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CONSOLIDATED BALANCE SHEETS - Unaudited - USD ($)
Mar. 31, 2023
Dec. 31, 2022
ASSETS    
Real estate properties $ 4,478,505,000 $ 4,395,972,000
Development and value-add properties [1] 524,929,000 538,449,000
Real estate, development and value-add properties 5,003,434,000 4,934,421,000
Less accumulated depreciation (1,179,134,000) (1,150,814,000)
Real estate, net 3,824,300,000 3,783,607,000
Unconsolidated investment 7,507,000 7,230,000
Cash 9,390,000 56,000
Other Assets 239,264,000 244,944,000
TOTAL ASSETS 4,080,461,000 4,035,837,000
LIABILITIES    
Unsecured bank credit facilities, net of debt issuance costs 69,787,000 168,454,000
Unsecured debt, net of debt issuance costs 1,725,805,000 1,691,259,000
Secured debt, net of debt issuance costs 2,003,000 2,031,000
Accounts payable and accrued expenses 157,644,000 136,988,000
Other liabilities 88,840,000 83,666,000
Total Liabilities 2,044,079,000 2,082,398,000
STOCKHOLDERS' EQUITY    
Common shares; $.0001 par value; 70,000,000 shares authorized; 44,242,699 shares issued and outstanding at March 31, 2023 and 43,575,539 at December 31, 2022 4,000 4,000
Excess shares; $.0001 par value; 30,000,000 shares authorized; zero shares issued 0 0
Additional paid-in capital 2,355,476,000 2,251,521,000
Distributions in excess of earnings (345,622,000) (334,898,000)
Accumulated Other Comprehensive Income 26,109,000 36,371,000
Total Stockholders' Equity 2,035,967,000 1,952,998,000
Noncontrolling interest in joint ventures 415,000 441,000
Total Equity 2,036,382,000 1,953,439,000
TOTAL LIABILITIES AND EQUITY $ 4,080,461,000 $ 4,035,837,000
BALANCE SHEET PARENTHETICAL DISCLOSURES    
Common shares, par value (in dollars per share) $ 0.0001 $ 0.0001
Common shares, authorized 70,000,000 70,000,000
Common shares, issued 44,242,699 43,575,539
Excess Stock, Shares Issued 0 0
Common shares, outstanding 44,242,699 43,575,539
Excess shares, par value (in dollars per share) $ 0.0001 $ 0.0001
Excess shares, authorized 30,000,000 30,000,000
[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 the acquisition date based on near term lease termination), or (2) 20% or greater of the acquisition cost will be spent to redevelop the property.