Summary of Significant Accounting Policies (Tables)
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12 Months Ended |
Dec. 31, 2020 |
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| Accounting Policies [Abstract] |
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| 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):
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2020 |
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2019 |
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2018 |
| Payroll and related costs capitalized |
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$ |
1,159 |
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$ |
1,581 |
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|
$ |
1,521 |
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| Interest costs capitalized |
|
$ |
107 |
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|
$ |
25 |
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$ |
93 |
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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, 2020, 2019 and 2018 was as follows (in thousands):
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2020 |
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2019 |
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2018 |
| Depreciation expense related to rental property |
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$ |
101,665 |
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$ |
107,129 |
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$ |
114,198 |
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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, 2020, 2019 and 2018 were as follows (in thousands):
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2020 |
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2019 |
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2018 |
| Deferred lease costs capitalized- payroll and related costs |
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$ |
1,343 |
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$ |
679 |
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$ |
6,007 |
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| Total deferred lease costs capitalized |
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$ |
3,061 |
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$ |
5,142 |
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$ |
6,703 |
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| 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:
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| Common dividends per share: |
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2020 |
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2019 |
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2018 |
| Ordinary income |
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$ |
0.7125 |
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$ |
1.3261 |
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$ |
1.3919 |
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| Capital gain |
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— |
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— |
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0.0006 |
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| Return of capital |
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— |
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0.0889 |
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— |
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$ |
0.7125 |
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$ |
1.4150 |
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$ |
1.3925 |
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| 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):
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2020 |
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2019 |
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2018 |
| Net income (loss) available to the Company's shareholders |
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$ |
(36,278) |
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$ |
87,855 |
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$ |
43,655 |
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| Book/tax difference on: |
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| Depreciation and amortization |
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71,896 |
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51,602 |
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58,208 |
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| Sale of assets and interests in unconsolidated entities |
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(6,021) |
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(41,138) |
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(3,243) |
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| Equity in earnings from unconsolidated joint ventures |
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9,642 |
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|
1,447 |
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18,444 |
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| Share-based payment compensation |
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7,859 |
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8,246 |
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6,269 |
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| Other differences |
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13,536 |
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8,948 |
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(630) |
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| Taxable income (loss) available to common shareholders |
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$ |
60,634 |
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$ |
116,960 |
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$ |
122,703 |
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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, 2020, 2019 and 2018 (in thousands):
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2020 |
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2019 |
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2018 |
| Costs relating to construction included in accounts payable and accrued expenses |
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$ |
22,814 |
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$ |
17,619 |
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$ |
15,772 |
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Interest paid, net of interest capitalized was as follows for the years ended December 31, 2020, 2019 and 2018 (in thousands):
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2020 |
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2019 |
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2018 |
| Interest paid, net of interest capitalized |
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$ |
58,021 |
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$ |
57,237 |
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$ |
60,529 |
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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):
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2019 |
| Non-Cash operating lease right-of-use assets exchanged for operating lease liabilities |
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$ |
87,679 |
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| Non-Cash operating lease liabilities exchanged for operating right-of-use assets |
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$ |
92,354 |
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