Condensed Quarterly Financial Information
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Condensed Quarterly Financial Information |
18.CONDENSED QUARTERLY FINANCIAL INFORMATION (unaudited)
Mack-Cali Realty Corporation
The following summarizes the condensed quarterly financial information for the Company: (dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended 2016
|
|
December 31
|
|
|
September 30
|
|
|
June 30
|
|
|
March 31
|
|
Total revenues
|
$
|
153,731
|
|
$
|
157,517
|
|
$
|
149,227
|
|
$
|
152,923
|
|
Operating and other expenses
|
|
59,740
|
|
|
60,286
|
|
|
57,395
|
|
|
63,536
|
|
Real estate service salaries
|
|
6,842
|
|
|
6,361
|
|
|
6,211
|
|
|
6,846
|
|
General and administrative
|
|
12,968
|
|
|
14,007
|
|
|
12,755
|
|
|
12,249
|
|
Acquisition-related costs
|
|
26
|
|
|
815
|
|
|
2,039
|
|
|
-
|
|
Depreciation and amortization
|
|
52,045
|
|
|
48,117
|
|
|
43,459
|
|
|
43,063
|
|
Impairments
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Total expenses
|
|
131,621
|
|
|
129,586
|
|
|
121,859
|
|
|
125,694
|
|
Operating Income (loss)
|
|
22,110
|
|
|
27,931
|
|
|
27,368
|
|
|
27,229
|
|
Interest expense
|
|
(22,731)
|
|
|
(24,233)
|
|
|
(22,932)
|
|
|
(24,993)
|
|
Interest and other investment income
|
|
875
|
|
|
1,262
|
|
|
146
|
|
|
(669)
|
|
Equity in earnings (loss) of unconsolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
joint ventures
|
|
(834)
|
|
|
21,790
|
|
|
(614)
|
|
|
(1,554)
|
|
Gain on change of control of interests
|
|
-
|
|
|
-
|
|
|
5,191
|
|
|
10,156
|
|
Realized gains (losses) and unrealized losses on
|
|
|
|
|
|
|
|
|
|
|
|
|
disposition of rental properties, net
|
|
41,002
|
|
|
(17,053)
|
|
|
27,117
|
|
|
58,600
|
|
Gain on sale of investment in unconsolidated joint venture
|
|
-
|
|
|
-
|
|
|
5,670
|
|
|
-
|
|
Loss from extinguishment of debt, net
|
|
(23,658)
|
|
|
(19,302)
|
|
|
12,420
|
|
|
-
|
|
Total other (expense) income
|
|
(5,346)
|
|
|
(37,536)
|
|
|
26,998
|
|
|
41,540
|
|
Net income (loss)
|
|
16,764
|
|
|
(9,605)
|
|
|
54,366
|
|
|
68,769
|
|
Noncontrolling interest in consolidated joint ventures
|
|
191
|
|
|
65
|
|
|
(311)
|
|
|
706
|
|
Noncontrolling interest in Operating Partnership
|
|
(1,774)
|
|
|
999
|
|
|
(5,662)
|
|
|
(7,284)
|
|
Net income (loss) available to common shareholders
|
$
|
15,181
|
|
$
|
(8,541)
|
|
$
|
48,393
|
|
$
|
62,191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to common shareholders
|
$
|
0.17
|
|
$
|
(0.10)
|
|
$
|
0.54
|
|
$
|
0.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to common shareholders
|
$
|
0.17
|
|
$
|
(0.10)
|
|
$
|
0.54
|
|
$
|
0.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per common share
|
$
|
0.15
|
|
$
|
0.15
|
|
$
|
0.15
|
|
$
|
0.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended 2015
|
|
December 31
|
|
|
September 30
|
|
|
June 30
|
|
|
March 31
|
|
Total revenues
|
$
|
146,443
|
|
$
|
146,158
|
|
$
|
148,567
|
|
$
|
153,715
|
|
Operating and other expenses
|
|
60,846
|
|
|
56,850
|
|
|
60,653
|
|
|
68,255
|
|
Real estate service salaries
|
|
6,063
|
|
|
6,673
|
|
|
6,208
|
|
|
6,639
|
|
General and administrative
|
|
12,589
|
|
|
13,670
|
|
|
11,877
|
|
|
11,011
|
|
Acquisition-related costs
|
|
1,449
|
|
|
-
|
|
|
111
|
|
|
-
|
|
Depreciation and amortization
|
|
43,136
|
|
|
44,099
|
|
|
42,365
|
|
|
40,802
|
|
Impairments (1)
|
|
33,743
|
|
|
164,176
|
|
|
-
|
|
|
-
|
|
Total expenses
|
|
157,826
|
|
|
285,468
|
|
|
121,214
|
|
|
126,707
|
|
Operating Income
|
|
(11,383)
|
|
|
(139,310)
|
|
|
27,353
|
|
|
27,008
|
|
Interest expense
|
|
(24,374)
|
|
|
(24,689)
|
|
|
(26,773)
|
|
|
(27,215)
|
|
Interest and other investment income
|
|
231
|
|
|
5
|
|
|
291
|
|
|
267
|
|
Equity in earnings (loss) of unconsolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
joint ventures
|
|
(449)
|
|
|
3,135
|
|
|
(2,329)
|
|
|
(3,529)
|
|
Realized gains (losses) and unrealized losses on
|
|
|
|
|
|
|
|
|
|
|
|
|
disposition of rental properties, net
|
|
-
|
|
|
18,718
|
|
|
34,399
|
|
|
144
|
|
Gain on sale of investment in unconsolidated joint venture
|
|
-
|
|
|
-
|
|
|
6,448
|
|
|
-
|
|
Total other (expense) income
|
|
(24,592)
|
|
|
(2,831)
|
|
|
12,036
|
|
|
(30,333)
|
|
Net income (loss)
|
|
(35,975)
|
|
|
(142,141)
|
|
|
39,389
|
|
|
(3,325)
|
|
Noncontrolling interest in consolidated joint ventures
|
|
462
|
|
|
(281)
|
|
|
373
|
|
|
490
|
|
Noncontrolling interest in Operating Partnership
|
|
3,795
|
|
|
15,530
|
|
|
(4,383)
|
|
|
314
|
|
Net income (loss) available to common shareholders
|
$
|
(31,718)
|
|
$
|
(126,892)
|
|
$
|
35,379
|
|
$
|
(2,521)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to common shareholders
|
$
|
(0.35)
|
|
$
|
(1.42)
|
|
$
|
0.40
|
|
$
|
(0.03)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to common shareholders
|
$
|
(0.35)
|
|
$
|
(1.42)
|
|
$
|
0.40
|
|
$
|
(0.03)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per common share
|
$
|
0.15
|
|
$
|
0.15
|
|
$
|
0.15
|
|
$
|
0.15
|
|
(1)
|
|
Amounts for the year ended December 31, 2015 relate to impairment charges as further described in Note 3: Recent Transactions – Impairments on Properties Held and Used.
|
Mack-Cali Realty, L.P.
The following summarizes the condensed quarterly financial information for the Company: (dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended 2016
|
|
December 31
|
|
|
September 30
|
|
|
June 30
|
|
|
March 31
|
|
Total revenues
|
$
|
153,731
|
|
$
|
157,517
|
|
$
|
149,227
|
|
$
|
152,923
|
|
Operating and other expenses
|
|
59,740
|
|
|
60,286
|
|
|
57,395
|
|
|
63,536
|
|
Real estate service salaries
|
|
6,842
|
|
|
6,361
|
|
|
6,211
|
|
|
6,846
|
|
General and administrative
|
|
12,968
|
|
|
14,007
|
|
|
12,755
|
|
|
12,249
|
|
Acquisition-related costs
|
|
26
|
|
|
815
|
|
|
2,039
|
|
|
-
|
|
Depreciation and amortization
|
|
52,045
|
|
|
48,117
|
|
|
43,459
|
|
|
43,063
|
|
Impairments
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Total expenses
|
|
131,621
|
|
|
129,586
|
|
|
121,859
|
|
|
125,694
|
|
Operating Income (loss)
|
|
22,110
|
|
|
27,931
|
|
|
27,368
|
|
|
27,229
|
|
Interest expense
|
|
(22,731)
|
|
|
(24,233)
|
|
|
(22,932)
|
|
|
(24,993)
|
|
Interest and other investment income
|
|
875
|
|
|
1,262
|
|
|
146
|
|
|
(669)
|
|
Equity in earnings (loss) of unconsolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
joint ventures
|
|
(834)
|
|
|
21,790
|
|
|
(614)
|
|
|
(1,554)
|
|
Gain on change of control of interests
|
|
-
|
|
|
-
|
|
|
5,191
|
|
|
10,156
|
|
Realized gains (losses) and unrealized losses on
|
|
|
|
|
|
|
|
|
|
|
|
|
disposition of rental properties, net
|
|
41,002
|
|
|
(17,053)
|
|
|
27,117
|
|
|
58,600
|
|
Gain on sale of investment in unconsolidated joint venture
|
|
-
|
|
|
-
|
|
|
5,670
|
|
|
-
|
|
Loss from extinguishment of debt, net
|
|
(23,658)
|
|
|
(19,302)
|
|
|
12,420
|
|
|
-
|
|
Total other (expense) income
|
|
(5,346)
|
|
|
(37,536)
|
|
|
26,998
|
|
|
41,540
|
|
Net income (loss)
|
|
16,764
|
|
|
(9,605)
|
|
|
54,366
|
|
|
68,769
|
|
Noncontrolling interest in consolidated joint ventures
|
|
191
|
|
|
65
|
|
|
(311)
|
|
|
706
|
|
Net income (loss) available to common unitholders
|
$
|
16,955
|
|
$
|
(9,540)
|
|
$
|
54,055
|
|
$
|
69,475
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common unit:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to common unitholders
|
$
|
0.17
|
|
$
|
(0.10)
|
|
$
|
0.54
|
|
$
|
0.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common units:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to common unitolders
|
$
|
0.17
|
|
$
|
(0.10)
|
|
$
|
0.54
|
|
$
|
0.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions declared per common unit
|
$
|
0.15
|
|
$
|
0.15
|
|
$
|
0.15
|
|
$
|
0.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended 2015
|
|
December 31
|
|
|
September 30
|
|
|
June 30
|
|
|
March 31
|
|
Total revenues
|
$
|
146,443
|
|
$
|
146,158
|
|
$
|
148,567
|
|
$
|
153,715
|
|
Operating and other expenses
|
|
60,846
|
|
|
56,850
|
|
|
60,653
|
|
|
68,255
|
|
Real estate service salaries
|
|
6,063
|
|
|
6,673
|
|
|
6,208
|
|
|
6,639
|
|
General and administrative
|
|
12,589
|
|
|
13,670
|
|
|
11,877
|
|
|
11,011
|
|
Acquisition-related costs
|
|
1,449
|
|
|
-
|
|
|
111
|
|
|
-
|
|
Depreciation and amortization
|
|
43,136
|
|
|
44,099
|
|
|
42,365
|
|
|
40,802
|
|
Impairments (1)
|
|
33,743
|
|
|
164,176
|
|
|
-
|
|
|
-
|
|
Total expenses
|
|
157,826
|
|
|
285,468
|
|
|
121,214
|
|
|
126,707
|
|
Operating Income
|
|
(11,383)
|
|
|
(139,310)
|
|
|
27,353
|
|
|
27,008
|
|
Interest expense
|
|
(24,374)
|
|
|
(24,689)
|
|
|
(26,773)
|
|
|
(27,215)
|
|
Interest and other investment income
|
|
231
|
|
|
5
|
|
|
291
|
|
|
267
|
|
Equity in earnings (loss) of unconsolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
joint ventures
|
|
(449)
|
|
|
3,135
|
|
|
(2,329)
|
|
|
(3,529)
|
|
Realized gains (losses) and unrealized losses on
|
|
|
|
|
|
|
|
|
|
|
|
|
disposition of rental properties, net
|
|
-
|
|
|
18,718
|
|
|
34,399
|
|
|
144
|
|
Gain on sale of investment in unconsolidated joint venture
|
|
-
|
|
|
-
|
|
|
6,448
|
|
|
-
|
|
Total other (expense) income
|
|
(24,592)
|
|
|
(2,831)
|
|
|
12,036
|
|
|
(30,333)
|
|
Net income (loss)
|
|
(35,975)
|
|
|
(142,141)
|
|
|
39,389
|
|
|
(3,325)
|
|
Noncontrolling interest in consolidated joint ventures
|
|
462
|
|
|
(281)
|
|
|
373
|
|
|
490
|
|
Net income (loss) available to common unitholders
|
$
|
(35,513)
|
|
$
|
(142,422)
|
|
$
|
39,762
|
|
$
|
(2,835)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common unit:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to common unitholders
|
$
|
(0.35)
|
|
$
|
(1.42)
|
|
$
|
0.40
|
|
$
|
(0.03)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common unit:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to common unitholders
|
$
|
(0.35)
|
|
$
|
(1.42)
|
|
$
|
0.40
|
|
$
|
(0.03)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions declared per common unit
|
$
|
0.15
|
|
$
|
0.15
|
|
$
|
0.15
|
|
$
|
0.15
|
(1)Amounts for the year ended December 31, 2015 relate to impairment charges as further described in Note 3: Recent Transactions – Impairments on Properties Held and Used.
|
| Mack-Cali Realty LP [Member] |
|
| Condensed Quarterly Financial Information |
18.CONDENSED QUARTERLY FINANCIAL INFORMATION (unaudited)
Mack-Cali Realty Corporation
The following summarizes the condensed quarterly financial information for the Company: (dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended 2016
|
|
December 31
|
|
|
September 30
|
|
|
June 30
|
|
|
March 31
|
|
Total revenues
|
$
|
153,731
|
|
$
|
157,517
|
|
$
|
149,227
|
|
$
|
152,923
|
|
Operating and other expenses
|
|
59,740
|
|
|
60,286
|
|
|
57,395
|
|
|
63,536
|
|
Real estate service salaries
|
|
6,842
|
|
|
6,361
|
|
|
6,211
|
|
|
6,846
|
|
General and administrative
|
|
12,968
|
|
|
14,007
|
|
|
12,755
|
|
|
12,249
|
|
Acquisition-related costs
|
|
26
|
|
|
815
|
|
|
2,039
|
|
|
-
|
|
Depreciation and amortization
|
|
52,045
|
|
|
48,117
|
|
|
43,459
|
|
|
43,063
|
|
Impairments
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Total expenses
|
|
131,621
|
|
|
129,586
|
|
|
121,859
|
|
|
125,694
|
|
Operating Income (loss)
|
|
22,110
|
|
|
27,931
|
|
|
27,368
|
|
|
27,229
|
|
Interest expense
|
|
(22,731)
|
|
|
(24,233)
|
|
|
(22,932)
|
|
|
(24,993)
|
|
Interest and other investment income
|
|
875
|
|
|
1,262
|
|
|
146
|
|
|
(669)
|
|
Equity in earnings (loss) of unconsolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
joint ventures
|
|
(834)
|
|
|
21,790
|
|
|
(614)
|
|
|
(1,554)
|
|
Gain on change of control of interests
|
|
-
|
|
|
-
|
|
|
5,191
|
|
|
10,156
|
|
Realized gains (losses) and unrealized losses on
|
|
|
|
|
|
|
|
|
|
|
|
|
disposition of rental properties, net
|
|
41,002
|
|
|
(17,053)
|
|
|
27,117
|
|
|
58,600
|
|
Gain on sale of investment in unconsolidated joint venture
|
|
-
|
|
|
-
|
|
|
5,670
|
|
|
-
|
|
Loss from extinguishment of debt, net
|
|
(23,658)
|
|
|
(19,302)
|
|
|
12,420
|
|
|
-
|
|
Total other (expense) income
|
|
(5,346)
|
|
|
(37,536)
|
|
|
26,998
|
|
|
41,540
|
|
Net income (loss)
|
|
16,764
|
|
|
(9,605)
|
|
|
54,366
|
|
|
68,769
|
|
Noncontrolling interest in consolidated joint ventures
|
|
191
|
|
|
65
|
|
|
(311)
|
|
|
706
|
|
Noncontrolling interest in Operating Partnership
|
|
(1,774)
|
|
|
999
|
|
|
(5,662)
|
|
|
(7,284)
|
|
Net income (loss) available to common shareholders
|
$
|
15,181
|
|
$
|
(8,541)
|
|
$
|
48,393
|
|
$
|
62,191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to common shareholders
|
$
|
0.17
|
|
$
|
(0.10)
|
|
$
|
0.54
|
|
$
|
0.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to common shareholders
|
$
|
0.17
|
|
$
|
(0.10)
|
|
$
|
0.54
|
|
$
|
0.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per common share
|
$
|
0.15
|
|
$
|
0.15
|
|
$
|
0.15
|
|
$
|
0.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended 2015
|
|
December 31
|
|
|
September 30
|
|
|
June 30
|
|
|
March 31
|
|
Total revenues
|
$
|
146,443
|
|
$
|
146,158
|
|
$
|
148,567
|
|
$
|
153,715
|
|
Operating and other expenses
|
|
60,846
|
|
|
56,850
|
|
|
60,653
|
|
|
68,255
|
|
Real estate service salaries
|
|
6,063
|
|
|
6,673
|
|
|
6,208
|
|
|
6,639
|
|
General and administrative
|
|
12,589
|
|
|
13,670
|
|
|
11,877
|
|
|
11,011
|
|
Acquisition-related costs
|
|
1,449
|
|
|
-
|
|
|
111
|
|
|
-
|
|
Depreciation and amortization
|
|
43,136
|
|
|
44,099
|
|
|
42,365
|
|
|
40,802
|
|
Impairments (1)
|
|
33,743
|
|
|
164,176
|
|
|
-
|
|
|
-
|
|
Total expenses
|
|
157,826
|
|
|
285,468
|
|
|
121,214
|
|
|
126,707
|
|
Operating Income
|
|
(11,383)
|
|
|
(139,310)
|
|
|
27,353
|
|
|
27,008
|
|
Interest expense
|
|
(24,374)
|
|
|
(24,689)
|
|
|
(26,773)
|
|
|
(27,215)
|
|
Interest and other investment income
|
|
231
|
|
|
5
|
|
|
291
|
|
|
267
|
|
Equity in earnings (loss) of unconsolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
joint ventures
|
|
(449)
|
|
|
3,135
|
|
|
(2,329)
|
|
|
(3,529)
|
|
Realized gains (losses) and unrealized losses on
|
|
|
|
|
|
|
|
|
|
|
|
|
disposition of rental properties, net
|
|
-
|
|
|
18,718
|
|
|
34,399
|
|
|
144
|
|
Gain on sale of investment in unconsolidated joint venture
|
|
-
|
|
|
-
|
|
|
6,448
|
|
|
-
|
|
Total other (expense) income
|
|
(24,592)
|
|
|
(2,831)
|
|
|
12,036
|
|
|
(30,333)
|
|
Net income (loss)
|
|
(35,975)
|
|
|
(142,141)
|
|
|
39,389
|
|
|
(3,325)
|
|
Noncontrolling interest in consolidated joint ventures
|
|
462
|
|
|
(281)
|
|
|
373
|
|
|
490
|
|
Noncontrolling interest in Operating Partnership
|
|
3,795
|
|
|
15,530
|
|
|
(4,383)
|
|
|
314
|
|
Net income (loss) available to common shareholders
|
$
|
(31,718)
|
|
$
|
(126,892)
|
|
$
|
35,379
|
|
$
|
(2,521)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to common shareholders
|
$
|
(0.35)
|
|
$
|
(1.42)
|
|
$
|
0.40
|
|
$
|
(0.03)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to common shareholders
|
$
|
(0.35)
|
|
$
|
(1.42)
|
|
$
|
0.40
|
|
$
|
(0.03)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per common share
|
$
|
0.15
|
|
$
|
0.15
|
|
$
|
0.15
|
|
$
|
0.15
|
|
(1)
|
|
Amounts for the year ended December 31, 2015 relate to impairment charges as further described in Note 3: Recent Transactions – Impairments on Properties Held and Used.
|
Mack-Cali Realty, L.P.
The following summarizes the condensed quarterly financial information for the Company: (dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended 2016
|
|
December 31
|
|
|
September 30
|
|
|
June 30
|
|
|
March 31
|
|
Total revenues
|
$
|
153,731
|
|
$
|
157,517
|
|
$
|
149,227
|
|
$
|
152,923
|
|
Operating and other expenses
|
|
59,740
|
|
|
60,286
|
|
|
57,395
|
|
|
63,536
|
|
Real estate service salaries
|
|
6,842
|
|
|
6,361
|
|
|
6,211
|
|
|
6,846
|
|
General and administrative
|
|
12,968
|
|
|
14,007
|
|
|
12,755
|
|
|
12,249
|
|
Acquisition-related costs
|
|
26
|
|
|
815
|
|
|
2,039
|
|
|
-
|
|
Depreciation and amortization
|
|
52,045
|
|
|
48,117
|
|
|
43,459
|
|
|
43,063
|
|
Impairments
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Total expenses
|
|
131,621
|
|
|
129,586
|
|
|
121,859
|
|
|
125,694
|
|
Operating Income (loss)
|
|
22,110
|
|
|
27,931
|
|
|
27,368
|
|
|
27,229
|
|
Interest expense
|
|
(22,731)
|
|
|
(24,233)
|
|
|
(22,932)
|
|
|
(24,993)
|
|
Interest and other investment income
|
|
875
|
|
|
1,262
|
|
|
146
|
|
|
(669)
|
|
Equity in earnings (loss) of unconsolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
joint ventures
|
|
(834)
|
|
|
21,790
|
|
|
(614)
|
|
|
(1,554)
|
|
Gain on change of control of interests
|
|
-
|
|
|
-
|
|
|
5,191
|
|
|
10,156
|
|
Realized gains (losses) and unrealized losses on
|
|
|
|
|
|
|
|
|
|
|
|
|
disposition of rental properties, net
|
|
41,002
|
|
|
(17,053)
|
|
|
27,117
|
|
|
58,600
|
|
Gain on sale of investment in unconsolidated joint venture
|
|
-
|
|
|
-
|
|
|
5,670
|
|
|
-
|
|
Loss from extinguishment of debt, net
|
|
(23,658)
|
|
|
(19,302)
|
|
|
12,420
|
|
|
-
|
|
Total other (expense) income
|
|
(5,346)
|
|
|
(37,536)
|
|
|
26,998
|
|
|
41,540
|
|
Net income (loss)
|
|
16,764
|
|
|
(9,605)
|
|
|
54,366
|
|
|
68,769
|
|
Noncontrolling interest in consolidated joint ventures
|
|
191
|
|
|
65
|
|
|
(311)
|
|
|
706
|
|
Net income (loss) available to common unitholders
|
$
|
16,955
|
|
$
|
(9,540)
|
|
$
|
54,055
|
|
$
|
69,475
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common unit:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to common unitholders
|
$
|
0.17
|
|
$
|
(0.10)
|
|
$
|
0.54
|
|
$
|
0.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common units:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to common unitolders
|
$
|
0.17
|
|
$
|
(0.10)
|
|
$
|
0.54
|
|
$
|
0.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions declared per common unit
|
$
|
0.15
|
|
$
|
0.15
|
|
$
|
0.15
|
|
$
|
0.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended 2015
|
|
December 31
|
|
|
September 30
|
|
|
June 30
|
|
|
March 31
|
|
Total revenues
|
$
|
146,443
|
|
$
|
146,158
|
|
$
|
148,567
|
|
$
|
153,715
|
|
Operating and other expenses
|
|
60,846
|
|
|
56,850
|
|
|
60,653
|
|
|
68,255
|
|
Real estate service salaries
|
|
6,063
|
|
|
6,673
|
|
|
6,208
|
|
|
6,639
|
|
General and administrative
|
|
12,589
|
|
|
13,670
|
|
|
11,877
|
|
|
11,011
|
|
Acquisition-related costs
|
|
1,449
|
|
|
-
|
|
|
111
|
|
|
-
|
|
Depreciation and amortization
|
|
43,136
|
|
|
44,099
|
|
|
42,365
|
|
|
40,802
|
|
Impairments (1)
|
|
33,743
|
|
|
164,176
|
|
|
-
|
|
|
-
|
|
Total expenses
|
|
157,826
|
|
|
285,468
|
|
|
121,214
|
|
|
126,707
|
|
Operating Income
|
|
(11,383)
|
|
|
(139,310)
|
|
|
27,353
|
|
|
27,008
|
|
Interest expense
|
|
(24,374)
|
|
|
(24,689)
|
|
|
(26,773)
|
|
|
(27,215)
|
|
Interest and other investment income
|
|
231
|
|
|
5
|
|
|
291
|
|
|
267
|
|
Equity in earnings (loss) of unconsolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
joint ventures
|
|
(449)
|
|
|
3,135
|
|
|
(2,329)
|
|
|
(3,529)
|
|
Realized gains (losses) and unrealized losses on
|
|
|
|
|
|
|
|
|
|
|
|
|
disposition of rental properties, net
|
|
-
|
|
|
18,718
|
|
|
34,399
|
|
|
144
|
|
Gain on sale of investment in unconsolidated joint venture
|
|
-
|
|
|
-
|
|
|
6,448
|
|
|
-
|
|
Total other (expense) income
|
|
(24,592)
|
|
|
(2,831)
|
|
|
12,036
|
|
|
(30,333)
|
|
Net income (loss)
|
|
(35,975)
|
|
|
(142,141)
|
|
|
39,389
|
|
|
(3,325)
|
|
Noncontrolling interest in consolidated joint ventures
|
|
462
|
|
|
(281)
|
|
|
373
|
|
|
490
|
|
Net income (loss) available to common unitholders
|
$
|
(35,513)
|
|
$
|
(142,422)
|
|
$
|
39,762
|
|
$
|
(2,835)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common unit:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to common unitholders
|
$
|
(0.35)
|
|
$
|
(1.42)
|
|
$
|
0.40
|
|
$
|
(0.03)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common unit:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to common unitholders
|
$
|
(0.35)
|
|
$
|
(1.42)
|
|
$
|
0.40
|
|
$
|
(0.03)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions declared per common unit
|
$
|
0.15
|
|
$
|
0.15
|
|
$
|
0.15
|
|
$
|
0.15
|
(1)Amounts for the year ended December 31, 2015 relate to impairment charges as further described in Note 3: Recent Transactions – Impairments on Properties Held and Used.
|