Recent Transactions (Tables)
|
9 Months Ended |
Sep. 30, 2017 |
|---|
| Real Estate Properties [Line Items] |
|
| Schedule Of Properties Acquired |
|
|
|
|
|
|
|
|
|
|
|
Acquisition
|
|
|
# of
|
Rentable
|
|
|
Acquisition
|
|
|
Date
|
Property Address
|
Location
|
Bldgs.
|
Square Feet
|
|
|
Cost
|
|
|
01/11/17
|
Red Bank portfolio (a)
|
Red Bank, New Jersey
|
3
|
279,472
|
|
$
|
27,228
|
|
|
03/06/17
|
Short Hills/Madison portfolio (b)
|
Short Hills & Madison, New Jersey
|
6
|
1,113,028
|
|
|
367,361
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Acquisitions
|
|
|
9
|
1,392,500
|
|
$
|
394,589
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) This acquisition was funded through borrowings under the Company's unsecured revolving credit facility.
|
|
|
(b) This acquisition was funded through borrowings under the Company’s unsecured revolving credit facility and a new $124.5 million loan secured by three of the properties.
|
|
|
| Schedule Of Purchase Price Allocation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Red Bank
|
|
|
Short Hills/Madison
|
|
|
|
|
|
|
|
Portfolio
|
|
|
Portfolio
|
|
|
Total
|
|
Land and leasehold interest
|
|
$
|
7,914
|
|
$
|
30,336
|
|
$
|
38,250
|
|
Buildings and improvements and other assets
|
|
|
16,047
|
|
|
295,299
|
|
|
311,346
|
|
Above market leases (a)
|
|
|
118
|
|
|
6,367
|
|
|
6,485
|
|
In-place lease values (a)
|
|
|
3,171
|
|
|
45,604
|
|
|
48,775
|
|
|
|
|
27,250
|
|
|
377,606
|
|
|
404,856
|
|
Less: Below market lease values (a)
|
|
|
(22)
|
|
|
(10,245)
|
|
|
(10,267)
|
|
Net assets recorded upon acquisition
|
|
$
|
27,228
|
|
$
|
367,361
|
|
$
|
394,589
|
(a) Above market, in-place and below market leases are being amortized over a weighted-average term of 5.4 years.
|
| Schedule Of Net Assets Recorded Upon Consolidation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monaco
|
|
|
Monaco
|
|
|
Total
|
|
|
|
North
|
|
|
South
|
|
|
Consolidation
|
|
Land and leasehold interest
|
$
|
27,300
|
|
$
|
31,461
|
|
$
|
58,761
|
|
Buildings and improvements and other assets
|
|
112,841
|
|
|
129,895
|
|
|
242,736
|
|
Above market leases (a)
|
|
350
|
|
|
-
|
|
|
350
|
|
In-place lease values (a)
|
|
4,585
|
|
|
4,913
|
|
|
9,498
|
|
Less: Below market lease values (a)
|
|
(141)
|
|
|
(118)
|
|
|
(259)
|
|
|
|
144,935
|
|
|
166,151
|
|
|
311,086
|
|
Less: Debt assumed at fair value
|
|
(79,544)
|
|
|
(91,656)
|
|
|
(171,200)
|
|
Net assets recorded upon consolidation
|
$
|
65,391
|
|
$
|
74,495
|
|
$
|
139,886
|
(a)Above market, in-place and below market leases are being amortized over a weighted-average term of 8 months.
|
| Disposal Group, Not Discontinued Operations [Member] |
|
| Real Estate Properties [Line Items] |
|
| Schedule Of Dispositions/Rental Property Held For Sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains
|
|
|
|
|
|
|
|
Rentable
|
|
|
Net
|
|
|
Net
|
|
|
(losses)/
|
|
|
Disposition
|
|
|
# of
|
|
Square
|
|
|
Sales
|
|
|
Carrying
|
|
|
Unrealized
|
|
|
Date
|
Property/Address
|
Location
|
Bldgs.
|
|
Feet
|
|
|
Proceeds
|
|
|
Value
|
|
|
Losses, net
|
|
|
01/30/17
|
Cranford portfolio
|
Cranford, New Jersey
|
6
|
|
435,976
|
|
$
|
26,598
|
|
$
|
22,736
|
|
$
|
3,862
|
|
|
01/31/17
|
440 Route 22 East (a)
|
Bridgewater, New Jersey
|
1
|
|
198,376
|
|
|
10,074
|
|
|
10,069
|
|
|
5
|
|
|
02/07/17
|
3 Independence Way
|
Princeton, New Jersey
|
1
|
|
111,300
|
|
|
11,549
|
|
|
9,910
|
|
|
1,639
|
|
|
05/15/17
|
103 Carnegie Center
|
Princeton, New Jersey
|
1
|
|
96,000
|
|
|
15,063
|
(b)
|
|
8,271
|
|
|
6,792
|
|
|
08/29/17
|
400 Chestnut Ridge Road
|
Woodcliff Lake, New Jersey
|
1
|
|
89,200
|
|
|
6,891
|
|
|
7,498
|
|
|
(607)
|
|
|
08/30/17
|
140 E. Ridgewood Avenue
|
Paramus, New Jersey
|
1
|
|
239,680
|
|
|
30,201
|
|
|
30,737
|
|
|
(536)
|
|
|
08/30/17
|
Bergen portfolio
|
Woodcliff Lake, Paramus and
|
5
|
|
1,061,544
|
|
|
86,973
|
(c)
|
|
135,121
|
|
|
(48,148)
|
|
|
|
|
Rochelle Park, New Jersey
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09/11/17
|
377 Summerhill Road
|
East Brunswick, New Jersey
|
1
|
|
40,000
|
|
|
3,221
|
|
|
2,172
|
|
|
1,049
|
|
|
09/13/17
|
700 Executive Boulevard
|
Elmsford, New York
|
-
|
|
-
|
(d)
|
|
5,717
|
|
|
970
|
|
|
4,747
|
|
|
09/20/17
|
Totowa Portfolio
|
Totowa, New Jersey
|
13
|
|
499,243
|
|
|
63,624
|
|
|
27,630
|
|
|
35,994
|
|
|
09/27/17
|
890 Mountain Avenue (e)
|
New Providence, New Jersey
|
1
|
|
80,000
|
|
|
4,852
|
|
|
6,139
|
|
|
(1,287)
|
|
|
09/28/17
|
135 Chestnut Ridge Road
|
Montvale, New Jersey
|
1
|
|
66,150
|
|
|
5,844
|
(f)
|
|
2,929
|
|
|
2,915
|
|
|
09/29/17
|
Moorestown portfolio
|
Moorestown and Burlington, New Jersey
|
26
|
|
1,260,398
|
|
|
73,393
|
(g)
|
|
56,186
|
|
|
17,207
|
|
|
Sub-total
|
|
|
58
|
|
4,177,867
|
|
|
344,000
|
|
|
320,368
|
|
|
23,632
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized losses on rental property held for sale
|
|
|
|
|
|
|
|
|
|
|
|
(25,744)
|
|
|
Totals
|
|
|
58
|
|
4,177,867
|
|
$
|
344,000
|
|
$
|
320,368
|
|
$
|
(2,112)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) The Company recorded a valuation allowance of $7.7 million on this property during the year ended December 31, 2016.
|
|
|
(b) $15.1 million of the sales proceeds from this sale were held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other
|
|
|
assets as of September 30, 2017. See Note 5: Deferred Charges, Goodwill and Other Assets, Net.
|
|
|
(c) At closing, the Company provided short term seller financing through mortgage notes receivable to the two separate buyers of $24.8 million and $40.2 million, respectively, with
|
|
|
interest rates ranging from 4.0 to 7.0 percent, which mature in November 2017, some with three 30-day extension options. These amounts are noncash components
|
|
|
of the net sales proceeds. See Note 5: Deferred Charges, Goodwill and Other Assets, Net.
|
|
|
(d) This disposition is of a ground leased land property.
|
|
|
(e) The Company recorded an impairment charge of $7.0 million on this property during the year ended December 31, 2015.
|
|
|
(f) The Company recorded an impairment charge of $4.2 million on this property during the year ended December 31, 2015. $5.9 million of the sales proceeds from this sale were
|
|
|
held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other assets as of September 30, 2017. See Note 5: Deferred Charges,
|
|
|
Goodwill and Other Assets, Net.
|
|
|
(g) $15.3 million of the sales proceeds from this sale were held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other assets
|
|
|
as of September 30, 2017. See Note 5: Deferred Charges, Goodwill and Other Assets, Net.
|
|
|
| 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,
|
|
|
|
|
2017
|
|
Land
|
|
$
|
38,669
|
|
Buildings and improvements
|
|
|
187,328
|
|
Less: Accumulated depreciation
|
|
|
(83,295)
|
|
Less: Unrealized losses on properties held for sale
|
|
|
(25,744)
|
|
Rental property held for sale, net
|
|
$
|
116,958
|
|
| 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
|
|
|
01/11/17
|
Red Bank portfolio (a)
|
Red Bank, New Jersey
|
3
|
279,472
|
|
$
|
27,228
|
|
|
03/06/17
|
Short Hills/Madison portfolio (b)
|
Short Hills & Madison, New Jersey
|
6
|
1,113,028
|
|
|
367,361
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Acquisitions
|
|
|
9
|
1,392,500
|
|
$
|
394,589
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) This acquisition was funded through borrowings under the Company's unsecured revolving credit facility.
|
|
|
(b) This acquisition was funded through borrowings under the Company’s unsecured revolving credit facility and a new $124.5 million loan secured by three of the properties.
|
|
|
| Schedule Of Purchase Price Allocation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Red Bank
|
|
|
Short Hills/Madison
|
|
|
|
|
|
|
|
Portfolio
|
|
|
Portfolio
|
|
|
Total
|
|
Land and leasehold interest
|
|
$
|
7,914
|
|
$
|
30,336
|
|
$
|
38,250
|
|
Buildings and improvements and other assets
|
|
|
16,047
|
|
|
295,299
|
|
|
311,346
|
|
Above market leases (a)
|
|
|
118
|
|
|
6,367
|
|
|
6,485
|
|
In-place lease values (a)
|
|
|
3,171
|
|
|
45,604
|
|
|
48,775
|
|
|
|
|
27,250
|
|
|
377,606
|
|
|
404,856
|
|
Less: Below market lease values (a)
|
|
|
(22)
|
|
|
(10,245)
|
|
|
(10,267)
|
|
Net assets recorded upon acquisition
|
|
$
|
27,228
|
|
$
|
367,361
|
|
$
|
394,589
|
(a) Above market, in-place and below market leases are being amortized over a weighted-average term of 5.4 years.
|
| Schedule Of Net Assets Recorded Upon Consolidation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monaco
|
|
|
Monaco
|
|
|
Total
|
|
|
|
North
|
|
|
South
|
|
|
Consolidation
|
|
Land and leasehold interest
|
$
|
27,300
|
|
$
|
31,461
|
|
$
|
58,761
|
|
Buildings and improvements and other assets
|
|
112,841
|
|
|
129,895
|
|
|
242,736
|
|
Above market leases (a)
|
|
350
|
|
|
-
|
|
|
350
|
|
In-place lease values (a)
|
|
4,585
|
|
|
4,913
|
|
|
9,498
|
|
Less: Below market lease values (a)
|
|
(141)
|
|
|
(118)
|
|
|
(259)
|
|
|
|
144,935
|
|
|
166,151
|
|
|
311,086
|
|
Less: Debt assumed at fair value
|
|
(79,544)
|
|
|
(91,656)
|
|
|
(171,200)
|
|
Net assets recorded upon consolidation
|
$
|
65,391
|
|
$
|
74,495
|
|
$
|
139,886
|
(a)Above market, in-place and below market leases are being amortized over a weighted-average term of 8 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
|
|
|
|
|
|
|
|
Rentable
|
|
|
Net
|
|
|
Net
|
|
|
(losses)/
|
|
|
Disposition
|
|
|
# of
|
|
Square
|
|
|
Sales
|
|
|
Carrying
|
|
|
Unrealized
|
|
|
Date
|
Property/Address
|
Location
|
Bldgs.
|
|
Feet
|
|
|
Proceeds
|
|
|
Value
|
|
|
Losses, net
|
|
|
01/30/17
|
Cranford portfolio
|
Cranford, New Jersey
|
6
|
|
435,976
|
|
$
|
26,598
|
|
$
|
22,736
|
|
$
|
3,862
|
|
|
01/31/17
|
440 Route 22 East (a)
|
Bridgewater, New Jersey
|
1
|
|
198,376
|
|
|
10,074
|
|
|
10,069
|
|
|
5
|
|
|
02/07/17
|
3 Independence Way
|
Princeton, New Jersey
|
1
|
|
111,300
|
|
|
11,549
|
|
|
9,910
|
|
|
1,639
|
|
|
05/15/17
|
103 Carnegie Center
|
Princeton, New Jersey
|
1
|
|
96,000
|
|
|
15,063
|
(b)
|
|
8,271
|
|
|
6,792
|
|
|
08/29/17
|
400 Chestnut Ridge Road
|
Woodcliff Lake, New Jersey
|
1
|
|
89,200
|
|
|
6,891
|
|
|
7,498
|
|
|
(607)
|
|
|
08/30/17
|
140 E. Ridgewood Avenue
|
Paramus, New Jersey
|
1
|
|
239,680
|
|
|
30,201
|
|
|
30,737
|
|
|
(536)
|
|
|
08/30/17
|
Bergen portfolio
|
Woodcliff Lake, Paramus and
|
5
|
|
1,061,544
|
|
|
86,973
|
(c)
|
|
135,121
|
|
|
(48,148)
|
|
|
|
|
Rochelle Park, New Jersey
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09/11/17
|
377 Summerhill Road
|
East Brunswick, New Jersey
|
1
|
|
40,000
|
|
|
3,221
|
|
|
2,172
|
|
|
1,049
|
|
|
09/13/17
|
700 Executive Boulevard
|
Elmsford, New York
|
-
|
|
-
|
(d)
|
|
5,717
|
|
|
970
|
|
|
4,747
|
|
|
09/20/17
|
Totowa Portfolio
|
Totowa, New Jersey
|
13
|
|
499,243
|
|
|
63,624
|
|
|
27,630
|
|
|
35,994
|
|
|
09/27/17
|
890 Mountain Avenue (e)
|
New Providence, New Jersey
|
1
|
|
80,000
|
|
|
4,852
|
|
|
6,139
|
|
|
(1,287)
|
|
|
09/28/17
|
135 Chestnut Ridge Road
|
Montvale, New Jersey
|
1
|
|
66,150
|
|
|
5,844
|
(f)
|
|
2,929
|
|
|
2,915
|
|
|
09/29/17
|
Moorestown portfolio
|
Moorestown and Burlington, New Jersey
|
26
|
|
1,260,398
|
|
|
73,393
|
(g)
|
|
56,186
|
|
|
17,207
|
|
|
Sub-total
|
|
|
58
|
|
4,177,867
|
|
|
344,000
|
|
|
320,368
|
|
|
23,632
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized losses on rental property held for sale
|
|
|
|
|
|
|
|
|
|
|
|
(25,744)
|
|
|
Totals
|
|
|
58
|
|
4,177,867
|
|
$
|
344,000
|
|
$
|
320,368
|
|
$
|
(2,112)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) The Company recorded a valuation allowance of $7.7 million on this property during the year ended December 31, 2016.
|
|
|
(b) $15.1 million of the sales proceeds from this sale were held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other
|
|
|
assets as of September 30, 2017. See Note 5: Deferred Charges, Goodwill and Other Assets, Net.
|
|
|
(c) At closing, the Company provided short term seller financing through mortgage notes receivable to the two separate buyers of $24.8 million and $40.2 million, respectively, with
|
|
|
interest rates ranging from 4.0 to 7.0 percent, which mature in November 2017, some with three 30-day extension options. These amounts are noncash components
|
|
|
of the net sales proceeds. See Note 5: Deferred Charges, Goodwill and Other Assets, Net.
|
|
|
(d) This disposition is of a ground leased land property.
|
|
|
(e) The Company recorded an impairment charge of $7.0 million on this property during the year ended December 31, 2015.
|
|
|
(f) The Company recorded an impairment charge of $4.2 million on this property during the year ended December 31, 2015. $5.9 million of the sales proceeds from this sale were
|
|
|
held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other assets as of September 30, 2017. See Note 5: Deferred Charges,
|
|
|
Goodwill and Other Assets, Net.
|
|
|
(g) $15.3 million of the sales proceeds from this sale were held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other assets
|
|
|
as of September 30, 2017. See Note 5: Deferred Charges, Goodwill and Other Assets, Net.
|
|
|
| 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,
|
|
|
|
|
2017
|
|
Land
|
|
$
|
38,669
|
|
Buildings and improvements
|
|
|
187,328
|
|
Less: Accumulated depreciation
|
|
|
(83,295)
|
|
Less: Unrealized losses on properties held for sale
|
|
|
(25,744)
|
|
Rental property held for sale, net
|
|
$
|
116,958
|
|