Quarterly report pursuant to Section 13 or 15(d)

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

v3.21.2
Deferred Charges, Goodwill And Other Assets, Net (Tables)
6 Months Ended
Jun. 30, 2021
Deferred Charges, Goodwill And Other Assets [Line Items]  
Schedule Of Deferred Charges, Goodwill And Other Assets

June 30,

December 31,

(dollars in thousands)

2021

2020

Deferred leasing costs

$

90,432

$

112,421

Deferred financing costs - revolving credit facility (a)

6,684

5,559

97,116

117,980

Accumulated amortization

(36,970)

(52,428)

Deferred charges, net

60,146

65,552

Notes receivable (b)

11,053

1,167

In-place lease values, related intangibles and other assets, net

46,430

71,608

Goodwill (c)

2,945

2,945

Right of use assets (d)

22,298

22,298

Prepaid expenses and other assets, net

30,507

35,971

Total deferred charges, goodwill and other assets, net (e)

$

173,379

$

199,541

(a)Deferred financing costs related to all other debt liabilities (other than for the 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 June 30, 2021 and December 31, 2020, respectively, an interest-free note receivable with a net present value of $0.9 million and $1.2 million which matures in April 2023. Also includes $10 million as of June 30, 2021 of seller-financing provided by the Company to the buyers of the Metropark portfolio. The receivable is secured against available cash of one of the properties disposed of and earns an annual return of four percent for 90 days after the disposition, with the interest rate increasing to 15 percent thereafter. The Company believes these balances are fully collectible.

(c)All goodwill is attributable to the Company’s Multi-family Real Estate and Services segment.

(d)This amount has a corresponding liability of $23.7 million, which is included in Accounts payable, accrued expense and other liabilities. See Note 13: Commitments and Contingencies – Ground Lease agreements for further details.

(e)Includes as of June 30, 2021 and December 31, 2020, $5.7 million and $42.5 million, respectively, for properties classified as discontinued operations.

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

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

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

Location of Gain or (Loss) Recognized in Income on Derivative

Amount of Gain or (Loss) Recognized in Income on Derivative and Reclassification for Forecasted Transactions No Longer Probable of Occurring)

Total Amount of Interest Expense presented in the consolidated statements

2021

2020

2021

2020

2021

2020

2021

2020

Three months ended June 30,

Interest rate swaps

$

-

$

-

Interest expense

$

-

$

-

Interest and other investment income (loss)

$

-

$

-

$

(16,554)

$

(20,611)

Six months ended June 30,

Interest rate swaps

$

-

$

-

Interest expense

$

-

$

16

$

-

$

-

$

(34,164)

$

(41,529)

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

June 30,

December 31,

(dollars in thousands)

2021

2020

Deferred leasing costs

$

90,432

$

112,421

Deferred financing costs - revolving credit facility (a)

6,684

5,559

97,116

117,980

Accumulated amortization

(36,970)

(52,428)

Deferred charges, net

60,146

65,552

Notes receivable (b)

11,053

1,167

In-place lease values, related intangibles and other assets, net

46,430

71,608

Goodwill (c)

2,945

2,945

Right of use assets (d)

22,298

22,298

Prepaid expenses and other assets, net

30,507

35,971

Total deferred charges, goodwill and other assets, net (e)

$

173,379

$

199,541

(a)Deferred financing costs related to all other debt liabilities (other than for the 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 June 30, 2021 and December 31, 2020, respectively, an interest-free note receivable with a net present value of $0.9 million and $1.2 million which matures in April 2023. Also includes $10 million as of June 30, 2021 of seller-financing provided by the Company to the buyers of the Metropark portfolio. The receivable is secured against available cash of one of the properties disposed of and earns an annual return of four percent for 90 days after the disposition, with the interest rate increasing to 15 percent thereafter. The Company believes these balances are fully collectible.

(c)All goodwill is attributable to the Company’s Multi-family Real Estate and Services segment.

(d)This amount has a corresponding liability of $23.7 million, which is included in Accounts payable, accrued expense and other liabilities. See Note 13: Commitments and Contingencies – Ground Lease agreements for further details.

(e)Includes as of June 30, 2021 and December 31, 2020, $5.7 million and $42.5 million, respectively, for properties classified as discontinued operations.

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

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

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

Location of Gain or (Loss) Recognized in Income on Derivative

Amount of Gain or (Loss) Recognized in Income on Derivative and Reclassification for Forecasted Transactions No Longer Probable of Occurring)

Total Amount of Interest Expense presented in the consolidated statements

2021

2020

2021

2020

2021

2020

2021

2020

Three months ended June 30,

Interest rate swaps

$

-

$

-

Interest expense

$

-

$

-

Interest and other investment income (loss)

$

-

$

-

$

(16,554)

$

(20,611)

Six months ended June 30,

Interest rate swaps

$

-

$

-

Interest expense

$

-

$

16

$

-

$

-

$

(34,164)

$

(41,529)