Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Tables)
|
9 Months Ended |
Sep. 30, 2020 |
|---|
| Stockolders Equity [Line Items] |
|
| Schedule Of General Partner Capital |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
Opening Balance |
$ |
1,399,033 |
|
$ |
1,645,587 |
|
$ |
1,493,699 |
|
$ |
1,486,658 |
Net income (loss) available to common shareholders |
|
(42,208) |
|
|
(55,928) |
|
|
(117,019) |
|
|
166,513 |
Common stock distributions |
|
(18,142) |
|
|
(18,106) |
|
|
(36,261) |
|
|
(54,282) |
Redeemable noncontrolling interests |
|
(2,167) |
|
|
(3,025) |
|
|
(7,207) |
|
|
(22,936) |
Change in noncontrolling interests in consolidated |
|
|
|
|
|
|
|
|
|
|
|
joint ventures |
|
- |
|
|
- |
|
|
- |
|
|
(1,958) |
Redemption of common units for common stock |
|
- |
|
|
- |
|
|
- |
|
|
705 |
Redemption of common units |
|
- |
|
|
- |
|
|
- |
|
|
(1,665) |
Shares issued under Dividend Reinvestment and |
|
|
|
|
|
|
|
|
|
|
|
Stock Purchase Plan |
|
9 |
|
|
10 |
|
|
39 |
|
|
31 |
Directors' deferred compensation plan |
|
76 |
|
|
81 |
|
|
215 |
|
|
238 |
Stock Compensation |
|
394 |
|
|
7 |
|
|
1,158 |
|
|
490 |
Cancellation of unvested LTIP units |
|
- |
|
|
- |
|
|
- |
|
|
2,819 |
Other comprehensive income (loss) |
|
- |
|
|
(791) |
|
|
18 |
|
|
(8,993) |
Rebalancing of ownership percent between parent and |
|
|
|
|
|
|
|
|
|
|
|
subsidiaries |
|
(875) |
|
|
1,426 |
|
|
1,478 |
|
|
1,641 |
Balance at September 30 |
$ |
1,336,120 |
|
$ |
1,569,261 |
|
$ |
1,336,120 |
|
$ |
1,569,261 |
|
| Schedule Of Stock Option Plans |
Information regarding the Company’s stock option plans is summarized below for the three months ended September 30, 2020 and 2019, respectively:
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
Aggregate |
|
|
|
|
Average |
|
|
Intrinsic |
|
Shares |
|
|
Exercise |
|
|
Value |
|
Under Options |
|
|
Price |
|
|
$(000’s) |
Outstanding at July 1, 2020 |
800,000 |
|
$ |
17.31 |
|
$ |
- |
Granted |
172,495 |
|
|
14.39 |
|
|
|
Outstanding at September 30, 2020 ($14.39 - $17.31) |
972,495 |
|
$ |
16.79 |
|
$ |
- |
Options exercisable at September 30, 2020 |
972,495 |
|
|
|
|
|
|
Available for grant at September 30, 2020 |
717,155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
Information regarding the Company’s stock option plans is summarized below for the nine months ended September 30, 2020 and 2019, respectively:
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
Aggregate |
|
|
|
|
Average |
|
|
Intrinsic |
|
Shares |
|
|
Exercise |
|
|
Value |
|
Under Options |
|
|
Price |
|
|
$(000’s) |
Outstanding at January 1, 2020 |
800,000 |
|
$ |
17.31 |
|
$ |
- |
Granted |
172,495 |
|
|
14.39 |
|
|
|
Outstanding at September 30, 2020 ($14.39 - $17.31) |
972,495 |
|
$ |
16.79 |
|
$ |
- |
Options exercisable at September 30, 2020 |
972,495 |
|
|
|
|
|
|
Available for grant at September 30, 2020 |
717,155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| Schedule Of Weighted Average Assumptions |
|
|
|
|
Stock |
|
|
Options |
|
Expected life (in years) |
5.3 |
|
Risk-free interest rate |
0.41 |
% |
Volatility |
31.0 |
% |
Dividend yield |
2.7 |
% |
|
| Schedule Of Restricted Stock Awards |
Information regarding the Restricted Stock Awards grant activity is summarized below for the three months ended September 30, 2020 and 2019, respectively:
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
Grant – Date |
|
Shares |
|
|
Fair Value |
Outstanding at July 1, 2020 |
17,076 |
|
$ |
21.08 |
Vested |
(17,076) |
|
|
21.08 |
Granted |
52,974 |
|
|
15.29 |
Outstanding at September 30, 2020 |
52,974 |
|
$ |
15.29 |
|
|
|
|
|
|
|
|
|
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 |
Information regarding the Restricted Stock Awards grant activity is summarized below for the nine months ended September 30, 2020 and 2019, respectively:
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
Grant – Date |
|
Shares |
|
|
Fair Value |
Outstanding at January 1, 2020 |
42,690 |
|
$ |
21.08 |
Vested |
(42,690) |
|
|
21.08 |
Granted |
52,974 |
|
|
15.29 |
Outstanding at September 30, 2020 |
52,974 |
|
$ |
15.29 |
|
|
|
|
|
|
|
|
|
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 September 30, 2019 |
24,200 |
|
$ |
25.83 |
|
| 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 |
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
Income (loss) from continuing operations |
$ |
(76,384) |
|
$ |
(54,464) |
|
$ |
(151,209) |
|
$ |
190,423 |
Add (deduct): Noncontrolling interests in consolidated joint ventures |
|
895 |
|
|
405 |
|
|
1,900 |
|
|
2,500 |
Add (deduct): Noncontrolling interests in Operating Partnership |
|
7,874 |
|
|
6,005 |
|
|
16,166 |
|
|
(18,191) |
Add (deduct): Redeemable noncontrolling interests |
|
(6,471) |
|
|
(6,471) |
|
|
(19,413) |
|
|
(16,144) |
Add (deduct): Redemption value adjustment of redeemable noncontrolling |
|
|
|
|
|
|
|
|
|
|
|
interests attributable to common shareholders |
|
(2,167) |
|
|
(3,025) |
|
|
(7,207) |
|
|
(22,936) |
Income (loss) from continuing operations available to common shareholders |
|
(76,253) |
|
|
(57,550) |
|
|
(159,763) |
|
|
135,652 |
Income (loss) from discontinued operations available to common shareholders |
|
31,878 |
|
|
(1,403) |
|
|
35,537 |
|
|
7,925 |
Net income (loss) available to common shareholders for basic earnings per share |
$ |
(44,375) |
|
$ |
(58,953) |
|
$ |
(124,226) |
|
$ |
143,577 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares |
|
90,671 |
|
|
90,584 |
|
|
90,639 |
|
|
90,539 |
|
|
|
|
|
|
|
|
|
|
|
|
Basic EPS: |
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations available to common shareholders |
$ |
(0.84) |
|
$ |
(0.63) |
|
$ |
(1.76) |
|
$ |
1.50 |
Income (loss) from discontinued operations available to common shareholders |
|
0.35 |
|
|
(0.02) |
|
|
0.39 |
|
|
0.09 |
Net income (loss) available to common shareholders |
$ |
(0.49) |
|
$ |
(0.65) |
|
$ |
(1.37) |
|
$ |
1.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
September 30, |
|
|
September 30, |
Computation of Diluted EPS |
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
Net income (loss) from continuing operations available to common shareholders |
$ |
(76,253) |
|
$ |
(57,550) |
|
$ |
(159,763) |
|
$ |
135,652 |
Add (deduct): Noncontrolling interests in Operating Partnership |
|
(7,874) |
|
|
(6,005) |
|
|
(16,166) |
|
|
18,191 |
Add (deduct): Redemption value adjustment of redeemable noncontrolling |
|
|
|
|
|
|
|
|
|
|
|
interests attributable to the Operating Partnership unitholders |
|
(230) |
|
|
(334) |
|
|
(763) |
|
|
(2,541) |
Income (loss) from continuing operations for diluted earnings per share |
|
(84,357) |
|
|
(63,889) |
|
|
(176,692) |
|
|
151,302 |
Income (loss) from discontinued operations for diluted earnings per share |
|
35,266 |
|
|
(1,557) |
|
|
39,313 |
|
|
8,821 |
Net income (loss) available for diluted earnings per share |
$ |
(49,091) |
|
$ |
(65,446) |
|
$ |
(137,379) |
|
$ |
160,123 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares |
|
100,307 |
|
|
100,560 |
|
|
100,235 |
|
|
100,802 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS: |
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations available to common shareholders |
$ |
(0.84) |
|
$ |
(0.63) |
|
$ |
(1.76) |
|
$ |
1.50 |
Income (loss) from discontinued operations available to common shareholders |
|
0.35 |
|
|
(0.02) |
|
|
0.39 |
|
|
0.09 |
Net income (loss) available to common shareholders |
$ |
(0.49) |
|
$ |
(0.65) |
|
$ |
(1.37) |
|
$ |
1.59 |
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, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Basic EPS shares |
|
90,671 |
|
90,584 |
|
90,639 |
|
90,539 |
Add: Operating Partnership – common and vested LTIP units |
|
9,636 |
|
9,976 |
|
9,596 |
|
10,068 |
Restricted Stock Awards |
|
- |
|
- |
|
- |
|
24 |
Stock Options |
|
- |
|
- |
|
- |
|
171 |
Diluted EPS Shares |
|
100,307 |
|
100,560 |
|
100,235 |
|
100,802 |
|
| 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, 2020 and 2019, respectively:
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
Aggregate |
|
|
|
|
Average |
|
|
Intrinsic |
|
Shares |
|
|
Exercise |
|
|
Value |
|
Under Options |
|
|
Price |
|
|
$(000’s) |
Outstanding at July 1, 2020 |
800,000 |
|
$ |
17.31 |
|
$ |
- |
Granted |
172,495 |
|
|
14.39 |
|
|
|
Outstanding at September 30, 2020 ($14.39 - $17.31) |
972,495 |
|
$ |
16.79 |
|
$ |
- |
Options exercisable at September 30, 2020 |
972,495 |
|
|
|
|
|
|
Available for grant at September 30, 2020 |
717,155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
Information regarding the Company’s stock option plans is summarized below for the nine months ended September 30, 2020 and 2019, respectively:
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
Aggregate |
|
|
|
|
Average |
|
|
Intrinsic |
|
Shares |
|
|
Exercise |
|
|
Value |
|
Under Options |
|
|
Price |
|
|
$(000’s) |
Outstanding at January 1, 2020 |
800,000 |
|
$ |
17.31 |
|
$ |
- |
Granted |
172,495 |
|
|
14.39 |
|
|
|
Outstanding at September 30, 2020 ($14.39 - $17.31) |
972,495 |
|
$ |
16.79 |
|
$ |
- |
Options exercisable at September 30, 2020 |
972,495 |
|
|
|
|
|
|
Available for grant at September 30, 2020 |
717,155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
| Schedule Of Restricted Stock Awards |
Information regarding the Restricted Stock Awards grant activity is summarized below for the three months ended September 30, 2020 and 2019, respectively:
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
Grant – Date |
|
Shares |
|
|
Fair Value |
Outstanding at July 1, 2020 |
17,076 |
|
$ |
21.08 |
Vested |
(17,076) |
|
|
21.08 |
Granted |
52,974 |
|
|
15.29 |
Outstanding at September 30, 2020 |
52,974 |
|
$ |
15.29 |
|
|
|
|
|
|
|
|
|
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 |
Information regarding the Restricted Stock Awards grant activity is summarized below for the nine months ended September 30, 2020 and 2019, respectively:
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
Grant – Date |
|
Shares |
|
|
Fair Value |
Outstanding at January 1, 2020 |
42,690 |
|
$ |
21.08 |
Vested |
(42,690) |
|
|
21.08 |
Granted |
52,974 |
|
|
15.29 |
Outstanding at September 30, 2020 |
52,974 |
|
$ |
15.29 |
|
|
|
|
|
|
|
|
|
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 September 30, 2019 |
24,200 |
|
$ |
25.83 |
|
| 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 |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
Income (loss) from continuing operations |
|
$ |
(76,384) |
|
$ |
(54,464) |
|
$ |
(151,209) |
|
$ |
190,423 |
Add (deduct): Noncontrolling interests in consolidated joint ventures |
|
|
895 |
|
|
405 |
|
|
1,900 |
|
|
2,500 |
Add (deduct): Redeemable noncontrolling interests |
|
|
(6,471) |
|
|
(6,471) |
|
|
(19,413) |
|
|
(16,144) |
Add (deduct): Redemption value adjustment of redeemable noncontrolling interests |
|
|
(2,397) |
|
|
(3,359) |
|
|
(7,970) |
|
|
(25,477) |
Income (loss) from continuing operations available to unitholders |
|
|
(84,357) |
|
|
(63,889) |
|
|
(176,692) |
|
|
151,302 |
Income (loss) from discontinued operations available to unitholders |
|
|
35,266 |
|
|
(1,557) |
|
|
39,313 |
|
|
8,821 |
Net income (loss) available to common unitholders for basic earnings per unit |
|
$ |
(49,091) |
|
$ |
(65,446) |
|
$ |
(137,379) |
|
$ |
160,123 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common units |
|
|
100,307 |
|
|
100,560 |
|
|
100,235 |
|
|
100,607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic EPU: |
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations available to unitholders |
|
$ |
(0.84) |
|
$ |
(0.63) |
|
$ |
(1.76) |
|
$ |
1.50 |
Income (loss) from discontinued operations available to unitholders |
|
|
0.35 |
|
|
(0.02) |
|
|
0.39 |
|
|
0.09 |
Net income (loss) available to common unitholders for basic earnings per unit |
|
$ |
(0.49) |
|
$ |
(0.65) |
|
$ |
(1.37) |
|
$ |
1.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
Computation of Diluted EPU |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
Net income (loss) from continuing operations available to common unitholders |
|
$ |
(84,357) |
|
$ |
(63,889) |
|
$ |
(176,692) |
|
$ |
151,302 |
Income (loss) from discontinued operations for diluted earnings per unit |
|
|
35,266 |
|
|
(1,557) |
|
|
39,313 |
|
|
8,821 |
Net income (loss) available to common unitholders for diluted earnings per unit |
|
$ |
(49,091) |
|
$ |
(65,446) |
|
$ |
(137,379) |
|
$ |
160,123 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common unit |
|
|
100,307 |
|
|
100,560 |
|
|
100,235 |
|
|
100,802 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPU: |
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations available to common unitholders |
|
$ |
(0.84) |
|
$ |
(0.63) |
|
$ |
(1.76) |
|
$ |
1.50 |
Income (loss) from discontinued operations available to common unitholders |
|
|
0.35 |
|
|
(0.02) |
|
|
0.39 |
|
|
0.09 |
Net income (loss) available to common unitholders |
|
$ |
(0.49) |
|
$ |
(0.65) |
|
$ |
(1.37) |
|
$ |
1.59 |
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, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Basic EPU units |
|
100,307 |
|
100,560 |
|
100,235 |
|
100,607 |
Add: Restricted Stock Awards |
|
- |
|
- |
|
- |
|
24 |
Add: Stock Options |
|
- |
|
- |
|
- |
|
171 |
Diluted EPU Units |
|
100,307 |
|
100,560 |
|
100,235 |
|
100,802 |
|
| AO LTIP Units Award [Member] |
|
| Stockolders Equity [Line Items] |
|
| 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 |
% |
|
| AO LTIP Units Award [Member] | Mack-Cali Realty LP [Member] |
|
| Stockolders Equity [Line Items] |
|
| 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 |
% |
|