v3.22.2.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Assets    
Land $ 373,171 $ 322,623
Income producing property 1,882,235 1,642,147
Net income producing property, at cost 2,255,406 1,964,770
Accumulated depreciation and amortization (461,293) (402,560)
Net income producing property 1,794,113 1,562,210
Properties under development or held for future development 31,232 30,631
Total real estate held for investment, net 1,825,345 1,592,841
Cash and cash equivalents 8,436 233,600
Restricted cash 1,437 620
Rents and other receivables 16,088 15,067
Prepaid expenses and other assets 28,228 33,866
Total assets 1,879,534 1,875,994
Liabilities    
Notes payable, net 497,247 496,946
Line of credit 43,000 0
Accounts payable and other liabilities 36,219 40,585
Dividend payable 14,919 14,650
Advance rents 1,489 2,082
Tenant security deposits 5,461 4,669
Total liabilities 598,335 558,932
Shareholders’ equity    
Preferred shares; $0.01 par value; 10,000 shares authorized; no shares issued or outstanding 0 0
Shares of beneficial interest, $0.01 par value; 150,000 and 100,000 shares authorized; 87,504 and 86,261 shares issued and outstanding, as of September 30, 2022 and December 31, 2021, respectively 875 863
Additional paid in capital 1,728,840 1,697,477
Distributions in excess of net income (434,539) (362,494)
Accumulated other comprehensive loss (14,278) (19,091)
Total shareholders’ equity 1,280,898 1,316,755
Noncontrolling interests in subsidiaries 301 307
Total equity 1,281,199 1,317,062
Total liabilities and equity $ 1,879,534 $ 1,875,994

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