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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Real estate investments:    
Income producing property $ 2,093,032 $ 1,884,214
Held for development 11,978 6,294
Construction in progress 102,277 53,067
Gross real estate investments 2,207,287 1,943,575
Accumulated depreciation (393,169) (329,963)
Net real estate investments 1,814,118 1,613,612
Cash and cash equivalents 27,920 48,139
Restricted cash [1] 2,246 3,726
Accounts receivable, net 45,529 39,186
Notes receivable, net 94,172 136,039
Construction receivables, including retentions, net 126,443 70,822
Construction contract costs and estimated earnings in excess of billings 104 342
Equity method investment 142,031 71,983
Operating lease right-of-use assets 23,085 23,350
Finance lease right-of-use assets 90,565 45,878
Acquired lease intangible assets 109,137 103,870
Other assets 87,548 85,363
Total Assets 2,562,898 2,242,310
LIABILITIES AND EQUITY    
Indebtedness, net 1,396,965 1,068,261
Accounts payable and accrued liabilities 31,041 26,839
Construction payables, including retentions 128,290 93,472
Billings in excess of construction contract costs and estimated earnings 21,414 17,515
Operating lease liabilities 31,528 31,677
Finance lease liabilities 91,869 46,477
Other liabilities 56,613 54,055
Total Liabilities 1,757,720 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 December 31, 2023 and 2022 171,085 171,085
Common stock, $0.01 par value, 500,000,000 shares authorized; 66,793,294 and 67,729,854 shares issued and outstanding as of December 31, 2023 and 2022, respectively 668 677
Additional paid-in capital 580,687 587,884
Distributions in excess of earnings (184,724) (126,875)
Accumulated other comprehensive income 4,906 14,679
Total stockholders’ equity 572,622 647,450
Noncontrolling interests in investment entities 9,986 24,055
Noncontrolling interests in Operating Partnership 222,570 232,509
Total Equity 805,178 904,014
Total Liabilities and Equity $ 2,562,898 $ 2,242,310
[1] Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.