Recent Transactions (Tables)
|
9 Months Ended |
Sep. 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 |
271 |
|
$ |
78,539 |
Totals |
|
|
|
271 |
|
$ |
78,539 |
(a)The Emery at Overlook Ridge property consists of a total of 326 multi-family units. Of this amount, the remaining 55 multi-family units were placed in service in October 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 |
|
$ |
104,884 |
|
$ |
84,180 |
|
$ |
189,064 |
Building & Other |
|
|
862,486 |
|
|
40,290 |
|
|
902,776 |
Less: Accumulated depreciation |
|
|
(219,857) |
|
|
(7,991) |
|
|
(227,848) |
Less: Cumulative unrealized losses on property held for sale |
|
|
(105,448) |
|
|
(44,140) |
|
|
(149,588) |
Real estate held for sale, net |
|
$ |
642,065 |
|
$ |
72,339 |
|
$ |
714,404 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Suburban |
|
|
Other |
|
|
|
|
|
|
Office |
|
|
Assets |
|
|
|
Other assets and liabilities |
|
|
Portfolio (a) |
|
|
Held for Sale |
|
|
Total |
Unbilled rents receivable, net (b) |
|
$ |
22,207 |
|
$ |
2,048 |
|
$ |
24,255 |
Deferred charges, net (b) |
|
|
21,536 |
|
|
773 |
|
|
22,309 |
Total intangibles, net (b) |
|
|
26,208 |
|
|
- |
|
|
26,208 |
Total deferred charges & other assets, net |
|
|
50,413 |
|
|
789 |
|
|
51,202 |
Mortgages & loans payable, net (b) |
|
|
123,738 |
|
|
- |
|
|
123,738 |
Total below market liability (b) |
|
|
7,092 |
|
|
- |
|
|
7,092 |
Accounts payable, accrued exp & other liability |
|
|
20,564 |
|
|
255 |
|
|
20,819 |
Unearned rents/deferred rental income (b) |
|
|
4,565 |
|
|
203 |
|
|
4,768 |
|
|
|
|
|
|
|
|
|
|
(a) Classified as discontinued operations at September 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 properties during the nine months ended September 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 |
|
07/22/20 |
3 Giralda Farms (a) |
Madison, New Jersey |
1 |
|
141,000 |
|
Office |
|
7,510 |
|
|
9,534 |
|
|
- |
|
(2,024) |
|
09/15/20 |
Morris portfolio (b) |
Parsippany and Madison, New Jersey |
10 |
|
1,448,420 |
|
Office |
|
155,116 |
|
|
175,772 |
|
|
- |
|
(20,656) |
|
09/18/20 |
325 Columbia Turnpike |
Florham Park, New Jersey |
1 |
|
168,144 |
|
Office |
|
24,276 |
|
|
8,020 |
|
|
- |
|
16,256 |
|
09/24/20 |
9 Campus Drive (c) |
Parsippany, New Jersey |
1 |
|
156,945 |
|
Office |
|
20,678 |
|
|
22,162 |
|
|
- |
|
(1,484) |
|
Sub-total |
|
|
14 |
|
2,114,509 |
|
|
|
242,645 |
|
|
233,231 |
|
|
- |
|
9,414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized losses on real estate held for sale |
|
|
|
|
|
|
|
|
|
|
|
|
(7,915) |
|
(33,314) |
|
Totals |
|
|
14 |
|
2,114,509 |
|
|
$ |
242,645 |
|
$ |
233,231 |
|
$ |
(7,915) |
$ |
(23,900) |
|
|
|
|
|
(a) |
The Company recorded valuation allowances of $2.0 million on the property while it was held for sale during the nine months ended September 30, 2020 and of $16.7 million during the year ended December 31, 2019. |
(b) |
The Company recorded valuation allowances of $21.6 million on the properties while they were held for sale during the nine months ended September 30, 2020 and of $32.5 million during the year ended December 31, 2019. |
(c) |
The Company recorded a valuation allowance of $3.5 million on this property during the year ended December 31, 2019. |
The Company disposed of the following developable land holdings during the nine months ended September 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 |
271 |
|
$ |
78,539 |
Totals |
|
|
|
271 |
|
$ |
78,539 |
(a)The Emery at Overlook Ridge property consists of a total of 326 multi-family units. Of this amount, the remaining 55 multi-family units were placed in service in October 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 |
|
$ |
104,884 |
|
$ |
84,180 |
|
$ |
189,064 |
Building & Other |
|
|
862,486 |
|
|
40,290 |
|
|
902,776 |
Less: Accumulated depreciation |
|
|
(219,857) |
|
|
(7,991) |
|
|
(227,848) |
Less: Cumulative unrealized losses on property held for sale |
|
|
(105,448) |
|
|
(44,140) |
|
|
(149,588) |
Real estate held for sale, net |
|
$ |
642,065 |
|
$ |
72,339 |
|
$ |
714,404 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Suburban |
|
|
Other |
|
|
|
|
|
|
Office |
|
|
Assets |
|
|
|
Other assets and liabilities |
|
|
Portfolio (a) |
|
|
Held for Sale |
|
|
Total |
Unbilled rents receivable, net (b) |
|
$ |
22,207 |
|
$ |
2,048 |
|
$ |
24,255 |
Deferred charges, net (b) |
|
|
21,536 |
|
|
773 |
|
|
22,309 |
Total intangibles, net (b) |
|
|
26,208 |
|
|
- |
|
|
26,208 |
Total deferred charges & other assets, net |
|
|
50,413 |
|
|
789 |
|
|
51,202 |
Mortgages & loans payable, net (b) |
|
|
123,738 |
|
|
- |
|
|
123,738 |
Total below market liability (b) |
|
|
7,092 |
|
|
- |
|
|
7,092 |
Accounts payable, accrued exp & other liability |
|
|
20,564 |
|
|
255 |
|
|
20,819 |
Unearned rents/deferred rental income (b) |
|
|
4,565 |
|
|
203 |
|
|
4,768 |
|
|
|
|
|
|
|
|
|
|
(a) Classified as discontinued operations at September 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 properties during the nine months ended September 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 |
|
07/22/20 |
3 Giralda Farms (a) |
Madison, New Jersey |
1 |
|
141,000 |
|
Office |
|
7,510 |
|
|
9,534 |
|
|
- |
|
(2,024) |
|
09/15/20 |
Morris portfolio (b) |
Parsippany and Madison, New Jersey |
10 |
|
1,448,420 |
|
Office |
|
155,116 |
|
|
175,772 |
|
|
- |
|
(20,656) |
|
09/18/20 |
325 Columbia Turnpike |
Florham Park, New Jersey |
1 |
|
168,144 |
|
Office |
|
24,276 |
|
|
8,020 |
|
|
- |
|
16,256 |
|
09/24/20 |
9 Campus Drive (c) |
Parsippany, New Jersey |
1 |
|
156,945 |
|
Office |
|
20,678 |
|
|
22,162 |
|
|
- |
|
(1,484) |
|
Sub-total |
|
|
14 |
|
2,114,509 |
|
|
|
242,645 |
|
|
233,231 |
|
|
- |
|
9,414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized losses on real estate held for sale |
|
|
|
|
|
|
|
|
|
|
|
|
(7,915) |
|
(33,314) |
|
Totals |
|
|
14 |
|
2,114,509 |
|
|
$ |
242,645 |
|
$ |
233,231 |
|
$ |
(7,915) |
$ |
(23,900) |
|
|
|
|
|
(a) |
The Company recorded valuation allowances of $2.0 million on the property while it was held for sale during the nine months ended September 30, 2020 and of $16.7 million during the year ended December 31, 2019. |
(b) |
The Company recorded valuation allowances of $21.6 million on the properties while they were held for sale during the nine months ended September 30, 2020 and of $32.5 million during the year ended December 31, 2019. |
(c) |
The Company recorded a valuation allowance of $3.5 million on this property during the year ended December 31, 2019. |
The Company disposed of the following developable land holdings during the nine months ended September 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|