Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Tables)
|
6 Months Ended |
Jun. 30, 2019 |
|---|
| Stockolders Equity [Line Items] |
|
| Schedule Of General Partner Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, |
|
June 30, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
Opening Balance |
$ |
1,704,018 |
|
$ |
1,508,091 |
|
$ |
1,486,658 |
|
$ |
1,476,295 |
Net income (loss) |
|
(22,054) |
|
|
(1,251) |
|
|
222,441 |
|
|
41,785 |
Common stock distributions |
|
(18,111) |
|
|
(18,053) |
|
|
(36,176) |
|
|
(36,080) |
Redeemable noncontrolling interests |
|
(16,759) |
|
|
(3,379) |
|
|
(19,911) |
|
|
(6,133) |
Change in noncontrolling interests in consolidated |
|
|
|
|
|
|
|
|
|
|
|
joint ventures |
|
- |
|
|
- |
|
|
(1,958) |
|
|
- |
Redemption of common units for common stock |
|
623 |
|
|
51 |
|
|
705 |
|
|
3,741 |
Redemption of common units |
|
- |
|
|
- |
|
|
(1,665) |
|
|
- |
Shares issued under Dividend Reinvestment and |
|
|
|
|
|
|
|
|
|
|
|
Stock Purchase Plan |
|
11 |
|
|
(82) |
|
|
21 |
|
|
(54) |
Directors' deferred compensation plan |
|
27 |
|
|
126 |
|
|
157 |
|
|
251 |
Stock Compensation |
|
218 |
|
|
434 |
|
|
483 |
|
|
951 |
Cancellation of restricted shares |
|
- |
|
|
(583) |
|
|
- |
|
|
(583) |
Cancellation of unvested LTIP units |
|
- |
|
|
- |
|
|
2,819 |
|
|
- |
Other comprehensive income (loss) |
|
(4,164) |
|
|
1,606 |
|
|
(8,202) |
|
|
6,227 |
Rebalancing of ownership percent between parent and |
|
|
|
|
|
|
|
|
|
|
|
subsidiaries |
|
1,778 |
|
|
287 |
|
|
215 |
|
|
847 |
Balance at June 30 |
$ |
1,645,587 |
|
$ |
1,487,247 |
|
$ |
1,645,587 |
|
$ |
1,487,247 |
|
| Schedule Of Stock Option Plans |
Information regarding the Company’s stock option plans is summarized below for the three months ended June 30, 2019 and 2018, respectively:
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
Aggregate |
|
|
|
|
Average |
|
|
Intrinsic |
|
Shares |
|
|
Exercise |
|
|
Value |
|
Under Options |
|
|
Price |
|
|
$(000’s) |
Outstanding at April 1, 2019 |
800,000 |
|
$ |
17.31 |
|
$ |
3,912 |
Granted, Lapsed or Cancelled |
- |
|
|
- |
|
|
|
Outstanding at June 30, 2019 ($17.31) |
800,000 |
|
$ |
17.31 |
|
$ |
4,784 |
Options exercisable at June 30, 2019 |
800,000 |
|
|
|
|
|
|
Available for grant at June 30, 2019 |
750,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
Aggregate |
|
|
|
|
Average |
|
|
Intrinsic |
|
Shares |
|
|
Exercise |
|
|
Value |
|
Under Options |
|
|
Price |
|
|
$(000’s) |
Outstanding at April 1, 2018 |
800,000 |
|
$ |
17.31 |
|
$ |
- |
Granted, Lapsed or Cancelled |
- |
|
|
- |
|
|
|
Outstanding at June 30, 2018 ($17.31) |
800,000 |
|
$ |
17.31 |
|
$ |
2,376 |
Options exercisable at June 30, 2018 |
800,000 |
|
|
|
|
|
|
Available for grant at June 30, 2018 |
1,488,356 |
|
|
|
|
|
|
Information regarding the Company’s stock option plans is summarized below for the six months ended June 30, 2019 and 2018, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
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 June 30, 2019 ($17.31) |
800,000 |
|
$ |
17.31 |
|
$ |
4,784 |
Options exercisable at June 30, 2019 |
800,000 |
|
|
|
|
|
|
Available for grant at June 30, 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 June 30, 2018 ($17.31) |
800,000 |
|
$ |
17.31 |
|
$ |
2,376 |
Options exercisable at June 30, 2018 |
800,000 |
|
|
|
|
|
|
Available for grant at June 30, 2018 |
1,488,356 |
|
|
|
|
|
|
|
| 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 |
Information regarding the Restricted Stock Awards grant activity is summarized below for the three months ended June 30, 2019 and 2018, respectively:
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
Grant – Date |
|
Shares |
|
|
Fair Value |
Outstanding at April 1, 2019 |
66,321 |
|
$ |
22.38 |
Vested |
(40,185) |
|
|
20.16 |
Outstanding at June 30, 2019 |
26,136 |
|
$ |
25.80 |
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
Grant – Date |
|
Shares |
|
|
Fair Value |
Outstanding at April 1, 2018 |
74,413 |
|
$ |
24.87 |
Granted |
40,185 |
|
|
20.16 |
Vested |
(42,469) |
|
|
24.17 |
Cancelled |
(968) |
|
|
25.83 |
Outstanding at June 30, 2018 |
71,161 |
|
$ |
22.63 |
Information regarding the Restricted Stock Awards grant activity is summarized below for the six months ended June 30, 2019 and 2018, respectively:
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
Grant – Date |
|
Shares |
|
|
Fair Value |
Outstanding at January 1, 2019 |
67,289 |
|
$ |
22.43 |
Vested |
(41,153) |
|
|
20.29 |
Outstanding at June 30, 2019 |
26,136 |
|
$ |
25.80 |
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
Grant – Date |
|
Shares |
|
|
Fair Value |
Outstanding at January 1, 2018 |
108,318 |
|
$ |
25.49 |
Granted |
40,185 |
|
|
20.16 |
Vested |
(72,502) |
|
|
25.33 |
Cancelled |
(4,840) |
|
|
25.83 |
Outstanding at June 30, 2018 |
71,161 |
|
$ |
22.63 |
|
| Schedule Of Reconciliation Of Shares Used In Basic EPS Calculation To Shares Used In Diluted EPS Calculation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
June 30, |
|
|
June 30, |
Computation of Basic EPS |
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
Net income (loss) |
$ |
(20,329) |
|
$ |
1,501 |
|
$ |
255,265 |
|
$ |
52,189 |
Add (deduct): Noncontrolling interests in consolidated joint ventures |
|
847 |
|
|
95 |
|
|
2,095 |
|
|
125 |
Add (deduct): Noncontrolling interests in Operating Partnership |
|
2,434 |
|
|
142 |
|
|
(25,246) |
|
|
(4,741) |
Add (deduct): Redeemable noncontrolling interests |
|
(5,006) |
|
|
(2,989) |
|
|
(9,673) |
|
|
(5,788) |
Add (deduct): Redemption value adjustment of redeemable noncontrolling |
|
|
|
|
|
|
|
|
|
|
|
interests attributable to common shareholders |
|
(16,759) |
|
|
(3,379) |
|
|
(19,911) |
|
|
(6,133) |
Net income (loss) available to common shareholders for basic earnings per share |
$ |
(38,813) |
|
$ |
(4,630) |
|
$ |
202,530 |
|
$ |
35,652 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares |
|
90,533 |
|
|
90,330 |
|
|
90,516 |
|
|
90,297 |
|
|
|
|
|
|
|
|
|
|
|
|
Basic EPS: |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to common shareholders |
$ |
(0.43) |
|
$ |
(0.05) |
|
$ |
2.24 |
|
$ |
0.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
June 30, |
|
|
June 30, |
Computation of Diluted EPS |
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
Net income (loss) available to common shareholders for basic earnings per share |
$ |
(38,813) |
|
$ |
(4,630) |
|
$ |
202,530 |
|
$ |
35,652 |
Add (deduct): Noncontrolling interests in Operating Partnership |
|
(2,434) |
|
|
(142) |
|
|
25,246 |
|
|
4,741 |
Add (deduct): Redemption value adjustment of redeemable noncontrolling |
|
|
|
|
|
|
|
|
|
|
|
interests attributable to the Operating Partnership unitholders |
|
(1,850) |
|
|
(384) |
|
|
(2,207) |
|
|
(697) |
Net income (loss) available for diluted earnings per share |
$ |
(43,097) |
|
$ |
(5,156) |
|
$ |
225,569 |
|
$ |
39,696 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares |
|
100,523 |
|
|
100,598 |
|
|
100,825 |
|
|
100,607 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS: |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to common shareholders |
$ |
(0.43) |
|
$ |
(0.05) |
|
$ |
2.24 |
|
$ |
0.39 |
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 |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Basic EPS shares |
|
90,533 |
|
90,330 |
|
90,516 |
|
90,297 |
Add: Operating Partnership – common and vested LTIP units |
|
9,990 |
|
10,268 |
|
10,115 |
|
10,255 |
Restricted Stock Awards |
|
- |
|
- |
|
26 |
|
- |
Stock Options |
|
- |
|
- |
|
168 |
|
55 |
Diluted EPS Shares |
|
100,523 |
|
100,598 |
|
100,825 |
|
100,607 |
|
| Mack-Cali Realty LP [Member] |
|
| Stockolders Equity [Line Items] |
|
| Schedule Of Stock Option Plans |
Information regarding the Company’s stock option plans is summarized below for the three months ended June 30, 2019 and 2018, respectively:
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
Aggregate |
|
|
|
|
Average |
|
|
Intrinsic |
|
Shares |
|
|
Exercise |
|
|
Value |
|
Under Options |
|
|
Price |
|
|
$(000’s) |
Outstanding at April 1, 2019 |
800,000 |
|
$ |
17.31 |
|
$ |
3,912 |
Granted, Lapsed or Cancelled |
- |
|
|
- |
|
|
|
Outstanding at June 30, 2019 ($17.31) |
800,000 |
|
$ |
17.31 |
|
$ |
4,784 |
Options exercisable at June 30, 2019 |
800,000 |
|
|
|
|
|
|
Available for grant at June 30, 2019 |
750,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
Aggregate |
|
|
|
|
Average |
|
|
Intrinsic |
|
Shares |
|
|
Exercise |
|
|
Value |
|
Under Options |
|
|
Price |
|
|
$(000’s) |
Outstanding at April 1, 2018 |
800,000 |
|
$ |
17.31 |
|
$ |
- |
Granted, Lapsed or Cancelled |
- |
|
|
- |
|
|
|
Outstanding at June 30, 2018 ($17.31) |
800,000 |
|
$ |
17.31 |
|
$ |
2,376 |
Options exercisable at June 30, 2018 |
800,000 |
|
|
|
|
|
|
Available for grant at June 30, 2018 |
1,488,356 |
|
|
|
|
|
|
Information regarding the Company’s stock option plans is summarized below for the six months ended June 30, 2019 and 2018, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
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 June 30, 2019 ($17.31) |
800,000 |
|
$ |
17.31 |
|
$ |
4,784 |
Options exercisable at June 30, 2019 |
800,000 |
|
|
|
|
|
|
Available for grant at June 30, 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 June 30, 2018 ($17.31) |
800,000 |
|
$ |
17.31 |
|
$ |
2,376 |
Options exercisable at June 30, 2018 |
800,000 |
|
|
|
|
|
|
Available for grant at June 30, 2018 |
1,488,356 |
|
|
|
|
|
|
|
| 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 |
Information regarding the Restricted Stock Awards grant activity is summarized below for the three months ended June 30, 2019 and 2018, respectively:
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
Grant – Date |
|
Shares |
|
|
Fair Value |
Outstanding at April 1, 2019 |
66,321 |
|
$ |
22.38 |
Vested |
(40,185) |
|
|
20.16 |
Outstanding at June 30, 2019 |
26,136 |
|
$ |
25.80 |
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
Grant – Date |
|
Shares |
|
|
Fair Value |
Outstanding at April 1, 2018 |
74,413 |
|
$ |
24.87 |
Granted |
40,185 |
|
|
20.16 |
Vested |
(42,469) |
|
|
24.17 |
Cancelled |
(968) |
|
|
25.83 |
Outstanding at June 30, 2018 |
71,161 |
|
$ |
22.63 |
Information regarding the Restricted Stock Awards grant activity is summarized below for the six months ended June 30, 2019 and 2018, respectively:
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
Grant – Date |
|
Shares |
|
|
Fair Value |
Outstanding at January 1, 2019 |
67,289 |
|
$ |
22.43 |
Vested |
(41,153) |
|
|
20.29 |
Outstanding at June 30, 2019 |
26,136 |
|
$ |
25.80 |
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
Grant – Date |
|
Shares |
|
|
Fair Value |
Outstanding at January 1, 2018 |
108,318 |
|
$ |
25.49 |
Granted |
40,185 |
|
|
20.16 |
Vested |
(72,502) |
|
|
25.33 |
Cancelled |
(4,840) |
|
|
25.83 |
Outstanding at June 30, 2018 |
71,161 |
|
$ |
22.63 |
|
| Schedule Of Reconciliation Of Shares Used In Basic EPS Calculation To Shares Used In Diluted EPS Calculation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
Computation of Basic EPU |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
Net income (loss) |
|
$ |
(20,329) |
|
$ |
1,501 |
|
$ |
255,265 |
|
$ |
52,189 |
Add (deduct): Noncontrolling interests in consolidated joint ventures |
|
|
847 |
|
|
95 |
|
|
2,095 |
|
|
125 |
Add (deduct): Redeemable noncontrolling interests |
|
|
(5,006) |
|
|
(2,989) |
|
|
(9,673) |
|
|
(5,788) |
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests |
|
|
(18,609) |
|
|
(3,763) |
|
|
(22,118) |
|
|
(6,830) |
Net income (loss) available to common unitholders for basic earnings per unit |
|
$ |
(43,097) |
|
$ |
(5,156) |
|
$ |
225,569 |
|
$ |
39,696 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common units |
|
|
100,523 |
|
|
100,598 |
|
|
100,631 |
|
|
100,552 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic EPU: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to common unitholders for basic earnings per unit |
|
$ |
(0.43) |
|
$ |
(0.05) |
|
$ |
2.24 |
|
$ |
0.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
Computation of Diluted EPU |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
Net income (loss) available to common unitholders for diluted earnings per unit |
|
$ |
(43,097) |
|
$ |
(5,156) |
|
$ |
225,569 |
|
$ |
39,696 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common unit |
|
|
100,523 |
|
|
100,598 |
|
|
100,825 |
|
|
100,607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPU: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to common unitholders |
|
$ |
(0.43) |
|
$ |
(0.05) |
|
$ |
2.24 |
|
$ |
0.39 |
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 |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Basic EPU units |
|
100,523 |
|
100,598 |
|
100,631 |
|
100,552 |
Add: Restricted Stock Awards |
|
- |
|
- |
|
26 |
|
- |
Add: Stock Options |
|
- |
|
- |
|
168 |
|
55 |
Diluted EPU Units |
|
100,523 |
|
100,598 |
|
100,825 |
|
100,607 |
|