Summary of Significant Accounting Policies (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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, 2023, 2022 and 2021 were as follows (in thousands):
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2023 |
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2022 |
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2021 |
| Payroll and related costs capitalized |
|
$ |
3,843 |
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|
$ |
2,924 |
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|
$ |
1,526 |
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| Interest costs capitalized |
|
$ |
2,509 |
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|
$ |
862 |
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|
$ |
— |
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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, 2023, 2022 and 2021 was as follows (in thousands):
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2023 |
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2022 |
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2021 |
| Depreciation expense related to rental property |
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$ |
97,636 |
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$ |
97,916 |
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|
$ |
96,990 |
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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, 2023, 2022 and 2021 were as follows (in thousands):
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2023 |
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2022 |
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2021 |
| Deferred lease costs capitalized- payroll and related costs |
|
$ |
1,696 |
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|
$ |
1,338 |
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|
$ |
1,233 |
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| Total deferred lease costs capitalized |
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$ |
3,101 |
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|
$ |
2,570 |
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$ |
5,115 |
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| Tax Treatment of Common Dividends Per Share for Federal Tax Purposes |
Dividends per share for the years ended December 31, 2023, 2022 and 2021 were taxable as follows:
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| Common dividends per share: |
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2023 |
|
2022 |
|
2021 |
| Ordinary income |
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$ |
0.8464 |
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$ |
0.8025 |
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$ |
— |
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| Capital gain |
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0.1236 |
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— |
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— |
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| Return of capital |
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— |
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— |
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|
0.7150 |
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$ |
0.9700 |
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$ |
0.8025 |
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$ |
0.7150 |
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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, 2023, 2022 and 2021 (in thousands):
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2023 |
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2022 |
|
2021 |
| Net income available to the Company's shareholders |
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$ |
99,151 |
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|
$ |
82,063 |
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$ |
9,118 |
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| Book/tax difference on: |
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| Depreciation and amortization |
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(13,386) |
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|
3,688 |
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|
21,750 |
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| Sale of assets and interests in unconsolidated entities |
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(3,236) |
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|
5,328 |
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(92,998) |
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| Equity in earnings from unconsolidated joint ventures |
|
2,668 |
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|
12,511 |
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(4,461) |
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| Share-based payment compensation |
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4,655 |
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11,822 |
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6,797 |
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| Other differences |
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6,239 |
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1,851 |
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|
8,914 |
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| Taxable income (loss) available to common shareholders |
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$ |
96,091 |
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$ |
117,263 |
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$ |
(50,880) |
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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, 2023, 2022 and 2021 (in thousands):
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2023 |
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2022 |
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2021 |
| Costs relating to construction included in accounts payable and accrued expenses |
|
$ |
29,193 |
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$ |
20,084 |
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$ |
11,663 |
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Interest paid, net of interest capitalized was as follows for the years ended December 31, 2023, 2022 and 2021 (in thousands):
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2023 |
|
2022 |
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2021 |
| Interest paid, net of interest capitalized |
|
$ |
46,923 |
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$ |
40,839 |
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$ |
45,114 |
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