Quarterly report pursuant to Section 13 or 15(d)

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

v3.20.2
Deferred Charges, Goodwill And Other Assets, Net (Tables)
9 Months Ended
Sep. 30, 2020
Deferred Charges, Goodwill And Other Assets [Line Items]  
Schedule Of Deferred Charges, Goodwill And Other Assets

September 30,

December 31,

(dollars in thousands)

2020

2019

Deferred leasing costs

$

118,496

$

142,424

Deferred financing costs - unsecured revolving credit facility (a)

5,559

5,559

124,055

147,983

Accumulated amortization

(51,815)

(59,522)

Deferred charges, net

72,240

88,461

Notes receivable (b)

1,292

1,625

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

72,665

86,092

Goodwill (c)

2,945

2,945

Right of use assets (d)

22,604

22,604

Prepaid expenses and other assets, net (e)

48,448

73,375

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

$

220,194

$

275,102

(a)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 September 30, 2020 and December 31, 2019, respectively, an interest-free note receivable with a net present value of $1.3 million and $1.6 million which matures in April 2023. The Company believes this balance is fully collectible.

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

(d)Balance recorded starting in 2019, pursuant to the Company’s adoption of ASU 2016-02 (Topic 842). This amount has a corresponding liability of $23.8 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 September 30, 2020 and December 31, 2019, zero and $28.1 million, respectively, of funds available with the Company’s qualified intermediary.

(f)Includes as of September 30, 2020 and December 31, 2019, $50.4 million and $68.6 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

2020

2019

2020

2019

2020

2019

2020

2019

Three months ended September 30,

Interest rate swaps

$

-

$

(195)

Interest expense

$

-

$

551

Interest and other investment income (loss)

$

-

$

132

$

(20,265)

$

(22,129)

Nine months ended September 30,

Interest rate swaps

$

-

$

(4,608)

Interest expense

$

16

$

3,419

$

-

$

1,926

$

(61,795)

$

(67,817)

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

September 30,

December 31,

(dollars in thousands)

2020

2019

Deferred leasing costs

$

118,496

$

142,424

Deferred financing costs - unsecured revolving credit facility (a)

5,559

5,559

124,055

147,983

Accumulated amortization

(51,815)

(59,522)

Deferred charges, net

72,240

88,461

Notes receivable (b)

1,292

1,625

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

72,665

86,092

Goodwill (c)

2,945

2,945

Right of use assets (d)

22,604

22,604

Prepaid expenses and other assets, net (e)

48,448

73,375

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

$

220,194

$

275,102

(a)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 September 30, 2020 and December 31, 2019, respectively, an interest-free note receivable with a net present value of $1.3 million and $1.6 million which matures in April 2023. The Company believes this balance is fully collectible.

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

(d)Balance recorded starting in 2019, pursuant to the Company’s adoption of ASU 2016-02 (Topic 842). This amount has a corresponding liability of $23.8 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 September 30, 2020 and December 31, 2019, zero and $28.1 million, respectively, of funds available with the Company’s qualified intermediary.

(f)Includes as of September 30, 2020 and December 31, 2019, $50.4 million and $68.6 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

2020

2019

2020

2019

2020

2019

2020

2019

Three months ended September 30,

Interest rate swaps

$

-

$

(195)

Interest expense

$

-

$

551

Interest and other investment income (loss)

$

-

$

132

$

(20,265)

$

(22,129)

Nine months ended September 30,

Interest rate swaps

$

-

$

(4,608)

Interest expense

$

16

$

3,419

$

-

$

1,926

$

(61,795)

$

(67,817)