Note 22 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Book to Tax Reconciliation [Table Text Block]

	2020			2019			2018
	(Estimated)			(Actual)			(Actual)
GAAP net income attributable to the Company	$	1,000,833		$	410,605		$	497,795
GAAP net (income)/loss attributable to TRSs		(960	)		1,119			(2,436	)
GAAP net income from REIT operations (1)		999,873			411,724			495,359
Net book depreciation in excess of tax depreciation		(61,272	)		55,903			46,754
Capitalized leasing/legal commissions		-			-			(15,268	)
Deferred/prepaid/above-market and below-market rents, net		(16,891	)		(33,287	)		(23,466	)
Fair market value debt amortization		(3,847	)		(4,510	)		(5,268	)
Book/tax differences from executive compensation (2)		10,388			6,026			5,460
Book/tax differences from non-qualified stock options		(231	)		(1,121	)		(112	)
Book/tax differences from investments in and advances to real estate joint ventures		45,782			4,837			22,263
Book/tax differences from sale of properties		(10,494	)		(13,830	)		(13,612	)
Book/tax differences from accounts receivable		45,175			1,573			1,636
Book adjustment to property carrying values and marketable equity securities		(588,777	)		37,709			59,866
Taxable currency exchange (loss)/gain, net		(29	)		(33	)		929
Tangible property regulation deduction		(50,597	)		-			(40,361	)
GAAP gain on change in control of joint venture interests		-			(137	)		(6,800	)
Dividends from TRSs		2			3,331			526
Severance accrual		6,425			(475	)		913
Other book/tax differences, net		(1,097	)		(3,946	)		(1,774	)
Adjusted REIT taxable income	$	374,410		$	463,764		$	527,045

Taxable Characteristics of Distributions Paid [Table Text Block]

	2020				2019				2018
Preferred I Dividends
Ordinary income	$	-	-		$	7,389	77	%	$	5,565	53	%
Capital gain		-	-			2,207	23	%		4,935	47	%
	$	-	-		$	9,596	100	%	$	10,500	100	%
Preferred J Dividends
Ordinary income	$	-	-		$	11,541	77	%	$	6,559	53	%
Capital gain		-	-			3,447	23	%		5,816	47	%
	$	-	-		$	14,988	100	%	$	12,375	100	%
Preferred K Dividends
Ordinary income	$	-	-		$	6,927	77	%	$	5,217	53	%
Capital gain		-	-			2,069	23	%		4,627	47	%
	$	-	-		$	8,996	100	%	$	9,844	100	%
Preferred L Dividends
Ordinary income	$	4,382	38	%	$	8,879	77	%	$	6,111	53	%
Capital gain		7,149	62	%		2,652	23	%		5,420	47	%
	$	11,531	100	%	$	11,531	100	%	$	11,531	100	%
Preferred M Dividends
Ordinary income	$	5,277	38	%	$	10,692	77	%	$	6,031	53	%
Capital gain		8,609	62	%		3,194	23	%		5,348	47	%
	$	13,886	100	%	$	13,886	100	%	$	11,379	100	%
Common Dividends
Ordinary income	$	133,849	38	%	$	328,726	70	%	$	235,642	50	%
Capital gain		214,863	61	%		98,618	21	%		212,077	45	%
Return of capital		3,522	1	%		42,265	9	%		23,564	5	%
	$	352,234	100	%	$	469,609	100	%	$	471,283	100	%
Total dividends distributed for tax purposes	$	377,651			$	528,606			$	526,912

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	2020			2019			2018
Income/(loss) before income taxes – U.S.	$	1,051		$	(1,682	)	$	4,331
(Provision)/benefit for income taxes, net:
Federal:
Current		(482	)		3,362			(1,221	)
Deferred		539			(349	)		(1,198	)
Federal tax benefit/(provision)		57			3,013			(2,419	)
State and local:
Current		(48	)		(26	)		(43	)
Deferred		34			(19	)		(414	)
State and local tax provision		(14	)		(45	)		(457	)
Total tax benefit/(provision)– U.S.		43			2,968			(2,876	)
Net income from U.S. TRSs	$	1,094		$	1,286		$	1,455
(Loss)/income before taxes – Non-U.S.	$	(64	)	$	(599	)	$	2,384
Benefit/(provision) for Non-U.S. income taxes:
Current	$	479		$	(69	)	$	1,634
Deferred		-			418			(358	)
Non-U.S. tax benefit	$	479		$	349		$	1,276

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	2020			2019			2018
Federal (provision)/benefit at statutory tax rate (1) (2)	$	(221	)	$	3,010		$	(2,490	)
State and local provision, net of federal benefit (3) (4)		(1,236	)		(42	)		(386	)
Total tax (provision)/benefit – U.S.	$	(1,457	)	$	2,968		$	(2,876	)

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	2020			2019
Deferred tax assets:
Tax/GAAP basis differences	$	29,105		$	29,618
Net operating losses (1)		17,885			20,917
Tax credit carryforwards (2)		2,340			2,340
Capital loss carryforwards		-			2,270
Related party deferred losses		619			619
Charitable contribution carryforwards		23			23
Valuation allowance		(36,957	)		(42,703	)
Total deferred tax assets		13,015			13,084
Deferred tax liabilities		(12,765	)		(12,844	)
Net deferred tax assets	$	250		$	240