Annual report pursuant to Section 13 and 15(d)

Deferred Charges, Goodwill And Other Assets, Net (Tables)

v3.6.0.2
Deferred Charges, Goodwill And Other Assets, Net (Tables)
 12 Months Ended
Dec. 31, 2016
Deferred Charges, Goodwill And Other Assets [Line Items]  
Schedule Of Deferred Charges, Goodwill And Other Assets



 

 

 

 

 



 

 

 

 

 



 

        December 31,

(dollars in thousands)

 

 2016 

 

 

 2015 

Deferred leasing costs

$

 220,947 

 

$

 239,690 

Deferred financing costs - unsecured revolving credit facility (a)

 

 5,400 

 

 

 5,394 



 

 226,347 

 

 

 245,084 

Accumulated amortization

 

 (107,359)

 

 

 (118,014)

Deferred charges, net

 

 118,988 

 

 

 127,070 

Notes receivable (b)

 

 13,251 

 

 

 13,496 

In-place lease values, related intangibles and other assets, net (c) (d)

 

 72,046 

 

 

 10,931 

Goodwill (e)

 

 2,945 

 

 

 2,945 

Prepaid expenses and other assets, net (f)

 

 60,720 

 

 

 49,408 



 

 

 

 

 

Total deferred charges, goodwill and other assets, net

$

 267,950 

 

$

 203,850 



(a)Pursuant to recently issued accounting standards, deferred financing costs related to all other debt liabilities (other than for the unsecured revolving credit facility) are netted against those debt liabilities for all periods presented. See Note 2: Significant Accounting Policies – Deferred Financing Costs.

(b)Includes as of December 31, 2016: a mortgage receivable for $10.4 million which bore interest at LIBOR plus    six percent and was repaid in full in January 2017, and an interest-free note receivable with a net present value of $2.8 million which matures in April 2023 and the Company believes is fully collectible.

(c)In accordance with ASC 805, Business Combinations, the Company recognizes rental revenue of acquired above and below market lease intangibles over the terms of the respective leases.  The impact of amortizating the acquired above and below-market lease intangibles increased revenue by approximately $1.9 million, $0.2 million and $0.7 million for the years ended December 31, 2016,  2015 and 2014, respectively.  The following table summarizes, as of December 31, 2016, the scheduled amortization of the Company’s acquired above and below-market lease intangibles for each of the five succeeding years (dollars in thousands). 





 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



 

Acquired Above-

 

 

Acquired Below-

 

 

 



 

Market Lease

 

 

Market Lease

 

 

Total

Year

 

Intangibles

 

 

Intangibles

 

 

Amortization

2017

$

 (1,068)

 

$

 3,827 

 

$

 2,759 

2018

 

 (691)

 

 

 3,575 

 

 

 2,884 

2019

 

 (574)

 

 

 3,423 

 

 

 2,849 

2020

 

 (386)

 

 

 3,204 

 

 

 2,818 

2021

 

 (298)

 

 

 3,178 

 

 

 2,880 



(d)In accordance with ASC 805, Business Combinations, the value of acquired in-place lease intangibles are amortized to expense over the remaining initial terms of the respective leases.  The impact of the amortization of acquired in-place lease values is included in depreciation and amortization expense and amounted to approximately $14.3 million, $1.4 million and $6.9 million for the years ended December 31, 2016,  2015 and 2014, respectively.  The following table summarizes, as of December 31, 2014, the scheduled amortization of the Company’s acquired in-place lease values for each of the five succeeding years (dollars in thousands). 



 

 

 



 

 

 

Year

 

 

 

2017

 

$

 7,869 

2018

 

 

 4,391 

2019

 

 

 4,069 

2020

 

 

 2,868 

2021

 

 

 2,785 





(e)All goodwill is attributable to the Company’s Multi-family Services segment.

(f)Includes as of December 31, 2016,  $10.5 million of proceeds from property sales held by a qualified intermediary.

Schedule Of Fair Value Of The Derivative Financial Instruments



 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 



 

 

Fair Value

 

 

 

 

Asset  Derivatives designated

 

December 31,

 

 

 

 

as hedging instruments

 

 

2016

 

 

2015

 

 

Balance sheet location

 

Interest rate swaps

 

$

 2,847 

 

$

 -

 

 

Deferred charges, goodwill and other assets

 



 

 

 

 

 

 

 

 

 

 

Asset Derivatives not designated

 

 

 

 

 

 

 

 

 

 

as hedging instruments

 

 

 

 

 

 

 

 

 

 

Interest rate caps

 

$

 -

 

$

 2 

 

 

Deferred charges, goodwill and other assets

 



Schedule Of Cash Flow Hedging, Derivative Financial Instruments On The Income Statement



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives in Cash Flow Hedging Relationships

 

Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)

 

 

 

 

Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)

 

 

Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)

 

 

 

Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)

 

 

Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion, Reclassification for Forecasted Transactions No Longer Probable of Occurring and Amount Excluded from Effectiveness Testing)



 

2016

 

 

2015

 

 

 2014 

 

 

 

 

2016

 

 

2015

 

 

2014

 

 

 

2016

 

 

2015

 

 

2014

Year ended December 31,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps

$

 1,183 

 

$

 -

 

$

 -

 

Interest expense

 

$

 3,398 

 

$

 -

 

$

 -

Interest and other investment income (loss)

 

$

 631 

 

$

 -

 

$

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Acquired Above And Below Market Lease Intangibles [Member]  
Deferred Charges, Goodwill And Other Assets [Line Items]  
Summary Of Scheduled Amortization



 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



 

Acquired Above-

 

 

Acquired Below-

 

 

 



 

Market Lease

 

 

Market Lease

 

 

Total

Year

 

Intangibles

 

 

Intangibles

 

 

Amortization

2017

$

 (1,068)

 

$

 3,827 

 

$

 2,759 

2018

 

 (691)

 

 

 3,575 

 

 

 2,884 

2019

 

 (574)

 

 

 3,423 

 

 

 2,849 

2020

 

 (386)

 

 

 3,204 

 

 

 2,818 

2021

 

 (298)

 

 

 3,178 

 

 

 2,880 



In-Place Leases [Member]  
Deferred Charges, Goodwill And Other Assets [Line Items]  
Summary Of Scheduled Amortization



 

 

 



 

 

 

Year

 

 

 

2017

 

$

 7,869 

2018

 

 

 4,391 

2019

 

 

 4,069 

2020

 

 

 2,868 

2021

 

 

 2,785 



Mack-Cali Realty LP [Member]  
Deferred Charges, Goodwill And Other Assets [Line Items]  
Schedule Of Deferred Charges, Goodwill And Other Assets



 

 

 

 

 



 

 

 

 

 



 

        December 31,

(dollars in thousands)

 

 2016 

 

 

 2015 

Deferred leasing costs

$

 220,947 

 

$

 239,690 

Deferred financing costs - unsecured revolving credit facility (a)

 

 5,400 

 

 

 5,394 



 

 226,347 

 

 

 245,084 

Accumulated amortization

 

 (107,359)

 

 

 (118,014)

Deferred charges, net

 

 118,988 

 

 

 127,070 

Notes receivable (b)

 

 13,251 

 

 

 13,496 

In-place lease values, related intangibles and other assets, net (c) (d)

 

 72,046 

 

 

 10,931 

Goodwill (e)

 

 2,945 

 

 

 2,945 

Prepaid expenses and other assets, net (f)

 

 60,720 

 

 

 49,408 



 

 

 

 

 

Total deferred charges, goodwill and other assets, net

$

 267,950 

 

$

 203,850 



(a)Pursuant to recently issued accounting standards, deferred financing costs related to all other debt liabilities (other than for the unsecured revolving credit facility) are netted against those debt liabilities for all periods presented. See Note 2: Significant Accounting Policies – Deferred Financing Costs.

(b)Includes as of December 31, 2016: a mortgage receivable for $10.4 million which bore interest at LIBOR plus    six percent and was repaid in full in January 2017, and an interest-free note receivable with a net present value of $2.8 million which matures in April 2023 and the Company believes is fully collectible.

(c)In accordance with ASC 805, Business Combinations, the Company recognizes rental revenue of acquired above and below market lease intangibles over the terms of the respective leases.  The impact of amortizating the acquired above and below-market lease intangibles increased revenue by approximately $1.9 million, $0.2 million and $0.7 million for the years ended December 31, 2016,  2015 and 2014, respectively.  The following table summarizes, as of December 31, 2016, the scheduled amortization of the Company’s acquired above and below-market lease intangibles for each of the five succeeding years (dollars in thousands). 





 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



 

Acquired Above-

 

 

Acquired Below-

 

 

 



 

Market Lease

 

 

Market Lease

 

 

Total

Year

 

Intangibles

 

 

Intangibles

 

 

Amortization

2017

$

 (1,068)

 

$

 3,827 

 

$

 2,759 

2018

 

 (691)

 

 

 3,575 

 

 

 2,884 

2019

 

 (574)

 

 

 3,423 

 

 

 2,849 

2020

 

 (386)

 

 

 3,204 

 

 

 2,818 

2021

 

 (298)

 

 

 3,178 

 

 

 2,880 



(d)In accordance with ASC 805, Business Combinations, the value of acquired in-place lease intangibles are amortized to expense over the remaining initial terms of the respective leases.  The impact of the amortization of acquired in-place lease values is included in depreciation and amortization expense and amounted to approximately $14.3 million, $1.4 million and $6.9 million for the years ended December 31, 2016,  2015 and 2014, respectively.  The following table summarizes, as of December 31, 2014, the scheduled amortization of the Company’s acquired in-place lease values for each of the five succeeding years (dollars in thousands). 



 

 

 



 

 

 

Year

 

 

 

2017

 

$

 7,869 

2018

 

 

 4,391 

2019

 

 

 4,069 

2020

 

 

 2,868 

2021

 

 

 2,785 





(e)All goodwill is attributable to the Company’s Multi-family Services segment.

(f)Includes as of December 31, 2016,  $10.5 million of proceeds from property sales held by a qualified intermediary.

Schedule Of Fair Value Of The Derivative Financial Instruments



 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 



 

 

Fair Value

 

 

 

 

Asset  Derivatives designated

 

December 31,

 

 

 

 

as hedging instruments

 

 

2016

 

 

2015

 

 

Balance sheet location

 

Interest rate swaps

 

$

 2,847 

 

$

 -

 

 

Deferred charges, goodwill and other assets

 



 

 

 

 

 

 

 

 

 

 

Asset Derivatives not designated

 

 

 

 

 

 

 

 

 

 

as hedging instruments

 

 

 

 

 

 

 

 

 

 

Interest rate caps

 

$

 -

 

$

 2 

 

 

Deferred charges, goodwill and other assets

 



Schedule Of Cash Flow Hedging, Derivative Financial Instruments On The Income Statement



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives in Cash Flow Hedging Relationships

 

Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)

 

 

 

 

Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)

 

 

Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)

 

 

 

Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)

 

 

Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion, Reclassification for Forecasted Transactions No Longer Probable of Occurring and Amount Excluded from Effectiveness Testing)



 

2016

 

 

2015

 

 

 2014 

 

 

 

 

2016

 

 

2015

 

 

2014

 

 

 

2016

 

 

2015

 

 

2014

Year ended December 31,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate swaps

$

 1,183 

 

$

 -

 

$

 -

 

Interest expense

 

$

 3,398 

 

$

 -

 

$

 -

Interest and other investment income (loss)

 

$

 631 

 

$

 -

 

$

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Mack-Cali Realty LP [Member] | Acquired Above And Below Market Lease Intangibles [Member]  
Deferred Charges, Goodwill And Other Assets [Line Items]  
Summary Of Scheduled Amortization



 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



 

Acquired Above-

 

 

Acquired Below-

 

 

 



 

Market Lease

 

 

Market Lease

 

 

Total

Year

 

Intangibles

 

 

Intangibles

 

 

Amortization

2017

$

 (1,068)

 

$

 3,827 

 

$

 2,759 

2018

 

 (691)

 

 

 3,575 

 

 

 2,884 

2019

 

 (574)

 

 

 3,423 

 

 

 2,849 

2020

 

 (386)

 

 

 3,204 

 

 

 2,818 

2021

 

 (298)

 

 

 3,178 

 

 

 2,880 



Mack-Cali Realty LP [Member] | In-Place Leases [Member]  
Deferred Charges, Goodwill And Other Assets [Line Items]  
Summary Of Scheduled Amortization



 

 

 



 

 

 

Year

 

 

 

2017

 

$

 7,869 

2018

 

 

 4,391 

2019

 

 

 4,069 

2020

 

 

 2,868 

2021

 

 

 2,785