Recent Transactions (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
|---|
| Real Estate Properties [Line Items] |
|
| Schedule Of Properties Acquired |
2017
The Company acquired the following office properties (which were determined to be asset acquisitions in accordance with ASU 2017-01) during the year ended December 31, 2017 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
2016
The Company acquired the following office properties during the year ended December 31, 2016 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
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 |
2017
The purchase prices were allocated to the net assets acquired, as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
2016
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.
|
| 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 |
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monaco
|
|
|
Monaco
|
|
|
|
|
|
|
|
North
|
|
|
South
|
|
|
Total
|
|
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.
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 are being amortized over a weighted average term of 7.4 months.
|
| Schedule Of Dispositions/Rental Property Held For Sale |
Disposition/rental property held for sale
2017
The Company disposed of the following office properties during the year ended December 31, 2017 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
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
|
-
|
|
-
|
(b)
|
|
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 (d)
|
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
|
(e)
|
|
2,929
|
|
|
2,915
|
|
|
09/29/17
|
Moorestown portfolio
|
Moorestown and Burlington, New Jersey
|
26
|
|
1,260,398
|
|
|
73,393
|
(f)
|
|
56,186
|
|
|
17,207
|
|
|
10/19/17
|
1 Enterprise Boulevard
|
Yonkers, New York
|
-
|
|
-
|
(b)
|
|
3,230
|
|
|
1,380
|
|
|
1,850
|
|
|
11/15/17
|
61 South Paramus Road
|
Paramus, New Jersey
|
1
|
|
269,191
|
|
|
23,255
|
|
|
37,184
|
|
|
(13,929)
|
|
|
12/06/17
|
300 Tice Boulevard
|
Woodcliff Lake, New Jersey
|
1
|
|
230,000
|
|
|
28,847
|
|
|
25,705
|
|
|
3,142
|
|
|
Sub-total
|
|
|
60
|
|
4,677,058
|
|
|
399,332
|
|
|
384,637
|
|
|
14,695
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized losses on rental property held for sale
|
|
|
|
|
|
|
|
|
|
|
|
(12,331)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals
|
|
|
60
|
|
4,677,058
|
|
$
|
399,332
|
|
$
|
384,637
|
|
$
|
2,364
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) The Company recorded a valuation allowance of $7.7 million on this property during the year ended December 31, 2016.
|
|
(b) This disposition is of a ground leased land property.
|
|
(c) At closing, the Company provided short term seller financing aggregating $65 million through mortgage notes receivable to the buyers. These notes were paid off in November
|
|
and December 2017.
|
|
(d) The Company recorded an impairment charge of $7.0 million on this property during the year ended December 31, 2015.
|
|
(e) 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 December 31, 2017. See Note 5: Deferred Charges,
|
|
Goodwill and Other Assets, Net.
|
|
(f) $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 December 31, 2017. See Note 5: Deferred Charges, Goodwill and Other Assets, Net.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
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
|
|
|
Carrying
|
|
|
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.
|
|
| Disposal Group, Held-for-sale, Not Discontinued Operations [Member] |
|
| Real Estate Properties [Line Items] |
|
| Summary Of Income From Property Held For Sale, Net |
The following table summarizes the rental property held for sale, net, as of December 31, 2017: (dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
|
2017
|
|
Land
|
|
$
|
37,024
|
|
Buildings and improvements
|
|
|
273,388
|
|
Less: Accumulated depreciation
|
|
|
(126,503)
|
|
Less: Unrealized losses on properties held for sale
|
|
|
(12,331)
|
|
Rental property held for sale,net
|
|
$
|
171,578
|
The following table summarizes the rental property held for sale, net, as of December 31, 2016: (dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
2017
The Company acquired the following office properties (which were determined to be asset acquisitions in accordance with ASU 2017-01) during the year ended December 31, 2017 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
2016
The Company acquired the following office properties during the year ended December 31, 2016 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
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 |
2017
The purchase prices were allocated to the net assets acquired, as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
2016
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.
|
| 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 |
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monaco
|
|
|
Monaco
|
|
|
|
|
|
|
|
North
|
|
|
South
|
|
|
Total
|
|
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.
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 are being amortized over a weighted average term of 7.4 months.
|
| Schedule Of Dispositions/Rental Property Held For Sale |
Disposition/rental property held for sale
2017
The Company disposed of the following office properties during the year ended December 31, 2017 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
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
|
-
|
|
-
|
(b)
|
|
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 (d)
|
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
|
(e)
|
|
2,929
|
|
|
2,915
|
|
|
09/29/17
|
Moorestown portfolio
|
Moorestown and Burlington, New Jersey
|
26
|
|
1,260,398
|
|
|
73,393
|
(f)
|
|
56,186
|
|
|
17,207
|
|
|
10/19/17
|
1 Enterprise Boulevard
|
Yonkers, New York
|
-
|
|
-
|
(b)
|
|
3,230
|
|
|
1,380
|
|
|
1,850
|
|
|
11/15/17
|
61 South Paramus Road
|
Paramus, New Jersey
|
1
|
|
269,191
|
|
|
23,255
|
|
|
37,184
|
|
|
(13,929)
|
|
|
12/06/17
|
300 Tice Boulevard
|
Woodcliff Lake, New Jersey
|
1
|
|
230,000
|
|
|
28,847
|
|
|
25,705
|
|
|
3,142
|
|
|
Sub-total
|
|
|
60
|
|
4,677,058
|
|
|
399,332
|
|
|
384,637
|
|
|
14,695
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized losses on rental property held for sale
|
|
|
|
|
|
|
|
|
|
|
|
(12,331)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals
|
|
|
60
|
|
4,677,058
|
|
$
|
399,332
|
|
$
|
384,637
|
|
$
|
2,364
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) The Company recorded a valuation allowance of $7.7 million on this property during the year ended December 31, 2016.
|
|
(b) This disposition is of a ground leased land property.
|
|
(c) At closing, the Company provided short term seller financing aggregating $65 million through mortgage notes receivable to the buyers. These notes were paid off in November
|
|
and December 2017.
|
|
(d) The Company recorded an impairment charge of $7.0 million on this property during the year ended December 31, 2015.
|
|
(e) 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 December 31, 2017. See Note 5: Deferred Charges,
|
|
Goodwill and Other Assets, Net.
|
|
(f) $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 December 31, 2017. See Note 5: Deferred Charges, Goodwill and Other Assets, Net.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
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
|
|
|
Carrying
|
|
|
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.
|
|
| 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 |
The following table summarizes the rental property held for sale, net, as of December 31, 2017: (dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
|
2017
|
|
Land
|
|
$
|
37,024
|
|
Buildings and improvements
|
|
|
273,388
|
|
Less: Accumulated depreciation
|
|
|
(126,503)
|
|
Less: Unrealized losses on properties held for sale
|
|
|
(12,331)
|
|
Rental property held for sale,net
|
|
$
|
171,578
|
The following table summarizes the rental property held for sale, net, as of December 31, 2016: (dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|