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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Real estate investments:    
Income producing property $ 2,211,991 $ 2,093,032
Held for development 10,483 11,978
Construction in progress 33,714 102,277
Gross real estate investments 2,256,188 2,207,287
Accumulated depreciation (443,515) (393,169)
Net real estate investments 1,812,673 1,814,118
Cash and cash equivalents 43,852 27,920
Restricted cash 1,874 [1] 2,246
Accounts receivable, net 51,408 45,529
Notes receivable, net 117,797 94,172
Construction receivables, including retentions, net 106,190 126,443
Construction contract costs and estimated earnings in excess of billings 315 104
Equity method investments 155,330 142,031
Operating lease right-of-use assets 22,898 23,085
Finance lease right-of-use assets 89,381 90,565
Acquired lease intangible assets 97,698 109,137
Other assets 61,723 87,548
Total Assets 2,561,139 2,562,898
LIABILITIES AND EQUITY    
Indebtedness, net 1,327,971 1,396,965
Accounts payable and accrued liabilities 44,798 31,041
Construction payables, including retentions 115,472 128,290
Billings in excess of construction contract costs and estimated earnings 11,881 21,414
Operating lease liabilities 31,404 31,528
Finance lease liabilities 92,457 91,869
Other liabilities 55,664 56,613
Total Liabilities 1,679,647 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 September 30, 2024 and December 31, 2023 171,085 171,085
Common stock, $0.01 par value, 500,000,000 shares authorized; 79,696,160 and 66,793,294 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 797 668
Additional paid-in capital 713,809 580,687
Distributions in excess of earnings (222,839) (184,724)
Accumulated other comprehensive income 1,000 4,906
Total stockholders’ equity 663,852 572,622
Noncontrolling interests in investment entities 9,388 9,986
Noncontrolling interests in Operating Partnership 208,252 222,570
Total Equity 881,492 805,178
Total Liabilities and Equity $ 2,561,139 $ 2,562,898
[1] Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.