Document and Entity Information
Document and Entity Information Document - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 31, 2020 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
Document Transition Report | false | |
Commission File Number | 1-07533 | |
Name of Registrant | FEDERAL REALTY INVESTMENT TRUST | |
State of Organization | MD | |
IRS Employer Identification No. | 52-0782497 | |
Entity Address, Address | 1626 East Jefferson Street | |
Entity Address, City | Rockville | |
Entity Address, State | MD | |
Entity Address, Zip Code | 20852 | |
Registrant's Telephone Area Code | 301 | |
Registrant's Telephone Number | 998-8100 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 75,638,759 | |
Entity Central Index Key | 0000034903 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Common Shares of Beneficial Interest | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Shares of Beneficial Interest | |
Trading Symbol | FRT | |
Security Exchange Name | NYSE | |
5.0% Series C Cumulative Redeemable Preferred | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing 1/1000 of a share | |
Trading Symbol | FRT-C | |
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Operating (including $1,754,540 and $1,676,866 of consolidated variable interest entities, respectively) | $ 7,790,025 | $ 7,535,983 |
Construction-in-progress (including $93,067 and $102,583 of consolidated variable interest entities, respectively) | 754,787 | 760,420 |
Assets held for sale | 1,085 | 1,729 |
Real estate, at cost, total | 8,545,897 | 8,298,132 |
Less accumulated depreciation and amortization (including $317,925 and $296,165 of consolidated variable interest entities, respectively) | (2,308,403) | (2,215,413) |
Net real estate | 6,237,494 | 6,082,719 |
Cash and cash equivalents | 980,039 | 127,432 |
Accounts and notes receivable, net | 167,641 | 152,572 |
Mortgage notes receivable, net | 30,332 | 30,429 |
Investment in partnerships | 22,879 | 28,604 |
Operating lease right of use assets | 93,494 | 93,774 |
Finance lease right of use assets | 51,758 | 52,402 |
Prepaid expenses and other assets | 206,293 | 227,060 |
TOTAL ASSETS | 7,789,930 | 6,794,992 |
Liabilities | ||
Mortgages payable, net (including $475,757 and $469,184 of consolidated variable interest entities, respectively) | 551,034 | 545,679 |
Notes payable, net | 402,477 | 3,781 |
Senior notes and debentures, net | 3,508,461 | 2,807,134 |
Accounts payable and accrued expenses | 244,482 | 255,503 |
Dividends payable | 81,915 | 81,676 |
Security deposits payable | 18,922 | 21,701 |
Operating lease liabilities | 73,527 | 73,628 |
Finance lease liabilities | 72,056 | 72,062 |
Other liabilities and deferred credits | 146,372 | 157,938 |
Total liabilities | 5,099,246 | 4,019,102 |
Commitments and contingencies (Note 6) | ||
Redeemable noncontrolling interests | 159,583 | 139,758 |
Shareholders’ equity | ||
Common shares of beneficial interest, $.01 par, 100,000,000 shares authorized, 75,633,140 and 75,540,804 shares issued and outstanding, respectively | 760 | 759 |
Additional paid-in capital | 3,170,480 | 3,166,522 |
Accumulated dividends in excess of net income | (889,195) | (791,124) |
Accumulated other comprehensive loss | (7,758) | (813) |
Total shareholders’ equity of the Trust | 2,434,284 | 2,535,341 |
Noncontrolling interests | 96,817 | 100,791 |
Total shareholders’ equity | 2,531,101 | 2,636,132 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 7,789,930 | 6,794,992 |
5.0% Series C Cumulative Redeemable Preferred Shares, (stated at liquidation preference $25,000 per share), 6,000 shares issued and outstanding | ||
Shareholders’ equity | ||
Preferred shares, authorized 15,000,000 shares, $.01 par: | 150,000 | 150,000 |
5.417% Series 1 Cumulative Convertible Preferred Shares, (stated at liquidation preference $25 per share), 399,896 shares issued and outstanding | ||
Shareholders’ equity | ||
Preferred shares, authorized 15,000,000 shares, $.01 par: | $ 9,997 | $ 9,997 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Operating real estate, consolidated variable interest entities | $ 1,754,540 | $ 1,754,540 | $ 1,676,866 |
Construction-in-progress, consolidated variable interest entities | 93,067 | 93,067 | 102,583 |
Accumulated depreciation and amortization, consolidated variable interest entities | 317,925 | 317,925 | 296,165 |
Mortgages payable, consolidated variable interest entities | $ 475,757 | $ 475,757 | $ 469,184 |
Preferred shares, authorized | 15,000,000 | 15,000,000 | 15,000,000 |
Preferred shares, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common shares of beneficial interest, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common shares of beneficial interest, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 |
Common shares of beneficial interest, shares issued | 75,633,140 | 75,633,140 | 75,540,804 |
Common shares of beneficial interest, shares outstanding | 75,633,140 | 75,633,140 | 75,540,804 |
5.417% Series 1 Cumulative Convertible Preferred | |||
Preferred shares, percentage | 5.417% | 5.417% | 5.417% |
Preferred shares, liquidation preference | $ 25 | $ 25 | $ 25 |
Preferred shares, shares issued | 399,896 | 399,896 | 399,896 |
Preferred shares, shares outstanding | 399,896 | 399,896 | 399,896 |
5.0% Series C Cumulative Redeemable Preferred | |||
Preferred shares, percentage | 5.00% | 5.00% | |
Preferred shares, liquidation preference | $ 25,000 | $ 25,000 | $ 25,000 |
Preferred shares, shares issued | 6,000 | 6,000 | 6,000 |
Preferred shares, shares outstanding | 6,000 | 6,000 | 6,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
REVENUE | ||||
Rental income | $ 175,479 | $ 229,731 | $ 406,277 | $ 461,223 |
Mortgage interest income | 748 | 734 | 1,507 | 1,469 |
Total revenue | 176,227 | 230,465 | 407,784 | 462,692 |
EXPENSES | ||||
Rental expenses | 36,417 | 41,438 | 80,729 | 85,698 |
Real estate taxes | 30,599 | 25,166 | 59,663 | 52,853 |
General and administrative | 9,814 | 11,422 | 20,065 | 20,987 |
Depreciation and amortization | 62,784 | 59,057 | 124,972 | 118,679 |
Total operating expenses | 139,614 | 137,083 | 285,429 | 278,217 |
Gain on sale of real estate, net of tax | 11,682 | 16,197 | 11,682 | 16,197 |
OPERATING INCOME | 48,295 | 109,579 | 134,037 | 200,672 |
OTHER INCOME/(EXPENSE) | ||||
Other interest income | 509 | 189 | 817 | 366 |
Interest expense | (34,073) | (27,482) | (62,518) | (55,515) |
(Loss) income from partnerships | (3,872) | 381 | (5,036) | (1,053) |
NET INCOME | 10,859 | 82,667 | 67,300 | 144,470 |
Net income attributable to noncontrolling interests | (352) | (1,765) | (2,030) | (3,424) |
NET INCOME ATTRIBUTABLE TO THE TRUST | 10,507 | 80,902 | 65,270 | 141,046 |
Dividends on preferred shares | (2,011) | (2,011) | (4,021) | (4,021) |
NET INCOME AVAILABLE FOR COMMON SHAREHOLDERS | $ 8,496 | $ 78,891 | $ 61,249 | $ 137,025 |
EARNINGS PER COMMON SHARE, BASIC AND DILUTED: | ||||
Net income available for common shareholders | $ 0.11 | $ 1.05 | $ 0.81 | $ 1.83 |
Weighted average number of common shares | 75,394 | 74,713 | 75,377 | 74,458 |
COMPREHENSIVE INCOME | $ 10,366 | $ 82,268 | $ 60,355 | $ 143,862 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE TRUST | $ 10,014 | $ 80,503 | $ 58,325 | $ 140,438 |
Consolidated Statement Of Share
Consolidated Statement Of Shareholders' Equity - USD ($) $ in Thousands | Total | Preferred Shares | Common Shares | Additional Paid-in Capital | Accumulated Dividends in Excess of Net Income | Accumulated Other Comprehensive (Loss) Income | Noncontrolling Interests | Common SharesAdditional Paid-in Capital |
Beginning balance (in shares) at Dec. 31, 2018 | 405,896 | 74,249,633 | ||||||
Beginning balance at Dec. 31, 2018 | $ 2,467,330 | $ 159,997 | $ 745 | $ 3,004,442 | $ (818,877) | $ (416) | $ 121,439 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
January 1st adoption of new accounting standard | (7,098) | (7,098) | ||||||
Net income, excluding amounts attributable to redeemable noncontrolling interests | 142,687 | 141,046 | 1,641 | |||||
Other comprehensive loss - change in fair value of interest rate swaps | (608) | (608) | ||||||
Dividends declared to common shareholders | (152,555) | (152,555) | ||||||
Dividends declared to preferred shareholders | (4,021) | (4,021) | ||||||
Distributions declared to noncontrolling interests | (7,664) | (7,664) | ||||||
Shares issued (in shares) | 511,954 | |||||||
Shares issued | 68,304 | $ 5 | $ 68,299 | |||||
Shares issued under dividend reinvestment plan (in shares) | 8,121 | |||||||
Shares issued under dividend reinvestment plan | 1,054 | 1,054 | ||||||
Share-based compensation expense, net of forfeitures (in shares) | 102,137 | |||||||
Share-based compensation expense, net of forfeitures | 6,992 | $ 1 | 6,991 | |||||
Shares withheld for employee taxes (in shares) | (32,900) | |||||||
Shares withheld for employee taxes | (4,442) | (4,442) | ||||||
Conversion and redemption of OP units (in Shares) | 111,252 | |||||||
Conversion and redemption of OP units | 0 | $ 1 | 11,935 | (11,936) | ||||
Adjustment to redeemable noncontrolling interests | 667 | 667 | ||||||
Ending balance (in shares) at Jun. 30, 2019 | 405,896 | 74,950,197 | ||||||
Ending balance at Jun. 30, 2019 | 2,510,646 | $ 159,997 | $ 752 | 3,088,946 | (841,505) | (1,024) | 103,480 | |
Beginning balance (in shares) at Mar. 31, 2019 | 405,896 | 74,836,984 | ||||||
Beginning balance at Mar. 31, 2019 | 2,501,563 | $ 159,997 | $ 752 | 3,071,981 | (843,947) | (625) | 113,405 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income, excluding amounts attributable to redeemable noncontrolling interests | 81,760 | 80,902 | 858 | |||||
Other comprehensive loss - change in fair value of interest rate swaps | (399) | (399) | ||||||
Dividends declared to common shareholders | (76,449) | (76,449) | ||||||
Dividends declared to preferred shareholders | (2,011) | (2,011) | ||||||
Distributions declared to noncontrolling interests | (6,398) | (6,398) | ||||||
Shares issued (in shares) | 65,822 | |||||||
Shares issued | 8,951 | $ 0 | 8,951 | |||||
Shares issued under dividend reinvestment plan (in shares) | 3,848 | |||||||
Shares issued under dividend reinvestment plan | 526 | 526 | ||||||
Share-based compensation expense, net of forfeitures (in shares) | 1,551 | |||||||
Share-based compensation expense, net of forfeitures | 3,131 | $ 0 | 3,131 | |||||
Shares withheld for employee taxes (in shares) | (214) | |||||||
Shares withheld for employee taxes | (28) | (28) | ||||||
Conversion and redemption of OP units (in Shares) | 42,206 | |||||||
Conversion and redemption of OP units | 0 | $ 0 | 4,385 | (4,385) | ||||
Ending balance (in shares) at Jun. 30, 2019 | 405,896 | 74,950,197 | ||||||
Ending balance at Jun. 30, 2019 | 2,510,646 | $ 159,997 | $ 752 | 3,088,946 | (841,505) | (1,024) | 103,480 | |
Beginning balance (in shares) at Dec. 31, 2019 | 405,896 | 75,540,804 | ||||||
Beginning balance at Dec. 31, 2019 | 2,636,132 | $ 159,997 | $ 759 | 3,166,522 | (791,124) | (813) | 100,791 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
January 1st adoption of new accounting standard | (510) | (510) | ||||||
Net income, excluding amounts attributable to redeemable noncontrolling interests | 66,143 | 65,270 | 873 | |||||
Other comprehensive loss - change in fair value of interest rate swaps | (6,945) | (6,945) | ||||||
Dividends declared to common shareholders | (158,810) | (158,810) | ||||||
Dividends declared to preferred shareholders | (4,021) | (4,021) | ||||||
Distributions declared to noncontrolling interests | (1,677) | (1,677) | ||||||
Shares issued (in shares) | 29 | |||||||
Shares issued | 2 | $ 0 | 2 | |||||
Shares issued under dividend reinvestment plan (in shares) | 10,605 | |||||||
Shares issued under dividend reinvestment plan | 955 | 955 | ||||||
Share-based compensation expense, net of forfeitures (in shares) | 114,092 | |||||||
Share-based compensation expense, net of forfeitures | 7,029 | $ 1 | 7,028 | |||||
Shares withheld for employee taxes (in shares) | (32,390) | |||||||
Shares withheld for employee taxes | (3,997) | (3,997) | ||||||
Conversion and redemption of OP units (in Shares) | 0 | |||||||
Conversion and redemption of OP units | (3,320) | $ 0 | (30) | (3,290) | ||||
Contributions from noncontrolling interests | 120 | 120 | ||||||
Ending balance (in shares) at Jun. 30, 2020 | 405,896 | 75,633,140 | ||||||
Ending balance at Jun. 30, 2020 | 2,531,101 | $ 159,997 | $ 760 | 3,170,480 | (889,195) | (7,758) | 96,817 | |
Beginning balance (in shares) at Mar. 31, 2020 | 405,896 | 75,622,504 | ||||||
Beginning balance at Mar. 31, 2020 | 2,599,608 | $ 159,997 | $ 760 | 3,166,899 | (818,284) | (7,265) | 97,501 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income, excluding amounts attributable to redeemable noncontrolling interests | 10,717 | 10,507 | 210 | |||||
Other comprehensive loss - change in fair value of interest rate swaps | (493) | (493) | ||||||
Dividends declared to common shareholders | (79,407) | (79,407) | ||||||
Dividends declared to preferred shareholders | (2,011) | (2,011) | ||||||
Distributions declared to noncontrolling interests | (894) | (894) | ||||||
Shares issued (in shares) | 16 | |||||||
Shares issued | 0 | $ 0 | $ 0 | |||||
Shares issued under dividend reinvestment plan (in shares) | 6,771 | |||||||
Shares issued under dividend reinvestment plan | 509 | 509 | ||||||
Share-based compensation expense, net of forfeitures (in shares) | 4,026 | |||||||
Share-based compensation expense, net of forfeitures | 3,087 | $ 0 | 3,087 | |||||
Shares withheld for employee taxes (in shares) | (177) | |||||||
Shares withheld for employee taxes | (15) | (15) | ||||||
Conversion and redemption of OP units (in Shares) | 0 | |||||||
Conversion and redemption of OP units | 0 | $ 0 | 0 | 0 | ||||
Contributions from noncontrolling interests | 0 | 0 | ||||||
Ending balance (in shares) at Jun. 30, 2020 | 405,896 | 75,633,140 | ||||||
Ending balance at Jun. 30, 2020 | $ 2,531,101 | $ 159,997 | $ 760 | $ 3,170,480 | $ (889,195) | $ (7,758) | $ 96,817 |
Consolidated Statement Of Sha_2
Consolidated Statement Of Shareholders' Equity (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||
Net income attributable to redeemable noncontrolling interests | $ 142 | $ 907 | $ 1,157 | $ 1,783 |
Dividends declared to common shareholders (in dollars per share) | $ 1.05 | $ 1.02 | $ 2.10 | $ 2.04 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
OPERATING ACTIVITIES | ||
Net income | $ 67,300 | $ 144,470 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 124,972 | 118,679 |
Gain on sale of real estate, net of tax | (11,682) | (16,197) |
Loss from partnerships | 5,036 | 1,053 |
Other, net | 5,240 | 2,138 |
Changes in assets and liabilities, net of effects of acquisitions and dispositions: | ||
Increase in accounts receivable, net | (17,128) | (5,325) |
Decrease in prepaid expenses and other assets | 15,887 | 7,800 |
Increase (decrease) in accounts payable and accrued expenses | 5,756 | (1,493) |
Decrease in security deposits and other liabilities | (13,999) | (8,838) |
Net cash provided by operating activities | 181,382 | 242,287 |
INVESTING ACTIVITIES | ||
Acquisition of real estate | (9,409) | (25,176) |
Capital expenditures - development and redevelopment | (213,181) | (133,570) |
Capital Expenditures - Other | (30,388) | (36,669) |
Costs associated with property sold under threat of condemnation | (12,924) | 0 |
Proceeds from sale of real estate | 17,015 | 93,025 |
Investment in partnerships | (917) | (907) |
Distribution from partnerships in excess of earnings | 849 | 1,301 |
Leasing costs | (7,923) | (11,473) |
(Issuance) repayment of mortgage and other notes receivable, net | (320) | 101 |
Net cash used in investing activities | (257,198) | (113,368) |
FINANCING ACTIVITIES | ||
Costs to amend revolving credit facility | (638) | 0 |
Issuance of senior notes, net of costs | 700,085 | 297,076 |
Issuance of notes payable, net of costs | 398,732 | 0 |
Repayment of mortgages, finance leases and notes payable | (3,264) | (298,100) |
Issuance of common shares, net of costs | 97 | 68,461 |
Dividends paid to common and preferred shareholders | (161,874) | (154,965) |
Shares withheld for employee taxes | (3,997) | (4,442) |
Contributions from noncontrolling interests | 0 | 161 |
Distributions to and redemptions of noncontrolling interests | (5,702) | (5,173) |
Net cash provided by (used in) financing activities | 923,439 | (96,982) |
Increase in cash, cash equivalents and restricted cash | 847,623 | 31,937 |
Cash, cash equivalents, and restricted cash at beginning of year | 153,614 | 108,332 |
Cash, cash equivalents, and restricted cash at end of period | $ 1,001,237 | $ 140,269 |
Business And Organization
Business And Organization | 6 Months Ended |
Jun. 30, 2020 | |
Nature Of Operations [Abstract] | |
BUSINESS AND ORGANIZATION | BUSINESS AND ORGANIZATION Federal Realty Investment Trust (the “Trust”) is an equity real estate investment trust (“REIT”) specializing in the ownership, management, and redevelopment of retail and mixed-use properties. Our properties are located primarily in densely populated and affluent communities in strategically selected metropolitan markets in the Mid-Atlantic and Northeast regions of the United States, California, and South Florida. As of June 30, 2020 , we owned or had a majority interest in community and neighborhood shopping centers and mixed-use properties which are operated as 104 predominantly retail real estate projects. We operate in a manner intended to enable us to qualify as a REIT for federal income tax purposes. A REIT that distributes at least 90% of its taxable income to its shareholders each year and meets certain other conditions is not taxed on that portion of its taxable income which is distributed to its shareholders. Therefore, federal income taxes on our taxable income have been and are generally expected to be immaterial. We are obligated to pay state taxes, generally consisting of franchise or gross receipts taxes in certain states. Such state taxes also have not been material. Impacts of COVID-19 Pandemic |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying consolidated balance sheet as of December 31, 2019 , which has been derived from audited financial statements, and unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) have been omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in our latest Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting of normal, recurring adjustments) necessary for a fair presentation for the periods presented have been included. The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the full year. Principles of Consolidation Our consolidated financial statements include the accounts of the Trust, its corporate subsidiaries, and all entities in which the Trust has a controlling interest or has been determined to be the primary beneficiary of a variable interest entity (“VIE”). The equity interests of other investors are reflected as noncontrolling interests or redeemable noncontrolling interests. All significant intercompany transactions and balances are eliminated in consolidation. We account for our interests in joint ventures, which we do not control, using the equity method of accounting. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, referred to as “GAAP,” requires management to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates. Revenue Recognition and Accounts Receivable Our leases with our tenants are classified as operating leases. When collection of substantially all lease payments during the lease term is considered probable, the lease qualifies for accrual accounting. Lease payments are recognized on a straight-line basis from the point in time when the tenant controls the space through the term of the related lease. Variable lease payments relating to percentage rent are recognized at the end of the lease year or earlier if we have determined the required sales level is achieved. Real estate tax and other cost reimbursements are recognized on an accrual basis over the periods in which the related expenditures are incurred. For a tenant to terminate its lease agreement prior to the end of the agreed term, we may require that they pay a fee to cancel the lease agreement. Lease termination fees are generally recognized on the termination date if the tenant has relinquished control of the space. When a lease is terminated early but the tenant continues to control the space under a modified lease agreement, the lease termination fee is generally recognized evenly over the remaining term of the modified lease agreement. Lease concessions (unrelated to the COVID-19 pandemic) are evaluated to determine whether the concession represents a modification of the original lease contract. Modifications generally result in a reassessment of the lease term and lease classification, and remeasurement of lease payments received. Remeasured lease payments are recognized on a straight-line basis over the remaining term of the modified lease contract. I n April 2020, the Financial Accounting Standards Board ("FASB") issued interpretive guidance relating to the accounting for lease concessions provided as a result of the COVID-19 pandemic that allows entities to treat the concession as if it was a part of the existing contract instead of applying lease modification accounting. This guidance is only applicable to the COVID-19 pandemic related lease concessions that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. We have elected this option relating to qualifying rent deferral and rent abatement agreements. For qualifying lease modifications with rent deferrals, this results in no change to our revenue recognition but an increase in the lease receivable balance until the deferred rent has been repaid. For qualifying lease modifications that include rent abatement concessions, this results in a direct reduction of rental income in the current period. As of June 30, 2020, we have entered into rent deferral agreements related to the COVID-19 pandemic representing approximately $16 million of rent otherwise owed during the months of April through June 2020, and are currently in negotiations with other tenants. When collection of substantially all lease payments during the lease term is not considered probable, total lease revenue is limited to the lesser of revenue recognized under accrual accounting or cash received. Determining the probability of collection of substantially all lease payments during a lease term requires significant judgment. This determination is impacted by numerous factors including our assessment of the tenant’s credit worthiness, economic conditions, tenant sales productivity in that location, historical experience with the tenant and tenants operating in the same industry, future prospects for the tenant and the industry in which it operates, and the length of the lease term. If leases currently classified as probable are subsequently reclassified as not probable, any outstanding lease receivables (including straight-line rent receivables) would be written-off with a corresponding decrease in rental income. The actions taken by federal, state and local governments to mitigate the spread of COVID-19, initially by ordering closures of non-essential businesses and ordering residents to generally stay at home, and subsequent phased re-openings have resulted in many of our tenants temporarily or even permanently closing their businesses, and for some, it had impacted their ability to pay rent. As a result, we revised our collectibility assumptions for many of our tenants most significantly impacted by COVID-19. Accordingly, during the three months ended June 30, 2020 , we recognized collectibility related adjustments of $55.2 million . This includes changes in our collectibility assessments from probable to not probable, disputed rents, and any rent abatements, as well as the write-off of $9.4 million of straight-line rent receivables primarily related to tenants changed to a cash basis of revenue recognition in the quarter ended June 30, 2020 . As of June 30, 2020 , the revenue from approximately 32% of our tenants (based on total commercial leases) is being recognized on a cash basis. As of June 30, 2020 and December 31, 2019, our straight-line rent receivables balance was $100.7 million and $100.3 million , respectively, and is included in "accounts and notes receivable, net" on our consolidated balance sheet. Recently Adopted and Issued Accounting Pronouncements Standard Description Effect on the financial statements or significant matters Adopted on January 1, 2020: Financial Instruments - Credit Losses (Topic 326) and related updates: 2016, Financial Instruments - Credit Losses (Topic 326) November 2018, Codification Topic 326, Financial Instruments - Credit Losses This ASU changes the impairment model for most financial assets and certain other instruments, requiring the use of an "expected credit loss" model and adding more disclosure requirements. ASU 2018-19 clarifies that impairment of of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. Upon adoption of this standard, we recorded expected losses of $0.5 million in opening accumulated dividends in excess of net income. During the six months ended June 30, 2020, we recorded additional expected losses of $0.4 million, which are included in rental expenses. ASU 2018-15, August 2018, Intangibles - Goodwill and Other Internal Use Software: Customers Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract This ASU requires a customer in a cloud computing arrangement (i.e. hosting arrangement) that is a service contract to follow the internal-use software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets. Capitalized implementation costs related to a hosting arrangement that is a service contract will be amortized over the term of the hosting arrangement. Entities will expense costs during the preliminary project and post-implementation stages as they are incurred. The guidance can be applied prospectively to all implementation costs incurred after the date of adoption or retrospectively in accordance with ASC 250-10-45-5 through ASC 250-10-45-10. The adoption of this standard does not have a significant impact to our consolidated financial statements. Issued in 2020: ASU 2020-04, March 2020, Reference Rate Reform (Topic 848) This ASU provides companies with optional practical expedients to ease the accounting burden for contract modifications associated with transitioning away from LIBOR and other interbank offered rates that are expected to be discontinued as part of reference rate reform. For hedges, the guidance generally allows changes to the reference rate and other critical terms without having to de-designate the hedging relationship, as well as allows the shortcut method to continue to be applied. For contract modifications, changes in the reference rate or other critical terms will be treated as a continuation of the prior contract. This guidance can be applied immediately, however, is generally only available through December 31, 2022. We are still evaluating the impact of reference rate reform and whether we will apply any of these practical expedients. Consolidated Statements of Cash Flows—Supplemental Disclosures The following tables provide supplemental disclosures related to the Consolidated Statements of Cash Flows: Six Months Ended June 30, 2020 2019 (In thousands) SUPPLEMENTAL DISCLOSURES: Total interest costs incurred $ 73,942 $ 64,755 Interest capitalized (11,424 ) (9,240 ) Interest expense $ 62,518 $ 55,515 Cash paid for interest, net of amounts capitalized $ 52,715 $ 53,588 Cash paid for income taxes $ 428 $ 419 NON-CASH INVESTING AND FINANCING TRANSACTIONS: DownREIT operating partnership units issued with acquisition $ 18,920 $ — Mortgage loans assumed with acquisition $ 8,903 $ — DownREIT operating partnership units redeemed for common shares $ — $ 11,935 Shares issued under dividend reinvestment plan $ 860 $ 897 June 30, December 31, 2020 2019 (In thousands) RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: Cash and cash equivalents $ 980,039 $ 127,432 Restricted cash (1) 21,198 26,182 Total cash, cash equivalents, and restricted cash $ 1,001,237 $ 153,614 (1) Restricted cash balances are included in "prepaid expenses and other assets" on our consolidated balance sheets. |
Real Estate
Real Estate | 6 Months Ended |
Jun. 30, 2020 | |
Real Estate [Abstract] | |
REAL ESTATE | REAL ESTATE On January 10, 2020 , we acquired a 49,000 square foot shopping center in Fairfax, Virginia for $22.3 million . This property is adjacent to, and will be operated as part of our Fairfax Junction property. This purchase price was paid with a combination of cash and the issuance of 163,322 downREIT operating partnership units. Approximately $0.5 million and $0.4 million of net assets acquired were allocated to other assets for "above market leases," and other liabilities for "below market leases," respectively. On February 12, 2020 , we acquired two buildings totaling 12,000 square feet in Hoboken, New Jersey for $14.3 million , including the assumption of $8.9 million of mortgage debt. This acquisition is in addition to the 37 buildings previously acquired, and was completed through the joint venture that was formed in 2019, for which we own a 90% interest. Less than $0.1 million and approximately $3.3 million of net assets acquired were allocated to other assets for "above market leases," and other liabilities for "below market leases," respectively. On April 21, 2020 , we sold a building in Pasadena, California for $16.1 million , which resulted in a gain of $11.7 million . |
Debt
Debt | 6 Months Ended |
Jun. 30, 2020 | |
Debt Instruments [Abstract] | |
DEBT | DEBT In connection with the two buildings we acquired in Hoboken, New Jersey on February 12, 2020 , we assumed two mortgage loans with a net face amount of $8.9 million and a fair value of $9.0 million . The mortgage loans bear interest at 4.00% and mature on July 27, 2027 . In March 2020, in order to strengthen our financial position and balance sheet, to maximize our liquidity, and to provide maximum financial flexibility to continue our business initiatives as the effects of COVID-19 continue to evolve, we borrowed $990.0 million under our revolving credit facility, representing a draw-down of almost the entirety of our $1.0 billion revolving credit facility. This amount was subsequently repaid when we entered into a $400.0 million unsecured term loan on May 6, 2020 and issued $700.0 million of fixed rate unsecured senior notes on May 11, 2020 . The unsecured term loan matures on May 6, 2021 , plus one twelve month extension at our option, and bears interest at LIBOR plus 135 basis points based on our current credit rating. Our net proceeds from this transaction after underwriting fees and other costs were $398.7 million . The $700.0 million of unsecured senior notes issued in May 2020 comprise a $300.0 million reopening of our 3.95% senior notes maturing on January 15, 2024 and a $400.0 million issuance of 3.50% senior notes maturing on June 1, 2030 . The 3.95% senior notes were offered at 103.257% of the principal amount with a yield to maturity of 2.944% , and have the same terms and are of the same series as the $300.0 million senior notes issued on December 9, 2013. The 3.50% senior notes were offered at 98.911% of the principal amount with a yield to maturity of 3.630% . Our net proceeds from these transactions after the net issuance premium, underwriting fees, and other costs were $700.1 million . During the three and six months ended June 30, 2020 , the maximum amount of borrowings outstanding under our revolving credit facility was $990.0 million , and the weighted average interest rate, before amortization of debt fees, was 1.4% and 1.5% for the three and six months ended June 30, 2020 , respectively. During the three and six months ended June 30, 2020 , the weighted average borrowings outstanding were $413.2 million and $278.5 million , respectively, with no outstanding balance at June 30, 2020 . Our revolving credit facility, term loan, and certain notes require us to comply with various financial covenants, including the maintenance of minimum shareholders' equity and debt coverage ratios and a maximum ratio of debt to net worth. As of June 30, 2020 , we were in compliance with all default related debt covenants. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS Except as disclosed below, the carrying amount of our financial instruments approximates their fair value. The fair value of our mortgages payable, notes payable and senior notes and debentures is sensitive to fluctuations in interest rates. Quoted market prices (Level 1) were used to estimate the fair value of our marketable senior notes and debentures and discounted cash flow analysis (Level 2) is generally used to estimate the fair value of our mortgages and notes payable. Considerable judgment is necessary to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. A summary of the carrying amount and fair value of our mortgages payable, notes payable and senior notes and debentures is as follows: June 30, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value (In thousands) Mortgages and notes payable $ 953,511 $ 947,030 $ 549,460 $ 562,049 Senior notes and debentures $ 3,508,461 $ 3,754,061 $ 2,807,134 $ 3,001,216 As of June 30, 2020 , we have two interest rate swap agreements with notional amounts of $56.5 million that are measured at fair value on a recurring basis. The interest rate swap agreements fix the interest rate on $56.5 million of mortgage payables at 3.67% through December 15, 2029. The fair values of the interest rate swap agreements are based on the estimated amounts we would receive or pay to terminate the contracts at the reporting date and are determined using interest rate pricing models and interest rate related observable inputs. The fair value of our swaps at June 30, 2020 was a liability of $6.1 million and is included in "other liabilities and deferred credits" on our consolidated balance sheet. For the three and six months ended June 30, 2020 , the value of our interest rate swaps decreased $0.5 million and $6.2 million , respectively (including $0.2 million reclassified from other comprehensive loss to interest expense for both periods). A summary of our financial (liabilities) assets that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows: June 30, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Interest rate swaps $ — $ (6,059 ) $ — $ (6,059 ) $ — $ 130 $ — $ 130 One of our equity method investees has two interest rate swaps which qualify for cash flow hedge accounting. For the three and six months ended June 30, 2020 , our share of the change in fair value of the related swaps included in "accumulated other comprehensive loss" was an increase of less than $0.1 million and a decrease of $0.8 million |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES We are sometimes involved in lawsuits, warranty claims, and environmental matters arising in the ordinary course of business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters. We are currently a party to various legal proceedings. We accrue a liability for litigation if an unfavorable outcome is probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, we accrue the best estimate within the range; however, if no amount within the range is a better estimate than any other amount, the minimum within the range is accrued. Legal fees related to litigation are expensed as incurred. We do not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on our financial position or overall trends in results of operations; however, litigation is subject to inherent uncertainties. Also under our leases, tenants are typically obligated to indemnify us from and against all liabilities, costs and expenses imposed upon or asserted against us (1) as owner of the properties due to certain matters relating to the operation of the properties by the tenant, and (2) where appropriate, due to certain matters relating to the ownership of the properties prior to their acquisition by us. Under the terms of certain partnership agreements, the partners have the right to exchange their operating partnership units for cash or common shares, at our option. A total of 744,617 downREIT operating partnership units are outstanding which have a total fair value of approximately $63.4 million , which is calculated by multiplying the outstanding number of downREIT partnership units by our closing stock price on June 30, 2020 . |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
SHAREHOLDERS’ EQUITY | SHAREHOLDERS’ EQUITY The following table provides a summary of dividends declared and paid per share: Six Months Ended June 30, 2020 2019 Declared Paid Declared Paid Common shares $ 2.100 $ 2.100 $ 2.040 $ 2.040 5.417% Series 1 Cumulative Convertible Preferred shares $ 0.677 $ 0.677 $ 0.677 $ 0.677 5.0% Series C Cumulative Redeemable Preferred shares (1) $ 0.625 $ 0.625 $ 0.625 $ 0.625 (1) Amount represents dividends per depository share, each representing 1/1000th of a share. We have an at-the-market (“ATM”) equity program in which we may from time to time offer and sell common shares having an aggregate offering price of up to $400.0 million . We intend to use the net proceeds to fund potential acquisition opportunities, fund our development and redevelopment pipeline, repay amounts outstanding under our revolving credit facility and/or for general corporate purposes. As of June 30, 2020 , we had the capacity to issue up to $128.3 million in common shares under our ATM equity program. |
Share-Based Compensation Plans
Share-Based Compensation Plans | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION PLANS | SHARE-BASED COMPENSATION PLANS A summary of share-based compensation expense included in net income is as follows: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (In thousands) Grants of common shares and options $ 3,087 $ 3,131 $ 7,029 $ 6,992 Capitalized share-based compensation (310 ) (201 ) (642 ) (472 ) Share-based compensation expense $ 2,777 $ 2,930 $ 6,387 $ 6,520 |
Operating & Finance Leases (Not
Operating & Finance Leases (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
OPERATING & FINANCE LEASES | NOTE 9—OPERATING & FINANCE LEASES The following table provides additional information on our operating and finance leases where we are the lessee: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (In thousands) LEASE COST: Finance lease cost: Amortization of right-of-use assets $ 321 $ 321 $ 642 $ 642 Interest on lease liabilities 1,457 1,455 2,913 2,911 Operating lease cost 1,552 1,493 3,111 2,997 Variable lease cost 70 129 157 220 Total lease cost $ 3,400 $ 3,398 $ 6,823 $ 6,770 OTHER INFORMATION: Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for finance leases $ 1,439 $ 1,433 $ 2,872 $ 2,893 Operating cash flows for operating leases $ 1,261 $ 1,268 $ 2,811 $ 2,779 Financing cash flows for finance leases $ 11 $ 16 $ 22 $ 41 June 30, 2020 2019 Weighted-average remaining lease term - finance leases 17.7 years 18.6 years Weighted-average remaining lease term - operating leases 53.2 years 53.7 years Weighted-average discount rate - finance leases 8.0 % 8.0 % Weighted-average discount rate - operating leases 4.4 % 4.5 % |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE We have calculated earnings per share (“EPS”) under the two-class method. The two-class method is an earnings allocation methodology whereby EPS for each class of common stock and participating securities is calculated according to dividends declared and participation rights in undistributed earnings. For the three and six months ended June 30, 2020 and 2019 , we had 0.2 million weighted average unvested shares outstanding, which are considered participating securities. Therefore, we have allocated our earnings for basic and diluted EPS between common shares and unvested shares; the portion of earnings allocated to the unvested shares is reflected as “earnings allocated to unvested shares” in the reconciliation below. In the dilutive EPS calculation, dilutive stock options were calculated using the treasury stock method consistent with prior periods. There were 682 anti-dilutive stock options for the three and six months ended June 30, 2020 and 2019 . The conversions of downREIT operating partnership units and 5.417% Series 1 Cumulative Convertible Preferred Shares are anti-dilutive for all periods presented and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS. Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (In thousands, except per share data) NUMERATOR Net income $ 10,859 $ 82,667 $ 67,300 144,470 Less: Preferred share dividends (2,011 ) (2,011 ) (4,021 ) (4,021 ) Less: Income from operations attributable to noncontrolling interests (352 ) (1,765 ) (2,030 ) (3,424 ) Less: Earnings allocated to unvested shares (249 ) (226 ) (495 ) (439 ) Net income available for common shareholders, basic and diluted $ 8,247 $ 78,665 $ 60,754 $ 136,586 DENOMINATOR Weighted average common shares outstanding, basic and diluted 75,394 74,713 75,377 74,458 EARNINGS PER COMMON SHARE, BASIC AND DILUTED: Net income available for common shareholders $ 0.11 $ 1.05 $ 0.81 $ 1.83 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation The accompanying consolidated balance sheet as of December 31, 2019 , which has been derived from audited financial statements, and unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) have been omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in our latest Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting of normal, recurring adjustments) necessary for a fair presentation for the periods presented have been included. The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the full year. |
Principles of Consolidation | Principles of Consolidation Our consolidated financial statements include the accounts of the Trust, its corporate subsidiaries, and all entities in which the Trust has a controlling interest or has been determined to be the primary beneficiary of a variable interest entity (“VIE”). The equity interests of other investors are reflected as noncontrolling interests or redeemable noncontrolling interests. All significant intercompany transactions and balances are eliminated in consolidation. We account for our interests in joint ventures, which we do not control, using the equity method of accounting. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, referred to as “GAAP,” requires management to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates. |
Revenue Recognition and Accounts Receivable | Revenue Recognition and Accounts Receivable Our leases with our tenants are classified as operating leases. When collection of substantially all lease payments during the lease term is considered probable, the lease qualifies for accrual accounting. Lease payments are recognized on a straight-line basis from the point in time when the tenant controls the space through the term of the related lease. Variable lease payments relating to percentage rent are recognized at the end of the lease year or earlier if we have determined the required sales level is achieved. Real estate tax and other cost reimbursements are recognized on an accrual basis over the periods in which the related expenditures are incurred. For a tenant to terminate its lease agreement prior to the end of the agreed term, we may require that they pay a fee to cancel the lease agreement. Lease termination fees are generally recognized on the termination date if the tenant has relinquished control of the space. When a lease is terminated early but the tenant continues to control the space under a modified lease agreement, the lease termination fee is generally recognized evenly over the remaining term of the modified lease agreement. Lease concessions (unrelated to the COVID-19 pandemic) are evaluated to determine whether the concession represents a modification of the original lease contract. Modifications generally result in a reassessment of the lease term and lease classification, and remeasurement of lease payments received. Remeasured lease payments are recognized on a straight-line basis over the remaining term of the modified lease contract. I n April 2020, the Financial Accounting Standards Board ("FASB") issued interpretive guidance relating to the accounting for lease concessions provided as a result of the COVID-19 pandemic that allows entities to treat the concession as if it was a part of the existing contract instead of applying lease modification accounting. This guidance is only applicable to the COVID-19 pandemic related lease concessions that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. We have elected this option relating to qualifying rent deferral and rent abatement agreements. For qualifying lease modifications with rent deferrals, this results in no change to our revenue recognition but an increase in the lease receivable balance until the deferred rent has been repaid. For qualifying lease modifications that include rent abatement concessions, this results in a direct reduction of rental income in the current period. As of June 30, 2020, we have entered into rent deferral agreements related to the COVID-19 pandemic representing approximately $16 million of rent otherwise owed during the months of April through June 2020, and are currently in negotiations with other tenants. When collection of substantially all lease payments during the lease term is not considered probable, total lease revenue is limited to the lesser of revenue recognized under accrual accounting or cash received. Determining the probability of collection of substantially all lease payments during a lease term requires significant judgment. This determination is impacted by numerous factors including our assessment of the tenant’s credit worthiness, economic conditions, tenant sales productivity in that location, historical experience with the tenant and tenants operating in the same industry, future prospects for the tenant and the industry in which it operates, and the length of the lease term. If leases currently classified as probable are subsequently reclassified as not probable, any outstanding lease receivables (including straight-line rent receivables) would be written-off with a corresponding decrease in rental income. The actions taken by federal, state and local governments to mitigate the spread of COVID-19, initially by ordering closures of non-essential businesses and ordering residents to generally stay at home, and subsequent phased re-openings have resulted in many of our tenants temporarily or even permanently closing their businesses, and for some, it had impacted their ability to pay rent. As a result, we revised our collectibility assumptions for many of our tenants most significantly impacted by COVID-19. Accordingly, during the three months ended June 30, 2020 , we recognized collectibility related adjustments of $55.2 million . This includes changes in our collectibility assessments from probable to not probable, disputed rents, and any rent abatements, as well as the write-off of $9.4 million of straight-line rent receivables primarily related to tenants changed to a cash basis of revenue recognition in the quarter ended June 30, 2020 . As of June 30, 2020 , the revenue from approximately 32% of our tenants (based on total commercial leases) is being recognized on a cash basis. As of June 30, 2020 and December 31, 2019, our straight-line rent receivables balance was $100.7 million and $100.3 million , respectively, and is included in "accounts and notes receivable, net" on our consolidated balance sheet. |
Recently Adopted Accounting Pronouncements | Recently Adopted and Issued Accounting Pronouncements Standard Description Effect on the financial statements or significant matters Adopted on January 1, 2020: Financial Instruments - Credit Losses (Topic 326) and related updates: 2016, Financial Instruments - Credit Losses (Topic 326) November 2018, Codification Topic 326, Financial Instruments - Credit Losses This ASU changes the impairment model for most financial assets and certain other instruments, requiring the use of an "expected credit loss" model and adding more disclosure requirements. ASU 2018-19 clarifies that impairment of of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. Upon adoption of this standard, we recorded expected losses of $0.5 million in opening accumulated dividends in excess of net income. During the six months ended June 30, 2020, we recorded additional expected losses of $0.4 million, which are included in rental expenses. ASU 2018-15, August 2018, Intangibles - Goodwill and Other Internal Use Software: Customers Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract This ASU requires a customer in a cloud computing arrangement (i.e. hosting arrangement) that is a service contract to follow the internal-use software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets. Capitalized implementation costs related to a hosting arrangement that is a service contract will be amortized over the term of the hosting arrangement. Entities will expense costs during the preliminary project and post-implementation stages as they are incurred. The guidance can be applied prospectively to all implementation costs incurred after the date of adoption or retrospectively in accordance with ASC 250-10-45-5 through ASC 250-10-45-10. The adoption of this standard does not have a significant impact to our consolidated financial statements. Issued in 2020: ASU 2020-04, March 2020, Reference Rate Reform (Topic 848) This ASU provides companies with optional practical expedients to ease the accounting burden for contract modifications associated with transitioning away from LIBOR and other interbank offered rates that are expected to be discontinued as part of reference rate reform. For hedges, the guidance generally allows changes to the reference rate and other critical terms without having to de-designate the hedging relationship, as well as allows the shortcut method to continue to be applied. For contract modifications, changes in the reference rate or other critical terms will be treated as a continuation of the prior contract. This guidance can be applied immediately, however, is generally only available through December 31, 2022. We are still evaluating the impact of reference rate reform and whether we will apply any of these practical expedients. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Supplemental disclosures related to the Consolidated Statements Of Cash Flows | The following tables provide supplemental disclosures related to the Consolidated Statements of Cash Flows: Six Months Ended June 30, 2020 2019 (In thousands) SUPPLEMENTAL DISCLOSURES: Total interest costs incurred $ 73,942 $ 64,755 Interest capitalized (11,424 ) (9,240 ) Interest expense $ 62,518 $ 55,515 Cash paid for interest, net of amounts capitalized $ 52,715 $ 53,588 Cash paid for income taxes $ 428 $ 419 NON-CASH INVESTING AND FINANCING TRANSACTIONS: DownREIT operating partnership units issued with acquisition $ 18,920 $ — Mortgage loans assumed with acquisition $ 8,903 $ — DownREIT operating partnership units redeemed for common shares $ — $ 11,935 Shares issued under dividend reinvestment plan $ 860 $ 897 |
Reconciliation of cash, cash equivalents, and restricted cash | June 30, December 31, 2020 2019 (In thousands) RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH: Cash and cash equivalents $ 980,039 $ 127,432 Restricted cash (1) 21,198 26,182 Total cash, cash equivalents, and restricted cash $ 1,001,237 $ 153,614 (1) Restricted cash balances are included in "prepaid expenses and other assets" on our consolidated balance sheets. |
Fair Value Of Financial Instr_2
Fair Value Of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of carrying amount and fair value of financial instruments | A summary of the carrying amount and fair value of our mortgages payable, notes payable and senior notes and debentures is as follows: June 30, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value (In thousands) Mortgages and notes payable $ 953,511 $ 947,030 $ 549,460 $ 562,049 Senior notes and debentures $ 3,508,461 $ 3,754,061 $ 2,807,134 $ 3,001,216 |
Summary of financial (liabilities) assets that are measured at fair value on a recurring basis | A summary of our financial (liabilities) assets that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows: June 30, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (In thousands) Interest rate swaps $ — $ (6,059 ) $ — $ (6,059 ) $ — $ 130 $ — $ 130 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
Summary of dividends declared and paid per share | The following table provides a summary of dividends declared and paid per share: Six Months Ended June 30, 2020 2019 Declared Paid Declared Paid Common shares $ 2.100 $ 2.100 $ 2.040 $ 2.040 5.417% Series 1 Cumulative Convertible Preferred shares $ 0.677 $ 0.677 $ 0.677 $ 0.677 5.0% Series C Cumulative Redeemable Preferred shares (1) $ 0.625 $ 0.625 $ 0.625 $ 0.625 (1) Amount represents dividends per depository share, each representing 1/1000th of a share. We have an at-the-market (“ATM”) equity program in which we may from time to time offer and sell common shares having an aggregate offering price of up to $400.0 million . We intend to use the net proceeds to fund potential acquisition opportunities, fund our development and redevelopment pipeline, repay amounts outstanding under our revolving credit facility and/or for general corporate purposes. As of June 30, 2020 , we had the capacity to issue up to $128.3 million in common shares under our ATM equity program. |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Summary of share-based compensation expense included in net income | A summary of share-based compensation expense included in net income is as follows: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (In thousands) Grants of common shares and options $ 3,087 $ 3,131 $ 7,029 $ 6,992 Capitalized share-based compensation (310 ) (201 ) (642 ) (472 ) Share-based compensation expense $ 2,777 $ 2,930 $ 6,387 $ 6,520 |
Operating & Finance Leases (Tab
Operating & Finance Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The following table provides additional information on our operating and finance leases where we are the lessee: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (In thousands) LEASE COST: Finance lease cost: Amortization of right-of-use assets $ 321 $ 321 $ 642 $ 642 Interest on lease liabilities 1,457 1,455 2,913 2,911 Operating lease cost 1,552 1,493 3,111 2,997 Variable lease cost 70 129 157 220 Total lease cost $ 3,400 $ 3,398 $ 6,823 $ 6,770 OTHER INFORMATION: Cash paid for amounts included in the measurement of lease liabilities Operating cash flows for finance leases $ 1,439 $ 1,433 $ 2,872 $ 2,893 Operating cash flows for operating leases $ 1,261 $ 1,268 $ 2,811 $ 2,779 Financing cash flows for finance leases $ 11 $ 16 $ 22 $ 41 June 30, 2020 2019 Weighted-average remaining lease term - finance leases 17.7 years 18.6 years Weighted-average remaining lease term - operating leases 53.2 years 53.7 years Weighted-average discount rate - finance leases 8.0 % 8.0 % Weighted-average discount rate - operating leases 4.4 % 4.5 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share | In the dilutive EPS calculation, dilutive stock options were calculated using the treasury stock method consistent with prior periods. There were 682 anti-dilutive stock options for the three and six months ended June 30, 2020 and 2019 . The conversions of downREIT operating partnership units and 5.417% Series 1 Cumulative Convertible Preferred Shares are anti-dilutive for all periods presented and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS. Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (In thousands, except per share data) NUMERATOR Net income $ 10,859 $ 82,667 $ 67,300 144,470 Less: Preferred share dividends (2,011 ) (2,011 ) (4,021 ) (4,021 ) Less: Income from operations attributable to noncontrolling interests (352 ) (1,765 ) (2,030 ) (3,424 ) Less: Earnings allocated to unvested shares (249 ) (226 ) (495 ) (439 ) Net income available for common shareholders, basic and diluted $ 8,247 $ 78,665 $ 60,754 $ 136,586 DENOMINATOR Weighted average common shares outstanding, basic and diluted 75,394 74,713 75,377 74,458 EARNINGS PER COMMON SHARE, BASIC AND DILUTED: Net income available for common shareholders $ 0.11 $ 1.05 $ 0.81 $ 1.83 |
Business And Organization (Deta
Business And Organization (Details) | 6 Months Ended |
Jun. 30, 2020project | |
Nature Of Operations [Abstract] | |
Number of real estate properties | 104 |
Minimum percentage of taxable income distributed to shareholders | 90.00% |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies Revenue Recognition and Accounts Receivable (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Lessor, Lease, Description [Line Items] | ||
Collectibility adjustment | $ 55.2 | |
Write-off of straight-line rent receivables | $ 9.4 | |
Tenants with revenue recognized on a cash basis method | 32.00% | |
Straight-line rent receivables | $ 100.7 | $ 100.3 |
April through June 2020 | ||
Lessor, Lease, Description [Line Items] | ||
Rent deferred | $ 16 |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies Recently Adopted Accounting Pronouncements (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Expected losses included in rental expenses | $ 0.4 | |
Cumulative Effect, Period of Adoption, Adjustment | Accumulated Dividends in Excess of Net Income | ASU 2016-13 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative impact to accumulated dividends in excess of net income | $ 0.5 |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies Consolidated Statement of Cash Flows - Supplemental Disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Accounting Policies [Abstract] | ||||
Total interest costs incurred | $ 73,942 | $ 64,755 | ||
Interest capitalized | (11,424) | (9,240) | ||
Interest expense | $ 34,073 | $ 27,482 | 62,518 | 55,515 |
Cash paid for interest, net of amounts capitalized | 52,715 | 53,588 | ||
Cash paid for income taxes | 428 | 419 | ||
DownREIT operating partnership units issued with acquisition | 18,920 | 0 | ||
Mortgage loans assumed with acquisition | 8,903 | 0 | ||
DownREIT operating partnership units redeemed for common shares | 0 | 11,935 | ||
Shares issued under dividend reinvestment plan | $ 860 | $ 897 |
Summary Of Significant Accoun_7
Summary Of Significant Accounting Policies Consolidated Statement of Cash Flows - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | |||||
Cash and cash equivalents | $ 980,039 | $ 127,432 | |||
Restricted cash | [1] | 21,198 | 26,182 | ||
Total cash, cash equivalents, and restricted cash | $ 1,001,237 | $ 153,614 | $ 140,269 | $ 108,332 | |
[1] | (1) Restricted cash balances are included in "prepaid expenses and other assets" on our consolidated balance sheets. |
Real Estate (Significant Acquis
Real Estate (Significant Acquisition and Dispositions) (Details) | Apr. 21, 2020USD ($) | Feb. 12, 2020USD ($)ft² | Jan. 10, 2020USD ($)ft² | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) |
Significant Acquisition and Dispositions | |||||||
Mortgage loan assumed with acquisition | $ 8,903,000 | $ 0 | |||||
Gain on sale of property | $ 11,682,000 | $ 16,197,000 | $ 11,682,000 | $ 16,197,000 | |||
Shopping center in Fairfax, Virginia | |||||||
Significant Acquisition and Dispositions | |||||||
Square footage of real estate property | ft² | 49,000 | ||||||
Purchase price of real estate acquisition | $ 22,300,000 | ||||||
DownREIT operating units issued to fund acquisition | 163,322 | ||||||
Hoboken 2 Buildings | |||||||
Significant Acquisition and Dispositions | |||||||
Square footage of real estate property | ft² | 12,000 | ||||||
Purchase price of real estate acquisition | $ 14,300,000 | ||||||
Hoboken | |||||||
Significant Acquisition and Dispositions | |||||||
Ownership interest in joint venture | 90.00% | 90.00% | |||||
A building in Pasadena, California | |||||||
Significant Acquisition and Dispositions | |||||||
Sales price of real estate | $ 16,100,000 | ||||||
Gain on sale of property | $ 11,700,000 | ||||||
Other Liabilities | Shopping center in Fairfax, Virginia | |||||||
Significant Acquisition and Dispositions | |||||||
Below market leases | $ 400,000 | ||||||
Other Liabilities | Hoboken 2 Buildings | |||||||
Significant Acquisition and Dispositions | |||||||
Below market leases | 3,300,000 | ||||||
Amortization of above market leases | Other Assets | Shopping center in Fairfax, Virginia | |||||||
Significant Acquisition and Dispositions | |||||||
Above market leases | $ 500,000 | ||||||
Amortization of above market leases | Other Assets | Hoboken 2 Buildings | |||||||
Significant Acquisition and Dispositions | |||||||
Above market leases | 100,000 | ||||||
Mortgage loan | Hoboken 2 Buildings | |||||||
Significant Acquisition and Dispositions | |||||||
Mortgage loan assumed with acquisition | $ 8,900,000 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | May 11, 2020 | May 06, 2020 | Feb. 12, 2020 | Jun. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 09, 2013 |
Debt Instrument [Line Items] | |||||||
Mortgage loan assumed with acquisition | $ 8,903 | $ 0 | |||||
Basis spread on LIBOR interest | 1.35% | ||||||
Maximum amount outstanding under revolving credit facility | $ 990,000 | 990,000 | |||||
Maximum borrowing capacity under revolving credit facility | $ 1,000,000 | 1,000,000 | |||||
Net proceeds from senior note issuances | $ 700,085 | $ 297,076 | |||||
Weighted average interest rate, before amortization of debt fees | 1.40% | 1.50% | |||||
Weighted average borrowings outstanding | $ 413,200 | $ 278,500 | |||||
Outstanding balance on revolving credit facility | $ 0 | $ 0 | |||||
Unsecured term loan | |||||||
Debt Instrument [Line Items] | |||||||
Other notes payable | $ 400,000 | ||||||
Net proceeds from term loan issuance | $ 398,700 | ||||||
3.95% notes | Unsecured senior notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 3.95% | ||||||
Note offering percent | 103.257% | ||||||
Debt yield to maturity | 2.944% | ||||||
Principal balance | $ 300,000 | $ 300,000 | |||||
3.50% notes | Unsecured senior notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 3.50% | ||||||
Note offering percent | 98.911% | ||||||
Debt yield to maturity | 3.63% | ||||||
Principal balance | $ 400,000 | ||||||
3.95% and 3.50% notes | Unsecured senior notes | |||||||
Debt Instrument [Line Items] | |||||||
Principal balance | 700,000 | ||||||
Net proceeds from senior note issuances | $ 700,100 | ||||||
Hoboken 2 Buildings | Mortgage loan | |||||||
Debt Instrument [Line Items] | |||||||
Mortgage loan assumed with acquisition | $ 8,900 | ||||||
Mortgage loan fair value | $ 9,000 | ||||||
Interest rate | 4.00% |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Summary of Carrying Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Mortgages payable and notes payable | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Fair value of long-term debt | $ 953,511 | $ 549,460 |
Mortgages payable and notes payable | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Fair value of long-term debt | 947,030 | 562,049 |
Senior notes and debentures | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Fair value of long-term debt | 3,508,461 | 2,807,134 |
Senior notes and debentures | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Fair value of long-term debt | $ 3,754,061 | $ 3,001,216 |
Fair Value Of Financial Instr_4
Fair Value Of Financial Instruments (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020USD ($)agreement | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)agreement | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||||
Other comprehensive loss | $ (493) | $ (399) | $ (6,945) | $ (608) | |
Amount reclassified from other comprehensive loss to interest expense (less than) | (200) | ||||
Accumulated other comprehensive loss | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||||
Other comprehensive loss | (493) | $ (399) | (6,945) | $ (608) | |
Accumulated other comprehensive loss | One of our equity method investees | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||||
Other comprehensive loss | 100 | 800 | |||
Fair Value, recurring | Interest rate swap | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||||
Derivative Liability | $ (6,059) | $ (6,059) | |||
Derivative Asset | $ 130 | ||||
Fair Value, recurring | Interest rate swap | One of our equity method investees | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||||
Number of interest rate swap agreements | agreement | 2 | 2 | |||
Mortgage payable | Hoboken | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||||
Number of interest rate swap agreements | 2 | 2 | |||
Other comprehensive loss | $ 500 | $ 6,200 | |||
Notional amount of derivative liability | 56,500 | 56,500 | |||
Mortgage payable | $ 56,500 | $ 56,500 | |||
Fixed interest rate on derivative | 3.67% | 3.67% | |||
Other liabilities and deferred credits | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||||
Derivative Liability | $ 6,100 | $ 6,100 | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, recurring | Interest rate swap | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||||
Derivative Liability | 0 | 0 | |||
Derivative Asset | 0 | ||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, recurring | Interest rate swap | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||||
Derivative Liability | (6,059) | (6,059) | |||
Derivative Asset | 130 | ||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, recurring | Interest rate swap | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||||
Derivative Liability | $ 0 | $ 0 | |||
Derivative Asset | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Jun. 30, 2020USD ($)shares |
Commitments and Contingencies Disclosure [Abstract] | |
downREIT operating partnership units, outstanding | shares | 744,617 |
downREIT operating partnership units outstanding, fair value | $ | $ 63.4 |
Shareholders' Equity (Summary o
Shareholders' Equity (Summary of Dividends) (Details) - $ / shares | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | ||
Dividends | ||||||
Dividends declared to common shareholders (in dollars per share) | $ 1.05 | $ 1.02 | $ 2.10 | $ 2.04 | ||
Dividends paid per common share | $ 2.100 | $ 2.040 | ||||
Percentage of depository shares | 0.10% | 0.10% | 0.10% | 0.10% | ||
5.417% Series 1 Cumulative Convertible Preferred | ||||||
Dividends | ||||||
Preferred shares, percentage | 5.417% | 5.417% | 5.417% | 5.417% | 5.417% | |
Dividends declared per preferred shares | $ 0.677 | $ 0.677 | ||||
Dividends paid per preferred share | $ 0.677 | $ 0.677 | ||||
5.0% Series C Cumulative Redeemable Preferred | ||||||
Dividends | ||||||
Preferred shares, percentage | 5.00% | 5.00% | 5.00% | |||
Dividends declared per preferred shares | [1] | $ 0.625 | $ 0.625 | |||
Dividends paid per preferred share | [1] | $ 0.625 | $ 0.625 | |||
[1] | (1) Amount represents dividends per depository share, each representing 1/1000th of a share. |
Shareholders' Equity Narrative
Shareholders' Equity Narrative (Details) - At The Market Equity Program $ in Millions | Jun. 30, 2020USD ($) |
Class of Stock [Line Items] | |
Aggregate offering price of common share | $ 400 |
Remaining capacity to issue | $ 128.3 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Abstract] | ||||
Grants of common shares and options | $ 3,087 | $ 3,131 | $ 7,029 | $ 6,992 |
Capitalized share-based compensation | (310) | (201) | (642) | (472) |
Share-based compensation expense | $ 2,777 | $ 2,930 | $ 6,387 | $ 6,520 |
Operating & Finance Leases (Det
Operating & Finance Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Leases [Abstract] | ||||
Finance Lease, Amortization of right-of-use assets | $ 321 | $ 321 | $ 642 | $ 642 |
Finance Lease, Interest on lease liabilities | 1,457 | 1,455 | 2,913 | 2,911 |
Operating lease cost | 1,552 | 1,493 | 3,111 | 2,997 |
Variable lease cost | 70 | 129 | 157 | 220 |
Total Lease Cost | 3,400 | 3,398 | 6,823 | 6,770 |
Operating cash flows for finance leases | 1,439 | 1,433 | 2,872 | 2,893 |
Operating cash flows for operating leases | 1,261 | 1,268 | 2,811 | 2,779 |
Financing cash flows for finance leases | $ 11 | $ 16 | $ 22 | $ 41 |
Weighted-average remaining lease term - finance leases | 17 years 8 months 12 days | 18 years 7 months 6 days | 17 years 8 months 12 days | 18 years 7 months 6 days |
Weighted-average remaining lease term - operating leases | 53 years 2 months 12 days | 53 years 8 months 12 days | 53 years 2 months 12 days | 53 years 8 months 12 days |
Weighted-average discount rate - finance leases | 8.00% | 8.00% | 8.00% | 8.00% |
Weighted-average discount rate - operating leases | 4.40% | 4.50% | 4.40% | 4.50% |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Weighted average unvested shares outstanding | 200,000 | 200,000 | 200,000 | 200,000 | |
Anti-dilutive stock options | 682 | 682 | 682 | 682 | |
5.417% Series 1 Cumulative Convertible Preferred | |||||
Cumulative convertible preferred shares, dividend rate | 5.417% | 5.417% | 5.417% | 5.417% | 5.417% |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 10,859 | $ 82,667 | $ 67,300 | $ 144,470 |
Less: Preferred share dividends | (2,011) | (2,011) | (4,021) | (4,021) |
Less: Income from operations attributable to noncontrolling interests | (352) | (1,765) | (2,030) | (3,424) |
Less: Earnings allocated to unvested shares | (249) | (226) | (495) | (439) |
Net income available for common shareholders, basic and diluted | $ 8,247 | $ 78,665 | $ 60,754 | $ 136,586 |
Weighted average common shares outstanding, basic and diluted | 75,394 | 74,713 | 75,377 | 74,458 |
Net income available for common shareholders | $ 0.11 | $ 1.05 | $ 0.81 | $ 1.83 |