Summary of Significant Accounting Policies (Tables)
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12 Months Ended |
Dec. 31, 2024 |
Dec. 31, 2021 |
| Accounting Policies [Abstract] |
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| Schedule of cost capitalized |
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Payroll and related costs and interest costs capitalized for the years ended December 31, 2024, 2023 and 2022 were as follows (in thousands):
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2024 |
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2023 |
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2022 |
| Payroll and related costs capitalized |
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$ |
3,497 |
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$ |
3,843 |
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|
$ |
2,924 |
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| Interest costs capitalized |
|
$ |
602 |
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|
$ |
2,509 |
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$ |
862 |
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| Schedule of depreciation expense |
Depreciation expense related to rental property included in net income for each of the years ended December 31, 2024, 2023 and 2022 was as follows (in thousands):
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2024 |
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2023 |
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2022 |
| Depreciation expense related to rental property |
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$ |
117,851 |
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$ |
97,636 |
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$ |
97,916 |
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| 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, 2024, 2023 and 2022 were as follows (in thousands):
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2024 |
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2023 |
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2022 |
| Deferred lease costs capitalized- payroll and related costs |
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$ |
1,036 |
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$ |
1,696 |
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$ |
1,338 |
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| Total deferred lease costs capitalized |
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$ |
2,766 |
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$ |
3,101 |
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$ |
2,570 |
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| Tax Treatment of Common Dividends Per Share for Federal Tax Purposes |
Dividends per share for the years ended December 31, 2024, 2023 and 2022 were taxable as follows:
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| Common dividends per share: |
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2024 |
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2023 |
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2022 |
| Ordinary income |
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$ |
1.0773 |
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$ |
0.8464 |
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$ |
0.8025 |
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| Capital gain |
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0.0077 |
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0.1236 |
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— |
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| Return of capital |
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— |
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— |
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— |
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$ |
1.0850 |
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$ |
0.9700 |
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$ |
0.8025 |
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| GAAP Reconciliation of Net Income to Taxable Income |
The following reconciles net income available to the Company's shareholders to taxable income (loss) available to common shareholders for the years ended December 31, 2024, 2023 and 2022 (in thousands):
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2024 |
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2023 |
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2022 |
| Net income available to the Company's shareholders |
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$ |
98,595 |
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$ |
99,151 |
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$ |
82,063 |
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| Book/tax difference on: |
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| Depreciation and amortization |
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22,825 |
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(13,386) |
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3,688 |
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| Sale of assets and interests in unconsolidated entities |
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(5,649) |
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(3,236) |
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5,328 |
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| Equity in earnings from unconsolidated joint ventures |
|
212 |
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2,668 |
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12,511 |
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| Share-based payment compensation |
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112 |
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4,655 |
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11,822 |
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| Other differences |
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6,145 |
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6,239 |
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1,851 |
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| Taxable income (loss) available to common shareholders |
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$ |
122,240 |
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$ |
96,091 |
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$ |
117,263 |
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| Schedule of Supplemental Cash Flow Disclosures |
Expenditures included in accounts payable and accrued expenses were as follows for the years ended December 31, 2024, 2023 and 2022 (in thousands):
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2024 |
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2023 |
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2022 |
| Costs relating to construction included in accounts payable and accrued expenses |
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$ |
13,334 |
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$ |
29,193 |
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$ |
20,084 |
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Interest paid, net of interest capitalized was as follows for the years ended December 31, 2024, 2023 and 2022 (in thousands):
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2024 |
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2023 |
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2022 |
| Interest paid, net of interest capitalized |
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$ |
54,583 |
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$ |
46,923 |
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$ |
40,839 |
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