
|
|
Losses, net |
01/11/19 |
721 Route 202-206 South (a) |
Bridgewater, New Jersey |
1 |
|
192,741 |
|
$ |
5,651 |
|
$ |
5,410 |
|
$ |
241 |
01/16/19 |
Park Square Apartments (b) |
Rahway, New Jersey |
1 |
|
159 |
units |
|
34,045 |
|
|
34,032 |
|
|
13 |
01/22/19 |
2115 Linwood Avenue |
Fort Lee, New Jersey |
1 |
|
68,000 |
|
|
15,197 |
|
|
7,433 |
|
|
7,764 |
02/27/19 |
201 Littleton Road (c) |
Morris Plains, New Jersey |
1 |
|
88,369 |
|
|
4,842 |
|
|
4,937 |
|
|
(95) |
03/13/19 |
320 & 321 University Avenue |
Newark, New Jersey |
2 |
|
147,406 |
|
|
25,552 |
|
|
18,456 |
|
|
7,096 |
03/29/19 |
Flex portfolio (d) |
New York and Connecticut |
56 |
|
3,148,512 |
|
|
470,348 |
|
|
214,758 |
|
|
255,590 |
06/18/19 |
650 From Road (e) |
Paramus, New Jersey |
1 |
|
348,510 |
|
|
37,801 |
|
|
40,046 |
|
|
(2,245) |
Sub-total |
|
|
|
|
|
|
|
593,436 |
|
|
325,072 |
|
|
268,364 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized losses on rental property held for sale (see below) |
|
|
|
|
|
|
|
|
|
|
|
(35,079) |
Totals |
|
|
63 |
|
3,993,538 |
|
$ |
593,436 |
|
$ |
325,072 |
|
$ |
233,285 |
|
|
|
|
(a) |
The Company recorded a valuation allowance of $9.3 million on this property during the year ended December 31, 2018. |
(b) |
The Company recorded a valuation allowance of $6.3 million on this property during the year ended December 31, 2018. |
(c) |
The Company recorded a valuation allowance of $3.6 million on this property during the year ended December 31, 2018. |
(d) |
301,638 Common Units were redeemed by the Company at fair market value of $6.6 million as purchase consideration received for two of the properties disposed of in this transaction, which was a non-cash portion of this sales transaction. The Company used the net cash received at closing to repay approximately $119.9 million of borrowings under the unsecured revolving credit facility and to repay $90 million of its $350 million unsecured term loan. The Company also utilized $217.4 million of these proceeds on April 1, 2019 to acquire a 377-unit multi-family property located in Jersey City, New Jersey. |
(e) |
The Company recorded a valuation allowance of $0.9 million on this property during the year ended December 31, 2018. |
|