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CONSOLIDATED BALANCE SHEETS - Unaudited - USD ($)
Jun. 30, 2019
Dec. 31, 2018
ASSETS    
Real estate properties $ 2,721,542,000 $ 2,553,481,000
Development and value-add properties [1] 285,525,000 263,664,000
Real estate, development and value-add properties 3,007,067,000 2,817,145,000
Less accumulated depreciation (847,562,000) (814,915,000)
Real estate, net 2,159,505,000 2,002,230,000
Unconsolidated investment 8,088,000 7,870,000
Cash 326,000 374,000
Other Assets 127,461,000 121,231,000
TOTAL ASSETS 2,295,380,000 2,131,705,000
LIABILITIES    
Unsecured bank credit facilities 194,327,000 193,926,000
Unsecured debt 803,534,000 723,400,000
Secured debt 137,493,000 188,461,000
Accounts payable and accrued expenses 96,381,000 86,563,000
Other liabilities 54,743,000 34,652,000
Total Liabilities 1,286,478,000 1,227,002,000
Stockholders' Equity:    
Common shares; $.0001 par value; 70,000,000 shares authorized; 37,559,025 shares issued and outstanding at June 30, 2019 and 36,501,356 at December 31, 2018 4,000 4,000
Excess shares; $.0001 par value; 30,000,000 shares authorized; no shares issued 0 0
Additional paid-in capital 1,337,042,000 1,222,547,000
Distributions in excess of earnings (330,337,000) (326,193,000)
Accumulated Other Comprehensive Income 634,000 6,701,000
Total Stockholders' Equity 1,007,343,000 903,059,000
Noncontrolling interest in joint ventures 1,559,000 1,644,000
Total Equity 1,008,902,000 904,703,000
TOTAL LIABILITIES AND EQUITY $ 2,295,380,000 $ 2,131,705,000
[1]
Value-add properties are defined as properties that are either acquired but not stabilized or can be converted to a higher and better use.  Acquired properties meeting either of the following two conditions are considered value-add properties:  (1) Less than 75% occupied as of the acquisition date (or will be less than 75% occupied within one year of acquisition date based on near term lease roll), or (2) 20% or greater of the acquisition cost will be spent to redevelop the property.