Mack-Cali Realty Corporation Stockholders' Equity And Mack-Cali Realty, L.P.'s Partners' Capital (Tables)
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9 Months Ended |
Sep. 30, 2020 |
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| Stockolders Equity [Line Items] |
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| 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 |
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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 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 | | | | | | |
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| 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 | % |
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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 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 |
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| 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 |
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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 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 | | | | | | |
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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 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 |
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| 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 |
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| AO LTIP Units Award [Member] |
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| Stockolders Equity [Line Items] |
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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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| AO LTIP Units Award [Member] | Mack-Cali Realty LP [Member] |
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| Stockolders Equity [Line Items] |
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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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