Deferred Charges, Goodwill And Other Assets, Net (Tables)
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3 Months Ended |
Mar. 31, 2019 |
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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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2019
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2018
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Deferred leasing costs
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$
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144,273
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$
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173,822
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Deferred financing costs - unsecured revolving credit facility (a)
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5,328
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5,356
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149,601
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179,178
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Accumulated amortization
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(52,910)
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(71,326)
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Deferred charges, net
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96,691
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107,852
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Notes receivable (b)
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47,893
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47,409
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In-place lease values, related intangibles and other assets, net
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95,331
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89,860
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Goodwill (c)
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2,945
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2,945
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Right of use assets (d)
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22,477
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-
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Prepaid expenses and other assets, net (e)
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329,287
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107,168
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Total deferred charges, goodwill and other assets, net
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$
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594,624
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$
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355,234
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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, 2019 and December 31, 2018, respectively: a mortgage receivable with a balance of $45.9 million and $45.2 million (acquired in August 2017) which bears interest at 5.85 percent and matures in July 2019 with a three-month extension option; and an interest-free note receivable with a net present value of $2.0 million and $2.2 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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Balance recorded starting in 2019, pursuant to the Company’s adoption of ASU 2016-02 (Topic 842). This amount has a corresponding liability of $23.7 million, which is included in Accounts payable, accrued expense and other liabilities. See Note 12: Commitments and Contingencies – Ground Lease agreements for further details.
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(e)
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Includes as of March 31, 2019 and December 31, 2018, $267.9 million and $49.2 million, respectively, of proceeds from property sales held by a qualified intermediary. The Company utilized $217.4 million of the March 31, 2019 proceeds on April 1, 2019 to acquire a 377-unit multi-family property located in Jersey City, New Jersey.
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| Schedule Of Fair Value Of The Derivative Financial Instruments |
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Fair Value
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Asset Derivatives designated
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March 31,
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December 31,
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as hedging instruments
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2019
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2018
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Balance sheet location
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Interest rate swaps
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$
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5,723
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$
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10,175
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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
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Location of Gain or (Loss) Reclassified from Accumulated OCI into Income
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Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income
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Location of Gain or (Loss) Recognized in Income on Derivative
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Amount of Gain or (Loss) Recognized in Income on Derivative (Reclassification for Forecasted Transactions No Longer Probable of Occurring)
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Total Amount of Interest Expense presented in the consolidated statements
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Three months ended March 31,
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2019
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2018
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2019
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2018
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2019
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2018
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2019
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2018
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Interest rate swaps
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$
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(1,601)
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$
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5,226
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Interest expense
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$
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1,571
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$
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80
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Interest and other
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$
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1,279
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$
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(74)
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$
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(24,774)
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$
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(20,075)
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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] |
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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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2019
|
|
|
2018
|
|
Deferred leasing costs
|
$
|
144,273
|
|
$
|
173,822
|
|
Deferred financing costs - unsecured revolving credit facility (a)
|
|
5,328
|
|
|
5,356
|
|
|
|
149,601
|
|
|
179,178
|
|
Accumulated amortization
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(52,910)
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|
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(71,326)
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Deferred charges, net
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96,691
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107,852
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Notes receivable (b)
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47,893
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47,409
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In-place lease values, related intangibles and other assets, net
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95,331
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89,860
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Goodwill (c)
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2,945
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2,945
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Right of use assets (d)
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22,477
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-
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Prepaid expenses and other assets, net (e)
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329,287
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107,168
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Total deferred charges, goodwill and other assets, net
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$
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594,624
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$
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355,234
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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, 2019 and December 31, 2018, respectively: a mortgage receivable with a balance of $45.9 million and $45.2 million (acquired in August 2017) which bears interest at 5.85 percent and matures in July 2019 with a three-month extension option; and an interest-free note receivable with a net present value of $2.0 million and $2.2 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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Balance recorded starting in 2019, pursuant to the Company’s adoption of ASU 2016-02 (Topic 842). This amount has a corresponding liability of $23.7 million, which is included in Accounts payable, accrued expense and other liabilities. See Note 12: Commitments and Contingencies – Ground Lease agreements for further details.
|
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(e)
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Includes as of March 31, 2019 and December 31, 2018, $267.9 million and $49.2 million, respectively, of proceeds from property sales held by a qualified intermediary. The Company utilized $217.4 million of the March 31, 2019 proceeds on April 1, 2019 to acquire a 377-unit multi-family property located in Jersey City, New Jersey.
|
|
| Schedule Of Fair Value Of The Derivative Financial Instruments |
|
|
|
|
|
|
|
|
|
|
|
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Fair Value
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Asset Derivatives designated
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March 31,
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December 31,
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|
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as hedging instruments
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|
|
2019
|
|
|
2018
|
|
|
Balance sheet location
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|
|
Interest rate swaps
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$
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5,723
|
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$
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10,175
|
|
|
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
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Location of Gain or (Loss) Reclassified from Accumulated OCI into Income
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Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income
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Location of Gain or (Loss) Recognized in Income on Derivative
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Amount of Gain or (Loss) Recognized in Income on Derivative (Reclassification for Forecasted Transactions No Longer Probable of Occurring)
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|
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Total Amount of Interest Expense presented in the consolidated statements
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Three months ended March 31,
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2019
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2018
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2019
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2018
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2019
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2018
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2019
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2018
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Interest rate swaps
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$
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(1,601)
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$
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5,226
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Interest expense
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$
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1,571
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$
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80
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Interest and other
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$
|
1,279
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$
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(74)
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$
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(24,774)
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$
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(20,075)
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investment income (loss)
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