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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Real estate investments:    
Income producing property $ 2,083,488 $ 1,884,214
Held for development 6,294 6,294
Construction in progress 76,866 53,067
Gross real estate investments 2,166,648 1,943,575
Accumulated depreciation (359,229) (329,963)
Net real estate investments 1,807,419 1,613,612
Cash and cash equivalents 34,054 48,139
Restricted cash 2,043 [1] 3,726
Accounts receivable, net 41,431 39,186
Notes receivable, net 60,095 136,039
Construction receivables, including retentions, net 93,880 70,822
Construction contract costs and estimated earnings in excess of billings 406 342
Equity method investments 102,371 71,983
Operating lease right-of-use assets 23,218 23,350
Finance lease right-of-use assets 92,994 45,878
Acquired lease intangible assets 131,181 103,870
Other assets 81,962 85,363
Total Assets 2,471,054 2,242,310
LIABILITIES AND EQUITY    
Indebtedness, net 1,264,643 1,068,261
Accounts payable and accrued liabilities 24,263 26,839
Construction payables, including retentions 102,377 93,472
Billings in excess of construction contract costs and estimated earnings 18,311 17,515
Operating lease liabilities 31,611 31,677
Finance lease liabilities 93,214 46,477
Other liabilities 54,973 54,055
Total Liabilities 1,589,392 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 June 30, 2023 and December 31, 2022 171,085 171,085
Common stock, $0.01 par value, 500,000,000 shares authorized; 67,944,529 and 67,729,854 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively 679 677
Additional paid-in capital 589,030 587,884
Distributions in excess of earnings (142,233) (126,875)
Accumulated other comprehensive gain 13,498 14,679
Total stockholders’ equity 632,059 647,450
Noncontrolling interests in investment entities 10,651 24,055
Noncontrolling interests in Operating Partnership 238,952 232,509
Total Equity 881,662 904,014
Total Liabilities and Equity $ 2,471,054 $ 2,242,310
[1] Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.