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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2018
Dec. 31, 2017
Real Estate:    
Land $ 631,185 $ 589,497
Buildings and improvements 409,753 379,785
Construction in progress 2,168 1,682
Total real estate held for use, gross 1,043,106 970,964
Less accumulated depreciation and amortization (150,691) (133,353)
Real estate, net 892,415 837,611
Investment in direct financing leases, net 85,892 89,587
Notes and mortgages receivable 33,519 32,366
Cash and cash equivalents 46,892 19,992
Restricted cash 1,850 821
Deferred rent receivable 37,722 33,610
Accounts receivable, net of allowance of $2,094 and $1,840, respectively 3,008 3,712
Prepaid expenses and other assets 57,877 55,055
Total assets 1,159,175 1,072,754
LIABILITIES AND STOCKHOLDERS’ EQUITY:    
Borrowings under credit agreement, net 117,227 154,502
Senior unsecured notes, net 324,409 224,656
Environmental remediation obligations 59,821 63,565
Dividends payable 14,495 12,846
Accounts payable and accrued liabilities 62,059 63,490
Total liabilities 578,011 519,059
Commitments and contingencies
Stockholders’ equity:    
Preferred stock, $0.01 par value; 20,000,000 and 10,000,000 shares authorized, respectively; unissued
Common stock, $0.01 par value; 100,000,000 and 60,000,000 shares authorized, respectively; 40,854,491 and 39,696,110 shares issued and outstanding, respectively 409 397
Additional paid-in capital 638,178 604,872
Dividends paid in excess of earnings (57,423) (51,574)
Total stockholders’ equity 581,164 553,695
Total liabilities and stockholders’ equity $ 1,159,175 $ 1,072,754