Deferred Charges, Goodwill And Other Assets, Net (Tables)
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6 Months Ended |
Jun. 30, 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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June 30,
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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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$
|
154,093
|
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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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|
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4,945
|
|
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159,038
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204,460
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Accumulated amortization
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(63,837)
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(98,956)
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Deferred charges, net
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95,201
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105,504
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Notes receivable (b)
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51,898
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50,167
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In-place lease values, related intangibles and other assets, net
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93,818
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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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66,256
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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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310,118
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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 June 30, 2018: a mortgage receivable with a balance of $44.0 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; and an interest-free note receivable with a net present value of $2.4 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 June 30, 2018 reflects the receipt by the Company of $26.9 million of proceeds from 2017 property sales held by a qualified intermediary as of December 31, 2017.
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| Schedule Of Fair Value Of The Derivative Financial Instruments |
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Fair Value
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Asset Derivatives designated
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June 30,
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December 31,
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as hedging instruments
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2018
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2017
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Balance sheet location
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Interest rate swaps
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$
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14,820
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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 June 30,
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Interest rate swaps
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$
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2,428
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$
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(2,129)
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Interest expense
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$
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640
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$
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(776)
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Interest and other
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$
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(100)
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$
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11
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investment income (loss)
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Six months ended June 30,
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Interest rate swaps
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$
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7,654
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$
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(1,494)
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Interest expense
|
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$
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720
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$
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(1,368)
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Interest and other
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$
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(174)
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$
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(32)
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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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
|
December 31,
|
|
(dollars in thousands)
|
|
2018
|
|
|
2017
|
|
Deferred leasing costs
|
$
|
154,093
|
|
$
|
199,515
|
|
Deferred financing costs - unsecured revolving credit facility (a)
|
|
4,945
|
|
|
4,945
|
|
|
|
159,038
|
|
|
204,460
|
|
Accumulated amortization
|
|
(63,837)
|
|
|
(98,956)
|
|
Deferred charges, net
|
|
95,201
|
|
|
105,504
|
|
Notes receivable (b)
|
|
51,898
|
|
|
50,167
|
|
In-place lease values, related intangibles and other assets, net
|
|
93,818
|
|
|
102,757
|
|
Goodwill (c)
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2,945
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|
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2,945
|
|
Prepaid expenses and other assets, net (d)
|
|
66,256
|
|
|
80,947
|
|
|
|
|
|
|
|
|
Total deferred charges, goodwill and other assets, net
|
$
|
310,118
|
|
$
|
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)
|
|
Includes as of June 30, 2018: a mortgage receivable with a balance of $44.0 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; and an interest-free note receivable with a net present value of $2.4 million which matures in April 2023. The Company believes these balances are fully collectible.
|
|
(c)
|
|
All goodwill is attributable to the Company’s Multi-family Real Estate and Services segment.
|
|
(d)
|
|
The balance as of June 30, 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
|
|
|
June 30,
|
|
|
December 31,
|
|
|
|
|
|
as hedging instruments
|
|
|
2018
|
|
|
2017
|
|
|
Balance sheet location
|
|
|
Interest rate swaps
|
|
$
|
14,820
|
|
$
|
8,060
|
|
|
Deferred charges, goodwill and other assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule Of Cash Flow Hedging, Derivative Financial Instruments On The Income Statement |
|
|
|
|
|
|
|
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Derivatives in Cash Flow Hedging Relationships
|
|
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)
|
|
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)
|
|
|
|
2018
|
|
|
2017
|
|
|
|
|
2018
|
|
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2017
|
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2018
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2017
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Three months ended June 30,
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Interest rate swaps
|
$
|
2,428
|
|
$
|
(2,129)
|
|
Interest expense
|
|
$
|
640
|
|
$
|
(776)
|
|
Interest and other
|
|
$
|
(100)
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|
$
|
11
|
|
|
|
|
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investment income (loss)
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Six months ended June 30,
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Interest rate swaps
|
$
|
7,654
|
|
$
|
(1,494)
|
|
Interest expense
|
|
$
|
720
|
|
$
|
(1,368)
|
|
Interest and other
|
|
$
|
(174)
|
|
$
|
(32)
|
|
|
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investment income (loss)
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