Recent Transactions (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| Real Estate Properties [Line Items] |
|
| Schedule Of Properties Acquired |
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Acquisition
|
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# 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.
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|
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(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.
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| Schedule Of Purchase Price Allocation |
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Red Bank
|
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Short Hills/Madison
|
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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 Properties Which Commenced Initial Operations |
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# of
|
|
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Total
|
|
|
In-Service
|
|
|
|
Apartment Units/
|
|
|
Development
|
|
|
Date
|
Property
|
Location
|
Type
|
Rooms
|
|
|
Costs Incurred
|
|
|
03/01/18
|
145 Front at City Square
|
Worcester, MA
|
Multi-Family
|
365
|
|
$
|
97,483
|
(a)
|
|
04/01/18
|
Signature Place at Morris Plains
|
Morris Plains, NJ
|
Multi-Family
|
197
|
|
|
56,715
|
(b)
|
|
05/01/18
|
Portside 5/6
|
East Boston, MA
|
Multi-Family
|
296
|
|
|
114,694
|
(c)
|
|
08/01/18
|
RiverHouse 11 at Port Imperial
|
Weehawken, NJ
|
Multi-Family
|
295
|
|
|
130,369
|
(d)
|
|
12/13/18
|
Residence Inn By Marriott (Phase I)
|
Weehawken, NJ
|
Hotel
|
164
|
|
|
58,723
|
(e)
|
|
Totals
|
|
|
|
1,317
|
|
$
|
457,984
|
|
|
(a)
|
|
Development costs as of December 31, 2018 included approximately $4.4 in land costs. As of December 31, 2018, the Company anticipates additional costs of approximately $1.1 million, which will be primarily funded from a construction loan.
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|
(b)
|
|
Development costs as of December 31, 2018 included approximately $0.9 in land costs.
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|
(c)
|
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As of December 31, 2018, the Company anticipates additional costs of approximately $0.7 million, which will be funded by the Company.
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(d)
|
|
As of December 31, 2018, the Company anticipates additional costs of $1.2 million which will be funded by the Company.
|
|
(e)
|
|
As of December 31, 2018, the Company anticipates additional costs of $20.1 million which will be funded from a construction loan.
|
|
| Schedule Of Net Assets Recorded Upon Consolidation |
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
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.
|
| Schedule Of Disposed Properties |
2018
The Company disposed of the following office properties during the year ended December 31, 2018 (dollars in thousands):
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|
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|
|
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|
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|
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|
|
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|
|
|
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Realized
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
0
|
|
-
|
|
|
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
|
|
|
|
13,543
|
|
|
1,597
|
|
11/15/18
|
120 Passaic Street (f)
|
Rochelle Park, New Jersey
|
1
|
|
52,000
|
|
|
2,667
|
|
|
|
2,568
|
|
|
99
|
|
12/31/18
|
Elmsford Distribution Center
|
Elmsford, New York
|
6
|
|
387,400
|
|
|
66,557
|
|
|
|
17,314
|
|
|
49,243
|
|
Sub-total
|
|
|
30
|
|
2,405,654
|
|
|
324,050
|
|
|
|
204,479
|
|
|
119,571
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized losses on rental property held for sale
|
|
|
|
|
|
|
|
|
|
|
|
|
(20,135)
|
|
Totals
|
|
|
30
|
|
2,405,654
|
|
$
|
324,050
|
|
|
$
|
204,479
|
|
$
|
99,436
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. The note was paid off in October 2018.
|
|
(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 sold in January 2017.
|
|
(f) The net sale proceeds were held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other assets as of December 31, 2018. See Note 5: Deferred Charges,
|
|
Goodwill and Other Assets, Net).
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule Of Disposed Developable Land |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
|
|
|
Net
|
|
|
Gain on
|
|
Disposition
|
|
|
|
|
|
Sales
|
|
|
Carrying
|
|
|
Disposition of
|
|
Date
|
Property Address
|
Location
|
|
|
|
Proceeds
|
|
|
Value
|
|
|
Developable Land
|
|
12/31/18
|
One Lake Street
|
Upper Saddle River, New Jersey
|
(a)
|
|
$
|
46,036
|
|
$
|
15,097
|
|
$
|
30,939
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals
|
|
|
|
|
$
|
46,036
|
|
$
|
15,097
|
|
$
|
30,939
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) The net sale proceeds were held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other assets as of December 31, 2018. See Note 5: Deferred
|
|
Charges, Goodwill and Other Assets, Net. The net carrying value includes $3 million of development costs funded at the closing.
|
|
| Summary Of Income From Property Held For Sale, Net |
The following table summarizes the rental property held for sale, net, as of December 31, 2018 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
|
2018
|
|
Land
|
|
$
|
24,376
|
|
Buildings and improvements
|
|
|
159,857
|
|
Less: Accumulated depreciation
|
|
|
(55,250)
|
|
Less: Unrealized losses on properties held for sale
|
|
|
(20,135)
|
|
Rental property held for sale, net
|
|
$
|
108,848
|
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
|
|
| 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 Properties Which Commenced Initial Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
# of
|
|
|
Total
|
|
|
In-Service
|
|
|
|
Apartment Units/
|
|
|
Development
|
|
|
Date
|
Property
|
Location
|
Type
|
Rooms
|
|
|
Costs Incurred
|
|
|
03/01/18
|
145 Front at City Square
|
Worcester, MA
|
Multi-Family
|
365
|
|
$
|
97,483
|
(a)
|
|
04/01/18
|
Signature Place at Morris Plains
|
Morris Plains, NJ
|
Multi-Family
|
197
|
|
|
56,715
|
(b)
|
|
05/01/18
|
Portside 5/6
|
East Boston, MA
|
Multi-Family
|
296
|
|
|
114,694
|
(c)
|
|
08/01/18
|
RiverHouse 11 at Port Imperial
|
Weehawken, NJ
|
Multi-Family
|
295
|
|
|
130,369
|
(d)
|
|
12/13/18
|
Residence Inn By Marriott (Phase I)
|
Weehawken, NJ
|
Hotel
|
164
|
|
|
58,723
|
(e)
|
|
Totals
|
|
|
|
1,317
|
|
$
|
457,984
|
|
|
(a)
|
|
Development costs as of December 31, 2018 included approximately $4.4 in land costs. As of December 31, 2018, the Company anticipates additional costs of approximately $1.1 million, which will be primarily funded from a construction loan.
|
|
(b)
|
|
Development costs as of December 31, 2018 included approximately $0.9 in land costs.
|
|
(c)
|
|
As of December 31, 2018, the Company anticipates additional costs of approximately $0.7 million, which will be funded by the Company.
|
|
(d)
|
|
As of December 31, 2018, the Company anticipates additional costs of $1.2 million which will be funded by the Company.
|
|
(e)
|
|
As of December 31, 2018, the Company anticipates additional costs of $20.1 million which will be funded from a construction loan.
|
|
| Schedule Of Net Assets Recorded Upon Consolidation |
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
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.
|
| Schedule Of Disposed Properties |
2018
The Company disposed of the following office properties during the year ended December 31, 2018 (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
|
|
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
|
0
|
|
-
|
|
|
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
|
|
|
|
13,543
|
|
|
1,597
|
|
11/15/18
|
120 Passaic Street (f)
|
Rochelle Park, New Jersey
|
1
|
|
52,000
|
|
|
2,667
|
|
|
|
2,568
|
|
|
99
|
|
12/31/18
|
Elmsford Distribution Center
|
Elmsford, New York
|
6
|
|
387,400
|
|
|
66,557
|
|
|
|
17,314
|
|
|
49,243
|
|
Sub-total
|
|
|
30
|
|
2,405,654
|
|
|
324,050
|
|
|
|
204,479
|
|
|
119,571
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized losses on rental property held for sale
|
|
|
|
|
|
|
|
|
|
|
|
|
(20,135)
|
|
Totals
|
|
|
30
|
|
2,405,654
|
|
$
|
324,050
|
|
|
$
|
204,479
|
|
$
|
99,436
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. The note was paid off in October 2018.
|
|
(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 sold in January 2017.
|
|
(f) The net sale proceeds were held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other assets as of December 31, 2018. See Note 5: Deferred Charges,
|
|
Goodwill and Other Assets, Net).
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule Of Disposed Developable Land |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
|
|
|
Net
|
|
|
Gain on
|
|
Disposition
|
|
|
|
|
|
Sales
|
|
|
Carrying
|
|
|
Disposition of
|
|
Date
|
Property Address
|
Location
|
|
|
|
Proceeds
|
|
|
Value
|
|
|
Developable Land
|
|
12/31/18
|
One Lake Street
|
Upper Saddle River, New Jersey
|
(a)
|
|
$
|
46,036
|
|
$
|
15,097
|
|
$
|
30,939
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals
|
|
|
|
|
$
|
46,036
|
|
$
|
15,097
|
|
$
|
30,939
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) The net sale proceeds were held by a qualified intermediary, which is noncash and recorded in deferred charges, goodwill and other assets as of December 31, 2018. See Note 5: Deferred
|
|
Charges, Goodwill and Other Assets, Net. The net carrying value includes $3 million of development costs funded at the closing.
|
|
| Summary Of Income From Property Held For Sale, Net |
The following table summarizes the rental property held for sale, net, as of December 31, 2018 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
|
2018
|
|
Land
|
|
$
|
24,376
|
|
Buildings and improvements
|
|
|
159,857
|
|
Less: Accumulated depreciation
|
|
|
(55,250)
|
|
Less: Unrealized losses on properties held for sale
|
|
|
(20,135)
|
|
Rental property held for sale, net
|
|
$
|
108,848
|
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
|
|