Deferred Charges, Goodwill And Other Assets, Net (Tables)
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3 Months Ended |
Mar. 31, 2018 |
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| Deferred Charges, Goodwill And Other Assets [Line Items] |
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| Schedule Of Deferred Charges, Goodwill And Other Assets |
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March 31,
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December 31,
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(dollars in thousands)
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2018
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2017
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Deferred leasing costs
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$
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149,948
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$
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199,515
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Deferred financing costs - unsecured revolving credit facility (a)
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4,945
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4,945
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154,893
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204,460
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Accumulated amortization
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(60,815)
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(98,956)
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Deferred charges, net
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94,078
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105,504
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Notes receivable (b)
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54,291
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50,167
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In-place lease values, related intangibles and other assets, net
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97,787
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102,757
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Goodwill (c)
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2,945
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2,945
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Prepaid expenses and other assets, net (d)
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57,456
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80,947
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Total deferred charges, goodwill and other assets, net
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$
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306,557
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$
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342,320
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(a)
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Deferred financing costs related to all other debt liabilities (other than for the unsecured revolving credit facility) are netted against those debt liabilities for all periods presented. See Note 2: Significant Accounting Policies – Deferred Financing Costs.
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(b)
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Includes as of March 31, 2018: a mortgage receivable with a balance of $43.4 million (acquired in August 2017) which bears interest at 5.85 percent and matures in July 2019 with a three-month extension option; a note receivable for $4.0 million (provided to an affiliate of the buyers in connection with a property sale in March 2018) which bears interest at 3.0 percent and matures in April 2028; a note receivable for $2.8 million (provided to an affiliate of the buyers in connection with a property sale in March 2018) which bears interest at 6.0 percent and matures in May 2018, of which a part prepayment of $0.6 million was received in April 2018; and an interest-free note receivable with a net present value of $2.5 million which matures in April 2023. The Company believes these balances are fully collectible.
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(c)
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All goodwill is attributable to the Company’s Multi-family Real Estate and Services segment.
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(d)
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The balance as of March 31, 2018 reflects the receipt by the Company of $26.9 million of proceeds from 2017 property sales held by a qualified intermediary as of December 31, 2017.
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| Schedule Of Fair Value Of The Derivative Financial Instruments |
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Fair Value
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Asset Derivatives designated
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March 31,
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December 31,
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as hedging instruments
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2018
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2017
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Balance sheet location
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Interest rate swaps
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$
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13,132
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$
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8,060
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Deferred charges, goodwill and other assets
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| Schedule Of Cash Flow Hedging, Derivative Financial Instruments On The Income Statement |
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Derivatives in Cash Flow Hedging Relationships
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Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)
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Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
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Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
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Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
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Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion, Reclassification for Forecasted Transactions No Longer Probable of Occurring and Amount Excluded from Effectiveness Testing)
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2018
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2017
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2018
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2017
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2018
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2017
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Three months ended March 31,
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Interest rate swaps
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$
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5,226
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$
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635
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Interest expense
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$
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80
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$
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(592)
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Interest and other
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$
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(74)
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$
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(43)
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investment income (loss)
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| Mack-Cali Realty LP [Member] |
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| Deferred Charges, Goodwill And Other Assets [Line Items] |
|
| Schedule Of Deferred Charges, Goodwill And Other Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
December 31,
|
|
(dollars in thousands)
|
|
2018
|
|
|
2017
|
|
Deferred leasing costs
|
$
|
149,948
|
|
$
|
199,515
|
|
Deferred financing costs - unsecured revolving credit facility (a)
|
|
4,945
|
|
|
4,945
|
|
|
|
154,893
|
|
|
204,460
|
|
Accumulated amortization
|
|
(60,815)
|
|
|
(98,956)
|
|
Deferred charges, net
|
|
94,078
|
|
|
105,504
|
|
Notes receivable (b)
|
|
54,291
|
|
|
50,167
|
|
In-place lease values, related intangibles and other assets, net
|
|
97,787
|
|
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102,757
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Goodwill (c)
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2,945
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2,945
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Prepaid expenses and other assets, net (d)
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57,456
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80,947
|
|
|
|
|
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Total deferred charges, goodwill and other assets, net
|
$
|
306,557
|
|
$
|
342,320
|
|
(a)
|
|
Deferred financing costs related to all other debt liabilities (other than for the unsecured revolving credit facility) are netted against those debt liabilities for all periods presented. See Note 2: Significant Accounting Policies – Deferred Financing Costs.
|
|
(b)
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Includes as of March 31, 2018: a mortgage receivable with a balance of $43.4 million (acquired in August 2017) which bears interest at 5.85 percent and matures in July 2019 with a three-month extension option; a note receivable for $4.0 million (provided to an affiliate of the buyers in connection with a property sale in March 2018) which bears interest at 3.0 percent and matures in April 2028; a note receivable for $2.8 million (provided to an affiliate of the buyers in connection with a property sale in March 2018) which bears interest at 6.0 percent and matures in May 2018, of which a part prepayment of $0.6 million was received in April 2018; and an interest-free note receivable with a net present value of $2.5 million which matures in April 2023. The Company believes these balances are fully collectible.
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(c)
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All goodwill is attributable to the Company’s Multi-family Real Estate and Services segment.
|
|
(d)
|
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The balance as of March 31, 2018 reflects the receipt by the Company of $26.9 million of proceeds from 2017 property sales held by a qualified intermediary as of December 31, 2017.
|
|
| Schedule Of Fair Value Of The Derivative Financial Instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value
|
|
|
|
|
|
Asset Derivatives designated
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
|
|
as hedging instruments
|
|
|
2018
|
|
|
2017
|
|
|
Balance sheet location
|
|
|
Interest rate swaps
|
|
$
|
13,132
|
|
$
|
8,060
|
|
|
Deferred charges, goodwill and other assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule Of Cash Flow Hedging, Derivative Financial Instruments On The Income Statement |
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|
|
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Derivatives in Cash Flow Hedging Relationships
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Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)
|
|
Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
|
|
|
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
|
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Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
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Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion, Reclassification for Forecasted Transactions No Longer Probable of Occurring and Amount Excluded from Effectiveness Testing)
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2018
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2017
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|
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2018
|
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2017
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2018
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2017
|
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Three months ended March 31,
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Interest rate swaps
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$
|
5,226
|
|
$
|
635
|
|
Interest expense
|
|
$
|
80
|
|
$
|
(592)
|
|
Interest and other
|
|
$
|
(74)
|
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$
|
(43)
|
|
|
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investment income (loss)
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