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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Real estate investments:    
Income producing property $ 2,186,764 $ 2,093,032
Held for development 10,483 11,978
Construction in progress 46,642 102,277
Gross real estate investments 2,243,889 2,207,287
Accumulated depreciation (425,166) (393,169)
Net real estate investments 1,818,723 1,814,118
Cash and cash equivalents 20,306 27,920
Restricted cash 1,391 [1] 2,246
Accounts receivable, net 44,170 45,529
Notes receivable, net 124,178 94,172
Construction receivables, including retentions, net 106,010 126,443
Construction contract costs and estimated earnings in excess of billings 542 104
Equity method investments 152,615 142,031
Operating lease right-of-use assets 22,954 23,085
Finance lease right-of-use assets 89,776 90,565
Acquired lease intangible assets 101,418 109,137
Other assets 87,903 87,548
Total Assets 2,569,986 2,562,898
LIABILITIES AND EQUITY    
Indebtedness, net 1,419,229 1,396,965
Accounts payable and accrued liabilities 39,543 31,041
Construction payables, including retentions 125,226 128,290
Billings in excess of construction contract costs and estimated earnings 19,418 21,414
Operating lease liabilities 31,442 31,528
Finance lease liabilities 92,258 91,869
Other liabilities 53,464 56,613
Total Liabilities 1,780,580 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 June 30, 2024 and December 31, 2023 171,085 171,085
Common stock, $0.01 par value, 500,000,000 shares authorized; 67,388,397 and 66,793,294 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 674 668
Additional paid-in capital 587,117 580,687
Distributions in excess of earnings (200,699) (184,724)
Accumulated other comprehensive income 4,557 4,906
Total stockholders’ equity 562,734 572,622
Noncontrolling interests in investment entities 9,511 9,986
Noncontrolling interests in Operating Partnership 217,161 222,570
Total Equity 789,406 805,178
Total Liabilities and Equity $ 2,569,986 $ 2,562,898
[1] Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.