Summary of Significant Accounting Policies (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| Accounting Policies [Abstract] |
|
| Schedule of cost capitalized |
Payroll and related costs and interest costs capitalized for the years ended December 31, 2018, 2017 and 2016 were as follows (in thousands):
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
2018 |
|
2017 |
|
2016 |
Payroll and related costs capitalized |
|
$ |
1,521 |
|
|
$ |
2,345 |
|
|
$ |
2,095 |
|
Interest costs capitalized |
|
$ |
93 |
|
|
$ |
2,289 |
|
|
$ |
2,259 |
|
|
| Schedule of depreciation expense |
Depreciation expense related to rental property included in net income for each of the years ended December 31, 2018, 2017 and 2016 was as follows (in thousands):
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|
|
|
|
|
|
|
|
|
2018 |
|
2017 |
|
2016 |
Depreciation expense related to rental property |
|
$ |
114,198 |
|
|
$ |
107,845 |
|
|
$ |
96,813 |
|
|
| Schedule of Deferred Charges |
eferred lease costs capitalized, including amounts paid to third-party brokers and payroll and related costs of employees directly involved in originating leases for the years ended December 31, 2018, 2017 and 2016 were as follows (in thousands):
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|
|
|
|
|
|
|
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2018 |
|
2017 |
|
2016 |
Deferred lease costs capitalized- payroll and related costs |
|
$ |
6,007 |
|
|
$ |
6,098 |
|
|
$ |
6,210 |
|
Total deferred lease costs capitalized |
|
$ |
6,703 |
|
|
$ |
6,584 |
|
|
$ |
7,013 |
|
|
| Tax Treatment of Common Dividends Per Share for Federal Tax Purposes |
Dividends per share for the years ended December 31, 2018, 2017 and 2016 were taxable as follows:
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|
|
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Common dividends per share: |
|
2018 |
|
2017 |
|
2016 |
Ordinary income |
|
$ |
1.3919 |
|
|
$ |
1.1660 |
|
|
$ |
1.2459 |
|
Capital gain |
|
0.0006 |
|
|
— |
|
|
0.0141 |
|
Return of capital |
|
— |
|
|
0.1865 |
|
|
— |
|
|
|
$ |
1.3925 |
|
|
$ |
1.3525 |
|
|
$ |
1.2600 |
|
|
| 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, 2018, 2017 and 2016 (in thousands):
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|
|
|
|
|
|
|
|
|
|
|
2018 |
|
2017 |
|
2016 |
Net income available to the Company's shareholders |
|
$ |
43,655 |
|
|
$ |
68,002 |
|
|
$ |
193,744 |
|
Book/tax difference on: |
|
|
|
|
|
|
Depreciation and amortization |
|
58,208 |
|
|
10,685 |
|
|
1,666 |
|
Sale of assets and interests in unconsolidated entities |
|
(3,243 |
) |
|
(8,718 |
) |
|
(8,688 |
) |
Equity in earnings from unconsolidated joint ventures |
|
18,444 |
|
|
15,662 |
|
|
4,305 |
|
Share-based payment compensation |
|
6,269 |
|
|
221 |
|
|
4,596 |
|
Gain on previously held interest in acquired joint venture |
|
— |
|
|
— |
|
|
(91,467 |
) |
Other differences |
|
(630 |
) |
|
(1,089 |
) |
|
6,294 |
|
Taxable income available to common shareholders |
|
$ |
122,703 |
|
|
$ |
84,763 |
|
|
$ |
110,450 |
|
|
| Schedule of Supplemental Cash Flow Disclosures |
Expenditures included in accounts payable and accrued expenses were as follows for the years ended December 31, 2018, 2017 and 2016 (in thousands):
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
2017 |
|
2016 |
Costs relating to construction included in accounts payable and accrued expenses |
|
$ |
15,772 |
|
|
$ |
32,060 |
|
|
$ |
22,908 |
|
Interest paid, net of interest capitalized was as follows for the years ended December 31, 2018, 2017 and 2016 (in thousands):
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
2017 |
|
2016 |
Interest paid, net of interest capitalized |
|
$ |
60,529 |
|
|
$ |
56,730 |
|
|
$ |
50,270 |
|
A reconciliation of the Company's cash balances on our balance sheet to our cash balances on our statement of cash flows for the years ended December 31, 2018, 2017, 2016 and 2015 were as follows (in thousands):
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|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
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2018 |
|
2017 |
|
2016 |
|
2015 |
Cash and cash equivalents |
|
$ |
9,083 |
|
|
$ |
6,101 |
|
|
$ |
12,222 |
|
|
$ |
21,558 |
|
Restricted cash(1)
|
|
— |
|
|
— |
|
|
— |
|
|
121,306 |
|
Cash, cash equivalents and restricted cash |
|
$ |
9,083 |
|
|
$ |
6,101 |
|
|
$ |
12,222 |
|
|
$ |
142,864 |
|
|
|
(1) |
The restricted cash represents the cash proceeds from property sales that were held by a qualified intermediary until being invested in a tax efficient manner under Section 1031 of the Internal Revenue Code of 1986, as amended.
|
A reconciliation of the Operating Partnership's cash balances on our balance sheet to our cash balances on our statement of cash flows for the years ended December 31, 2018, 2017, 2016 and 2015 were as follows (in thousands):
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
2017 |
|
2016 |
|
2015 |
Cash and cash equivalents |
|
$ |
8,991 |
|
|
$ |
6,050 |
|
|
$ |
12,199 |
|
|
$ |
21,552 |
|
Restricted cash(1)
|
|
— |
|
|
— |
|
|
— |
|
|
121,306 |
|
Cash, cash equivalents and restricted cash |
|
$ |
8,991 |
|
|
$ |
6,050 |
|
|
$ |
12,199 |
|
|
$ |
142,858 |
|
|
|
(1) |
The restricted cash represents the cash proceeds from property sales that were held by a qualified intermediary until being invested in a tax efficient manner under Section 1031 of the Internal Revenue Code of 1986, as amended.
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