Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.20.4
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Schedule of cost capitalized
Payroll and related costs and interest costs capitalized for the years ended December 31, 2020, 2019 and 2018 were as follows (in thousands):
2020 2019 2018
Payroll and related costs capitalized $ 1,159  $ 1,581  $ 1,521 
Interest costs capitalized $ 107  $ 25  $ 93 
Schedule of depreciation expense
Depreciation expense related to rental property included in net income for each of the years ended December 31, 2020, 2019 and 2018 was as follows (in thousands):
2020 2019 2018
Depreciation expense related to rental property $ 101,665  $ 107,129  $ 114,198 
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, 2020, 2019 and 2018 were as follows (in thousands):
2020 2019 2018
Deferred lease costs capitalized- payroll and related costs $ 1,343  $ 679  $ 6,007 
Total deferred lease costs capitalized $ 3,061  $ 5,142  $ 6,703 
Tax Treatment of Common Dividends Per Share for Federal Tax Purposes Dividends per share for the years ended December 31, 2020, 2019 and 2018 were taxable as follows:
Common dividends per share: 2020 2019 2018
Ordinary income $ 0.7125  $ 1.3261  $ 1.3919 
Capital gain —  —  0.0006 
Return of capital —  0.0889  — 
$ 0.7125  $ 1.4150  $ 1.3925 
GAAP Reconciliation of Net Income to Taxable Income
The following reconciles net income (loss) available to the Company's shareholders to taxable income available to common shareholders for the years ended December 31, 2020, 2019 and 2018 (in thousands):
2020 2019 2018
Net income (loss) available to the Company's shareholders $ (36,278) $ 87,855  $ 43,655 
Book/tax difference on:
Depreciation and amortization 71,896  51,602  58,208 
Sale of assets and interests in unconsolidated entities (6,021) (41,138) (3,243)
Equity in earnings from unconsolidated joint ventures 9,642  1,447  18,444 
Share-based payment compensation 7,859  8,246  6,269 
Other differences 13,536  8,948  (630)
Taxable income (loss) available to common shareholders $ 60,634  $ 116,960  $ 122,703 
Schedule of Supplemental Cash Flow Disclosures Expenditures included in accounts payable and accrued expenses were as follows for the years ended December 31, 2020, 2019 and 2018 (in thousands):
  2020 2019 2018
Costs relating to construction included in accounts payable and accrued expenses $ 22,814  $ 17,619  $ 15,772 

Interest paid, net of interest capitalized was as follows for the years ended December 31, 2020, 2019 and 2018 (in thousands):
2020 2019 2018
Interest paid, net of interest capitalized $ 58,021  $ 57,237  $ 60,529 
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