Recent Transactions (Tables)
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6 Months Ended |
Jun. 30, 2019 |
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| Real Estate Properties [Line Items] |
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| Schedule Of Properties Acquired |
| | | | | | | | | | | | | Rentable | | | | | Acquisition | | | # of | Square Feet/ | | | Acquisition | | Date | Property Address | Location | Bldgs. | Apartment Units | | | Cost | | 02/06/19 | 99 Wood Avenue (a) | Iselin, New Jersey | 1 | 271,988 | | $ | 61,858 | | 04/01/19 | Soho Lofts Apartments (a) | Jersey City, New Jersey | 1 | 377 | | | 264,578 | | | | | | | | | | | Total Acquisitions | | | 2 | | | $ | 326,436 | |
| | (a) | This acquisition was funded using funds available with the Company's qualified intermediary and through borrowing under the Company's unsecured revolving credit facility. |
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| Schedule Of Acquisition Cost Allocated To Net Assets Acquired |
| | | | | | | | | | | | | | | 99 Wood Avenue | | | | Soho Lofts Apartments | | | | Total | Land and leasehold interest | | $ | 9,261 | | | $ | 27,601 | | | $ | 36,862 | Buildings and improvements and other assets | | | 45,576 | | | | 231,663 | | | | 277,239 | Above market lease values | | | 431 | (a) | | | - | | | | 431 | In-place lease values | | | 8,264 | (a) | | | 5,480 | (b) | | | 13,744 | | | | 63,532 | | | | 264,744 | | | | 328,276 | Less: Below market lease values | | | (1,674) | (a) | | | (166) | (b) | | | (1,840) | Net assets recorded upon acquisition | | $ | 61,858 | | | $ | 264,578 | | | $ | 326,436 | | | | | | | | | | | | | (a) Above market, in-place and below market lease values are being amortized over a weighted-average term of 4.3 years. | (b) In-place and below market lease values are being amortized over a weighted term of 0.8 years. |
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| Schedule Of Net Assets Recorded Upon Consolidation |
| | | | | Marbella II | Land and leasehold interest | $ | 36,595 | Buildings and improvements and other assets, net | | 153,974 | In-place lease values (a) | | 4,611 | Less: Below market lease values (a) | | (80) | | | 195,100 | Less: Debt | | (117,000) | Net assets | | 78,100 | Less: Noncontrolling interests | | (13,722) | Net assets recorded upon consolidation | $ | 64,378 | | | | (a) In-place and below market lease values are being amortized over a weighted-average term of 6.2 months. |
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| Disposal Group, Held-for-sale, Not Discontinued Operations [Member] |
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| Real Estate Properties [Line Items] |
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| Schedule Of Disposed Properties |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Realized | | | | | | | | | | | | | | | Gains | | | | | | Rentable | | | Net | | | Net | | | (losses)/ | Disposition | | | # of | | Square | | | Sales | | | Carrying | | | Unrealized | Date | Property/Address | Location | Bldgs. | | Feet | | | Proceeds | | | Value | | | Losses, net | 01/11/19 | 721 Route 202-206 South (a) | Bridgewater, New Jersey | 1 | | 192,741 | | $ | 5,651 | | $ | 5,410 | | $ | 241 | 01/16/19 | Park Square Apartments (b) | Rahway, New Jersey | 1 | | 159 | units | | 34,045 | | | 34,032 | | | 13 | 01/22/19 | 2115 Linwood Avenue | Fort Lee, New Jersey | 1 | | 68,000 | | | 15,197 | | | 7,433 | | | 7,764 | 02/27/19 | 201 Littleton Road (c) | Morris Plains, New Jersey | 1 | | 88,369 | | | 4,842 | | | 4,937 | | | (95) | 03/13/19 | 320 & 321 University Avenue | Newark, New Jersey | 2 | | 147,406 | | | 25,552 | | | 18,456 | | | 7,096 | 03/29/19 | Flex portfolio (d) | New York and Connecticut | 56 | | 3,148,512 | | | 470,348 | | | 214,758 | | | 255,590 | 06/18/19 | 650 From Road (e) | Paramus, New Jersey | 1 | | 348,510 | | | 37,801 | | | 40,046 | | | (2,245) | | | | | | | | | | | | | | | | Totals | | | 63 | | 3,993,538 | | $ | 593,436 | | $ | 325,072 | | $ | 268,364 |
| | (a) | The Company recorded a valuation allowance of $9.3 million on this property during the year ended December 31, 2018. | (b) | The Company recorded a valuation allowance of $6.3 million on this property during the year ended December 31, 2018. | (c) | The Company recorded a valuation allowance of $3.6 million on this property during the year ended December 31, 2018. | (d) | 301,638 Common Units were redeemed by the Company at fair market value of $6.6 million as purchase consideration received for two of the properties disposed of in this transaction, which was a non-cash portion of this sales transaction. The Company used the net cash received at closing to repay approximately $119.9 million of borrowings under the unsecured revolving credit facility and to repay $90 million of its $350 million unsecured term loan. The Company also utilized $217.4 million of these proceeds on April 1, 2019 to acquire a 377-unit multi-family property located in Jersey City, New Jersey. | (e) | The Company recorded a valuation allowance of $0.9 million on this property during the year ended December 31, 2018. |
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| Mack-Cali Realty LP [Member] |
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| Real Estate Properties [Line Items] |
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| Schedule Of Properties Acquired |
| | | | | | | | | | | | | Rentable | | | | | Acquisition | | | # of | Square Feet/ | | | Acquisition | | Date | Property Address | Location | Bldgs. | Apartment Units | | | Cost | | 02/06/19 | 99 Wood Avenue (a) | Iselin, New Jersey | 1 | 271,988 | | $ | 61,858 | | 04/01/19 | Soho Lofts Apartments (a) | Jersey City, New Jersey | 1 | 377 | | | 264,578 | | | | | | | | | | | Total Acquisitions | | | 2 | | | $ | 326,436 | |
| | (a) | This acquisition was funded using funds available with the Company's qualified intermediary and through borrowing under the Company's unsecured revolving credit facility. |
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| Schedule Of Acquisition Cost Allocated To Net Assets Acquired |
| | | | | | | | | | | | | | | 99 Wood Avenue | | | | Soho Lofts Apartments | | | | Total | Land and leasehold interest | | $ | 9,261 | | | $ | 27,601 | | | $ | 36,862 | Buildings and improvements and other assets | | | 45,576 | | | | 231,663 | | | | 277,239 | Above market lease values | | | 431 | (a) | | | - | | | | 431 | In-place lease values | | | 8,264 | (a) | | | 5,480 | (b) | | | 13,744 | | | | 63,532 | | | | 264,744 | | | | 328,276 | Less: Below market lease values | | | (1,674) | (a) | | | (166) | (b) | | | (1,840) | Net assets recorded upon acquisition | | $ | 61,858 | | | $ | 264,578 | | | $ | 326,436 | | | | | | | | | | | | | (a) Above market, in-place and below market lease values are being amortized over a weighted-average term of 4.3 years. | (b) In-place and below market lease values are being amortized over a weighted term of 0.8 years. |
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| Schedule Of Net Assets Recorded Upon Consolidation |
| | | | | Marbella II | Land and leasehold interest | $ | 36,595 | Buildings and improvements and other assets, net | | 153,974 | In-place lease values (a) | | 4,611 | Less: Below market lease values (a) | | (80) | | | 195,100 | Less: Debt | | (117,000) | Net assets | | 78,100 | Less: Noncontrolling interests | | (13,722) | Net assets recorded upon consolidation | $ | 64,378 | | | | (a) In-place and below market lease values are being amortized over a weighted-average term of 6.2 months. |
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| Mack-Cali Realty LP [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] |
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| Real Estate Properties [Line Items] |
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| Schedule Of Disposed Properties |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Realized | | | | | | | | | | | | | | | Gains | | | | | | Rentable | | | Net | | | Net | | | (losses)/ | Disposition | | | # of | | Square | | | Sales | | | Carrying | | | Unrealized | Date | Property/Address | Location | Bldgs. | | Feet | | | Proceeds | | | Value | | | Losses, net | 01/11/19 | 721 Route 202-206 South (a) | Bridgewater, New Jersey | 1 | | 192,741 | | $ | 5,651 | | $ | 5,410 | | $ | 241 | 01/16/19 | Park Square Apartments (b) | Rahway, New Jersey | 1 | | 159 | units | | 34,045 | | | 34,032 | | | 13 | 01/22/19 | 2115 Linwood Avenue | Fort Lee, New Jersey | 1 | | 68,000 | | | 15,197 | | | 7,433 | | | 7,764 | 02/27/19 | 201 Littleton Road (c) | Morris Plains, New Jersey | 1 | | 88,369 | | | 4,842 | | | 4,937 | | | (95) | 03/13/19 | 320 & 321 University Avenue | Newark, New Jersey | 2 | | 147,406 | | | 25,552 | | | 18,456 | | | 7,096 | 03/29/19 | Flex portfolio (d) | New York and Connecticut | 56 | | 3,148,512 | | | 470,348 | | | 214,758 | | | 255,590 | 06/18/19 | 650 From Road (e) | Paramus, New Jersey | 1 | | 348,510 | | | 37,801 | | | 40,046 | | | (2,245) | | | | | | | | | | | | | | | | Totals | | | 63 | | 3,993,538 | | $ | 593,436 | | $ | 325,072 | | $ | 268,364 |
| | (a) | The Company recorded a valuation allowance of $9.3 million on this property during the year ended December 31, 2018. | (b) | The Company recorded a valuation allowance of $6.3 million on this property during the year ended December 31, 2018. | (c) | The Company recorded a valuation allowance of $3.6 million on this property during the year ended December 31, 2018. | (d) | 301,638 Common Units were redeemed by the Company at fair market value of $6.6 million as purchase consideration received for two of the properties disposed of in this transaction, which was a non-cash portion of this sales transaction. The Company used the net cash received at closing to repay approximately $119.9 million of borrowings under the unsecured revolving credit facility and to repay $90 million of its $350 million unsecured term loan. The Company also utilized $217.4 million of these proceeds on April 1, 2019 to acquire a 377-unit multi-family property located in Jersey City, New Jersey. | (e) | The Company recorded a valuation allowance of $0.9 million on this property during the year ended December 31, 2018. |
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