Recent Transactions (Tables)
|
3 Months Ended |
Mar. 31, 2021 |
|---|
| 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 |
03/01/21 |
The Upton |
Short Hills, NJ |
Multi-Family |
193 |
|
$ |
97,700 |
Totals |
|
|
|
193 |
|
$ |
97,700 |
(a)As of March 31, 2021, 42 apartment units are currently available for occupancy. The development costs included approximately $2.9 million in land costs. The Company anticipates additional costs of $1.7 million which will be funded from a construction loan.
|
| Schedule Of Real Estate Held For Sale/Discontinued Operations/Dispositions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Suburban |
|
|
Other |
|
|
|
|
|
|
Office |
|
|
Assets |
|
|
|
|
|
|
Portfolio (a) |
|
|
Held for Sale |
|
|
Total |
Land |
|
$ |
53,539 |
|
$ |
76,396 |
|
$ |
129,935 |
Building & Other |
|
|
480,804 |
|
|
42,138 |
|
|
522,942 |
Less: Accumulated depreciation |
|
|
(112,789) |
|
|
(7,991) |
|
|
(120,780) |
Less: Cumulative unrealized losses on property held for sale |
|
|
(76,337) |
|
|
(40,731) |
|
|
(117,068) |
Real estate held for sale, net |
|
$ |
345,217 |
|
$ |
69,812 |
|
$ |
415,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Suburban |
|
|
Other |
|
|
|
|
|
|
Office |
|
|
Assets |
|
|
|
Other assets and liabilities |
|
|
Portfolio (a) |
|
|
Held for Sale |
|
|
Total |
Unbilled rents receivable, net (b) |
|
$ |
11,200 |
|
$ |
2,156 |
|
$ |
13,356 |
Deferred charges, net (b) |
|
|
8,675 |
|
|
651 |
|
|
9,326 |
Total intangibles, net (b) |
|
|
17,464 |
|
|
- |
|
|
17,464 |
Total deferred charges & other assets, net |
|
|
27,204 |
|
|
683 |
|
|
27,887 |
Mortgages & loans payable, net (b) |
|
|
123,797 |
|
|
- |
|
|
123,797 |
Total below market liability (b) |
|
|
2,898 |
|
|
- |
|
|
2,898 |
Accounts payable, accrued exp & other liability |
|
|
11,642 |
|
|
136 |
|
|
11,778 |
Unearned rents/deferred rental income (b) |
|
|
5,835 |
|
|
215 |
|
|
6,050 |
|
|
|
|
|
|
|
|
|
|
(a) Classified as discontinued operations at March 31, 2021 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 rental properties during the three months ended March 31, 2021 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains |
|
|
|
|
|
|
Rentable |
|
|
|
Net |
|
|
Net |
|
|
(losses)/ |
|
Disposition |
|
|
# of |
|
Square |
|
Property |
|
Sales |
|
|
Carrying |
|
|
Unrealized |
|
Date |
Property/Address |
Location |
Bldgs. |
|
Feet |
|
Type |
|
Proceeds |
|
|
Value |
|
|
Losses, net |
|
01/13/21 |
100 Overlook Center |
Princeton, New Jersey |
1 |
|
149,600 |
|
Office |
$ |
34,724 |
(a) |
$ |
26,488 |
|
$ |
8,236 |
|
03/25/21 |
Metropark portfolio |
Edison and Iselin, New Jersey |
4 |
|
926,656 |
|
Office |
|
247,351 |
|
|
233,826 |
|
|
13,525 |
|
Sub-total |
|
|
5 |
|
1,076,256 |
|
|
|
282,075 |
|
|
260,314 |
|
|
21,761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gains(losses) on real estate held for sale |
|
|
|
|
|
|
|
|
|
|
|
|
1,020 |
|
Totals |
|
|
5 |
|
1,076,256 |
|
|
$ |
282,075 |
|
$ |
260,314 |
|
$ |
22,781 |
|
|
|
|
(a) |
As part of the consideration from the buyer, 678,302 Common Units were redeemed by the Company at book value of $10.5 million, which was a non-cash portion of this sales transaction. The balance of the proceeds was received in cash and used to repay the Company's borrowings on its unsecured revolving credit facility. See Note 17: Noncontrolling Interests in Subsidiaries - Noncontrolling Interests in Operating Partnership. |
|
| 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 |
03/01/21 |
The Upton |
Short Hills, NJ |
Multi-Family |
193 |
|
$ |
97,700 |
Totals |
|
|
|
193 |
|
$ |
97,700 |
(a)As of March 31, 2021, 42 apartment units are currently available for occupancy. The development costs included approximately $2.9 million in land costs. The Company anticipates additional costs of $1.7 million which will be funded from a construction loan.
|
| Schedule Of Real Estate Held For Sale/Discontinued Operations/Dispositions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Suburban |
|
|
Other |
|
|
|
|
|
|
Office |
|
|
Assets |
|
|
|
|
|
|
Portfolio (a) |
|
|
Held for Sale |
|
|
Total |
Land |
|
$ |
53,539 |
|
$ |
76,396 |
|
$ |
129,935 |
Building & Other |
|
|
480,804 |
|
|
42,138 |
|
|
522,942 |
Less: Accumulated depreciation |
|
|
(112,789) |
|
|
(7,991) |
|
|
(120,780) |
Less: Cumulative unrealized losses on property held for sale |
|
|
(76,337) |
|
|
(40,731) |
|
|
(117,068) |
Real estate held for sale, net |
|
$ |
345,217 |
|
$ |
69,812 |
|
$ |
415,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Suburban |
|
|
Other |
|
|
|
|
|
|
Office |
|
|
Assets |
|
|
|
Other assets and liabilities |
|
|
Portfolio (a) |
|
|
Held for Sale |
|
|
Total |
Unbilled rents receivable, net (b) |
|
$ |
11,200 |
|
$ |
2,156 |
|
$ |
13,356 |
Deferred charges, net (b) |
|
|
8,675 |
|
|
651 |
|
|
9,326 |
Total intangibles, net (b) |
|
|
17,464 |
|
|
- |
|
|
17,464 |
Total deferred charges & other assets, net |
|
|
27,204 |
|
|
683 |
|
|
27,887 |
Mortgages & loans payable, net (b) |
|
|
123,797 |
|
|
- |
|
|
123,797 |
Total below market liability (b) |
|
|
2,898 |
|
|
- |
|
|
2,898 |
Accounts payable, accrued exp & other liability |
|
|
11,642 |
|
|
136 |
|
|
11,778 |
Unearned rents/deferred rental income (b) |
|
|
5,835 |
|
|
215 |
|
|
6,050 |
|
|
|
|
|
|
|
|
|
|
(a) Classified as discontinued operations at March 31, 2021 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 rental properties during the three months ended March 31, 2021 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains |
|
|
|
|
|
|
Rentable |
|
|
|
Net |
|
|
Net |
|
|
(losses)/ |
|
Disposition |
|
|
# of |
|
Square |
|
Property |
|
Sales |
|
|
Carrying |
|
|
Unrealized |
|
Date |
Property/Address |
Location |
Bldgs. |
|
Feet |
|
Type |
|
Proceeds |
|
|
Value |
|
|
Losses, net |
|
01/13/21 |
100 Overlook Center |
Princeton, New Jersey |
1 |
|
149,600 |
|
Office |
$ |
34,724 |
(a) |
$ |
26,488 |
|
$ |
8,236 |
|
03/25/21 |
Metropark portfolio |
Edison and Iselin, New Jersey |
4 |
|
926,656 |
|
Office |
|
247,351 |
|
|
233,826 |
|
|
13,525 |
|
Sub-total |
|
|
5 |
|
1,076,256 |
|
|
|
282,075 |
|
|
260,314 |
|
|
21,761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gains(losses) on real estate held for sale |
|
|
|
|
|
|
|
|
|
|
|
|
1,020 |
|
Totals |
|
|
5 |
|
1,076,256 |
|
|
$ |
282,075 |
|
$ |
260,314 |
|
$ |
22,781 |
|
|
|
|
(a) |
As part of the consideration from the buyer, 678,302 Common Units were redeemed by the Company at book value of $10.5 million, which was a non-cash portion of this sales transaction. The balance of the proceeds was received in cash and used to repay the Company's borrowings on its unsecured revolving credit facility. See Note 17: Noncontrolling Interests in Subsidiaries - Noncontrolling Interests in Operating Partnership. |
|