Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Tables)
|
9 Months Ended |
Sep. 30, 2019 |
|---|
| Stockolders Equity [Line Items] |
|
| Schedule Of General Partner Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
Opening Balance |
$ |
1,645,587 |
|
$ |
1,487,247 |
|
$ |
1,486,658 |
|
$ |
1,476,295 |
Net income (loss) |
|
(55,928) |
|
|
(1,478) |
|
|
166,513 |
|
|
40,307 |
Common stock distributions |
|
(18,106) |
|
|
(18,056) |
|
|
(54,282) |
|
|
(54,136) |
Redeemable noncontrolling interests |
|
(3,025) |
|
|
(2,666) |
|
|
(22,936) |
|
|
(8,799) |
Change in noncontrolling interests in consolidated |
|
|
|
|
|
|
|
|
|
|
|
joint ventures |
|
- |
|
|
- |
|
|
(1,958) |
|
|
- |
Redemption of common units for common stock |
|
- |
|
|
400 |
|
|
705 |
|
|
4,141 |
Redemption of common units |
|
- |
|
|
- |
|
|
(1,665) |
|
|
- |
Shares issued under Dividend Reinvestment and |
|
|
|
|
|
|
|
|
|
|
|
Stock Purchase Plan |
|
10 |
|
|
13 |
|
|
31 |
|
|
(41) |
Directors' deferred compensation plan |
|
81 |
|
|
127 |
|
|
238 |
|
|
378 |
Stock Compensation |
|
7 |
|
|
202 |
|
|
490 |
|
|
1,153 |
Cancellation of restricted shares |
|
- |
|
|
- |
|
|
- |
|
|
(583) |
Cancellation of unvested LTIP units |
|
- |
|
|
- |
|
|
2,819 |
|
|
- |
Other comprehensive income (loss) |
|
(791) |
|
|
318 |
|
|
(8,993) |
|
|
6,545 |
Rebalancing of ownership percent between parent and |
|
|
|
|
|
|
|
|
|
|
|
subsidiaries |
|
1,426 |
|
|
937 |
|
|
1,641 |
|
|
1,784 |
Balance at September 30 |
$ |
1,569,261 |
|
$ |
1,467,044 |
|
$ |
1,569,261 |
|
$ |
1,467,044 |
|
| Schedule Of Stock Option Plans |
Information regarding the Company’s stock option plans is summarized below for the three months ended September 30, 2019 and 2018, respectively:
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
Aggregate |
|
|
|
|
Average |
|
|
Intrinsic |
|
Shares |
|
|
Exercise |
|
|
Value |
|
Under Options |
|
|
Price |
|
|
$(000’s) |
Outstanding at July 1, 2019 |
800,000 |
|
$ |
17.31 |
|
$ |
4,784 |
Granted, Lapsed or Cancelled |
- |
|
|
- |
|
|
|
Outstanding at September 30, 2019 ($17.31) |
800,000 |
|
$ |
17.31 |
|
$ |
3,480 |
Options exercisable at September 30, 2019 |
800,000 |
|
|
|
|
|
|
Available for grant at September 30, 2019 |
751,936 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
Aggregate |
|
|
|
|
Average |
|
|
Intrinsic |
|
Shares |
|
|
Exercise |
|
|
Value |
|
Under Options |
|
|
Price |
|
|
$(000’s) |
Outstanding at July 1, 2018 |
800,000 |
|
$ |
17.31 |
|
$ |
2,376 |
Granted, Lapsed or Cancelled |
- |
|
|
- |
|
|
|
Outstanding at September 30, 2018 ($17.31) |
800,000 |
|
$ |
17.31 |
|
$ |
3,160 |
Options exercisable at September 30, 2018 |
800,000 |
|
|
|
|
|
|
Available for grant at September 30, 2018 |
1,521,655 |
|
|
|
|
|
|
Information regarding the Company’s stock option plans is summarized below for the nine months ended September 30, 2019 and 2018, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
Aggregate |
|
|
|
|
Average |
|
|
Intrinsic |
|
Shares |
|
|
Exercise |
|
|
Value |
|
Under Options |
|
|
Price |
|
|
$(000’s) |
Outstanding at January 1, 2019 |
800,000 |
|
$ |
17.31 |
|
$ |
1,824 |
Granted, Lapsed or Cancelled |
- |
|
|
- |
|
|
|
Outstanding at September 30, 2019 ($17.31) |
800,000 |
|
$ |
17.31 |
|
$ |
3,480 |
Options exercisable at September 30, 2019 |
800,000 |
|
|
|
|
|
|
Available for grant at September 30, 2019 |
751,936 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
Aggregate |
|
|
|
|
Average |
|
|
Intrinsic |
|
Shares |
|
|
Exercise |
|
|
Value |
|
Under Options |
|
|
Price |
|
|
$(000’s) |
Outstanding at January 1, 2018 |
800,000 |
|
$ |
17.31 |
|
$ |
3,400 |
Granted, Lapsed or Cancelled |
- |
|
|
- |
|
|
|
Outstanding at September 30, 2018 ($17.31) |
800,000 |
|
$ |
17.31 |
|
$ |
3,160 |
Options exercisable at September 30, 2018 |
800,000 |
|
|
|
|
|
|
Available for grant at September 30, 2018 |
1,521,655 |
|
|
|
|
|
|
|
| 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 |
Information regarding the Restricted Stock Awards grant activity is summarized below for the three months ended September 30, 2019 and 2018, respectively:
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
Grant – Date |
|
Shares |
|
|
Fair Value |
Outstanding at July 1, 2019 |
26,136 |
|
$ |
25.80 |
Cancelled |
(1,936) |
|
|
25.83 |
Outstanding at September 30, 2019 |
24,200 |
|
$ |
25.83 |
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
Grant – Date |
|
Shares |
|
|
Fair Value |
Outstanding at July 1, 2018 |
71,161 |
|
$ |
22.63 |
Cancelled |
(3,872) |
|
|
25.83 |
Outstanding at September 30, 2018 |
67,289 |
|
$ |
22.43 |
Information regarding the Restricted Stock Awards grant activity is summarized below for the nine months ended September 30, 2019 and 2018, respectively:
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
Grant – Date |
|
Shares |
|
|
Fair Value |
Outstanding at January 1, 2019 |
67,289 |
|
$ |
22.43 |
Vested |
(41,153) |
|
|
20.29 |
Cancelled |
(1,936) |
|
|
25.83 |
Outstanding at Sepember 30, 2019 |
24,200 |
|
$ |
25.83 |
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
Grant – Date |
|
Shares |
|
|
Fair Value |
Outstanding at January 1, 2018 |
108,318 |
|
$ |
25.49 |
Granted |
40,185 |
|
|
20.16 |
Vested |
(72,502) |
|
|
25.33 |
Cancelled |
(8,712) |
|
|
25.83 |
Outstanding at September 30, 2018 |
67,289 |
|
$ |
22.43 |
|
| Schedule Of Reconciliation Of Shares Used In Basic EPS Calculation To Shares Used In Diluted EPS Calculation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
September 30, |
|
|
September 30, |
Computation of Basic EPS |
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
Net income (loss) |
$ |
(56,021) |
|
$ |
1,689 |
|
$ |
199,244 |
|
$ |
53,878 |
Add (deduct): Noncontrolling interests in consolidated joint ventures |
|
405 |
|
|
451 |
|
|
2,500 |
|
|
576 |
Add (deduct): Noncontrolling interests in Operating Partnership |
|
6,159 |
|
|
167 |
|
|
(19,087) |
|
|
(4,574) |
Add (deduct): Redeemable noncontrolling interests |
|
(6,471) |
|
|
(3,785) |
|
|
(16,144) |
|
|
(9,573) |
Add (deduct): Redemption value adjustment of redeemable noncontrolling |
|
|
|
|
|
|
|
|
|
|
|
interests attributable to common shareholders |
|
(3,025) |
|
|
(2,666) |
|
|
(22,936) |
|
|
(8,799) |
Net income (loss) available to common shareholders for basic earnings per share |
$ |
(58,953) |
|
$ |
(4,144) |
|
$ |
143,577 |
|
$ |
31,508 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares |
|
90,584 |
|
|
90,468 |
|
|
90,539 |
|
|
90,355 |
|
|
|
|
|
|
|
|
|
|
|
|
Basic EPS: |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to common shareholders |
$ |
(0.65) |
|
$ |
(0.05) |
|
$ |
1.59 |
|
$ |
0.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
September 30, |
|
|
September 30, |
Computation of Diluted EPS |
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
Net income (loss) available to common shareholders for basic earnings per share |
$ |
(58,953) |
|
$ |
(4,144) |
|
$ |
143,577 |
|
$ |
31,508 |
Add (deduct): Noncontrolling interests in Operating Partnership |
|
(6,159) |
|
|
(167) |
|
|
19,087 |
|
|
4,574 |
Add (deduct): Redemption value adjustment of redeemable noncontrolling |
|
|
|
|
|
|
|
|
|
|
|
interests attributable to the Operating Partnership unitholders |
|
(334) |
|
|
(302) |
|
|
(2,541) |
|
|
(999) |
Net income (loss) available for diluted earnings per share |
$ |
(65,446) |
|
$ |
(4,613) |
|
$ |
160,123 |
|
$ |
35,083 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares |
|
100,560 |
|
|
100,712 |
|
|
100,802 |
|
|
100,684 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS: |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to common shareholders |
$ |
(0.65) |
|
$ |
(0.05) |
|
$ |
1.59 |
|
$ |
0.35 |
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):
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Basic EPS shares |
|
90,584 |
|
90,468 |
|
90,539 |
|
90,355 |
Add: Operating Partnership – common and vested LTIP units |
|
9,976 |
|
10,244 |
|
10,068 |
|
10,251 |
Restricted Stock Awards |
|
- |
|
- |
|
24 |
|
- |
Stock Options |
|
- |
|
- |
|
171 |
|
78 |
Diluted EPS Shares |
|
100,560 |
|
100,712 |
|
100,802 |
|
100,684 |
|
| Mack-Cali Realty LP [Member] |
|
| Stockolders Equity [Line Items] |
|
| Schedule Of Stock Option Plans |
Information regarding the Company’s stock option plans is summarized below for the three months ended September 30, 2019 and 2018, respectively:
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
Aggregate |
|
|
|
|
Average |
|
|
Intrinsic |
|
Shares |
|
|
Exercise |
|
|
Value |
|
Under Options |
|
|
Price |
|
|
$(000’s) |
Outstanding at July 1, 2019 |
800,000 |
|
$ |
17.31 |
|
$ |
4,784 |
Granted, Lapsed or Cancelled |
- |
|
|
- |
|
|
|
Outstanding at September 30, 2019 ($17.31) |
800,000 |
|
$ |
17.31 |
|
$ |
3,480 |
Options exercisable at September 30, 2019 |
800,000 |
|
|
|
|
|
|
Available for grant at September 30, 2019 |
751,936 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
Aggregate |
|
|
|
|
Average |
|
|
Intrinsic |
|
Shares |
|
|
Exercise |
|
|
Value |
|
Under Options |
|
|
Price |
|
|
$(000’s) |
Outstanding at July 1, 2018 |
800,000 |
|
$ |
17.31 |
|
$ |
2,376 |
Granted, Lapsed or Cancelled |
- |
|
|
- |
|
|
|
Outstanding at September 30, 2018 ($17.31) |
800,000 |
|
$ |
17.31 |
|
$ |
3,160 |
Options exercisable at September 30, 2018 |
800,000 |
|
|
|
|
|
|
Available for grant at September 30, 2018 |
1,521,655 |
|
|
|
|
|
|
Information regarding the Company’s stock option plans is summarized below for the nine months ended September 30, 2019 and 2018, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
Aggregate |
|
|
|
|
Average |
|
|
Intrinsic |
|
Shares |
|
|
Exercise |
|
|
Value |
|
Under Options |
|
|
Price |
|
|
$(000’s) |
Outstanding at January 1, 2019 |
800,000 |
|
$ |
17.31 |
|
$ |
1,824 |
Granted, Lapsed or Cancelled |
- |
|
|
- |
|
|
|
Outstanding at September 30, 2019 ($17.31) |
800,000 |
|
$ |
17.31 |
|
$ |
3,480 |
Options exercisable at September 30, 2019 |
800,000 |
|
|
|
|
|
|
Available for grant at September 30, 2019 |
751,936 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
Aggregate |
|
|
|
|
Average |
|
|
Intrinsic |
|
Shares |
|
|
Exercise |
|
|
Value |
|
Under Options |
|
|
Price |
|
|
$(000’s) |
Outstanding at January 1, 2018 |
800,000 |
|
$ |
17.31 |
|
$ |
3,400 |
Granted, Lapsed or Cancelled |
- |
|
|
- |
|
|
|
Outstanding at September 30, 2018 ($17.31) |
800,000 |
|
$ |
17.31 |
|
$ |
3,160 |
Options exercisable at September 30, 2018 |
800,000 |
|
|
|
|
|
|
Available for grant at September 30, 2018 |
1,521,655 |
|
|
|
|
|
|
|
| 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 |
Information regarding the Restricted Stock Awards grant activity is summarized below for the three months ended September 30, 2019 and 2018, respectively:
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
Grant – Date |
|
Shares |
|
|
Fair Value |
Outstanding at July 1, 2019 |
26,136 |
|
$ |
25.80 |
Cancelled |
(1,936) |
|
|
25.83 |
Outstanding at September 30, 2019 |
24,200 |
|
$ |
25.83 |
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
Grant – Date |
|
Shares |
|
|
Fair Value |
Outstanding at July 1, 2018 |
71,161 |
|
$ |
22.63 |
Cancelled |
(3,872) |
|
|
25.83 |
Outstanding at September 30, 2018 |
67,289 |
|
$ |
22.43 |
Information regarding the Restricted Stock Awards grant activity is summarized below for the nine months ended September 30, 2019 and 2018, respectively:
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
Grant – Date |
|
Shares |
|
|
Fair Value |
Outstanding at January 1, 2019 |
67,289 |
|
$ |
22.43 |
Vested |
(41,153) |
|
|
20.29 |
Cancelled |
(1,936) |
|
|
25.83 |
Outstanding at Sepember 30, 2019 |
24,200 |
|
$ |
25.83 |
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
Grant – Date |
|
Shares |
|
|
Fair Value |
Outstanding at January 1, 2018 |
108,318 |
|
$ |
25.49 |
Granted |
40,185 |
|
|
20.16 |
Vested |
(72,502) |
|
|
25.33 |
Cancelled |
(8,712) |
|
|
25.83 |
Outstanding at September 30, 2018 |
67,289 |
|
$ |
22.43 |
|
| Schedule Of Reconciliation Of Shares Used In Basic EPS Calculation To Shares Used In Diluted EPS Calculation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
Computation of Basic EPU |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
Net income (loss) |
|
$ |
(56,021) |
|
$ |
1,689 |
|
$ |
199,244 |
|
$ |
53,878 |
Add (deduct): Noncontrolling interests in consolidated joint ventures |
|
|
405 |
|
|
451 |
|
|
2,500 |
|
|
576 |
Add (deduct): Redeemable noncontrolling interests |
|
|
(6,471) |
|
|
(3,785) |
|
|
(16,144) |
|
|
(9,573) |
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests |
|
|
(3,359) |
|
|
(2,968) |
|
|
(25,477) |
|
|
(9,798) |
Net income (loss) available to common unitholders for basic earnings per unit |
|
$ |
(65,446) |
|
$ |
(4,613) |
|
$ |
160,123 |
|
$ |
35,083 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common units |
|
|
100,560 |
|
|
100,712 |
|
|
100,607 |
|
|
100,606 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic EPU: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to common unitholders for basic earnings per unit |
|
$ |
(0.65) |
|
$ |
(0.05) |
|
$ |
1.59 |
|
$ |
0.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
Computation of Diluted EPU |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
Net income (loss) available to common unitholders for diluted earnings per unit |
|
$ |
(65,446) |
|
$ |
(4,613) |
|
$ |
160,123 |
|
$ |
35,083 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common unit |
|
|
100,560 |
|
|
100,712 |
|
|
100,802 |
|
|
100,684 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPU: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) available to common unitholders |
|
$ |
(0.65) |
|
$ |
(0.05) |
|
$ |
1.59 |
|
$ |
0.35 |
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):
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Basic EPU units |
|
100,560 |
|
100,712 |
|
100,607 |
|
100,606 |
Add: Restricted Stock Awards |
|
- |
|
- |
|
24 |
|
- |
Add: Stock Options |
|
- |
|
- |
|
171 |
|
78 |
Diluted EPU Units |
|
100,560 |
|
100,712 |
|
100,802 |
|
100,684 |
|