The value of the unrestricted shares granted is accrued as long-term compensation expense in the year the related service was provided. Upon issuance of the share grants, the value of the shares issued is recorded to the additional paid-in capital component of shareowners’ equity and the value of the restricted shares is recorded to the deferred long-term compensation component of shareowners’ equity. Such deferred compensation is amortized ratably over the term of the vesting period.

During 1999, Gables incurred severance costs associated with organizational changes resulting from management succession directives, including the resignation of the former chairman and chief executive officer effective January 1, 2000 and the resignation of the former chief operating officer effective May 21, 1999. The following is a summary of the activity that occurred during 1999 with respect to severance costs and the amount that is included in accounts payable and accrued expenses at December 31, 1999:

(a) Severance costs paid in 1999 include $214 of deferred compensation related to the accelerated vesting of restricted shares unvested at the effective date of separation.

(b) The severance costs accrued at December 31, 1999 relate to the resignation of the former chairman and chief executive officer and will be paid in 2000.

Gables provides management services to the joint ventures in which Gables has an ownership interest and management fees recognized for such services were $347, $225, and $241 for the years ended December 31, 1999, 1998, and 1997, respectively. Gables also provides development and construction services to the Gables Residential Apartment Portfolio JV and has recognized net development revenues of $2,495 for the year ended December 31, 1999 for such services.

Quarterly financial information for the years ended December 31, 1999 and 1998 is as follows: