Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]

Deferred leasing costs and acquired lease-related intangible assets at December 31, 2020 and 2019, excluding amounts classified as held-for-sale, were as follows (in thousands):


	2020		2019
Deferred leasing costs	$	359,646	$	333,706
Acquired lease-related intangible assets	174,241		190,595
	$	533,887	$	524,301

Accumulated amortization - deferred leasing costs	$	(120,756)	$	(109,843)
Accumulated amortization - acquired lease-related intangible assets	(83,366)		(94,014)
Total	$	329,765	$	320,444

Schedule of Future Amortized Expense and Charge to Rental Income

The expected future amortization, or charge to rental income, of acquired lease-related intangible assets is summarized in the table below (in thousands):


Year	Amortization Expense		Charge to Rental Income
2021	$	18,925	$	363
2022	15,412		353
2023	13,603		353
2024	11,014		59
2025	8,866		—
Thereafter	21,927		—
	$	89,747	$	1,128

Schedule of Earnings Per Share, Basic and Diluted

The following table reconciles the components of basic and diluted net income per common share or Common Unit (in thousands):


	2020		2019		2018
General Partner
Net income attributable to common shareholders	$	299,915	$	428,972	$	383,729
Less: Dividends on participating securities	(1,447)		(1,487)		(1,675)
Basic net income attributable to common shareholders	298,468		427,485		382,054
Add back dividends on dilutive participating securities	—		1,487		1,675
Noncontrolling interest in earnings of common unitholders	2,663		3,678		3,528
Diluted net income attributable to common shareholders	$	301,131	$	432,650	$	387,257
Weighted average number of common shares outstanding	370,057		362,234		357,569
Weighted average Limited Partner Units outstanding	3,303		3,118		3,290
Other potential dilutive shares	796		1,987		2,438
Weighted average number of common shares and potential dilutive securities	374,156		367,339		363,297

Partnership
Net income attributable to common unitholders	$	302,578	$	432,650	$	387,257
Less: Distributions on participating securities	(1,447)		(1,487)		(1,675)
Basic net income attributable to common unitholders	$	301,131	$	431,163	$	385,582
Add back distributions on dilutive participating securities	—		1,487		1,675
Diluted net income attributable to common unitholders	$	301,131	$	432,650	$	387,257
Weighted average number of Common Units outstanding	373,360		365,352		360,859
Other potential dilutive units	796		1,987		2,438
Weighted average number of Common Units and potential dilutive securities	374,156		367,339		363,297

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table summarizes the data that is excluded from the computation of net income per common share or Common Unit as a result of being anti-dilutive (in thousands):


	2020	2019	2018
General Partner and Partnership
Other potential dilutive shares or units:
Anti-dilutive outstanding potential shares or units under fixed stock option and other stock-based compensation plans	—	—	—
Anti-dilutive outstanding participating securities	1,621	—	—

Reconciliation of Net Income to Taxable Income Before Dividends Paid Deduction

The following table reconciles the General Partner's net income to taxable income before the dividends paid deduction, and subject to the 90% distribution requirement, for the years ended December 31, 2020, 2019 and 2018 (in thousands):


	2020		2019		2018
Net income	$	302,760	$	432,644	$	387,268
Book/tax differences	39,566		(120,421)		(97,079)
Taxable income before the dividends paid deduction	342,326		312,223		290,189
Less: capital gains	(90,242)		(62,513)		(63,151)
Adjusted taxable income subject to the 90% distribution requirement	$	252,084	$	249,710	$	227,038

Computation of Dividends Paid Deduction

The General Partner's dividends paid deduction is summarized below (in thousands):


	2020		2019		2018
Cash dividends paid	$	355,287	$	318,702	$	291,502
Cash dividends declared and paid in subsequent year that apply to current year	—		6,521		9,286
Cash dividends declared and paid in current year that apply to previous year	(6,521)		(9,286)		(7,901)


Dividends paid deduction	348,766		315,937		292,887
Less: Capital gain distributions	(90,242)		(62,513)		(63,151)
Dividends paid deduction attributable to adjusted taxable income subject to the 90% distribution requirement	$	258,524	$	253,424	$	229,736

Summary of Tax Characterization of Dividends Paid

A summary of the designated tax characterization of the dividends paid by the General Partner for the years ended December 31, 2020, 2019 and 2018 is as follows:


	2020		2019		2018
Common Shares
Ordinary income	74.6	%	80.7	%	78.4	%

Capital gains	25.4	%	19.3	%	21.6	%
	100.0	%	100.0	%	100.0	%