Recent Transactions (Tables)
|
6 Months Ended |
Jun. 30, 2021 |
|---|
| Real Estate Properties [Line Items] |
|
| Schedule Of Properties Which Commenced Initial Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
In Service |
|
|
Property |
# of |
|
|
Development |
Date |
Property |
Location |
Type |
Apartment Units |
|
|
Costs Incurred |
03/01/21 |
The Upton (a) |
Short Hills, NJ |
Multi-Family |
193 |
|
$ |
99,980 |
Totals |
|
|
|
193 |
|
$ |
99,980 |
(a)As of June 30, 2021, 157 apartment units are currently available for occupancy. The development costs included approximately $2.9 million in land costs.
|
| Schedule Of Real Estate Held For Sale/Discontinued Operations/Dispositions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Suburban |
|
|
Other |
|
|
|
|
|
|
Office |
|
|
Assets |
|
|
|
|
|
|
Portfolio (a) |
|
|
Held for Sale |
|
|
Total |
Land |
|
$ |
13,854 |
|
$ |
40,509 |
|
$ |
54,363 |
Building & Other |
|
|
83,409 |
|
|
24,291 |
|
|
107,700 |
Less: Accumulated depreciation |
|
|
(24,303) |
|
|
(7,991) |
|
|
(32,294) |
Less: Cumulative unrealized losses on property held for sale |
|
|
(27,748) |
|
|
(17,187) |
|
|
(44,935) |
Real estate held for sale, net |
|
$ |
45,212 |
|
$ |
39,622 |
|
$ |
84,834 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Suburban |
|
|
Other |
|
|
|
|
|
|
Office |
|
|
Assets |
|
|
|
Other assets and liabilities |
|
|
Portfolio (a) |
|
|
Held for Sale |
|
|
Total |
Unbilled rents receivable, net (b) |
|
$ |
1,915 |
|
$ |
- |
|
$ |
1,915 |
Deferred charges, net (b) |
|
|
1,563 |
|
|
138 |
|
|
1,701 |
Total intangibles, net (b) |
|
|
3,377 |
|
|
- |
|
|
3,377 |
Total deferred charges & other assets, net |
|
|
5,712 |
|
|
138 |
|
|
5,850 |
Total below market liability (b) |
|
|
86 |
|
|
- |
|
|
86 |
Accounts payable, accrued exp & other liability |
|
|
7,018 |
|
|
265 |
|
|
7,283 |
Unearned rents/deferred rental income (b) |
|
|
943 |
|
|
213 |
|
|
1,156 |
|
| Disposal Group, Held-for-sale, Not Discontinued Operations [Member] |
|
| Real Estate Properties [Line Items] |
|
| Schedule Of Disposed Properties |
The Company disposed of the following rental properties during the six months ended June 30, 2021 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized |
|
|
Realized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains |
|
|
Gains |
|
|
|
|
|
|
Rentable |
|
|
|
Net |
|
|
Net |
|
|
(Losses)/ |
|
|
(losses)/ |
|
Disposition |
|
|
# of |
|
Square |
|
Property |
|
Sales |
|
|
Carrying |
|
|
Unrealized |
|
|
Unrealized |
|
Date |
Property/Address |
Location |
Bldgs. |
|
Feet |
|
Type |
|
Proceeds |
|
|
Value |
|
|
Losses, net |
|
|
Losses, net |
|
01/13/21 |
100 Overlook Center |
Princeton, New Jersey |
1 |
|
149,600 |
|
Office |
$ |
34,724 |
(a) |
$ |
26,488 |
|
|
|
|
$ |
8,236 |
|
03/25/21 |
Metropark portfolio |
Edison and Iselin, New Jersey |
4 |
|
926,656 |
|
Office |
|
247,351 |
|
|
233,826 |
|
|
|
|
|
13,525 |
|
04/20/21 |
Short Hills portfolio (b) |
Short Hills, New Jersey |
4 |
|
828,413 |
|
Office |
|
248,664 |
|
|
245,800 |
|
|
|
|
|
2,864 |
|
06/11/21 |
Red Bank portfolio |
Red Bank, New Jersey |
5 |
|
659,490 |
|
Office |
|
80,730 |
|
|
78,364 |
|
|
|
|
|
2,366 |
|
06/30/21 |
Retail land leases |
Hanover and Parsippany, New Jersey |
- |
|
- |
|
Land Lease |
|
41,957 |
|
|
37,951 |
|
$ |
4,006 |
|
|
- |
|
Sub-total |
|
|
14 |
|
2,564,159 |
|
|
|
653,426 |
|
|
622,429 |
|
|
4,006 |
|
|
26,991 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gains(losses) on real estate held for sale |
|
|
|
|
|
|
|
|
|
|
|
|
(485) |
|
|
(2,130) |
|
Totals |
|
|
14 |
|
2,564,159 |
|
|
$ |
653,426 |
|
$ |
622,429 |
|
$ |
3,521 |
|
$ |
24,861 |
|
(a)As part of the consideration from the buyer, 678,302 Common Units were redeemed by the Company at a book value of $10.5 million, which was a non-cash portion of this sales transaction. The balance of the proceeds was received in cash and used to repay the Company's borrowings on its unsecured revolving credit facility. See Note 17: Noncontrolling Interests in Subsidiaries - Noncontrolling Interests in Operating Partnership.
(b)The mortgage loan encumbering three of the properties was defeased at closing, for which the Company incurred costs of $22.6 million. These costs were expensed as loss from extinguishment of debt during the three months ended June 30, 2021.
|
| Mack-Cali Realty LP [Member] |
|
| Real Estate Properties [Line Items] |
|
| Schedule Of Properties Which Commenced Initial Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
In Service |
|
|
Property |
# of |
|
|
Development |
Date |
Property |
Location |
Type |
Apartment Units |
|
|
Costs Incurred |
03/01/21 |
The Upton (a) |
Short Hills, NJ |
Multi-Family |
193 |
|
$ |
99,980 |
Totals |
|
|
|
193 |
|
$ |
99,980 |
(a)As of June 30, 2021, 157 apartment units are currently available for occupancy. The development costs included approximately $2.9 million in land costs.
|
| Schedule Of Real Estate Held For Sale/Discontinued Operations/Dispositions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Suburban |
|
|
Other |
|
|
|
|
|
|
Office |
|
|
Assets |
|
|
|
|
|
|
Portfolio (a) |
|
|
Held for Sale |
|
|
Total |
Land |
|
$ |
13,854 |
|
$ |
40,509 |
|
$ |
54,363 |
Building & Other |
|
|
83,409 |
|
|
24,291 |
|
|
107,700 |
Less: Accumulated depreciation |
|
|
(24,303) |
|
|
(7,991) |
|
|
(32,294) |
Less: Cumulative unrealized losses on property held for sale |
|
|
(27,748) |
|
|
(17,187) |
|
|
(44,935) |
Real estate held for sale, net |
|
$ |
45,212 |
|
$ |
39,622 |
|
$ |
84,834 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Suburban |
|
|
Other |
|
|
|
|
|
|
Office |
|
|
Assets |
|
|
|
Other assets and liabilities |
|
|
Portfolio (a) |
|
|
Held for Sale |
|
|
Total |
Unbilled rents receivable, net (b) |
|
$ |
1,915 |
|
$ |
- |
|
$ |
1,915 |
Deferred charges, net (b) |
|
|
1,563 |
|
|
138 |
|
|
1,701 |
Total intangibles, net (b) |
|
|
3,377 |
|
|
- |
|
|
3,377 |
Total deferred charges & other assets, net |
|
|
5,712 |
|
|
138 |
|
|
5,850 |
Total below market liability (b) |
|
|
86 |
|
|
- |
|
|
86 |
Accounts payable, accrued exp & other liability |
|
|
7,018 |
|
|
265 |
|
|
7,283 |
Unearned rents/deferred rental income (b) |
|
|
943 |
|
|
213 |
|
|
1,156 |
|
| Mack-Cali Realty LP [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] |
|
| Real Estate Properties [Line Items] |
|
| Schedule Of Disposed Properties |
The Company disposed of the following rental properties during the six months ended June 30, 2021 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized |
|
|
Realized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains |
|
|
Gains |
|
|
|
|
|
|
Rentable |
|
|
|
Net |
|
|
Net |
|
|
(Losses)/ |
|
|
(losses)/ |
|
Disposition |
|
|
# of |
|
Square |
|
Property |
|
Sales |
|
|
Carrying |
|
|
Unrealized |
|
|
Unrealized |
|
Date |
Property/Address |
Location |
Bldgs. |
|
Feet |
|
Type |
|
Proceeds |
|
|
Value |
|
|
Losses, net |
|
|
Losses, net |
|
01/13/21 |
100 Overlook Center |
Princeton, New Jersey |
1 |
|
149,600 |
|
Office |
$ |
34,724 |
(a) |
$ |
26,488 |
|
|
|
|
$ |
8,236 |
|
03/25/21 |
Metropark portfolio |
Edison and Iselin, New Jersey |
4 |
|
926,656 |
|
Office |
|
247,351 |
|
|
233,826 |
|
|
|
|
|
13,525 |
|
04/20/21 |
Short Hills portfolio (b) |
Short Hills, New Jersey |
4 |
|
828,413 |
|
Office |
|
248,664 |
|
|
245,800 |
|
|
|
|
|
2,864 |
|
06/11/21 |
Red Bank portfolio |
Red Bank, New Jersey |
5 |
|
659,490 |
|
Office |
|
80,730 |
|
|
78,364 |
|
|
|
|
|
2,366 |
|
06/30/21 |
Retail land leases |
Hanover and Parsippany, New Jersey |
- |
|
- |
|
Land Lease |
|
41,957 |
|
|
37,951 |
|
$ |
4,006 |
|
|
- |
|
Sub-total |
|
|
14 |
|
2,564,159 |
|
|
|
653,426 |
|
|
622,429 |
|
|
4,006 |
|
|
26,991 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gains(losses) on real estate held for sale |
|
|
|
|
|
|
|
|
|
|
|
|
(485) |
|
|
(2,130) |
|
Totals |
|
|
14 |
|
2,564,159 |
|
|
$ |
653,426 |
|
$ |
622,429 |
|
$ |
3,521 |
|
$ |
24,861 |
|
(a)As part of the consideration from the buyer, 678,302 Common Units were redeemed by the Company at a book value of $10.5 million, which was a non-cash portion of this sales transaction. The balance of the proceeds was received in cash and used to repay the Company's borrowings on its unsecured revolving credit facility. See Note 17: Noncontrolling Interests in Subsidiaries - Noncontrolling Interests in Operating Partnership.
(b)The mortgage loan encumbering three of the properties was defeased at closing, for which the Company incurred costs of $22.6 million. These costs were expensed as loss from extinguishment of debt during the three months ended June 30, 2021.
|