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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Real estate investments:    
Income producing property $ 2,089,170 $ 1,884,214
Held for development 6,294 6,294
Construction in progress 91,127 53,067
Gross real estate investments 2,186,591 1,943,575
Accumulated depreciation (376,449) (329,963)
Net real estate investments 1,810,142 1,613,612
Cash and cash equivalents 32,662 48,139
Restricted cash 2,343 [1] 3,726
Accounts receivable, net 43,800 39,186
Notes receivable, net 83,713 136,039
Construction receivables, including retentions, net 87,295 70,822
Construction contract costs and estimated earnings in excess of billings 440 342
Equity method investments 125,672 71,983
Operating lease right-of-use assets 23,152 23,350
Finance lease right-of-use assets 92,570 45,878
Acquired lease intangible assets 127,020 103,870
Other assets 104,275 85,363
Total Assets 2,533,084 2,242,310
LIABILITIES AND EQUITY    
Indebtedness, net 1,321,792 1,068,261
Accounts payable and accrued liabilities 31,604 26,839
Construction payables, including retentions 108,107 93,472
Billings in excess of construction contract costs and estimated earnings 23,127 17,515
Operating lease liabilities 31,573 31,677
Finance lease liabilities 93,419 46,477
Other liabilities 56,818 54,055
Total Liabilities 1,666,440 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 September 30, 2023 and December 31, 2022 171,085 171,085
Common stock, $0.01 par value, 500,000,000 shares authorized; 67,885,390 and 67,729,854 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively 679 677
Additional paid-in capital 589,291 587,884
Distributions in excess of earnings (151,534) (126,875)
Accumulated other comprehensive income 11,433 14,679
Total stockholders’ equity 620,954 647,450
Noncontrolling interests in investment entities 10,441 24,055
Noncontrolling interests in Operating Partnership 235,249 232,509
Total Equity 866,644 904,014
Total Liabilities and Equity $ 2,533,084 $ 2,242,310
[1] Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.