Segment Reporting (Tables)
|
6 Months Ended |
Jun. 30, 2019 |
|---|
| Segment Reporting Information [Line Items] |
|
| Schedule Of Selected Results Of Operations And Asset Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
Multi-family |
|
|
|
Corporate |
|
|
Total |
|
|
& Other Real Estate |
|
Real Estate & Services (d) |
|
|
|
& Other (e) |
|
|
Company |
Total revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended: |
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2019 |
$ |
85,372 |
|
$ |
44,708 |
|
|
$ |
381 |
|
$ |
130,461 |
June 30, 2018 |
|
101,792 |
|
|
24,781 |
|
|
|
16 |
|
|
126,589 |
Six months ended: |
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2019 |
|
183,432 |
|
|
81,067 |
|
|
|
211 |
|
|
264,710 |
June 30, 2018 |
|
216,978 |
|
|
48,640 |
|
|
|
(62) |
|
|
265,556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating and |
|
|
|
|
|
|
|
|
|
|
|
|
interest expenses (a): |
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended: |
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2019 |
$ |
35,435 |
|
$ |
22,429 |
|
|
$ |
36,298 |
|
$ |
94,162 |
June 30, 2018 |
|
43,116 |
|
|
16,194 |
|
|
|
25,323 |
|
|
84,633 |
Six months ended: |
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2019 |
|
77,377 |
|
|
43,618 |
|
|
|
67,208 |
|
|
188,203 |
June 30, 2018 |
|
97,097 |
|
|
32,291 |
|
|
|
51,696 |
|
|
181,084 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings (loss) of |
|
|
|
|
|
|
|
|
|
|
|
|
unconsolidated joint ventures: |
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended: |
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2019 |
$ |
512 |
|
$ |
(600) |
|
|
$ |
- |
|
$ |
(88) |
June 30, 2018 |
|
909 |
|
|
(961) |
|
|
|
- |
|
|
(52) |
Six months ended: |
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2019 |
|
1,233 |
|
|
(2,002) |
|
|
|
- |
|
|
(769) |
June 30, 2018 |
|
769 |
|
|
751 |
|
|
|
- |
|
|
1,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating income (loss) (b): |
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended: |
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2019 |
$ |
50,449 |
|
$ |
21,679 |
|
|
$ |
(35,917) |
|
$ |
36,211 |
June 30, 2018 |
|
59,585 |
|
|
7,626 |
|
|
|
(25,307) |
|
|
41,904 |
Six months ended: |
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2019 |
|
107,288 |
|
|
35,447 |
|
|
|
(66,997) |
|
|
75,738 |
June 30, 2018 |
|
120,650 |
|
|
17,100 |
|
|
|
(51,758) |
|
|
85,992 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets: |
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2019 |
$ |
2,369,831 |
|
$ |
2,898,154 |
|
|
$ |
59,727 |
|
$ |
5,327,712 |
December 31, 2018 |
|
2,687,178 |
|
|
2,260,497 |
|
|
|
112,969 |
|
|
5,060,644 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total long-lived assets (c): |
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2019 |
$ |
2,133,587 |
|
$ |
2,600,683 |
|
|
$ |
33,762 |
|
$ |
4,768,032 |
December 31, 2018 |
|
2,413,696 |
|
|
1,973,826 |
|
|
|
33,157 |
|
|
4,420,679 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investments in |
|
|
|
|
|
|
|
|
|
|
|
|
unconsolidated joint ventures: |
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2019 |
$ |
10,646 |
|
$ |
204,921 |
|
|
$ |
390 |
|
$ |
215,957 |
December 31, 2018 |
|
13,699 |
|
|
218,771 |
|
|
|
280 |
|
|
232,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 includes 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.
|
| Schedule Of Reconciliation Of Net Operating Income To Net Income Available To Common Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
June 30, |
|
|
June 30, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
Net operating income |
$ |
36,211 |
|
$ |
41,904 |
|
$ |
75,738 |
|
$ |
85,992 |
Add (deduct): |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
(49,352) |
|
|
(41,413) |
|
|
(97,398) |
|
|
(82,710) |
Property impairments |
|
(5,802) |
|
|
- |
|
|
(5,802) |
|
|
- |
Land impairments |
|
(2,499) |
|
|
- |
|
|
(2,499) |
|
|
- |
Gain on change of control of interests |
|
- |
|
|
- |
|
|
13,790 |
|
|
- |
Realized gains (losses) and unrealized losses on disposition of |
|
|
|
|
|
|
|
|
|
|
|
rental property, net |
|
255 |
|
|
1,010 |
|
|
268,364 |
|
|
59,196 |
Gain on disposition of developable land |
|
270 |
|
|
- |
|
|
270 |
|
|
- |
Gain on sale of investment in unconsolidated joint venture |
|
- |
|
|
- |
|
|
903 |
|
|
- |
Gain (loss) from extinguishment of debt, net |
|
588 |
|
|
- |
|
|
1,899 |
|
|
(10,289) |
Net income (loss) |
|
(20,329) |
|
|
1,501 |
|
|
255,265 |
|
|
52,189 |
Noncontrolling interests in consolidated joint ventures |
|
847 |
|
|
95 |
|
|
2,095 |
|
|
125 |
Noncontrolling interests in Operating Partnership |
|
2,434 |
|
|
142 |
|
|
(25,246) |
|
|
(4,741) |
Redeemable noncontrolling interests |
|
(5,006) |
|
|
(2,989) |
|
|
(9,673) |
|
|
(5,788) |
Net income (loss) available to common shareholders |
$ |
(22,054) |
|
$ |
(1,251) |
|
$ |
222,441 |
|
$ |
41,785 |
|
| Mack-Cali Realty LP [Member] |
|
| Segment Reporting Information [Line Items] |
|
| Schedule Of Selected Results Of Operations And Asset Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial |
|
|
Multi-family |
|
|
|
Corporate |
|
|
Total |
|
|
& Other Real Estate |
|
Real Estate & Services (d) |
|
|
|
& Other (e) |
|
|
Company |
Total revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended: |
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2019 |
$ |
85,372 |
|
$ |
44,708 |
|
|
$ |
381 |
|
$ |
130,461 |
June 30, 2018 |
|
101,792 |
|
|
24,781 |
|
|
|
16 |
|
|
126,589 |
Six months ended: |
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2019 |
|
183,432 |
|
|
81,067 |
|
|
|
211 |
|
|
264,710 |
June 30, 2018 |
|
216,978 |
|
|
48,640 |
|
|
|
(62) |
|
|
265,556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating and |
|
|
|
|
|
|
|
|
|
|
|
|
interest expenses (a): |
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended: |
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2019 |
$ |
35,435 |
|
$ |
22,429 |
|
|
$ |
36,298 |
|
$ |
94,162 |
June 30, 2018 |
|
43,116 |
|
|
16,194 |
|
|
|
25,323 |
|
|
84,633 |
Six months ended: |
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2019 |
|
77,377 |
|
|
43,618 |
|
|
|
67,208 |
|
|
188,203 |
June 30, 2018 |
|
97,097 |
|
|
32,291 |
|
|
|
51,696 |
|
|
181,084 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings (loss) of |
|
|
|
|
|
|
|
|
|
|
|
|
unconsolidated joint ventures: |
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended: |
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2019 |
$ |
512 |
|
$ |
(600) |
|
|
$ |
- |
|
$ |
(88) |
June 30, 2018 |
|
909 |
|
|
(961) |
|
|
|
- |
|
|
(52) |
Six months ended: |
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2019 |
|
1,233 |
|
|
(2,002) |
|
|
|
- |
|
|
(769) |
June 30, 2018 |
|
769 |
|
|
751 |
|
|
|
- |
|
|
1,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating income (loss) (b): |
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended: |
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2019 |
$ |
50,449 |
|
$ |
21,679 |
|
|
$ |
(35,917) |
|
$ |
36,211 |
June 30, 2018 |
|
59,585 |
|
|
7,626 |
|
|
|
(25,307) |
|
|
41,904 |
Six months ended: |
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2019 |
|
107,288 |
|
|
35,447 |
|
|
|
(66,997) |
|
|
75,738 |
June 30, 2018 |
|
120,650 |
|
|
17,100 |
|
|
|
(51,758) |
|
|
85,992 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets: |
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2019 |
$ |
2,369,831 |
|
$ |
2,898,154 |
|
|
$ |
59,727 |
|
$ |
5,327,712 |
December 31, 2018 |
|
2,687,178 |
|
|
2,260,497 |
|
|
|
112,969 |
|
|
5,060,644 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total long-lived assets (c): |
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2019 |
$ |
2,133,587 |
|
$ |
2,600,683 |
|
|
$ |
33,762 |
|
$ |
4,768,032 |
December 31, 2018 |
|
2,413,696 |
|
|
1,973,826 |
|
|
|
33,157 |
|
|
4,420,679 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investments in |
|
|
|
|
|
|
|
|
|
|
|
|
unconsolidated joint ventures: |
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2019 |
$ |
10,646 |
|
$ |
204,921 |
|
|
$ |
390 |
|
$ |
215,957 |
December 31, 2018 |
|
13,699 |
|
|
218,771 |
|
|
|
280 |
|
|
232,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 includes 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.
|
| Schedule Of Reconciliation Of Net Operating Income To Net Income Available To Common Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
|
June 30, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
Net operating income |
$ |
36,211 |
|
$ |
41,904 |
|
$ |
75,738 |
|
$ |
85,992 |
Add (deduct): |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
(49,352) |
|
|
(41,413) |
|
|
(97,398) |
|
|
(82,710) |
Property impairments |
|
(5,802) |
|
|
- |
|
|
(5,802) |
|
|
- |
Land impairments |
|
(2,499) |
|
|
- |
|
|
(2,499) |
|
|
- |
Gain on change of control of interests |
|
- |
|
|
- |
|
|
13,790 |
|
|
- |
Realized gains (losses) and unrealized losses on disposition of |
|
|
|
|
|
|
|
|
|
|
|
rental property, net |
|
255 |
|
|
1,010 |
|
|
268,364 |
|
|
59,196 |
Gain on disposition of developable land |
|
270 |
|
|
- |
|
|
270 |
|
|
- |
Gain on sale of investment in unconsolidated joint venture |
|
- |
|
|
- |
|
|
903 |
|
|
- |
Gain (loss) from extinguishment of debt, net |
|
588 |
|
|
- |
|
|
1,899 |
|
|
(10,289) |
Net income (loss) |
|
(20,329) |
|
|
1,501 |
|
|
255,265 |
|
|
52,189 |
Noncontrolling interests in consolidated joint ventures |
|
847 |
|
|
95 |
|
|
2,095 |
|
|
125 |
Redeemable noncontrolling interests |
|
(5,006) |
|
|
(2,989) |
|
|
(9,673) |
|
|
(5,788) |
Net income (loss) available to common unitholders |
$ |
(24,488) |
|
$ |
(1,393) |
|
$ |
247,687 |
|
$ |
46,526 |
|