Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Tables)
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3 Months Ended |
Mar. 31, 2020 |
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| Stockolders Equity [Line Items] |
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| Schedule Of General Partner Capital |
| | | | | | | Three Months Ended | | March 31, | | | 2020 | | | 2019 | Opening Balance | $ | 1,493,699 | | $ | 1,486,658 | Net income (loss) | | (39,924) | | | 244,495 | Common stock distributions | | (18,119) | | | (18,065) | Redeemable noncontrolling interests | | (2,804) | | | (3,152) | Change in noncontrolling interests in consolidated | | | | | | joint ventures | | - | | | (1,958) | Redemption of common units for common stock | | - | | | 82 | Redemption of common units | | - | | | (1,665) | Shares issued under Dividend Reinvestment and | | | | | | Stock Purchase Plan | | 19 | | | 10 | Directors' deferred compensation plan | | 82 | | | 130 | Stock Compensation | | 430 | | | 265 | Cancellation of restricted shares | | - | | | - | Cancellation of unvested LTIP units | | - | | | 2,819 | Other comprehensive income (loss) | | 18 | | | (4,038) | Rebalancing of ownership percent between parent and | | | | | | subsidiaries | | 742 | | | (1,563) | Balance at March 31 | $ | 1,434,143 | | $ | 1,704,018 |
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| Schedule Of Stock Option Plans |
Information regarding the Company’s stock option plans is summarized below for the three months ended March 31, 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, Lapsed or Cancelled | - | | | - | | | | Outstanding at March 31, 2020 ($17.31) | 800,000 | | $ | 17.31 | | $ | - | Options exercisable at March 31, 2020 | 800,000 | | | | | | | Available for grant at March 31, 2020 | 42,011 | | | | | | |
| | | | | | | | | | | | 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 March 31, 2019 ($17.31) | 800,000 | | $ | 17.31 | | $ | 3,912 | Options exercisable at March 31, 2019 | 800,000 | | | | | | | Available for grant at March 31, 2019 | 750,000 | | | | | | |
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| 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 | % |
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| Schedule Of Restricted Stock Awards |
Information regarding the Restricted Stock Awards grant activity is summarized below for the three months ended March 31, 2020 and 2019, respectively: | | | | | | | | | Weighted-Average | | | | | Grant – Date | | Shares | | | Fair Value | Outstanding at January 1, 2020 | 42,690 | | $ | 21.08 | Cancelled | - | | | - | Outstanding at March 31, 2020 | 42,690 | | $ | 21.08 |
| | | | | | | | | Weighted-Average | | | | | Grant – Date | | Shares | | | Fair Value | Outstanding at January 1, 2019 | 67,289 | | $ | 22.43 | Cancelled | (968) | | | 25.83 | Outstanding at March 31, 2019 | 66,321 | | $ | 22.38 |
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| Schedule Of Reconciliation Of Shares Used In Basic EPS Calculation To Shares Used In Diluted EPS Calculation |
| | | | | | | | Three Months Ended | | | March 31, | Computation of Basic EPS | | 2020 | | | 2019 | Income (loss) from continuing operations | $ | (32,091) | | $ | 267,366 | Add (deduct): Noncontrolling interests in consolidated joint ventures | | 176 | | | 1,248 | Add (deduct): Noncontrolling interests in Operating Partnership | | 3,666 | | | (26,843) | Add (deduct): Redeemable noncontrolling interests | | (6,471) | | | (4,667) | Add (deduct): Redemption value adjustment of redeemable noncontrolling | | | | | | interests attributable to common shareholders | | (2,804) | | | (3,152) | Income (loss) from continuing operations available to common shareholders | | (37,524) | | | 233,952 | Income (loss) from discontinued operations available to common shareholders | | (5,204) | | | 7,391 | Net income (loss) available to common shareholders for basic earnings per share | $ | (42,728) | | $ | 241,343 | | | | | | | Weighted average common shares | | 90,616 | | | 90,498 | | | | | | | Basic EPS: | | | | | | Income (loss) from continuing operations available to common shareholders | $ | (0.41) | | $ | 2.59 | Income (loss) from discontinued operations available to common shareholders | | (0.06) | | | 0.08 | Net income (loss) available to common shareholders | $ | (0.47) | | $ | 2.67 |
| | | | | | | | | | | | | | Three Months Ended | | | March 31, | Computation of Diluted EPS | | 2020 | | | 2019 | Net income (loss) from continuing operations available to common shareholders | $ | (37,524) | | $ | 233,952 | Add (deduct): Noncontrolling interests in Operating Partnership | | (3,666) | | | 26,843 | Add (deduct): Redemption value adjustment of redeemable noncontrolling | | | | | | interests attributable to the Operating Partnership unitholders | | (296) | | | (357) | Income (loss) from continuing operations for diluted earnings per share | | (41,486) | | | 260,438 | Income (loss) from discontinued operations for diluted earnings per share | | (5,753) | | | 8,228 | Net income (loss) available for diluted earnings per share | $ | (47,239) | | $ | 268,666 | | | | | | | Weighted average common shares | | 100,183 | | | 100,943 | | | | | | | Diluted EPS: | | | | | | Income (loss) from continuing operations available to common shareholders | $ | (0.41) | | $ | 2.58 | Income (loss) from discontinued operations available to common shareholders | | (0.06) | | | 0.08 | Net income (loss) available to common shareholders | $ | (0.47) | | $ | 2.66 |
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 | | | March 31, | | | 2020 | | 2019 | Basic EPS shares | | 90,616 | | 90,498 | Add: Operating Partnership – common and vested LTIP units | | 9,567 | | 10,242 | Restricted Stock Awards | | - | | 66 | Stock Options | | - | | 137 | Diluted EPS Shares | | 100,183 | | 100,943 |
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| Mack-Cali Realty LP [Member] |
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| Stockolders Equity [Line Items] |
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| Schedule Of Stock Option Plans |
Information regarding the Company’s stock option plans is summarized below for the three months ended March 31, 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, Lapsed or Cancelled | - | | | - | | | | Outstanding at March 31, 2020 ($17.31) | 800,000 | | $ | 17.31 | | $ | - | Options exercisable at March 31, 2020 | 800,000 | | | | | | | Available for grant at March 31, 2020 | 42,011 | | | | | | |
| | | | | | | | | | | | 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 March 31, 2019 ($17.31) | 800,000 | | $ | 17.31 | | $ | 3,912 | Options exercisable at March 31, 2019 | 800,000 | | | | | | | Available for grant at March 31, 2019 | 750,000 | | | | | | |
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| 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 | % |
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| Schedule Of Restricted Stock Awards |
Information regarding the Restricted Stock Awards grant activity is summarized below for the three months ended March 31, 2020 and 2019, respectively: | | | | | | | | | Weighted-Average | | | | | Grant – Date | | Shares | | | Fair Value | Outstanding at January 1, 2020 | 42,690 | | $ | 21.08 | Cancelled | - | | | - | Outstanding at March 31, 2020 | 42,690 | | $ | 21.08 |
| | | | | | | | | Weighted-Average | | | | | Grant – Date | | Shares | | | Fair Value | Outstanding at January 1, 2019 | 67,289 | | $ | 22.43 | Cancelled | (968) | | | 25.83 | Outstanding at March 31, 2019 | 66,321 | | $ | 22.38 |
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| Schedule Of Reconciliation Of Shares Used In Basic EPS Calculation To Shares Used In Diluted EPS Calculation |
| | | | | | | | | | Three Months Ended | | | | March 31, | Computation of Basic EPU | | | 2020 | | | 2019 | Income (loss) from continuing operations | | $ | (32,091) | | $ | 267,366 | Add (deduct): Noncontrolling interests in consolidated joint ventures | | | 176 | | | 1,248 | Add (deduct): Redeemable noncontrolling interests | | | (6,471) | | | (4,667) | Add (deduct): Redemption value adjustment of redeemable noncontrolling interests | | | (3,100) | | | (3,509) | Income (loss) from continuing operations available to unitholders | | | (41,486) | | | 260,438 | Income (loss) from discontinued operations available to unitholders | | | (5,753) | | | 8,228 | Net income (loss) available to common unitholders for basic earnings per unit | | $ | (47,239) | | $ | 268,666 | | | | | | | | Weighted average common units | | | 100,183 | | | 100,740 | | | | | | | | Basic EPU: | | | | | | | Income (loss) from continuing operations available to unitholders | | $ | (0.41) | | $ | 2.59 | Income (loss) from discontinued operations available to unitholders | | | (0.06) | | | 0.08 | Net income (loss) available to common unitholders for basic earnings per unit | | $ | (0.47) | | $ | 2.67 | | | | | | | | | | | | | | Year Ended December 31, | Computation of Diluted EPU | | | 2020 | | | 2019 | Net income (loss) from continuing operations available to common unitholders | | $ | (41,486) | | $ | 260,438 | Income (loss) from discontinued operations for diluted earnings per unit | | | (5,753) | | | 8,228 | Net income (loss) available to common unitholders for diluted earnings per unit | | $ | (47,239) | | $ | 268,666 | | | | | | | | Weighted average common unit | | | 100,183 | | | 100,943 | | | | | | | | Diluted EPU: | | | | | | | Income (loss) from continuing operations available to common unitholders | | $ | (0.41) | | $ | 2.58 | Income (loss) from discontinued operations available to common unitholders | | | (0.06) | | | 0.08 | Net income (loss) available to common unitholders | | $ | (0.47) | | $ | 2.66 |
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 | | | March 31, | | | 2020 | | 2019 | Basic EPU units | | 100,183 | | 100,740 | Add: Restricted Stock Awards | | - | | 66 | Add: Stock Options | | - | | 137 | Diluted EPU Units | | 100,183 | | 100,943 |
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