Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

v3.21.2
Segment Reporting
9 Months Ended
Sep. 30, 2021
Segment Reporting Information [Line Items]  
Segment Reporting 18.    SEGMENT REPORTING

The Company operates in two business segments: (i) commercial and other real estate and (ii) multi-family real estate and services. The Company provides leasing, property management, acquisition, development, construction and tenant-related services for its commercial and other real estate and multi-family real estate portfolio. The Company’s multi-family services business also provides similar services for third parties. The Company had no revenues from foreign countries recorded for the nine months ended September 30, 2021 and 2020. The Company had no long lived assets in foreign locations as of September 30, 2021 and December 31, 2020. The accounting policies of the segments are the same as those described in Note 2: Significant Accounting Policies, excluding depreciation and amortization.

The Company evaluates performance based upon net operating income from the combined properties and operations in each of its real estate segments (commercial and other real estate and multi-family real estate and services). All properties classified as discontinued operations have been excluded.

Selected results of operations for the nine months ended September 30, 2021 and 2020 and selected asset information as of September 30, 2021 and December 31, 2020 regarding the Company’s operating segments are as follows. Amounts for prior periods have been restated to conform to the current period segment reporting presentation (dollars in thousands):

Commercial

Multi-family

Corporate

Total

& Other Real Estate

Real Estate & Services (d)

& Other (e)

Company

Total revenues:

Three months ended:

September 30, 2021

$

38,978

$

45,182

$

(416)

$

83,744

September 30, 2020

39,835

37,658

1,704

79,197

Nine months ended:

September 30, 2021

119,690

122,778

(1,384)

241,084

September 30, 2020

117,239

118,739

1,021

236,999

Total operating and

interest expenses (a):

Three months ended:

September 30, 2021

$

15,252

$

27,770

$

27,948

$

70,970

September 30, 2020

16,922

26,772

42,529

86,223

Nine months ended:

September 30, 2021

47,679

80,835

83,676

212,190

September 30, 2020

55,171

71,689

101,668

228,528

Equity in earnings (loss) of

unconsolidated joint ventures:

Three months ended:

September 30, 2021

$

22

$

(1,746)

$

-

$

(1,724)

September 30, 2020

493

880

-

1,373

Nine months ended:

September 30, 2021

(111)

(2,720)

-

(2,831)

September 30, 2020

(1)

(280)

-

(281)

Net operating income (loss) (b):

Three months ended:

September 30, 2021

$

23,748

$

15,666

$

(28,364)

$

11,050

September 30, 2020

23,406

11,766

(40,825)

(5,653)

Nine months ended:

September 30, 2021

71,900

39,223

(85,060)

26,063

September 30, 2020

62,067

46,770

(100,647)

8,190

Total assets:

September 30, 2021

$

1,237,667

$

3,317,079

3,317,079

$

12,421

$

4,567,167

December 31, 2020

1,881,161 

3,249,516 

17,109 

5,147,786 

Total long-lived assets (c):

September 30, 2021

$

1,101,074

$

3,112,054

$

(1,665)

$

4,211,463

December 31, 2020

1,693,054 

3,035,485 

(1,411)

4,727,128 

Total investments in

unconsolidated joint ventures:

September 30, 2021

$

-

$

148,507

$

-

$

148,507

December 31, 2020

5,555 

156,827 

-

162,382 

(a)Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; real estate services expenses; general and administrative, acquisition related costs and interest expense (net of interest income). All interest expense, net of interest and other investment income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods.

(b)Net operating income represents total revenues less total operating and interest expenses (as defined and classified in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the period.

(c)Long-lived assets are comprised of net investment in rental property, unbilled rents receivable and goodwill.

(d)Segment assets and operations were owned through a consolidated variable interest entity commencing in February 2018, and which also include

the Company’s consolidated hotel operations.

(e)Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense), as well as intercompany eliminations necessary to reconcile to consolidated Company totals.

Mack-Cali Realty Corporation

The following schedule reconciles net operating income to net income (loss) available to common shareholders (dollars in thousands):

Three Months Ended

Nine Months Ended

September 30,

September 30,

2021

2020

2021

2020

Net operating income

$

11,050

$

(5,653)

$

26,063

$

8,190

Add (deduct):

Depreciation and amortization

(29,344)

(31,769)

(86,410)

(93,104)

Land and other impairments, net

(3,401)

(1,292)

(11,333)

(23,401)

Property impairments

-

(36,582)

(6,041)

(36,582)

Realized gains (losses) and unrealized losses on disposition of

rental property, net

(3,000)

-

521

(7,915)

Gain on disposition of developable land

-

-

111

4,813

Gain on sale from unconsolidated joint ventures

(1,886)

-

(1,886)

-

Loss from extinguishment of debt, net

-

-

(46,735)

-

Loss from continuing operations

(26,581)

(75,296)

(125,710)

(147,999)

Discontinued operations

Income from discontinued operations

180

18,403

13,939

60,004

Realized gains (losses) and unrealized gains (losses) on

disposition of rental property and impairments, net

609

15,775

25,469

(23,901)

Total discontinued operations, net

789

34,178

39,408

36,103

Net loss

(25,792)

(41,118)

(86,302)

(111,896)

Noncontrolling interests in consolidated joint ventures

1,137

895

3,670

1,900

Noncontrolling interests in Operating Partnership

2,884

7,769

12,858

15,859

Noncontrolling interest in discontinued operations

(72)

(3,283)

(3,583)

(3,469)

Redeemable noncontrolling interests

(6,471)

(6,471)

(19,413)

(19,413)

Net loss available to common shareholders

$

(28,314)

$

(42,208)

$

(92,770)

$

(117,019)

Mack-Cali Realty, L.P.

The following schedule reconciles net operating income to net income (loss) available to common unitholders (dollars in thousands):

Three Months Ended

Nine Months Ended

September 30,

September 30,

2021

2020

2021

2020

Net operating income

$

11,050

$

(5,653)

$

26,063

$

8,190

Add (deduct):

Depreciation and amortization

(29,344)

(31,769)

(86,410)

(93,104)

Land and other impairments, net

(3,401)

(1,292)

(11,333)

(23,401)

Property impairments

-

(36,582)

(6,041)

(36,582)

Realized gains (losses) and unrealized losses on disposition of

rental property, net

(3,000)

-

521

(7,915)

Gain on disposition of developable land

-

-

111

4,813

Gain on sale from unconsolidated joint ventures

(1,886)

-

(1,886)

-

Loss from extinguishment of debt, net

-

-

(46,735)

-

Loss from continuing operations

(26,581)

(75,296)

(125,710)

(147,999)

Discontinued operations

Income from discontinued operations

180

18,403

13,939

60,004

Realized gains (losses) and unrealized gains (losses) on

disposition of rental property and impairments, net

609

15,775

25,469

(23,901)

Total discontinued operations, net

789

34,178

39,408

36,103

Net loss

(25,792)

(41,118)

(86,302)

(111,896)

Noncontrolling interests in consolidated joint ventures

1,137

895

3,670

1,900

Redeemable noncontrolling interests

(6,471)

(6,471)

(19,413)

(19,413)

Net loss available to common unitholders

$

(31,126)

$

(46,694)

$

(102,045)

$

(129,409)

 
Mack-Cali Realty LP [Member]  
Segment Reporting Information [Line Items]  
Segment Reporting 18.    SEGMENT REPORTING

The Company operates in two business segments: (i) commercial and other real estate and (ii) multi-family real estate and services. The Company provides leasing, property management, acquisition, development, construction and tenant-related services for its commercial and other real estate and multi-family real estate portfolio. The Company’s multi-family services business also provides similar services for third parties. The Company had no revenues from foreign countries recorded for the nine months ended September 30, 2021 and 2020. The Company had no long lived assets in foreign locations as of September 30, 2021 and December 31, 2020. The accounting policies of the segments are the same as those described in Note 2: Significant Accounting Policies, excluding depreciation and amortization.

The Company evaluates performance based upon net operating income from the combined properties and operations in each of its real estate segments (commercial and other real estate and multi-family real estate and services). All properties classified as discontinued operations have been excluded.

Selected results of operations for the nine months ended September 30, 2021 and 2020 and selected asset information as of September 30, 2021 and December 31, 2020 regarding the Company’s operating segments are as follows. Amounts for prior periods have been restated to conform to the current period segment reporting presentation (dollars in thousands):

Commercial

Multi-family

Corporate

Total

& Other Real Estate

Real Estate & Services (d)

& Other (e)

Company

Total revenues:

Three months ended:

September 30, 2021

$

38,978

$

45,182

$

(416)

$

83,744

September 30, 2020

39,835

37,658

1,704

79,197

Nine months ended:

September 30, 2021

119,690

122,778

(1,384)

241,084

September 30, 2020

117,239

118,739

1,021

236,999

Total operating and

interest expenses (a):

Three months ended:

September 30, 2021

$

15,252

$

27,770

$

27,948

$

70,970

September 30, 2020

16,922

26,772

42,529

86,223

Nine months ended:

September 30, 2021

47,679

80,835

83,676

212,190

September 30, 2020

55,171

71,689

101,668

228,528

Equity in earnings (loss) of

unconsolidated joint ventures:

Three months ended:

September 30, 2021

$

22

$

(1,746)

$

-

$

(1,724)

September 30, 2020

493

880

-

1,373

Nine months ended:

September 30, 2021

(111)

(2,720)

-

(2,831)

September 30, 2020

(1)

(280)

-

(281)

Net operating income (loss) (b):

Three months ended:

September 30, 2021

$

23,748

$

15,666

$

(28,364)

$

11,050

September 30, 2020

23,406

11,766

(40,825)

(5,653)

Nine months ended:

September 30, 2021

71,900

39,223

(85,060)

26,063

September 30, 2020

62,067

46,770

(100,647)

8,190

Total assets:

September 30, 2021

$

1,237,667

$

3,317,079

3,317,079

$

12,421

$

4,567,167

December 31, 2020

1,881,161 

3,249,516 

17,109 

5,147,786 

Total long-lived assets (c):

September 30, 2021

$

1,101,074

$

3,112,054

$

(1,665)

$

4,211,463

December 31, 2020

1,693,054 

3,035,485 

(1,411)

4,727,128 

Total investments in

unconsolidated joint ventures:

September 30, 2021

$

-

$

148,507

$

-

$

148,507

December 31, 2020

5,555 

156,827 

-

162,382 

(a)Total operating and interest expenses represent the sum of: real estate taxes; utilities; operating services; real estate services expenses; general and administrative, acquisition related costs and interest expense (net of interest income). All interest expense, net of interest and other investment income, (including for property-level mortgages) is excluded from segment amounts and classified in Corporate & Other for all periods.

(b)Net operating income represents total revenues less total operating and interest expenses (as defined and classified in Note “a”), plus equity in earnings (loss) of unconsolidated joint ventures, for the period.

(c)Long-lived assets are comprised of net investment in rental property, unbilled rents receivable and goodwill.

(d)Segment assets and operations were owned through a consolidated variable interest entity commencing in February 2018, and which also include

the Company’s consolidated hotel operations.

(e)Corporate & Other represents all corporate-level items (including interest and other investment income, interest expense, non-property general and administrative expense), as well as intercompany eliminations necessary to reconcile to consolidated Company totals.

Mack-Cali Realty Corporation

The following schedule reconciles net operating income to net income (loss) available to common shareholders (dollars in thousands):

Three Months Ended

Nine Months Ended

September 30,

September 30,

2021

2020

2021

2020

Net operating income

$

11,050

$

(5,653)

$

26,063

$

8,190

Add (deduct):

Depreciation and amortization

(29,344)

(31,769)

(86,410)

(93,104)

Land and other impairments, net

(3,401)

(1,292)

(11,333)

(23,401)

Property impairments

-

(36,582)

(6,041)

(36,582)

Realized gains (losses) and unrealized losses on disposition of

rental property, net

(3,000)

-

521

(7,915)

Gain on disposition of developable land

-

-

111

4,813

Gain on sale from unconsolidated joint ventures

(1,886)

-

(1,886)

-

Loss from extinguishment of debt, net

-

-

(46,735)

-

Loss from continuing operations

(26,581)

(75,296)

(125,710)

(147,999)

Discontinued operations

Income from discontinued operations

180

18,403

13,939

60,004

Realized gains (losses) and unrealized gains (losses) on

disposition of rental property and impairments, net

609

15,775

25,469

(23,901)

Total discontinued operations, net

789

34,178

39,408

36,103

Net loss

(25,792)

(41,118)

(86,302)

(111,896)

Noncontrolling interests in consolidated joint ventures

1,137

895

3,670

1,900

Noncontrolling interests in Operating Partnership

2,884

7,769

12,858

15,859

Noncontrolling interest in discontinued operations

(72)

(3,283)

(3,583)

(3,469)

Redeemable noncontrolling interests

(6,471)

(6,471)

(19,413)

(19,413)

Net loss available to common shareholders

$

(28,314)

$

(42,208)

$

(92,770)

$

(117,019)

Mack-Cali Realty, L.P.

The following schedule reconciles net operating income to net income (loss) available to common unitholders (dollars in thousands):

Three Months Ended

Nine Months Ended

September 30,

September 30,

2021

2020

2021

2020

Net operating income

$

11,050

$

(5,653)

$

26,063

$

8,190

Add (deduct):

Depreciation and amortization

(29,344)

(31,769)

(86,410)

(93,104)

Land and other impairments, net

(3,401)

(1,292)

(11,333)

(23,401)

Property impairments

-

(36,582)

(6,041)

(36,582)

Realized gains (losses) and unrealized losses on disposition of

rental property, net

(3,000)

-

521

(7,915)

Gain on disposition of developable land

-

-

111

4,813

Gain on sale from unconsolidated joint ventures

(1,886)

-

(1,886)

-

Loss from extinguishment of debt, net

-

-

(46,735)

-

Loss from continuing operations

(26,581)

(75,296)

(125,710)

(147,999)

Discontinued operations

Income from discontinued operations

180

18,403

13,939

60,004

Realized gains (losses) and unrealized gains (losses) on

disposition of rental property and impairments, net

609

15,775

25,469

(23,901)

Total discontinued operations, net

789

34,178

39,408

36,103

Net loss

(25,792)

(41,118)

(86,302)

(111,896)

Noncontrolling interests in consolidated joint ventures

1,137

895

3,670

1,900

Redeemable noncontrolling interests

(6,471)

(6,471)

(19,413)

(19,413)

Net loss available to common unitholders

$

(31,126)

$

(46,694)

$

(102,045)

$

(129,409)