Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Tables)
|
3 Months Ended |
Mar. 31, 2020 |
|---|
| Stockolders Equity [Line Items] |
|
| Schedule Of General Partner Capital |
|
|
|
|
|
|
|
Three Months Ended |
|
March 31, |
|
|
2020 |
|
|
2019 |
Opening Balance |
$ |
1,493,699 |
|
$ |
1,486,658 |
Net income (loss) |
|
(39,924) |
|
|
244,495 |
Common stock distributions |
|
(18,119) |
|
|
(18,065) |
Redeemable noncontrolling interests |
|
(2,804) |
|
|
(3,152) |
Change in noncontrolling interests in consolidated |
|
|
|
|
|
joint ventures |
|
- |
|
|
(1,958) |
Redemption of common units for common stock |
|
- |
|
|
82 |
Redemption of common units |
|
- |
|
|
(1,665) |
Shares issued under Dividend Reinvestment and |
|
|
|
|
|
Stock Purchase Plan |
|
19 |
|
|
10 |
Directors' deferred compensation plan |
|
82 |
|
|
130 |
Stock Compensation |
|
430 |
|
|
265 |
Cancellation of restricted shares |
|
- |
|
|
- |
Cancellation of unvested LTIP units |
|
- |
|
|
2,819 |
Other comprehensive income (loss) |
|
18 |
|
|
(4,038) |
Rebalancing of ownership percent between parent and |
|
|
|
|
|
subsidiaries |
|
742 |
|
|
(1,563) |
Balance at March 31 |
$ |
1,434,143 |
|
$ |
1,704,018 |
|
| Schedule Of Stock Option Plans |
Information regarding the Company’s stock option plans is summarized below for the three months ended March 31, 2020 and 2019, respectively:
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
Aggregate |
|
|
|
|
Average |
|
|
Intrinsic |
|
Shares |
|
|
Exercise |
|
|
Value |
|
Under Options |
|
|
Price |
|
|
$(000’s) |
Outstanding at January 1, 2020 |
800,000 |
|
$ |
17.31 |
|
$ |
- |
Granted, Lapsed or Cancelled |
- |
|
|
- |
|
|
|
Outstanding at March 31, 2020 ($17.31) |
800,000 |
|
$ |
17.31 |
|
$ |
- |
Options exercisable at March 31, 2020 |
800,000 |
|
|
|
|
|
|
Available for grant at March 31, 2020 |
42,011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| 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 March 31, 2020 and 2019, respectively:
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
Grant – Date |
|
Shares |
|
|
Fair Value |
Outstanding at January 1, 2020 |
42,690 |
|
$ |
21.08 |
Cancelled |
- |
|
|
- |
Outstanding at March 31, 2020 |
42,690 |
|
$ |
21.08 |
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
Grant – Date |
|
Shares |
|
|
Fair Value |
Outstanding at January 1, 2019 |
67,289 |
|
$ |
22.43 |
Cancelled |
(968) |
|
|
25.83 |
Outstanding at March 31, 2019 |
66,321 |
|
$ |
22.38 |
|
| 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 |
|
2020 |
|
|
2019 |
Income (loss) from continuing operations |
$ |
(32,091) |
|
$ |
267,366 |
Add (deduct): Noncontrolling interests in consolidated joint ventures |
|
176 |
|
|
1,248 |
Add (deduct): Noncontrolling interests in Operating Partnership |
|
3,666 |
|
|
(26,843) |
Add (deduct): Redeemable noncontrolling interests |
|
(6,471) |
|
|
(4,667) |
Add (deduct): Redemption value adjustment of redeemable noncontrolling |
|
|
|
|
|
interests attributable to common shareholders |
|
(2,804) |
|
|
(3,152) |
Income (loss) from continuing operations available to common shareholders |
|
(37,524) |
|
|
233,952 |
Income (loss) from discontinued operations available to common shareholders |
|
(5,204) |
|
|
7,391 |
Net income (loss) available to common shareholders for basic earnings per share |
$ |
(42,728) |
|
$ |
241,343 |
|
|
|
|
|
|
Weighted average common shares |
|
90,616 |
|
|
90,498 |
|
|
|
|
|
|
Basic EPS: |
|
|
|
|
|
Income (loss) from continuing operations available to common shareholders |
$ |
(0.41) |
|
$ |
2.59 |
Income (loss) from discontinued operations available to common shareholders |
|
(0.06) |
|
|
0.08 |
Net income (loss) available to common shareholders |
$ |
(0.47) |
|
$ |
2.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
Computation of Diluted EPS |
|
2020 |
|
|
2019 |
Net income (loss) from continuing operations available to common shareholders |
$ |
(37,524) |
|
$ |
233,952 |
Add (deduct): Noncontrolling interests in Operating Partnership |
|
(3,666) |
|
|
26,843 |
Add (deduct): Redemption value adjustment of redeemable noncontrolling |
|
|
|
|
|
interests attributable to the Operating Partnership unitholders |
|
(296) |
|
|
(357) |
Income (loss) from continuing operations for diluted earnings per share |
|
(41,486) |
|
|
260,438 |
Income (loss) from discontinued operations for diluted earnings per share |
|
(5,753) |
|
|
8,228 |
Net income (loss) available for diluted earnings per share |
$ |
(47,239) |
|
$ |
268,666 |
|
|
|
|
|
|
Weighted average common shares |
|
100,183 |
|
|
100,943 |
|
|
|
|
|
|
Diluted EPS: |
|
|
|
|
|
Income (loss) from continuing operations available to common shareholders |
$ |
(0.41) |
|
$ |
2.58 |
Income (loss) from discontinued operations available to common shareholders |
|
(0.06) |
|
|
0.08 |
Net income (loss) available to common shareholders |
$ |
(0.47) |
|
$ |
2.66 |
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, |
|
|
2020 |
|
2019 |
Basic EPS shares |
|
90,616 |
|
90,498 |
Add: Operating Partnership – common and vested LTIP units |
|
9,567 |
|
10,242 |
Restricted Stock Awards |
|
- |
|
66 |
Stock Options |
|
- |
|
137 |
Diluted EPS Shares |
|
100,183 |
|
100,943 |
|
| 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 March 31, 2020 and 2019, respectively:
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
Aggregate |
|
|
|
|
Average |
|
|
Intrinsic |
|
Shares |
|
|
Exercise |
|
|
Value |
|
Under Options |
|
|
Price |
|
|
$(000’s) |
Outstanding at January 1, 2020 |
800,000 |
|
$ |
17.31 |
|
$ |
- |
Granted, Lapsed or Cancelled |
- |
|
|
- |
|
|
|
Outstanding at March 31, 2020 ($17.31) |
800,000 |
|
$ |
17.31 |
|
$ |
- |
Options exercisable at March 31, 2020 |
800,000 |
|
|
|
|
|
|
Available for grant at March 31, 2020 |
42,011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| 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 March 31, 2020 and 2019, respectively:
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
Grant – Date |
|
Shares |
|
|
Fair Value |
Outstanding at January 1, 2020 |
42,690 |
|
$ |
21.08 |
Cancelled |
- |
|
|
- |
Outstanding at March 31, 2020 |
42,690 |
|
$ |
21.08 |
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
Grant – Date |
|
Shares |
|
|
Fair Value |
Outstanding at January 1, 2019 |
67,289 |
|
$ |
22.43 |
Cancelled |
(968) |
|
|
25.83 |
Outstanding at March 31, 2019 |
66,321 |
|
$ |
22.38 |
|
| 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 |
|
|
2020 |
|
|
2019 |
Income (loss) from continuing operations |
|
$ |
(32,091) |
|
$ |
267,366 |
Add (deduct): Noncontrolling interests in consolidated joint ventures |
|
|
176 |
|
|
1,248 |
Add (deduct): Redeemable noncontrolling interests |
|
|
(6,471) |
|
|
(4,667) |
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests |
|
|
(3,100) |
|
|
(3,509) |
Income (loss) from continuing operations available to unitholders |
|
|
(41,486) |
|
|
260,438 |
Income (loss) from discontinued operations available to unitholders |
|
|
(5,753) |
|
|
8,228 |
Net income (loss) available to common unitholders for basic earnings per unit |
|
$ |
(47,239) |
|
$ |
268,666 |
|
|
|
|
|
|
|
Weighted average common units |
|
|
100,183 |
|
|
100,740 |
|
|
|
|
|
|
|
Basic EPU: |
|
|
|
|
|
|
Income (loss) from continuing operations available to unitholders |
|
$ |
(0.41) |
|
$ |
2.59 |
Income (loss) from discontinued operations available to unitholders |
|
|
(0.06) |
|
|
0.08 |
Net income (loss) available to common unitholders for basic earnings per unit |
|
$ |
(0.47) |
|
$ |
2.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
Computation of Diluted EPU |
|
|
2020 |
|
|
2019 |
Net income (loss) from continuing operations available to common unitholders |
|
$ |
(41,486) |
|
$ |
260,438 |
Income (loss) from discontinued operations for diluted earnings per unit |
|
|
(5,753) |
|
|
8,228 |
Net income (loss) available to common unitholders for diluted earnings per unit |
|
$ |
(47,239) |
|
$ |
268,666 |
|
|
|
|
|
|
|
Weighted average common unit |
|
|
100,183 |
|
|
100,943 |
|
|
|
|
|
|
|
Diluted EPU: |
|
|
|
|
|
|
Income (loss) from continuing operations available to common unitholders |
|
$ |
(0.41) |
|
$ |
2.58 |
Income (loss) from discontinued operations available to common unitholders |
|
|
(0.06) |
|
|
0.08 |
Net income (loss) available to common unitholders |
|
$ |
(0.47) |
|
$ |
2.66 |
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, |
|
|
2020 |
|
2019 |
Basic EPU units |
|
100,183 |
|
100,740 |
Add: Restricted Stock Awards |
|
- |
|
66 |
Add: Stock Options |
|
- |
|
137 |
Diluted EPU Units |
|
100,183 |
|
100,943 |
|