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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________to _________

001-13106 (Essex Property Trust, Inc.)
333-44467-01 (Essex Portfolio, L.P.)
(Commission File Number)

ESSEX PROPERTY TRUST, INC.
ESSEX PORTFOLIO, L.P.
(Exact name of Registrant as Specified in its Charter)
Maryland77-0369576
(Essex Property Trust, Inc.)(Essex Property Trust, Inc.)
California77-0369575
 (Essex Portfolio, L.P.)(Essex Portfolio, L.P.)
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification Number)
1100 Park Place, Suite 200
San Mateo, California 94403
(Address of Principal Executive Offices, Including Zip Code)

(650) 655-7800
(Registrant's Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act: 
Title of each classTrading
Symbol(s)
Name of each exchange on which registered
Common Stock, $.0001 par value (Essex Property Trust, Inc.)ESSNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Essex Property Trust, Inc.YesNoEssex Portfolio, L.P.YesNo

i


Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Essex Property Trust, Inc.YesNoEssex Portfolio, L.P.YesNo

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Essex Property Trust, Inc.:
Large accelerated filer
Accelerated filerNon-accelerated filerSmaller reporting company
Emerging growth company

Essex Portfolio, L.P.:
Large accelerated filerAccelerated filerNon-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Essex Property Trust, Inc.Essex Portfolio, L.P.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Essex Property Trust, Inc.YesNoEssex Portfolio, L.P.YesNo
 
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 65,204,624 shares of Common Stock ($.0001 par value) of Essex Property Trust, Inc. were outstanding as of October 28, 2020.
ii


EXPLANATORY NOTE

This report combines the reports on Form 10-Q for the three and nine month periods ended September 30, 2020 of Essex Property Trust, Inc., a Maryland corporation, and Essex Portfolio, L.P., a Delaware limited partnership of which Essex Property Trust, Inc. is the sole general partner.

Unless stated otherwise or the context otherwise requires, references to the "Company," "we," "us" or "our" mean collectively Essex Property Trust, Inc. and those entities/subsidiaries owned or controlled by Essex Property Trust, Inc., including Essex Portfolio, L.P., and references to the "Operating Partnership" mean Essex Portfolio, L.P. and those entities/subsidiaries owned or controlled by Essex Portfolio, L.P. Unless stated otherwise or the context otherwise requires, references to "Essex" mean Essex Property Trust, Inc., not including any of its subsidiaries.

Essex operates as a self-administered and self-managed real estate investment trust ("REIT"), and is the sole general partner of the Operating Partnership. As the sole general partner of the Operating Partnership, Essex has exclusive control of the Operating Partnership's day-to-day management.

The Company is structured as an umbrella partnership REIT ("UPREIT") and Essex contributes all net proceeds from its various equity offerings to the Operating Partnership. In return for those contributions, Essex receives a number of Operating Partnership limited partnership units ("OP Units," and the holders of such OP Units, "Unitholders") equal to the number of shares of common stock it has issued in the equity offerings. Contributions of properties to the Company can be structured as tax-deferred transactions through the issuance of OP Units, which is one of the reasons why the Company is structured in the manner outlined above. Based on the terms of the Operating Partnership's partnership agreement, OP Units can be exchanged into Essex common stock on a one-for-one basis. The Company maintains a one-for-one relationship between the OP Units issued to Essex and shares of common stock.

The Company believes that combining the reports on Form 10-Q of Essex and the Operating Partnership into this single report provides the following benefits:

enhances investors' understanding of Essex and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;
eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure applies to both Essex and the Operating Partnership; and
creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

Management operates Essex and the Operating Partnership as one business. The management of Essex consists of the same members as the management of the Operating Partnership.

All of the Company's property ownership, development, and related business operations are conducted through the Operating Partnership and Essex has no material assets, other than its investment in the Operating Partnership. Essex's primary function is acting as the general partner of the Operating Partnership. As general partner with control of the Operating Partnership, Essex consolidates the Operating Partnership for financial reporting purposes. Therefore, the assets and liabilities of Essex and the Operating Partnership are the same on their respective financial statements. Essex also issues equity from time to time and guarantees certain debt of the Operating Partnership, as disclosed in this report. The Operating Partnership holds substantially all of the assets of the Company, including the Company's ownership interests in its co-investments. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for the net proceeds from equity offerings by the Company, which are contributed to the capital of the Operating Partnership in exchange for OP Units (on a one-for-one share of common stock per OP Unit basis), the Operating Partnership generates all remaining capital required by the Company's business. These sources of capital include the Operating Partnership's working capital, net cash provided by operating activities, borrowings under its revolving credit facilities, the issuance of secured and unsecured debt and equity securities and proceeds received from disposition of certain properties and co-investments.

The Company believes it is important to understand the few differences between Essex and the Operating Partnership in the context of how Essex and the Operating Partnership operate as a consolidated company. Stockholders' equity, partners' capital and noncontrolling interest are the main areas of difference between the condensed consolidated financial statements of Essex and those of the Operating Partnership. The limited partners of the Operating Partnership are accounted for as partners' capital in the Operating Partnership's condensed consolidated financial statements and as noncontrolling interest in Essex’s condensed consolidated financial statements. The noncontrolling interest in the Operating Partnership's condensed consolidated financial statements include the interest of unaffiliated partners in various consolidated partnerships and co-investment partners. The noncontrolling interest in Essex's condensed consolidated financial statements include (i) the same noncontrolling interest as
iii


presented in the Operating Partnership’s condensed consolidated financial statements and (ii) OP Unitholders. The differences between stockholders' equity and partners' capital result from differences in the equity issued at Essex and Operating Partnership levels.
 
To help investors understand the significant differences between Essex and the Operating Partnership, this report on Form 10-Q provides separate consolidated financial statements for Essex and the Operating Partnership; a single set of consolidated notes to such financial statements that includes separate discussions of stockholders' equity or partners' capital, and earnings per share/unit, as applicable; and a combined Management's Discussion and Analysis of Financial Condition and Results of Operations.

This report on Form 10-Q also includes separate Part I, Item 4. Controls and Procedures sections and separate Exhibits 31 and 32 certifications for each of Essex and the Operating Partnership in order to establish that the requisite certifications have been made and that Essex and the Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934 (the "Exchange Act") and 18 U.S.C. §1350.

In order to highlight the differences between Essex and the Operating Partnership, the separate sections in this report on Form 10-Q for Essex and the Operating Partnership specifically refer to Essex and the Operating Partnership. In the sections that combine disclosure of Essex and the Operating Partnership, this report refers to actions or holdings as being actions or holdings of the Company. Although the Operating Partnership is generally the entity that directly or indirectly enters into contracts and co-investments and holds assets and debt, reference to the Company is appropriate because the Company is one business and the Company operates that business through the Operating Partnership. The separate discussions of Essex and the Operating Partnership in this report should be read in conjunction with each other to understand the results of the Company on a consolidated basis and how management operates the Company.

The information furnished in the accompanying unaudited condensed consolidated balance sheets, statements of income and comprehensive income, equity, capital, and cash flows of the Company and the Operating Partnership reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the aforementioned condensed consolidated financial statements for the interim periods and are normal and recurring in nature, except as otherwise noted.

The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the notes to such unaudited condensed consolidated financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations herein. Additionally, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company's annual report on Form 10-K for the year ended December 31, 2019.
iv


ESSEX PROPERTY TRUST, INC.
ESSEX PORTFOLIO, L.P.
FORM 10-Q
TABLE OF CONTENTS

PART I. FINANCIAL INFORMATIONPage No.
Item 1.Condensed Consolidated Financial Statements of Essex Property Trust, Inc. (Unaudited)
 
 
 
 
 Condensed Consolidated Financial Statements of Essex Portfolio, L.P. (Unaudited) 
 
 
 
 
 
Item 2.
Item 3.
Item 4.
PART II. OTHER INFORMATION 
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
1

Table of Contents


Part I – Financial Information

Item 1. Condensed Consolidated Financial Statements

ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands, except parenthetical and share amounts)
ASSETSSeptember 30, 2020December 31, 2019
Real estate:
Rental properties:
Land and land improvements$2,944,521 $2,773,805 
Buildings and improvements12,184,957 11,264,337 
 15,129,478 14,038,142 
Less: accumulated depreciation(4,043,496)(3,689,482)
 11,085,982 10,348,660 
Real estate under development364,875 546,075 
Co-investments1,018,235 1,335,339 
Real estate held for sale, net32,878  
12,501,970 12,230,074 
Cash and cash equivalents-unrestricted558,446 70,087 
Cash and cash equivalents-restricted10,629 11,007 
Marketable securities, net of allowance for credit losses of $13.6 million and zero as of September 30, 2020 and December 31, 2019, respectively
134,971 144,193 
Notes and other receivables, net of allowance for credit losses of $0.2 million and zero as of September 30, 2020 and December 31, 2019, respectively (includes related party receivables of $5.5 million and $90.2 million as of September 30, 2020 and December 31, 2019, respectively)
75,432 134,365 
Operating lease right-of-use assets72,910 74,744 
Prepaid expenses and other assets46,684 40,935 
Total assets$13,401,042 $12,705,405 
LIABILITIES AND EQUITY  
Unsecured debt, net$5,907,805 $4,763,206 
Mortgage notes payable, net702,379 990,667 
Lines of credit 55,000 
Accounts payable and accrued liabilities205,520 158,017 
Construction payable30,292 48,912 
Dividends payable142,365 135,384 
Operating lease liabilities74,844 76,740 
Other liabilities39,636 36,565 
Total liabilities7,102,841 6,264,491 
Commitments and contingencies
Redeemable noncontrolling interest30,719 37,410 
Equity:  
Common stock; $.0001 par value, 670,000,000 shares authorized; 65,209,946 and 66,091,954 shares issued and outstanding, respectively
7 7 
Additional paid-in capital6,921,631 7,121,927 
Distributions in excess of accumulated earnings(821,841)(887,619)
Accumulated other comprehensive loss, net(16,800)(13,888)
Total stockholders' equity6,082,997 6,220,427 
Noncontrolling interest184,485 183,077 
Total equity6,267,482 6,403,504 
Total liabilities and equity$13,401,042 $12,705,405 

See accompanying notes to the unaudited condensed consolidated financial statements.
2

Table of Contents


ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income and Comprehensive Income
(Unaudited)
(In thousands, except share and per share amounts)
 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
Revenues:
Rental and other property$368,464 $364,504 $1,126,363 $1,077,767 
Management and other fees from affiliates2,347 2,428 7,312 7,023 
 370,811 366,932 1,133,675 1,084,790 
Expenses:  
Property operating, excluding real estate taxes68,037 62,883 197,310 180,410 
Real estate taxes44,358 39,290 132,364 114,993 
Corporate-level property management expenses8,619 8,553 26,024 25,451 
Depreciation and amortization130,202 120,809 395,370 360,842 
General and administrative13,310 11,345 42,244 38,731 
Expensed acquisition and investment related costs2 13 104 69 
 264,528 242,893 793,416 720,496 
Gain on sale of real estate and land22,654  39,251  
Earnings from operations128,937 124,039 379,510 364,294 
Interest expense(55,430)(54,896)(165,024)(162,651)
Total return swap income2,977 2,154 7,749 6,174 
Interest and other income 6,512 8,685 12,696 29,293 
Equity income from co-investments14,960 21,700 53,514 54,935 
Deferred tax expense on unrealized gain on unconsolidated co-investment (1,457)(1,636)(1,457)
(Loss) gain on early retirement of debt, net(19,114)5,475 (23,820)7,143 
Gain on remeasurement of co-investment  234,694 31,535 
Net income78,842 105,700 497,683 329,266 
Net income attributable to noncontrolling interest(5,181)(6,365)(24,558)(18,798)
Net income available to common stockholders$73,661 $99,335 $473,125 $310,468 
Comprehensive income$80,818 $105,663 $494,668 $323,071 
Comprehensive income attributable to noncontrolling interest(5,247)(6,364)(24,455)(18,589)
Comprehensive income attributable to controlling interest$75,571 $99,299 $470,213 $304,482 
Per share data:  
Basic:  
Net income available to common stockholders$1.13 $1.51 $7.22 $4.72 
Weighted average number of shares outstanding during the period65,232,837 65,850,524 65,561,820 65,757,914 
Diluted:  
Net income available to common stockholders$1.13 $1.51 $7.21 $4.71 
Weighted average number of shares outstanding during the period65,241,428 65,973,085 65,676,093 65,857,660 

See accompanying notes to the unaudited condensed consolidated financial statements.
3

Table of Contents


ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2020 and 2019
(Unaudited)
(In thousands)
 Common stockAdditional paid-in capitalDistributions
in excess of accumulated
earnings
Accumulated
other
comprehensive loss, net
Noncontrolling interestTotal
Three Months Ended September 30, 2020SharesAmount
Balances at June 30, 202065,331 $7 $6,944,805 $(760,028)$(18,710)$186,807 $6,352,881 
Net income— — — 73,661 — 5,181 78,842 
Change in fair value of derivatives and amortization of swap settlements— — — — 1,821 63 1,884 
Change in fair value of marketable debt securities, net— — — — 89 3 92 
Issuance of common stock under:      
Sale of common stock, net— — (95)— — — (95)
Equity based compensation costs— — 2,279 — — 82 2,361 
Retirement of common stock, net(121) (26,586)— — — (26,586)
Changes in the redemption value of redeemable noncontrolling interest— — 2,346 — — 176 2,522 
Distributions to noncontrolling interest— — — — — (7,677)(7,677)
Redemptions of noncontrolling interest — (1,118)— — (150)(1,268)
Common stock dividends ($2.0775 per share)
— — — (135,474)— — (135,474)
Balances at September 30, 202065,210 $7 $6,921,631 $(821,841)$(16,800)$184,485 $6,267,482 


4

Table of Contents


 Common stockAdditional paid-in capitalDistributions
in excess of accumulated
earnings
Accumulated
other
comprehensive loss, net
Noncontrolling interestTotal
Nine Months Ended September 30, 2020SharesAmount
Balances at December 31, 201966,092 $7 $7,121,927 $(887,619)$(13,888)$183,077 $6,403,504 
Net income— — — 473,125 — 24,558 497,683 
Cash flow hedge losses reclassified to earnings3,171 111 3,282 
Change in fair value of derivatives and amortization of swap settlements— — — — (5,911)(208)(6,119)
Change in fair value of marketable debt securities, net— — — — (172)(6)(178)
Issuance of common stock under:
Stock option and restricted stock plans, net95 — 9,201 — — — 9,201 
Sale of common stock, net— — (228)— — — (228)
Equity based compensation costs— — 8,956 — — 338 9,294 
Retirement of common stock, net(985)— (222,990)— — — (222,990)
Cumulative effect upon adoption of ASU No. 2016-13
— — — (190)— — (190)
Changes in the redemption value of redeemable noncontrolling interest— — 6,888 — — (197)6,691 
Changes in noncontrolling interest from acquisition— — — — — 1,349 1,349 
Distributions to noncontrolling interest— — — — — (23,689)(23,689)
Redemptions of noncontrolling interest8 — (2,123)— — (848)(2,971)
Common stock dividends ($6.2325 per share)
— — — (407,157)— — (407,157)
Balances at September 30, 202065,210 $7 $6,921,631 $(821,841)$(16,800)$184,485 $6,267,482 
5

Table of Contents


 Common stockAdditional paid-in capitalDistributions
in excess of accumulated
earnings
Accumulated
other
comprehensive loss, net
Noncontrolling InterestTotal
Three Months Ended September 30, 2019SharesAmount
Balances at June 30, 201965,727 $7 $7,031,886 $(857,994)$(18,992)$190,209 $6,345,116 
Net income— — — 99,335 — 6,365 105,700 
Change in fair value of derivatives and amortization of swap settlements— — — — (12)— (12)
Change in fair value of marketable debt securities, net— — — — (24)(1)(25)
Issuance of common stock under:      
Stock option and restricted stock plans, net126 — 27,679 — — — 27,679 
Sale of common stock, net228 — 72,631 — — — 72,631 
Equity based compensation costs— — 1,544 — — 270 1,814 
Changes in the redemption value of redeemable noncontrolling interest— — (2,309)— — 62 (2,247)
Distributions to noncontrolling interest— — — — — (6,789)(6,789)
Redemptions of noncontrolling interest1 — 211 — — (212)(1)
Common stock dividends ($1.95 per share)
— — — (128,862)— — (128,862)
Balances at September 30, 201966,082 $7 $7,131,642 $(887,521)$(19,028)$189,904 $6,415,004 
6

Table of Contents


 Common stockAdditional paid-in capitalDistributions
in excess of accumulated
earnings
Accumulated
other
comprehensive loss, net
Noncontrolling InterestTotal
Nine Months Ended September 30, 2019SharesAmount
Balances at December 31, 201865,890 $7 $7,093,079 $(812,796)$(13,217)$126,771 $6,393,844 
Net income— — — 310,468 — 18,798 329,266 
Reversal of unrealized gains upon the sale of marketable debt securities— — — — (31)(1)(32)
Change in fair value of derivatives and amortization of swap settlements— — — — (6,152)(214)(6,366)
Change in fair value of marketable debt securities, net— — — — 197 6 203 
Issuance of common stock under:      
Stock option and restricted stock plans, net188 — 32,907 — — — 32,907 
Sale of common stock, net228 — 72,549 — — — 72,549 
Equity based compensation costs— — 7,016 — — 898 7,914 
Retirement of common stock, net(234) (56,989)— — — (56,989)
Cumulative effect upon adoption of ASU No. 2017-12
— — — — 175 6 181 
Changes in the redemption value of redeemable noncontrolling interest— — (5,048)— — 1,373 (3,675)
Changes in noncontrolling interest from acquisition— — — — — 65,472 65,472 
Distributions to noncontrolling interest— — — — — (20,897)(20,897)
Redemptions of noncontrolling interest10 — (11,872)— — (2,308)(14,180)
Common stock dividends ($5.85 per share)
— — — (385,193)— — (385,193)
Balances at September 30, 201966,082 $7 $7,131,642 $(887,521)$(19,028)$189,904 $6,415,004 


See accompanying notes to the unaudited condensed consolidated financial statements.
7

Table of Contents


ESSEX PROPERTY TRUST, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands, except parenthetical amounts) 
 Nine Months Ended September 30,
 20202019
Cash flows from operating activities:
Net income$497,683 $329,266 
Adjustments to reconcile net income to net cash provided by operating activities:  
Straight-lined rents(15,485)(230)
Depreciation and amortization395,370 360,842 
Amortization of discount on marketable securities(6,598)(16,673)
Amortization of discount and debt financing costs, net5,177 3,454 
Gain on sale of marketable securities(124)(737)
Provision for credit losses100 — 
Unrealized gains on equity securities recognized through income(2,215)(4,280)
Company's share of gain on the sales of co-investments (870)
Earnings from co-investments(53,514)(54,065)
Operating distributions from co-investments41,202 64,628 
Accrued interest from notes and other receivables(1,574)(4,523)
Gain on the sale of real estate and land(39,251) 
Equity-based compensation4,923 6,748 
Loss (gain) on early retirement of debt, net23,820 (7,143)
Gain on remeasurement of co-investment(234,694)(31,535)
Changes in operating assets and liabilities: 
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets(5,088)(3,962)
Accounts payable, accrued liabilities, and operating lease liabilities43,095 64,281 
Other liabilities610 1,726 
Net cash provided by operating activities653,437 706,927 
Cash flows from investing activities:  
Additions to real estate:  
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired(459,355)(93,389)
Redevelopment(41,592)(55,027)
Development acquisitions of and additions to real estate under development(90,273)(130,593)
Capital expenditures on rental properties(64,269)(69,348)
Investments in notes receivable(20,431)(140,663)
Collections of notes and other receivables98,711 2,500 
Proceeds from insurance for property losses612 3,599 
Proceeds from dispositions of real estate280,246  
Contributions to co-investments(61,056)(306,233)
Changes in refundable deposits96 325 
Purchases of marketable securities(38,909)(42,653)
Sales and maturities of marketable securities56,890 57,165 
Non-operating distributions from co-investments37,342 70,064 
Net cash used in investing activities(301,988)(704,253)
Cash flows from financing activities:  
Proceeds from unsecured debt and mortgage notes1,452,808 892,762 
Payments on unsecured debt and mortgage notes(587,057)(800,746)
Proceeds from lines of credit1,038,426 1,485,034 
Repayments of lines of credit(1,093,426)(1,265,034)
Retirement of common stock(222,990)(56,989)
Additions to deferred charges(13,761)(9,446)
8

Table of Contents


 Nine Months Ended September 30,
 20202019
Payments related to debt prepayment penalties(19,605) 
Net proceeds from issuance of common stock(228)72,549 
Net proceeds from stock options exercised14,865 36,422 
Payments related to tax withholding for share-based compensation(5,664)(3,515)
Distributions to noncontrolling interest(23,302)(20,269)
Redemption of noncontrolling interest(2,971)(14,180)
Redemption of redeemable noncontrolling interest (73)
Common stock dividends paid(400,563)(378,858)
Net cash provided by (used in) financing activities136,532 (62,343)
Net increase (decrease) in unrestricted and restricted cash and cash equivalents487,981 (59,669)
Unrestricted and restricted cash and cash equivalents at beginning of period81,094 151,395 
Unrestricted and restricted cash and cash equivalents at end of period$569,075 $91,726 
Supplemental disclosure of cash flow information:
Cash paid for interest (net of $12.3 million and $19.0 million capitalized in 2020 and 2019, respectively)
$160,927 $145,001 
Cash paid for amounts included in the measurement of lease liabilities: