Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2020
Accounting Policies [Abstract]  
Schedule of Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash consisted of the following (in thousands):

 

 

September 30,

2020

 

 

December 31,

2019

 

 

September 30,

2019

 

Cash and cash equivalents

 

$

116,814

 

 

$

14,492

 

 

$

358,440

 

Restricted cash:

 

 

 

 

 

 

 

 

 

 

 

 

Collateral deposits (1)

 

 

460

 

 

 

347

 

 

 

469

 

Tenant improvements, repairs and leasing commissions (2)

 

 

12,215

 

 

 

10,877

 

 

 

10,431

 

Other (3)

 

 

 

 

 

307

 

 

 

326

 

Total cash, cash equivalents and restricted cash

 

$

129,489

 

 

$

26,023

 

 

$

369,666

 

(1) Funds held in lender-controlled accounts generally used to meet future debt service or certain property operating expenses.

(2) Deposits held as additional collateral support by lenders to fund improvements, repairs and leasing commissions incurred to secure a new tenant.

(3) Funds held in lender-controlled accounts released after scheduled debt service requirements are met.

Schedule of Components of Income Taxes

The components of income taxes are as follows (in thousands):

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

US Federal income tax

 

$

38

 

 

$

10,402

 

 

$

81

 

 

$

10,500

 

State income tax

 

 

159

 

 

 

788

 

 

 

325

 

 

 

1,230

 

Total income tax

 

$

197

 

 

$

11,190

 

 

$

406

 

 

$

11,730