XML 12 R2.htm IDEA: XBRL DOCUMENT v3.23.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Real estate investments:    
Income producing property $ 1,894,941 $ 1,884,214
Held for development 6,294 6,294
Construction in progress 61,513 53,067
Gross real estate investments 1,962,748 1,943,575
Accumulated depreciation (344,081) (329,963)
Net real estate investments 1,618,667 1,613,612
Cash and cash equivalents 33,817 48,139
Restricted cash 2,619 [1] 3,726
Accounts receivable, net 38,195 39,186
Notes receivable, net 133,082 136,039
Construction receivables, including retentions, net 66,435 70,822
Construction contract costs and estimated earnings in excess of billings 1,206 342
Equity method investments 93,080 71,983
Operating lease right-of-use assets 23,284 23,350
Finance lease right-of-use assets 45,600 45,878
Acquired lease intangible assets 100,006 103,870
Other assets 76,024 85,363
Total Assets 2,232,015 2,242,310
LIABILITIES AND EQUITY    
Indebtedness, net 1,113,255 1,068,261
Accounts payable and accrued liabilities 19,051 26,839
Construction payables, including retentions 77,115 93,472
Billings in excess of construction contract costs and estimated earnings 16,736 17,515
Operating lease liabilities 31,645 31,677
Finance lease liabilities 46,536 46,477
Other liabilities 53,815 54,055
Total Liabilities 1,358,153 1,338,296
Stockholders’ equity:    
Preferred stock, $0.01 par value, 100,000,000 shares authorized: 6.75% Series A Cumulative Redeemable Perpetual Preferred Stock, 9,980,000 shares authorized; 6,843,418 shares issued and outstanding as of March 31, 2023 and December 31, 2022 171,085 171,085
Common stock, $0.01 par value, 500,000,000 shares authorized; 67,939,340 and 67,729,854 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively 679 677
Additional paid-in capital 588,712 587,884
Distributions in excess of earnings (137,961) (126,875)
Accumulated other comprehensive gain 12,140 14,679
Total stockholders’ equity 634,655 647,450
Noncontrolling interests in investment entities 10,832 24,055
Noncontrolling interests in Operating Partnership 228,375 232,509
Total Equity 873,862 904,014
Total Liabilities and Equity $ 2,232,015 $ 2,242,310
[1] Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.