Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting (Tables)

v3.7.0.1
Segment Reporting (Tables)
6 Months Ended
Jun. 30, 2017
Segment Reporting Information [Line Items]  
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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2017

$

139,319 

 

$

17,299 

 

$

9,484 

(e)

 

$

(3,336)

 

$

162,766 

June 30, 2016

 

133,768 

 

 

9,219 

 

 

9,421 

(f)

 

 

(3,181)

 

 

149,227 

Six months ended:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2017

 

272,531 

 

 

27,694 

 

 

18,736 

(e)

 

 

(6,308)

 

 

312,653 

June 30, 2016

 

270,721 

 

 

18,205 

 

 

18,148 

(f)

 

 

(4,924)

 

 

302,150 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   interest expenses (a):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2017

$

60,306 

 

$

8,256 

 

$

10,178 

(g)

 

$

23,137 

 

$

101,877 

June 30, 2016

 

64,368 

 

 

5,920 

 

 

9,425 

(h)

 

 

21,473 

 

 

101,186 

Six months ended:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2017

 

123,169 

 

 

14,110 

 

 

19,595 

(g)

 

 

42,309 

 

 

199,183 

June 30, 2016

 

133,378 

 

 

11,335 

 

 

20,245 

(h)

 

 

44,521 

 

 

209,479 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings (loss) of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   unconsolidated joint ventures:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2017

$

(18)

 

$

(3,982)

 

$

702 

 

 

$

 -

 

$

(3,298)

June 30, 2016

 

1,405 

 

 

(2,100)

 

 

81 

 

 

 

 -

 

 

(614)

Six months ended:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2017

 

394 

 

 

(4,768)

 

 

1,025 

 

 

 

 -

 

 

(3,349)

June 30, 2016

 

1,082 

 

 

(3,331)

 

 

81 

 

 

 

 -

 

 

(2,168)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net operating income (loss) (b):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2017

$

78,995 

 

$

5,061 

 

$

 

 

$

(26,473)

 

$

57,591 

June 30, 2016

 

70,805 

 

 

1,199 

 

 

77 

 

 

 

(24,654)

 

 

47,427 

Six months ended:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2017

 

149,756 

 

 

8,816 

 

 

166 

 

 

 

(48,617)

 

 

110,121 

June 30, 2016

 

138,425 

 

 

3,539 

 

 

(2,016)

 

 

 

(49,445)

 

 

90,503 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2017

$

3,414,214 

 

$

1,631,796 

 

$

14,431 

 

 

$

16,053 

 

$

5,076,494 

December 31, 2016

 

3,344,396 

 

 

887,394 

 

 

17,207 

 

 

 

47,769 

 

 

4,296,766 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total long-lived assets (c):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2017

$

3,009,316 

 

$

1,354,755 

 

$

5,335 

 

 

$

(7,653)

 

$

4,361,753 

December 31, 2016

 

2,999,820 

 

 

618,038 

 

 

4,609 

 

 

 

(5,933)

 

 

3,616,534 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total investments in

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   unconsolidated joint ventures:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2017

$

85,367 

 

$

227,948 

 

$

1,795 

 

 

$

 -

 

$

315,110 

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 $2.2 million and $3.9 million of fees and salary reimbursements earned for the three and six months ended June 30, 2017, from the multi-family real estate segment, which are eliminated in consolidation.

(f)

Includes $3.6 million and $6.3 million of fees and salary reimbursements earned for the three and six months ended June 30, 2016, from the multi-family real estate segment, which are eliminated in consolidation. 

(g)

Includes $4.3 million and $7.9 million of management fees and salary reimbursement expenses for the three and six months ended June 30, 2017,  from the multi-family real estate segment, which are eliminated in consolidation.

(h)

Includes $1.7 million and $3.1 million of management fees and salary reimbursement expenses for the three and six months ended June 30, 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

 

 

Six Months Ended



 

June 30,

 

 

June 30,



 

2017

 

 

2016

 

 

2017

 

 

2016

Net operating income

$

57,591 

 

$

47,427 

 

$

110,121 

 

$

90,503 

Add (deduct):

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

(57,762)

 

 

(43,459)

 

 

(105,393)

 

 

(86,522)

Gain on change of control of interests

 

 -

 

 

5,191 

 

 

 -

 

 

15,347 

Realized gains (losses) and unrealized losses on disposition of

 

 

 

 

 

 

 

 

 

 

 

   rental property, net

 

(38,954)

 

 

27,117 

 

 

(33,448)

 

 

85,717 

Gain on sale of investment in unconsolidated joint venture

 

 -

 

 

5,670 

 

 

12,563 

 

 

5,670 

Gain (loss) from extinguishment of debt, net

 

 -

 

 

12,420 

 

 

(239)

 

 

12,420 

Net income (loss)

 

(39,125)

 

 

54,366 

 

 

(16,396)

 

 

123,135 

Noncontrolling interest in consolidated joint ventures

 

181 

 

 

(311)

 

 

418 

 

 

395 

Noncontrolling interest in Operating Partnership

 

4,296 

 

 

(5,662)

 

 

2,001 

 

 

(12,946)

Redeemable noncontrolling interest

 

(2,682)

 

 

 -

 

 

(3,474)

 

 

 -

Net income (loss) available to common shareholders

$

(37,330)

 

$

48,393 

 

$

(17,451)

 

$

110,584 



Mack-Cali Realty LP [Member]  
Segment Reporting Information [Line Items]  
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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2017

$

139,319 

 

$

17,299 

 

$

9,484 

(e)

 

$

(3,336)

 

$

162,766 

June 30, 2016

 

133,768 

 

 

9,219 

 

 

9,421 

(f)

 

 

(3,181)

 

 

149,227 

Six months ended:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2017

 

272,531 

 

 

27,694 

 

 

18,736 

(e)

 

 

(6,308)

 

 

312,653 

June 30, 2016

 

270,721 

 

 

18,205 

 

 

18,148 

(f)

 

 

(4,924)

 

 

302,150 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   interest expenses (a):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2017

$

60,306 

 

$

8,256 

 

$

10,178 

(g)

 

$

23,137 

 

$

101,877 

June 30, 2016

 

64,368 

 

 

5,920 

 

 

9,425 

(h)

 

 

21,473 

 

 

101,186 

Six months ended:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2017

 

123,169 

 

 

14,110 

 

 

19,595 

(g)

 

 

42,309 

 

 

199,183 

June 30, 2016

 

133,378 

 

 

11,335 

 

 

20,245 

(h)

 

 

44,521 

 

 

209,479 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings (loss) of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   unconsolidated joint ventures:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2017

$

(18)

 

$

(3,982)

 

$

702 

 

 

$

 -

 

$

(3,298)

June 30, 2016

 

1,405 

 

 

(2,100)

 

 

81 

 

 

 

 -

 

 

(614)

Six months ended:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2017

 

394 

 

 

(4,768)

 

 

1,025 

 

 

 

 -

 

 

(3,349)

June 30, 2016

 

1,082 

 

 

(3,331)

 

 

81 

 

 

 

 -

 

 

(2,168)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net operating income (loss) (b):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2017

$

78,995 

 

$

5,061 

 

$

 

 

$

(26,473)

 

$

57,591 

June 30, 2016

 

70,805 

 

 

1,199 

 

 

77 

 

 

 

(24,654)

 

 

47,427 

Six months ended:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2017

 

149,756 

 

 

8,816 

 

 

166 

 

 

 

(48,617)

 

 

110,121 

June 30, 2016

 

138,425 

 

 

3,539 

 

 

(2,016)

 

 

 

(49,445)

 

 

90,503 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2017

$

3,414,214 

 

$

1,631,796 

 

$

14,431 

 

 

$

16,053 

 

$

5,076,494 

December 31, 2016

 

3,344,396 

 

 

887,394 

 

 

17,207 

 

 

 

47,769 

 

 

4,296,766 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total long-lived assets (c):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2017

$

3,009,316 

 

$

1,354,755 

 

$

5,335 

 

 

$

(7,653)

 

$

4,361,753 

December 31, 2016

 

2,999,820 

 

 

618,038 

 

 

4,609 

 

 

 

(5,933)

 

 

3,616,534 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total investments in

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   unconsolidated joint ventures:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2017

$

85,367 

 

$

227,948 

 

$

1,795 

 

 

$

 -

 

$

315,110 

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 $2.2 million and $3.9 million of fees and salary reimbursements earned for the three and six months ended June 30, 2017, from the multi-family real estate segment, which are eliminated in consolidation.

(f)

Includes $3.6 million and $6.3 million of fees and salary reimbursements earned for the three and six months ended June 30, 2016, from the multi-family real estate segment, which are eliminated in consolidation. 

(g)

Includes $4.3 million and $7.9 million of management fees and salary reimbursement expenses for the three and six months ended June 30, 2017,  from the multi-family real estate segment, which are eliminated in consolidation.

(h)

Includes $1.7 million and $3.1 million of management fees and salary reimbursement expenses for the three and six months ended June 30, 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

 

Six Months Ended



 

June 30,

 

 

June 30,



 

2017

 

 

2016

 

 

2017

 

 

2016

Net operating income

$

57,591 

 

$

47,427 

 

$

110,121 

 

$

90,503 

Add (deduct):

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

(57,762)

 

 

(43,459)

 

 

(105,393)

 

 

(86,522)

Gain on change of control of interests

 

 -

 

 

5,191 

 

 

 -

 

 

15,347 

Realized gains (losses) and unrealized losses on disposition of

 

 

 

 

 

 

 

 

 

 

 

   rental property, net

 

(38,954)

 

 

27,117 

 

 

(33,448)

 

 

85,717 

Gain on sale of investment in unconsolidated joint venture

 

 -

 

 

5,670 

 

 

12,563 

 

 

5,670 

Gain (loss) from extinguishment of debt, net

 

 -

 

 

12,420 

 

 

(239)

 

 

12,420 

Net income (loss)

 

(39,125)

 

 

54,366 

 

 

(16,396)

 

 

123,135 

Noncontrolling interest in consolidated joint ventures

 

181 

 

 

(311)

 

 

418 

 

 

395 

Redeemable noncontrolling interest

 

(2,682)

 

 

 -

 

 

(3,474)

 

 

 -

Net income (loss) available to common unitholders

$

(41,626)

 

$

54,055 

 

$

(19,452)

 

$

123,530