Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Tables)
|
3 Months Ended |
Mar. 31, 2019 |
|---|
| Stockolders Equity [Line Items] |
|
| Schedule Of General Partner Capital |
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
March 31,
|
|
|
|
2019
|
|
|
2018
|
|
Balance at January 1
|
$
|
1,486,658
|
|
$
|
1,476,295
|
|
Net income
|
|
244,495
|
|
|
43,036
|
|
Common stock distributions
|
|
(18,065)
|
|
|
(18,027)
|
|
Redeemable noncontrolling interests
|
|
(3,152)
|
|
|
(2,754)
|
|
Change in noncontrolling interests in consolidated joint ventures
|
|
(1,958)
|
|
|
-
|
|
Redemption of common units for common stock
|
|
82
|
|
|
3,690
|
|
Redemption of common units
|
|
(1,665)
|
|
|
-
|
|
Shares issued under Dividend Reinvestment and Stock Purchase Plan
|
|
10
|
|
|
28
|
|
Directors' deferred compensation plan
|
|
130
|
|
|
125
|
|
Stock Compensation
|
|
265
|
|
|
517
|
|
Cancellation of unvested LTIP units
|
|
2,819
|
|
|
-
|
|
Other comprehensive income (loss)
|
|
(4,038)
|
|
|
4,621
|
|
Rebalancing of ownership percent between parent and subsidiaries
|
|
(1,563)
|
|
|
560
|
|
Balance at March 31
|
$
|
1,704,018
|
|
$
|
1,508,091
|
|
| Schedule Of Stock Option Plans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
|
|
|
Aggregate
|
|
|
|
|
|
Average
|
|
|
Intrinsic
|
|
|
Shares
|
|
|
Exercise
|
|
|
Value
|
|
|
Under Options
|
|
|
Price
|
|
|
$(000’s)
|
|
Outstanding at January 1, 2019
|
800,000
|
|
$
|
17.31
|
|
$
|
1,824
|
|
Granted, Lapsed or Cancelled
|
-
|
|
|
-
|
|
|
|
|
Outstanding at March 31, 2019 ($17.31)
|
800,000
|
|
$
|
17.31
|
|
$
|
3,912
|
|
Options exercisable at March 31, 2019
|
800,000
|
|
|
|
|
|
|
|
Available for grant at March 31, 2019
|
750,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
|
|
|
Aggregate
|
|
|
|
|
|
Average
|
|
|
Intrinsic
|
|
|
Shares
|
|
|
Exercise
|
|
|
Value
|
|
|
Under Options
|
|
|
Price
|
|
|
$(000’s)
|
|
Outstanding at January 1, 2018
|
800,000
|
|
$
|
17.31
|
|
$
|
3,400
|
|
Granted, Lapsed or Cancelled
|
-
|
|
|
-
|
|
|
|
|
Outstanding at March 31, 2018 ($17.31)
|
800,000
|
|
$
|
17.31
|
|
$
|
-
|
|
Options exercisable at March 31, 2018
|
666,666
|
|
|
|
|
|
|
|
Available for grant at March 31, 2018
|
2,102,977
|
|
|
|
|
|
|
|
| Schedule Of Weighted Average Assumptions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AO LTIP
|
|
|
|
Units
|
|
|
Expected life (in years)
|
5.5 - 6.0
|
|
|
Risk-free interest rate
|
2.6
|
%
|
|
Volatility
|
29.0
|
%
|
|
Dividend yield
|
3.5
|
%
|
|
| Schedule Of Restricted Stock Awards |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-Average
|
|
|
|
|
|
Grant – Date
|
|
|
Shares
|
|
|
Fair Value
|
|
Outstanding at January 1, 2019
|
67,289
|
|
$
|
22.43
|
|
Vested
|
(968)
|
|
|
25.83
|
|
Outstanding at March 31, 2019
|
66,321
|
|
$
|
22.38
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-Average
|
|
|
|
|
|
Grant – Date
|
|
|
Shares
|
|
|
Fair Value
|
|
Outstanding at January 1, 2018
|
108,318
|
|
$
|
25.49
|
|
Vested
|
(30,033)
|
|
|
26.97
|
|
Cancelled
|
(3,872)
|
|
|
25.83
|
|
Outstanding at March 31, 2018
|
74,413
|
|
$
|
24.87
|
|
| Schedule Of Reconciliation Of Shares Used In Basic EPS Calculation To Shares Used In Diluted EPS Calculation |
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
Computation of Basic EPS
|
|
2019
|
|
|
2018
|
|
Net income
|
$
|
275,594
|
|
$
|
50,688
|
|
Add (deduct): Noncontrolling interests in consolidated joint ventures
|
|
1,248
|
|
|
30
|
|
Add (deduct): Noncontrolling interests in Operating Partnership
|
|
(27,680)
|
|
|
(4,883)
|
|
Add (deduct): Redeemable noncontrolling interests
|
|
(4,667)
|
|
|
(2,799)
|
|
Add (deduct): Redemption value adjustment of redeemable noncontrolling
|
|
|
|
|
|
|
interests attributable to common shareholders
|
|
(3,152)
|
|
|
(2,754)
|
|
Net income available to common shareholders for basic earnings per share
|
$
|
241,343
|
|
$
|
40,282
|
|
|
|
|
|
|
|
|
Weighted average common shares
|
|
90,498
|
|
|
90,263
|
|
|
|
|
|
|
|
|
Basic EPS:
|
|
|
|
|
|
|
Net income available to common shareholders
|
$
|
2.67
|
|
$
|
0.45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
Computation of Diluted EPS
|
|
2019
|
|
|
2018
|
|
Net income available to common shareholders for basic earnings per share
|
$
|
241,343
|
|
$
|
40,282
|
|
Add (deduct): Noncontrolling interests in Operating Partnership
|
|
27,680
|
|
|
4,883
|
|
Add (deduct): Redemption value adjustment of redeemable noncontrolling
|
|
|
|
|
|
|
interests attributable to the Operating Partnership unitholders
|
|
(357)
|
|
|
(313)
|
|
Net income available for diluted earnings per share
|
$
|
268,666
|
|
$
|
44,852
|
|
|
|
|
|
|
|
|
Weighted average common shares
|
|
100,943
|
|
|
100,604
|
|
|
|
|
|
|
|
|
Diluted EPS:
|
|
|
|
|
|
|
Net income available to common shareholders
|
$
|
2.66
|
|
$
|
0.45
|
|
|
|
|
|
|
|
The following schedule reconciles the weighted average shares used in the basic EPS calculation to the shares used in the diluted EPS calculation (in thousands):
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2019
|
|
2018
|
|
Basic EPS shares
|
|
90,498
|
|
90,263
|
|
Add: Operating Partnership – common and vested LTIP units
|
|
10,242
|
|
10,242
|
|
Restricted Stock Awards
|
|
66
|
|
35
|
|
Stock Options
|
|
137
|
|
64
|
|
Diluted EPS Shares
|
|
100,943
|
|
100,604
|
|
| Mack-Cali Realty LP [Member] |
|
| Stockolders Equity [Line Items] |
|
| Schedule Of Stock Option Plans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
|
|
|
Aggregate
|
|
|
|
|
|
Average
|
|
|
Intrinsic
|
|
|
Shares
|
|
|
Exercise
|
|
|
Value
|
|
|
Under Options
|
|
|
Price
|
|
|
$(000’s)
|
|
Outstanding at January 1, 2019
|
800,000
|
|
$
|
17.31
|
|
$
|
1,824
|
|
Granted, Lapsed or Cancelled
|
-
|
|
|
-
|
|
|
|
|
Outstanding at March 31, 2019 ($17.31)
|
800,000
|
|
$
|
17.31
|
|
$
|
3,912
|
|
Options exercisable at March 31, 2019
|
800,000
|
|
|
|
|
|
|
|
Available for grant at March 31, 2019
|
750,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
|
|
|
Aggregate
|
|
|
|
|
|
Average
|
|
|
Intrinsic
|
|
|
Shares
|
|
|
Exercise
|
|
|
Value
|
|
|
Under Options
|
|
|
Price
|
|
|
$(000’s)
|
|
Outstanding at January 1, 2018
|
800,000
|
|
$
|
17.31
|
|
$
|
3,400
|
|
Granted, Lapsed or Cancelled
|
-
|
|
|
-
|
|
|
|
|
Outstanding at March 31, 2018 ($17.31)
|
800,000
|
|
$
|
17.31
|
|
$
|
-
|
|
Options exercisable at March 31, 2018
|
666,666
|
|
|
|
|
|
|
|
Available for grant at March 31, 2018
|
2,102,977
|
|
|
|
|
|
|
|
| Schedule Of Weighted Average Assumptions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AO LTIP
|
|
|
|
Units
|
|
|
Expected life (in years)
|
5.5 - 6.0
|
|
|
Risk-free interest rate
|
2.6
|
%
|
|
Volatility
|
29.0
|
%
|
|
Dividend yield
|
3.5
|
%
|
|
| Schedule Of Restricted Stock Awards |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-Average
|
|
|
|
|
|
Grant – Date
|
|
|
Shares
|
|
|
Fair Value
|
|
Outstanding at January 1, 2019
|
67,289
|
|
$
|
22.43
|
|
Vested
|
(968)
|
|
|
25.83
|
|
Outstanding at March 31, 2019
|
66,321
|
|
$
|
22.38
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-Average
|
|
|
|
|
|
Grant – Date
|
|
|
Shares
|
|
|
Fair Value
|
|
Outstanding at January 1, 2018
|
108,318
|
|
$
|
25.49
|
|
Vested
|
(30,033)
|
|
|
26.97
|
|
Cancelled
|
(3,872)
|
|
|
25.83
|
|
Outstanding at March 31, 2018
|
74,413
|
|
$
|
24.87
|
|
| Schedule Of Reconciliation Of Shares Used In Basic EPS Calculation To Shares Used In Diluted EPS Calculation |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
March 31,
|
|
Computation of Basic EPU
|
|
|
2019
|
|
|
2018
|
|
Net income
|
|
$
|
275,594
|
|
$
|
50,688
|
|
Add (deduct): Noncontrolling interests in consolidated joint ventures
|
|
|
1,248
|
|
|
30
|
|
Add (deduct): Redeemable noncontrolling interests
|
|
|
(4,667)
|
|
|
(2,799)
|
|
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests
|
|
|
(3,509)
|
|
|
(3,067)
|
|
Net income available to common unitholders for basic earnings per unit
|
|
$
|
268,666
|
|
$
|
44,852
|
|
|
|
|
|
|
|
|
|
Weighted average common units
|
|
|
100,740
|
|
|
100,505
|
|
|
|
|
|
|
|
|
|
Basic EPU:
|
|
|
|
|
|
|
|
Net income available to common unitholders for basic earnings per unit
|
|
$
|
2.67
|
|
$
|
0.45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
March 31,
|
|
Computation of Diluted EPU
|
|
|
2019
|
|
|
2018
|
|
Net income available to common unitholders for diluted earnings per unit
|
|
$
|
268,666
|
|
$
|
44,852
|
|
|
|
|
|
|
|
|
|
Weighted average common unit
|
|
|
100,943
|
|
|
100,604
|
|
|
|
|
|
|
|
|
|
Diluted EPU:
|
|
|
|
|
|
|
|
Net income available to common unitholders
|
|
$
|
2.66
|
|
$
|
0.45
|
The following schedule reconciles the weighted average units used in the basic EPU calculation to the units used in the diluted EPU calculation (in thousands):
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2019
|
|
2018
|
|
Basic EPU units
|
|
100,740
|
|
100,505
|
|
Add: Restricted Stock Awards
|
|
66
|
|
35
|
|
Add: Stock Options
|
|
137
|
|
64
|
|
Diluted EPU Units
|
|
100,943
|
|
100,604
|
|