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CONSOLIDATED BALANCE SHEETS - Unaudited - USD ($)
Mar. 31, 2021
Dec. 31, 2020
ASSETS    
Real estate properties $ 3,230,418,000 $ 3,159,497,000
Development and value-add properties [1] 346,245,000 359,588,000
Real estate, development and value-add properties 3,576,663,000 3,519,085,000
Less accumulated depreciation (979,709,000) (955,328,000)
Real estate, net 2,596,954,000 2,563,757,000
Unconsolidated investment 7,646,000 7,446,000
Cash 68,000 21,000
Other Assets 152,253,000 149,579,000
TOTAL ASSETS 2,756,921,000 2,720,803,000
LIABILITIES    
Unsecured bank credit facilities 91,638,000 124,194,000
Unsecured debt 1,157,642,000 1,107,708,000
Secured debt 36,783,000 78,993,000
Accounts payable and accrued expenses 88,232,000 69,573,000
Other liabilities 65,828,000 69,817,000
Total Liabilities 1,440,123,000 1,450,285,000
Stockholders' Equity:    
Common shares; $.0001 par value; 70,000,000 shares authorized; 40,021,537 shares issued and outstanding at March 31, 2021 and 39,676,828 at December 31, 2019 4,000 4,000
Excess shares; $.0001 par value; 30,000,000 shares authorized; no shares issued 0 0
Additional paid-in capital 1,652,445,000 1,610,053,000
Distributions in excess of earnings (334,000,000) (329,667,000)
Accumulated Other Comprehensive Income (loss) (2,538,000) (10,752,000)
Total Stockholders' Equity 1,315,911,000 1,269,638,000
Noncontrolling interest in joint ventures 887,000 880,000
Total Equity 1,316,798,000 1,270,518,000
TOTAL LIABILITIES AND EQUITY $ 2,756,921,000 $ 2,720,803,000
[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.