Quarterly report pursuant to Section 13 or 15(d)

Summary of significant accounting policies (Tables)

v3.22.2
Summary of significant accounting policies (Tables)
6 Months Ended
Jun. 30, 2022
Accounting Policies [Abstract]  
Schedule of Cash and Cash Equivalents
The following table provides a reconciliation of cash, cash equivalents and restricted cash per the consolidated statements of cash flow to the corresponding financial statement line items in the consolidated balance sheets (in thousands):
December 31,
2021 2020
Consolidated balance sheets
Cash and cash equivalents $ 27,074  $ 69,083 
Restricted cash included in Land and building held for development, net 1,088  1,088 
Cash and cash equivalents and restricted cash at the end of the period $ 28,162  $ 70,171 
June 30,
2022 2021
Consolidated balance sheets
Cash and cash equivalents $ 173,460  $ 115,965 
Restricted cash included in Land and building held for development, net 1,088  1,088 
Cash and cash equivalents and restricted cash at the end of the period $ 174,548  $ 117,053 
Schedule of Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash per the consolidated statements of cash flow to the corresponding financial statement line items in the consolidated balance sheets (in thousands):
December 31,
2021 2020
Consolidated balance sheets
Cash and cash equivalents $ 27,074  $ 69,083 
Restricted cash included in Land and building held for development, net 1,088  1,088 
Cash and cash equivalents and restricted cash at the end of the period $ 28,162  $ 70,171 
June 30,
2022 2021
Consolidated balance sheets
Cash and cash equivalents $ 173,460  $ 115,965 
Restricted cash included in Land and building held for development, net 1,088  1,088 
Cash and cash equivalents and restricted cash at the end of the period $ 174,548  $ 117,053 
Schedule of Earnings Per Share
The following table sets forth the components of our basic and diluted net income per share that are not reflected on the face of our consolidated statements of income, including the allocation of income to common stockholders and common partnership units, the percentage of weighted average common stock and common partnership units outstanding, as well as basic and diluted weighted average common stock outstanding (in thousands):
Three Months Ended June 30,
Six Months Ended June 30,
2022   2021 2022   2021
Calculation of net income allocable to common stockholders
Net income $ 107,520  $ 70,050  $ 208,665  $ 117,557 
Net (income) loss allocated to
Preferred stockholders based upon distributions (9,580) (12,047) (19,160) (24,093)
Noncontrolling interests—joint venture (9) (8)
Restricted stock unit holders (475) (314) (998) (478)
Net income allocable to common stockholders and noncontrolling interests—common units 97,456  57,696  188,499  92,991 
Net income allocation to noncontrolling interests—common units (20,379) (12,101) (39,429) (19,510)
Net income allocable to common stockholders $ 77,077  $ 45,595  $ 149,070  $ 73,481 
Calculation of common partnership units as a percentage of common stock equivalents
Weighted average common stock outstanding 27,630  27,531  27,618  27,513 
Weighted average common partnership units outstanding 7,305  7,305  7,305  7,305 
Total common stock equivalents 34,935  34,836  34,923  34,818 
Common partnership units as a percentage of common stock equivalents 20.9  % 21.0  % 20.9  % 21.0  %
Weighted average common stock outstanding
Basic weighted average common stock outstanding 27,630  27,531  27,618  27,513 
Net effect of dilutive stock compensation—based on treasury stock method using average market price 92  101  89  98 
Diluted weighted average common stock outstanding 27,722  27,632  27,707  27,611