Recent Transactions (Tables)
|
9 Months Ended |
Sep. 30, 2016 |
|---|
| Real Estate Properties [Line Items] |
|
| Schedule Of Properties Acquired |
|
|
|
|
|
|
|
|
|
|
|
Acquisition
|
|
|
# of
|
Rentable
|
|
|
Acquisition
|
|
|
Date
|
Property Address
|
Location
|
Bldgs.
|
Square Feet
|
|
|
Cost
|
|
|
04/04/16
|
11 Martine Avenue (a)
|
White Plains, New York
|
1
|
82,000
|
|
$
|
10,750
|
|
|
04/07/16
|
320, 321 University Avenue (b)
|
Newark, New Jersey
|
2
|
147,406
|
|
|
23,000
|
|
|
06/02/16
|
101 Wood Avenue South (c)
|
Edison, New Jersey
|
1
|
262,841
|
|
|
82,300
|
|
|
07/01/16
|
111 River Street (c)
|
Hoboken, New Jersey
|
1
|
566,215
|
|
|
210,761
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Acquisitions
|
|
|
5
|
1,058,462
|
|
$
|
326,811
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Acquisition represented four units of condominium interests which collectively comprise floors 2 through 5. Upon completion of the acquisition, the Company owns the entire 14-story 262,000 square-foot building. The acquisition was funded using available cash.
|
|
|
(b) This acquisition was funded through borrowings under the Company’s unsecured revolving credit facility.
|
|
|
(c) This acquisition was funded using available cash and through borrowings under the Company’s unsecured revolving credit facility.
|
|
|
| Schedule Of Purchase Price Allocation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
320,321
|
|
|
|
|
|
|
|
|
|
11 Martine
|
|
|
University
|
|
|
101 Wood
|
|
|
111 River
|
|
|
|
Avenue
|
|
|
Avenue
|
|
|
Avenue
|
|
|
Street
|
|
Land and leasehold interest
|
$
|
2,460
|
|
$
|
7,305
|
|
$
|
8,509
|
|
$
|
204
|
|
Buildings and improvements
|
|
8,290
|
|
|
15,695
|
|
|
72,738
|
|
|
198,609
|
|
Above market leases (a)
|
|
-
|
|
|
-
|
|
|
58
|
|
|
617
|
|
In-place lease values (a)
|
|
-
|
|
|
-
|
|
|
6,743
|
|
|
43,801
|
|
Other assets
|
|
-
|
|
|
-
|
|
|
-
|
|
|
11,279
|
|
|
|
|
|
|
|
|
|
88,048
|
|
|
254,510
|
|
Less: Below market lease values (a)
|
|
-
|
|
|
-
|
|
|
(5,748)
|
|
|
(43,749)
|
|
Net assets recorded upon acquisition
|
$
|
10,750
|
|
$
|
23,000
|
|
$
|
82,300
|
|
$
|
210,761
|
(a)Above market, in-place and below market leases will be amortized over a weighted-average term of 8.1 years.
|
| Schedule Of Net Assets Recorded Upon Consolidation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overlook
|
|
|
Portside
|
|
|
|
|
Ridge
|
|
|
Apts
|
|
|
Land and leasehold interest
|
$
|
11,072
|
|
$
|
-
|
|
|
Buildings and improvements
|
|
87,793
|
|
|
73,713
|
|
|
Furniture, fixtures and equipment
|
|
1,695
|
|
|
1,038
|
|
|
Other assets
|
|
237
|
|
|
10,181
|
|
|
In-place lease values (a)
|
|
4,389
|
|
|
2,637
|
|
|
Less: Below market lease values (a)
|
|
(489)
|
|
|
(242)
|
|
|
Sub Total
|
|
104,697
|
|
|
87,327
|
|
|
|
|
|
|
|
|
|
|
Less: Debt assumed
|
|
(52,662)
|
|
|
(42,500)
|
|
|
|
|
|
|
|
|
|
|
Net assets recorded upon consolidation
|
$
|
52,035
|
|
$
|
44,827
|
|
(a)In-place lease values and below-market lease values will be amortized over a weighted average term of 7 months.
|
| Disposal Group, Not Discontinued Operations [Member] |
|
| Real Estate Properties [Line Items] |
|
| Schedule Of Dispositions/Rental Property Held For Sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains
|
|
|
|
|
|
|
|
|
Net
|
|
|
Net
|
|
|
(losses)/
|
|
|
Disposition
|
|
|
# of
|
|
|
Sales
|
|
|
Book
|
|
|
Unrealized
|
|
|
Date
|
Property/Address
|
Location
|
Bldgs.
|
|
|
Proceeds
|
|
|
Value
|
|
|
Losses, net
|
|
|
03/11/16
|
2 Independence Way (a)
|
Princeton, New Jersey
|
1
|
|
$
|
4,119
|
|
$
|
4,283
|
|
$
|
(164)
|
|
|
03/24/16
|
1201 Connecticut Avenue, NW
|
Washington, D.C.
|
1
|
|
|
90,591
|
|
|
31,827
|
|
|
58,764
|
|
|
04/26/16
|
125 Broad Street (b)
|
New York, New York
|
1
|
|
|
192,323
|
|
|
200,183
|
|
|
(7,860)
|
|
|
05/09/16
|
9200 Edmonston Road
|
Greenbelt, Maryland
|
1
|
|
|
4,083
|
(c)
|
|
3,837
|
|
|
246
|
|
|
05/18/16
|
1400 L Street
|
Washington, D.C.
|
1
|
|
|
68,399
|
(d)
|
|
30,053
|
|
|
38,346
|
|
|
07/14/16
|
600 Parsippany Road
|
Parsippany, New Jersey
|
1
|
|
|
10,465
|
(e)
|
|
5,875
|
|
|
4,590
|
|
|
07/14/16
|
4,5,6 Century Drive (f)
|
Parsippany, New Jersey
|
3
|
|
|
14,533
|
|
|
17,308
|
|
|
(2,775)
|
|
|
08/11/16
|
Andover Place
|
Andover, Massachusetts
|
1
|
|
|
39,863
|
|
|
37,150
|
|
|
2,713
|
|
|
09/26/16
|
222,233 Mount Airy Road (g)
|
Basking Ridge, New Jersey
|
2
|
|
|
8,817
|
|
|
9,039
|
|
|
(222)
|
|
|
09/27/16
|
10 Mountainview Road
|
Upper Saddle River, New Jersey
|
1
|
|
|
18,990
|
|
|
19,571
|
|
|
(581)
|
|
|
Sub-total
|
|
|
13
|
|
|
452,183
|
|
|
359,126
|
|
|
93,057
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized losses on rental property held for sale
|
|
|
|
|
|
|
|
|
|
(24,393)
|
|
|
Totals
|
|
|
13
|
|
$
|
452,183
|
|
$
|
359,126
|
|
$
|
68,664
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) The Company recorded an impairment charge of $3.2 million on this property during the year ended December 31, 2015.
|
|
|
(b) The Company recorded impairment charges of $83.2 million on this property during the year ended December 31, 2015.
|
|
|
(c) The Company transferred the deed for this property to the lender in satisfaction of its obligations. The Company recorded an impairment charge of $3.0 million on this property during the year ended December 31, 2012.
|
|
|
(d) $28.5 million of the net sales proceeds from this sale were held by a qualified intermediary until such funds are used in acquisitions.
|
|
|
(e) $10.5 million of the net sales proceeds from this sale were held by a qualified intermediary until such funds are used in acquisitions.
|
|
|
(f) The Company recorded impairment charges of $9.8 million on these properties during the year ended December 31, 2015.
|
|
|
(g) The Company recorded impairment charges of $1 million on these properties during the year ended December 31, 2015.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary Of Income (Loss) From Properties Disposed |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
Total revenues
|
|
$
|
1,854
|
|
$
|
12,934
|
|
$
|
20,048
|
|
$
|
47,583
|
|
Operating and other expenses
|
|
|
(1,709)
|
|
|
(7,273)
|
|
|
(13,374)
|
|
|
(25,488)
|
|
Depreciation and amortization
|
|
|
(2,979)
|
|
|
(7,798)
|
|
|
(11,590)
|
|
|
(20,061)
|
|
Interest expense
|
|
|
(625)
|
|
|
(1,241)
|
|
|
(2,011)
|
|
|
(6,621)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from properties disposed of
|
|
$
|
(3,459)
|
|
$
|
(3,378)
|
|
$
|
(6,927)
|
|
$
|
(4,587)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairments
|
|
|
-
|
|
|
(61,891)
|
|
|
-
|
|
|
(61,891)
|
|
Realized gains/unrealized Losses on dispositions
|
|
|
7,340
|
|
|
18,718
|
|
|
93,057
|
|
|
53,261
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income (loss) from properties disposed of
|
|
$
|
3,881
|
|
$
|
(46,551)
|
|
$
|
86,130
|
|
$
|
(13,217)
|
|
| Disposal Group, Held-for-sale, Not Discontinued Operations [Member] |
|
| Real Estate Properties [Line Items] |
|
| Summary Of Income From Property Held For Sale, Net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
|
|
|
2016
|
|
Land
|
|
$
|
34,802
|
|
Buildings and improvements
|
|
|
165,231
|
|
Less: Accumulated depreciation
|
|
|
(72,842)
|
|
Less: Unrealized losses on properties held for sale
|
|
|
(24,393)
|
|
Rental property held for sale,net
|
|
$
|
102,798
|
|
| Mack Cali Realty LP [Member] |
|
| Real Estate Properties [Line Items] |
|
| Schedule Of Properties Acquired |
|
|
|
|
|
|
|
|
|
|
|
Acquisition
|
|
|
# of
|
Rentable
|
|
|
Acquisition
|
|
|
Date
|
Property Address
|
Location
|
Bldgs.
|
Square Feet
|
|
|
Cost
|
|
|
04/04/16
|
11 Martine Avenue (a)
|
White Plains, New York
|
1
|
82,000
|
|
$
|
10,750
|
|
|
04/07/16
|
320, 321 University Avenue (b)
|
Newark, New Jersey
|
2
|
147,406
|
|
|
23,000
|
|
|
06/02/16
|
101 Wood Avenue South (c)
|
Edison, New Jersey
|
1
|
262,841
|
|
|
82,300
|
|
|
07/01/16
|
111 River Street (c)
|
Hoboken, New Jersey
|
1
|
566,215
|
|
|
210,761
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Acquisitions
|
|
|
5
|
1,058,462
|
|
$
|
326,811
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Acquisition represented four units of condominium interests which collectively comprise floors 2 through 5. Upon completion of the acquisition, the Company owns the entire 14-story 262,000 square-foot building. The acquisition was funded using available cash.
|
|
|
(b) This acquisition was funded through borrowings under the Company’s unsecured revolving credit facility.
|
|
|
(c) This acquisition was funded using available cash and through borrowings under the Company’s unsecured revolving credit facility.
|
|
|
| Schedule Of Purchase Price Allocation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
320,321
|
|
|
|
|
|
|
|
|
|
11 Martine
|
|
|
University
|
|
|
101 Wood
|
|
|
111 River
|
|
|
|
Avenue
|
|
|
Avenue
|
|
|
Avenue
|
|
|
Street
|
|
Land and leasehold interest
|
$
|
2,460
|
|
$
|
7,305
|
|
$
|
8,509
|
|
$
|
204
|
|
Buildings and improvements
|
|
8,290
|
|
|
15,695
|
|
|
72,738
|
|
|
198,609
|
|
Above market leases (a)
|
|
-
|
|
|
-
|
|
|
58
|
|
|
617
|
|
In-place lease values (a)
|
|
-
|
|
|
-
|
|
|
6,743
|
|
|
43,801
|
|
Other assets
|
|
-
|
|
|
-
|
|
|
-
|
|
|
11,279
|
|
|
|
|
|
|
|
|
|
88,048
|
|
|
254,510
|
|
Less: Below market lease values (a)
|
|
-
|
|
|
-
|
|
|
(5,748)
|
|
|
(43,749)
|
|
Net assets recorded upon acquisition
|
$
|
10,750
|
|
$
|
23,000
|
|
$
|
82,300
|
|
$
|
210,761
|
(a)Above market, in-place and below market leases will be amortized over a weighted-average term of 8.1 years.
|
| Schedule Of Net Assets Recorded Upon Consolidation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overlook
|
|
|
Portside
|
|
|
|
|
Ridge
|
|
|
Apts
|
|
|
Land and leasehold interest
|
$
|
11,072
|
|
$
|
-
|
|
|
Buildings and improvements
|
|
87,793
|
|
|
73,713
|
|
|
Furniture, fixtures and equipment
|
|
1,695
|
|
|
1,038
|
|
|
Other assets
|
|
237
|
|
|
10,181
|
|
|
In-place lease values (a)
|
|
4,389
|
|
|
2,637
|
|
|
Less: Below market lease values (a)
|
|
(489)
|
|
|
(242)
|
|
|
Sub Total
|
|
104,697
|
|
|
87,327
|
|
|
|
|
|
|
|
|
|
|
Less: Debt assumed
|
|
(52,662)
|
|
|
(42,500)
|
|
|
|
|
|
|
|
|
|
|
Net assets recorded upon consolidation
|
$
|
52,035
|
|
$
|
44,827
|
|
(a)In-place lease values and below-market lease values will be amortized over a weighted average term of 7 months.
|
| Mack Cali Realty LP [Member] | Disposal Group, Not Discontinued Operations [Member] |
|
| Real Estate Properties [Line Items] |
|
| Schedule Of Dispositions/Rental Property Held For Sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains
|
|
|
|
|
|
|
|
|
Net
|
|
|
Net
|
|
|
(losses)/
|
|
|
Disposition
|
|
|
# of
|
|
|
Sales
|
|
|
Book
|
|
|
Unrealized
|
|
|
Date
|
Property/Address
|
Location
|
Bldgs.
|
|
|
Proceeds
|
|
|
Value
|
|
|
Losses, net
|
|
|
03/11/16
|
2 Independence Way (a)
|
Princeton, New Jersey
|
1
|
|
$
|
4,119
|
|
$
|
4,283
|
|
$
|
(164)
|
|
|
03/24/16
|
1201 Connecticut Avenue, NW
|
Washington, D.C.
|
1
|
|
|
90,591
|
|
|
31,827
|
|
|
58,764
|
|
|
04/26/16
|
125 Broad Street (b)
|
New York, New York
|
1
|
|
|
192,323
|
|
|
200,183
|
|
|
(7,860)
|
|
|
05/09/16
|
9200 Edmonston Road
|
Greenbelt, Maryland
|
1
|
|
|
4,083
|
(c)
|
|
3,837
|
|
|
246
|
|
|
05/18/16
|
1400 L Street
|
Washington, D.C.
|
1
|
|
|
68,399
|
(d)
|
|
30,053
|
|
|
38,346
|
|
|
07/14/16
|
600 Parsippany Road
|
Parsippany, New Jersey
|
1
|
|
|
10,465
|
(e)
|
|
5,875
|
|
|
4,590
|
|
|
07/14/16
|
4,5,6 Century Drive (f)
|
Parsippany, New Jersey
|
3
|
|
|
14,533
|
|
|
17,308
|
|
|
(2,775)
|
|
|
08/11/16
|
Andover Place
|
Andover, Massachusetts
|
1
|
|
|
39,863
|
|
|
37,150
|
|
|
2,713
|
|
|
09/26/16
|
222,233 Mount Airy Road (g)
|
Basking Ridge, New Jersey
|
2
|
|
|
8,817
|
|
|
9,039
|
|
|
(222)
|
|
|
09/27/16
|
10 Mountainview Road
|
Upper Saddle River, New Jersey
|
1
|
|
|
18,990
|
|
|
19,571
|
|
|
(581)
|
|
|
Sub-total
|
|
|
13
|
|
|
452,183
|
|
|
359,126
|
|
|
93,057
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized losses on rental property held for sale
|
|
|
|
|
|
|
|
|
|
(24,393)
|
|
|
Totals
|
|
|
13
|
|
$
|
452,183
|
|
$
|
359,126
|
|
$
|
68,664
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) The Company recorded an impairment charge of $3.2 million on this property during the year ended December 31, 2015.
|
|
|
(b) The Company recorded impairment charges of $83.2 million on this property during the year ended December 31, 2015.
|
|
|
(c) The Company transferred the deed for this property to the lender in satisfaction of its obligations. The Company recorded an impairment charge of $3.0 million on this property during the year ended December 31, 2012.
|
|
|
(d) $28.5 million of the net sales proceeds from this sale were held by a qualified intermediary until such funds are used in acquisitions.
|
|
|
(e) $10.5 million of the net sales proceeds from this sale were held by a qualified intermediary until such funds are used in acquisitions.
|
|
|
(f) The Company recorded impairment charges of $9.8 million on these properties during the year ended December 31, 2015.
|
|
|
(g) The Company recorded impairment charges of $1 million on these properties during the year ended December 31, 2015.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary Of Income (Loss) From Properties Disposed |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
Total revenues
|
|
$
|
1,854
|
|
$
|
12,934
|
|
$
|
20,048
|
|
$
|
47,583
|
|
Operating and other expenses
|
|
|
(1,709)
|
|
|
(7,273)
|
|
|
(13,374)
|
|
|
(25,488)
|
|
Depreciation and amortization
|
|
|
(2,979)
|
|
|
(7,798)
|
|
|
(11,590)
|
|
|
(20,061)
|
|
Interest expense
|
|
|
(625)
|
|
|
(1,241)
|
|
|
(2,011)
|
|
|
(6,621)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from properties disposed of
|
|
$
|
(3,459)
|
|
$
|
(3,378)
|
|
$
|
(6,927)
|
|
$
|
(4,587)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairments
|
|
|
-
|
|
|
(61,891)
|
|
|
-
|
|
|
(61,891)
|
|
Realized gains/unrealized Losses on dispositions
|
|
|
7,340
|
|
|
18,718
|
|
|
93,057
|
|
|
53,261
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income (loss) from properties disposed of
|
|
$
|
3,881
|
|
$
|
(46,551)
|
|
$
|
86,130
|
|
$
|
(13,217)
|
|
| Mack Cali Realty LP [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] |
|
| Real Estate Properties [Line Items] |
|
| Summary Of Income From Property Held For Sale, Net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
|
|
|
2016
|
|
Land
|
|
$
|
34,802
|
|
Buildings and improvements
|
|
|
165,231
|
|
Less: Accumulated depreciation
|
|
|
(72,842)
|
|
Less: Unrealized losses on properties held for sale
|
|
|
(24,393)
|
|
Rental property held for sale,net
|
|
$
|
102,798
|
|