Recent Transactions (Tables)
|
9 Months Ended |
Sep. 30, 2020 |
|---|
| Real Estate Properties [Line Items] |
|
| Schedule Of Properties Which Commenced Initial Operations |
| | | | | | | | | | | | | | | Total | In Service | | | Property | # of | | | Development | Date | Property | Location | Type | Apartment Units | | | Costs Incurred | 03/01/20 | Emery at Overlook Ridge (a) | Malden, MA | Multi-Family | 271 | | $ | 78,539 | Totals | | | | 271 | | $ | 78,539 |
(a)The Emery at Overlook Ridge property consists of a total of 326 multi-family units. Of this amount, the remaining 55 multi-family units were placed in service in October 2020.
|
| Schedule Of Net Assets Recorded Upon Consolidation |
| | | | | Port Imperial North Retail L.L.C. | Land and leasehold interests | $ | 4,305 | Buildings and improvements and other assets, net | | 8,912 | In-place lease values (a) | | 1,503 | Above/Below market lease value, net (a) | | 313 | | | | Net assets recorded upon consolidation | $ | 15,033 | | | | (a) In-place and below market lease values are being amortized over a weighted-average term of 7.5 years. |
|
| Schedule Of Real Estate Held For Sale/Discontinued Operations/Dispositions |
| | | | | | | | | | | | | Suburban | | | Other | | | | | | | Office | | | Assets | | | | | | | Portfolio (a) | | | Held for Sale | | | Total | Land | | $ | 104,884 | | $ | 84,180 | | $ | 189,064 | Building & Other | | | 862,486 | | | 40,290 | | | 902,776 | Less: Accumulated depreciation | | | (219,857) | | | (7,991) | | | (227,848) | Less: Cumulative unrealized losses on property held for sale | | | (105,448) | | | (44,140) | | | (149,588) | Real estate held for sale, net | | $ | 642,065 | | $ | 72,339 | | $ | 714,404 |
| | | | | | | | | | | | | Suburban | | | Other | | | | | | | Office | | | Assets | | | | Other assets and liabilities | | | Portfolio (a) | | | Held for Sale | | | Total | Unbilled rents receivable, net (b) | | $ | 22,207 | | $ | 2,048 | | $ | 24,255 | Deferred charges, net (b) | | | 21,536 | | | 773 | | | 22,309 | Total intangibles, net (b) | | | 26,208 | | | - | | | 26,208 | Total deferred charges & other assets, net | | | 50,413 | | | 789 | | | 51,202 | Mortgages & loans payable, net (b) | | | 123,738 | | | - | | | 123,738 | Total below market liability (b) | | | 7,092 | | | - | | | 7,092 | Accounts payable, accrued exp & other liability | | | 20,564 | | | 255 | | | 20,819 | Unearned rents/deferred rental income (b) | | | 4,565 | | | 203 | | | 4,768 | | | | | | | | | | | (a) Classified as discontinued operations at September 30, 2020 for all periods presented. See Note 7: Discontinued Operations. | (b) Expected to be removed with the completion of the sales. |
|
| Disposal Group, Held-for-sale, Not Discontinued Operations [Member] |
|
| Real Estate Properties [Line Items] |
|
| Schedule Of Disposed Properties |
The Company disposed of the following office properties during the nine months ended September 30, 2020 (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Discontinued | | | | | | | | | | | | | | | | | | | Operations: | | | | | | | | | | | | | | | | | Realized | | Realized | | | | | | | | | | | | | | | | | Gains | | Gains | | | | | | | Rentable | | | | Net | | | Net | | | (losses)/ | | (losses)/ | | Disposition | | | # of | | Square | | Property | | Sales | | | Carrying | | | Unrealized | | Unrealized | | Date | Property/Address | Location | Bldgs. | | Feet/Units | | Type | | Proceeds | | | Value | | | Losses, net | | Losses, net | | 03/17/20 | One Bridge Plaza | Fort Lee, New Jersey | 1 | | 200,000 | | Office | $ | 35,065 | | $ | 17,743 | | $ | - | $ | 17,322 | | 07/22/20 | 3 Giralda Farms (a) | Madison, New Jersey | 1 | | 141,000 | | Office | | 7,510 | | | 9,534 | | | - | | (2,024) | | 09/15/20 | Morris portfolio (b) | Parsippany and Madison, New Jersey | 10 | | 1,448,420 | | Office | | 155,116 | | | 175,772 | | | - | | (20,656) | | 09/18/20 | 325 Columbia Turnpike | Florham Park, New Jersey | 1 | | 168,144 | | Office | | 24,276 | | | 8,020 | | | - | | 16,256 | | 09/24/20 | 9 Campus Drive (c) | Parsippany, New Jersey | 1 | | 156,945 | | Office | | 20,678 | | | 22,162 | | | - | | (1,484) | | Sub-total | | | 14 | | 2,114,509 | | | | 242,645 | | | 233,231 | | | - | | 9,414 | | | | | | | | | | | | | | | | | | | | | Unrealized losses on real estate held for sale | | | | | | | | | | | | | (7,915) | | (33,314) | | Totals | | | 14 | | 2,114,509 | | | $ | 242,645 | | $ | 233,231 | | $ | (7,915) | $ | (23,900) | |
| | | | (a) | The Company recorded valuation allowances of $2.0 million on the property while it was held for sale during the nine months ended September 30, 2020 and of $16.7 million during the year ended December 31, 2019. | (b) | The Company recorded valuation allowances of $21.6 million on the properties while they were held for sale during the nine months ended September 30, 2020 and of $32.5 million during the year ended December 31, 2019. | (c) | The Company recorded a valuation allowance of $3.5 million on this property during the year ended December 31, 2019. |
The Company disposed of the following developable land holdings during the nine months ended September 30, 2020 (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Realized | | | | | | | | | | | | | Gains | | | | | | | Net | | | Net | | | (losses)/ | Disposition | | | | | | Sales | | | Carrying | | | Unrealized | Date | Property Address | Location | | | | Proceeds | | | Value | | | Losses, net | 01/03/20 | 230 & 250 Half Mile Road | Middletown, New Jersey | | | $ | 7,018 | | $ | 2,969 | | $ | 4,049 | 03/27/20 | Capital Office Park land | Greenbelt, Maryland | | | | 8,974 | | | 8,210 | | | 764 | | | | | | | | | | | | | | Totals | | | | | $ | 15,992 | | $ | 11,179 | | $ | 4,813 | | | | | | | | | | | | | |
|
| Mack-Cali Realty LP [Member] |
|
| Real Estate Properties [Line Items] |
|
| Schedule Of Properties Which Commenced Initial Operations |
| | | | | | | | | | | | | | | Total | In Service | | | Property | # of | | | Development | Date | Property | Location | Type | Apartment Units | | | Costs Incurred | 03/01/20 | Emery at Overlook Ridge (a) | Malden, MA | Multi-Family | 271 | | $ | 78,539 | Totals | | | | 271 | | $ | 78,539 |
(a)The Emery at Overlook Ridge property consists of a total of 326 multi-family units. Of this amount, the remaining 55 multi-family units were placed in service in October 2020.
|
| Schedule Of Net Assets Recorded Upon Consolidation |
| | | | | Port Imperial North Retail L.L.C. | Land and leasehold interests | $ | 4,305 | Buildings and improvements and other assets, net | | 8,912 | In-place lease values (a) | | 1,503 | Above/Below market lease value, net (a) | | 313 | | | | Net assets recorded upon consolidation | $ | 15,033 | | | | (a) In-place and below market lease values are being amortized over a weighted-average term of 7.5 years. |
|
| Schedule Of Real Estate Held For Sale/Discontinued Operations/Dispositions |
| | | | | | | | | | | | | Suburban | | | Other | | | | | | | Office | | | Assets | | | | | | | Portfolio (a) | | | Held for Sale | | | Total | Land | | $ | 104,884 | | $ | 84,180 | | $ | 189,064 | Building & Other | | | 862,486 | | | 40,290 | | | 902,776 | Less: Accumulated depreciation | | | (219,857) | | | (7,991) | | | (227,848) | Less: Cumulative unrealized losses on property held for sale | | | (105,448) | | | (44,140) | | | (149,588) | Real estate held for sale, net | | $ | 642,065 | | $ | 72,339 | | $ | 714,404 |
| | | | | | | | | | | | | Suburban | | | Other | | | | | | | Office | | | Assets | | | | Other assets and liabilities | | | Portfolio (a) | | | Held for Sale | | | Total | Unbilled rents receivable, net (b) | | $ | 22,207 | | $ | 2,048 | | $ | 24,255 | Deferred charges, net (b) | | | 21,536 | | | 773 | | | 22,309 | Total intangibles, net (b) | | | 26,208 | | | - | | | 26,208 | Total deferred charges & other assets, net | | | 50,413 | | | 789 | | | 51,202 | Mortgages & loans payable, net (b) | | | 123,738 | | | - | | | 123,738 | Total below market liability (b) | | | 7,092 | | | - | | | 7,092 | Accounts payable, accrued exp & other liability | | | 20,564 | | | 255 | | | 20,819 | Unearned rents/deferred rental income (b) | | | 4,565 | | | 203 | | | 4,768 | | | | | | | | | | | (a) Classified as discontinued operations at September 30, 2020 for all periods presented. See Note 7: Discontinued Operations. | (b) Expected to be removed with the completion of the sales. |
|
| Mack-Cali Realty LP [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] |
|
| Real Estate Properties [Line Items] |
|
| Schedule Of Disposed Properties |
The Company disposed of the following office properties during the nine months ended September 30, 2020 (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Discontinued | | | | | | | | | | | | | | | | | | | Operations: | | | | | | | | | | | | | | | | | Realized | | Realized | | | | | | | | | | | | | | | | | Gains | | Gains | | | | | | | Rentable | | | | Net | | | Net | | | (losses)/ | | (losses)/ | | Disposition | | | # of | | Square | | Property | | Sales | | | Carrying | | | Unrealized | | Unrealized | | Date | Property/Address | Location | Bldgs. | | Feet/Units | | Type | | Proceeds | | | Value | | | Losses, net | | Losses, net | | 03/17/20 | One Bridge Plaza | Fort Lee, New Jersey | 1 | | 200,000 | | Office | $ | 35,065 | | $ | 17,743 | | $ | - | $ | 17,322 | | 07/22/20 | 3 Giralda Farms (a) | Madison, New Jersey | 1 | | 141,000 | | Office | | 7,510 | | | 9,534 | | | - | | (2,024) | | 09/15/20 | Morris portfolio (b) | Parsippany and Madison, New Jersey | 10 | | 1,448,420 | | Office | | 155,116 | | | 175,772 | | | - | | (20,656) | | 09/18/20 | 325 Columbia Turnpike | Florham Park, New Jersey | 1 | | 168,144 | | Office | | 24,276 | | | 8,020 | | | - | | 16,256 | | 09/24/20 | 9 Campus Drive (c) | Parsippany, New Jersey | 1 | | 156,945 | | Office | | 20,678 | | | 22,162 | | | - | | (1,484) | | Sub-total | | | 14 | | 2,114,509 | | | | 242,645 | | | 233,231 | | | - | | 9,414 | | | | | | | | | | | | | | | | | | | | | Unrealized losses on real estate held for sale | | | | | | | | | | | | | (7,915) | | (33,314) | | Totals | | | 14 | | 2,114,509 | | | $ | 242,645 | | $ | 233,231 | | $ | (7,915) | $ | (23,900) | |
| | | | (a) | The Company recorded valuation allowances of $2.0 million on the property while it was held for sale during the nine months ended September 30, 2020 and of $16.7 million during the year ended December 31, 2019. | (b) | The Company recorded valuation allowances of $21.6 million on the properties while they were held for sale during the nine months ended September 30, 2020 and of $32.5 million during the year ended December 31, 2019. | (c) | The Company recorded a valuation allowance of $3.5 million on this property during the year ended December 31, 2019. |
The Company disposed of the following developable land holdings during the nine months ended September 30, 2020 (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Realized | | | | | | | | | | | | | Gains | | | | | | | Net | | | Net | | | (losses)/ | Disposition | | | | | | Sales | | | Carrying | | | Unrealized | Date | Property Address | Location | | | | Proceeds | | | Value | | | Losses, net | 01/03/20 | 230 & 250 Half Mile Road | Middletown, New Jersey | | | $ | 7,018 | | $ | 2,969 | | $ | 4,049 | 03/27/20 | Capital Office Park land | Greenbelt, Maryland | | | | 8,974 | | | 8,210 | | | 764 | | | | | | | | | | | | | | Totals | | | | | $ | 15,992 | | $ | 11,179 | | $ | 4,813 | | | | | | | | | | | | | |
|