Segment Reporting (Tables)
|
9 Months Ended |
Sep. 30, 2020 |
|---|
| 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: |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2020 |
$ |
38,288 |
|
$ |
37,658 |
|
|
$ |
1,704 |
|
$ |
77,650 |
September 30, 2019 |
|
40,211 |
|
|
46,453 |
|
|
|
726 |
|
|
87,390 |
Nine months ended: |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2020 |
|
112,597 |
|
|
118,739 |
|
|
|
1,021 |
|
|
232,357 |
September 30, 2019 |
|
135,803 |
|
|
127,521 |
|
|
|
937 |
|
|
264,261 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating and |
|
|
|
|
|
|
|
|
|
|
|
|
interest expenses (a): |
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended: |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2020 |
$ |
16,562 |
|
$ |
26,772 |
|
|
$ |
42,529 |
|
$ |
85,863 |
September 30, 2019 |
|
18,200 |
|
|
23,989 |
|
|
|
29,890 |
|
|
72,079 |
Nine months ended: |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2020 |
|
54,035 |
|
|
71,689 |
|
|
|
101,669 |
|
|
227,393 |
September 30, 2019 |
|
60,254 |
|
|
67,606 |
|
|
|
94,656 |
|
|
222,516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings (loss) of |
|
|
|
|
|
|
|
|
|
|
|
|
unconsolidated joint ventures: |
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended: |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2020 |
$ |
493 |
|
$ |
880 |
|
|
$ |
- |
|
$ |
1,373 |
September 30, 2019 |
|
307 |
|
|
(420) |
|
|
|
- |
|
|
(113) |
Nine months ended: |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2020 |
|
(1) |
|
|
(280) |
|
|
|
- |
|
|
(281) |
September 30, 2019 |
|
1,540 |
|
|
(2,422) |
|
|
|
- |
|
|
(882) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating income (loss) (b): |
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended: |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2020 |
$ |
22,219 |
|
$ |
11,766 |
|
|
$ |
(40,825) |
|
$ |
(6,840) |
September 30, 2019 |
|
22,318 |
|
|
22,044 |
|
|
|
(29,164) |
|
|
15,198 |
Nine months ended: |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2020 |
|
58,561 |
|
|
46,770 |
|
|
|
(100,648) |
|
|
4,683 |
September 30, 2019 |
|
77,089 |
|
|
57,493 |
|
|
|
(93,719) |
|
|
40,863 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets: |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2020 |
$ |
1,912,093 |
|
$ |
3,265,827 |
|
|
$ |
12,823 |
|
$ |
5,190,743 |
December 31, 2019 |
|
2,178,321 |
|
|
3,079,409 |
|
|
|
35,068 |
|
|
5,292,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total long-lived assets (c): |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2020 |
$ |
1,714,697 |
|
$ |
3,015,868 |
|
|
$ |
(12) |
|
$ |
4,730,553 |
December 31, 2019 |
|
1,947,053 |
|
|
2,812,306 |
|
|
|
3,834 |
|
|
4,763,193 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investments in |
|
|
|
|
|
|
|
|
|
|
|
|
unconsolidated joint ventures: |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2020 |
$ |
7,864 |
|
$ |
186,915 |
|
|
$ |
- |
|
$ |
194,779 |
December 31, 2019 |
|
7,367 |
|
|
201,724 |
|
|
|
- |
|
|
209,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 include
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 |
|
|
Nine Months Ended |
|
|
September 30, |
|
|
September 30, |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
Net operating income |
$ |
(6,840) |
|
$ |
15,198 |
|
$ |
4,683 |
|
$ |
40,863 |
Add (deduct): |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
(31,670) |
|
|
(32,605) |
|
|
(92,807) |
|
|
(96,110) |
Land and other impairments |
|
(1,292) |
|
|
(2,589) |
|
|
(23,401) |
|
|
(5,088) |
Property impairments |
|
(36,582) |
|
|
- |
|
|
(36,582) |
|
|
- |
Gain on change of control of interests |
|
- |
|
|
- |
|
|
- |
|
|
13,790 |
Realized gains (losses) and unrealized losses on disposition of |
|
|
|
|
|
|
|
|
|
|
|
rental property, net |
|
- |
|
|
(34,666) |
|
|
(7,915) |
|
|
233,698 |
Gain on disposition of developable land |
|
- |
|
|
296 |
|
|
4,813 |
|
|
566 |
Gain on sale of investment in unconsolidated joint venture |
|
- |
|
|
- |
|
|
- |
|
|
903 |
Gain from extinguishment of debt, net |
|
- |
|
|
(98) |
|
|
- |
|
|
1,801 |
Income (loss) from continuing operations |
|
(76,384) |
|
|
(54,464) |
|
|
(151,209) |
|
|
190,423 |
Discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations |
|
19,491 |
|
|
8,506 |
|
|
63,213 |
|
|
24,686 |
Realized gains (losses) and unrealized losses on |
|
|
|
|
|
|
|
|
|
|
|
disposition of rental property and impairments, net |
|
15,775 |
|
|
(10,063) |
|
|
(23,900) |
|
|
(15,865) |
Total discontinued operations, net |
|
35,266 |
|
|
(1,557) |
|
|
39,313 |
|
|
8,821 |
Net income (loss) |
|
(41,118) |
|
|
(56,021) |
|
|
(111,896) |
|
|
199,244 |
Noncontrolling interests in consolidated joint ventures |
|
895 |
|
|
405 |
|
|
1,900 |
|
|
2,500 |
Noncontrolling interests in Operating Partnership |
|
7,874 |
|
|
6,005 |
|
|
16,166 |
|
|
(18,191) |
Noncontrolling interest in discontinued operations |
|
(3,388) |
|
|
154 |
|
|
(3,776) |
|
|
(896) |
Redeemable noncontrolling interests |
|
(6,471) |
|
|
(6,471) |
|
|
(19,413) |
|
|
(16,144) |
Net income (loss) available to common shareholders |
$ |
(42,208) |
|
$ |
(55,928) |
|
$ |
(117,019) |
|
$ |
166,513 |
|
| 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: |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2020 |
$ |
38,288 |
|
$ |
37,658 |
|
|
$ |
1,704 |
|
$ |
77,650 |
September 30, 2019 |
|
40,211 |
|
|
46,453 |
|
|
|
726 |
|
|
87,390 |
Nine months ended: |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2020 |
|
112,597 |
|
|
118,739 |
|
|
|
1,021 |
|
|
232,357 |
September 30, 2019 |
|
135,803 |
|
|
127,521 |
|
|
|
937 |
|
|
264,261 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating and |
|
|
|
|
|
|
|
|
|
|
|
|
interest expenses (a): |
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended: |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2020 |
$ |
16,562 |
|
$ |
26,772 |
|
|
$ |
42,529 |
|
$ |
85,863 |
September 30, 2019 |
|
18,200 |
|
|
23,989 |
|
|
|
29,890 |
|
|
72,079 |
Nine months ended: |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2020 |
|
54,035 |
|
|
71,689 |
|
|
|
101,669 |
|
|
227,393 |
September 30, 2019 |
|
60,254 |
|
|
67,606 |
|
|
|
94,656 |
|
|
222,516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings (loss) of |
|
|
|
|
|
|
|
|
|
|
|
|
unconsolidated joint ventures: |
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended: |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2020 |
$ |
493 |
|
$ |
880 |
|
|
$ |
- |
|
$ |
1,373 |
September 30, 2019 |
|
307 |
|
|
(420) |
|
|
|
- |
|
|
(113) |
Nine months ended: |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2020 |
|
(1) |
|
|
(280) |
|
|
|
- |
|
|
(281) |
September 30, 2019 |
|
1,540 |
|
|
(2,422) |
|
|
|
- |
|
|
(882) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating income (loss) (b): |
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended: |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2020 |
$ |
22,219 |
|
$ |
11,766 |
|
|
$ |
(40,825) |
|
$ |
(6,840) |
September 30, 2019 |
|
22,318 |
|
|
22,044 |
|
|
|
(29,164) |
|
|
15,198 |
Nine months ended: |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2020 |
|
58,561 |
|
|
46,770 |
|
|
|
(100,648) |
|
|
4,683 |
September 30, 2019 |
|
77,089 |
|
|
57,493 |
|
|
|
(93,719) |
|
|
40,863 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets: |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2020 |
$ |
1,912,093 |
|
$ |
3,265,827 |
|
|
$ |
12,823 |
|
$ |
5,190,743 |
December 31, 2019 |
|
2,178,321 |
|
|
3,079,409 |
|
|
|
35,068 |
|
|
5,292,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total long-lived assets (c): |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2020 |
$ |
1,714,697 |
|
$ |
3,015,868 |
|
|
$ |
(12) |
|
$ |
4,730,553 |
December 31, 2019 |
|
1,947,053 |
|
|
2,812,306 |
|
|
|
3,834 |
|
|
4,763,193 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investments in |
|
|
|
|
|
|
|
|
|
|
|
|
unconsolidated joint ventures: |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2020 |
$ |
7,864 |
|
$ |
186,915 |
|
|
$ |
- |
|
$ |
194,779 |
December 31, 2019 |
|
7,367 |
|
|
201,724 |
|
|
|
- |
|
|
209,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 include
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 |
|
Nine Months Ended |
|
|
September 30, |
|
|
September 30, |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
Net operating income |
$ |
(6,840) |
|
$ |
15,198 |
|
$ |
4,683 |
|
$ |
40,863 |
Add (deduct): |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
(31,670) |
|
|
(32,605) |
|
|
(92,807) |
|
|
(96,110) |
Land and other impairments |
|
(1,292) |
|
|
(2,589) |
|
|
(23,401) |
|
|
(5,088) |
Property impairments |
|
(36,582) |
|
|
- |
|
|
(36,582) |
|
|
- |
Gain on change of control of interests |
|
- |
|
|
- |
|
|
- |
|
|
13,790 |
Realized gains (losses) and unrealized losses on disposition of |
|
|
|
|
|
|
|
|
|
|
|
rental property, net |
|
- |
|
|
(34,666) |
|
|
(7,915) |
|
|
233,698 |
Gain on disposition of developable land |
|
- |
|
|
296 |
|
|
4,813 |
|
|
566 |
Gain on sale of investment in unconsolidated joint venture |
|
- |
|
|
- |
|
|
- |
|
|
903 |
Gain from extinguishment of debt, net |
|
- |
|
|
(98) |
|
|
- |
|
|
1,801 |
Income (loss) from continuing operations |
|
(76,384) |
|
|
(54,464) |
|
|
(151,209) |
|
|
190,423 |
Discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations |
|
19,491 |
|
|
8,506 |
|
|
63,213 |
|
|
24,686 |
Realized gains (losses) and unrealized losses on |
|
|
|
|
|
|
|
|
|
|
|
disposition of rental property and impairments, net |
|
15,775 |
|
|
(10,063) |
|
|
(23,900) |
|
|
(15,865) |
Total discontinued operations, net |
|
35,266 |
|
|
(1,557) |
|
|
39,313 |
|
|
8,821 |
Net income (loss) |
|
(41,118) |
|
|
(56,021) |
|
|
(111,896) |
|
|
199,244 |
Noncontrolling interests in consolidated joint ventures |
|
895 |
|
|
405 |
|
|
1,900 |
|
|
2,500 |
Redeemable noncontrolling interests |
|
(6,471) |
|
|
(6,471) |
|
|
(19,413) |
|
|
(16,144) |
Net income (loss) available to common unitholders |
$ |
(46,694) |
|
$ |
(62,087) |
|
$ |
(129,409) |
|
$ |
185,600 |
|