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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Real estate investments:    
Income producing property $ 2,099,051 $ 2,093,032
Held for development 11,978 11,978
Construction in progress 117,921 102,277
Gross real estate investments 2,228,950 2,207,287
Accumulated depreciation (408,917) (393,169)
Net real estate investments 1,820,033 1,814,118
Cash and cash equivalents 41,934 27,920
Restricted cash 1,927 [1] 2,246
Accounts receivable, net 43,147 45,529
Notes receivable, net 109,282 94,172
Construction receivables, including retentions, net 121,042 126,443
Construction contract costs and estimated earnings in excess of billings 26 104
Equity method investments 152,190 142,031
Operating lease right-of-use assets 23,018 23,085
Finance lease right-of-use assets 90,171 90,565
Acquired lease intangible assets 105,175 109,137
Other assets 93,199 87,548
Total Assets 2,601,144 2,562,898
LIABILITIES AND EQUITY    
Indebtedness, net 1,428,318 1,396,965
Accounts payable and accrued liabilities 33,252 31,041
Construction payables, including retentions 136,329 128,290
Billings in excess of construction contract costs and estimated earnings 21,728 21,414
Operating lease liabilities 31,483 31,528
Finance lease liabilities 92,062 91,869
Other liabilities 55,295 56,613
Total Liabilities 1,798,467 1,757,720
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, 2024 and December 31, 2023 171,085 171,085
Common stock, $0.01 par value, 500,000,000 shares authorized; 66,986,834 and 66,793,294 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 670 668
Additional paid-in capital 582,049 580,687
Distributions in excess of earnings (187,271) (184,724)
Accumulated other comprehensive income 4,870 4,906
Total stockholders’ equity 571,403 572,622
Noncontrolling interests in investment entities 9,645 9,986
Noncontrolling interests in Operating Partnership 221,629 222,570
Total Equity 802,677 805,178
Total Liabilities and Equity $ 2,601,144 $ 2,562,898
[1] Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.