Recent Transactions (Tables)
|
12 Months Ended |
Dec. 31, 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 |
The purchase prices were allocated to the net assets acquired, as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 are being amortized over a weighted-average term of 8.1 years.
The purchase prices were allocated to the net assets acquired during the year ended December 31, 2015, as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parsippany
|
|
Edison
|
|
|
Land
|
$
|
5,590
|
$
|
5,542
|
|
|
Buildings and improvements
|
|
4,710
|
|
40,762
|
|
|
Above market leases (1)
|
|
-
|
|
2,097
|
|
|
In-place lease values (1)
|
|
-
|
|
4,699
|
|
|
|
|
|
|
|
|
|
Net cash paid at acquisition
|
$
|
10,300
|
$
|
53,100
|
|
(1)In-place lease values will be amortized over four years or less, and above market leases will be amortized over 10 years or less.
|
| Schedule Of Properties Which Commenced Initial Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
In-Service
|
|
|
|
# of
|
|
Development
|
|
|
Date
|
Property
|
Location
|
Type
|
Apartment Units
|
|
Costs
|
|
|
12/01/16
|
Quarry Place at Tuckahoe
|
Eastchester, NY
|
Multi-Family
|
108
|
$
|
56,961
|
(a)
|
|
12/01/16
|
The Chase II at Overlook Ridge
|
Malden, MA
|
Multi-Family
|
292
|
|
65,218
|
(b)
|
|
Totals
|
|
|
|
400
|
$
|
122,179
|
|
(a)Development costs as of December 31, 2016 included approximately $5.6 million in land costs.
(b)Development costs as of December 31, 2016 included approximately $10.8 million in land costs. As of December 31, 2016, the Company anticipates additional costs of approximately $9.7 million, which will be funded from a construction loan.
|
| 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 7.4 months.
|
| Schedule Of Dispositions/Rental Property Held For Sale |
The Company disposed of the following office and multi-family properties during the year ended December 31, 2016 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
30,053
|
|
|
38,346
|
|
|
07/14/16
|
600 Parsippany Road
|
Parsippany, New Jersey
|
1
|
|
|
10,465
|
(d)
|
|
5,875
|
|
|
4,590
|
|
|
07/14/16
|
4,5,6 Century Drive (e)
|
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 (f)
|
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)
|
|
|
11/07/16
|
100 Willowbrook, 2,3,4 Paragon (g)
|
Freehold, New Jersey
|
4
|
|
|
14,634
|
|
|
19,377
|
|
|
(4,743)
|
|
|
12/05/16
|
4 Becker Farm Road
|
Roseland, New Jersey
|
1
|
|
|
41,400
|
(h)
|
|
31,001
|
|
|
10,399
|
|
|
12/09/16
|
101,103,105 Eisenhower Parkway
|
Roseland, New Jersey
|
3
|
|
|
46,423
|
|
|
45,999
|
|
|
424
|
|
|
12/22/16
|
Capital Office Park, Ivy Lane (i)
|
Greenbelt, Maryland
|
6
|
|
|
46,570
|
|
|
65,064
|
|
|
(18,494)
|
|
|
12/22/16
|
100 Walnut Avenue
|
Clark, New Jersey
|
1
|
|
|
28,428
|
|
|
7,529
|
|
|
20,899
|
|
|
12/22/16
|
20 Commerce Drive
|
Cranford, New Jersey
|
1
|
|
|
28,878
|
|
|
13,071
|
|
|
15,807
|
|
|
12/29/16
|
4200 Parliament Place (j)
|
Lanham, Maryland
|
1
|
|
|
5,965
|
|
|
5,983
|
|
|
(18)
|
|
|
Sub-total
|
|
|
30
|
|
|
664,481
|
|
|
547,150
|
|
|
117,331
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized losses on rental property held for sale
|
|
|
|
|
|
|
|
|
|
(7,665)
|
|
|
Totals
|
|
|
30
|
|
$
|
664,481
|
|
$
|
547,150
|
|
$
|
109,666
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) $10.5 million of the net sales proceeds from this sale were held by a qualified intermediary. The Company received these proceeds on January 11, 2017.
|
|
|
(e) The Company recorded impairment charges of $9.8 million on these properties during the year ended December 31, 2015.
|
|
|
(f) The Company recorded impairment charges of $1.0 million on these properties during the year ended December 31, 2015.
|
|
|
(g) The Company recorded impairment charges of $7.4 million on these properties during the year ended December 31, 2015.
|
|
|
(h) The Company transferred the deed for this property to the lender in satisfaction of its obligations.
|
|
|
(i) The Company recorded impairment charges of $66.5 million on these properties during the year ended December 31, 2015.
|
|
|
(j) The Company recorded an impairment charge of $4.2 million on this property during the year ended December 31, 2015.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company disposed of the following office properties during the year ended December 31, 2015 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rentable
|
|
|
Net
|
|
|
Net
|
|
|
|
|
|
Disposition
|
|
|
# of
|
Square
|
|
|
Sales
|
|
|
Book
|
|
|
Realized
|
|
|
Date
|
Property/Address
|
Location
|
Bldgs.
|
Feet
|
|
|
Proceeds
|
|
|
Value
|
|
|
Gain
|
|
|
01/15/15
|
1451 Metropolitan Drive
|
West Deptford, New Jersey
|
1
|
21,600
|
|
$
|
1,072
|
|
$
|
929
|
|
$
|
143
|
|
|
05/27/15
|
10 Independence Blvd
|
Warren, New Jersey
|
1
|
120,528
|
|
|
18,351
|
(a)
|
|
15,114
|
|
|
3,237
|
|
|
06/11/15
|
4 Sylvan Way
|
Parsippany, New Jersey
|
1
|
105,135
|
|
|
15,961
|
(a)
|
|
9,522
|
|
|
6,439
|
|
|
06/26/15
|
14 Sylvan Way
|
Parsippany, New Jersey
|
1
|
203,506
|
|
|
79,977
|
|
|
55,253
|
|
|
24,724
|
|
|
07/21/15
|
210 Clay Ave
|
Lyndhurst, New Jersey
|
1
|
121,203
|
|
|
14,766
|
(a)
|
|
5,202
|
|
|
9,564
|
|
|
08/24/15
|
5 Becker Farm Rd
|
Roseland, New Jersey
|
1
|
118,343
|
|
|
18,129
|
(a)
|
|
8,975
|
|
|
9,154
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals
|
|
|
6
|
690,315
|
|
$
|
148,256
|
|
$
|
94,995
|
|
$
|
53,261
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) The Company transferred the deeds for these properties to the lender in satisfaction of its mortgage loan obligations totaling $59.7 million. The Company recorded an impairment charge of $25.2 million during the year ended December 31, 2013 as it estimated that the carrying value of the properties may not be recoverable over their anticipated holding periods.
|
|
|
| Disposal Group, Not Discontinued Operations [Member] |
|
| Real Estate Properties [Line Items] |
|
| Summary Of Income (Loss) From Properties Disposed |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended
|
|
|
|
|
2016
|
|
|
2015
|
|
|
2014
|
|
Total revenues
|
|
$
|
60,590
|
|
$
|
9,137
|
|
$
|
53,975
|
|
Operating and other expenses
|
|
|
(36,428)
|
|
|
(5,532)
|
|
|
(24,311)
|
|
Depreciation and amortization
|
|
|
(22,712)
|
|
|
(11,700)
|
|
|
(9,955)
|
|
Interest expense
|
|
|
(10,845)
|
|
|
(7,008)
|
|
|
(10,369)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from properties disposed of
|
|
$
|
(9,395)
|
|
$
|
(15,103)
|
|
$
|
9,340
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized gains/unrealized Losses on dispositions
|
|
|
117,331
|
|
|
53,261
|
|
|
54,848
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income (loss) from properties disposed of
|
|
$
|
107,936
|
|
$
|
38,158
|
|
$
|
64,188
|
|
| Disposal Group, Held-for-sale, Not Discontinued Operations [Member] |
|
| Real Estate Properties [Line Items] |
|
| Summary Of Income From Property Held For Sale, Net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
|
2016
|
|
Land
|
|
$
|
10,934
|
|
Buildings and improvements
|
|
|
68,266
|
|
Less: Accumulated depreciation
|
|
|
(31,792)
|
|
Less: Unrealized losses on properties held for sale
|
|
|
(7,665)
|
|
Rental property held for sale,net
|
|
$
|
39,743
|
|
| 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 |
The purchase prices were allocated to the net assets acquired, as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 are being amortized over a weighted-average term of 8.1 years.
The purchase prices were allocated to the net assets acquired during the year ended December 31, 2015, as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Parsippany
|
|
Edison
|
|
|
Land
|
$
|
5,590
|
$
|
5,542
|
|
|
Buildings and improvements
|
|
4,710
|
|
40,762
|
|
|
Above market leases (1)
|
|
-
|
|
2,097
|
|
|
In-place lease values (1)
|
|
-
|
|
4,699
|
|
|
|
|
|
|
|
|
|
Net cash paid at acquisition
|
$
|
10,300
|
$
|
53,100
|
|
(1)In-place lease values will be amortized over four years or less, and above market leases will be amortized over 10 years or less.
|
| Schedule Of Properties Which Commenced Initial Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
In-Service
|
|
|
|
# of
|
|
Development
|
|
|
Date
|
Property
|
Location
|
Type
|
Apartment Units
|
|
Costs
|
|
|
12/01/16
|
Quarry Place at Tuckahoe
|
Eastchester, NY
|
Multi-Family
|
108
|
$
|
56,961
|
(a)
|
|
12/01/16
|
The Chase II at Overlook Ridge
|
Malden, MA
|
Multi-Family
|
292
|
|
65,218
|
(b)
|
|
Totals
|
|
|
|
400
|
$
|
122,179
|
|
(a)Development costs as of December 31, 2016 included approximately $5.6 million in land costs.
(b)Development costs as of December 31, 2016 included approximately $10.8 million in land costs. As of December 31, 2016, the Company anticipates additional costs of approximately $9.7 million, which will be funded from a construction loan.
|
| 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 7.4 months.
|
| Schedule Of Dispositions/Rental Property Held For Sale |
The Company disposed of the following office and multi-family properties during the year ended December 31, 2016 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
30,053
|
|
|
38,346
|
|
|
07/14/16
|
600 Parsippany Road
|
Parsippany, New Jersey
|
1
|
|
|
10,465
|
(d)
|
|
5,875
|
|
|
4,590
|
|
|
07/14/16
|
4,5,6 Century Drive (e)
|
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 (f)
|
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)
|
|
|
11/07/16
|
100 Willowbrook, 2,3,4 Paragon (g)
|
Freehold, New Jersey
|
4
|
|
|
14,634
|
|
|
19,377
|
|
|
(4,743)
|
|
|
12/05/16
|
4 Becker Farm Road
|
Roseland, New Jersey
|
1
|
|
|
41,400
|
(h)
|
|
31,001
|
|
|
10,399
|
|
|
12/09/16
|
101,103,105 Eisenhower Parkway
|
Roseland, New Jersey
|
3
|
|
|
46,423
|
|
|
45,999
|
|
|
424
|
|
|
12/22/16
|
Capital Office Park, Ivy Lane (i)
|
Greenbelt, Maryland
|
6
|
|
|
46,570
|
|
|
65,064
|
|
|
(18,494)
|
|
|
12/22/16
|
100 Walnut Avenue
|
Clark, New Jersey
|
1
|
|
|
28,428
|
|
|
7,529
|
|
|
20,899
|
|
|
12/22/16
|
20 Commerce Drive
|
Cranford, New Jersey
|
1
|
|
|
28,878
|
|
|
13,071
|
|
|
15,807
|
|
|
12/29/16
|
4200 Parliament Place (j)
|
Lanham, Maryland
|
1
|
|
|
5,965
|
|
|
5,983
|
|
|
(18)
|
|
|
Sub-total
|
|
|
30
|
|
|
664,481
|
|
|
547,150
|
|
|
117,331
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized losses on rental property held for sale
|
|
|
|
|
|
|
|
|
|
(7,665)
|
|
|
Totals
|
|
|
30
|
|
$
|
664,481
|
|
$
|
547,150
|
|
$
|
109,666
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) $10.5 million of the net sales proceeds from this sale were held by a qualified intermediary. The Company received these proceeds on January 11, 2017.
|
|
|
(e) The Company recorded impairment charges of $9.8 million on these properties during the year ended December 31, 2015.
|
|
|
(f) The Company recorded impairment charges of $1.0 million on these properties during the year ended December 31, 2015.
|
|
|
(g) The Company recorded impairment charges of $7.4 million on these properties during the year ended December 31, 2015.
|
|
|
(h) The Company transferred the deed for this property to the lender in satisfaction of its obligations.
|
|
|
(i) The Company recorded impairment charges of $66.5 million on these properties during the year ended December 31, 2015.
|
|
|
(j) The Company recorded an impairment charge of $4.2 million on this property during the year ended December 31, 2015.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company disposed of the following office properties during the year ended December 31, 2015 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rentable
|
|
|
Net
|
|
|
Net
|
|
|
|
|
|
Disposition
|
|
|
# of
|
Square
|
|
|
Sales
|
|
|
Book
|
|
|
Realized
|
|
|
Date
|
Property/Address
|
Location
|
Bldgs.
|
Feet
|
|
|
Proceeds
|
|
|
Value
|
|
|
Gain
|
|
|
01/15/15
|
1451 Metropolitan Drive
|
West Deptford, New Jersey
|
1
|
21,600
|
|
$
|
1,072
|
|
$
|
929
|
|
$
|
143
|
|
|
05/27/15
|
10 Independence Blvd
|
Warren, New Jersey
|
1
|
120,528
|
|
|
18,351
|
(a)
|
|
15,114
|
|
|
3,237
|
|
|
06/11/15
|
4 Sylvan Way
|
Parsippany, New Jersey
|
1
|
105,135
|
|
|
15,961
|
(a)
|
|
9,522
|
|
|
6,439
|
|
|
06/26/15
|
14 Sylvan Way
|
Parsippany, New Jersey
|
1
|
203,506
|
|
|
79,977
|
|
|
55,253
|
|
|
24,724
|
|
|
07/21/15
|
210 Clay Ave
|
Lyndhurst, New Jersey
|
1
|
121,203
|
|
|
14,766
|
(a)
|
|
5,202
|
|
|
9,564
|
|
|
08/24/15
|
5 Becker Farm Rd
|
Roseland, New Jersey
|
1
|
118,343
|
|
|
18,129
|
(a)
|
|
8,975
|
|
|
9,154
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals
|
|
|
6
|
690,315
|
|
$
|
148,256
|
|
$
|
94,995
|
|
$
|
53,261
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) The Company transferred the deeds for these properties to the lender in satisfaction of its mortgage loan obligations totaling $59.7 million. The Company recorded an impairment charge of $25.2 million during the year ended December 31, 2013 as it estimated that the carrying value of the properties may not be recoverable over their anticipated holding periods.
|
|
|
| Mack-Cali Realty LP [Member] | Disposal Group, Not Discontinued Operations [Member] |
|
| Real Estate Properties [Line Items] |
|
| Summary Of Income (Loss) From Properties Disposed |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended
|
|
|
|
|
2016
|
|
|
2015
|
|
|
2014
|
|
Total revenues
|
|
$
|
60,590
|
|
$
|
9,137
|
|
$
|
53,975
|
|
Operating and other expenses
|
|
|
(36,428)
|
|
|
(5,532)
|
|
|
(24,311)
|
|
Depreciation and amortization
|
|
|
(22,712)
|
|
|
(11,700)
|
|
|
(9,955)
|
|
Interest expense
|
|
|
(10,845)
|
|
|
(7,008)
|
|
|
(10,369)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from properties disposed of
|
|
$
|
(9,395)
|
|
$
|
(15,103)
|
|
$
|
9,340
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized gains/unrealized Losses on dispositions
|
|
|
117,331
|
|
|
53,261
|
|
|
54,848
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income (loss) from properties disposed of
|
|
$
|
107,936
|
|
$
|
38,158
|
|
$
|
64,188
|
|
| 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
|
2016
|
|
Land
|
|
$
|
10,934
|
|
Buildings and improvements
|
|
|
68,266
|
|
Less: Accumulated depreciation
|
|
|
(31,792)
|
|
Less: Unrealized losses on properties held for sale
|
|
|
(7,665)
|
|
Rental property held for sale,net
|
|
$
|
39,743
|
|