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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Real estate investments:    
Income producing property $ 1,884,214 $ 1,658,609
Held for development 6,294 6,294
Construction in progress 53,067 72,535
Gross real estate investments 1,943,575 1,737,438
Accumulated depreciation (329,963) (285,814)
Net real estate investments 1,613,612 1,451,624
Real estate investments held for sale 0 80,751
Cash and cash equivalents 48,139 35,247
Restricted cash [1] 3,726 5,196
Accounts receivable, net 39,186 29,576
Notes receivable, net 136,039 126,429
Construction receivables, including retentions, net 70,822 17,865
Construction contract costs and estimated earnings in excess of billings 342 243
Equity method investment 71,983 12,685
Operating lease right-of-use assets 23,350 23,493
Finance lease right-of-use assets 45,878 46,989
Acquired lease intangible assets 103,870 62,038
Other assets 85,363 45,927
Total Assets 2,242,310 1,938,063
LIABILITIES AND EQUITY    
Indebtedness, net 1,068,261 917,556
Liabilities related to assets held for sale 0 41,364
Accounts payable and accrued liabilities 26,839 29,589
Construction payables, including retentions 93,472 31,166
Billings in excess of construction contract costs and estimated earnings 17,515 4,881
Operating lease liabilities 31,677 31,648
Finance lease liabilities 46,477 46,160
Other liabilities 54,055 55,876
Total Liabilities 1,338,296 1,158,240
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 December 31, 2022 and 2021 171,085 171,085
Common stock, $0.01 par value, 500,000,000 shares authorized; 67,729,854 and 63,011,700 shares issued and outstanding as of December 31, 2022 and 2021, respectively 677 630
Additional paid-in capital 587,884 525,030
Distributions in excess of earnings (126,875) (141,360)
Accumulated other comprehensive income (loss) 14,679 (33)
Total stockholders’ equity 647,450 555,352
Noncontrolling interests in investment entities 24,055 629
Noncontrolling interests in Operating Partnership 232,509 223,842
Total Equity 904,014 779,823
Total Liabilities and Equity $ 2,242,310 $ 1,938,063
[1] Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.