Note 24 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Book to Tax Reconciliation [Table Text Block]

	2021			2020			2019
	(Estimated)			(Actual)			(Actual)
GAAP net income attributable to the Company	$	844,059		$	1,000,833		$	410,605
GAAP net (income)/loss attributable to TRSs		(24,502	)		(956	)		1,119
GAAP net income from REIT operations (1)		819,557			999,877			411,724
Net book depreciation in excess of tax depreciation		70,792			(55,072	)		55,903
Deferred/prepaid/above-market and below-market rents, net		(33,580	)		(16,632	)		(33,287	)
Fair market value debt amortization		(18,079	)		(3,847	)		(4,510	)
Book/tax differences from executive compensation		19,882			10,388			6,026
Book/tax differences from non-qualified stock options		(1,069	)		(231	)		(1,121	)
Book/tax differences from defined benefit plan		(2,948	)		-			-
Book/tax differences from investments in and advances to real estate joint ventures		25,502			40,176			4,837
Book/tax differences from sale of properties		(51,951	)		(10,547	)		(13,830	)
Book/tax differences from accounts receivable		(19,971	)		44,193			1,573
Book adjustment to property carrying values and marketable equity securities		(499,996	)		(589,698	)		37,709
Taxable currency exchange gain/(loss), net		882			(29	)		(33	)
Tangible property regulation deduction		-			(48,194	)		-
GAAP gain on change in control of joint venture interests		(5,607	)		-			(137	)
Dividends from TRSs		23,314			2			3,331
Severance accrual		(5,358	)		5,874			(475	)
Other book/tax differences, net (2)		(21,955	)		802			(3,946	)
Adjusted REIT taxable income	$	299,415		$	377,062		$	463,764

Taxable Characteristics of Distributions Paid [Table Text Block]

	2021				2020				2019
Preferred I Dividends
Ordinary income	$	-	-		$	-	-		$	7,389	77	%
Capital gain		-	-			-	-			2,207	23	%
	$	-	-		$	-	-		$	9,596	100	%
Preferred J Dividends
Ordinary income	$	-	-		$	-	-		$	11,541	77	%
Capital gain		-	-			-	-			3,447	23	%
	$	-	-		$	-	-		$	14,988	100	%
Preferred K Dividends
Ordinary income	$	-	-		$	-	-		$	6,927	77	%
Capital gain		-	-			-	-			2,069	23	%
	$	-	-		$	-	-		$	8,996	100	%
Preferred L Dividends
Ordinary income	$	11,185	97	%	$	4,382	38	%	$	8,879	77	%
Capital gain		346	3	%		7,149	62	%		2,652	23	%
	$	11,531	100	%	$	11,531	100	%	$	11,531	100	%
Preferred M Dividends
Ordinary income	$	13,469	97	%	$	5,277	38	%	$	10,692	77	%
Capital gain		417	3	%		8,609	62	%		3,194	23	%
	$	13,886	100	%	$	13,886	100	%	$	13,886	100	%
Common Dividends
Ordinary income	$	273,272	77	%	$	133,849	38	%	$	328,726	70	%
Capital gain		10,647	3	%		214,863	61	%		98,618	21	%
Return of capital		70,980	20	%		3,522	1	%		42,265	9	%
	$	354,899	100	%	$	352,234	100	%	$	469,609	100	%
Total dividends distributed for tax purposes	$	380,316			$	377,651			$	528,606

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

	2021			2020			2019
Income/(loss) before income taxes – U.S.	$	26,421		$	1,051		$	(1,682	)
(Provision)/benefit for income taxes, net:
Federal:
Current		(2,656	)		(482	)		3,362
Deferred		312			539			(349	)
Federal tax (provision)/benefit		(2,344	)		57			3,013
State and local:
Current		(456	)		(48	)		(26	)
Deferred		48			34			(19	)
State and local tax provision		(408	)		(14	)		(45	)
Total tax (provision)/benefit – U.S.		(2,752	)		43			2,968
Net income from U.S. TRSs	$	23,669		$	1,094		$	1,286
Loss before taxes – Non-U.S.	$	(63	)	$	(64	)	$	(599	)
(Provision)/benefit for Non-U.S. income taxes:
Current	$	-		$	479		$	(69	)
Deferred		(529	)		-			418
Non-U.S. tax (provision)/benefit	$	(529	)	$	479		$	349

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

	2021			2020			2019
Federal (provision)/benefit at statutory tax rate (1)	$	(5,548	)	$	(221	)	$	3,010
State and local provision, net of federal benefit (2)		2,796			(1,236	)		(42	)
Total tax (provision)/benefit – U.S.	$	(2,752	)	$	(1,457	)	$	2,968

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

	2021			2020
Deferred tax assets:
Tax/GAAP basis differences	$	3,286		$	29,105
Net operating losses (1)		4,580			17,885
Tax credit carryforwards (2)		2,340			2,340
Related party deferred losses		-			619
Charitable contribution carryforwards		-			23
Valuation allowance		(4,067	)		(36,957	)
Total deferred tax assets		6,139			13,015
Deferred tax liabilities		(8,058	)		(12,765	)
Net deferred tax (liabilities)/assets	$	(1,919	)	$	250