Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting (Tables)

v3.7.0.1
Segment Reporting (Tables)
 3 Months Ended
Mar. 31, 2017
Schedule Of Selected Results Of Operations And Asset Information



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Real Estate

 

 

 

 

 

 

 

 

 

 



 

Commercial

 

 

 

 

 

Multi-family

 

 

 

Corporate

 

 

Total



 

& Other

 

 

Multi-family

 

 

Services

 

 

 

& Other (d)

 

 

Company

Total revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2017

$

 134,763 

 

$

 8,843 

 

$

 9,252 

(e)

 

$

 (2,971)

 

$

 149,887 

March 31, 2016

$

 136,952 

 

$

 8,986 

 

$

 8,727 

(f)

 

$

 (1,742)

 

$

 152,923 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   interest expenses (a):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2017

$

 63,665 

 

$

 5,058 

 

$

 9,417 

(g)

 

$

 19,166 

 

$

 97,306 

March 31, 2016

$

 65,955 

 

$

 5,415 

 

$

 10,820 

(h)

 

$

 26,103 

 

$

 108,293 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings (loss) of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   unconsolidated joint ventures:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2017

$

 412 

 

$

 (786)

 

$

 323 

 

 

$

 -

 

$

 (51)

March 31, 2016

$

 (1,926)

 

$

 (1,231)

 

$

 1,603 

 

 

$

 -

 

$

 (1,554)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net operating income (loss) (b):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2017

$

 71,510 

 

$

 2,999 

 

$

 158 

 

 

$

 (22,137)

 

$

 52,530 

March 31, 2016

$

 69,071 

 

$

 2,340 

 

$

 (490)

 

 

$

 (27,845)

 

$

 43,076 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2017

$

 3,760,432 

 

$

 1,116,152 

 

$

 13,047 

 

 

$

 24,596 

 

$

 4,914,227 

December 31, 2016

$

 3,344,396 

 

$

 887,394 

 

$

 17,207 

 

 

$

 47,769 

 

$

 4,296,766 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total long-lived assets (c):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2017

$

 3,342,294 

 

$

 704,593 

 

$

 4,659 

 

 

$

 (6,521)

 

$

 4,045,025 

December 31, 2016

$

 2,999,820 

 

$

 618,038 

 

$

 4,609 

 

 

$

 (5,933)

 

$

 3,616,534 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total investments in

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   unconsolidated joint ventures:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2017

$

 83,186 

 

$

 241,085 

 

$

 879 

 

 

$

 -

 

$

 325,150 

December 31, 2016

$

 81,549 

 

$

 237,493 

 

$

 1,005 

 

 

$

 -

 

$

 320,047 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



(a)Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; direct construction costs; real estate services expenses; general and administrative, acquisition related costs and interest expense (net of interest income).  All interest expense, net of interest and other investment income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods.

(b)Net operating income represents total revenues less total operating and interest expenses (as defined in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the period.

(c)Long-lived assets are comprised of net investment in rental property, unbilled rents receivable and goodwill.   

(d)Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense, construction services revenue and direct construction costs) as well as intercompany eliminations necessary to reconcile to consolidated Company totals.

(e)Includes $1.8 million of fees and salary reimbursements earned for the three months ended March 31, 2017, from the multi-family real estate segment, which are eliminated in consolidation.

(f)Includes $2.7 million of fees and salary reimbursements earned for the three months ended March 31, 2016, from the multi-family real estate segment, which are eliminated in consolidation. 

(g)Includes $3.6 million of management fees and salary reimbursement expenses for the three months ended March 31, 2017,  from the multi-family real estate segment, which are eliminated in consolidation.

(h)Includes $1.4 million of management fees and salary reimbursement expenses for the three months ended March 31, 2016, from the multi-family real estate segment, which are eliminated in consolidation.

Schedule Of Reconciliation Of Net Operating Income To Net Income Available To Common Shareholders



 

 

 

 

 



 

 

 

 

 



 

Three Months Ended



 

March 31,



 

2017

 

 

2016

Net operating income

$

 52,530 

 

$

 43,076 

Add (deduct):

 

 

 

 

 

Depreciation and amortization

 

 (47,631)

 

 

 (43,063)

Gain on change of control of interests

 

 -

 

 

 10,156 

Realized gains (losses) and unrealized losses on disposition of

 

 

 

 

 

   rental property, net

 

 5,506 

 

 

 58,600 

Gain on sale of investment in unconsolidated joint venture

 

 12,563 

 

 

 -

Loss from extinguishment of debt, net

 

 (239)

 

 

 -

Net income

 

 22,729 

 

 

 68,769 

Noncontrolling interest in consolidated joint ventures

 

 237 

 

 

 706 

Noncontrolling interest in Operating Partnership

 

 (2,295)

 

 

 (7,284)

Redeemable noncontrolling interest

 

 (792)

 

 

 -

Net income available to common shareholders

$

 19,879 

 

$

 62,191 



Mack-Cali Realty LP [Member]  
Schedule Of Selected Results Of Operations And Asset Information



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Real Estate

 

 

 

 

 

 

 

 

 

 



 

Commercial

 

 

 

 

 

Multi-family

 

 

 

Corporate

 

 

Total



 

& Other

 

 

Multi-family

 

 

Services

 

 

 

& Other (d)

 

 

Company

Total revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2017

$

 134,763 

 

$

 8,843 

 

$

 9,252 

(e)

 

$

 (2,971)

 

$

 149,887 

March 31, 2016

$

 136,952 

 

$

 8,986 

 

$

 8,727 

(f)

 

$

 (1,742)

 

$

 152,923 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   interest expenses (a):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2017

$

 63,665 

 

$

 5,058 

 

$

 9,417 

(g)

 

$

 19,166 

 

$

 97,306 

March 31, 2016

$

 65,955 

 

$

 5,415 

 

$

 10,820 

(h)

 

$

 26,103 

 

$

 108,293 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings (loss) of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   unconsolidated joint ventures:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2017

$

 412 

 

$

 (786)

 

$

 323 

 

 

$

 -

 

$

 (51)

March 31, 2016

$

 (1,926)

 

$

 (1,231)

 

$

 1,603 

 

 

$

 -

 

$

 (1,554)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net operating income (loss) (b):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2017

$

 71,510 

 

$

 2,999 

 

$

 158 

 

 

$

 (22,137)

 

$

 52,530 

March 31, 2016

$

 69,071 

 

$

 2,340 

 

$

 (490)

 

 

$

 (27,845)

 

$

 43,076 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2017

$

 3,760,432 

 

$

 1,116,152 

 

$

 13,047 

 

 

$

 24,596 

 

$

 4,914,227 

December 31, 2016

$

 3,344,396 

 

$

 887,394 

 

$

 17,207 

 

 

$

 47,769 

 

$

 4,296,766 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total long-lived assets (c):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2017

$

 3,342,294 

 

$

 704,593 

 

$

 4,659 

 

 

$

 (6,521)

 

$

 4,045,025 

December 31, 2016

$

 2,999,820 

 

$

 618,038 

 

$

 4,609 

 

 

$

 (5,933)

 

$

 3,616,534 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total investments in

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   unconsolidated joint ventures:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2017

$

 83,186 

 

$

 241,085 

 

$

 879 

 

 

$

 -

 

$

 325,150 

December 31, 2016

$

 81,549 

 

$

 237,493 

 

$

 1,005 

 

 

$

 -

 

$

 320,047 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



(a)Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; direct construction costs; real estate services expenses; general and administrative, acquisition related costs and interest expense (net of interest income).  All interest expense, net of interest and other investment income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods.

(b)Net operating income represents total revenues less total operating and interest expenses (as defined in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the period.

(c)Long-lived assets are comprised of net investment in rental property, unbilled rents receivable and goodwill.   

(d)Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense, construction services revenue and direct construction costs) as well as intercompany eliminations necessary to reconcile to consolidated Company totals.

(e)Includes $1.8 million of fees and salary reimbursements earned for the three months ended March 31, 2017, from the multi-family real estate segment, which are eliminated in consolidation.

(f)Includes $2.7 million of fees and salary reimbursements earned for the three months ended March 31, 2016, from the multi-family real estate segment, which are eliminated in consolidation. 

(g)Includes $3.6 million of management fees and salary reimbursement expenses for the three months ended March 31, 2017,  from the multi-family real estate segment, which are eliminated in consolidation.

(h)Includes $1.4 million of management fees and salary reimbursement expenses for the three months ended March 31, 2016, from the multi-family real estate segment, which are eliminated in consolidation.

Schedule Of Reconciliation Of Net Operating Income To Net Income Available To Common Shareholders



 

 

 

 

 



 

 

 

 

 



 

Three Months Ended



 

March 31,



 

2017

 

 

2016

Net operating income

$

 52,530 

 

$

 43,076 

Add (deduct):

 

 

 

 

 

Depreciation and amortization

 

 (47,631)

 

 

 (43,063)

Gain on change of control of interests

 

 -

 

 

 10,156 

Realized gains (losses) and unrealized losses on disposition of

 

 

 

 

 

   rental property, net

 

 5,506 

 

 

 58,600 

Gain on sale of investment in unconsolidated joint venture

 

 12,563 

 

 

 -

Loss from extinguishment of debt, net

 

 (239)

 

 

 -

Net income

 

 22,729 

 

 

 68,769 

Noncontrolling interest in consolidated joint ventures

 

 237 

 

 

 706 

Redeemable noncontrolling interest

 

 (792)

 

 

 -

Net income available to common unitholders

$

 22,174 

 

$

 69,475