2.2.0.25falsefalse11601 - Disclosure - Noncontrolling Interests in Subsidiariestruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010
USD ($)
USD ($) / shares
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<div><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">16. </font></div></td>
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<div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline; text-decoration: underline;" class="_mt">NONCONTROLLING INTERESTS IN SUBSIDIARIES</font></font></div></td></tr></table></div>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Noncontrolling interests in subsidiaries in the accompanying consolidated financial statements relate to (i) preferred units ("Preferred Units") and common units in the Operating Partnership, held by parties other than the Company, and (ii) interests in consolidated joint ventures for the portion of such properties not owned by the Company.</font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -14.4pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">OPERATING PARTNERSHIP</font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -14.4pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">Preferred Units</font></div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">In connection with the Company's issuance of $25 million of Series C cumulative redeemable perpetual preferred stock, the Company acquired from the Operating Partnership $25 million of Series C Preferred Units (the "Series C Preferred Units"), which have terms essentially identical to the Series C preferred stock. See Note 15: Mack-Cali Realty Corporation Stockholders' Equity – Preferred Stock.</font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">Common Units</font></div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Certain individuals and entities own common units in the Operating Partnership. A common unit and a share of Common Stock of the Company have substantially the same economic characteristics in as much as they effectively share equally in the net income or loss of the Operating Partnership. Common unitholders have the right to redeem their common units, subject to certain restrictions. The redemption is required to be satisfied in shares of Common Stock, cash, or a combination thereof, calculated as follows: one share of the Company's Common Stock, or cash equal to the fair market value of a share of the Company's Common Stock at the time of redemption, for each common unit. The Company, in its sole discretion, determines the form of redemption of common units (i.e., whether a common unitholder receives Common Stock, cash, or any combination thereof). If the Company elects to satisfy the redemption with shares of Common Stock as opposed to cash, it is obligated to issue shares of its Common Stock to the redeeming unitholder. Regardless of the rights described above, the common unitholders may not put their units for cash to the Company or the Operating Partnership under any circumstances. When a unitholder redeems a common unit, noncontrolling interest in the Operating Partnership is reduced and Mack-Cali Realty Corporation Stockholders' equity is increased.</font></div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt"> </font> </div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">Unit Transactions</font></div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The following table sets forth the changes in noncontrolling interests in subsidiaries which relate to the common units in the Operating Partnership for the years ended December 31, 2010, 2009 and 2008: <font style="font-style: italic; display: inline;" class="_mt">(dollars in thousands)</font></font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 11.1pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Common</font></div></td></tr>
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<td style="border-bottom: black 2px solid;" valign="top" width="17%" align="right">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 11.1pt;" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Units</font></div></td></tr>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Balance at January 1, 2008</font></div></td>
<td style="text-align: right;" valign="top" width="17%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 11.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">14,985,538</font></div></td></tr>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="margin-left: 9pt;" class="_mt"> </font>Redemption of common units for shares of common stock</font></div></td>
<td style="border-bottom: black 2px solid; text-align: right;" valign="top" width="17%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 9.35pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(547,807)</font></div></td></tr>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Balance at December 31, 2008</font></div></td>
<td style="text-align: right;" valign="top" width="17%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 11.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">14,437,731</font></div></td></tr>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="margin-left: 9pt;" class="_mt"> </font>Redemption of common units for shares of common stock</font></div></td>
<td style="border-bottom: black 2px solid; text-align: right;" valign="top" width="17%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 9.35pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(942,695)</font></div></td></tr>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Balance at December 31, 2009</font></div></td>
<td style="text-align: right;" valign="top" width="17%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 11.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">13,495,036</font></div></td></tr>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="margin-left: 9pt;" class="_mt"> </font>Redemption of common units for shares of common stock</font></div></td>
<td style="border-bottom: black 2px solid; text-align: right;" valign="top" width="17%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 9.35pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(487,368)</font></div></td></tr>
<tr><td valign="top" width="60%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td>
<td valign="top" width="17%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"> </font></td></tr>
<tr><td style="border-bottom: black 3px double;" valign="top" width="60%">
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Balance at December 31, 2010</font></div></td>
<td style="border-bottom: black 3px double; text-align: right;" valign="top" width="17%">
<div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 11.1pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">13,007,668</font></div></td></tr></table></div>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Pursuant to ASC 810, Consolidation, on the accounting and reporting for noncontrolling interests and changes in ownership interests of a subsidiary, changes in a parent's ownership interest (and transactions with noncontrolling interest unitholders in the subsidiary) while the parent retains its controlling interest in its subsidiary should be accounted for as equity transactions. The carrying amount of the noncontrolling interest shall be adjusted to reflect the change in its ownership interest in the subsidiary, with the offset to equity attributable to the parent. Accordingly, as a result of equity transactions which caused changes in ownership percentages between Mack-Cali Realty Corporation stockholders' equity and noncontrolling interests in the Operating Partnership that occurred during the year ended December 31, 2010, the Company has increased noncontrolling interests in the Operating Partnership and decreased additional paid-in capital in Mack-Cali Realty Corporation stockholders' equity by approximately $0.3 million as of December 31, 2010.</font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">NONCONTROLLING INTEREST OWNERSHIP</font></div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">As of December 31, 2010 and 2009, the noncontrolling interest common unitholders owned 14.0 percent and 14.6 percent of the Operating Partnership, respectively.</font></div>
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<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -14.4pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">CONSOLIDATED JOINT VENTURES</font></div>
<div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company has ownership interests in certain joint ventures which it consolidates. Various entities and/or individuals hold noncontrolling interests in these ventures.</font></div> </div>16.
NONCONTROLLING INTERESTS IN SUBSIDIARIES
Noncontrolling interests in subsidiaries in the accompanying consolidated financial statementsfalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringDescription of noncontrolling interest in consolidated subsidiaries which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net income (loss) of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
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