Summary of Significant Accounting Policies (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| Accounting Policies [Abstract] |
|
| Schedule of cost capitalized |
Payroll and related costs and interest costs capitalized for the years ended December 31, 2019, 2018 and 2017 were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
|
2017 |
Payroll and related costs capitalized |
|
$ |
1,581 |
|
|
$ |
1,521 |
|
|
$ |
2,345 |
|
Interest costs capitalized |
|
$ |
25 |
|
|
$ |
93 |
|
|
$ |
2,289 |
|
|
| Schedule of depreciation expense |
Depreciation expense related to rental property included in net income for each of the years ended December 31, 2019, 2018 and 2017 was as follows (in thousands):
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
|
2017 |
Depreciation expense related to rental property |
|
$ |
107,129 |
|
|
$ |
114,198 |
|
|
$ |
107,845 |
|
|
| Schedule of Deferred Charges |
Deferred lease costs capitalized, including amounts paid to third-party brokers and internal leasing costs for the years ended December 31, 2019, 2018 and 2017 were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
|
2017 |
Deferred lease costs capitalized- payroll and related costs |
|
$ |
679 |
|
|
$ |
6,007 |
|
|
$ |
6,098 |
|
Total deferred lease costs capitalized |
|
$ |
5,142 |
|
|
$ |
6,703 |
|
|
$ |
6,584 |
|
|
| Tax Treatment of Common Dividends Per Share for Federal Tax Purposes |
Dividends per share for the years ended December 31, 2019, 2018 and 2017 were taxable as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common dividends per share: |
|
2019 |
|
2018 |
|
2017 |
Ordinary income |
|
$ |
1.3261 |
|
|
$ |
1.3919 |
|
|
$ |
1.1660 |
|
Capital gain |
|
— |
|
|
0.0006 |
|
|
— |
|
Return of capital |
|
0.0889 |
|
|
— |
|
|
0.1865 |
|
|
|
$ |
1.4150 |
|
|
$ |
1.3925 |
|
|
$ |
1.3525 |
|
|
| GAAP Reconciliation of Net Income to Taxable Income |
The following reconciles net income available to the Company's shareholders to taxable income available to common shareholders for the years ended December 31, 2019, 2018 and 2017 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
|
2017 |
Net income available to the Company's shareholders |
|
$ |
87,855 |
|
|
$ |
43,655 |
|
|
$ |
68,002 |
|
Book/tax difference on: |
|
|
|
|
|
|
Depreciation and amortization |
|
51,602 |
|
|
58,208 |
|
|
10,685 |
|
Sale of assets and interests in unconsolidated entities |
|
(41,138 |
) |
|
(3,243 |
) |
|
(8,718 |
) |
Equity in earnings from unconsolidated joint ventures |
|
1,447 |
|
|
18,444 |
|
|
15,662 |
|
Share-based payment compensation |
|
8,246 |
|
|
6,269 |
|
|
221 |
|
Other differences |
|
8,948 |
|
|
(630 |
) |
|
(1,089 |
) |
Taxable income available to common shareholders |
|
$ |
116,960 |
|
|
$ |
122,703 |
|
|
$ |
84,763 |
|
|
| Schedule of Supplemental Cash Flow Disclosures |
Interest paid, net of interest capitalized was as follows for the years ended December 31, 2019, 2018 and 2017 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
|
2017 |
Interest paid, net of interest capitalized |
|
$ |
57,237 |
|
|
$ |
60,529 |
|
|
$ |
56,730 |
|
Information related to non-cash assets and liabilities recorded as a result of the adoption of ASC 842 in 2019 was as follows (in thousands):
|
|
|
|
|
|
|
|
2019 |
Non-Cash operating lease right-of-use assets exchanged for operating lease liabilities |
|
$ |
87,679 |
|
Non-Cash operating lease liabilities exchanged for operating right-of-use assets |
|
$ |
92,354 |
|
Expenditures included in accounts payable and accrued expenses were as follows for the years ended December 31, 2019, 2018 and 2017 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
|
2017 |
Costs relating to construction included in accounts payable and accrued expenses |
|
$ |
17,619 |
|
|
$ |
15,772 |
|
|
$ |
32,060 |
|
|