Recent Transactions (Tables)
|
6 Months Ended |
Jun. 30, 2020 |
|---|
| 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 |
03/01/20 |
Emery at Overlook Ridge (a) |
Malden, MA |
Multi-Family |
166 |
|
$ |
49,179 |
Totals |
|
|
|
166 |
|
$ |
49,179 |
(a)The Emery at Overlook Ridge property consists of a total of 326 multi-family units. The remaining 160 multi-family units are currently in construction and are expected to be placed in service in late-2020.
|
| Schedule Of Net Assets Recorded Upon Consolidation |
|
|
|
|
|
Port Imperial North Retail L.L.C. |
Land and leasehold interests |
$ |
4,305 |
Buildings and improvements and other assets, net |
|
8,912 |
In-place lease values (a) |
|
1,503 |
Above/Below market lease value, net (a) |
|
313 |
|
|
|
Net assets recorded upon consolidation |
$ |
15,033 |
|
|
|
(a) In-place and below market lease values are being amortized over a weighted-average term of 7.5 years. |
|
| Schedule Of Real Estate Held For Sale/Discontinued Operations/Dispositions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Suburban |
|
|
Other |
|
|
|
|
|
|
Office |
|
|
Assets |
|
|
|
|
|
|
Portfolio (a) |
|
|
Held for Sale |
|
|
Total |
Land |
|
$ |
145,151 |
|
$ |
85,472 |
|
$ |
230,623 |
Building & Other |
|
|
1,222,967 |
|
|
257,248 |
|
|
1,480,215 |
Less: Accumulated depreciation |
|
|
(375,769) |
|
|
(30,585) |
|
|
(406,354) |
Less: Cumulative unrealized losses on property held for sale |
|
|
(181,922) |
|
|
(44,140) |
|
|
(226,062) |
Real estate held for sale, net |
|
$ |
810,427 |
|
$ |
267,995 |
|
$ |
1,078,422 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Suburban |
|
|
Other |
|
|
|
|
|
|
Office |
|
|
Assets |
|
|
|
Other assets and liabilities |
|
|
Portfolio (a) |
|
|
Held for Sale |
|
|
Total |
Unbilled rents receivable, net (b) |
|
$ |
30,256 |
|
$ |
14,885 |
|
$ |
45,141 |
Deferred charges, net (b) |
|
|
32,640 |
|
|
4,305 |
|
|
36,945 |
Total intangibles, net (b) |
|
|
32,378 |
|
|
35,417 |
|
|
67,795 |
Total deferred charges & other assets, net |
|
|
67,801 |
|
|
59,064 |
|
|
126,865 |
Mortgages & loans payable, net (b) |
|
|
123,709 |
|
|
148,679 |
|
|
272,388 |
Total below market liability (b) |
|
|
7,663 |
|
|
28,334 |
|
|
35,997 |
Accounts payable, accrued exp & other liability |
|
|
22,579 |
|
|
50,793 |
|
|
73,372 |
Unearned rents/deferred rental income (b) |
|
|
4,246 |
|
|
1,364 |
|
|
5,610 |
|
|
|
|
|
|
|
|
|
|
(a) Classified as discontinued operations at June 30, 2020 for all periods presented. See Note 7: Discontinued Operations. |
(b) Expected to be removed with the completion of the sales. |
|
| Disposal Group, Held-for-sale, Not Discontinued Operations [Member] |
|
| Real Estate Properties [Line Items] |
|
| Schedule Of Disposed Properties |
The Company disposed of the following office property during the six months ended June 30, 2020 (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/Units |
|
Type |
|
Proceeds |
|
|
Value |
|
|
Losses, net |
|
Losses, net |
|
03/17/20 |
One Bridge Plaza |
Fort Lee, New Jersey |
1 |
|
200,000 |
|
Office |
$ |
35,065 |
|
$ |
17,743 |
|
$ |
- |
$ |
17,322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sub-total |
|
|
1 |
|
200,000 |
|
|
|
35,065 |
|
|
17,743 |
|
|
- |
|
17,322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized losses on real estate held for sale |
|
|
|
|
|
|
|
|
|
|
|
|
(7,915) |
|
(56,997) |
|
Totals |
|
|
1 |
|
200,000 |
|
|
$ |
35,065 |
|
$ |
17,743 |
|
$ |
(7,915) |
$ |
(39,675) |
|
The Company disposed of the following developable land holdings during the six months ended June 30, 2020 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized |
|
|
|
|
|
|
|
|
|
|
|
|
Gains |
|
|
|
|
|
|
Net |
|
|
Net |
|
|
(losses)/ |
Disposition |
|
|
|
|
|
Sales |
|
|
Carrying |
|
|
Unrealized |
Date |
Property Address |
Location |
|
|
|
Proceeds |
|
|
Value |
|
|
Losses, net |
01/03/20 |
230 & 250 Half Mile Road |
Middletown, New Jersey |
|
|
$ |
7,018 |
|
$ |
2,969 |
|
$ |
4,049 |
03/27/20 |
Capital Office Park land |
Greenbelt, Maryland |
|
|
|
8,974 |
|
|
8,210 |
|
|
764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals |
|
|
|
|
$ |
15,992 |
|
$ |
11,179 |
|
$ |
4,813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
03/01/20 |
Emery at Overlook Ridge (a) |
Malden, MA |
Multi-Family |
166 |
|
$ |
49,179 |
Totals |
|
|
|
166 |
|
$ |
49,179 |
(a)The Emery at Overlook Ridge property consists of a total of 326 multi-family units. The remaining 160 multi-family units are currently in construction and are expected to be placed in service in late-2020.
|
| Schedule Of Net Assets Recorded Upon Consolidation |
|
|
|
|
|
Port Imperial North Retail L.L.C. |
Land and leasehold interests |
$ |
4,305 |
Buildings and improvements and other assets, net |
|
8,912 |
In-place lease values (a) |
|
1,503 |
Above/Below market lease value, net (a) |
|
313 |
|
|
|
Net assets recorded upon consolidation |
$ |
15,033 |
|
|
|
(a) In-place and below market lease values are being amortized over a weighted-average term of 7.5 years. |
|
| Schedule Of Real Estate Held For Sale/Discontinued Operations/Dispositions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Suburban |
|
|
Other |
|
|
|
|
|
|
Office |
|
|
Assets |
|
|
|
|
|
|
Portfolio (a) |
|
|
Held for Sale |
|
|
Total |
Land |
|
$ |
145,151 |
|
$ |
85,472 |
|
$ |
230,623 |
Building & Other |
|
|
1,222,967 |
|
|
257,248 |
|
|
1,480,215 |
Less: Accumulated depreciation |
|
|
(375,769) |
|
|
(30,585) |
|
|
(406,354) |
Less: Cumulative unrealized losses on property held for sale |
|
|
(181,922) |
|
|
(44,140) |
|
|
(226,062) |
Real estate held for sale, net |
|
$ |
810,427 |
|
$ |
267,995 |
|
$ |
1,078,422 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Suburban |
|
|
Other |
|
|
|
|
|
|
Office |
|
|
Assets |
|
|
|
Other assets and liabilities |
|
|
Portfolio (a) |
|
|
Held for Sale |
|
|
Total |
Unbilled rents receivable, net (b) |
|
$ |
30,256 |
|
$ |
14,885 |
|
$ |
45,141 |
Deferred charges, net (b) |
|
|
32,640 |
|
|
4,305 |
|
|
36,945 |
Total intangibles, net (b) |
|
|
32,378 |
|
|
35,417 |
|
|
67,795 |
Total deferred charges & other assets, net |
|
|
67,801 |
|
|
59,064 |
|
|
126,865 |
Mortgages & loans payable, net (b) |
|
|
123,709 |
|
|
148,679 |
|
|
272,388 |
Total below market liability (b) |
|
|
7,663 |
|
|
28,334 |
|
|
35,997 |
Accounts payable, accrued exp & other liability |
|
|
22,579 |
|
|
50,793 |
|
|
73,372 |
Unearned rents/deferred rental income (b) |
|
|
4,246 |
|
|
1,364 |
|
|
5,610 |
|
|
|
|
|
|
|
|
|
|
(a) Classified as discontinued operations at June 30, 2020 for all periods presented. See Note 7: Discontinued Operations. |
(b) Expected to be removed with the completion of the sales. |
|
| 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 office property during the six months ended June 30, 2020 (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/Units |
|
Type |
|
Proceeds |
|
|
Value |
|
|
Losses, net |
|
Losses, net |
|
03/17/20 |
One Bridge Plaza |
Fort Lee, New Jersey |
1 |
|
200,000 |
|
Office |
$ |
35,065 |
|
$ |
17,743 |
|
$ |
- |
$ |
17,322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sub-total |
|
|
1 |
|
200,000 |
|
|
|
35,065 |
|
|
17,743 |
|
|
- |
|
17,322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized losses on real estate held for sale |
|
|
|
|
|
|
|
|
|
|
|
|
(7,915) |
|
(56,997) |
|
Totals |
|
|
1 |
|
200,000 |
|
|
$ |
35,065 |
|
$ |
17,743 |
|
$ |
(7,915) |
$ |
(39,675) |
|
The Company disposed of the following developable land holdings during the six months ended June 30, 2020 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized |
|
|
|
|
|
|
|
|
|
|
|
|
Gains |
|
|
|
|
|
|
Net |
|
|
Net |
|
|
(losses)/ |
Disposition |
|
|
|
|
|
Sales |
|
|
Carrying |
|
|
Unrealized |
Date |
Property Address |
Location |
|
|
|
Proceeds |
|
|
Value |
|
|
Losses, net |
01/03/20 |
230 & 250 Half Mile Road |
Middletown, New Jersey |
|
|
$ |
7,018 |
|
$ |
2,969 |
|
$ |
4,049 |
03/27/20 |
Capital Office Park land |
Greenbelt, Maryland |
|
|
|
8,974 |
|
|
8,210 |
|
|
764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals |
|
|
|
|
$ |
15,992 |
|
$ |
11,179 |
|
$ |
4,813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|