Recent Transactions (Tables)
|
9 Months Ended |
Sep. 30, 2018 |
|---|
| Real Estate Properties [Line Items] |
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| Schedule Of Properties Which Commenced Initial Operations |
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Total
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|
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In-Service
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# of
|
|
|
Development
|
|
|
Date
|
Property
|
Location
|
Type
|
Apartment Units
|
|
|
Costs
|
|
|
03/01/18
|
145 Front at City Square
|
Worcester, MA
|
Multi-Family
|
365
|
|
$
|
97,172
|
(a)
|
|
04/01/18
|
Signature Place at Morris Plains
|
Morris Plains, NJ
|
Multi-Family
|
197
|
|
|
56,643
|
(b)
|
|
05/01/18
|
Portside 5/6
|
East Boston, MA
|
Multi-Family
|
296
|
|
|
114,723
|
(c)
|
|
08/01/18
|
Riverhouse 11 at Port Imperial
|
Weehawken, NJ
|
Multi-Family
|
295
|
|
|
127,518
|
(d)
|
|
Totals
|
|
|
|
1,153
|
|
$
|
396,056
|
|
|
(a)
|
|
Development costs as of September 30, 2018 included approximately $4.4 million in land costs. As of September 30, 2018, the Company anticipates additional costs of approximately $3.5 million, which will be primarily funded from a construction loan.
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|
(b)
|
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Development costs as of September 30, 2018 included approximately $0.9 million in land costs. As of September 30, 2018, the Company anticipates additional costs of approximately $0.2 million, which will be primarily funded from a construction loan.
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(c)
|
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As of September 30, 2018, the Company anticipates additional costs of approximately $3.3 million, which will be primarily funded from a construction loan.
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(d)
|
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As of September 30, 2018, the Company anticipates additional costs of $8.2 million of which $2.7 million will be funded by the Company and $5.5 million will be funded from a construction loan.
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| Schedule Of Net Assets Recorded Upon Consolidation |
|
|
|
|
|
|
|
Marbella
|
|
Land and leasehold interest
|
$
|
48,820
|
|
Buildings and improvements and other assets, net
|
|
162,958
|
|
In-place lease values (a)
|
|
6,947
|
|
Less: Below market lease values (a)
|
|
(108)
|
|
|
|
218,617
|
|
Less: Debt
|
|
(131,000)
|
|
Net Assets
|
|
87,617
|
|
Less: Noncontrolling interest (b)
|
|
(22,812)
|
|
Net assets recorded upon consolidation
|
$
|
64,805
|
|
|
|
|
|
(a) In-place and below market leases are being amortized over a weighted-average term of 9.3 months.
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(b) Noncontrolling interest balance reflects distribution of $7.0 million of loan proceeds at closing.
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|
| Disposal Group, Held-for-sale, Not Discontinued Operations [Member] |
|
| Real Estate Properties [Line Items] |
|
| Schedule Of Dispositions/Rental Property Held For Sale |
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Realized
|
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Gains
|
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Rentable
|
|
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Net
|
|
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Net
|
|
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(losses)/
|
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Disposition
|
|
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# of
|
|
Square
|
|
|
Sales
|
|
|
Carrying
|
|
|
Unrealized
|
|
Date
|
Property/Address
|
Location
|
Bldgs.
|
|
Feet
|
|
|
Proceeds
|
|
|
Value
|
|
|
Losses, net
|
|
02/15/18
|
35 Waterview Boulevard (a)
|
Parsippany, New Jersey
|
1
|
|
172,498
|
|
$
|
25,994
|
|
$
|
25,739
|
|
$
|
255
|
|
03/05/18
|
Hamilton portfolio (b)
|
Hamilton, New Jersey
|
6
|
|
239,262
|
|
|
17,546
|
|
|
17,501
|
|
|
45
|
|
03/07/18
|
Wall portfolio first closing
|
Wall, New Jersey
|
5
|
|
179,601
|
|
|
14,053
|
|
|
10,526
|
|
|
3,527
|
|
03/22/18
|
700 Horizon Drive
|
Hamilton, New Jersey
|
1
|
|
120,000
|
|
|
33,020
|
|
|
16,053
|
|
|
16,967
|
|
03/23/18
|
Wall portfolio second closing
|
Wall, New Jersey
|
3
|
|
217,822
|
|
|
30,209
|
|
|
12,961
|
|
|
17,248
|
|
03/28/18
|
75 Livingston Avenue
|
Roseland, New Jersey
|
1
|
|
94,221
|
|
|
7,983
|
|
|
5,609
|
|
|
2,374
|
|
03/28/18
|
20 Waterview Boulevard (c)
|
Parsippany, New Jersey
|
1
|
|
225,550
|
|
|
12,475
|
|
|
11,795
|
|
|
680
|
|
03/30/18
|
Westchester Financial Center (d)
|
White Plains, New York
|
2
|
|
489,000
|
|
|
81,769
|
|
|
64,679
|
|
|
17,090
|
|
06/27/18
|
65 Jackson Drive
|
Cranford, New Jersey
|
-
|
|
-
|
|
|
1,510
|
(e)
|
|
-
|
|
|
1,510
|
|
08/02/18
|
600 Horizon Drive
|
Hamilton, New Jersey
|
1
|
|
95,000
|
|
|
15,127
|
|
|
6,191
|
|
|
8,936
|
|
09/05/18
|
1 & 3 Barker Avenue
|
White Plains, New York
|
2
|
|
133,300
|
|
|
15,140
|
(f)
|
|
13,543
|
|
|
1,597
|
|
Sub-total
|
|
|
23
|
|
1,966,254
|
|
|
254,826
|
|
|
184,597
|
|
|
70,229
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Unrealized losses on rental property held for sale (see below)
|
|
|
|
|
|
|
|
|
|
|
|
(20,135)
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
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Totals
|
|
|
23
|
|
1,966,254
|
|
$
|
254,826
|
|
$
|
184,597
|
|
$
|
50,094
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) The Company recorded a valuation allowance of $0.7 million on this property during the year ended December 31, 2017.
|
|
(b) The Company recorded a valuation allowance of $0.6 million on these properties during the year ended December 31, 2017. The disposition additionally included two land properties.
|
|
(c) The Company recorded a valuation allowance of $11 million on this property during the year ended December 31, 2017. Prior to closing, the Company provided short term financing through a note receivable to an
|
|
affiliate of the buyers of $2.8 million. The note was paid off in the second quarter of 2018.
|
|
(d) Prior to closing, the Company provided financing through a note receivable to an affiliate of the buyers of $4.0 million, which is a noncash component of the net sales proceeds. The note was paid off in October 2018.
|
|
See Note 5: Deferred Charges, Goodwill and Other Assets, Net.
|
|
(e) Represents the receipt by the Company in the second quarter 2018 of variable contingent sales consideration, net of costs, of $1.5 million subsequent to disposition of the property, which was sold in January 2017.
|
|
(f) The sale proceeds were held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other assets as of September 30, 2018. The Company received these proceeds
|
|
in October 2018.
|
|
| Summary Of Income From Property Held For Sale, Net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
|
|
|
2018
|
|
Land
|
|
$
|
23,317
|
|
Buildings and improvements
|
|
|
132,546
|
|
Less: Accumulated depreciation
|
|
|
(52,576)
|
|
Less: Unrealized losses on properties held for sale
|
|
|
(20,135)
|
|
Rental property held for sale, net
|
|
$
|
83,152
|
|
| Mack-Cali Realty LP [Member] |
|
| Real Estate Properties [Line Items] |
|
| Schedule Of Properties Which Commenced Initial Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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Total
|
|
|
In-Service
|
|
|
|
# of
|
|
|
Development
|
|
|
Date
|
Property
|
Location
|
Type
|
Apartment Units
|
|
|
Costs
|
|
|
03/01/18
|
145 Front at City Square
|
Worcester, MA
|
Multi-Family
|
365
|
|
$
|
97,172
|
(a)
|
|
04/01/18
|
Signature Place at Morris Plains
|
Morris Plains, NJ
|
Multi-Family
|
197
|
|
|
56,643
|
(b)
|
|
05/01/18
|
Portside 5/6
|
East Boston, MA
|
Multi-Family
|
296
|
|
|
114,723
|
(c)
|
|
08/01/18
|
Riverhouse 11 at Port Imperial
|
Weehawken, NJ
|
Multi-Family
|
295
|
|
|
127,518
|
(d)
|
|
Totals
|
|
|
|
1,153
|
|
$
|
396,056
|
|
|
(a)
|
|
Development costs as of September 30, 2018 included approximately $4.4 million in land costs. As of September 30, 2018, the Company anticipates additional costs of approximately $3.5 million, which will be primarily funded from a construction loan.
|
|
(b)
|
|
Development costs as of September 30, 2018 included approximately $0.9 million in land costs. As of September 30, 2018, the Company anticipates additional costs of approximately $0.2 million, which will be primarily funded from a construction loan.
|
|
(c)
|
|
As of September 30, 2018, the Company anticipates additional costs of approximately $3.3 million, which will be primarily funded from a construction loan.
|
|
(d)
|
|
As of September 30, 2018, the Company anticipates additional costs of $8.2 million of which $2.7 million will be funded by the Company and $5.5 million will be funded from a construction loan.
|
|
| Schedule Of Net Assets Recorded Upon Consolidation |
|
|
|
|
|
|
|
Marbella
|
|
Land and leasehold interest
|
$
|
48,820
|
|
Buildings and improvements and other assets, net
|
|
162,958
|
|
In-place lease values (a)
|
|
6,947
|
|
Less: Below market lease values (a)
|
|
(108)
|
|
|
|
218,617
|
|
Less: Debt
|
|
(131,000)
|
|
Net Assets
|
|
87,617
|
|
Less: Noncontrolling interest (b)
|
|
(22,812)
|
|
Net assets recorded upon consolidation
|
$
|
64,805
|
|
|
|
|
|
(a) In-place and below market leases are being amortized over a weighted-average term of 9.3 months.
|
|
(b) Noncontrolling interest balance reflects distribution of $7.0 million of loan proceeds at closing.
|
|
| Mack-Cali Realty LP [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] |
|
| Real Estate Properties [Line Items] |
|
| Schedule Of Dispositions/Rental Property Held For Sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Realized
|
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|
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|
|
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|
|
|
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Gains
|
|
|
|
|
|
|
Rentable
|
|
|
Net
|
|
|
Net
|
|
|
(losses)/
|
|
Disposition
|
|
|
# of
|
|
Square
|
|
|
Sales
|
|
|
Carrying
|
|
|
Unrealized
|
|
Date
|
Property/Address
|
Location
|
Bldgs.
|
|
Feet
|
|
|
Proceeds
|
|
|
Value
|
|
|
Losses, net
|
|
02/15/18
|
35 Waterview Boulevard (a)
|
Parsippany, New Jersey
|
1
|
|
172,498
|
|
$
|
25,994
|
|
$
|
25,739
|
|
$
|
255
|
|
03/05/18
|
Hamilton portfolio (b)
|
Hamilton, New Jersey
|
6
|
|
239,262
|
|
|
17,546
|
|
|
17,501
|
|
|
45
|
|
03/07/18
|
Wall portfolio first closing
|
Wall, New Jersey
|
5
|
|
179,601
|
|
|
14,053
|
|
|
10,526
|
|
|
3,527
|
|
03/22/18
|
700 Horizon Drive
|
Hamilton, New Jersey
|
1
|
|
120,000
|
|
|
33,020
|
|
|
16,053
|
|
|
16,967
|
|
03/23/18
|
Wall portfolio second closing
|
Wall, New Jersey
|
3
|
|
217,822
|
|
|
30,209
|
|
|
12,961
|
|
|
17,248
|
|
03/28/18
|
75 Livingston Avenue
|
Roseland, New Jersey
|
1
|
|
94,221
|
|
|
7,983
|
|
|
5,609
|
|
|
2,374
|
|
03/28/18
|
20 Waterview Boulevard (c)
|
Parsippany, New Jersey
|
1
|
|
225,550
|
|
|
12,475
|
|
|
11,795
|
|
|
680
|
|
03/30/18
|
Westchester Financial Center (d)
|
White Plains, New York
|
2
|
|
489,000
|
|
|
81,769
|
|
|
64,679
|
|
|
17,090
|
|
06/27/18
|
65 Jackson Drive
|
Cranford, New Jersey
|
-
|
|
-
|
|
|
1,510
|
(e)
|
|
-
|
|
|
1,510
|
|
08/02/18
|
600 Horizon Drive
|
Hamilton, New Jersey
|
1
|
|
95,000
|
|
|
15,127
|
|
|
6,191
|
|
|
8,936
|
|
09/05/18
|
1 & 3 Barker Avenue
|
White Plains, New York
|
2
|
|
133,300
|
|
|
15,140
|
(f)
|
|
13,543
|
|
|
1,597
|
|
Sub-total
|
|
|
23
|
|
1,966,254
|
|
|
254,826
|
|
|
184,597
|
|
|
70,229
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized losses on rental property held for sale (see below)
|
|
|
|
|
|
|
|
|
|
|
|
(20,135)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals
|
|
|
23
|
|
1,966,254
|
|
$
|
254,826
|
|
$
|
184,597
|
|
$
|
50,094
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) The Company recorded a valuation allowance of $0.7 million on this property during the year ended December 31, 2017.
|
|
(b) The Company recorded a valuation allowance of $0.6 million on these properties during the year ended December 31, 2017. The disposition additionally included two land properties.
|
|
(c) The Company recorded a valuation allowance of $11 million on this property during the year ended December 31, 2017. Prior to closing, the Company provided short term financing through a note receivable to an
|
|
affiliate of the buyers of $2.8 million. The note was paid off in the second quarter of 2018.
|
|
(d) Prior to closing, the Company provided financing through a note receivable to an affiliate of the buyers of $4.0 million, which is a noncash component of the net sales proceeds. The note was paid off in October 2018.
|
|
See Note 5: Deferred Charges, Goodwill and Other Assets, Net.
|
|
(e) Represents the receipt by the Company in the second quarter 2018 of variable contingent sales consideration, net of costs, of $1.5 million subsequent to disposition of the property, which was sold in January 2017.
|
|
(f) The sale proceeds were held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other assets as of September 30, 2018. The Company received these proceeds
|
|
in October 2018.
|
|
| Summary Of Income From Property Held For Sale, Net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
|
|
|
2018
|
|
Land
|
|
$
|
23,317
|
|
Buildings and improvements
|
|
|
132,546
|
|
Less: Accumulated depreciation
|
|
|
(52,576)
|
|
Less: Unrealized losses on properties held for sale
|
|
|
(20,135)
|
|
Rental property held for sale, net
|
|
$
|
83,152
|
|