Recent Transactions (Tables)
|
3 Months Ended |
Mar. 31, 2019 |
|---|
| Real Estate Properties [Line Items] |
|
| Schedule Of Properties Acquired |
|
|
|
|
|
|
|
|
|
|
|
Acquisition
|
|
|
# of
|
Rentable
|
|
|
Acquisition
|
|
|
Date
|
Property Address
|
Location
|
Bldgs.
|
Square Feet
|
|
|
Cost
|
|
|
2/6/19
|
99 Wood Avenue (a)
|
Iselin, New Jersey
|
1
|
271,988
|
|
$
|
61,858
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Acquisitions
|
|
|
1
|
271,988
|
|
$
|
61,858
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) This acquisition was funded using funds available with the Company's qualified intermediary and through borrowing under the Company's unsecured revolving credit facility.
|
|
|
| Schedule Of Acquisition Cost Allocated To Net Assets Acquired |
|
|
|
|
|
|
|
|
|
Land and leasehold interest
|
$
|
9,261
|
|
Buildings and improvements and other assets, net
|
|
45,576
|
|
Above market lease values (a)
|
|
431
|
|
In-place lease values (a)
|
|
8,264
|
|
|
|
63,532
|
|
Less: Below market lease values (a)
|
|
(1,674)
|
|
Net assets recorded upon acquisition
|
$
|
61,858
|
|
|
|
|
|
(a) Above market, in-place and below market lease values are being amortized over a weighted-average term of 4.3 years.
|
|
| Schedule Of Net Assets Recorded Upon Consolidation |
Net assets recorded upon consolidation were as follows (in thousands):
|
|
|
|
|
|
|
Marbella II
|
|
Land and leasehold interest
|
$
|
36,595
|
|
Buildings and improvements and other assets, net
|
|
153,974
|
|
In-place lease values (a)
|
|
4,611
|
|
Less: Below market lease values (a)
|
|
(80)
|
|
|
|
195,100
|
|
Less: Debt
|
|
(117,000)
|
|
Net assets
|
|
78,100
|
|
Less: Noncontrolling interests
|
|
(13,722)
|
|
Net assets recorded upon consolidation
|
$
|
64,378
|
|
|
|
|
|
(a) In-place and below market lease values are being amortized over a weighted-average term of 6.2 months.
|
|
| Disposal Group, Held-for-sale, Not Discontinued Operations [Member] |
|
| Real Estate Properties [Line Items] |
|
| Schedule Of Disposed Properties |
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Realized
|
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|
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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
|
|
01/11/19
|
721 Route 202-206 South (a)
|
Bridgewater, New Jersey
|
1
|
|
192,741
|
|
$
|
5,651
|
|
$
|
5,410
|
|
$
|
241
|
|
01/16/19
|
Park Square (b)
|
Rahway, New Jersey
|
1
|
|
159
|
units
|
|
34,045
|
|
|
34,032
|
|
|
13
|
|
01/22/19
|
2115 Linwood Avenue
|
Fort Lee, New Jersey
|
1
|
|
68,000
|
|
|
15,197
|
|
|
7,433
|
|
|
7,764
|
|
02/27/19
|
201 Littleton Road (c)
|
Morris Plains, New Jersey
|
1
|
|
88,369
|
|
|
4,842
|
|
|
4,937
|
|
|
(95)
|
|
03/13/19
|
320 & 321 University Avenue
|
Newark, New Jersey
|
2
|
|
147,406
|
|
|
25,552
|
|
|
18,456
|
|
|
7,096
|
|
03/29/19
|
Flex portfolio
|
New York and Connecticut
|
56
|
(d)
|
3,148,512
|
|
|
470,348
|
|
|
214,758
|
|
|
255,590
|
|
Sub-total
|
|
|
|
|
|
|
|
555,635
|
|
|
285,026
|
|
|
270,609
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized losses on rental property held for sale (see below)
|
|
|
|
|
|
|
|
|
|
|
|
(2,500)
|
|
Totals
|
|
|
62
|
|
3,645,028
|
|
$
|
555,635
|
|
$
|
285,026
|
|
$
|
268,109
|
|
|
|
|
|
|
|
(a)
|
The Company recorded a valuation allowance of $9.3 million on this property during the year ended December 31, 2018.
|
|
(b)
|
The Company recorded a valuation allowance of $6.3 million on this property during the year ended December 31, 2018. Approximately $9.0 million of the net sale proceeds were held by a qualified intermediary.
|
|
(c)
|
The Company recorded a valuation allowance of $3.6 million on this property during the year ended December 31, 2018. Approximately $4.9 million of the net sale proceeds were held by a qualified intermediary.
|
|
(d)
|
301,638 Common Units were redeemed by the Company at fair market value of $6.6 million as purchase consideration received for two of the properties disposed of in this transaction, which was a non-cash portion of this sales transaction. The Company used the net cash received at closing to repay approximately $119.9 million of borrowings under the unsecured revolving credit facility and to repay $90 million of its $350 million unsecured term loan. Approximately $251 million of the net sales proceeds were held by a qualified intermediary as of March 31, 2019. The Company utilized $217.4 million of these proceeds on April 1, 2019 to acquire a 377-unit multi-family property located in Jersey City, New Jersey.
|
|
| Summary Of Income From Property Held For Sale, Net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
|
|
2019
|
|
Land
|
|
$
|
10,487
|
|
Buildings and improvements
|
|
|
50,997
|
|
Less: Accumulated depreciation
|
|
|
(24,845)
|
|
Less: Cumulative unrealized losses on property held for sale
|
|
|
(3,400)
|
|
Rental property held for sale, net
|
|
$
|
33,239
|
|
| 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
|
|
|
2/6/19
|
99 Wood Avenue (a)
|
Iselin, New Jersey
|
1
|
271,988
|
|
$
|
61,858
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Acquisitions
|
|
|
1
|
271,988
|
|
$
|
61,858
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) This acquisition was funded using funds available with the Company's qualified intermediary and through borrowing under the Company's unsecured revolving credit facility.
|
|
|
| Schedule Of Acquisition Cost Allocated To Net Assets Acquired |
|
|
|
|
|
|
|
|
|
Land and leasehold interest
|
$
|
9,261
|
|
Buildings and improvements and other assets, net
|
|
45,576
|
|
Above market lease values (a)
|
|
431
|
|
In-place lease values (a)
|
|
8,264
|
|
|
|
63,532
|
|
Less: Below market lease values (a)
|
|
(1,674)
|
|
Net assets recorded upon acquisition
|
$
|
61,858
|
|
|
|
|
|
(a) Above market, in-place and below market lease values are being amortized over a weighted-average term of 4.3 years.
|
|
| Schedule Of Net Assets Recorded Upon Consolidation |
Net assets recorded upon consolidation were as follows (in thousands):
|
|
|
|
|
|
|
Marbella II
|
|
Land and leasehold interest
|
$
|
36,595
|
|
Buildings and improvements and other assets, net
|
|
153,974
|
|
In-place lease values (a)
|
|
4,611
|
|
Less: Below market lease values (a)
|
|
(80)
|
|
|
|
195,100
|
|
Less: Debt
|
|
(117,000)
|
|
Net assets
|
|
78,100
|
|
Less: Noncontrolling interests
|
|
(13,722)
|
|
Net assets recorded upon consolidation
|
$
|
64,378
|
|
|
|
|
|
(a) In-place and below market lease values are being amortized over a weighted-average term of 6.2 months.
|
|
| Mack-Cali Realty LP [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] |
|
| Real Estate Properties [Line Items] |
|
| Schedule Of Disposed Properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains
|
|
|
|
|
|
|
Rentable
|
|
|
Net
|
|
|
Net
|
|
|
(losses)/
|
|
Disposition
|
|
|
# of
|
|
Square
|
|
|
Sales
|
|
|
Carrying
|
|
|
Unrealized
|
|
Date
|
Property/Address
|
Location
|
Bldgs.
|
|
Feet
|
|
|
Proceeds
|
|
|
Value
|
|
|
Losses, net
|
|
01/11/19
|
721 Route 202-206 South (a)
|
Bridgewater, New Jersey
|
1
|
|
192,741
|
|
$
|
5,651
|
|
$
|
5,410
|
|
$
|
241
|
|
01/16/19
|
Park Square (b)
|
Rahway, New Jersey
|
1
|
|
159
|
units
|
|
34,045
|
|
|
34,032
|
|
|
13
|
|
01/22/19
|
2115 Linwood Avenue
|
Fort Lee, New Jersey
|
1
|
|
68,000
|
|
|
15,197
|
|
|
7,433
|
|
|
7,764
|
|
02/27/19
|
201 Littleton Road (c)
|
Morris Plains, New Jersey
|
1
|
|
88,369
|
|
|
4,842
|
|
|
4,937
|
|
|
(95)
|
|
03/13/19
|
320 & 321 University Avenue
|
Newark, New Jersey
|
2
|
|
147,406
|
|
|
25,552
|
|
|
18,456
|
|
|
7,096
|
|
03/29/19
|
Flex portfolio
|
New York and Connecticut
|
56
|
(d)
|
3,148,512
|
|
|
470,348
|
|
|
214,758
|
|
|
255,590
|
|
Sub-total
|
|
|
|
|
|
|
|
555,635
|
|
|
285,026
|
|
|
270,609
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized losses on rental property held for sale (see below)
|
|
|
|
|
|
|
|
|
|
|
|
(2,500)
|
|
Totals
|
|
|
62
|
|
3,645,028
|
|
$
|
555,635
|
|
$
|
285,026
|
|
$
|
268,109
|
|
|
|
|
|
|
|
(a)
|
The Company recorded a valuation allowance of $9.3 million on this property during the year ended December 31, 2018.
|
|
(b)
|
The Company recorded a valuation allowance of $6.3 million on this property during the year ended December 31, 2018. Approximately $9.0 million of the net sale proceeds were held by a qualified intermediary.
|
|
(c)
|
The Company recorded a valuation allowance of $3.6 million on this property during the year ended December 31, 2018. Approximately $4.9 million of the net sale proceeds were held by a qualified intermediary.
|
|
(d)
|
301,638 Common Units were redeemed by the Company at fair market value of $6.6 million as purchase consideration received for two of the properties disposed of in this transaction, which was a non-cash portion of this sales transaction. The Company used the net cash received at closing to repay approximately $119.9 million of borrowings under the unsecured revolving credit facility and to repay $90 million of its $350 million unsecured term loan. Approximately $251 million of the net sales proceeds were held by a qualified intermediary as of March 31, 2019. The Company utilized $217.4 million of these proceeds on April 1, 2019 to acquire a 377-unit multi-family property located in Jersey City, New Jersey.
|
|
| Summary Of Income From Property Held For Sale, Net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
|
|
2019
|
|
Land
|
|
$
|
10,487
|
|
Buildings and improvements
|
|
|
50,997
|
|
Less: Accumulated depreciation
|
|
|
(24,845)
|
|
Less: Cumulative unrealized losses on property held for sale
|
|
|
(3,400)
|
|
Rental property held for sale, net
|
|
$
|
33,239
|
|