Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| Stockolders Equity [Line Items] |
|
| Schedule Of Stock Option Plans |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
Aggregate |
|
|
|
|
Average |
|
|
Intrinsic |
|
Shares |
|
|
Exercise |
|
|
Value |
|
Under Options |
|
|
Price |
|
|
$(000’s) |
Outstanding at January 1, 2017 ($17.31) |
800,000 |
|
$ |
17.31 |
|
$ |
9,368 |
Granted, Lapsed or Cancelled |
- |
|
|
- |
|
|
|
Outstanding at December 31, 2017 ($17.31) |
800,000 |
|
$ |
17.31 |
|
|
3,400 |
Granted, Lapsed or Cancelled |
- |
|
|
- |
|
|
|
Outstanding at December 31, 2018 |
800,000 |
|
$ |
17.31 |
|
|
1,824 |
Granted, Lapsed or Cancelled |
- |
|
|
- |
|
|
|
Outstanding at December 31, 2019 ($17.31) |
800,000 |
|
$ |
17.31 |
|
$ |
4,656 |
Options exercisable at December 31, 2019 |
800,000 |
|
|
|
|
|
|
Available for grant at December 31, 2019 |
709,246 |
|
|
|
|
|
|
|
| Schedule Of Weighted Average Assumptions |
|
|
|
|
|
|
|
AO LTIP |
|
|
Units |
|
Expected life (in years) |
5.5 - 6.0 |
|
Risk-free interest rate |
2.6 |
% |
Volatility |
29.0 |
% |
Dividend yield |
3.5 |
% |
|
| Schedule Of Restricted Stock Awards |
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
Grant – Date |
|
Shares |
|
|
Fair Value |
Outstanding at January 1, 2017 |
145,278 |
|
$ |
21.76 |
Granted |
59,985 |
|
|
27.00 |
Vested |
(95,009) |
|
|
20.73 |
Forfeited |
(1,936) |
|
|
25.83 |
Outstanding at December 31, 2017 |
108,318 |
|
$ |
25.49 |
Granted |
40,185 |
|
|
20.16 |
Vested |
(72,502) |
|
|
25.33 |
Forfeited |
(8,712) |
|
|
25.83 |
Outstanding at December 31, 2018 |
67,289 |
|
$ |
22.43 |
Granted |
42,690 |
|
|
21.08 |
Vested |
(65,353) |
|
|
22.34 |
Cancelled |
(1,936) |
|
|
25.83 |
Outstanding at December 31, 2019 |
42,690 |
|
$ |
21.08 |
|
| Schedule Of Reconciliation Of Shares Used In Basic EPS Calculation To Shares Used In Diluted EPS Calculation |
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
Computation of Basic EPS |
|
2019 |
|
|
2018 |
|
|
2017 |
Income from continuing operations |
$ |
252,554 |
|
$ |
80,267 |
|
$ |
10,840 |
Add (deduct): Noncontrolling interests in consolidated joint ventures |
|
3,904 |
|
|
1,216 |
|
|
1,018 |
Add (deduct): Noncontrolling interests in Operating Partnership |
|
(23,685) |
|
|
(6,866) |
|
|
(341) |
Add (deduct): Redeemable noncontrolling interests |
|
(22,615) |
|
|
(13,979) |
|
|
(8,840) |
Add (deduct): Redemption value adjustment of redeemable noncontrolling |
|
|
|
|
|
|
|
|
interests attributable to common shareholders |
|
(25,885) |
|
|
(11,425) |
|
|
(17,951) |
Income (loss) from continuing operations available to common shareholders |
|
184,273 |
|
|
49,213 |
|
|
(15,274) |
Income (loss) from discontinued operations available to common shareholders |
|
(98,297) |
|
|
23,473 |
|
|
20,508 |
Net income (loss) available to common shareholders for basic earnings per share |
$ |
85,976 |
|
$ |
72,686 |
|
$ |
5,234 |
|
|
|
|
|
|
|
|
|
Weighted average common shares |
|
90,557 |
|
|
90,388 |
|
|
90,005 |
|
|
|
|
|
|
|
|
|
Basic EPS: |
|
|
|
|
|
|
|
|
Income (loss) from continuing operations available to common shareholders |
$ |
2.03 |
|
$ |
0.54 |
|
$ |
(0.17) |
Income (loss) from discontinued operations available to common shareholders |
|
(1.08) |
|
|
0.26 |
|
|
0.23 |
Net income (loss) available to common shareholders |
$ |
0.95 |
|
$ |
0.80 |
|
$ |
0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
Computation of Diluted EPS |
|
2019 |
|
|
2018 |
|
|
2017 |
Net income (loss) from continuing operations available to common shareholders |
$ |
184,273 |
|
$ |
49,213 |
|
$ |
(15,274) |
Add (deduct): Noncontrolling interests in Operating Partnership |
|
23,685 |
|
|
6,866 |
|
|
341 |
Add (deduct): Redemption value adjustment of redeemable noncontrolling |
|
|
|
|
|
|
|
|
interests attributable to the Operating Partnership unitholders |
|
(2,855) |
|
|
(1,296) |
|
|
(2,074) |
Income (loss) from continuing operations for diluted earnings per share |
|
205,103 |
|
|
54,783 |
|
|
(17,007) |
Income (loss) from discontinued operations for diluted earnings per share |
|
(108,718) |
|
|
26,134 |
|
|
22,878 |
Net income (loss) available for diluted earnings per share |
$ |
96,385 |
|
$ |
80,917 |
|
$ |
5,871 |
|
|
|
|
|
|
|
|
|
Weighted average common shares |
|
100,689 |
|
|
100,724 |
|
|
100,703 |
|
|
|
|
|
|
|
|
|
Diluted EPS: |
|
|
|
|
|
|
|
|
Income (loss) from continuing operations available to common shareholders |
$ |
2.03 |
|
$ |
0.54 |
|
$ |
(0.17) |
Income (loss) from discontinued operations available to common shareholders |
|
(1.08) |
|
|
0.26 |
|
|
0.23 |
Net income (loss) available to common shareholders |
$ |
0.95 |
|
$ |
0.80 |
|
$ |
0.06 |
The following schedule reconciles the weighted average shares used in the basic EPS calculation to the shares used in the diluted EPS calculation (in thousands):
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2019 |
|
2018 |
|
2017 |
Basic EPS shares |
|
90,557 |
|
90,388 |
|
90,005 |
Add: Operating Partnership – common and vested LTIP units |
|
9,963 |
|
10,246 |
|
10,405 |
Restricted Stock Awards |
|
- |
|
- |
|
40 |
Stock Options |
|
169 |
|
90 |
|
253 |
Diluted EPS Shares |
|
100,689 |
|
100,724 |
|
100,703 |
|
| Mack-Cali Realty LP [Member] |
|
| Stockolders Equity [Line Items] |
|
| Schedule Of Stock Option Plans |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
Aggregate |
|
|
|
|
Average |
|
|
Intrinsic |
|
Shares |
|
|
Exercise |
|
|
Value |
|
Under Options |
|
|
Price |
|
|
$(000’s) |
Outstanding at January 1, 2017 ($17.31) |
800,000 |
|
$ |
17.31 |
|
$ |
9,368 |
Granted, Lapsed or Cancelled |
- |
|
|
- |
|
|
|
Outstanding at December 31, 2017 ($17.31) |
800,000 |
|
$ |
17.31 |
|
|
3,400 |
Granted, Lapsed or Cancelled |
- |
|
|
- |
|
|
|
Outstanding at December 31, 2018 |
800,000 |
|
$ |
17.31 |
|
|
1,824 |
Granted, Lapsed or Cancelled |
- |
|
|
- |
|
|
|
Outstanding at December 31, 2019 ($17.31) |
800,000 |
|
$ |
17.31 |
|
$ |
4,656 |
Options exercisable at December 31, 2019 |
800,000 |
|
|
|
|
|
|
Available for grant at December 31, 2019 |
709,246 |
|
|
|
|
|
|
|
| Schedule Of Weighted Average Assumptions |
|
|
|
|
|
|
|
AO LTIP |
|
|
Units |
|
Expected life (in years) |
5.5 - 6.0 |
|
Risk-free interest rate |
2.6 |
% |
Volatility |
29.0 |
% |
Dividend yield |
3.5 |
% |
|
| Schedule Of Restricted Stock Awards |
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
Grant – Date |
|
Shares |
|
|
Fair Value |
Outstanding at January 1, 2017 |
145,278 |
|
$ |
21.76 |
Granted |
59,985 |
|
|
27.00 |
Vested |
(95,009) |
|
|
20.73 |
Forfeited |
(1,936) |
|
|
25.83 |
Outstanding at December 31, 2017 |
108,318 |
|
$ |
25.49 |
Granted |
40,185 |
|
|
20.16 |
Vested |
(72,502) |
|
|
25.33 |
Forfeited |
(8,712) |
|
|
25.83 |
Outstanding at December 31, 2018 |
67,289 |
|
$ |
22.43 |
Granted |
42,690 |
|
|
21.08 |
Vested |
(65,353) |
|
|
22.34 |
Cancelled |
(1,936) |
|
|
25.83 |
Outstanding at December 31, 2019 |
42,690 |
|
$ |
21.08 |
|
| Schedule Of Reconciliation Of Shares Used In Basic EPS Calculation To Shares Used In Diluted EPS Calculation |
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
Computation of Basic EPU |
|
|
2019 |
|
|
2018 |
|
|
2017 |
Income from continuing operations |
|
$ |
252,554 |
|
$ |
80,267 |
|
$ |
10,840 |
Add (deduct): Noncontrolling interests in consolidated joint ventures |
|
|
3,904 |
|
|
1,216 |
|
|
1,018 |
Add (deduct): Redeemable noncontrolling interests |
|
|
(22,615) |
|
|
(13,979) |
|
|
(8,840) |
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests |
|
|
(28,740) |
|
|
(12,721) |
|
|
(20,025) |
Income (loss) from continuing operations available to unitholders |
|
|
205,103 |
|
|
54,783 |
|
|
(17,007) |
Income (loss) from discontinued operations available to unitholders |
|
|
(108,718) |
|
|
26,134 |
|
|
22,878 |
Net income (loss) available to common unitholders for basic earnings per unit |
|
$ |
96,385 |
|
$ |
80,917 |
|
$ |
5,871 |
|
|
|
|
|
|
|
|
|
|
Weighted average common units |
|
|
100,520 |
|
|
100,634 |
|
|
100,410 |
|
|
|
|
|
|
|
|
|
|
Basic EPU: |
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations available to unitholders |
|
$ |
2.03 |
|
$ |
0.54 |
|
$ |
(0.17) |
Income (loss) from discontinued operations available to unitholders |
|
|
(1.08) |
|
|
0.26 |
|
|
0.23 |
Net income (loss) available to common unitholders for basic earnings per unit |
|
$ |
0.95 |
|
$ |
0.80 |
|
$ |
0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
Computation of Diluted EPU |
|
|
2019 |
|
|
2018 |
|
|
2017 |
Net income (loss) from continuing operations available to common unitholders |
|
$ |
205,103 |
|
$ |
54,783 |
|
$ |
(17,007) |
Income (loss) from discontinued operations for diluted earnings per unit |
|
|
(108,718) |
|
|
26,134 |
|
|
22,878 |
Net income (loss) available to common unitholders for diluted earnings per unit |
|
$ |
96,385 |
|
$ |
80,917 |
|
$ |
5,871 |
|
|
|
|
|
|
|
|
|
|
Weighted average common unit |
|
|
100,689 |
|
|
100,724 |
|
|
100,703 |
|
|
|
|
|
|
|
|
|
|
Diluted EPU: |
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations available to common unitholders |
|
$ |
2.03 |
|
$ |
0.54 |
|
$ |
(0.17) |
Income (loss) from discontinued operations available to common unitholders |
|
|
(1.08) |
|
|
0.26 |
|
|
0.23 |
Net income (loss) available to common unitholders |
|
$ |
0.95 |
|
$ |
0.80 |
|
$ |
0.06 |
The following schedule reconciles the weighted average units used in the basic EPU calculation to the units used in the diluted EPU calculation (in thousands):
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2019 |
|
2018 |
|
2017 |
Basic EPU units |
|
100,520 |
|
100,634 |
|
100,410 |
Add: Restricted Stock Awards |
|
- |
|
- |
|
40 |
Add: Stock Options |
|
169 |
|
90 |
|
253 |
Diluted EPU Units |
|
100,689 |
|
100,724 |
|
100,703 |
|