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CONSOLIDATED BALANCE SHEETS - Unaudited - USD ($)
Mar. 31, 2022
Dec. 31, 2021
ASSETS    
Real estate properties $ 3,637,496,000 $ 3,546,711,000
Development and value-add properties [1] 549,584,000 504,614,000
Real estate, development and value-add properties 4,187,080,000 4,051,325,000
Less accumulated depreciation (1,061,190,000) (1,035,617,000)
Real estate, net 3,125,890,000 3,015,708,000
Real Estate Held-for-sale 0 5,695,000
Unconsolidated investment 7,598,000 7,320,000
Cash 5,718,000 4,393,000
Other Assets 205,529,000 182,220,000
TOTAL ASSETS 3,344,735,000 3,215,336,000
LIABILITIES    
Unsecured bank credit facilities, net of debt issuance costs 195,317,000 207,066,000
Unsecured debt, net of debt issuance costs 1,267,084,000 1,242,570,000
Secured debt, net of debt issuance costs 2,115,000 2,142,000
Accounts payable and accrued expenses 126,708,000 109,760,000
Other liabilities 79,122,000 82,338,000
Total Liabilities 1,670,346,000 1,643,876,000
STOCKHOLDERS' EQUITY    
Common shares; $.0001 par value; 70,000,000 shares authorized; 41,680,414 shares issued and outstanding at March 31, 2022 and 41,268,846 at December 31, 2021 4,000 4,000
Excess shares; $.0001 par value; 30,000,000 shares authorized; no shares issued 0 0
Additional paid-in capital 1,956,328,000 1,886,820,000
Distributions in excess of earnings (300,429,000) (318,056,000)
Accumulated Other Comprehensive Income 17,130,000 1,302,000
Total Stockholders' Equity 1,673,033,000 1,570,070,000
Noncontrolling interest in joint ventures 1,356,000 1,390,000
Total Equity 1,674,389,000 1,571,460,000
TOTAL LIABILITIES AND EQUITY $ 3,344,735,000 $ 3,215,336,000
Common shares, par value (in dollars per share) $ 0.0001 $ 0.0001
Common shares, authorized 70,000,000 70,000,000
Common shares, issued 41,680,414 41,268,846
Common shares, outstanding 41,680,414 41,268,846
Excess shares, par value (in dollars per share) $ 0.0001 $ 0.0001
Excess shares, authorized 30,000,000 30,000,000
Excess shares, issued 0 0
[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.