v3.22.4
Consolidated Balance Sheets - USD ($)
shares in Thousands, $ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Assets    
Land $ 373,171 $ 322,623
Income producing property 1,897,835 1,642,147
Income producing property, at cost 2,271,006 1,964,770
Accumulated depreciation and amortization (481,588) (402,560)
Net income producing property 1,789,418 1,562,210
Properties under development or held for future development 31,260 30,631
Total real estate held for investment, net 1,820,678 1,592,841
Cash and cash equivalents 8,389 233,600
Restricted cash 1,463 620
Rents and other receivables 16,346 15,067
Prepaid expenses and other assets 25,730 33,866
Total assets 1,872,606 1,875,994
Liabilities    
Notes payable, net 497,359 496,946
Line of credit 55,000 0
Accounts payable and other liabilities 34,386 40,585
Dividend payable 14,934 14,650
Advance rents 1,578 2,082
Tenant security deposits 5,563 4,669
Total liabilities 608,820 558,932
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 shares authorized: 87,534 and 86,261 shares issued and outstanding, as of December 31, 2022 and 2021, respectively 875 863
Additional paid in capital 1,729,854 1,697,477
Distributions in excess of net income (453,008) (362,494)
Accumulated other comprehensive loss (14,233) (19,091)
Total shareholders’ equity 1,263,488 1,316,755
Noncontrolling interests in subsidiaries 298 307
Total equity 1,263,786 1,317,062
Total liabilities and equity $ 1,872,606 $ 1,875,994
Shares of beneficial interest, authorized (in shares) 150,000 150,000

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